Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Order Approving Proposed Rule Change To Establish Fees for Companies With a Dual Listing on the New York Stock Exchange and Nasdaq, 2917 [E5-151]
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Federal Register / Vol. 70, No. 11 / Tuesday, January 18, 2005 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51005; File No. SR–NASD–
2004–142]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Order Approving
Proposed Rule Change To Establish
Fees for Companies With a Dual
Listing on the New York Stock
Exchange and Nasdaq
January 10, 2005.
On September 28, 2004, the National
Association of Securities Dealers, Inc.
(‘‘NASD’’), through its subsidiary, the
Nasdaq Stock Market, Inc. (‘‘Nasdaq’’),
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to adopt a fee schedule for
issuers that are dually listed on the New
York Stock Exchange (‘‘NYSE’’) and
Nasdaq. The proposed rule change was
published for comment in the Federal
Register on December 3, 2004.3 The
Commission received no comments on
the proposal. This order approves the
proposed rule change.
The filing establishes a fee schedule
for NYSE issuers that chose to dually
list on Nasdaq during Nasdaq’s initial
pilot, January 12, 2004, to December 31,
2004. The annual listing fee for dually
listed issuers will be $15,000. It will
apply to NYSE issuers that are currently
dually listed, as well as issuers who
choose to do so in the future. Nasdaq
will use the fee to support the cost of
issuer services, including regulatory
oversight and to fund future product
and service investments.
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a registered securities
association 4 and, in particular the
requirements of Section 15A of the Act.5
The Commission finds specifically that
the proposed rule change is consistent
with Section 15A(b)(5) 6 and 15A(b)(6) 7
of the Act, in that Nasdaq’s dual listing
program with the lower listing fee has
the potential to bring new issuers that
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 50741
(November 29, 2004), 69 FR 70296.
4 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
5 15 U.S.C. 78o–3.
6 15 U.S.C. 78o–3(b)(5).
7 15 U.S.C. 78o–3(b)(6).
would not otherwise dually list, to the
Nasdaq market. Without this program, it
is unlikely that an issuer would choose
to dually list its securities. Nasdaq
believes that issuers that dually list may
eventually determine to transfer their
listings to Nasdaq.8 The Commission
believes that competition among listing
markets has the potential to benefit the
public, issuers, and the listing markets.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,9 that the
proposed rule change (SR–NASD–2004–
142) be, and it hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–151 Filed 1–14–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51004; File No. SR–NASD–
2004–140]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Order Approving
Proposed Rule Change To Eliminate
Entry and Application Fees for
Exchange-Listed Issuers Transferring
Listings to Nasdaq
January 10, 2005.
On September 20, 2004, the National
Association of Securities Dealers, Inc.
(‘‘NASD’’), through its subsidiary, The
Nasdaq Stock Market, Inc. (‘‘Nasdaq’’),
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to eliminate the entry and
application fees imposed upon issuers
listed on a national securities exchange
that transfer their listings to Nasdaq.
The proposed rule change was
published for comment in the Federal
Register on December 3, 2004.3 The
Commission received no comments on
the proposal. This order approves the
proposed rule change.
Pursuant to this proposed rule
change, Nasdaq will eliminate entry and
application fees for exchange issuers
that transfer their listing to Nasdaq on
2 17
VerDate jul<14>2003
11:51 Jan 14, 2005
Jkt 205001
8 See also Securities Exchange Act Release No.
51004, January 10, 2005, re fees for exchange listed
issuers that transfer to Nasdaq.
9 15 U.S.C. 78s(b)(2).
10 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 50740
(November 29, 2004), 69 FR 70299.
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
2917
or after September 17, 2004. For issuers
that have paid these fees, Nasdaq will
refund the money. These issuers will be
subject to the same level of annual fees
and listing of additional shares fees as
other Nasdaq issuers. Nasdaq states that
it does not anticipate that a large
number of issuers will change their
listing market,4 thus Nasdaq expects
that the proposed rule change will not
have a material financial impact on
Nasdaq. Nasdaq states that the proposed
rule change will not affect Nasdaq’s
commitment of resources to its
regulatory oversight of the listing
process or its regulatory programs. More
specifically, Nasdaq represents that
companies that switch their listing will
be reviewed for compliance with
Nasdaq listing standards in the same
manner as any other company that
applies to be listed on Nasdaq. Nasdaq
will conduct a full and independent
review of each issuer’s compliance with
Nasdaq’s listing standards.
