
[Federal Register: March 27, 2008 (Volume 73, Number 60)]
[Notices]               
[Page 16395-16399]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27mr08-87]                         


[[Page 16395]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57539; File No. SR-Amex-2008-17]

 
Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To 
Adopt Listing Rules for Fixed Income-Linked Securities, Futures-Linked 
Securities, and Combination-Linked Securities

March 20, 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 29, 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, II, 
and III below, which Items have been substantially prepared by the 
Exchange. On March 20, 2008, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to adopt generic listing standards for Fixed 
Income-Linked Securities, Futures-Linked Securities, and Combination-
Linked Securities (collectively, the ``New Linked Securities'') and a 
technical change to section 107D of the Amex Company Guide. 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, 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to add new sections 107G, 107H, and 107I of 
the Amex Company Guide to provide generic listing standards for the New 
Linked Securities. The purpose of the proposed rule change is to enable 
the listing and trading of the New Linked Securities pursuant to Rule 
19b-4(e) \3\ under the Act, without individual Commission approval of 
each such product pursuant to section 19(b)(2) of the Act.\4\ The 
Exchange represents that within five business days after commencement 
of trading of a series of New Linked Securities under proposed sections 
107G, 107H, and 107I of the Amex Company Guide, as applicable, the 
Exchange will file a Form 19b-4(e).\5\
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    \3\ Rule 19b-4(e) provides that the listing and trading of a new 
derivative securities product by a self-regulatory organization 
(``SRO'') shall not be deemed a proposed rule change, pursuant to 
Section (c)(1) of Rule 19b-4 (17 CFR 240.19b-4(c)(1)), if the 
Commission has approved, pursuant to Section 19(b) of the Act (15 
U.S.C. 78s(b)), the SRO's trading rules, procedures, and listing 
standards for the product class that would include the new 
derivatives securities product, and the SRO has a surveillance 
program for the product class. See 17 CFR 240.19b-4(e).
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ 17 CFR 240.19b-4(e)(2)(ii); 17 CFR 249.820.
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General Issuer and Issue Eligibility
    As with Index-Linked Securities under current Section 107D,\6\ 
Commodity-Linked Securities under section 107E,\7\ and Currency-Linked 
Securities under section 107F of the Amex Company Guide,\8\ the New 
Linked Securities do not give the holder any right to receive a 
portfolio component or any other ownership right or interest in the 
portfolio or underlying components comprising the applicable Reference 
Asset (as defined herein) and may or may not provide for the repayment 
of the original principal investment amount. Likewise, the general 
standards set forth in section 107D(a)-(f), section 107E(a)-(f), and 
section 107F(a)-(f) of the Amex Company Guide will similarly apply to 
the New Linked Securities.\9\ Specifically, the Exchange will apply the 
following requirements to all issuers of New Linked Securities:
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    \6\ Index-Linked Securities are securities that provide for the 
payment at maturity of a cash amount based on the performance of an 
underlying index or indexes. As part of this proposed rule change, 
the Exchange seeks to make a technical change to Section 107D of the 
Amex Company Guide to define such underlying index or indexes as the 
``Equity Reference Asset.'' Such securities may or may not provide 
for the repayment of the original principal investment amount. See 
Section 107D and Section 107D(d) of the Amex Company Guide.
    \7\ Commodity-Linked Securities are securities that provide for 
the payment at maturity of a cash amount based on the performance of 
one or more commodities, commodity futures, options or other 
commodity derivatives or Commodity-Based Trust Shares (as defined in 
Amex Rule 1200A), or a basket or index of any of the foregoing (the 
``Commodity Reference Asset''). Such securities may or may not 
provide for the repayment of the original principal investment 
amount. See Section 107E of the Amex Company Guide.
    \8\ Currency-Linked Securities are securities that provide for 
the payment at maturity of a cash amount based on the performance of 
one or more currencies, or options or currency futures or other 
currency derivatives or Currency Trust Shares (as defined in Amex 
Rule 1200B), or a basket or index of any of the foregoing (the 
``Currency Reference Asset''). Such securities may or may not 
provide for the repayment of the original principal investment 
amount. See Section 107F of the Amex Company Guide.
    \9\ See Section 107A of the Amex Company Guide (setting forth 
the ``General Criteria'' relating to minimum issuer eligibility 
requirements based on assets, earnings, and stockholders' equity, 
and minimum issue requirements based on public distribution, public 
shareholders, and principal amount/aggregate market value).
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     The issuer will be expected to have a minimum tangible net 
worth of $250,000,000 and to otherwise exceed certain earnings 
requirements. In the alternative, the issuer will be expected: (1) To 
have a minimum tangible net worth of $150,000,000; and (2) not to have 
issued index-linked note offerings (including the New Linked 
Securities), the original issue price of which, combined with all the 
issuer's other index-linked note offerings listed on a national 
securities exchange, exceeds 25% of the issuer's tangible net worth at 
the time of issuance.
     The issuer must be in compliance with Rule 10A-3 under the 
Act.\10\ In addition, the Exchange will apply the following 
requirements to each issue of New Linked Securities:
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    \10\ See 17 CFR 240.10A-3.
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     The issue must have a minimum public distribution of at 
least 1,000,000 trading units with a minimum of 400 public 
shareholders. This minimum public distribution and minimum public 
shareholders requirements will not be applicable to an issue traded in 
thousand dollar denominations or if the securities are redeemable at 
the option of the holders thereof on at least a weekly basis.
     The issue must have a principal amount/aggregate market 
value of not less than $4 million.
     The issue must have a term of at least one year, but not 
greater than 30 years.
     The issue must be the nonconvertible debt of the issuer.
     The payment at maturity may or may not provide for a 
multiple of the

