Document ID: SEC-2006-0872-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: American Stock Exchange LLC
Posted Date: 2006-07-10T04:00Z

[Federal Register: July 10, 2006 (Volume 71, Number 131)]
[Notices]               
[Page 38911-38913]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr10jy06-89]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54081; File No. SR-Amex-2006-60]

 
Self-Regulatory Organizations; America Stock Exchange LLC; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to the Extension of the Pilot Period Applicable to the Listing 
and Trading of Options on the iShares MSCI Emerging Markets Index

June 30, 2006.
    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 June 20, 2006, 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 and 
II below, which Items have been prepared by the Exchange. The Amex has 
filed the proposed rule change, pursuant to section 19(b)(3)(A)(iii) of 
the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the 
proposal effective upon

[[Page 38912]]

filing with the Commission.\5\ The Commission is publishing this notice 
to solicit comments on the proposed rule change from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
    \5\ The Exchange requested the Commission to waive the five-day 
pre-filing notice requirement and the 30-day operative delay, as 
specified in Rule 19b(f)(6)(iii). 17 CFR 240.19b-4(f)(6)(iii).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to extend the pilot period applicable to 
Amex's the listing and trading of options on the iShares MSCI Emerging 
Markets Index Fund (``Fund Options''). The Amex is not proposing any 
textual changes to the rules of Amex. The text of the proposed rule 
change is available on the Amex's Web site at http://www.amex.com, the 

Office of the Secretary, Amex 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, Amex 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 Amex 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On May 17, 2006, the Commission approved the Amex's proposal to 
list and trade the Fund Options.\6\ SR-Amex-2006-43 was approved for a 
sixty-day pilot period that is due to expire on July 2, 2006 
(``Pilot''). The Fund Options will continue to meet substantially all 
of the listing and maintenance standards in Commentary .06 to Amex Rule 
915 and Commentary .07 to Amex Rule 916. For the requirements that are 
not met, the Amex continues to represent that sufficient mechanisms 
exist that would provide the Amex with adequate surveillance and 
regulatory information with respect to the Fund Options. Continuation 
of the Pilot would permit the Amex to continue to work with the Bolsa 
Mexicana de Valores (``Bolsa'') to develop a surveillance sharing 
agreement.
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    \6\ See Securities Exchange Act Release No. 53824 (May 17, 
2006), 71 FR 30003 (May 24, 2006) (SR-Amex-2006-43).
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    Accordingly, the Exchange proposes to extend the Pilot for an 
additional ninety-days, until October 1, 2006.
2. Statutory Basis
    The Amex believes the proposed rule change is consistent with 
section 6(b) of the Act \7\ in general, and furthers the objectives of 
section 6(b)(5) of the Act,\8\ in particular, in that it is designed to 
prevent fraudulent and manipulative acts and practices, to promote just 
and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in regulating, clearing, settling, 
processing information with respect to, and facilitating transactions 
in securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in general, to 
protect investors and the public interest; and is not designed to 
permit unfair discrimination between customers, issuers, brokers, or 
dealers, or to regulate by virtue of any authority conferred by the Act 
matters not related to the purpose of the Act or the administration of 
the Amex.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    Amex does not believe that the proposed rule change will impose 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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    The foregoing rule change has become effective pursuant to section 
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) \10\ thereunder because 
the proposed rule change: (i) Does not significantly affect the 
protection of investors or the public interest; (ii) does not impose 
any significant burden on competition; and (iii) does not become 
operative for 30 days from the date of the filing, or such shorter time 
as the Commission may designate if consistent with the protection of 
investors and the public interest pursuant to section 19(b)(3)(A)(iii) 
of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6).
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    Amex has requested that the Commission waive both the five-day pre-
filing requirement and the 30-day delayed operative delay.\13\ The 
Commission is exercising its authority to waive the five-day pre-filing 
notice requirement and believes that the waiver of the 30-day operative 
delay is consistent with the protection of investors and the public 
interest. Waiver of the five-day pre-filing and 30-day operative 
periods will extend the Pilot, which would otherwise expire on July 1, 
2006, and allow the Amex to continue in its efforts to obtain a 
surveillance agreement with Bolsa. Accordingly, the Commission 
designates the proposal to be effective and operative upon filing with 
the Commission.\14\
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    \13\ 17 CFR 240.19b-4(f)(6)(iii).
    \14\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposed rule's impact on 
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
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    At any time within sixty (60) days of the filing of the proposed 
rule change, the Commission may summarily abrogate such rule change if 
it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors or 
otherwise in furtherance of the purposes of the Act.\15\
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    \15\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
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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-2006-60 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-2006-60. This file 
number should be included on the subject line if e-mail is used. To 
help the

[[Page 38913]]

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 Section, 100 F Street, NE., Washington, 
DC 20549. Copies of such filing also will be available for inspection 
and copying at the principal office of the Amex. 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-2006-60 and should be submitted on 
or before July 31, 2006.
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    \16\ 17 CFR 200.30-3(a)(12).

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\16\
Nancy M. Morris,
Secretary.
[FR Doc. E6-10684 Filed 7-7-06; 8:45 am]

BILLING CODE 8010-01-P