Self-Regulatory Organizations; Notice of Filing of Amendment No. 3 to Proposed Rule Change by the New York Stock Exchange, Inc., Relating to Procedures for Companies That Fail To File Annual Reports in a Timely Manner, 2686-2688 [E5-136]

Download as PDF 2686 Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices proceeds under the NASD Code of Arbitration Procedure, which already contains extensive disclosure requirements and provisions for challenging arbitrators with potential conflicts of interest.10 The pilot rule, which was originally approved for six months on September 26, 2002,11 has been extended and is now due to expire on March 31, 2005.12 Because NASD believes all the pending litigation regarding the California Standards is unlikely to be resolved by March 31, 2005, NASD requests that the effectiveness of the pilot rule be extended through September 30, 2005, in order to prevent NASD from having to suspend administration of cases covered by the pilot rule. 2. Statutory Basis NASD believes that the proposed rule change is consistent with the provisions of section 15A(b)(6) of the Act,13 which requires, among other things, that the NASD’s rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. NASD believes that expediting the appointment of arbitrators under the proposed waiver, at the request of customers, associated persons with claims against industry parties, member firms with claims against other member firms, or member firms with claims against associated persons that relate exclusively to promissory notes, will allow those parties to exercise their contractual rights to proceed in arbitration in California, notwithstanding the conflict between the disputed California Standards and the NASD rules. B. Self-Regulatory Organization’s Statement on Burden on Competition NASD does not believe that the proposed rule change will impose any the application of the standards as well. The July 2003 amendment also clarified that the pilot rule applies to terminated members and associated persons. See Securities Exchange Act Release No. 48187 (July 16, 2003), 68 FR 43553 (July 23, 2003) (SR–NASD–2003–106). In October 2003, NASD again expanded the scope of the pilot rule to include claims filed by members against other members and to claims filed by members against associated persons that relate exclusively to promissory notes. See Securities Exchange Act Release No. 48711 (October 29, 2003), 68 FR 62490 (November 4, 2003) (SR–NASD–2003–153). 10 NASD states that the NYSE has a similar rule, NYSE Rule 600(g). 11 See Securities Exchange Act Release No. 46562 (September 26, 2002), 67 FR 62085 (October 3, 2002) (SR–NASD–2002–126). 12 See Securities Exchange Act Release No. 50447 (September 24, 2004), 69 FR 58567 (September 30, 2004) (SR–NASD–2004–126). 13 15 U.S.C. 78o–3(b)(6). VerDate jul<14>2003 14:36 Jan 13, 2005 Jkt 205001 burden on competition not necessary or appropriate in furtherance of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) by order approve such proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. 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 Room. Copies of such filing also will be available for inspection and copying at the principal office of the NASD. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NASD–2004–180 and should be submitted on or before February 4, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.14 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–134 Filed 1–13–05; 8:45 am] BILLING CODE 8010–01–P 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. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASD–2004–180 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–50982; File No. SR–NYSE– 2004–49] Self-Regulatory Organizations; Notice of Filing of Amendment No. 3 to Proposed Rule Change by the New York Stock Exchange, Inc., Relating to Procedures for Companies That Fail To File Annual Reports in a Timely Manner January 6, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Paper Comments notice is hereby given that on December 21, 2004, the New York Stock Exchange, • Send paper comments in triplicate Inc. (‘‘NYSE’’ or ‘‘Exchange’’) filed with to Jonathan G. Katz, Secretary, the Securities and Exchange Securities and Exchange Commission, Commission (‘‘SEC’’ or ‘‘Commission’’) 450 Fifth Street, NW., Washington, DC Amendment No. 3 to the proposed rule 20549–0609. change as described in Items I, II, III All submissions should refer to File below, which Items have been prepared Number SR–NASD–2004–180. This file by the Exchange.3 The proposed rule number should be included on the subject line if e-mail is used. To help the change was published for public comment in the Federal Register on Commission process and review your comments more efficiently, please use 14 17 CFR 200.30–3(a)(12). only one method. The Commission will 1 15 U.S.C. 78s(b)(1). post all comments on the Commission’s 2 17 CFR 240–19b–4. Internet Web site (https://www.sec.gov/ 3 The Exchange filed Amendment No. 1 on rules/sro.shtml). Copies of the October 29, 2004, which stated that the proposed submission, all subsequent rule change would apply to companies that are already late in filing their annual reports as of the amendments, all written statements date that the Commission approves the proposed with respect to the proposed rule rule change. On November 29, 2004, the Exchange change that are filed with the filed Amendment No. 2, which replaced and Commission, and all written superseded Amendment No. 1. On December 21, 2004, the Exchange withdrew Amendment No. 2. communications relating to the PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 E:\FR\FM\14JAN1.SGM 14JAN1 Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices October 1, 2004.4 The Commission is publishing this notice to solicit comments on Amendment No. 3 to the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change reflects amendments to the Listed Company Manual to include procedures applicable to companies that fail to file their Exchange Act annual report in a timely manner. 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 NYSE included statements concerning the purpose of and basis for Amendment No. 3 to 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 and is set forth in Sections A, B, and C below. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to codify existing procedures followed in situations where companies fail to satisfy the Commission’s filing requirements for annual reports on Forms 10–K, 10–KSB, 20–F, 40–F, or N– CSR in a timely manner. The purpose of Amendment No. 3 is to provide notice that, since the proposed rule codifies existing NYSE procedures, it would apply with full effect to companies that are already late in filing their annual report on Form 10–K, 20–F, 40–F, or N– CSR with the SEC as of the date that the Commission approves this rule filing. Set forth below is a description of the proposed rule change as originally proposed: The Exchange closely monitors whether listed companies have filed their annual reports with the Commission as part of its continued listing program. At any given point over the past four years, no more than approximately two dozen NYSE-listed companies failed to file their annual reports with the Commission by the later of the date the filing was required to be made or, if the company filed a Form 12b–25 in a timely manner, by the 4 Securities Exchange Act Release No. 50452 (September 27, 2004), 69 FR 58987. VerDate jul<14>2003 14:36 Jan 13, 2005 Jkt 205001 extended due date. Most of these companies subsequently filed the required annual report within three to four months of the filing due date, and the vast majority of the remaining companies complied within six months of the filing due date. Cumulatively, approximately 13 companies took more than six months to make their filings over the past four years. In all cases where a company failed to file its annual report by the filing