Source: https://regulations.justia.com/regulations/fedreg/2007/03/27/E7-5550.html
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Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Amend Its Minor Rule Violation Fine Systems, 14314-14315 [E7-5550] :: Securities And Exchange Commission :: Agencies And Commissions :: Regulation Tracker :: Justia
Justia Regulation Tracker Agencies And Commissions Securities And Exchange Commission Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Amend Its Minor Rule Violation Fine Systems, 14314-14315 [E7-5550]
Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Amend Its Minor Rule Violation Fine Systems, 14314-14315 [E7-5550]
Download as PDF 14314 Federal Register / Vol. 72, No. 58 / Tuesday, March 27, 2007 / Notices 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.12 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 rulecomments@sec.gov. Please include File Number SR–Amex–2007–27 on the subject line. sroberts on PROD1PC70 with NOTICES 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–2007–27. 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. 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 12 For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change, the Commission considers the period to commence on March 14, 2007, the date on which the Exchange filed Amendment No. 1. VerDate Aug<31>2005 16:38 Mar 26, 2007 Jkt 211001 you wish to make available publicly. All submissions should refer to File Number SR–Amex–2007–27 and should be submitted on or before April 17, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–5549 Filed 3–26–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55500; File No. SR–Amex– 2007–22] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Amend Its Minor Rule Violation Fine Systems March 21, 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 February 21, 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 the Exchange. On March 20, 2007, the Exchange filed Amendment No. 1 to the proposed rule change. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to incorporate violations of Amex Rule 131A—AEMI and Commentary .03 to Amex Rule 958—ANTE into Part 1 of its Minor Rule Violation Fine Systems (the ‘‘Plan’’).3 The text of the proposed rule change is available at Amex, the Commission’s Public Reference Room, and http:// www.amex.com. 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, CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Amex Rule 590. 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange’s Plan provides a simplified procedure for the resolution of minor rule violations. Codified in Amex Rule 590, the Plan has three distinct sections: (1) Part 1 (General Rule Violations) covers substantive matters that are nonetheless deemed to be minor; (2) Part 2 (Floor Decorum Violations) covers guidelines concerning the personal appearance and conduct of persons on the trading floor and other operational matters; and (3) Part 3 (Reporting Violations) covers the late submission of routine reports required to be filed with the Exchange. The Exchange proposes to include violations of Amex Rule 131A—AEMI into Part 1 of the Plan. Amex Rule 131A–AEMI, which generally sets forth procedures related to market-on-close (‘‘MOC’’) and limit-on-close (‘‘LOC’’) orders and expiration, is designed to minimize price volatility on the close by requiring members to enter all MOC and LOC orders as early in the day as possible. Amex Rule 131A—AEMI also establishes deadlines for entering MOC and LOC orders, restrictions on canceling MOC and LOC orders, requirements for publishing imbalances on the consolidated tape, the order of execution for MOC and LOC orders, and procedures for days on which derivative, index-related products (e.g., options, futures, and options on futures) settle against opening prices. The Exchange also proposes to include violations of Commentary .03 to Amex Rule 958—ANTE into Part 1 of the Plan. Commentary .03 to Amex Rule 958-ANTE provides, in part, that, for purposes of paragraph (a) of such rule, at least 50% of the trading activity in any quarter (measured in terms of contract volume) of a registered options trader must ordinarily be in classes to which such registered options trader is assigned, except for unusual circumstances.4 13 17 1 15 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 4 The remaining provisions of Commentary .03 to Amex Rule 958—ANTE are not to be included in the Plan. E:\FR\FM\27MRN1.SGM 27MRN1 Federal Register / Vol. 72, No. 58 / Tuesday, March 27, 2007 / Notices The inclusion of the foregoing rules in Part 1 of the Plan would enable prompt resolution of violations that do not rise to the level of formal enforcement action,5 but warrant more significant action than the issuance of an admonition letter. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,6 in general, and furthers the objectives of Section 6(b)(5) of the Act,7 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 facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system, and, in general, to protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change would 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 sroberts on PROD1PC70 with NOTICES 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 self-regulatory organization 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. 5 See generally Article V, Amex Constitution (setting forth the formal disciplinary procedures and penalties with respect to members of the Exchange). