[Federal Register Volume 69, Number 230 (Wednesday, December 1, 2004)]
[Notices]
[Pages 69960-69962]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-3408]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-50726; File No. SR-Amex-2004-92]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of a Proposed Rule Change by the American Stock Exchange 
LLC to Correct a Cross-Reference in Section 220 of the Amex Company 
Guide

November 23, 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 November 19, 2004, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission the 
proposed rule change as described in items I and III below, which items 
have been prepared by the Amex. The 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Amex proposes to amend a cross-reference in Section 220 of the Amex 
Company Guide. New text is in italics. Proposed deletions are in 
brackets.
* * * * *

Sec. 220.

ORIGINAL LISTING APPLICATIONS OF FOREIGN ISSUERS--GENERAL
    (a) No change.
    (b) Listing Fee--For companies listed on foreign stock exchanges, 
the original listing fee, including the one-time charge, is 50% of the 
rate for domestic companies, with a maximum fee of

[[Page 69961]]

[$25,000] $32,500 (see Sec.  140). Additional and annual fees are the 
same as charged for domestic companies (see Sec. Sec.  141 and 142).
* * * * *

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
    On December 6, 2001, the Exchange submitted a proposal amending 
multiple sections of the Amex Company Guide relating to the initial and 
annual listing fees, fees for listing additional shares, and the one-
time charge for listing shares issued in connection with the 
acquisition of a listed company by an unlisted company. Specifically, 
an amendment was made to Section 140 of the Amex Company Guide to 
increase the maximum original listing fees charged to non-U.S. 
companies that are listed on a foreign stock exchange from $25,000 to 
$32,500.\3\ Unfortunately, at the time of the proposed rule change, a 
cross-reference to this exact fee in Section 220(b) of the Amex Company 
Guide was overlooked and, therefore, not updated. Section 220(b) 
currently, and inaccurately, reads that the maximum fee charged in the 
abovementioned circumstance is $25,000. The Amex is proposing to 
correct the cross-reference in Section 220(b) to read $32,500 in order 
to keep its published rules accurate.
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    \3\ See Securities Exchange Act Release No. 45403 (February 6, 
2002), 67 FR 6553 (February 12, 2002) (approving File No. SR-Amex-
2001-100).
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2. Statutory Basis
    The proposed rule change is consistent with section 6(b) of the 
Act,\4\ in general and furthers the objectives of section 6(b)(5) of 
the Act,\5\ in particular, 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 engage in regulating, clearing, settling, processing 
information with respect to and facilitating transactions in 
securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in general, to 
protect investors and the public interest; and is not designed to 
permit unfair discrimination between customers, issuers, brokers and 
dealers.
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    \4\ 15 U.S.C. 78(b).
    \5\ 15 U.S.C. 78(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Amex does not believe that the proposed rule change will impose 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    Because the foregoing proposed rule change does not:
    (i) Significantly affect the protection of investors or the public 
interest;
    (ii) Impose any significant burden on competition; and
    (iii) Become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate if 
consistent with the protection of investors and the public interest, it 
has become effective pursuant to section 19(b)(3)(A) of the Act \6\ and 
Rule 19b-4(f)(6) thereunder.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Amex complied with this requirement.
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.
    The Amex has requested that the Commission waive the 30-day 
operative delay period. The Commission believes that allowing the 
Exchange to correct this cross-reference in its rules is consistent 
with the protection of investors and the public interest, and therefore 
waives the 30-day operative delay.\8\
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    \8\ For purposes of waiving the operative period date of this 
proposal only, 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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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-2004-92 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-2004-92. 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 Commission's 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 Room. 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-2004-92 and should

[[Page 69962]]

be submitted on or before December 22, 2004.

    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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Margaret H. McFarland,
Deputy Secretary.
 [FR Doc. E4-3408 Filed 11-30-04; 8:45 am]
BILLING CODE 8010-01-P