due date, Exchange staff held regular discussions and meetings with each company’s management, directors, regulators and advisors to monitor the status of the annual report filing and to determine whether to allow the company to continue to trade despite the continued failure to file an annual report with the Commission. In several of these situations, the Exchange ultimately moved to suspend the company’s trading and delist its securities due to the length of time that passed without the company providing audited financial statements to the marketplace. In order to formalize the process that the Exchange currently follows when a company has failed to file its annual report on a timely basis, the Exchange proposes to amend Section 802.01 of the Listed Company Manual as described below. Proposed Section 802.01E A company that fails to file its annual report (Forms 10–K, 10–KSB, 20–F, 40– F or N–CSR) with the Commission in a timely manner will be subject to the following procedures: Once the Exchange identifies that a company has failed to file a timely periodic annual report with the Commission by the later of (a) the date that the annual report was required to be filed with the Commission by the applicable form or (b) if a Form 12b–25 was timely filed with the Commission, the extended filing due date for the annual report, the Exchange would notify the company in writing of its status. The later of these two dates would be referred to as the ‘‘Filing Due Date.’’ Within five days of receipt of this notification, the company would be required to (a) contact the Exchange to discuss the status of the annual report filing, and (b) if it has not already done so, issue a press release disclosing the status of the filing. If the company fails to issue this press release in a timely manner, the Exchange would itself issue a press release stating that the company has failed to timely file its annual report with the Commission. PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 2687 During the nine-month period from the Filing Due Date, the Exchange would monitor the company and the status of the filing, including through contact with the company, until the annual report is filed. If the company fails to file the annual report within nine months from the Filing Due Date, the Exchange would be permitted, in its sole discretion, to allow the company’s securities to be traded for up to an additional three-month trading period depending on the company’s specific circumstances. If the Exchange determines that an additional trading period of up to three months is not appropriate, suspension and delisting procedures would commence in accordance with the procedures set out in Para. 804.00 of the Listed Company Manual. A company would not be eligible to follow the procedures outlined in Paras. 802.02 and 802.03 with respect to this criteria. In determining whether an additional up to three-month trading period is appropriate, the Exchange would consider the likelihood that the filing could be made during the additional period, as well as the company’s general financial status, based on information provided by a variety of sources, including the company, its audit committee, its outside auditors, the staff of the Commission and any other regulatory body. The Exchange strongly encourages companies to provide ongoing disclosure on the status of the annual report filing to the market through press releases, and would also take the frequency and detail of such information into account in determining whether an additional three-month trading period is appropriate. If the Exchange determined that an additional up to three-month trading period was appropriate and the company failed to file its periodic annual report by the end of the additional period, suspension and delisting procedures would commence in accordance with the procedures set out in Para. 804.00. Note that if, at any time, the Exchange deemed it necessary or appropriate in the public interest or for the protection of investors, trading in any security could be suspended immediately, and, in accordance with the procedures set out in Para. 804.00, application made to the Commission to delist the security. 2. Statutory Basis The Exchange believes that the basis for this proposed rule change, as amended, is the requirement under E:\FR\FM\14JAN1.SGM 14JAN1 2688 Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices Section 6(b)(5) 5 of the Act that an exchange have rules that are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest; and are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change, as amended, will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change, as amended. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the Exchange consents, the Commission will: A. By order approve the proposed rule change, or B. Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549–0609. All submissions should refer to File Number SR–NYSE–2004–49. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). 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 Room. Copies of the filing also will be available for inspection and copying at the principal offices of the NYSE. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE–2004–49 and should be submitted on or before February 4, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.6 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–136 Filed 1–13–05; 8:45 am] Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2004–49 on the subject line. Paper Comments • Send paper comments in triplicate to Jonathan G. Katz, Secretary, SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51015; File No. SR–NYSE– 2004–54] Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the New York Stock Exchange, Inc. Relating to Amendments to the NYSE Constitution and the Adoption of an Independence Policy of the NYSE Board of Directors January 11, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 U.S.C. 78f(b)(5). VerDate jul<14>2003 14:36 Jan 13, 2005 Jkt 205001 The Exchange is proposing amendments to the various provisions of the NYSE Constitution. These amendments further implement the new governance architecture adopted by the Exchange in December 2003. The text of the proposed rule change is attached hereto as Exhibits A–1 and A–2. 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 NYSE included statements concerning the purpose of, and basis for, its proposal and discussed any comments it received on the proposal. The text of these statements may be examined at the places specified in Item IV below. The NYSE 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 Statutory Basis for, the Proposed Rule Change Changes to the NYSE Constitution 6 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 5 15 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change 1. Purpose BILLING CODE 8010–01–P Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the amendment is consistent with the Act. Comments may be submitted by any of the following methods: notice is hereby given that on September 17, 2004 the New York Stock Exchange, Inc. (‘‘NYSE’’ 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 selfregulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 The proposed amendments to the NYSE Constitution follow the basic constructs of the Exchange’s new governance architecture. The proposed amendments to the various provisions of the NYSE Constitution and the proposed Independence Policy of the Exchange Board of Directors, containing standards which NYSE directors must meet in order to be considered independent, are attached, respectively, as Exhibits A–1 and A–2 hereto. The proposed amendments to the NYSE Constitution mostly clarify the positions of the separate Chief Executive Officer and the members of the Exchange’s Board of Executives under that architecture. One proposed change allows the Board to set the annual membership meeting earlier in the year E:\FR\FM\14JAN1.SGM 14JAN1

