[Federal Register Volume 67, Number 208 (Monday, October 28, 2002)]
[Notices]
[Pages 65812-65813]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-27350]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46702; File No. SR-Amex-2002-47]


Self-Regulatory Organizations; Order Approving Proposed Rule 
Change and Amendment Nos. 1 and 2 and Notice of Filing and Order 
Granting Accelerated Approval of Amendment No. 3 by the American Stock 
Exchange LLC Relating to Non-Member Fees for Transactions in Nasdaq 
Securities Traded on an Unlisted Basis

October 22, 2002.
    On June 3, 2002, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change pursuant to 
section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ 
and Rule 19b-4 thereunder.\2\ Amex filed Amendment No. 1 on June 11, 
2002,\3\

[[Page 65813]]

and Amendment No. 2 on August 27, 2002.\4\ The proposed rule change, as 
amended, was noticed in the Federal Register on September 17, 2002.\5\ 
On October 3, 2002, Amex filed Amendment No. 3 to the proposed rule 
change.\6\ The Commission is publishing this notice to approve the 
proposed rule change, as amended, and solicit comments on Amendment No. 
3 from interested persons.\7\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See letter from William Floyd-Jones, Assistant General 
Counsel, Amex, to Katherine England, Esq., Assistant Director, 
Office of Market Supervision (``Market Supervision''), Commission 
(June 10, 2002).
    \4\ See letter from William Floyd-Jones, Assistant General 
Counsel, Amex, to Katherine England, Esq., Assistant Director, 
Market Supervision, Commission (Aug. 26, 2002).
    \5\ See Securities and Exchange Act Release No. 46483 (Sept. 10, 
2002), 67 FR 58658 (Sept. 17, 2002).
    \6\ Amex filed Amendment No. 3 to provide that the Amex will 
begin to assess the proposed non-member transaction fees as of the 
trade date October 1, 2002. See letter from William Floyd-Jones, 
Assistant General Counsel, Amex, to Katherine England, Esq., 
Assistant Director, Market Supervision, Commission (October 1, 2002) 
(``Amendment No. 3'').
    \7\ SR-Amex-2002-59 implements these same fees for members. See 
Securities Exchange Act Release No. 46484 (Sept. 10, 2002), 67 FR 
58659 (Sept. 17, 2002).
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I. Description

    The Amex proposes to adopt transaction fees for non-member trades 
in The Nasdaq Stock Market, Inc. (``Nasdaq'') securities admitted to 
dealings on an unlisted basis. Accordingly, the Exchange is 
implementing a separate fee schedule for transactions in Nasdaq 
securities admitted to dealings so that the Amex can be competitive 
with other market centers that trade Nasdaq securities. According to 
the Exchange, the proposed fees are in line with similar fees charged 
by other market centers for transactions in Nasdaq securities.

II. Commission Findings

    The Commission finds that the proposed rule change, as amended, is 
consistent with section 6(b) of the Act \8\ in general and furthers the 
objectives of Section 6(b) \9\ in particular in that it is designed to 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among its members, issuers and other persons using its 
facilities. The Amex will assess the same fees to both members and non-
members equally. The Commission also finds good cause for approving 
proposed Amendment No. 3 prior to the thirtieth day after the date for 
publication of notice of filing thereof in the Federal Register. 
Amendment No. 3 will permit the Amex to begin to assess the proposed 
non-member transaction fees as of the trade date October 1, 2002, so 
that these fees will begin to be assessed at the same time as the 
Exchange begins to assess its member transaction fees.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning Amendment No. 3, including whether Amendment No. 3 
of 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-2002-47 and should be submitted by November 18, 2002.

IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\10\ that the proposed rule change (SR-Amex-2002-47), as amended, 
is hereby 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. 02-27350 Filed 10-25-02; 8:45 am]
BILLING CODE 8010-01-P