[Federal Register Volume 69, Number 12 (Tuesday, January 20, 2004)]
[Notices]
[Page 2761]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-1118]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49049; File No. SR-Amex-2003-103]


Self-Regulatory Organizations; American Stock Exchange, LLC; 
Order Granting Accelerated Approval to Proposed Rule Change Relating to 
Issuer Fees

January 9, 2004.
    On November 25, 2003, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1034 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend sections 140, 141, 142, and 144 of the 
Amex Company Guide to designate as non-refundable the current one-time 
$5,000 application processing fee, establish a late change of $2,500 
payable by issuers whose annual listing fees are more than 60 days past 
due, and increase fees for listing additional shares. The Exchange 
further proposed to amend Sections 141 and 142 of the Amex Company 
Guide to clarify that annual listing fees and additional listing fees 
do not apply to Nasdaq National Market securities to which the Exchange 
has extended unlisted trading privileges.
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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 was published for comment in the Federal 
Register on December 11, 2003.\3\ The Commission received no comments 
on the proposal.
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    \3\ See Securities Exchange Act Release No. 48886 (December 5, 
2003), 68 FR 69095.
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    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 and, in 
particular, the requirement of Section 6(b)(4) of the Act that the 
rules of the Exchange provide for the equitable allocation of 
reasonable dues, fees, and other charged among its members and issuers 
and other persons using its facilities.\4\
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    \4\ 15 U.S.C. 78f(b)(4).
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    Furthermore, the Commission finds good cause for approving the 
proposed rule change prior to the thirtieth day after the date of 
publication of notice thereof in the Federal Register. Specifically, 
the Commission notes the Exchange has represented that these fee 
changes are necessary to adequately fund the Exchange's listed equities 
business and develop value-added services for Amex listed issuers.\5\ 
The Exchange also represents that it has experienced a surge in listing 
applications and needs to implement the fee changes in an expeditious 
manner in order to provide appropriate funding for its application 
review process.\6\ Accordingly, the Commission finds good cause, 
consistent with sections 6(b)(4) and 19(b)(2) of the Act,\7\ to approve 
the proposed rule change on an accelerated basis.\8\
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    \5\ See SR-Amex-2003-103.
    \6\ Telephone conversation between Eric Van Allen, Assistant 
General Counsel, Amex, and Marisol Rubecindo, Attorney, Division of 
Market Regulation, Commission, on January 6, 2004.
    \7\ 15 U.S.C. 78f(b)(4) and 78s(b)(2).
    \8\ In approving this proposed rule change, the Commission has 
considered its impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78c(f).
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    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\9\ that the proposed rule change (File No. SR-Amex-2003-103) be, 
and hereby is, approved on an accelerated basis.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-1118 Filed 1-16-04; 8:45 am]
BILLING CODE 8010-01-P