[Federal Register Volume 68, Number 81 (Monday, April 28, 2003)]
[Notices]
[Page 22426]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-10387]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47702; File No. SR-Amex-2002-105]


Self-Regulatory Organizations; Order Granting Approval to 
Proposed Rule Change and Amendment No. 1 Thereto by the American Stock 
Exchange LLC To Amend Amex Rule 17 To Provide for ``Cash'' in Addition 
to ``Next Day'' Settlement of Transactions in Rights and Warrants 
During the Trading Days Prior to Expiration

April 18, 2003.
    On December 12, 2002, the American Stock Exchange LLC (``Amex'') 
filed with the Securities and Exchange Commission (``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 to 
amend Amex Rule 17 to provide for ``cash'' in addition to ``next day'' 
settlement of transactions in rights and warrants during the trading 
days prior to expiration. The Amex filed an amendment to the proposed 
rule change on January 23, 2003.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change, as amended, was published for comment in 
the Federal Register on March 13, 2003.\3\ The Commission received no 
comments on the proposed rule change.
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    \3\ See Securities Exchange Act Release No. 47446 (March 5, 
2003), 68 FR 12110.
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    After careful review, the Commission finds that the proposed rule 
change, as amended, is consistent with the requirements of the Act and 
the rules and regulations thereunder applicable to a national 
securities exchange.\4\ Specifically, the Commission finds that the 
proposal, as amended, is consistent with section 6(b)(5) of the Act,\5\ 
which requires, among other things, that the Amex's rules be designed 
to prevent fraudulent and manipulative acts and practices, to foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in securities, and, in general, to protect 
investors and the public interest. The Commission believes that 
permitting ``cash'' settlement of rights and warrants transactions 
should provide the Amex's members with an appropriate amount of 
flexibility in settling such transactions.
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    \4\ In approving this proposal, the Commission has considered 
the proposed rule's impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(5).
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    It is therefore Ordered, pursuant to section 19(b)(2) of the 
Act,\6\ that the proposed rule change and Amendment No. 1 (File No. SR-
Amex-2002-105) be, and it hereby is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 03-10387 Filed 4-25-03; 8:45 am]
BILLING CODE 8010-01-P