[Federal Register Volume 64, Number 27 (Wednesday, February 10, 1999)]
[Notices]
[Page 6726]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-3218]



[[Page 6726]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-41016; File No. SR-AMEX-99-02]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the American Stock Exchange, 
LLC To Change the Name of the NatWest Energy Index to the Deutsche Bank 
Energy Index

February 3, 1999.
    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 January 6, 1999, 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 prepared by the Exchange. 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
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The Amex proposes to amend Rules 901C and 902C to change the name 
of the NatWest Energy Index to the Deutsche Bank Energy Index and to 
include Deutsche Bank in the disclaimer part of Rule 902C. The text of 
the proposed rule change is available at the Office of the Secretary, 
Amex and at the Commission.

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 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 Organizations' Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In connection with the purchase of the equity derivatives business 
conducted by NatWest Securities Corporation in the United States by 
Deutsche Bank AG,\3\ the Exchange is amending its Rule 901C, Commentary 
.01, to reflect the change in the name of the NatWest Energy Index to 
the Deutsche Bank Energy Index. In addition, the Exchange is amending 
its Rule 902C to replace the disclaimer for NatWest with a disclaimer 
for Deutsche Bank. The disclaimer, identical in content to disclaimers 
currently in place for Standard & Poors Corporation, Morgan Stanley & 
Co. Incorporated and Inter@ctive Enterprises L.L.C.,\4\ states that 
Deutsche Bank AG does not guarantee the accuracy or completeness of the 
Index, makes no express or implied warranties with respect to the Index 
and shall have no liability for any damages, claims, losses or expenses 
caused by errors in the Index calculation.
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    \3\ The Exchange has represented to Commission staff that 
Deutsche Bank has adopted special procedures to prevent the 
potential misuse of material, non-public information by the 
research, sales, and trading divisions of the firm in connection 
with the maintenance of the Index. In addition, the Exchange has 
represented that Deutsche Bank will forward to the Commission a 
letter outlining these procedures. Telephone conversation between 
Claire McGrath, Vice President and Special Counsel, Amex, and David 
Sieradzki, Special Counsel, Commission on February 1, 1999.
    \4\ See Amex Rule 902C.
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2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the Act 
\5\ in general and furthers the objectives of Section 6(b)(5) \6\ 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, and to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition.

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

    Because the foregoing rule change is concerned solely with the 
administration of the Exchange, it has become effective pursuant to 
Section 19(b)(3)(A)(iii) of the Act \7\ and subparagraph (e)(3) of Rule 
19b-4 thereunder.\8\ 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.\9\
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    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(e)(3).
    \9\ In reviewing this proposal, the Commission has considered 
its potential impact on efficiency, competition and capital 
formation. 15 U.S.C. 78c(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
is consistent with the Act. Persons making written submissions should 
file six copies thereof with the Secretary, Securities and Exchange 
Commission, 450 Fifth Street, N.W., Washington, D.C. 20549. 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 will also be available for 
inspection and copying at the principal office of the Amex. All 
submissions should refer to File No. SR-Amex-99-02 and should be 
submitted by March 3, 1999.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-3218 Filed 2-9-99; 8:45 am]
BILLING CODE 8010-01-M