[Federal Register Volume 69, Number 116 (Thursday, June 17, 2004)]
[Notices]
[Pages 33958-33962]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-13695]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49840; File No. SR-Amex-2004-23]


Self-Regulatory Organizations; Notice of Filing of a Proposed 
Rule Change by American Stock Exchange LLC and Amendment No. 1 Thereto 
Relating to Generic Listing Standards for Trust Certificate Securities 
Linked to a Portfolio of Investment Grade Securities

June 9, 2004.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on April 19, 2004, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by the 
Exchange. On May 12, 2004, the Exchange filed Amendment No. 1 to the 
proposed rule change.\3\ The

[[Page 33959]]

Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4
    \3\ See Letter from Jeffrey P. Burns, Associate General Counsel, 
Amex, to Nancy Sanow, Assistant Director, Division of Market 
Regulation, (``Division''), Commission, dated May 12, 2004. In 
Amendment No. 1, the Amex made technical changes to its proposed 
rule filing.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to add new Section 107E to the Amex Company 
Guide (``Company Guide'') to provide generic listing standards for 
qualified trust certificate securities (``Trust Securities'') \4\ 
pursuant to Rule 19b-4(e) under the Act.
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    \4\ A qualified Trust Security is required to meet the 
requirements for asset-backed securities as set forth in the 
Securities Act of 1933 (``Securities Act'').
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    Below is the text of the proposed rule change. Proposed new 
language is italicized; proposed deletions are in [brackets].
* * * * *

Section 107. Other Securities

    The Exchange will consider listing any security not otherwise 
covered by the criteria of Sections 101 through 106, provided the issue 
is otherwise suited for auction market trading. Such issues will be 
evaluated for listing against the following criteria:
    A-C. No Change
    D. Reserved
    E. Trust Certificate Securities
    (a) Initial Listing. Trust certificate securities representing an 
ownership interest in a special purpose trust created pursuant to a 
trust agreement, the assets of which consists primarily of a basket or 
portfolio of up to thirty (30) investment-grade fixed income or 
floating rate securities will be considered for listing and trading on 
the Exchange pursuant to Rule 19b-4(e) under the Securities Exchange 
Act of 1934, provided:
    i. The trust certificates meet the requirements under the 
Securities Act of 1933 in connection with asset-backed securities.
    ii. The underlying portfolio securities consist solely of 
investment-grade corporate debt or debentures (the ``Underlying 
Bonds''), U.S. Department of the Treasury securities (``Treasury 
Securities'') and government-sponsored entity securities (the ``GSE 
Securities'').
    iii. Each issuer of an Underlying Bond and GSE Security meets the 
criteria set forth above in Section 107A(a) under ``General Criteria.''
    iv. The trust meets the criteria set forth above in Section 107A 
under ``General Criteria,'' except for the asset/equity tests of 
Section 107A(a).
    v. Each Underlying Security will meet the Exchange's Bond and 
Debenture Listing Standards set forth in Section 104 of the Company 
Guide and be rated by a nationally recognized securities rating 
organization (an ``NRSRO'') that is no lower than an S&P Corporation 
``B'' rating or equivalent rating by another NRSRO.
    vi. Up to 15% of the underlying component securities at issuance 
may consist of Treasury Securities and GSE Securities.
    vii. The trust certificates will provide for the repayment of the 
original principal investment amount at the end of the term.
    viii. The trust certificates will provide for the pass-through of 
periodic payments of interest and principal of the underlying 
securities.
    iv. The trust certificates have a minimum term of five years.
    x. At least 75% of the component securities of the underlying 
portfolio must be from issuances of $100 million or more.
    Prior to commencement of the trading of trust certificate 
securities admitted to listing under this section, the Exchange will 
evaluate the nature and complexity of the issue and, if appropriate, 
distribute a circular to the membership providing guidance regarding 
member firm compliance responsibilities when handling transactions in 
such securities.
    (b) Continued Listing. Trust certificate securities listed and 
traded under this section will be subject to the continued listing 
guidelines for bonds set forth in Section 1003(b)(iv). Under Section 
1003(b)(iv), the Exchange will normally consider suspending or 
delisting a security if the aggregate market value or the principal 
amount of bonds publicly held is less than $400,000 or the issuer is 
not able to meet its obligations on the listed securities.
    (c) Trust certificate securities traded in thousand dollar 
denominations or multiples thereof will be treated as a debt instrument 
and will be subject to the debt trading rules of the Exchange. Trust 
certificate securities traded in other than thousand dollar 
denominations or multiples thereof will be treated as an equity 
instrument and subject to the equity trading rules of the Exchange.
* * * * *

