Document ID: SEC-2008-1090-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: American Stock Exchange LLC
Posted Date: 2008-08-07T04:00Z

[Federal Register: August 7, 2008 (Volume 73, Number 153)]
[Notices]               
[Page 46104-46105]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07au08-111]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58277; File No. SR-Amex-2008-59]

 
 Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Delete Outdated Sections of Its Delisting Rules

July 31, 2008.
    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 July 24, 2008, 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 Amex. Amex filed the 
proposal as a ``non-controversial'' 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 it effective upon filing with the 
Commission. 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).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Amex proposes to delete certain outdated sections of its rules 
related to delisting procedures that became inapplicable by their terms 
on April 24, 2006. On that date, amendments to Amex Rule 18 and 
Sections 1010, 1011, 1201, 1202, 1203, 1204, 1205 and 1206 of the Amex 
Company Guide became effective for the purpose of conforming the 
Exchange's rules to certain requirements of Rule 12d2-2 under the 
Act.\5\ The rule text adopted in connection with these amendments 
specifically provided that the portion of each rule that was effective 
only through April 23, 2006 would be rescinded after that date, and the 
purpose of this proposed rule change is to delete this language that is 
no longer applicable. The text of the proposed rule change is available 
at Amex, the Commission's Public Reference Room, and www.amex.com.
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    \5\ 15 U.S.C. 78f(b).
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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 such statements.

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

1. Purpose
    On April 17, 2006, the Commission approved a change to the 
Exchange's delisting procedures to conform them to new procedural 
requirements for delisting as mandated by amendments to Rule 12d2-2 
under the Act.\6\ Rule 12d2-2 required all national securities 
exchanges, including the Exchange, to amend their delisting rules to 
conform to these new requirements. Consequently, on April 24, 2006, 
amendments to Rule 18 and Sections 1010, 1011, 1201, 1202, 1203, 1204, 
1205 and 1206 of the Amex Company Guide became effective for the 
foregoing purpose, and other sections of these rules became 
inapplicable by their terms on that date. The rule text adopted in 
connection with these amendments specifically provided that the portion 
of each rule that was effective only through April 23, 2006 would be 
rescinded after that date, and the purpose of this proposed rule change 
is to delete this language that is no longer applicable.
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    \6\ See Securities Exchange Act Release No. 53666 (April 17, 
2006), 71 FR 21056 (April 24, 2006) (SR-Amex-2005-107).
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) \7\ of the Act in general, and furthers the objectives of 
Section 6(b)(5) \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 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. The Exchange 
believes that the proposed rule change is consistent with the 
protection of investors and the public interest because its elimination 
of obsolete rule text will make the Amex's currently effective rules 
more transparent to investors and other interested parties, thereby 
eliminating potential confusion regarding the meaning of those rules 
that might otherwise result.
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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

    The Exchange 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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, if consistent with 
the protection of investors and public interest, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Commission Rule 19b-4(f)(6) may 
not become operative prior to 30 days after the date of filing. 
However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to

[[Page 46105]]

designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay set 
forth in Rule 19b-4(f)(6)(iii) under the Act.\12\ The Commission 
believes that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest because the proposed 
rule change would allow the proposed non-substantive revisions to 
Amex's rules to be effective immediately. Deleting the outdated rule 
text will eliminate potential confusion and accurately reflect the 
rules currently in effect. For this reason, the Commission designates 
the proposal to be operative upon filing with the Commission.\13\
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    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires that a self-regulatory organization submit to the 
Commission written notice of its intent to file the proposed rule 
change, along with a brief description and text of the proposed rule 
change, at least five business days prior to the date of filing of 
the proposed rule change, or such shorter time as designated by the 
Commission. The Commission notes that Amex has satisfied this 
requirement.
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only of waiving the 30-day operative delay of 
this proposal, 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 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.

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-2008-59 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Amex-2008-59. This file 
number should be included on the 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 Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of 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-2008-59 and should be 
submitted on or before August 28, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-18157 Filed 8-6-08; 8:45 am]

BILLING CODE 8010-01-P