

[Federal Register: December 20, 2007 (Volume 72, Number 244)]
[Notices]               
[Page 72419-72421]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20de07-101]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56947; File No. SR-Amex-2007-134]

 
Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Amend Commentary .10 to Amex Rule 584 To Delete the Reference to the 
Weekly Bulletin

December 12, 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 6, 2007, the American Stock Exchange LLC (``Amex'' or the 
``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 substantially by the Amex. The 
Amex filed the proposed rule change under Section 19(b)(3)(A) of the 
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ 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 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

    The Amex proposes to adopt changes to Commentary .10 to Amex Rule 
584 to delete the reference to the Weekly Bulletin therein. The text of 
the proposed rule change is available at http://www.amex.com, the 

principal offices of the Amex, and the Commission's Public Reference 
Room.

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 Amex included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any

[[Page 72420]]

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 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
    The Exchange proposes to amend Commentary .10 to Amex Rule 584 \5\ 
to delete the reference to the Weekly Bulletin therein. Commentary .10 
to Amex Rule 584 requires that all information filed with the Exchange 
pursuant to Rule 584 be made public in the lists of the meetings of 
stockholders in the Weekly Bulletin.
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    \5\ Amex Rule 584 specifies requirements for members and member 
organizations regarding proxy contests involving unregistered 
companies.
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    The Weekly Bulletin, published by the Exchange, currently contains 
information on the seat market, admission of members, listings and 
stockholder meetings. In deleting the reference to the Weekly Bulletin 
in Commentary .10 to Amex Rule 584, the Exchange seeks the flexibility 
of posting the Weekly Bulletin and/or the information contained therein 
on the AmexTrader Web site (http://www.amextrader.com) for a wider 

circulation.\6\
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    \6\ In the instance that a person does not have access to the 
Internet, the list of meetings of stockholders will be made 
available upon request.
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    The Commission previously approved an Exchange proposal to delete 
references in Amex's Constitution and Rules to the requirement that 
membership, corporate governance, stockholder meetings and disciplinary 
information be published in the Weekly Bulletin.\7\ However, Commentary 
.10 to Amex Rule 584 still contains a reference to the Weekly Bulletin. 
Therefore, the Exchange proposes to delete the reference to the Weekly 
Bulletin in Commentary .10 of Amex Rule 584 in order to harmonize this 
rule with the remainder of Amex's Constitution and Rules.
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    \7\ See Securities Exchange Act Release No. 41840 (Sept. 7, 
1999), 64 FR 50128 (Sept. 15, 1999) (SR-Amex-99-31).
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    The Exchange does not believe that this proposal will engender any 
controversy as the information contained in the Weekly Bulletin will 
continue to be available to its existing constituency and will be made 
available to the general public through the AmexTrader Web site.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the Act 
\8\ in general, and furthers the objectives of Section 6(b)(5) of the 
Act,\9\ in particular, in that it is designed to prevent fraudulent and 
manipulative acts and practices, 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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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not 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

    The Amex has designated the proposed rule change as one that: (1) 
Does not significantly affect the protection of investors or the public 
interest; (2) does not impose any significant burden on competition; 
and (3) does not become operative for 30 days after the date of filing, 
or such shorter time as the Commission may designate if consistent with 
the protection of investors and the public interest. In addition, as 
required under Rule 19b-4(f)(6)(iii),\10\ the Amex provided the 
Commission with written notice of its intention to file the proposed 
rule change, along with a brief description of the text of the proposed 
rule change, at least five business days prior to filing the proposal 
with the Commission. Therefore, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6) thereunder.\12\
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    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6).
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    The Amex has requested the Commission to waive the 30-day operative 
delay so that the proposal may become operative immediately upon 
filing.
    The Commission hereby grants the Amex's request \13\ and believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest. The Commission notes 
that it previously approved an Exchange proposal to delete references 
in the Amex's Constitution and Rules to the requirement that 
membership, corporate governance, stockholder meetings and disciplinary 
information be published in the Weekly Bulletin \14\ and that the 
proposed amendment conforms the language in Commentary .10 of Amex Rule 
584 with the remainder of the Exchange's Constitution and Rules by 
deleting the reference to the Weekly Bulletin. In addition, the 
Commission believes that waiver of the 30-day operative period would 
enable the Exchange to implement the proposal as quickly as possible, 
and thereby provide for greater uniformity among the Amex's 
Constitution and Rules. For these reasons, the Commission designates 
the proposal to be operative upon filing with the Commission.
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    \13\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \14\ See note 7, supra.
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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-2007-134 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.
    All submissions should refer to File Number SR-Amex-2007-134. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your

[[Page 72421]]

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 the 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 publicly available. All submissions should refer to 
File Number SR-Amex-2007-134 and should be submitted on or before 
January 10, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-24693 Filed 12-19-07; 8:45 am]

BILLING CODE 8011-01-P
