Document ID: SEC-2007-1221-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: American Stock Exchange LLC
Posted Date: 2007-08-31T04:00Z

[Federal Register: August 31, 2007 (Volume 72, Number 169)]
[Notice]               
[Page 50421-50423]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr31au07-149]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56325; File No. SR-Amex-2007-90]

 
Self-Regulatory Organizations; American Stock Exchange, LLC; 
Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 
1, To Establish a Fee on a Listed Company That Changes Its Corporate 
Name or Ticker Symbol

August 27, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on August 16, 2007, the American Stock Exchange, LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been substantially prepared by Amex. On 
August 27, 2007, the

[[Page 50422]]

Exchange submitted Amendment No. 1 to the proposed rule change.\3\ The 
Commission is publishing this notice to solicit comments on the 
proposed rule change, as modified by Amendment No. 1, from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 made technical corrections to Exhibits 1 and 
5 of the original filing.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Section 142 of the Amex Company 
Guide in order to impose a fee on a listed company that changes its 
name or ticker symbol. The text of the proposed rule change is 
available at http://www.amex.com, at the Exchange, and at the 
Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Pursuant to Sections 140 and 141 of the Amex Company Guide, the 
Exchange charges issuers initial and annual listing fees, respectively, 
based on the number of listed shares. Additional listing fees are also 
imposed if an issuer lists more shares of a listed class of securities. 
Amex rules also provide for a fee when a company effects a 
``substitution listing,'' which consists of reclassifying, changing, or 
exchanging the listed security into or for another security. The Nasdaq 
Stock Market (``Nasdaq'') charges similar fees upon the occurrence of 
the same type of events.\4\ In addition to the fees described above, 
Nasdaq imposes fees on issuers for name and symbol changes, as well as 
for changes in par value, title, or security designation.\5\
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    \4\ See Nasdaq Rules 4510 and 4520.
    \5\ See id.
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    Currently, the Amex does not impose a separate fee for name and 
symbol changes. In the event of an issuer name or symbol change, the 
Amex Corporate Actions Group \6\ must process the documentation 
required to modify Exchange records. The process of effecting such 
changes includes, among other things, contacting the issuer's outside 
counsel, updating internal Amex files, tracking the name change through 
the issuer's shareholder approval process, updating daily list records 
and notifying the Floor. In the event of a symbol change, an Amex 
employee must also contact the other exchanges to determine whether the 
symbol is available. If the symbol is not available the employee must 
contact each exchange again with an alternate symbol. This process can 
take a few days to complete.
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    \6\ The Corporate Actions Group is part of the Listing 
Qualifications Department.
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    During 2005 and 2006, the Amex processed approximately 90 name and/
or symbol changes.\7\ In light of the staff resources required to 
effectuate these changes, the Exchange proposes to impose a $2,000 fee 
for name and/or symbol changes. The proposed fee would not apply to 
changes to par value, title, or security designation, as these types of 
changes occur infrequently, and in virtually all cases constitute a 
substitution listing which is already subject to a fee of at least 
$5,000.
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    \7\ Three of the 90 changes were changes to the issuer's symbols 
only.
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    The Exchange believes that the proposal is equitable as required by 
Section 6(b)(4) of the Act.\8\ Nasdaq currently charges $2,500 for the 
same type of change.\9\ Accordingly, the Amex believes that the 
imposition of a $2,000 fee is reasonable given the Exchange resources 
necessary to implement and disseminate these changes. The Exchange 
further submits that the proposal is substantially similar to a 
comparable Nasdaq fee.
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    \8\ Section 6(b)(4) of the Act states that the rules of a 
national securities exchange provide for the equitable allocation of 
reasonable dues, fees, and other charges among its members and 
issuers and other persons using its facilities.
    \9\ See supra, note 4.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act \10\ in general, and furthers the 
objectives of Sections 6(b)(4) and 6(b)(5) of the Act \11\ in 
particular, in that the proposed rule change is designed to provide an 
equitable allocation of dues, fees, and other charges among members and 
issuers and other persons using the Exchange's facilities, and is 
designed to remove impediments to and perfect the mechanism of a free 
and open market and a national market system, and is not designed to 
permit unfair discrimination between issuers.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4) and 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments on the proposed rule change were neither solicited 
nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Amex-2007-90 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-Amex-2007-90. This file 
number should be included on the subject line if e-mail is used. To 
help the

[[Page 50423]]

Commission process and review your comments more efficiently, please 
use only one method. The Commission will post all comments on the 
Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for inspection and copying in the 
Commission's Public Reference Room, 100 F Street, NE., Washington, DC 
20549, on official business days between the hours of 10 am and 3 pm. 
Copies of such filing also will be available for inspection and copying 
at the principal office of the Exchange. All comments received will be 
posted without change; the Commission does not edit personal 
identifying information from submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-Amex-2007-90 and should be submitted on 
or before September 21, 2007.
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    \12\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\12\
Nancy M. Morris,
Secretary.
[FR Doc. E7-17353 Filed 8-30-07; 8:45 am]

BILLING CODE 8010-01-P