[Federal Register Volume 67, Number 42 (Monday, March 4, 2002)]
[Notices]
[Pages 9797-9798]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-5062]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45471; File No. SR-Amex-2001-56]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Granting Accelerated Approval to Proposed Rule Change Relating to the 
Recording of Images, Sounds, or Data on the Trading Floor of the 
Exchange

February 22, 2002.
    On August 1, 2001, the American Stock Exchange LLC (``Amex'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change amending Article II, Section 3 of 
the Amex Constitution, to control the recording of images, sound, or 
data on the Trading Floor. On January 15, 2002, the Amex submitted 
Amendment No. 1 to the proposed rule change.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See letter from Geraldine Brindisi, Vice President and 
Corporate Secretary, Amex, to Nancy Sanow, Assistant Director, 
Division of Market Regulation, Commission (January 14, 2002) 
(``Amendment No. 1''). In Amendment No. 1, the Amex limited its 
proposed rule language to recording of images, sound or data ``on 
the Trading Floor'' (rather than ``on the premises of the 
Exchange'').
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    The proposed rule change, as amended, was published for comment in 
the Federal Register on February 1, 2002.\4\ The Commission received no 
comments on the proposal.
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    \4\ See Securities Exchange Act Release No. 45333 (January 25, 
2002), 67 FR 5015.
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    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange,\5\ 
and, in particular, the requirements of Section 6 of the Act\6\ and the 
rules and regulations thereunder. The Commission finds specifically 
that the proposed rule change is consistent with Section 6(b)(5)

[[Page 9798]]

of the Act.\7\ Section 6(b)(5)\8\ requires, among other things, that 
the rules of an exchange be designed to prevent fraudulent and 
manipulative acts and practices, promote just and equitable principles 
of trade, remove impediments to and perfect the mechanism of a free and 
open market and a national market system, and, in general, protect 
investors and the public interest; and not be designed to permit unfair 
discrimination between customers, issuers, brokers, or dealers.
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    \5\ In approving this proposed rule change, the Commission has 
considered the rule's impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ Id.
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    The Commission believes that the proposed rule change promotes the 
objectives of this section of the Act. Specifically, the proposed rule 
change will promote just and equitable principles of trade by 
protecting any rights the Exchange may have with regard to images and 
sounds emanating from the Trading Floor and by promoting the orderly 
conduct of business on the Trading Floor.
    The Commission finds good cause for approving the proposed rule 
change prior to the thirtieth day after the date of publication of the 
notice of filing thereof in the Federal Register. Because no comments 
were received and because the proposed rule change will promote just 
and equitable principles of trade, the Commission finds that there is 
good cause, consistent with Section 6(b)(5) of the Act,\9\ to approve 
the proposal on an accelerated basis.
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    \9\ 15 U.S.C. 78f(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\10\ that the proposed rule change (File No. SR-Amex-2001-56) be, 
and it hereby is, approved.
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    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-5062 Filed 3-1-02; 8:45 am]
BILLING CODE 8010-01-P