[Federal Register Volume 69, Number 163 (Tuesday, August 24, 2004)]
[Notices]
[Page 52051]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-1893]



[[Page 52051]]

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SECURITIES AND EXCHANGE COMMISSION

[[Release No. 34-50214; File No. SR-Amex-2004-49]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Granting Approval to Proposed Rule Change To Allow Amex Hearing 
Officers To Preside Over Default and Settlement Proceedings Without 
Empanelling Members of the Hearing Board To Serve on an Amex 
Disciplinary Panel

August 18, 2004.
    On June 28, 2004, 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 Section 1(b)9 of article V of the Amex 
Constitution, and Rule 2(b) of the Amex Rules of Procedure in 
Disciplinary Matters, to allow Amex hearing officers to preside over 
default and settlement proceedings without empanelling members of the 
Hearing Board to serve on an Amex Disciplinary Panel. The proposed rule 
change was published for comment in the Federal Register on July 15, 
2004.\3\ The Commission received no comments on the proposal. 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. 49991 (July 9, 
2004), 69 FR 42472.
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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 \4\ and, in 
particular, the requirements of Section 6(b) of the Act,\5\ and the 
rules and regulations thereunder. The Commission finds specifically 
that the proposed rule change is consistent with Section 6(b)(7) of the 
Act,\6\ in that it is designed to provide a fair and efficient 
procedure for the disciplining of members and persons associated with 
members. Moreover, the Commission finds the proposed rule change 
furthers the objectives of Section 6(b)(5) of the Act \7\ in that it 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 protect investors 
and the public interest, and is not designed to permit unfair 
discrimination between customers, issuers, brokers, or dealers.
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    \4\ 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).
    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(7).
    \7\ 15 U.S.C. 78f(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-Amex-2004-49) be, and it 
hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E4-1893 Filed 8-23-04; 8:45 am]
BILLING CODE 8010-01-P