[Federal Register Volume 65, Number 179 (Thursday, September 14, 2000)]
[Notices]
[Pages 55655-55656]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-23566]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-43253; File No. SR-AMEX-00-52]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the American Stock Exchange 
LLC Relating to its Policy Prohibiting Harassment, Intimidation, 
``Refusals to Deal'' and Retaliation

September 6, 2000.
    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 September 5, 2000, 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The Exchange proposes to file with the Commission its statements on 
Fiduciary Responsibilities of the Members of the Board of Governors, 
Fiduciary Responsibilities of Committee Members and Floor Officials and 
Employee Code of Ethics.
    The text of the proposed rule change is available at the 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 Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange has long insisted that the Members of its Board of 
Governors, its committee members, employees, officers, directors and 
other officials or agents observe the highest standards of business 
ethics and fair dealings. The Exchange prohibits its Governors, 
committee members, floor officials, agents, and employees from 
engaging, directly or indirectly, in any conduct that threatens, 
harasses, intimidates, constitutes a ``refusal to deal'' or retaliates 
against any member, employee of a member or any other market 
participant.
    The Exchange is now proposing to file with the Commission its 
statements on Fiduciary Responsibilities of the Members of the Board of 
Governors, Fiduciary Responsibilities of Committee Members and Floor 
Officials and Employee Code of Ethics which reflect its policy 
prohibiting its Governors, committee members, employees, officers, 
directors and other officials or agents from engaging, directly or 
indirectly, in any conduct that threatens, harasses, intimidates, 
constitutes a ``refusal to deal'' or retaliates against any member, 
employee of a member or any other market participant because: (i) Such 
member, employee or market participant has made a proposal to any 
exchange or other market to list or trade any option class; (ii) of 
such member's or employee's advocacy of or proposals concerning the 
listing or trading of an option class on any exchange or other market; 
(iii) such member, employee or market participant has commenced making 
a market in or trading any option class on any exchange or other 
market; (iv) such member, employee or market participant seeks to 
increase the capacity of any options exchange or the options industry 
to disseminate quote or trade data; (v) such member, employee or market 
participant seeks to introduce new option products; or (vi) such 
member, employee or market participant acts, or seeks to act, 
competitively.
    The Exchange believes the prohibited conduct discussed in these 
statements is fundamentally inconsistent with the obligations of the 
members of its Board of Governors, committee members, employees, 
officers, directors and other officials or agents in their 
responsibilities to the Exchange and is inimical to the public interest 
in fair and efficient options markets.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\3\ in general, and furthers the 
objectives of Section 6(b)(5) \4\ in particular, in that it is designed 
to prevent fraudulent and manipulative acts and practices and to 
promote just and equitable principles of trade.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing 
for Commission Action

    Because the forgoing proposed rule change is concerned solely with 
the administration of the self-regulatory organization, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) \5\ of the Act and Rule 
19b-4(f)(3) \6\ thereunder. 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.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \6\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------

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. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549-0609. 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule

[[Page 55656]]

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 at the Commission's Public 
Reference Room. Copies of such filing will also be available for 
inspection and copying at the principal office of the Exchange. All 
submissions should refer to the File No. SR-AMEX-00-52 and should be 
submitted by October 5, 2000.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-23566 Filed 9-13-00; 8:45 am]
BILLING CODE 8010-01-M