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From: TFF	11/11/2004 10:14:26 PM
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Amex execs may face SEC charges By David Weidner, CBS.MarketWatch.com Last Update: 5:23 PM ET Nov. 11, 2004 NEW YORK (CBS.MW) -- The American Stock Exchange disclosed Thursday that three top executives are facing possible civil charges by the Securities and Exchange Commission amid allegations the exchange improperly regulated options orders. The Amex said Chief Executive Salvatore Sodano, President Peter Quick and General Counsel Michael J. Ryan Jr. have received notices from the SEC that its staff is recommending civil charges. The Amex board of governors said the chief regulatory office of the exchange will report directly to a compliance review committee. The board is appointing a special committee of public governors to deal with the SEC charges, according to a statement. The new committee will also work with the SEC as Amex is sold to members by the NASD. A spokesman for the Amex did not return calls seeking comment. The SEC has been investigating whether exchanges including the Philadelphia Stock Exchange and National Stock Exchange in Chicago failed to enforce exchange rules. Regulators reportedly believe and have evidence that firms overseeing the buying and selling of securities on the exchanges withheld pricing information from investors. They then allegedly traded for their own accounts, earning profits at the expense of investors. The SEC is expected to propose new guidelines for so-called self-regulatory organizations such as the NASD, New York Stock Exchange and other exchanges. The new rules will require greater transparency of compensation and governance procedures.

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