Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Rule 476, 33029-33030 [E6-8800]

Download as PDF Federal Register / Vol. 71, No. 109 / Wednesday, June 7, 2006 / Notices 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: SECURITIES AND EXCHANGE COMMISSION Electronic Comments Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Rule 476 rwilkins on PROD1PC63 with NOTICES • 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–2006–039 on the subject line. [Release No. 34–53924; File No. SR–NYSE– 2006–40] June 1, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Paper Comments notice is hereby given that on May 22, 2006, the New York Stock Exchange • Send paper comments in triplicate LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with to Nancy M. Morris, Secretary, the Securities and Exchange Securities and Exchange Commission, Commission (‘‘Commission’’) the 100 F Street, NE., Washington, DC proposed rule change as described in 20549–1090. Items I, II, and III below, which Items All submissions should refer to File have been prepared by the Exchange. Number SR–NASD–2006–039. This file The Exchange filed the proposed rule number should be included on the change pursuant to Section 19(b)(3)(A) subject line if e-mail is used. To help the of the Act 3 and Rule 19b–4(f)(6) Commission process and review your thereunder,4 which renders the comments more efficiently, please use proposed rule change effective upon only one method. The Commission will filing with the Commission. The post all comments on the Commission’s Commission is publishing this notice to Internet Web site (https://www.sec.gov/ solicit comments on the proposed rule rules/sro.shtml). Copies of the change from interested persons. submission, all subsequent I. Self-Regulatory Organization’s amendments, all written statements Statement of the Terms of Substance of with respect to the proposed rule the Proposed Rule Change change that are filed with the Commission, and all written NYSE is proposing to amend NYSE communications relating to the Rule 476 in order to make technical proposed rule change between the changes to the text of the second Commission and any person, other than paragraph of NYSE Rule 476(k). those that may be withheld from the The text of the proposed rule change public in accordance with the is available on the Exchange’s Web site provisions of 5 U.S.C. 552, will be (https://www.nyse.com), at the available for inspection and copying in Exchange’s Office of the Secretary, and the Commission’s Public Reference at the Commission’s Public Reference Room. Copies of such filing also will be Room. available for inspection and copying at II. Self-Regulatory Organization’s the principal office of NASD. All Statement of the Purpose of, and comments received will be posted Statutory Basis for, the Proposed Rule without change; the Commission does Change not edit personal identifying information from submissions. You In its filing with the Commission, the should submit only information that Exchange included statements you wish to make available publicly. All concerning the purpose of, and basis for, submissions should refer to File the proposed rule change and discussed Number SR–NASD–2006–039 and any comments it received on the should be submitted on or before June proposed rule change. The text of these 28, 2006. statements may be examined at the places specified in Item IV below. The For the Commission, by the Division of Exchange has prepared summaries, set Market Regulation, pursuant to delegated forth in Sections A, B, and C below, of authority.17 the most significant aspects of such J. Lynn Taylor, statements. Assistant Secretary. [FR Doc. E6–8810 Filed 6–6–06; 8:45 am] BILLING CODE 8010–01–P 17 17 17:54 Jun 06, 2006 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 2 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 1 15 Jkt 208001 PO 00000 Frm 00117 Fmt 4703 Sfmt 4703 33029 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On March 27, 2006, the Exchange filed SR–NYSE–2006–23 5 (‘‘NYSE– 2006–23’’) with the Commission to reconcile recent amendments to the text of NYSE Rules 475 and 476.6 NYSE– 2006–23 deleted inadvertently inserted text from previously approved changes made to NYSE Rule 476(l) 7 and incorporated the corrected paragraph of NYSE Rule 476(l) 8 into NYSE Rule 476(k). Further, NYSE–2006–23 made technical changes to the rules and rendered the rules gender neutral. However, in NYSE–2006–23, the Exchange failed to remove superfluous text in the second paragraph of NYSE Rule 476(k). Currently the paragraph reads: Any member, member organization or allied of a member organization who shall not pay a fine, or any other sums due to the Exchange, within forty-five days after the same shall become payable, shall be reported by the Exchange Treasurer to the Chairman of the Exchange Board of Directors and, after written notice mailed to such member, member organization or allied member of such arrearages, may be suspended by the Exchange Board of Directors until payment is made. The Exchange seeks to delete the words ‘‘of a’’ after the first reference to ‘‘allied’’ in the paragraph and the word ‘‘organization’’ that follows the third reference to the word ‘‘member’’ so that the phrase reads ‘‘* * * allied member who shall not * * *.’’ The class of membership governed by this rule is an allied member and the Exchange seeks this amendment in order accurately reflect that class of membership. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirement under Section 6(b)(5) of 5 See Securities Exchange Act Release No. 53575 (March 30, 2006), 71 FR 17537 (April 6, 2006) (SR– NYSE–2006–23). NYSE–2006–23 became effective upon filing with the Commission pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6) thereunder. 6 See Securities Exchange Act Release Nos. 53124 (January 13, 2006), 71 FR 3595 (January 23, 2006) (SR–NYSE–2005–37) (which became operative on April 1, 2006), and 53382 (February 27, 2006), 71 FR 11251 (March 6, 2006) (SR–NYSE–2005–77). Telephone conversation between Deanna Logan, Director, NYSE, and Jan Woo, Attorney, Division of Market Regulation, Commission, on May 25, 2006. 7 See Securities Exchange Act Release No. 53382 (February 27, 2006), 71 FR 11251 (March 6, 2006) (SR–NYSE–2005–77). 8 Id. E:\FR\FM\07JNN1.SGM 07JNN1 33030 Federal Register / Vol. 71, No. 109 / Wednesday, June 7, 2006 / Notices the Act 9 that an exchange have rules that are designed 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. The Exchange believes that the proposed rule change is consistent with these objectives in that it enables the Exchange to further enhance the process by which securities are allocated. 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 Written comments were neither solicited nor received. rwilkins on PROD1PC63 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (1) Significantly affect the protection of investors or the public interest; (2) impose any significant burden on competition; and (3) by its terms, become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) 10 of the Act and Rule 19b– 4(f)(6) thereunder. A proposed rule change filed under Rule 19b–4(f)(6) 11 normally may not become operative prior to 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) 12 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The NYSE has requested that the Commission waive the 5-day pre-filing notice requirement and the 30-day operative delay, which would make the rule change effective and operative upon filing. The Commission believes that waiver of the 5-day pre-filing notice and the 30-day operative delay is consistent with the protection of U.S.C. 78f(b)(5). U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6). 12 17 CFR 240.19b–4(f)(6)(iii). 10 15 17:54 Jun 06, 2006 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 No. SR–NYSE–2006–40 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2006–40. 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 13 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 9 15 VerDate Aug<31>2005 investors and the public interest.13 The Commission notes that such waiver would allow the Exchange to implement the proposed rule change immediately and thus to avoid any potential confusion in the class of membership governed by the rule. Accordingly, the Commission designates that the proposed rule change effective and operative upon filing with the Commission. 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. Jkt 208001 PO 00000 Frm 00118 Fmt 4703 Sfmt 4703 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–2006–40 and should be submitted on or before June 28, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.14 J. Lynn Taylor, Assistant Secretary. [FR Doc. E6–8800 Filed 6–6–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53912; File No. SR–NYSE– 2006–29] Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the New York Stock Exchange LLC Amending the Listed Company Manual To Mandate Listed Companies Become Eligible To Participate in a Direct Registration System May 31, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on May 6, 2006, the New York Stock Exchange LLC (‘‘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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The NYSE proposes to amend its Listed Company Manual (‘‘Manual’’) to mandate that all listed companies become eligible to participate in a Direct Registration System (‘‘DRS’’) administered by a clearing agency registered under Section 17A of the Act. 14 7 1 CFR 200.30–3(a)(12). 15 U.S.C. 78s(b)(1). E:\FR\FM\07JNN1.SGM 07JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 71, Number 109 (Wednesday, June 7, 2006)]
[Notices]
[Pages 33029-33030]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-8800]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53924; File No. SR-NYSE-2006-40]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to NYSE Rule 476

