Self-Regulatory Organizations; New York Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Waiver of Initiation Fees Charged to New Lessee Members, 76336-76337 [E5-7768]
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76336
Federal Register / Vol. 70, No. 246 / Friday, December 23, 2005 / Notices
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listed for the closed meetings in closed
sessions and that no earlier notice
thereof was possible.
The subject matter of the Closed
Meeting scheduled for Wednesday,
December 21, 2005 will be: Institution
and settlement of injunctive actions;
and Institution and settlement of
administrative proceedings of an
enforcement matter.
The subject matter of the Closed
Meeting scheduled for Thursday,
December 22, 2005 will be: Institution
of injunctive actions; and Institution
and settlement of administrative
proceedings of an enforcement matter.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items. For further
information and to ascertain what, if
any, matters have been added, deleted
or postponed, please contact: The Office
of the Secretary at (202) 551–5400.
Authority: 5 U.S.C. 3301 and 3302; E.O.
10577, 3 CFR 1954–1958 Comp., P.218.
Office of Personnel Management.
Linda M. Springer,
Director.
[FR Doc. E5–7737 Filed 12–22–05; 8:45 am]
Dated: December 20, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. 05–24477 Filed 12–21–05; 1:41 pm]
BILLING CODE 8010–01–P
BILLING CODE 6325–39–P
[Release No. 34–52974; File No. SR–NYSE–
2005–88]
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto Relating to
the Waiver of Initiation Fees Charged
to New Lessee Members
Sunshine Act Meetings; Notice
Citation of Previous
Announcement:
[70 FR 74850, December 16, 2005].
STATUS: Closed Meeting.
PLACE: 100 F Street, NE., Washington,
DC.
wwhite on PROD1PC61 with NOTICES
FEDERAL REGISTER
December 16, 2005.
ANNOUNCEMENT OF ADDITIONAL MEETINGS:
Additional Meetings (Week of December
19, 2005).
Closed Meetings have been scheduled
for Wednesday, December 21, 2005 at
9 a.m. and Thursday, December 22, 2005
at 9:30 a.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
may attend the Closed Meetings. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(5), (7), (9)(B) and (10)
and 17 CFR 200.402(a)(5), (7), 9(ii) and
(10) permit consideration of the
scheduled matter at the Closed
Meetings.
Commissioner Glassman, as duty
officer, voted to consider the items
VerDate Aug<31>2005
16:55 Dec 22, 2005
Jkt 208001
SECURITIES AND EXCHANGE
COMMISSION
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
13, 2005, 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 Exchange.
On December 14, 2005, the Exchange
filed Amendment No. 1 to the proposed
rule change.3 The Exchange filed the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4
3 See Partial Amendment dated December 14,
2005 (‘‘Amendment No. 1’’). In Amendment No. 1,
the Exchange (i) added information to the purpose
section to conform it to the proposed rule text; (ii)
made changes to the Exchange’s 2005 Price List to
conform it to the proposed changes to Exchange
Rule 301; (iii) amended the rule text to indicate that
the effective date for the waiver is December 13,
2005; and (iv) made technical changes.
2 17
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
proposed rule change pursuant to
section 19(b)(3)(A)(ii) of the Act 4 and
Rule 19b–4(f)(2) thereunder,5 which
render the proposal effective upon filing
with the Commission. The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Exchange Rule 301 to waive the
initiation fees charged to new lessee
members upon lease of an Exchange
seat. The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.nyse.com.), at the
Exchange’s Office of the Secretary, and
at the Commission’s Public Reference
Room.
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 these
statements may be examined at the
places specified in Item IV below. 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
The Exchange proposes to waive the
initiation fees charged to lessee
members upon a new lease of an
Exchange seat.
Article II, Section 4 of the Exchange’s
constitution authorizes the Exchange’s
Board of Directors to impose by rule
initiation fees on new lessee members.
The Board has established an initiation
fee for lessee members by its adoption
of Supplementary Material .27
(Payments to be made on day of
approval of transfer or lease and
payments to be made prior to admission
to membership) of Exchange Rule 301.
