[Federal Register Volume 70, Number 96 (Thursday, May 19, 2005)]
[Notices]
[Pages 28967-28968]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-2502]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51690; File No. SR-Amex-2005-045]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to 
Delay Implementation Date of Revisions to the Series 4 Examination 
Program

May 12, 2005.
    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 27, 2005, 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 Amex. 
Amex has designated the proposed rule change as one constituting a 
stated policy, practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule of the self-
regulatory organization pursuant to section 19(b)(3)(A)(i) of the Act 
\3\ and Rule 19b-4(f)(1) thereunder,\4\ which renders the proposal 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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    \1\ 5 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(i).
    \4\ 17 CFR 240.19b-4(f)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Amex proposes to delay until no later than November 30, 2005 the 
implementation date of the recent revisions to the Limited Principal--
Registered Options (Series 4) examination program, including the study 
outline and selection specifications (``Series 4 Examination'').

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

    In its filing with the Commission, 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. 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On April 8, 2005, Amex filed with the SEC for immediate 
effectiveness revisions to the Series 4 Examination.\5\ The Series 4 
Examination is an industry-wide examination that qualifies an 
individual to function as a Registered Options Principal. The Series 4 
Examination is shared by Amex and the following SROs: The National 
Association of Securities Dealers, Inc. (``NASD''), the Chicago Board 
Options Exchange, Incorporated, the New York Stock Exchange, Inc., the 
Pacific Exchange, Inc. (``PCX''), and the Philadelphia Stock Exchange, 
Inc. NASD and PCX filed with the SEC similar revisions to the Series 4 
Examination.\6\ NASD originally had proposed to implement the Series 4 
Examination revisions by no later than April 29, 2005. However, due to 
administrative issues, NASD is proposing to delay until no later than 
November 30, 2005, the implementation date of the revisions. As such, 
Amex will announce the revisions to the Series 4 Examination and the 
implementation date in a Notice to Members to be published no later 
than October 31, 2005.
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    \5\ See Securities Exchange Act Release No. 51689 (May 12, 2005) 
(SR-Amex-2005-039).
    \6\ See Securities Exchange Act Release No. 51216 (February 16, 
2005), 70 FR 8866 (February 23, 2005) (SR-NASD-2005-025); see also 
SR-PCX-2005-51.
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    Amex understands that NASD and PCX have filed with the SEC similar 
proposed rule changes to delay until no later than November 30, 2005, 
the implementation date of the revisions to the Series 4 
Examination.\7\
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    \7\ See Securities Exchange Act Release No. 51688 (May 12, 2005) 
(SR-NASD-2005-053) and SR-PCX-2005-057.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6 of the Act \8\ in general and furthers the objectives of 
section 6(c)(3) \9\ which authorize Amex to prescribe standards of 
training, experience and competence for persons associated with Amex 
members.
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    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(c)(3).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will impose no 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended.

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

    No written comments were either solicited or received by the 
Exchange on this proposal.

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

    The proposed rule change has become effective pursuant to section 
19(b)(3)(A)(i) of the Act \10\ and Rule 19b-4(f)(1) thereunder,\11\ in 
that the proposed rule change constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule of the Amex. NASD

[[Page 28968]]

proposes to implement the Series 4 Examination revisions by no later 
than November 30, 2005. Amex will announce the revisions to the Series 
4 Examination and the implementation date in a Notice to Members to be 
published no later than October 31, 2005.
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    \10\ 15 U.S.C. 78s(b)(3)(A)(i).
    \11\ 17 CFR 240.19b-4(f)(1).
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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.

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-2005-045 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-2005-045. 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 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 the File Number SR-Amex-2005-045 and should be 
submitted on or before June 9, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-2502 Filed 5-18-05; 8:45 am]
BILLING CODE 8010-01-P