[[Page 16396]]

direct or inverse performance of the underlying Reference Asset; 
however, in no event will a loss or negative payment at maturity be 
accelerated by a multiple that exceeds twice the performance of the 
underlying Reference Asset.
Fixed Income-Linked Securities
    Fixed Income-Linked Securities will be subject to the criteria 
proposed in new Section 107G of the Amex Company Guide for initial and 
continued listing. Fixed Income-Linked Securities are securities that 
provide for the payment at maturity of a cash amount based on the 
performance of one or more indexes or portfolios of debt securities 
that are notes, bonds, debentures or evidence of indebtedness that 
include, but are not limited to, U.S. Department of Treasury securities 
(``Treasury Securities''), government-sponsored entity securities 
(``GSE Securities''), municipal securities, trust preferred securities, 
supranational debt and debt of a foreign country or subdivision 
thereof, or a basket or index of any of the foregoing (collectively, 
``Fixed Income Reference Asset'').
    For the initial listing of Fixed Income-Linked Securities, the 
Fixed Income Reference Asset must either: (1) Have been approved for 
the trading of options or other derivatives by the Commission under 
section 19(b)(2) of the Act and the rules thereunder, and the 
conditions set forth in the Commission's approval order, including 
comprehensive surveillance sharing agreements, continue to be 
satisfied; or (2) meet the following requirements: \11\
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    \11\ The Exchange notes that the quantitative criteria for Fixed 
Income Reference Assets are substantially similar to those set forth 
under Commentary .02 to Amex Rule 1000-AEMI and Commentary .03 to 
Amex Rule 1000A-AEMI, relating to Portfolio Depositary Receipts and 
Index Fund Shares, respectively, based on a fixed income index or 
portfolio. See Securities Exchange Act Release No. 55437 (March 9, 
2007), 72 FR 12233 (March 15, 2007) (SR-Amex-2006-118) (approving 
the adoption of ``fixed income'' and ``combination'' generic listing 
standards for exchange-traded funds).
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     Components of the Fixed Income Reference Asset that, in 
the aggregate, account for at least 75% of the weight of the Fixed 
Income Reference Asset must each have a minimum original principal 
amount outstanding of $100 million or more;
     A component of the Fixed Income Reference Asset may be a 
convertible security; however, once the convertible security component 
converts to the underlying equity security, the component is removed 
from the Fixed Income Reference Asset;
     No component of the Fixed Income Reference Asset 
(excluding Treasury Securities and GSE Securities) may represent more 
than 30% of the weight of the Fixed Income Reference Asset, and the 
five highest weighted components in the Fixed Income Reference Asset 
may not, in the aggregate, account for more than 65% of the weight of 
the Fixed Income Reference Asset;
     An underlying Fixed Income Reference Asset (excluding one 
consisting entirely of exempted securities) \12\ must include a minimum 
of 13 non-affiliated issuers;
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    \12\ ``Exempted securities'' is defined in Section 3(a)(12) of 
the Act (15 U.S.C. 78c(a)(12)). The Exchange notes that, for 
purposes of a Fixed Income Reference Asset, an ``exempted security'' 
may include Treasury Securities, municipal securities and/or GSE 
Securities.
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     Component securities that, in the aggregate, account for 
at least 90% of the weight of the Fixed Income Reference Asset must be 
one of the following: (1) From issuers that are required to file 
reports pursuant to sections 13 and 15(d) of the Act; \13\ (2) from 
issuers that have a worldwide market value of their outstanding common 
equity held by non-affiliates of $700 million or more; (3) from issuers 
that have outstanding securities that are notes, bonds, debentures, or 