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Amex included statements 
concerning the purpose of and basis for, the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Amex has prepared summaries, set forth in Sections 
A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to add new Section 107E to the Company Guide 
to provide generic listing standards to permit the listing and trading 
of qualified Trust Securities pursuant to Rule 19b-4(e) under the Act. 
Trust Securities represent an ownership interest in a special purpose 
trust created pursuant to a trust agreement (``Trust''). The assets of 
such Trust may consist of a basket or portfolio of up to thirty (30) 
investment-grade corporate securities (``Underlying Bonds''), 
securities issued by the United States Department of the Treasury 
(Treasury Securities'') \5\ and/or government-sponsored entity 
securities (``GSE securities''). In the aggregate, the component 
securities of the basket or portfolio will be referred to as the 
``Underlying Securities.'' Rule 19b-4(e) provides that the listing and 
trading of a new derivative securities product by a self-regulatory 
organization shall not be deemed a proposed rule change, pursuant to 
paragraph (c)(1) of Rule 19b-4, if the Commission has approved, 
pursuant to section 19(b) of the Act, the self-regulatory 
organization's trading rules, procedures and listing standards for the 
product class that would include the new derivative securities product, 
and the self-regulatory organization has a surveillance program for the 
product class.\6\
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    \5\ Treasury Securities include (``STRIPS'') which stands for 
``separate trading of registered interest and principal of 
securities.'' A stripped fixed income security, such as a Treasury 
Security or GSE Security, is a security that is separated into its 
periodic interest payments and principal repayment. The separate 
strips are then sold individually as zero coupon securities 
providing investors with a wide choice of alternative maturities.
    \6\ See Securities Exchange Act Release No. 40761 (December 8, 
1998), 63 FR 70952 (December 22, 1998) (the ``19b-4(e) Order'')
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    The Commission has previously approved the listing and trading of 
several Trust Securities by the Exchange.\7\ In approving these 
securities

[[Page 33960]]

