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Federal Register / Vol. 73, No.

56 / Friday, March 21, 2008 / Notices 15229

SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s B. Self-Regulatory Organization’s


COMMISSION Statement of the Purpose of, and Statement on Burden on Competition
Statutory Basis for, the Proposed Rule The proposed rule change will impose
[Release No. 34–57506; File No. SR–Amex– Change no burden on competition that is not
2008–19] 1. Purpose necessary or appropriate in furtherance
of the purposes of the Act.
Self-Regulatory Organizations; The purpose of the proposed rule
American Stock Exchange LLC; Notice C. Self-Regulatory Organization’s
change is to retroactively apply the
of Filing and Order Granting Statement on Comments on the
current Fee Cap Program from February Proposed Rule Change Received from
Accelerated Approval of Proposed 2, 2008 through February 18, 2008. The Members, Participants or Others
Rule Change Relating to the current Fee Cap Program expired on
Retroactive Application of the Options February 1, 2008. The Exchange No written comments were solicited
Fee Cap Pilot Program for Dividend inadvertently failed to extend the Fee or received with respect to the proposed
Strategies, Merger Spreads, and Short Cap Program at that time. Subsequently, rule change.
Stock Interest Spreads the Exchange filed to extend the lapsed III. Solicitation of Comments
Fee Cap Program from February 19,
March 14, 2008. Interested persons are invited to
2008 through February 1, 2009.3 This
submit written data, views and
Pursuant to Section 19(b)(1) of the filing would permit the Fee Cap
arguments concerning the foregoing,
Securities Exchange Act of 1934 Program effectively to be in effect including whether the proposed rule
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 without interruption. change is consistent with the Act.
notice is hereby given that on March 7, The Fee Cap Program provides that Comments may be submitted by any of
2008, the American Stock Exchange LLC specialists, registered options traders, the following methods:
(‘‘Amex’’ or ‘‘Exchange’’) filed with the non-member market makers, firms, and
Securities and Exchange Commission Electronic Comments
member and non-member broker-dealers
(‘‘Commission’’) the proposed rule option transaction, comparison and • Use the Commission’s Internet
change as described in Items I and II floor brokerage fees are limited to an comment form at http://www.sec.gov/
below, which Items have been aggregate fee of $100 for all dividend rules/sro.shtml; or
substantially prepared by the Amex. strategies, merger spreads, and short • Send an e-mail to rule-
The Commission is publishing this stock interest spreads executed on the comments@sec.gov. Please include File
notice to solicit comments on the same trading day in the same option No. SR–Amex–2008–19 on the subject
proposed rule change from interested class.4 Additionally, such fees are also line.
persons and to approve the proposal on limited to $12,500 per month per Paper Comments
an accelerated basis. initiating firm.
• Send paper comments in triplicate
I. Self-Regulatory Organization’s To date, the Exchange believes that to Nancy M. Morris, Secretary,
Statement of the Terms of Substance of the current Fee Cap Program has been Securities and Exchange Commission,
the Proposed Rule Change beneficial, and submits that the 100 F Street, NE., Washington, DC
retroactive application from February 2, 20549–1090.
The Exchange proposes to 2008 through February 18, 2008 is All submissions should refer to File No.
retroactively apply the Fee Cap Pilot warranted so that the Fee Cap Program SR–Amex–2008–19. This file number
Program (the ‘‘Fee Cap Program’’) for effectively operates without should be included on the subject line
dividend strategies, merger spreads, and interruption. if e-mail is used. To help the
short stock interest spreads from Commission process and review your
Accordingly, the proposal seeks to
February 2, 2008 through February 18, comments more efficiently, please use
retroactively apply the Fee Cap Program
2008. only one method. The Commission will
from February 2, 2008 through February
II. Self-Regulatory Organization’s 18, 2008. post all comments on the Commission’s
Statement of the Purpose of, and Internet Web site at http://www.sec.gov/
2. Statutory Basis rules/sro.shtml. Copies of the
Statutory Basis for, the Proposed Rule
Change submission, all subsequent
The Exchange submits that the
amendments, all written statements
proposed fee change is consistent with
In its filing with the Commission, the with respect to the proposed rule
Section 6(b)(4) of the Act 5 regarding the
Amex included statements concerning change that are filed with the
equitable allocation of reasonable dues,
the purpose of and basis for the Commission, and all written
fees, and other charges among exchange communications relating to the
proposed rule change and discussed any members and other persons using
comments it received on the proposed proposed rule change between the
exchange facilities. The Exchange Commission and any person, other than
rule change. The text of these statements believes that the proposed retroactive
may be examined at the places specified those that may be withheld from the
application of the current Fee Cap public in accordance with the
in Item III below. The Exchange has Program is beneficial to market
prepared summaries, set forth in provisions of 5 U.S.C. 552, will be
participants by providing an available for inspection and copying in
sections A, B, and C below, of the most uninterrupted Fee Cap Program. the Commission’s Public Reference
significant aspects of such statements.
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Room,100 F Street, NE., Washington, DC


