

[Federal Register: March 6, 2006 (Volume 71, Number 43)]
[Notices]               
[Page 11250]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06mr06-76]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53386; File No. SR-Amex-2005-110]

 
Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving a Proposed Rule Change Relating to Specialist Clerks

February 28, 2006.
    On October 31, 2005, 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 
proposal to amend Amex Rule 184 to require specialists and specialist 
units to employ an adequate number of clerks to enable the specialist 
unit to efficiently handle actual and reasonably anticipated trading 
volume in the specialist unit's registered securities. The proposed 
rule change was published for comment in the Federal Register on 
January 23, 2006.\3\ The Commission received no comments regarding 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\ See Securities Exchange Act Release No. 53123 (January 13, 
2006), 71 FR 3567.
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    After careful consideration, the Commission finds that the proposed 
rule change is consistent with the requirements of the Act and the 
rules and regulations thereunder applicable to a national securities 
exchange.\4\ In particular, the Commission finds that the proposed rule 
change is consistent with Section 6(b)(5) of the Act,\5\ which 
requires, among other things, that the rules of a national securities 
exchange be 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.
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    \4\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(5).
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    The Commission believes that the proposed rule change, by requiring 
specialists and specialist units to employ an adequate number of 
clerks, is designed to help enable Exchange specialists and specialist 
units to handle efficiently the trading volume in the specialist unit's 
registered securities and to meet their regulatory responsibilities 
with respect to their specialist activities.
    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-Amex-2005-110) is approved.
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    \6\ 15 U.S.C. 78s(b)(2).
    \7\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
Nancy M. Morris,
Secretary.
[FR Doc. E6-3112 Filed 3-3-06; 8:45 am]

BILLING CODE 8010-01-P