Supplementary Material .27 of Exchange
Rule 301 sets initiation fees for leased
seats at an amount equal to 5% of the
last contracted sale of a seat, subject to
minimum and maximum fees of $1,000
and $5,000 respectively. As seat prices
4 15
5 17
E:\FR\FM\23DEN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
23DEN1
Federal Register / Vol. 70, No. 246 / Friday, December 23, 2005 / Notices
currently exceed $1,000,000, the current
initiation fee for lessee members is the
$5,000 maximum.
On December 6, 2005, the members of
the Exchange and the shareholders of
Archipelago Holdings, Inc.
(‘‘Archipelago’’) voted to approve a
merger of the Exchange and
Archipelago. It is anticipated that the
merger will be consummated in early
2006 upon receipt of approval of the
transaction from the Division of Market
Regulation. Upon consummation of the
merger, the Exchange and Archipelago
will each become wholly owned
subsidiaries of a new publicly traded
company, NYSE Group, Inc., and
members of the Exchange will exchange
their membership interests for shares of
NYSE Group and cash.
The Exchange believes it is
appropriate to waive the initiation fees
currently charged to lessee members
who commence new leases on or after
December 13, 2005. The initiation fees
were established at a time when it was
assumed that most new lessee members
would lease a seat for a reasonable
period of time and would amortize the
cost of the initiation fee over that
period. As new leases at this time are
likely to have a duration of only a
matter of weeks, that will no longer be
the case. As such, the Exchange believes
that it is equitable to waive the
initiation fee at this time.
In addition to amending Exchange
Rule 301 in the manner described
above, the Exchange is making a
corresponding change to page 11 of the
Exchange 2005 Price List to indicate
that initiation fees will no longer be
charged in connection with the
commencement of new leases.
References in page 11 of the Exchange
2005 Price List to ‘‘transfer fees’’ are
intended as references to the initiation
fees established by Supplementary
Material .27 of Exchange Rule 301.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(4) 6 that an exchange
have rules that provide for the equitable
allocation of reasonable dues, fees and
other charges among its members and
other persons using its facilities.
wwhite on PROD1PC61 with NOTICES
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.
6 15
U.S.C. 78f(b)(4).
VerDate Aug<31>2005
18:14 Dec 22, 2005
Jkt 208001
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
The foregoing rule change has become
effective pursuant to section 19(b)(3)(A)
of the Act 7 and Rule 19b–4(f)(2)
thereunder,8 because it establishes or
changes a due, fee or other charge
applicable only to a member.9 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 further of the purposes of the Act.10
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, 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–2005–88 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–NYSE–2005–88. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
7 15
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(2).
9 At the request of the Exchange, the Commission
added ‘‘applicable only to a member.’’ Telephone
conversation between John Carey, Assistant General
Counsel, Exchange, and Kim Allen, Special
Counsel, Commission, Division of Market
Regulation, on December 16, 2005.
10 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, the Commission considers
that period to commence on December 14, 2005, the
date the Exchange filed Amendment No. 1 to the
proposed rule change. See 15 U.S.C. 78s(b)(3)(C).
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
76337
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 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–2005–88 and should
be submitted on or before January 13,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7768 Filed 12–22–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52969; File No. SR–NYSE–
2005–38]
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Notice of
Filing of Proposed Rule Change and
Amendment No. 1 Thereto to Rules 104
(‘‘Dealings by Specialists’’) and 123E
(‘‘Specialist Combination Review
Policy’’) To Change the Exchange’s
Capital Requirements for Specialist
Organizations.
December 16, 2005.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Exchange Act’’),2 and Rule 19b–4
thereunder,3 notice is hereby given that
on May 26, 2005, the New York Stock
Exchange, Inc. (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a et seq.
3 17 CFR 240.19b–4.
1 15
E:\FR\FM\23DEN1.SGM
23DEN1
Agencies
[Federal Register Volume 70, Number 246 (Friday, December 23, 2005)]
[Notices]
[Pages 76336-76337]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7768]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52974; File No. SR-NYSE-2005-88]
Self-Regulatory Organizations; New York Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto Relating to the Waiver of Initiation Fees
Charged to New Lessee Members
December 16, 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 13, 2005, 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 Exchange. On
December 14, 2005, the Exchange filed Amendment No. 1 to the proposed
rule change.\3\ The Exchange filed the proposed rule change pursuant to
section 19(b)(3)(A)(ii) of the Act \4\ and Rule 19b-4(f)(2)
thereunder,\5\ which render the proposal effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change, as amended, from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4
\3\ See Partial Amendment dated December 14, 2005 (``Amendment
No. 1''). In Amendment No. 1, the Exchange (i) added information to
the purpose section to conform it to the proposed rule text; (ii)
made changes to the Exchange's 2005 Price List to conform it to the
proposed changes to Exchange Rule 301; (iii) amended the rule text
to indicate that the effective date for the waiver is December 13,
2005; and (iv) made technical changes.
