

[Federal Register: February 20, 2008 (Volume 73, Number 34)]
[Notices]               
[Page 9374-9375]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20fe08-125]                         


[[Page 9374]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57321; File No. SR-Amex-2008-11]

 
Self-Regulatory Organizations; American Stock Exchange, LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
to Delete the AEMI-One Rules

February 13, 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 February 11, 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 substantially by the Amex. The 
Amex has submitted 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 delete its AEMI-One rules in their entirety 
because the AEMI-One rules, which have been superseded by the Amex's 
AEMI rules, are no longer in effect.
    The text of the proposed rule change is available at http://www.amex.com
, the principal office 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 comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item III 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 Amex proposes to delete the AEMI-One rules in their entirety. 
The Amex adopted the AEMI-One rules in connection with the 
implementation of an initial version of AEMI, the Exchange's hybrid 
market trading platform for equity products and exchange-traded funds, 
that was operative on a pilot basis prior to the Trading Phase Date.\5\ 
The AEMI-One rules are no longer in effect, having been superseded by 
the Exchange's AEMI rules on the Trading Phase Date.
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    \5\ The Trading Phase Date was the final date set by the 
Commission for full operation of all automated trading centers that 
intended to qualify their quotations for trade-through protection 
under Rule 611 of Regulation NMS, 17 CFR 242.611. The Trading Phase 
Date was March 5, 2007.
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    According to the Amex, the Exchange initially deployed AEMI in a 
controlled manner during the AEMI-One pilot program, and the AEMI-One 
rules that were effective during this period were slightly modified 
from their AEMI rule counterparts to reflect the different regulatory 
environments in effect before and after the Trading Phase Date. In its 
original AEMI-One proposal, the Amex stated that it would delete the 
AEMI-One rules from its rulebook via a filing with the Commission 
following the effectiveness of the AEMI rules; \6\ that is the purpose 
of the instant filing.
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    \6\ See File No. SR-Amex-2006-72, Amendment No. 1 at 5-6 (``The 
Exchange expects that the AEMI-One Pilot will be in effect for only 
a few months up until the Trading Phase Date, at which time the AEMI 
Rules will become effective and will supersede the AEMI-One Rules. 
The Exchange will then delete the AEMI-One Rules from its rulebook 
via a filing with the Commission.'')
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2. Statutory Basis
    The Amex believes that the proposed rule change is consistent with 
Section 6(b) of the Act,\7\ in general, and furthers the objectives of 
Section 6(b)(5) of the Act,\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.
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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 Amex believes that 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 from the date of filing, 
or such shorter time as the Commission may designate if consistent with 
the protection of investors and the public interest. Therefore, the 
proposed rule change 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). In addition, Rule 19b-4(f)(6)(iii) 
requires the Amex to provide 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, or 
such shorter time as designated by the Commission. The Commission 
has determined to waive the five-day period in this case.
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    The Amex has requested that the Commission waive the 30-day 
operative delay. The Commission hereby grants the Amex's request.\11\ 
As discussed above, the Amex's AEMI-One rules are no longer in effect 
because they have been superseded by the AEMI rules. Accordingly, the 
Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because deleting the AEMI-One rules will eliminate potential confusion 
and ensure that the Amex's rulebook accurately reflects the rules 
currently in effect on the Amex.
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    \11\ For purposes of waiving the 30-day operative delay, the 
Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. See 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.

[[Page 9375]]

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-2008-11 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-2008-11. 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 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-2008-11 and should be 
submitted on or before March 12, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-3060 Filed 2-19-08; 8:45 am]

BILLING CODE 8011-01-P
