[Federal Register Volume 68, Number 154 (Monday, August 11, 2003)]
[Notices]
[Pages 47623-47624]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-20380]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48275; File No. SR-Amex-2003-41]


Self-Regulatory Organizations; Order Approving Proposed Rule 
Change and Amendment Nos. 1 and 2 Thereto by the American Stock 
Exchange LLC Relating to Listing Fees for Closed-End Funds

August 1, 2003.
    On May 2, 2003, the American Stock Exchange LLC (``Amex'') 
submitted to 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 
Sections 140 and 141 of the Amex Company Guide which would codify the 
practice of charging original listing and annual fees to closed-end 
funds listed under Section 101 of the Amex Company Guide. On June 10, 
2003, the Amex filed Amendment No. 1 to the proposed rule change.\3\ On 
June 16, 2003, the Amex filed Amendment No. 2 to the proposed rule 
change.\4\ The proposed rule change, as amended, was published for 
comment in the Federal Register on June 27, 2003.\5\ The Commission 
received no comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, which replaced the original filing in 
its entirety, the Amex amended Section 146 of the Amex Company Guide 
to eliminate a reference to the multiple listing of closed-end funds 
by a single sponsor as an example of a situation where the Amex 
could reduce or waive listing fees when it deems that such action is 
appropriate to achieve an equitable result. See letter from 
Geraldine Brindisi, Vice President and Corporate Secretary, Amex to 
Nancy J. Sanow, Assistant Director, Division of Market Regulation, 
Commission, dated June 9, 2003.
    \4\ In Amendment No. 2, the Amex amended Section 141 of the Amex 
Company Guide to clarify that the Amex will base its annual fee for 
closed-end funds on the number of shares outstanding at the end of 
the calendar year. See letter from Michael Cavalier, Associate 
General Counsel, Amex to Nancy J. Sanow, Assistant Director, 
Division of Market Regulation, Commission, dated June 13, 2003.
    \5\ Securities Exchange Act Release No. 48074 (June 23, 2003), 
68 FR 38413.
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    The Amex believes that the proposed rule change, as amended, 
codifies the existing fees that it assesses to closed-end fund 
issuers.\6\ The Commission believes that the proposed rule change, as 
amended, should enhance the transparency of the fees that the Amex 
charges to closed-end fund issuers.
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    \6\ Telephone conversation between Michael Cavalier, Associate 
General Counsel, Amex, and Tim Fox, Attorney, Division of Market 
Regulation, Commission, on May 15, 2003.
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    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 
and, in particular, the requirements of Section 6 of the Act \7\ and 
the rules and regulations thereunder.\8\ The Commission finds that the 
rule change, as amended, is consistent with Section 6(b)(4) of the 
Act,\9\ which requires that the rules of the Amex provide for the 
equitable allocation of reasonable dues, fees, and other charges among 
its issuers.
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    \7\ 15 U.S.C. 78f.
    \8\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \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, as amended (File No. SR-AMEX-
2003-41) be, and it hereby is, approved.
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    \10\ 15 U.S.C. 78s(b)(2).


[[Page 47624]]


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    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. 03-20380 Filed 8-8-03; 8:45 am]
BILLING CODE 8010-01-P