Professional Documents
Culture Documents
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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
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