3 See Securities Exchange Act Release No. 57401
20549, on official business days
(February 29, 2008), 73 FR 12233 (March 6, 2008)
(SR–Amex–2008–12).
between the hours of 10 a.m. and 3 p.m.
4 These fees are charged only to Exchange Copies of such filing also will be
1 15 U.S.C. 78s(b)(1). members. available for inspection and copying at
2 17 CFR 240.19b–4. 5 15 U.S.C. 78f(b)(4). the principal office of the Exchange. All

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15230 Federal Register / Vol. 73, No. 56 / Friday, March 21, 2008 / Notices

comments received will be posted 19), is hereby approved on an March 14, 2008, the Exchange filed
without change; the Commission does accelerated basis. Amendment No. 2 to the proposed rule
not edit personal identifying For the Commission, by the Division of change.5 The Commission received no
information from submissions. You Trading and Markets, pursuant to delegated comments regarding the proposal. This
should submit only information that authority.11 order provides notice and solicits
you wish to make available publicly. All Florence E. Harmon, comments from interested persons
submissions should refer to File No. Deputy Secretary. regarding Amendment No. 2 to the
SR–Amex–2008–19 and should be [FR Doc. E8–5694 Filed 3–20–08; 8:45 am] proposed rule change and approves the
submitted on or before April 11, 2008. BILLING CODE 8011–01–P
proposed rule change, as modified by
Amendment Nos. 1 and 2 thereto, on an
IV. Commission’s Findings and Order accelerated basis.
Granting Accelerated Approval of
Proposed Rule Change. SECURITIES AND EXCHANGE II. Description of the Proposal
COMMISSION
After careful consideration, the The Exchange proposes to add new
Commission finds that the Exchange’s [Release No. 34–57514; File No. SR–Amex– Amex Rules 1000B, 1001B, 1002B, and
2008–02] 1003B to permit the listing and trading
proposal to retroactively apply the Fee
Cap Program from February 2, 2008 of Managed Fund Shares. Pursuant to
Self-Regulatory Organizations;
through February 18, 2008 is consistent these new rules, the Exchange proposes
American Stock Exchange LLC; Notice
with the requirements of the Section 6 to list and trade the Shares. Amex states
of Filing of Amendment No. 2 to
of the Act 6 and the rules and that the Shares will conform to the
Proposed Rule Change and Order
regulations thereunder applicable to a initial and continued listing criteria
Granting Accelerated Approval of Such
national securities exchange.7 In under proposed Amex Rules 1000B,
Proposed Rule Change, as Modified by
particular, the Commission believes that 1001B, and 1002B. The Exchange also
Amendment Nos. 1 and 2 Thereto,
the proposed rule change is consistent proposes to amend its original listing
Relating to Rules Permitting the
with Section 6(b)(4) of the Act, which Listing and Trading of Managed Fund and annual listing fees in Sections 140
requires, among other things, that the Shares, Fees Applicable to Such and 141 of the Amex Company Guide to
rules of a national securities exchange Managed Fund Shares, and the Listing include Managed Fund Shares and
provide for the equitable allocation of and Trading of Shares of the Bear make certain other technical and
reasonable dues, fees, and other charges Stearns Current Yield Fund conforming changes in the Amex rules
among its members and issuers and to incorporate references to the new
other persons using its facilities.8 March 17, 2008. Amex rules proposed herein.
The Amex has requested that the I. Introduction Proposed Listing Rules
Commission find good cause for On February 7, 2008, the American Proposed new Amex Rules 1000B,
approving the proposed rule change Stock Exchange, LLC (‘‘Amex’’ or 1001B (for initial listing), and 1002B (for
prior to the thirtieth day after ‘‘Exchange’’) filed with the Securities continued listing) define and establish
