Document ID: SEC-2006-0758-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: American Stock Exchange LLC
Posted Date: 2006-06-14T04:00Z

[Federal Register: June 14, 2006 (Volume 71, Number 114)]
[Notices]               
[Page 34403]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14jn06-138]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53945; File No. SR-Amex-2006-20]

 
Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving Proposed Rule Change and Amendment Nos. 1 and 2 Thereto To 
Amend the Annual Fee for Certain Listed Bonds and Debentures

June 6, 2006.
    On March 22, 2006, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to increase the annual fee for listed bonds and 
debentures of companies whose equity securities are not listed on the 
Exchange from $3,500 to $5,000. On April 5, 2006, the Exchange filed 
Amendment No. 1 to the proposed rule change. On April 24, 2006, the 
Exchange filed Amendment No. 2 to the proposed rule change. The 
proposed rule change, as amended was published for comment in the 
Federal Register on May 5, 2006.\3\ The Commission received no comments 
regarding the proposal.
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    \1\ 15 U.S.C. 78s(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 53735 (April 27, 2006), 
71 FR 26574.
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    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\4\ In 
particular the Commission believes that the proposal is consistent with 
section 6(b)(4) of the Act,\5\ which requires that the rules of an 
exchange provide for the equitable allocation of reasonable dues, fees, 
and other charges among its members and issuers and other persons using 
it facilities.
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    \4\ In approving this proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficieincy, 
competition, and capital formation. See 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(4).
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    The bonds and debentures listed on the Exchange are primarily 
structured debt products (e.g., notes with returns tied to the 
performance of an underlying index, basket of commodities, etc.) The 
Exchange has asserted that the proposal would align the annual fees for 
listed bonds and debentures in accordance with the actual costs of 
delivering services and facilitating the transactions of such products, 
and that the annual fee for such bonds and debentures will be similar 
to the annual fees charged by certain other self-regulatory 
organizations in connection with listing similar structured products. 
Based on these assertions, the Commission believes that the proposed 
rule change is an equitable allocation of reasonable fees among issuers 
of the Exchange. The Commission notes that the increased fees will be 
assessed commencing January 2007.
    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-Amex-2006-20), as amended, 
be, and hereby is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-5371 Filed 6-13-06; 8:45 am]

BILLING CODE 8010-01-M