Agencies

[Federal Register Volume 70, Number 10 (Friday, January 14, 2005)]
[Notices]
[Pages 2686-2688]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-136]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-50982; File No. SR-NYSE-2004-49]


Self-Regulatory Organizations; Notice of Filing of Amendment No. 
3 to Proposed Rule Change by the New York Stock Exchange, Inc., 
Relating to Procedures for Companies That Fail To File Annual Reports 
in a Timely Manner

January 6, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on December 21, 2004, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') Amendment No. 3 to the proposed rule change 
as described in Items I, II, III below, which Items have been prepared 
by the Exchange.\3\ The proposed rule change was published for public 
comment in the Federal Register on

[[Page 2687]]

October 1, 2004.\4\ The Commission is publishing this notice to solicit 
comments on Amendment No. 3 to the proposed rule change from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240-19b-4.
    \3\ The Exchange filed Amendment No. 1 on October 29, 2004, 
which stated that the proposed rule change would apply to companies 
that are already late in filing their annual reports as of the date 
that the Commission approves the proposed rule change. On November 
29, 2004, the Exchange filed Amendment No. 2, which replaced and 
superseded Amendment No. 1. On December 21, 2004, the Exchange 
withdrew Amendment No. 2.
    \4\ Securities Exchange Act Release No. 50452 (September 27, 
2004), 69 FR 58987.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change reflects amendments to the Listed Company 
Manual to include procedures applicable to companies that fail to file 
their Exchange Act annual report in a timely manner.