publication of the notice thereof in the and Exchange Commission listing standards for Managed Fund
Federal Register. The Commission (‘‘Commission’’), pursuant to Section Shares. Proposed Amex Rule 1000B(b)
believes that granting accelerated 19(b)(1) of the Securities Exchange Act sets forth the relevant definitions. In
approval of the proposal will allow the of 1934 (‘‘Act’’)1 and Rule 19b–4 particular, proposed Amex Rule
Amex to continue to operate the Fee thereunder,2 a proposed rule change 1000B(b)(1) defines ‘‘Managed Fund
Cap Program on an uninterrupted basis seeking to: (1) Adopt new Amex Rules Share’’ as a security that: (a) Represents
and thus, should benefit market 1000B, 1001B, 1002B, and 1003B to an interest in a registered investment
participants by ensuring continuity of permit the listing and trading of company (‘‘Investment Company’’),
the Exchange’s rules. The Commission securities (‘‘Managed Fund Shares’’) organized as an open-end management
notes that no comments were received issued by an actively managed, open- investment company or similar entity,
in connection with the approval of the end investment management company; that invests in a portfolio of securities
Fee Cap Program and no comments have (2) list and trade the shares (‘‘Shares’’) selected by the Investment Company’s
been received during the operation of of the Bear Stearns Current Yield Fund investment adviser consistent with the
the Fee Cap Program. Accordingly, the (‘‘Fund’’), an investment portfolio of the
Commission finds good cause, pursuant Bear Stearns Active ETF Trust (‘‘Trust’’), Exhibit 1 thereto to account for such corrections.
to Section 19(b)(2) of the Act,9 for pursuant to those rules; and (3) amend Because Amendment No. 1 to the proposed rule
approving the proposed rule change its original listing and annual listing change is technical in nature, it is not subject to
prior to the thirtieth day after notice and comment.
fees to include Managed Fund Shares 5 In Amendment No. 2, Amex added Commentary
publication of the notice thereof in the and make certain other changes. The .06 to proposed Amex Rule 1000B which would
Federal Register. proposed rule change was published for require: (1) the investment adviser to the
comment in the Federal Register on Investment Company (as defined herein) issuing
V. Conclusion Managed Fund Shares to erect a ‘‘firewall’’ around
February 14, 2008.3 On February 20, personnel who have access to information
It is therefore ordered, pursuant to 2008, the Exchange filed Amendment concerning the composition and/or changes to the
Section 19(b)(2) of the Act,10 that the No. 1 to the proposed rule change.4 On Investment Company portfolio; and (2) personnel
proposed rule change, (SR–Amex–2008– who make decisions on the Investment Company’s
11 17 portfolio composition to be subject to procedures
CFR 200.30–3(a)(12).
6 15 designed to prevent the use and dissemination of
U.S.C. 78f. 1 15 U.S.C. 78s(b)(1). material non-public information regarding the
mstockstill on PROD1PC66 with NOTICES

7 In approving this proposed rule change, the 2 17 CFR 240.19b–4.


applicable Investment Company portfolio. In
Commission has considered its impact on 3 See Securities Exchange Act Release No. 57297
addition, Amex provided a representation
efficiency, competition, and capital formation. See (February 8, 2008), 73 FR 8723 (‘‘Notice’’). describing the ethical and fiduciary requirements
15 U.S.C. 78c(f). 4 In Amendment No. 1, Amex made several under the Investment Advisers Act of 1940
8 15 U.S.C. 78f(b)(4).
clarifying corrections to the definitions of (‘‘Advisers Act’’), as they apply to Bear Stearns
9 15 U.S.C. 78s(b)(2).
‘‘Disclosed Portfolio’’ and ‘‘Portfolio Indicative Asset Management, Inc., the investment adviser of
10 15 U.S.C. 78s(b)(2). Value’’ and conforming changes to Form 19b–4 and the Fund.

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