[Federal Register Volume 66, Number 163 (Wednesday, August 22, 2001)]
[Notices]
[Pages 44189-44190]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-21161]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44712; File No. SR-Amex-2001-58]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by American Stock Exchange LLC Relating to Billing of Annual Fee 
for Listed Companies

August 16, 2001.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on August 2, 2001, 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).
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The Exchange proposes to amend Section 141 of the Amex Company 
Guide as follows (deletions are bracketed; new language is italicized):

ANNUAL FEES

Sec. 141
    Stock Issues
    [No change to annual fee schedule.]
    The annual fee is payable in January of each year and is based on 
the total number of all classes of shares (excluding treasury shares) 
and warrants according to information available on Exchange records as 
of December 31 of the preceding year. (The above fee schedule also 
applies to companies whose securities are admitted to unlisted trading 
privileges.)
    In the calendar year in which a company first lists, the annual fee 
will be prorated to reflect only that portion of the year during which 
the security has been admitted to dealings and will be payable [In 
December] within 30 days of the date the company received the invoice, 
based on the total number of outstanding shares of all classes of stock 
at the time of original listing.

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 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Section 141 of the Amex Company Guide sets out the schedule of 
annual fees payable by listed companies. The section provides that, in 
the calendar year in which a company first lists, the annual fee will 
be prorated to reflect the portion of the year that the company has 
been listed, and is payable in December based on the total number of 
outstanding shares at the time of original listing. Current Exchange 
billing practice for annual fees is to send the company an invoice 
after listing, payable on receipt.
    In the interest of facilitating more timely receipt of the annual 
fee in the first year of listing, the Exchange proposes to provide that 
the annual fee in the first year of listing will be payable 30 days 
from the date the company receives the invoice.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act\2\ in general and furthers the objectives 
of Section 6(b)(5)\3\ in particular in that it is designed to remove 
impediments to the perfect the mechanism of a free and open market and 
a national market system, and, in general, to protect investor and the 
public interest; and is not designed to permit unfair discrimination 
between customers, issuers, brokers and dealers.
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    \2\ 15 U.S.C. 78f(b).
    \3\ 15 U.S.C. 78f(b)(6).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will 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

    The Exchange has neither solicited nor received written comments 
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 the Exchange consents, the Commission will:
    (A) By orders 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. 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 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 the file number in the caption 
above and should be submitted by September 12, 2001.


[[Page 44190]]


    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\4\
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    \4\ 17 C.F.R. 200.3-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. 01-21161 Filed 8-21-01; 8:45 am]
BILLING CODE 8010-01-M