[Federal Register Volume 67, Number 147 (Wednesday, July 31, 2002)]
[Notices]
[Page 49715]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-19311]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46258; File No. SR-Amex-2002-52]


Self-Regulatory Organizations; the American Stock Exchange LLC; 
Order Granting Approval to a Proposed Rule Change To Establish Anti-
Money Laundering Compliance Programs

July 25, 2002.
    On June 3, 2002, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') a proposed rule change pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder. \2\ The proposed rule change would require members and 
member organizations to establish anti-money laundering compliance 
programs meeting specific minimum standards. Notice of the proposed 
rule change was published in the Federal Register on June 20, 2002. \3\ 
The Commission received no comments on the proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 46075 (June 13, 2002), 
67 FR 42086.
---------------------------------------------------------------------------

    The Commission has reviewed carefully the Amex's proposed rule 
change, and finds, for the reasons set forth below, that the proposal 
is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange, 
and, in particular, with the requirements of Section 6(b)(5) \4\ of the 
Act. Section 6(b)(5) requires the rules of a registered national 
securities exchange be 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 
regulating, clearing, settling, processing information with respect to, 
and facilitating transactions in securities, 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.
---------------------------------------------------------------------------

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

    The Commission finds that the Amex's proposal accurately, 
reasonably, and efficiently implements the requirements of the Uniting 
and Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 as it applies to the 
Amex's members. The Commission also recognizes that anti-money 
laundering compliance programs will evolve over time, and that 
improvements to these programs are inevitable as members find new ways 
to combat money laundering and to detect suspicious activities.
    For these reasons, the Commission finds that the proposed rule 
change is consistent with the provisions of the Act, in general, and 
with Section 6(b)(5).
    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
\5\ that the proposed rule change (SR-Amex-2002-52) be, and hereby is, 
approved. \6\

    \5\ 15 U.S.C. 78s(b)(2).
    \6\ In approving the proposal, the Commission has considered the 
rule's impact on efficiency, competition, and capital formation. 15 
U.S.C. 78c(f).

    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. 02-19311 Filed 7-30-02; 8:45 am]
BILLING CODE 8010-01-P