Document ID: SEC-2008-0025-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: American Stock Exchange, LLC
Posted Date: 2008-01-07T05:00Z

[Federal Register: January 7, 2008 (Volume 73, Number 4)]
[Notices]               
[Page 1246-1247]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07ja08-62]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57060; File No. SR-Amex-2007-116]

 
Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving a Proposed Rule Change, as Modified by Amendment Nos. 1 and 
2, To Harmonize the Annual Listing Fees for All Exchange Traded Funds

December 28, 2007.
    On October 29, 2007, 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 revise the annual listing fees for index fund 
shares, trust-issued receipts, commodity-based trust shares, currency 
trust shares, paired trust shares, partnership units, and closed-end 
funds (collectively, ``Exchange Traded Funds'' or ``ETFs'') set forth 
in Section 141 of the Amex Company Guide. On November 9, 2007, the 
Exchange filed Amendment No. 1 to the proposed rule change.\3\ On 
November 16, 2007, the Exchange filed Amendment No. 2 to the 
proposal.\4\ The proposed rule change, as modified by Amendment Nos. 1 
and 2, was published for comment in the Federal Register on November 
27, 2007.\5\ The Commission received no comment letters on the 
proposal. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 made clarifying changes to the purpose 
section of the original filing and revised the proposed annual 
listing fee schedule.
    \4\ Amendment No. 2 made an additional clarifying change to the 
proposed annual listing fee schedule. Specifically, all references 
to a ``maximum'' or ``minimum'' identified as a parenthetical in the 
``Stock Issues'' and ``Issues Listed Under Section 106 and Section 
107; Rule 1000A (Index Fund Shares); Rule 1200 (Trust Issued 
Receipts); Rule 1200A (Commodity Based Trust Shares); Rule 1200B 
(Currency Trust Shares); Rule 1400 (Paired Trust Shares); Rule 1500 
(Partnership Units); and Closed-End Funds'' Annual Fee Tables in the 
Company Guide were removed.
    \5\ See Securities Exchange Act Release No. 56809 (November 16, 
2007), 72 FR 66203 (November 27, 2007) and 72 FR 70374 (December 11, 
2007).
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    Amex proposes to amend Section 141 of the Amex Company Guide to 
adopt a single annual listing fee for all ETFs. Amex's proposal would 
conform the annual listing fees for index fund shares with those of 
other ETFs and add an additional demarcation for outstanding shares or 
units of over 100 million, so that the maximum annual listing fee would 
increase to $50,000. Each series of the securities listed as index fund 
shares, trust-issued receipts, commodity-based trust shares, currency 
trust shares, paired trust shares, partnership units, or closed-end 
funds would be separately aggregated. The annual listing fee would then 
be applied to all of the outstanding securities of a particular issuer 
for each appropriate product class. Securities listed under Sections 
106 and 107 of the Company Guide would be charged listing fees based on 
the shares outstanding of each individual issue.
    After careful review, the Commission finds that Amex's proposal is 
consistent

[[Page 1247]]

with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\6\ In 
particular, the Commission finds that the proposal is consistent with 
Section 6(b)(4) of the Act,\7\ which requires, among other things, that 
the rules of the Exchange provide for the equitable allocation of 
reasonable dues, fees, and other charges among members and issuers and 
other persons using the Exchange's facilities. The Commission notes 
that no comments were received on the proposed fee increase, which is 
based on existing annual fees for other comparable products listed on 
the Exchange.
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    \6\ In approving this proposal, the Commission has considered 
the proposed rule's impact on efficiency, competition, and capital 
formation. See 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f(b)(4).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-Amex-2007-116), as modified 
by Amendment Nos. 1 and 2, be, and hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Nancy M. Morris,
Secretary.
[FR Doc. E7-25598 Filed 1-4-08; 8:45 am]

BILLING CODE 8011-01-P