[Federal Register Volume 64, Number 45 (Tuesday, March 9, 1999)]
[Notices]
[Pages 11519-11520]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-5721]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41107; File No. SR-Amex-99-06]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the American Stock Exchange
LLC to Include the TheStreet.com, Inc. in the Disclaimer Provisions of
Amex Rule 902C
February 25, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on February 4, 1999, 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, II, 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).
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The Exchange seeks to amend Amex Rule 902C to include the
TheStreet.com, Inc. in the disclaimer provisions of that Rule. The text
of the proposed rule change is available at the Office of the
Secretary, Amex, and at the Commission.
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 19, 1998, the Amex submitted a proposal to trade
options on the Internet Commerce Index (the ``Index''). The proposal
became effective upon filing pursuant to Section 19(b)(3)(A) of the Act
\2\ and Rule 19b-4(c)(3) thereunder \3\ because the Index met the
listing criteria applicable to narrow-based indexes set forth in
Exchange Rule 901C, Commentary .02.\4\ Thereafter, on February 4, 1999,
the Exchange submitted a proposal pursuant to Section 19(b)(3)(A) of
the Act \5\ and Rule 19b-4(e)(1) thereunder \6\ changing the name of
the Internet Commerce Index to TheStreet.com E-commerce Index.
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\2\ 15 U.S.C. 78s(b)(3)(A).
\3\ 17 CFR 240.19b-4(c)(3).
\4\ Securities Exchange Act Release No. 40955 (January 19,
1999), 64 FR 3727 (January 25, 1999).
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(e)(1).
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The Amex now proposes to amend Amex Rule 902C to include
TheStreet.com, Inc. in the disclaimer provisions of that Rule. Similar
to other financial news vendors, TheStreet.com, Inc. is in the business
of preparing and publishing editorial, evaluation and analysis reports,
and news services related to the business of financial news and
information which are available in the commercial marketplace through
various facilities, such as TheStreet.com Web site on the portion of
the Internet referred to as the World Wide Web located at the uniform
resource locator (``URL'') address designated at http://
www.thestreet.com.
TheStreet.com, Inc. will have no control over the Index value's
dissemination. Accordingly, the Exchange believes that it is
appropriate
[[Page 11520]]
to include TheStreet.com, Inc. in the disclaimer provisions in Amex
Rule 902C, similar to other entities included in the provisions of Amex
Rule 902C whose names are identified with various indices underlying
options traded on the Amex. Notwithstanding the change in the name of
the Index, the Index will continue to be maintained in accordance with
all of the terms set forth in the original proposal. The Amex will
continue to have sole discretion with respect to all final
determinations concerning adjustments to the Index and its components
including the replacement of any component, although the Amex may, from
time to time, consult with TheStreet.com, Inc. in connection with the
Exchange's maintenance of the Index.
2. Basis
The Amex believes that the proposed rule change is consistent with
Section 6(b) of the Act \7\ in general and furthers the objectives of
Section 6(b)(5) \8\ 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 engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
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\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition.
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 filed the proposal as a ``non-controversial'' rule change
pursuant to Section 19(b)(3(A)(iii) of the Act \9\ and subparagraph
(f)(6) of Rule 19b-4 thereunder.\10\ Consequently, because the
foregoing proposed rule change: (1) does not significantly affect the
protection of investors or the public interest; (2) does not impose any
significant burden on competition; (3) does not become operative for 30
days from February 4, 1999, the date on which it was filed, and because
the Exchange provided the Commission with written notice of its intent
to file the proposed rule change at least five business days prior to
the filing date, the proposed rule change has become effective pursuant
to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder. 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 the
furtherance of the purposes of the Act.
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\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 17 CFR 240.19b-4(f)(6).
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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. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549.
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 Section, in Washington, D.C. Copies of
such filing will also be available for inspection and copying at the
principal office of the Amex. All submissions should refer to the File
No. Amex-99-06 and should be submitted by March 24, 1999.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-5721 Filed 3-8-99; 8:45 am]
BILLING CODE 8010-01-M