for Exchange trading, the Commission thoroughly considered the 
structure of these securities, their usefulness to investors and to the 
markets, and the Amex rules that govern their trading. Moreover, for 
each series of Trust Securities currently trading, the Exchange has 
separately filed a proposed rule change pursuant to Rule 19b-4. The 
Exchange believes that adopting generic listing standards for these 
securities and applying Rule 19b-4(e) should fulfill the intended 
objective of that rule by allowing those Trust Securities that satisfy 
the proposed generic listing standards to start trading, without the 
need for public notice and comment and Commission approval. This has 
the potential to reduce the time frame for bringing Trust Securities to 
market and thereby reducing the burdens on issuers, other market 
participants and the Commission.
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    \7\ See Securities Exchange Act Release Nos. 49315 (February 24, 
2004) 69 FR 9882 (March 2, 2004) (File No. SR-Amex-2004-08); 49136 
(January 28, 2004), 69 FR 6345 (File No. SR-Amex-2003-99); 48791 
(November 17, 2003), 68 FR 65750 (November 21, 2003) (File No. SR-
Amex-2003-92); 47730 (April 24, 2003), 68 FR 23340 (May 1, 2003) 
(File No. SR-Amex-2003-25); 47884 (May 16, 2003), 68 FR 28305 (May 
23, 2003) (File No. SR-Amex-2003-37) and 48312 (August 8, 2003), 68 
FR 48970 (August 15, 2003) (File No. SR-Amex-2003-69); 46835 
(November 14, 2002), 67 FR 70271 (November 21, 2002) (File No. SR-
Amex-2002-70); and 46923 (November 27, 2002), 67 FR 72247 (December 
4, 2002) (File No. SR-Amex-2002-92). These products have been issued 
by Structured Obligations Corporation (``SOC''), a wholly-owned 
special purpose entity of J.P. Morgan Securities Holdings, Inc., and 
satisfy the requirements of asset-backed securities under the 
Securities Act. See supra Note 4.
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    Under Section 107A of the Company Guide, the Exchange may approve 
for listing and trading securities which cannot be readily categorized 
under the listing criteria for common and preferred stocks, bonds, 
debentures, or warrants.\8\ The Amex is now proposing to amend Section 
107 to add Section 107E to provide additional criteria for certain 
trust certificate securities that serve as pass-through vehicles for a 
portfolio of investment-grade fixed income and/or floating rate 
securities.\9\
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    \8\ See Securities Exchange Act Release No. 27753 (March 1, 
1990); 55 FR 8626 (March 8, 1990) (order approving File No. SR-Amex-
89-29).
    \9\ ``Investment grade'' is a current rating that is no lower 
than an S&P Corporation ``B'' rating or equivalent rating by another 
nationally recognized securities rating organization (``NRSRO'').
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    The Trust Securities will conform to the initial listing guidelines 
under Section 107A \10\ (except for the asset/equity requirements set 
forth in Section 107A(a)) and continued listing guidelines under 
Sections 1001-1003 \11\ of the Company Guide. The Exchange believes, as 
set forth below, that the requirements of section 107A(a) of the 
Company Guide may be met by the issuer of each Underlying Security, 
rather than the Trust itself, due to the pass-through nature of the 
Trust Securities. The issuance of Trust Securities will generally 
consist of a repackaging of the Underlying Corporate Bonds. Other 
qualifying securities of the underlying portfolio may also consist of 
Treasury Securities and/or GSE Securities; \12\ however, such 
securities will be limited to up to 15% of the underlying portfolio at 
the time of issuance.
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    \10\ The initial listing standards for the Trust Securities 
require: (1) A minimum public distribution of one million units; (2) 
a minimum of 400 shareholders; (3) a market value of at least $4 
million; and (4) a term of at least one year. However, if traded in 
thousand dollar denominations, then the minimum public distribution 
requirement of one (1) million units and the minimum requirement of 
400 holders do not apply. In addition, the listing guidelines 
provide that the issuer have assets in excess of $100 million, 
stockholder's equity of at least $10 million, and pre-tax income of 
at least $750,000 in the last fiscal year or in two of the three 
prior fiscal years. In the case of an issuer which is unable to 
satisfy the earning criteria stated in Section 101 of the Company 
Guide, the Exchange will require the issuer to have the following: 
(1) Assets in excess of $200 million and stockholders' equity of at 
least $10 million; or (2) assets in excess of $100 million and 