evidence of indebtedness having a total remaining principal amount of 
at least $1 billion; (4) exempted securities as defined in Section 
3(a)(12) of the Act; \14\ or (5) from issuers that are a government of 
a foreign country or a political subdivision of a foreign country; and
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    \13\ See 15 U.S.C. 78m; 15 U.S.C. 78o(d).
    \14\ See 15 U.S.C. 78c(a)(12).
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     The Fixed Income Reference Asset must be widely 
disseminated to the public by one or more major market vendors at least 
once per trading day.
    The Exchange will commence delisting or removal proceedings: \15\
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    \15\ The Exchange notes that the proposed continued listing 
standards for each of Fixed Income-Linked Securities, Futures-Linked 
Securities, and Combination-Linked Securities are substantially 
similar to those standards under Sections 107D, 107E, and 107F 
currently applicable to Index-Linked Securities, Commodity-Linked 
Securities, and Currency-Linked Securities, respectively. See 
Sections 107D, 107E, and 107F of the Amex Company Guide.
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     If any of the initial listing criteria for Fixed Income-
Linked Securities are not continuously maintained;
     If the aggregate market value or the principal amount of 
the Fixed Income Index-Linked Securities publicly held is less than 
$400,000;
     The value of the Fixed Income Reference Asset is no longer 
calculated or available, and a new Fixed Income Reference is 
substituted, unless the new Fixed Income Reference Asset meets the 
requirements of proposed section 107G of the Company Guide; or
     If such other event shall occur or condition exists that, 
in the opinion of the Exchange, makes further dealings on the Exchange 
inadvisable.
Futures-Linked Securities
    Futures-Linked Securities will be subject to the criteria in 
proposed Section 107H of the Amex Company Guide for initial and 
continued listing. Futures-Linked Securities are securities that 
provide for the payment at maturity of a cash amount based on the 
performance of one or more indexes or portfolios of: (1) Futures on 
Treasury Securities, GSE Securities, supranational debt and debt of a 
foreign country or a subdivision thereof, or options or other 
derivatives on any of the foregoing; or (2) interest rate futures or 
options or derivatives on the foregoing (collectively, ``Futures 
Reference Asset'').
    The issue must meet one of the initial listing standards set forth 
below:
     The Futures Reference Asset must have been reviewed and 
approved for the trading of Futures Securities or options or other 
derivatives by the Commission under Section 19(b)(2) of the Act and 
rules thereunder, and the conditions set forth in the Commission's 
approval order, including with respect to comprehensive surveillance 
sharing agreements, continue to be satisfied; or
     The pricing information for components of a Futures 
Reference Asset must be derived from a market which is an Intermarket 
Surveillance Group (``ISG'') member or affiliate member or with which 
the Exchange has a comprehensive surveillance sharing agreement. A 
Futures Reference Asset may include components representing not more 
than 10% of the dollar weight of such Futures Reference Asset for which 
the pricing information is derived from markets that do not meet the 
specified requirements; provided, however, that no single component 
subject to this exception exceeds 7% of the dollar weight of the 
Futures Reference Asset.
    In addition, the issue must meet both of the following initial 
listing criteria: (1) The value of the Futures Reference Asset must be 
calculated and widely disseminated by one or more major market data 
vendors on at least a 15-second basis during trading on the Exchange; 
and (2) in the case of Futures-Linked Securities that are periodically 
redeemable, the indicative value of the subject Futures-Linked 
Securities must be calculated and widely disseminated by one or more 
major market data

[[Page 16397]]