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a registered securities
association 5 and, in particular the
requirements of Section 15A of the Act.6
The Commission finds specifically that
the proposed rule change is consistent
with Section 15A(b)(5) 7 and 15A(b)(6) 8
of the Act, because while Nasdaq is
eliminating certain fees for this group of
issuers based on Nasdaq’s belief that
review of their applications will not
require the same amount of resources as
is required to review applications of
other issuers, Nasdaq will continue to
review for and enforce compliance with
its listing requirements by these issuers.
The Commission believes that Nasdaq’s
program may ultimately benefit issuers
and investors because competition
among listing markets has the potential
to enhance the quality of services that
listing markets provide.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,9 that the
proposed rule change (SR–NASD–2004–
140) be, and it hereby is, approved.
4 Nasdaq stated that, as of November 12, 2004,
seven issuers had become dually listed on Nasdaq.
Nasdaq’s goal is for these issuers to eventually
transfer their listings to Nasdaq. See also Securities
Exchange Act Release No. 51005, January 10, 2005,
re fees for dually listed issuers.
5 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
6 15 U.S.C. 78o–3.
7 15 U.S.C. 78o–3(b)(5).
8 15 U.S.C. 78o–3(b)(6).
9 15 U.S.C. 78s(b)(2).
E:\FR\FM\18JAN1.SGM
18JAN1
]]>Agencies
[Federal Register Volume 70, Number 11 (Tuesday, January 18, 2005)]
[Notices]
[Page 2917]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-151]
[[Page 2917]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51005; File No. SR-NASD-2004-142]
Self-Regulatory Organizations; National Association of Securities
Dealers, Inc.; Order Approving Proposed Rule Change To Establish Fees
for Companies With a Dual Listing on the New York Stock Exchange and
Nasdaq
January 10, 2005.
On September 28, 2004, the National Association of Securities
Dealers, Inc. (``NASD''), through its subsidiary, the Nasdaq Stock
Market, Inc. (``Nasdaq''), filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to adopt a fee schedule for
issuers that are dually listed on the New York Stock Exchange
(``NYSE'') and Nasdaq. The proposed rule change was published for
comment in the Federal Register on December 3, 2004.\3\ The Commission
received no comments on the proposal. This order approves the proposed
rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 50741 (November 29,
2004), 69 FR 70296.
---------------------------------------------------------------------------
The filing establishes a fee schedule for NYSE issuers that chose
to dually list on Nasdaq during Nasdaq's initial pilot, January 12,
2004, to December 31, 2004. The annual listing fee for dually listed
issuers will be $15,000. It will apply to NYSE issuers that are
currently dually listed, as well as issuers who choose to do so in the
future. Nasdaq will use the fee to support the cost of issuer services,
including regulatory oversight and to fund future product and service
investments.
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a registered securities association \4\ and,
in particular the requirements of Section 15A of the Act.\5\ The
Commission finds specifically that the proposed rule change is
consistent with Section 15A(b)(5) \6\ and 15A(b)(6) \7\ of the Act, in
that Nasdaq's dual listing program with the lower listing fee has the
potential to bring new issuers that would not otherwise dually list, to
the Nasdaq market. Without this program, it is unlikely that an issuer
would choose to dually list its securities. Nasdaq believes that
issuers that dually list may eventually determine to transfer their
listings to Nasdaq.\8\ The Commission believes that competition among
listing markets has the potential to benefit the public, issuers, and
the listing markets.
---------------------------------------------------------------------------
\4\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
\5\ 15 U.S.C. 78o-3.
\6\ 15 U.S.C. 78o-3(b)(5).
\7\ 15 U.S.C. 78o-3(b)(6).
\8\ See also Securities Exchange Act Release No. 51004, January
10, 2005, re fees for exchange listed issuers that transfer to
Nasdaq.
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\9\ that the proposed rule change (SR-NASD-2004-142) be, and it
hereby is, approved.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-151 Filed 1-14-05; 8:45 am]
BILLING CODE 8010-01-P
