Document ID: SEC-2005-0165-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: American Stock Exchange LLC
Posted Date: 2005-10-28T04:00Z

[Federal Register: October 28, 2005 (Volume 70, Number 208)]
[Notices]               
[Page 62145-62146]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr28oc05-74]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52633; File No. SR-Amex-2005-093]

 
Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Eliminate Rule 891 Relating to Transfer Agents

October 18, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on September 19, 2005, 
American Stock Exchange LLC (``Amex'') filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule change described 
in Items I, II, and III below, which items have been prepared primarily 
by Amex. Amex has designated the proposed rule change as constituting a 
stated policy, practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule, pursuant to Section 
19(b)(3)(A)(i) of the Act,\2\ which renders the proposal effective upon 
filing with the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested parties.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A)(i).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The purpose of the proposed rule change is to eliminate Amex's Rule 
891 relating to obsolete transfer agent requirements.

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. Amex has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of these 
statements.\3\
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    \3\ The Commission has modified the text of the summaries 
prepared by the Amex.
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 (A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    On March 17, 2000, Amex amended its Company Guide to eliminate the 
qualification of transfer agents, registrars, and bond trustees.\4\ 
Amex believed that the Commission's rules governing transfer agents 
made Amex's rules unnecessary or inappropriate. However, at that time 
Amex did not eliminate transfer agent requirements in its rules.
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    \4\ Securities Exchange Act Release No. 42539 (March 17, 2000); 
65 FR 15672 (March 23, 2000); [File No. SR-Amex-99-39].
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    The purpose of this filing is to conform Amex's rules to the 
changes made to the Company Guide. Rule 891 of Amex's rules currently 
lists the requirements to qualify as a transfer agent for securities 
listed on Amex, which includes among other things a requirement to 
maintain office facilities that are located south of Chambers Street in 
the Borough of Manhattan, City of New York, that allow the issuer to 
receive and redeliver securities. In light of the amendments to the 
Company Guide, Amex has determined that Rule 891 is obsolete and no 
longer in use and proposes to eliminate that Rule 891.
    Section 6(b)(5) of the Exchange Act requires the Amex rules be 
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. Amex believes 
the proposed rule change is consistent with Section 6(b) of the 
Exchange Act \5\ in general and furthers the objectives of Section 
6(b)(5) of the Act \6\ and the rules and regulations thereunder because 
it makes consistent the requirements of the Company Guide with the 
requirements in Amex rules and further clarifies the compliance 
obligations of transfer agents acting for issuers listed on Amex.
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    \5\ 15 U.S.C. 78s(b).
    \6\ 15 U.S.C. 78s(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 relating to the proposed rule change have been 
solicited or received. Amex will notify the Commission of any written 
comments received by Amex.

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

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A)(i) of the Act \7\ and Rule 19b-4(f)(1) \8\ 
thereunder because it constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule. At any time within sixty days of the 
filing of such 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.
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    \7\ 15 U.S.C. 78s(b)(3)(A)(i).
    \8\ 17 CFR 240.19b-4(f)(1).
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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-2005-093 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.
    All submissions should refer to File Number SR-Amex-2005-093. This 
file number should be included on the

[[Page 62146]]

subject line if e-mail is used. To help the 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 filings also will be available for inspection and copying at the 
principal office of Amex and on Amex's Web site, http://www.amex.com. 

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-2005-093 
and should be submitted on or before November 18, 2005.
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    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\9\
Jonathan G. Katz,
Secretary.
 [FR Doc. E5-5970 Filed 10-27-05; 8:45 am]

BILLING CODE 8010-01-P