Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the New York Stock Exchange, Inc. Relating to Requirements for Listing Stock Index Warrants, 10450-10451 [E5-849]
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10450
Federal Register / Vol. 70, No. 41 / Thursday, March 3, 2005 / Notices
including the designated securities
subject to the Pilot Order, regardless as
to whether they are marked ‘‘shortexempt,’’ is consistent with the
requirements of the Exchange Act.
It is therefore ordered, pursuant to
section 19(b)(2) of the Exchange Act,
that the proposed rule change (SR–
NYSE–2005–07) be, and it hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–846 Filed 3–2–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51249; File No. SR–NYSE–
2005–05]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the New
York Stock Exchange, Inc. Relating to
Requirements for Listing Stock Index
Warrants
February 24, 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 January 7,
2005, the New York Stock Exchange,
Inc. (‘‘Exchange’’ or ‘‘NYSE’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
items I and II below, which items have
been prepared by the Exchange. The
NYSE filed the proposed rule change
pursuant to section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) thereunder,4
which renders the proposed rule change
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to eliminate
Exchange Rules 414(l) and 414(n). The
Exchange also proposes to amend
in the period between the close of the consolidated
tape (i.e., after 8 p.m. EST) and the open of the
consolidated tape the following day. The
Commission’s Second Pilot Order delayed the start
date of the Pilot Program to May 2, 2005.
10 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
VerDate jul<14>2003
16:38 Mar 02, 2005
Jkt 205001
section 703.17 of the NYSE’s Listed
Company Manual (‘‘Manual’’) to
incorporate those provisions.
and a national market system, and, in
general, to protect investors and the
public interest.
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
Exchange 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 the
proposed rule change is available on
NYSE’s Web site (https://www.nyse.com),
at the NYSE’s Office of the Secretary,
and at the Commission’s Public
Reference Room. The Exchange has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Exchange Rule 414(l) requires that
stock index warrants base settlement
value on opening prices when 25
percent or more of the value of the
index consists of securities primarily
traded in the United States. Exchange
Rule 414(n) requires that issuers of stock
index warrants to notify the Exchange
immediately of any changes in the
number of warrants outstanding that the
Exchange may prescribe due to the early
exercise of the warrants. The Exchange
believes it is appropriate that the
requirements set forth in Exchange
Rules 414(l) and 414(n) be set forth in
the Manual rather than in Exchange
Rules, as the Exchange Rules are
generally applicable only to member
organizations while the Manual is
generally applicable to listed
companies. The Exchange represents
that the proposed amendments to
Section 703.17 of the Manual
incorporate the substantially similar
provisions of Exchange Rules 414(l) and
(n).
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of section 6(b) of the Act,5
in general, and section 6(b)(5) of the
Act,6 in particular, in that it is 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
PO 00000
5 15
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00098
Fmt 4703
Sfmt 4703
The Exchange 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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to section
19(b)(3)(A) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8 At any time within
60 days of the filing of the proposed 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.
The NYSE has asked that the
Commission waive the 30-day operative
delay and the five-day pre-filing notice
requirement. The Commission believes
that waiver of the five-day pre-filing
notice requirement is consistent with
the protection of investors and the
public interest, since the proposed rule
change relocates provisions from the
Exchange Rules to the Manual, without
substantial change to the rule text. Thus,
the Commission waives this pre-filing
notice provision. However, waiver of
the 30-day operative period is
unnecessary because the Exchange
currently does not trade stock index
warrants.9
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
9 Telephone conference between John Carey,
Assistant General Counsel, NYSE, and Florence E.
Harmon, Senior Special Counsel, Division of
Market Regulation, Commission, on February 24,
2005.
8 17
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Federal Register / Vol. 70, No. 41 / Thursday, March 3, 2005 / Notices
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–NYSE–2005–05 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–2005–05. 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 such filing also will be
available for inspection and copying at
the principal office of the Exchange. 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–2005–05 and should
be submitted on or before March 24,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–849 Filed 3–2–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51240; File Nos. SR–
NASD–2005–022; SR–NYSE–2005–12]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Changes by the
National Association of Securities
Dealers, Inc. To Provide an Exemption
From the Research Analyst
Qualification Examination for Certain
Associated Persons Who Prepare
Technical Research Reports and the
New York Stock Exchange, Inc.
Relating to an Alternative Qualification
Standard for the Research Analyst
Qualification Examination Requirement
for Technical Analysts
February 23, 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 January
27, 2005 the New York Stock Exchange
(‘‘NYSE’’ or the ‘‘Exchange’’), and on
February 4, 2005, the National
Association of Securities Dealers, Inc.
(‘‘NASD’’), filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
changes as described in items I, II, and
III below, which items have been
prepared by the respective selfregulatory organizations (‘‘SROs’’). The
SROs have designated the proposed rule
changes as constituting a stated policy,
practice, or interpretation with respect
to the meaning, administration, or
enforcement of an existing rule series
under paragraph (f)(1) of Rule 19b–4
under the Act,3 which renders the
proposals effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule changes
from interested persons.
I. Self-Regulatory Organizations’
Statements of the Terms of Substance of
the Proposed Rule Changes
A. NASD
NASD is filing with the Securities and
Exchange Commission a proposed rule
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(1).