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 NYSE included statements 
concerning the purpose of and basis for Amendment No. 3 to 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 and is set forth in Sections A, B, and C 
below.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is proposing to codify existing procedures followed in 
situations where companies fail to satisfy the Commission's filing 
requirements for annual reports on Forms 10-K, 10-KSB, 20-F, 40-F, or 
N-CSR in a timely manner. The purpose of Amendment No. 3 is to provide 
notice that, since the proposed rule codifies existing NYSE procedures, 
it would apply with full effect to companies that are already late in 
filing their annual report on Form 10-K, 20-F, 40-F, or N-CSR with the 
SEC as of the date that the Commission approves this rule filing.
    Set forth below is a description of the proposed rule change as 
originally proposed:
    The Exchange closely monitors whether listed companies have filed 
their annual reports with the Commission as part of its continued 
listing program. At any given point over the past four years, no more 
than approximately two dozen NYSE-listed companies failed to file their 
annual reports with the Commission by the later of the date the filing 
was required to be made or, if the company filed a Form 12b-25 in a 
timely manner, by the extended due date. Most of these companies 
subsequently filed the required annual report within three to four 
months of the filing due date, and the vast majority of the remaining 
companies complied within six months of the filing due date. 
Cumulatively, approximately 13 companies took more than six months to 
make their filings over the past four years.
    In all cases where a company failed to file its annual report by 
the filing due date, Exchange staff held regular discussions and 
meetings with each company's management, directors, regulators and 
advisors to monitor the status of the annual report filing and to 
determine whether to allow the company to continue to trade despite the 
continued failure to file an annual report with the Commission. In 
several of these situations, the Exchange ultimately moved to suspend 
the company's trading and delist its securities due to the length of 
time that passed without the company providing audited financial 
statements to the marketplace.
    In order to formalize the process that the Exchange currently 
follows when a company has failed to file its annual report on a timely 
basis, the Exchange proposes to amend Section 802.01 of the Listed 
Company Manual as described below.
Proposed Section 802.01E
    A company that fails to file its annual report (Forms 10-K, 10-KSB, 
20-F, 40-F or N-CSR) with the Commission in a timely manner will be 
subject to the following procedures:
    Once the Exchange identifies that a company has failed to file a 
timely periodic annual report with the Commission by the later of (a) 
the date that the annual report was required to be filed with the 
Commission by the applicable form or (b) if a Form 12b-25 was timely 
filed with the Commission, the extended filing due date for the annual 
report, the Exchange would notify the company in writing of its status. 
The later of these two dates would be referred to as the ``Filing Due 
Date.''
    Within five days of receipt of this notification, the company would 
be required to (a) contact the Exchange to discuss the status of the 
annual report filing, and (b) if it has not already done so, issue a 
press release disclosing the status of the filing. If the company fails 
to issue this press release in a timely manner, the Exchange would 
itself issue a press release stating that the company has failed to 
timely file its annual report with the Commission.
    During the nine-month period from the Filing Due Date, the Exchange 
would monitor the company and the status of the filing, including 
through contact with the company, until the annual report is filed. If 
the company fails to file the annual report within nine months from the 
Filing Due Date, the Exchange would be permitted, in its sole 
discretion, to allow the company's securities to be traded for up to an 
additional three-month trading period depending on the company's 
specific circumstances. If the Exchange determines that an additional 
trading period of up to three months is not appropriate, suspension and 
delisting procedures would commence in accordance with the procedures 
set out in Para. 804.00 of the Listed Company Manual. A company would 
not be eligible to follow the procedures outlined in Paras. 802.02 and 
802.03 with respect to this criteria.
    In determining whether an additional up to three-month trading 
period is appropriate, the Exchange would consider the likelihood that 
the filing could be made during the additional period, as well as the 
company's general financial status, based on information provided by a 
variety of sources, including the company, its audit committee, its 
outside auditors, the staff of the Commission and any other regulatory 
body. The Exchange strongly encourages companies to provide ongoing 
disclosure on the status of the annual report filing to the market 
through press releases, and would also take the frequency and detail of 
such information into account in determining whether an additional 
three-month trading period is appropriate.
    If the Exchange determined that an additional up to three-month 
trading period was appropriate and the company failed to file its 
periodic annual report by the end of the additional period, suspension 
and delisting procedures would commence in accordance with the 
procedures set out in Para. 804.00.
    Note that if, at any time, the Exchange deemed it necessary or 
appropriate in the public interest or for the protection of investors, 
trading in any security could be suspended immediately, and, in 
accordance with the procedures set out in Para. 804.00, application 
made to the Commission to delist the security.
2. Statutory Basis
    The Exchange believes that the basis for this proposed rule change, 
as amended, is the requirement under

[[Page 2688]]

Section 6(b)(5) \5\ of the Act that an exchange have rules that are 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to remove impediments 
to, and perfect the mechanism of a free and open market and, in 
general, to protect investors and the public interest; and are not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change, as 
amended, will impose any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has neither solicited nor received written comments on 
the proposed rule change, as amended.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    A. By order approve the proposed rule change, or
    B. Institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the amendment is 
consistent with the Act. Comments may be submitted by any of the 
following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2004-49 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., 
Washington, DC 20549-0609.
    All submissions should refer to File Number SR-NYSE-2004-49. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (https://www.sec.gov/
rules/sro.shtml). 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 Room. Copies of the 
filing also will be available for inspection and copying at the 
principal offices of the NYSE. All comments received will be posted 
without change; the Commission does not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly. All submissions should refer to 
File Number SR-NYSE-2004-49 and should be submitted on or before 
February 4, 2005.
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-136 Filed 1-13-05; 8:45 am]
BILLING CODE 8010-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.