\4\ 15 U.S.C. 78s(b)(3)(A)(ii).
\5\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Exchange Rule 301 to waive the
initiation fees charged to new lessee members upon lease of an Exchange
seat. The text of the proposed rule change is available on the
Exchange's Web site (https://www.nyse.com.), at the Exchange's Office of
the Secretary, and at the Commission's Public Reference Room.
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 these statements may be examined at the places specified in
Item IV below. 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
The Exchange proposes to waive the initiation fees charged to
lessee members upon a new lease of an Exchange seat.
Article II, Section 4 of the Exchange's constitution authorizes the
Exchange's Board of Directors to impose by rule initiation fees on new
lessee members. The Board has established an initiation fee for lessee
members by its adoption of Supplementary Material .27 (Payments to be
made on day of approval of transfer or lease and payments to be made
prior to admission to membership) of Exchange Rule 301. Supplementary
Material .27 of Exchange Rule 301 sets initiation fees for leased seats
at an amount equal to 5% of the last contracted sale of a seat, subject
to minimum and maximum fees of $1,000 and $5,000 respectively. As seat
prices
[[Page 76337]]
currently exceed $1,000,000, the current initiation fee for lessee
members is the $5,000 maximum.
On December 6, 2005, the members of the Exchange and the
shareholders of Archipelago Holdings, Inc. (``Archipelago'') voted to
approve a merger of the Exchange and Archipelago. It is anticipated
that the merger will be consummated in early 2006 upon receipt of
approval of the transaction from the Division of Market Regulation.
Upon consummation of the merger, the Exchange and Archipelago will each
become wholly owned subsidiaries of a new publicly traded company, NYSE
Group, Inc., and members of the Exchange will exchange their membership
interests for shares of NYSE Group and cash.
The Exchange believes it is appropriate to waive the initiation
fees currently charged to lessee members who commence new leases on or
after December 13, 2005. The initiation fees were established at a time
when it was assumed that most new lessee members would lease a seat for
a reasonable period of time and would amortize the cost of the
initiation fee over that period. As new leases at this time are likely
to have a duration of only a matter of weeks, that will no longer be
the case. As such, the Exchange believes that it is equitable to waive
the initiation fee at this time.
In addition to amending Exchange Rule 301 in the manner described
above, the Exchange is making a corresponding change to page 11 of the
Exchange 2005 Price List to indicate that initiation fees will no
longer be charged in connection with the commencement of new leases.
References in page 11 of the Exchange 2005 Price List to ``transfer
fees'' are intended as references to the initiation fees established by
Supplementary Material .27 of Exchange Rule 301.
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(4) \6\ that an exchange have rules that
provide for the equitable allocation of reasonable dues, fees and other
charges among its members and other persons using its facilities.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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
The foregoing rule change has become effective pursuant to section
19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(2) thereunder,\8\ because
it establishes or changes a due, fee or other charge applicable only to
a member.\9\ 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 further of the purposes of the Act.\10\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(2).
\9\ At the request of the Exchange, the Commission added
``applicable only to a member.'' Telephone conversation between John
Carey, Assistant General Counsel, Exchange, and Kim Allen, Special
Counsel, Commission, Division of Market Regulation, on December 16,
2005.
\10\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, the Commission considers that period
to commence on December 14, 2005, the date the Exchange filed
Amendment No. 1 to the proposed rule change. See 15 U.S.C.
78s(b)(3)(C).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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-2005-88 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-NYSE-2005-88. 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 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-2005-88 and should be submitted on or before
January 13, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jonathan G. Katz,
Secretary.
[FR Doc. E5-7768 Filed 12-22-05; 8:45 am]
BILLING CODE 8010-01-P