stockholders' equity of at least $20 million.
    \11\ The Exchange's continued listing guidelines are set forth 
in Sections 1001 through 1003 of Part 10 to the Exchange's Company 
Guide. Section 1002(b) of the Company Guide states that the Exchange 
will consider removing from listing any security where, in the 
opinion of the Exchange, it appears that the extent of public 
distribution or aggregate market value has become so reduced to make 
further dealings on the Exchange inadvisable. With respect to 
continued listing guidelines for distribution of the Trust 
Securities, the Exchange will rely on the guidelines for bonds in 
Section 1003(b)(iv). Section 1003(b)(iv)(A) provides that the 
Exchange will normally consider suspending dealings in, or removing 
from the list, a security if the aggregate market value or the 
principal amount of bonds publicly held is less than $400,000.
    \12\ A GSE Security is a security that is issued by a 
government-sponsored entity such as Federal National Mortgage 
Association (``Fannie Mae''), Federal Home Loan Mortgage Corporation 
(``Freddie Mac''), Student Loan Marketing Association (``Sallie 
Mae''), the Federal Home Loan Banks and the Federal Farm Credit 
Banks. All GSE debt is sponsored but not guaranteed by the federal 
government, whereas government agencies such as Government National 
Mortgage Association (``Ginnie Mae'') are divisions of the U.S. 
government whose securities are backed by the full faith and credit 
of the U.S.
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    The Trust is required to make distributions to holders of Trust 
Securities depending on the amount of distributions received by such 
Trust on the Underlying Securities. Due to the pass-through and passive 
nature of the Trust Securities, the Exchange will rely on the assets 
and stockholder equity of the issuers of the Underlying Bonds to meet 
the requirement in section 107A(a) of the Company Guide. In order for a 
Trust Security to be listed, the corporate issuers of the Underlying 
Bonds and the issuers of GSE Securities will meet or exceed the 
requirements of section 107A(a) of the Company Guide. In addition, 
Treasury Securities will rely on the fact that the issuer is the U.S. 
Government rather than the asset and stockholder tests found in section 
107A(a).
    The basket of Underlying Securities will not be managed and will 
generally remain static over the term of the Trust Securities. 
Underlying Securities will generally provide for the payment of 
interest which may be on a different schedule than the Trust 
Securities. To alleviate potential cash flow timing issues that may 
exist, the Trust may enter into an interest distribution agreement.\13\ 
Principal distributions on the Trust Securities are expected to be made 
on dates that correspond to the maturity dates of the Underlying 
Securities. However, some of the Underlying Securities may have 
redemption provisions and in the event of an early redemption or other 
liquidation (e.g., upon an event of default) of the Underlying 
Securities, the proceeds from such redemption (including any make-whole 
premium associated with such redemption) or liquidation will be 
distributed pro rata to the holders of the Trust Securities. Each 
Underlying Bond is expected to be issued by a corporate issuer and 
either purchased at the time of the initial issuance or in the 
secondary market. However, with respect to Treasury Securities and/or 
GSE Securities, the Trust will either purchase the securities directly 
from primary dealers or in the secondary market which consists of 
primary dealers, non-primary dealers, customers, financial 
institutions, non-financial institutions and individuals.
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    \13\ In this manner, any shortfall in the amounts available to 
pay interest to holders of the Trust Securities due to varying 
interest payment schedules will be made to such Trust by a third 
party (typically a bank) and will be repaid out of future cash flow 
received by the Trust from the Underlying Securities.
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    Holders of Trust Securities generally will receive interest on the 
face value in an amount to be determined at the time of issuance of the 
Trust Securities and disclosed to investors. The rate of interest 
payments will be based upon prevailing interest rates at the time of 
issuance and made to the extent received from the Underlying 
Securities. Distributions of interest may be made monthly, quarterly or 
semi-annually. Investors will also be entitled to be repaid the 
principal of their Trust Securities from the proceeds of the principal 
payments on the Underlying Securities.\14\ The payout or return to