vendors on at least a 15-second basis during trading on the Exchange.
    The Exchange will commence delisting or removal proceedings:
     If any of the initial listing criteria for Futures-Linked 
Securities are not continuously maintained;
     If the aggregate market value or the principal amount of 
the Futures-Linked Securities publicly held is less than $400,000;
     The value of the Futures Reference Asset is no longer 
calculated or available, and a new Futures Reference Asset is 
substituted, unless the new Futures Reference Asset meets the 
requirements of proposed section 107H of the Amex Company Guide; or
     If such other event shall occur or condition exists that, 
in the opinion of the Exchange, makes further dealings on the Exchange 
inadvisable.
Combination-Linked Securities
    Combination-Linked Securities will be subject to the criteria in 
proposed section 107I of the Amex Company Guide for initial and 
continued listing. Combination-Linked Securities are securities that 
provide for the payment at maturity of a cash amount based on the 
performance of any combination of two or more Equity Reference Assets, 
Commodity Reference Assets, Currency Reference Assets, Fixed Income 
Reference Assets, or Futures Reference Assets (collectively, 
``Combination Reference Asset,'' and together with Equity Reference 
Assets, Commodity Reference Assets, Currency Reference Assets, Fixed 
Income Reference Assets, and Futures Reference Assets, collectively, 
``Reference Assets''). In addition, a Combination Reference Asset may 
include as a component a notional investment in cash or a cash 
equivalent based on a widely accepted overnight loan interest rate, 
London Interbank Offered Rate (``LIBOR''), Prime Rate, or an implied 
interest rate based on observed market spot and foreign currency 
forward rates. The Exchange states that, for purposes of a notional 
investment as a component of a Multifactor Reference Asset, a long 
LIBOR weighting would represent a leverage charge offsetting long 
positions in the underlying Reference Assets.
    For the initial listing of a series of Combination-Linked 
Securities, each component of the Combination Reference Asset must: (1) 
Have been reviewed and approved for the trading of options or other 
derivatives by the Commission under section 19(b)(2) of the Act and 
rules thereunder, and the conditions set forth in the Commission's 
approval order, including with respect to comprehensive surveillance 
sharing agreements, continued to be satisfied; or (2) meet the 
following requirements:
     Each Reference Asset included in the Combination Reference 
Asset must meet the applicable initial and continued listing criteria 
set forth in sections 107D, 107E, 107F, 107G and/or 107H of the Amex 
Company Guide;
     The value of the Combination Reference Asset must be 
calculated and widely disseminated to the public on at least a 15-
second basis during the time the Combination-Linked Securities trade on 
the Exchange; and
     In the case of Combination-Linked Securities that are 
periodically redeemable, the indicative value of the Combination-Linked 
Securities must be calculated and widely disseminated by one or more 
major market data vendors on at least a 15-second basis during the time 
the Combination-Linked Securities trade on the Exchange.
    The Exchange will commence delisting or removal proceedings:
     If any of the initial listing criteria for Combination-
Linked Securities are not continuously maintained;
     If the aggregate market value or the principal amount of 
the Combination-Linked Securities publicly held is less than $400,000;
     The value of the Combination Reference Asset is no longer 
calculated or available, and a new Combination Reference is 
substituted, unless the new Combination Reference Asset meets the 
requirements of section 107I of the Amex Company Guide; or
     If such other event shall occur or condition exists that, 
in the opinion of the Exchange, makes further dealings on the Exchange 
inadvisable.
Applicable Exchange Rules
    The New Linked Securities traded on the Exchange's equity trading 
floor will be subject to all Exchange rules governing the trading of 
equity securities. The Exchange's equity margin rules and the 
Exchange's regular trading hours (9:30 a.m. to 4 p.m. Eastern Time) 
will apply to transactions in the New Linked Securities. New Linked 
Securities listed and traded as bond or debt securities will be subject 
to the rules applicable to bond or debt securities, however, those New 
Linked Securities redeemable at the option of the holders thereof on at 
least a weekly basis will be subject to the trading rules applicable to 
exchange-traded funds.\16\
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    \16\ See proposed Sections 107G(k), 107H(k), and 107I(k) of the 
Amex Company Guide.
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Information Circular
    Upon evaluating the nature and complexity of each New Linked 
Security, the Exchange represents that it will prepare and distribute, 
if appropriate, an Information Circular to member organizations 
describing the products. Accordingly, the particular structure and 
corresponding risks of a New Linked Security will be highlighted and 
disclosed. The Information Circular will disclose whether the New 
Linked Security will trade as equity or debt, subject to appropriate 
trading rules including, among others, rules governing priority, parity 
and precedence of orders, specialist responsibilities, account opening, 
and margin.
    The Information Circular will also detail the Exchange's 
suitability rule that requires a member organization recommending a 
transaction in these Securities: (1) To determine that such transaction 
is suitable for the customer (Amex Rule 411); and (2) to have a 
reasonable basis for believing that the customer can evaluate the 
special characteristics, and is able to bear the financial risks, of 
such transaction. In addition, the Information Circular will reference 
the requirement that Amex member organizations must deliver a 
prospectus to investors purchasing newly issued New Linked Securities 
prior to or concurrently with the confirmation of a transaction.
Surveillance
    The Exchange states that it will closely monitor activity in the 
New Linked Securities to identify and deter any potential improper 
trading activity. Additionally, the Exchange represents that its 
surveillance procedures are adequate to properly monitor the trading of 
the New Linked Securities. Specifically, the Exchange will rely on its 
existing surveillance procedures governing equities, options, and 
exchange-traded funds.\17\ The Exchange has developed procedures to 
closely monitor activity in the New Linked Securities and the 
underlying indexes and/or portfolios to identify and deter potential 
improper trading activity. To the extent applicable, the Exchange will 
be able to obtain trading and beneficial holder information from the 
primary trading markets for the portfolio components in relation to the 
New Linked Securities, either pursuant to bilateral information sharing 
agreements with those markets or because those markets are SRO members 
or affiliate members of ISG.
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    \17\ See proposed Sections 107G(j), 107H(j), and 107I(j) of the 
Amex Company Guide.

