Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)  and Rule 19b-4 thereunder, notice is hereby given that on February 11, 2008, the American Stock Exchange, LLC (“Amex” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared substantially by the Amex. The Amex has submitted the proposed rule change under Section 19(b)(3)(A) of the Act  and Rule 19b-4(f)(6) thereunder, 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.
I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Amex proposes to delete its AEMI-One rules in their entirety because the AEMI-One rules, which have been superseded by the Amex's AEMI rules, are no longer in effect.
The text of the proposed rule change is available at http://www.amex.com, the principal office of the Amex, and the Commission's Public Reference Room.
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 III 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 Statutory Basis for, the Proposed Rule Change
The Amex proposes to delete the AEMI-One rules in their entirety. The Amex adopted the AEMI-One rules in connection with the implementation of an initial version of AEMI, the Exchange's hybrid market trading platform for equity products and exchange-traded funds, that was operative on a pilot basis prior to the Trading Phase Date. The AEMI-One rules are no longer in effect, having been superseded by the Exchange's AEMI rules on the Trading Phase Date.
According to the Amex, the Exchange initially deployed AEMI in a controlled manner during the AEMI-One pilot program, and the AEMI-One rules that were effective during this period were slightly modified from their AEMI rule counterparts to reflect the different regulatory environments in effect before and after the Trading Phase Date. In its original AEMI-One proposal, the Amex stated that it would delete the AEMI-One rules from its rulebook via a filing with the Commission following the effectiveness of the AEMI rules;  that is the purpose of the instant filing.
2. Statutory Basis
The Amex believes that the proposed rule change is consistent with Section 6(b) of the Act, in general, and furthers the objectives of Section 6(b)(5) of the Act, in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, 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.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Amex believes that the proposed rule change does not 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
The Amex has designated the proposed rule change as one that: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) does not become operative for 30 days from the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. Therefore, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act  and Rule 19b-4(f)(6) thereunder.
The Amex has requested that the Commission waive the 30-day operative delay. The Commission hereby grants the Amex's request. As discussed above, the Amex's AEMI-One rules are no longer in effect because they have been superseded by the AEMI rules. Accordingly, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because deleting the AEMI-One rules will eliminate potential confusion and ensure that the Amex's rulebook accurately reflects the rules currently in effect on the Amex.
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. Start Printed Page 9375
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:
- Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
- Send an e-mail to email@example.com. Please include File Number SR-Amex-2008-11 on the subject line.
- Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-Amex-2008-11. 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. 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 publicly available. All submissions should refer to File Number SR-Amex-2008-11 and should be submitted on or before March 12, 2008.Start Signature
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
Florence E. Harmon,
5. The Trading Phase Date was the final date set by the Commission for full operation of all automated trading centers that intended to qualify their quotations for trade-through protection under Rule 611 of Regulation NMS, 17 CFR 242.611. The Trading Phase Date was March 5, 2007.Back to Citation
6. See File No. SR-Amex-2006-72, Amendment No. 1 at 5-6 (“The Exchange expects that the AEMI-One Pilot will be in effect for only a few months up until the Trading Phase Date, at which time the AEMI Rules will become effective and will supersede the AEMI-One Rules. The Exchange will then delete the AEMI-One Rules from its rulebook via a filing with the Commission.”)Back to Citation
10. 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Amex to provide the Commission with written notice of its intention to file the proposed rule change, along with a brief description of the text of the proposed rule change, at least five business days prior to filing the proposal with the Commission, or such shorter time as designated by the Commission. The Commission has determined to waive the five-day period in this case.Back to Citation
11. For purposes of waiving the 30-day operative delay, the Commission has considered the proposal's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).Back to Citation
[FR Doc. E8-3060 Filed 2-19-08; 8:45 am]
BILLING CODE 8011-01-P