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 16:38 Mar 26, 2007 Jkt 211001 IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as amended, is consistent with the Act. Comments may be submitted by any of the following methods: 14315 For the Commission by the Division of Market Regulation, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–5550 Filed 3–26–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Amex–2007–22 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. [Release No. 34–55493; File No. SR–ISE– 2006–77] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of Proposed Rule Change as Modified by Amendment No. 1 Thereto Relating to Penny Increments for Block Mechanism Orders March 20, 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 December 13, 2006, the International Securities All submissions should refer to File Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) Number SR–Amex–2007–22. This file filed with the Securities and Exchange number should be included on the subject line if e-mail is used. To help the Commission (‘‘Commission’’) the proposed rule change as described in Commission process and review your Items I, II, and III below, which Items comments more efficiently, please use only one method. The Commission will have been prepared by the ISE. On post all comments on the Commission’s March 19, 2007, the Exchange filed Amendment No. 1 to the proposed rule Internet Web site (http://www.sec.gov/ change. The Commission is publishing rules/sro.shtml). Copies of the this notice to solicit comments on the submission, all subsequent proposed rule change, as amended, from amendments, all written statements interested persons. with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the proposed rule change between the The ISE is proposing to amend ISE Commission and any person, other than Rule 716 to allow orders to be entered those that may be withheld from the into the Block Mechanism in penny public in accordance with the increments and to receive executions in provisions of 5 U.S.C. 552, will be penny increments. The text of the proposed rule change is available at ISE, available for inspection and copying in the Commission’s Public Reference the Commission’s Public Reference Room, and http://www.iseoptions.com. Section, 100 F Street, NE., Washington, DC 20549. Copies of such filing also will II. Self-Regulatory Organization’s be available for inspection and copying Statement of the Purpose of, and at the principal offices of the Exchange. Statutory Basis for, the Proposed Rule All comments received will be posted Change without change; the Commission does In its filing with the Commission, the not edit personal identifying ISE included statements concerning the information from submissions. You purpose of and basis for the proposed should submit only information that rule change and discussed any you wish to make available publicly. All comments it received on the proposed submissions should refer to File rule change. The text of these statements Number SR–Amex–2007–22 and should may be examined at the places specified be submitted on or before April 17, in Item IV below. The Exchange has 2007. 8 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 E:\FR\FM\27MRN1.SGM 27MRN1
[Pages 14314-14315]
[FR Doc No: E7-5550]
[Release No. 34-55500; File No. SR-Amex-2007-22]
Amend Its Minor Rule Violation Fine Systems
on February 21, 2007, the American Stock Exchange LLC (``Amex'' or
Exchange. On March 20, 2007, the Exchange filed Amendment No. 1 to the
The Exchange proposes to incorporate violations of Amex Rule 131A--
AEMI and Commentary .03 to Amex Rule 958--ANTE into Part 1 of its Minor
Rule Violation Fine Systems (the ``Plan'').\3\ The text of the proposed
rule change is available at Amex, the Commission's Public Reference
\3\ See Amex Rule 590.
The Exchange's Plan provides a simplified procedure for the
resolution of minor rule violations. Codified in Amex Rule 590, the
Plan has three distinct sections: (1) Part 1 (General Rule Violations)
covers substantive matters that are nonetheless deemed to be minor; (2)
Part 2 (Floor Decorum Violations) covers guidelines concerning the
personal appearance and conduct of persons on the trading floor and
other operational matters; and (3) Part 3 (Reporting Violations) covers
the late submission of routine reports required to be filed with the
The Exchange proposes to include violations of Amex Rule 131A--AEMI
into Part 1 of the Plan. Amex Rule 131A-AEMI, which generally sets
forth procedures related to market-on-close (``MOC'') and limit-on-
close (``LOC'') orders and expiration, is designed to minimize price
volatility on the close by requiring members to enter all MOC and LOC
orders as early in the day as possible. Amex Rule 131A--AEMI also
establishes deadlines for entering MOC and LOC orders, restrictions on
canceling MOC and LOC orders, requirements for publishing imbalances on
the consolidated tape, the order of execution for MOC and LOC orders,
and procedures for days on which derivative, index-related products
(e.g., options, futures, and options on futures) settle against opening
The Exchange also proposes to include violations of Commentary .03
to Amex Rule 958--ANTE into Part 1 of the Plan. Commentary .03 to Amex
Rule 958-ANTE provides, in part, that, for purposes of paragraph (a) of
such rule, at least 50% of the trading activity in any quarter
(measured in terms of contract volume) of a registered options trader
must ordinarily be in classes to which such registered options trader
is assigned, except for unusual circumstances.\4\
\4\ The remaining provisions of Commentary .03 to Amex Rule
958--ANTE are not to be included in the Plan.
The inclusion of the foregoing rules in Part 1 of the Plan would
enable prompt resolution of violations that do not rise to the level of
formal enforcement action,\5\ but warrant more significant action than
the issuance of an admonition letter.
\5\ See generally Article V, Amex Constitution (setting forth
the formal disciplinary procedures and penalties with respect to
members of the Exchange).
File Number SR-Amex-2007-22 on the subject line.
All submissions should refer to File Number SR-Amex-2007-22. This file
publicly. All submissions should refer to File Number SR-Amex-2007-22
and should be submitted on or before April 17, 2007.