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[[Page 16398]]

Firewall Procedures
    If an underlying index is maintained by a broker-dealer, the 
broker-dealer is required to erect a ``firewall'' around the personnel 
responsible for the maintenance of such underlying index or who have 
access to information concerning changes and adjustments to the 
underlying index, and the underlying index must be calculated by a 
third party who is not a broker-dealer. Any advisory committee, 
supervisory board, or similar entity that advises an index license 
provider or that makes decisions regarding the underlying index or 
portfolio composition, methodology, and related matters must implement 
and maintain, or be subject to, procedures designed to prevent the use 
and dissemination of material, non-public information regarding the 
applicable underlying index or portfolio.\18\ The Exchange further 
proposes to apply Amex Rules 1203A and 1203B \19\ and 1204A and 1204B 
\20\ to Futures-Linked Securities and Combination-Linked Securities, to 
the extent such Combination-Linked Securities are comprised in part of 
Futures, Commodity, or Currency Reference Assets.
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    \18\ See proposed Sections 107G(i), 107H(i), and 107I(i) of the 
Amex Company Guide.
    \19\ Amex Rules 1203A and 1203B restrict the ability of the 
specialist firm for any issue of Commodity-Based Trust Shares and 
Currency Trust Shares or its affiliates to make markets in and trade 
the Commodity Reference Asset and/or Currency Reference Asset 
components, the commodities or currencies underlying the Commodity 
Reference Asset or Currency Reference Asset components, or options, 
futures, or options on futures on the Commodity Reference Asset or 
Currency Reference Asset, or any other derivatives based on the 
Commodity Reference Asset or Currency Reference Asset, any Commodity 
Reference Asset or Currency Reference Asset component, or any 
physical commodity or commodities underlying a Commodity Reference 
Asset component or any currency or currencies underlying a Currency 
Reference Asset component. See Amex Rules 1203A and 1203B. The 
Exchange maintains that these rules would similarly apply to the 
trading of the New Linked Securities to the extent such New Linked 
Securities are comprised in part of a Futures, Commodity, or 
Currency Reference Asset.
    \20\ Amex Rules 1204A and 1204B provide that specialists 
handling Commodity-Based Trust Shares and Currency Trust Shares 
provide the Exchange with all necessary information relating to 
their trading in underlying physical assets, commodities or 
currencies, related futures or options on futures, or any other 
related derivatives. See Amex Rules 1204A and 1204B. The Exchange 
maintains that these rules would similarly apply to the trading of 
New Linked Securities to the extent such New Linked Securities are 
comprised in part of a Futures, Commodity, or Currency Reference 
Asset.
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Trading Halts
    If the indicative value or the Reference Asset value applicable to 
a series of New Linked Securities is not being disseminated as 
required, the Exchange may halt trading during the day on which such 
interruption first occurs. If such interruption persists past the 
trading day in which it occurred, the Exchange will halt trading no 
later than the beginning of the trading day following the 
interruption.\21\
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    \21\ See proposed Sections 107G(h)(3), 107H(h)(3), and 
107I(h)(3) of the Amex Company Guide.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act,\22\ in general, and furthers the 
objectives of section 6(b)(5) of the Act,\23\ 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 
mechanism of a free and open market and a national market system, and, 
in general, to protect investors and the public interest. The Exchange 
believes the adoption of generic listing standards for Fixed Income-
Linked Securities, Futures-Linked Securities, and Combination-Linked 
Securities would benefit the marketplace and investors by reducing the 
administrative burdens associated with the listing of such securities 
based on identifiable reference assets.
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    \22\ 15 U.S.C. 78f(b).
    \23\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes the proposed rule change will impose no 
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

    The Exchange states that 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

    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 Amex 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.

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-2008-17 on the subject line.

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-2008-17. 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 the filing also will be available for 
inspection and copying at the principal office of the Exchange. 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 available publicly. All 
submissions should refer to File Number SR-Amex-2008-17 and should be 
submitted on or before April 17, 2008.


[[Page 16399]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-6249 Filed 3-26-08; 8:45 am]

BILLING CODE 8011-01-P
