Self-Regulatory Organizations; New York Stock Exchange; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Increase Annual Fee to be Paid by Participants in the Medallion Guarantee Program, 8867-8868 [E5-735]

Download as PDF Federal Register / Vol. 70, No. 35 / Wednesday, February 23, 2005 / Notices and candidates will have three hours to complete the exam. Also, each question will continue to count one point, and each candidate must correctly answer 70 percent of the questions to receive a passing grade. including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: 2. Statutory Basis NASD believes that the proposed revisions to the Series 4 examination program are consistent with the provisions of sections 15A(b)(6) 9 and 15A(g)(3) of the Act,10 which authorize NASD to prescribe standards of training, experience, and competence for persons associated with NASD members. • 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–2005–025 on the subject line. Electronic Comments 8867 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51190; File No. SR-NYSE– 2005–06] Self-Regulatory Organizations; New York Stock Exchange; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Increase Annual Fee to be Paid by Participants in the Medallion Guarantee Program February 11, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on January 7, 2005, the New York Stock • Send paper comments in triplicate B. Self-Regulatory Organization’s Exchange (‘‘NYSE’’) filed with the to Jonathan G. Katz, Secretary, Statement on Burden on Competition Securities and Exchange Commission Securities and Exchange Commission, NASD does not believe that the (‘‘Commission’’) the proposed rule 450 Fifth Street, NW., Washington, DC proposed rule change will result in any change described in items I, II, and III 20549–0609. burden on competition that is not below, which items have been prepared necessary or appropriate in furtherance All submissions should refer to File primarily by the NYSE. The of the purposes of the Act, as amended. Number SR–NASD–2005–025. This file Commission is publishing this notice to number should be included on the solicit comments on the proposed rule C. Self-Regulatory Organization’s subject line if e-mail is used. To help the change from interested parties. Statement on Comments on the Commission process and review your Proposed Rule Change Received From I. Self-Regulatory Organization’s comments more efficiently, please use Members, Participants or Others only one method. The Commission will Statement of the Terms of Substance of Written comments were neither post all comments on the Commission’s the Proposed Rule Change solicited nor received. Internet Web site (https://www.sec.gov/ The purpose of the proposed rule rules/sro.shtml). Copies of the III. Date of Effectiveness of the change is to increase the application Proposed Rule Change and Timing for submission, all subsequent and annual charge to be paid by Commission Action amendments, all written statements participants in the medallion signature guarantee program maintained by the The proposed rule change has become with respect to the proposed rule change that are filed with the NYSE from $300.00 per year to effective pursuant to section $1,000.00 per year. 19(b)(3)(A)(i) of the Act 11 and Rule 19b– Commission, and all written communications relating to the 4(f)(1) thereunder,12 in that the II. Self-Regulatory Organization’s proposed rule change between the proposed rule change constitutes a Statement of the Purpose of, and stated policy, practice, or interpretation Commission and any person, other than Statutory Basis for, the Proposed Rule those that may be withheld from the with respect to the meaning, Change public in accordance with the administration, or enforcement of an In its filing with the Commission, the provisions of 5 U.S.C. 552, will be existing rule of the self-regulatory NYSE included statements concerning organization. NASD proposes to available for inspection and copying in the purpose of and basis for the implement the Series 4 examination the Commission’s Public Reference program no later than April 29, 2005. Room. Copies of such filing also will be proposed rule change and discussed any comments it received on the proposed NASD will announce the available for inspection and copying at rule change. The text of these statements implementation date in a Notice to the principal office of the NASD. All may be examined at the places specified Members to be published no later than comments received will be posted in item IV below. The NYSE has 60 days after SEC Notice of this filing. without change; the Commission does prepared summaries, set forth in At any time within 60 days of the not edit personal identifying sections (A), (B), and (C) below, of the filing of the proposed rule change, the information from submissions. You most significant aspects of these Commission may summarily abrogate should submit only information that 2 such rule change if it appears to the you wish to make available publicly. All statements. Commission that such action is submissions should refer to File (A) Self-Regulatory Organization’s necessary or appropriate in the public Number SR–NASD–2005–025 and Statement of the Purpose of, and interest, for the protection of investors, should be submitted on or before March Statutory Basis for, the Proposed Rule or otherwise in furtherance of the 16, 2005. Change purposes of the Act. For the Commission, by the Division of The purpose of the proposed rule is IV. Solicitation of Comments Market Regulation, pursuant to delegated to change the application and annual authority.13 Interested persons are invited to charge to be paid by participants in the submit written data, views, and medallion signature program (‘‘MSP’’) Margaret H. McFarland, arguments concerning the foregoing, maintained by the NYSE from $300.00 Deputy Secretary. to $1000.00 per year. In 1992, the [FR Doc. E5–738 Filed 2–22–05; 8:45 am] U.S.C. 78o–3(b)(6). U.S.C. 78o–3(g)(3). 