[Federal Register Volume 69, Number 45 (Monday, March 8, 2004)]
[Notices]
[Pages 10773-10774]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-5051]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49344; File No. SR-Amex-2003-111]


Self-Regulatory Organizations; Order Granting Approval to 
Proposed Rule Change by the American Stock Exchange LLC Relating to 
Listing and Delisting Appeal Hearing Fees

March 1, 2004.
    On December 12, 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 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend Sections 1203, 1204 and 1205 of the Amex 
Company Guide to increase the fees applicable to issuers requesting 
review of a determination to limit or prohibit the initial or continued 
listing of their securities. The proposed rule change was published for 
comment in the Federal Register on January 29, 2004.\3\ The Commission 
received no comments on the proposed rule change. This order approves 
the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 49116 (January 22, 
2004), 69 FR 4334.
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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 requirements of Section 6 of the Act.\4\ Specifically, 
the Commission finds that the proposed rule change furthers the 
objectives of Section 6(b)(5) \5\ in that the proposal is 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 facilitating transactions in 
securities; to remove impediments to and perfect the mechanism of a 
free and open market and a national market system; to

[[Page 10774]]

protect investors and the public interest; and is not designed to 
permit unfair discrimination between customers, issuers, brokers, or 
dealers.\6\ The Commission believes that the increase in appeal fees 
should address increasing costs to maintain overall revenue neutrality 
of the Exchange's hearing fee structure.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(5).
    \6\ 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).
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    In addition, the Commission believes that requiring issuers to 
satisfy outstanding listing fees prior to obtaining review of a Listing 
Qualifications Staff decision is reasonable, and may help to promote 
orderly and efficient operation of the Exchange. The Commission also 
believes that clarifying Sections 1203 and 1204 of the Amex Company 
Guide to specify that issuers submit hearing requests to the Amex 
Office of General Counsel should improve administrative efficiency, 
consistent with Section 6 of the Act.
    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-Amex-2003-111) be, and hereby 
is, approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-5051 Filed 3-5-04; 8:45 am]
BILLING CODE 8010-01-P