[Federal Register Volume 67, Number 18 (Monday, January 28, 2002)]
[Notices]
[Pages 3921-3923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-1956]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45320: File No. SR-AMEX-2001 79]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the American Stock Exchange 
LLC Relating to Technical Corrections to American Stock Exchange LLC 
Rules

January 18, 2002.
    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 December 14, 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 
proposed rule change was filed by the Exchange as a ``non-
controversial'' rule change under Rule 19b-4(f)(6) \3\ under the Act, 
which renders the proposal effective upon receipt of the filing by the 
Commission.\4\ 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.
    \3\ 17 CFR 240.19b-4(f)(6).
    \4\ The proposed rule change was originally filed on September 
28, 2001 pursuant to Section 19(b)(2) of the Act. See 15 U.S.C. 
78s(b)(2). The Amex filed an amendment on December 14, 2001, 
requesting that the proposed rule change be considered as filed 
pursuant to Section 19(b)(3)(A) of the Act. See 15 U.S.C. 
78s(b)(3)(A). The Amex requested that the Commission waive the 30-
day operative delay. See Rule 19b-4(f)(6)(iii).
---------------------------------------------------------------------------

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

    The Amex proposes to correct Amex Rules 3(c) (Commentary .04), 7 
(Commentary .01), 21(b), 22 (Commentary .03), 25(a), 60(h), 103(b), 111 
(Commentary .12), 114 (Commentary .14), 154 (Commentary .15), 177(c), 
235, 323, 950(f), 958(g) (Commentary .10), and 1202(d). The Exchange 
also proposes to correct Sections 101 (Commentary .01), 901(d), and 
1203(a) of the Amex Listing Guidelines, and to relocate the section of 
the Exchange's rule titled ``Admission of Members and Member 
Organizations; Regular and Options Principal Memberships'' to Section 4 
of the Exchange's ``Office Rules.'' The text of the proposed rule 
change is available from the Amex and from 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 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.

[[Page 3922]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    From time to time, the Exchange reviews its rules to ensure their 
accuracy. As the result of one of these reviews, the Amex is proposing 
a number of revisions to its rules. All of the proposed rule changes 
are technical rather than substantive in nature. The proposed 
amendments would (1) Clarify the Exchange's rules by making conforming 
changes to rules that were previously amended (with SEC approval) 
elsewhere in the Amex Constitution and Rules; and (2) revise language 
that might tend to mislead or confuse. The changes are described below:
    (1) The proposed amendment to Amex Rule 3(c) reflects 
organizational restructuring;
    (2) The proposed amendment to Amex Rule 7, Commentary .01 reflects 
revisions to SEC Rule 10a-1;
    (3) The proposed amendment to Amex Rule 22, Commentary .03 reflects 
organizational restructuring;
    (4) The proposed amendment to Amex Rule 25(a) reflects 
organizational restructuring;
    (5) The proposed amendment to Amex Rule 60(h) reflects 
organizational restructuring;
    (6) The proposed amendment to Amex Rule 103(b) reflects clarifying 
language;
    (7) The proposed amendment to Amex Rule 111, Commentary .12 
corrects a cross reference that had become inaccurate due to a revision 
to the Amex Constitution;
    (8) The proposed amendment to Amex Rule 114, Commentary .14 
corrects a cross reference that had become inaccurate due to a revision 
to the Amex Constitution;
    (9) With respect to the proposed revisions to Amex Rule 154: (a) 
the amendment to Commentary .01 reflects appropriate cross references 
to Amex Rules 153, 180 an 181; (b) the amendment to Commentary .06 
reflects the use of the Electronic Display Book for all good-`til-
canceled orders which eliminated the need for paper receipts; and (c) 
the amendment to Commentary .15 corrects a typographical error that was 
corrected in a similar New York Stock Exchange (``NYSE'') rule change 
(NYSE Rule 123A.30) in 1999;
    (10) The proposed amendment to Amex Rule 177(c) reflects a prior 
revision to Amex Rule 103(a);
    (11) The proposed amendment to Amex Rule 235(e) reflects 
organizational restructuring;
    (12) The proposed amendment to Amex Rule 323 permits electronic 
access to the Amex Constitution and Ames Rules at member firm offices;
    (13) The proposed amendment to Amex Rule 950(f) reflects a prior 
revision to the Commentary to Amex Rule 154 and corrects a cross 
reference;
    (14) The proposed amendment to Amex Rule 958, Commentary .10 
corrects a cross reference that had become inaccurate due to a revision 
to the Amex Constitution;
    (15) The proposed amendment to Amex Rule 1202(d) contains language 
from (rather than a cite to) rescinded Amex Listing Guidelines Section 
811;
    (16) The proposed amendment to Amex Listing Guidelines Section 101 
reflects organizational restructuring;
    (17) With respect to the proposed revision to Amex Listing 
Guidelines Section 910: (a) the proposed amendment to (d)(i) reflects a 
revision to Amex Rule 174; (b) the proposed amendment to (d)(iii) 
reflects language conforming to that of Amex Rule 175; and (c) the 
proposed amendment to the second (d)(iii) reflects a prior revision to 
Amex Rule 103(a);
    (18) The proposed amendment to Amex Listing Guidelines Section 1203 
reflects organizational restructuring;
    (19) The proposed renumbering of paragraphs 9174 through 9181 of 
the Amex Rules to become Amex Rules 350 through 358 reflects clarifying 
references; and
    (20) The proposed renaming of Amex Office Rules, Section 4 reflects 
the addition of Amex Rules 350 through 358 to that Section of the Amex 
Rules.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\5\ in general, and the provisions of 
Section 6(b)(5) of the Act,\6\ in particular, which requires, among 
other things, that the rules of an exchange be designed 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; and are 
not designed to permit unfair discrimination between customers, 
issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 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 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 on 
the proposed rule change.

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

    The Amex has filed the proposed rule change as a ``non-
controversial'' rule change pursuant to Section 19(b)(3)(A) of the Act 
\7\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\8\ Because the 
foregoing rule change (1) does not significantly affect the protection 
of investors or the public interest; (2) does not impose any 
significant burden on competition; (3) by its terms, does not become 
operative for 30 days after the date of filing, or such shorter time as 
the Commission may designate if consistent with the protection of 
investors and the public interest; and (4) was discussed by the 
Commission and the Exchange at least five days before filing of the 
same, it has become effective pursuant to Section 19(b)(3)(A) of the 
Act \9\ and Rule 19b-4(f)(6) thereunder.\10\ At any time within 60 days 
of the filing of such 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.\11\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

    The Amex has asked the Commission to designate that the proposed 
rule change become operative immediately. Rule 19b-4(f)(6)(iii) permits 
the Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. In this 
regard, the Amex believes that it would be consistent with the 
protection of investors and the public interest to institute 
immediately the technical changes that are contemplated in the proposed 
rule change.
    The Commission, consistent with the protection of investors and the 
public interest, has determined to make the proposed rule change 
operative immediately so that Amex can

[[Page 3923]]

implement the technical changes that are contemplated in the proposed 
rule change.\12\ The Commission finds that permitting the proposal to 
become effective immediately is consistent with the protection of 
investors and the public interest because it will make Amex's rules 
more comprehensible.
---------------------------------------------------------------------------

    \12\ For purposes only of accelerating the operative date of the 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

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 
Exchange. All submissions should refer to File No. SR-AMEX-2001-79 and 
should be submitted by February 19, 2002.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 02-1956 Filed 1-25-02; 8:45 am]
BILLING CODE 8010-01-M