11 15 U.S.C. 78s(b)(3)(A)(i). 12 17 CFR 240.19b–4(f)(1). Paper Comments 9 15 BILLING CODE 8010–01–P 10 15 VerDate jul<14>2003 16:28 Feb 22, 2005 1 15 U.S.C. 78s(b)(1). Commission has modified the text of the summaries prepared by the NYSE. 2 The 13 17 Jkt 205001 PO 00000 CFR 200.30–3(a)(12). Frm 00106 Fmt 4703 Sfmt 4703 E:\FR\FM\23FEN1.SGM 23FEN1 8868 Federal Register / Vol. 70, No. 35 / Wednesday, February 23, 2005 / Notices Commission approved NYSE’s implementation of its signature guarantee program, now referred to as the MSP.3 At that time, the NYSE specified that participants in the MSP would bear the administrative expenses in connection with the program, which at that time was a charge of $300.00 to be paid upon filing an application to the program and annually thereafter. The $300.00 charge to participants in the MSP has remained unchanged since 1992. In recent years the administrative costs for the MSP have increased substantially. These increases relate not only to internal costs but also to the costs for liability insurance premiums for blanket insurance coverage under the program, and for an outside vendor to provide administrative assistance, and for a website for use by participants in the program. Effective January 2005, the charge to members participating in the MSP will increase to $1,000.00 and will be payable upon a participant’s filing an application to the MSP and annually thereafter. The NYSE will bill MSP participants the increased fee for 2005 in January 2005. The proposed rule change is consistent with the requirements of Section 6(b)(4) of the Act 4 and the rules and regulations thereunder applicable to the NYSE because it provides for equitable allocation of reasonable dues, fees, and other charges among its members, issuers, and other persons using its facilities. (B) Self-Regulatory Organization’s Statement on Burden on Competition The NYSE does not believe that the proposed rule change 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 No written comments relating to the proposed rule change have been solicited or received. The NYSE will notify the Commission of any written comments received by the NYSE. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective upon filing pursuant to Section 3 Securities Exchange Act Release No. 31388 (October 30, 1992), 57 FR 53366 (November 9, 1992), [SR File No. NYSE–92–16] (order approving implementation of a signature guarantee program). The MSP is governed by NYSE Rule 200. 4 15 U.S.C. 78f(b)(4). VerDate jul<14>2003 16:28 Feb 22, 2005 Jkt 205001 19(b)(3)(A)(ii) of the Act 5 and Rule 19b– 4(f)(2)6 thereunder because the proposed rule is establishing or changing a due, fee, or other charge. At any time within sixty days of the filing of such rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 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-FICC–2005–04 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–2005–06. 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 Section, 450 Fifth Street, NW., Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of the NYSE and on the NYSE’s PO 00000 5 15 6 17 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). Frm 00107 Fmt 4703 Sfmt 4703 Web site at https://www.nyse.com. 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–2005–06 and should be submitted on or before March 16, 2005. For the Commission by the Division of Market Regulation, pursuant to delegated authority.7 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–735 Filed 2–22–05; 8:45 am] BILLING CODE 8010–01–P UNITED STATES SENTENCING COMMISSION Sentencing Guidelines for United States Courts AGENCY: United States Sentencing Commission. ACTION: Notice of proposed amendments to sentencing guidelines, policy statements, and commentary. Request for public comment, including public comment regarding retroactive application of any of the proposed amendments. Notice of public hearing. SUMMARY: Pursuant to section 994(a), (o), and (p) of title 28, United States Code, the United States Sentencing Commission is considering promulgating certain amendments to the sentencing guidelines, policy statements, and commentary. This notice sets forth the proposed amendments and, for each proposed amendment, a synopsis of the issues addressed by that amendment. This notice also provides multiple issues for comment, some of which are contained within proposed amendments. The specific proposed amendments and issues for comment in this notice are as follows: (1) A proposed amendment to implement sections 2 and 5 of the Identity Theft Penalty Enhancement Act, Public Law 108–275 and a related issue for comment; (2) a proposed amendment to implement the Antitrust Criminal Penalty Enhancement and Reform Act of 2004, Public Law 108–237 and related issues for comment; (3) an issue for comment on how to implement the directive to the Commission in section 3 of the Anabolic Steroid Control Act of 2004, Public Law 108–358; and (4) proposed amendments that make various 7 17 E:\FR\FM\23FEN1.SGM CFR 200.30–3(a)(12). 23FEN1

