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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 22 / 32

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making capacity, other than as a specialist in the Silver Shares on another market center, in the

underlying commodity, related commodity futures or options on commodity futures, or any other

related commodity derivatives.

Amex Rule 1204A(a) provides that the member organization acting as specialist in

Commodity-Based Trust Shares is obligated to conduct all trading in the Shares in its specialist

account, subject only to the ability to have one or more investment accounts, all of which must

be reported to the Exchange (see Rule 170). In addition, the member organization acting as

specialist in Commodity-Based Trust Shares must file, with the Exchange, in a manner

prescribed by the Exchange, and keep current a list identifying all accounts for trading the

underlying physical commodity, related commodity futures or options on commodity futures, or

any other related commodity derivatives, which the member organization acting as specialist

may have or over which it may exercise investment discretion. No member organization acting

as specialist in Commodity-Based Trust Shares shall trade in the underlying physical

commodity, related commodity futures or options on commodity futures, or any other related

commodity derivatives, in an account in which a member organization acting as specialist,

directly or indirectly, controls trading activities, or has a direct interest in the profits or losses

thereof, which has not been reported to the Exchange as required by this Rule.46

Amex Rule 1204A(b) also ensures that specialists handling the Silver Shares provide the

Exchange with all the necessary information relating to their trading in physical silver, related

silver futures contracts and options thereon, or any other silver derivative. As a general matter,

the operation of the short sale rule, Rule 10a-1, and Regulation SHO under the Act.

46

Telephone conference between Jeffrey Burns, Associate General Counsel, Amex, and Florence Harmon, Senior Special Counsel, Division of Market Regulation, Commission, on January 13, 2006 (inserting discussion of Amex Rule 1204A(a)).

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