[[Page 33961]]

investors on the Trust Securities will not be leveraged. The Trust 
Securities will mature on the latest maturity date of the Underlying 
Securities. Holders of the Trust Securities will have no direct ability 
to exercise any of the rights of a holder of an Underlying Bond; 
however, holders of the Trust Securities as a group will have the right 
to direct the Trust in its exercise of its rights as holder of the 
Underlying Securities. The Exchange currently lists and trades several 
Trust Securities under the names of ``Select Notes'' and ``TRACERS.'' 
\15\ The Exchange, consistent with prior Commission approvals, proposes 
in these generic standards to provide for the listing and trading of 
the Trust Securities where the Underlying Securities meet the 
Exchange's Bond and Debenture Listing Standards set forth in Section 
104 of the Company Guide.
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    \14\ The Underlying Securities may drop out of the basket upon 
maturity or upon payment default or acceleration of the maturity 
date for any default other than payment default. The Prospectus for 
each Trust Security transaction will provide a schedule of the 
distribution of interest and of the principal upon maturity for each 
Underlying Security. In addition, such Prospectus will also disclose 
a description of payment default and acceleration of the maturity 
date.
    \15\ See supra note 4.
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    The Exchange's Bond and Debenture Listing Standards in Section 104 
of the Company Guide provide for the listing of individual bond or 
debenture issuances provided the issue has an aggregate market value or 
principal amount of at least $5 million and any of: (1) The issuer of 
the debt security has equity securities listed on the Exchange (or on 
the New York Stock Exchange, Inc. (``NYSE'') or on the Nasdaq National 
Market); (2) an issuer of equity securities listed on the Exchange (or 
on the NYSE or on the Nasdaq National Market) directly or indirectly 
owns a majority interest in, or is under common control with, the 
issuer of the debt security; (3) an issuer of equity securities listed 
on the Exchange (or on the NYSE or on the Nasdaq National Market) has 
guaranteed the debt security; (4) an NRSRO has assigned a current 
rating to the debt security that is no lower than an Standard & Poor's 
Corporation (``S&P'') ``B'' rating or equivalent rating by another 
NRSRO; or (5) or if no NRSRO has assigned a rating to the issue, an 
NRSRO has currently assigned (i) an investment grade rating to an 
immediately senior issue or (ii) a rating that is no lower than a S&P 
``B'' rating or an equivalent rating by another NRSRO to a pari passu 
or junior issue.
    In addition to the Exchange's Bond and Debenture Listing Standards, 
the Amex proposes that each Underlying Security must also be of 
investment grade quality as rated by a NRSRO and at least 75% of the 
underlying basket or portfolio contain Underlying Securities from 
issuances of $100 million or more. The maturity of each Underlying 
Security is expected to match the payment of principal of the Trust 
Securities with the maturity date of the Trust Securities being the 
latest maturity date of the Underlying Securities. Amortization of the 
Trust Securities will be based on (1) the respective maturities of the 
Underlying Securities, (2) principal payout amounts reflecting the pro-
rata principal amount of maturing Underlying Securities and (3) any 
early redemption or liquidation of the Underlying Securities. Investors 
will be able to obtain the prices for the Underlying Securities through 
Bloomberg L.P. or other market vendors, including the broker-dealer 
through whom the investor purchased the Trust Securities. In addition, 
the Bond Market Association provides links to price and other bond 
information sources on its investor Web site at http://www.investingbonds.com. Transaction prices and volume data for the most 
actively-traded bonds on the exchanges are also published daily in 
newspapers and on a variety of financial websites. The National 
Association of Securities Dealers, Inc. (``NASD'') Trade Reporting and 
Compliance Engine (``TRACE'') will also aid investors in obtaining 
transaction information for most corporate debt securities, such as 
investment grade corporate bonds.\16\ For a fee, investors can have 
access to intra-day bellwether quotes.\17\
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    \16\ See Securities Exchange Act Release No. 43873 (January 23, 
2001), 66 FR 8131 (January 29, 2001). Investors are able to access 
TRACE information at http://www.nasdbondinfo.com/.
    \17\ Corporate prices are available at 20-minute intervals from 
Capital Management Services at http://www.bondvu.com/.
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    Price and transaction information for Treasury Securities and GSE 
Securities may also be obtained at http://www.publicdebt.treas.gov and 
http://www.govpx.com, respectively. Price quotes are also available to 
investors via proprietary systems such as Bloomberg, Reuters and Dow 
Jones Telerate. Valuation prices\18\ and analytical data may be 
obtained through vendors such as Bridge Information Systems, Muller 
Data, Capital Management Sciences, Interactive Data Corporation and 
Barra.
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    \18\ ``Valuation Prices'' refer to an estimated price that has 
been determined based on an analytical evaluation of a bond in 
relation to similar bonds that have traded. Valuation prices are 
based on bond characteristics, market performance, changes in the 
level of interest rates, market expectations and other factors that 
influence a bond's value.
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    The Trust Securities generally will be listed in $1,000 
denominations (or multiples thereof) with the Exchange's existing debt 
floor trading rules applying to trading. However, Trust Securities may 
be listed in face amounts in other than $1,000 denominations (or 
multiples thereof) whereby the Exchange's existing equity floor trading 
rules would apply. In all cases, pursuant to Amex Rule 411, the 
Exchange will impose a duty of due diligence on its members and member 
firms to learn the essential facts relating to every customer prior to 
trading the Trust Securities.\19\ The Trust Securities will also be 
subject to the debt margin rules of the Exchange.\20\ Finally, the 
Exchange will, in conjunction with the trading of Trust Securities, 
distribute a circular to the membership providing guidance with regard 
to member firm compliance responsibilities (including suitability 
recommendations) when handling transactions in the Trust Securities and 
highlighting the special risks and characteristics of the Trust 
Securities. With respect to suitability recommendations and risks, the 
Exchange will require members, member organizations and employees 
thereof recommending a transaction in the Trust Securities: (1) To 
determine that such transaction is suitable for the customer, and (2) 
to have a reasonable basis for believing that the customer can evaluate 
the special characteristics of, and is able to bear the financial risks 
of such transaction.
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    \19\ Amex Rule 411 requires that every member, member firm or 
member corporation use due diligence to learn the essential facts 
relative to every customer and to every order or account accepted.
    \20\ See Amex Rule 462.
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    The Exchange represents that its surveillance procedures are 
adequate to properly monitor the trading of the Trust Securities. In 
addition, the Exchange also has a general policy that prohibits the 
distribution of material, non-public information by its employees.
2. Statutory Basis
    The Exchange believes that the proposed rule change, as amended, is 
consistent with section 6 of the Act \21\ in general and furthers the 
objectives of section 6(b)(5) \22\ in particular in that it is designed 
to prevent fraudulent and manipulative acts and practices, promote just 
and equitable principles of trade, remove impediments to and perfect 
the mechanism of a free and open market and a national market system.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change, as 
amended, will impose any burden on competition.

[[Page 33962]]

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange did not receive any written comments on the proposed 
rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    A. By order approve the proposed rule change, as amended, or
    B. Institute proceedings to determine whether the proposed rule 
change, as amended, should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an E-mail to [email protected]. Please include 
File Number SR-Amex-2004-23 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., 
Washington, DC 20549-0609. All submissions should refer to File Number 
SR-Amex-2004-23. This file number should be included on the subject 
line if e-mail is used. To help the Commission process and review your 
comments more efficiently, please use only one method. The Commission 
will post all comments on the Commissions Internet Web site (http://www.sec.gov/rules/sro.shtml). 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 Section, 450 Fifth Street, NW., Washington, DC 20549-0609. 
Copies of such filing also will be available for inspection and copying 
at the principal office of the Amex. All comments received will be 
posted without change; the Commission does not edit personal 
identifying information from submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-Amex-2004-23 and should be submitted on 
or before July 8, 2004.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-13695 Filed 6-16-04; 8:45 am]
BILLING CODE 8010-01-P