Agencies

[Federal Register Volume 70, Number 35 (Wednesday, February 23, 2005)]
[Notices]
[Pages 8867-8868]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-735]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51190; File No. SR-NYSE-2005-06]


Self-Regulatory Organizations; New York Stock Exchange; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Increase 
Annual Fee to be Paid by Participants in the Medallion Guarantee 
Program

February 11, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on January 7, 2005, the New 
York Stock Exchange (``NYSE'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change described in items 
I, II, and III below, which items have been prepared primarily by the 
NYSE. The Commission is publishing this notice to solicit comments on 
the proposed rule change from interested parties.
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    \1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The purpose of the proposed rule change is to increase the 
application and annual charge to be paid by participants in the 
medallion signature guarantee program maintained by the NYSE from 
$300.00 per year to $1,000.00 per year.

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 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. The NYSE has prepared summaries, set forth in sections 
(A), (B), and (C) below, of the most significant aspects of these 
statements.\2\
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    \2\ The Commission has modified the text of the summaries 
prepared by the NYSE.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The purpose of the proposed rule is to change the application and 
annual charge to be paid by participants in the medallion signature 
program (``MSP'') maintained by the NYSE from $300.00 to $1000.00 per 
year. In 1992, the

[[Page 8868]]

Commission approved NYSE's implementation of its signature guarantee 
program, now referred to as the MSP.\3\ At that time, the NYSE 
specified that participants in the MSP would bear the administrative 
expenses in connection with the program, which at that time was a 
charge of $300.00 to be paid upon filing an application to the program 
and annually thereafter. The $300.00 charge to participants in the MSP 
has remained unchanged since 1992.
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 31388 (October 30, 
1992), 57 FR 53366 (November 9, 1992), [SR File No. NYSE-92-16] 
(order approving implementation of a signature guarantee program). 
The MSP is governed by NYSE Rule 200.
---------------------------------------------------------------------------

    In recent years the administrative costs for the MSP have increased 
substantially. These increases relate not only to internal costs but 
also to the costs for liability insurance premiums for blanket 
insurance coverage under the program, and for an outside vendor to 
provide administrative assistance, and for a website for use by 
participants in the program. Effective January 2005, the charge to 
members participating in the MSP will increase to $1,000.00 and will be 
payable upon a participant's filing an application to the MSP and 
annually thereafter. The NYSE will bill MSP participants the increased 
fee for 2005 in January 2005.
    The proposed rule change is consistent with the requirements of 
Section 6(b)(4) of the Act \4\ and the rules and regulations thereunder 
applicable to the NYSE because it provides for equitable allocation of 
reasonable dues, fees, and other charges among its members, issuers, 
and other persons using its facilities.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b)(4).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    The NYSE does not believe that the proposed rule change 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

    No written comments relating to the proposed rule change have been 
solicited or received. The NYSE will notify the Commission of any 
written comments received by the NYSE.

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

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2)\6\ 
thereunder because the proposed rule is establishing or changing a due, 
fee, or other charge. At any time within sixty days of the filing of 
such rule change, the Commission may summarily abrogate such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.
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    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \6\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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 rule-comments@sec.gov. Please include 
File Number SR-FICC-2005-04 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-2005-06. 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 Section, 450 Fifth 
Street, NW., Washington, DC 20549. Copies of such filing also will be 
available for inspection and copying at the principal office of the 
NYSE and on the NYSE's Web site at https://www.nyse.com. 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-2005-06 and should be 
submitted on or before March 16, 2005.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
 [FR Doc. E5-735 Filed 2-22-05; 8:45 am]
BILLING CODE 8010-01-P
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