10451
change to amend NASD Rule 1050 to
provide for an exemption from the
analytical portion of the Research
Analyst Qualification Examination
(Series 86) for certain applicants who
prepare only ‘‘technical research
reports’’ and have passed Levels I and
II of the Chartered Market Technician
(‘‘CMT’’) certification examination
administered by the Market Technicians
Association (‘‘MTA’’).
Below is the text of the proposed rule
change. Proposed new language is
italicized; proposed deletions are in
brackets.
*
*
*
*
*
1050. Registration of Research Analysts
(a) All persons associated with a
member who are to function as research
analysts shall be registered with NASD.
Before registration as a Research Analyst
can become effective, an applicant shall:
(1) be registered pursuant to Rule
1032 as a General Securities
Representative; and
(2) pass a Qualification Examination
for Research Analysts as specified by
the Board of Governors.4
(b) For the purposes of this Rule 1050,
‘‘research analyst’’ shall mean an
associated person who is primarily
responsible for the preparation of the
substance of a research report or whose
name appears on a research report.
(c) Upon written request pursuant to
the Rule 9600 Series, NASD will grant
a waiver from the analytical portion of
the Research Analyst Qualification
Examination (Series 86) upon
verification that the applicant has
passed:
(1) Levels I and II of the Charter
Financial Analyst (‘‘CFA’’) Examination;
or
(2) if the applicant functions as a
research analyst who prepares only
technical research reports as defined in
paragraph (e), Levels I and II of the
Chartered Market Technician (‘‘CMT’’)
Examination; and
(3) has either [(1)] functioned as a
research analyst continuously since
having passed the Level II CFA or CMT
examination or [(2)] applied for
registration as a research analyst within
two years of having passed the Level II
CFA or CMT examination.
(d) An applicant who has been
granted [such] an exemption pursuant
to paragraph (c) still must become
registered as a General Securities
Representative and then complete the
regulatory portion of the Research
Analyst Qualification Examination
1 15
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PO 00000
Frm 00099
Fmt 4703
Sfmt 4703
4 Correspondence between SEC staff and NASD
staff.
E:\FR\FM\03MRN1.SGM
03MRN1
Agencies
[Federal Register Volume 70, Number 41 (Thursday, March 3, 2005)]
[Notices]
[Pages 10450-10451]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-849]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51249; File No. SR-NYSE-2005-05]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the New York Stock Exchange,
Inc. Relating to Requirements for Listing Stock Index Warrants
February 24, 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 January 7, 2005, the New York Stock Exchange, Inc. (``Exchange'' or
``NYSE'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in items I and
II below, which items have been prepared by the Exchange. The NYSE
filed the proposed rule change pursuant to section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposed
rule change effective upon filing with the Commission. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to eliminate Exchange Rules 414(l) and
414(n). The Exchange also proposes to amend section 703.17 of the
NYSE's Listed Company Manual (``Manual'') to incorporate those
provisions.
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 Exchange 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 the proposed rule change is available on NYSE's Web site
(https://www.nyse.com), at the NYSE's Office of the Secretary, and at
the Commission's Public Reference Room. The Exchange 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
1. Purpose
Exchange Rule 414(l) requires that stock index warrants base
settlement value on opening prices when 25 percent or more of the value
of the index consists of securities primarily traded in the United
States. Exchange Rule 414(n) requires that issuers of stock index
warrants to notify the Exchange immediately of any changes in the
number of warrants outstanding that the Exchange may prescribe due to
the early exercise of the warrants. The Exchange believes it is
appropriate that the requirements set forth in Exchange Rules 414(l)
and 414(n) be set forth in the Manual rather than in Exchange Rules, as
the Exchange Rules are generally applicable only to member
organizations while the Manual is generally applicable to listed
companies. The Exchange represents that the proposed amendments to
Section 703.17 of the Manual incorporate the substantially similar
provisions of Exchange Rules 414(l) and (n).
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of section 6(b) of the Act,\5\ in general, and section
6(b)(5) of the Act,\6\ in particular, in that it is 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 a national market system, and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 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 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.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\ At any time within 60 days of the filing of the
proposed 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
The NYSE has asked that the Commission waive the 30-day operative
delay and the five-day pre-filing notice requirement. The Commission
believes that waiver of the five-day pre-filing notice requirement is
consistent with the protection of investors and the public interest,
since the proposed rule change relocates provisions from the Exchange
Rules to the Manual, without substantial change to the rule text. Thus,
the Commission waives this pre-filing notice provision. However, waiver
of the 30-day operative period is unnecessary because the Exchange
currently does not trade stock index warrants.\9\
---------------------------------------------------------------------------
\9\ Telephone conference between John Carey, Assistant General
Counsel, NYSE, and Florence E. Harmon, Senior Special Counsel,
Division of Market Regulation, Commission, on February 24, 2005.
---------------------------------------------------------------------------
[[Page 10451]]
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-NYSE-2005-05 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-2005-05. 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 such
filing also will be available for inspection and copying at the
principal office of the Exchange. 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-2005-05 and should be submitted on or before March
24, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-849 Filed 3-2-05; 8:45 am]
BILLING CODE 8010-01-P