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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 24 / 32





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fair and orderly market. The Exchange will halt trading in the Shares if the Trust Web site (to

which Amex will link) ceases to provide the value of the silver updated at least every 15 seconds

from a source not affiliated with the Sponsor, Trust, or the Exchange, or the Exchange ceases to

provide via the CTA the Indicative Trust Value per Share updated at least every 15 seconds.48


Information Circular

The Amex will distribute an Information Circular (the “Circular”) to its members in

connection with the trading of Silver Shares. The Circular, will discuss the special

characteristics and risks of trading this type of security. Specifically, the Circular, among other

things, will discuss what the Silver Shares are, notify members and member organization about

the procedures for creation and redemption of Silver Shares in a basket, the requirement, as

described below, that members and member firms deliver a prospectus to investors purchasing

the Silver Shares prior to or concurrently with the confirmation of a transaction, applicable

Amex rules, dissemination of information regarding the per share Indicative Trust Value, NAV,

and other information pertaining to the Shares, including trading information, trading halt

procedures, and applicable suitability rules. For example, in the Information Circular, members

and member organizations will be informed that procedures for purchases and redemptions of

Silver Shares in Basket Aggregations are described in the Prospectus and that Silver Shares are

not individually redeemable but are redeemable only in Basket Aggregations or multiples

on January 13, 2006 (inserting discussion of Amex Rule 1204A(c)).


In the event such spot price of silver or Indicative Trust Value is no longer calculated or disseminated during the time the Silver Shares trade on Amex, the Exchange would immediately contact the Commission to discuss measures that may be appropriate under the circumstances. Telephone conversation between Jeffrey Burns, Associate General Counsel, Amex, and Florence Harmon, Senior Special Counsel, Division of Market Regulation, Commission, on January 13, 2006.


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