June 1, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on May 22, 2006, the New York Stock Exchange LLC (``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. The 
Exchange 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.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NYSE is proposing to amend NYSE Rule 476 in order to make technical 
changes to the text of the second paragraph of NYSE Rule 476(k).
    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
    On March 27, 2006, the Exchange filed SR-NYSE-2006-23 \5\ (``NYSE-
2006-23'') with the Commission to reconcile recent amendments to the 
text of NYSE Rules 475 and 476.\6\ NYSE-2006-23 deleted inadvertently 
inserted text from previously approved changes made to NYSE Rule 476(l) 
\7\ and incorporated the corrected paragraph of NYSE Rule 476(l) \8\ 
into NYSE Rule 476(k). Further, NYSE-2006-23 made technical changes to 
the rules and rendered the rules gender neutral.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 53575 (March 30, 
2006), 71 FR 17537 (April 6, 2006) (SR-NYSE-2006-23). NYSE-2006-23 
became effective upon filing with the Commission pursuant to Section 
19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder.
    \6\ See Securities Exchange Act Release Nos. 53124 (January 13, 
2006), 71 FR 3595 (January 23, 2006) (SR-NYSE-2005-37) (which became 
operative on April 1, 2006), and 53382 (February 27, 2006), 71 FR 
11251 (March 6, 2006) (SR-NYSE-2005-77). Telephone conversation 
between Deanna Logan, Director, NYSE, and Jan Woo, Attorney, 
Division of Market Regulation, Commission, on May 25, 2006.
    \7\ See Securities Exchange Act Release No. 53382 (February 27, 
2006), 71 FR 11251 (March 6, 2006) (SR-NYSE-2005-77).
    \8\ Id.
---------------------------------------------------------------------------

    However, in NYSE-2006-23, the Exchange failed to remove superfluous 
text in the second paragraph of NYSE Rule 476(k). Currently the 
paragraph reads:

    Any member, member organization or allied of a member 
organization who shall not pay a fine, or any other sums due to the 
Exchange, within forty-five days after the same shall become 
payable, shall be reported by the Exchange Treasurer to the Chairman 
of the Exchange Board of Directors and, after written notice mailed 
to such member, member organization or allied member of such 
arrearages, may be suspended by the Exchange Board of Directors 
until payment is made.

    The Exchange seeks to delete the words ``of a'' after the first 
reference to ``allied'' in the paragraph and the word ``organization'' 
that follows the third reference to the word ``member'' so that the 
phrase reads ``* * * allied member who shall not * * *.'' The class of 
membership governed by this rule is an allied member and the Exchange 
seeks this amendment in order accurately reflect that class of 
membership.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the requirement under Section 6(b)(5) of

[[Page 33030]]

the Act \9\ that an exchange have rules that are designed 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. 
The Exchange believes that the proposed rule change is consistent with 
these objectives in that it enables the Exchange to further enhance the 
process by which securities are allocated.
---------------------------------------------------------------------------

    \9\ 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

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not: (1) 
Significantly affect the protection of investors or the public 
interest; (2) impose any significant burden on competition; and (3) by 
its terms, become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate if 
consistent with the protection of investors and the public interest, 
the proposed rule change has become effective pursuant to Section 
19(b)(3)(A) \10\ of the Act and Rule 19b-4(f)(6) thereunder.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally 
may not become operative prior to 30 days after the date of filing. 
However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. The NYSE has requested that the 
Commission waive the 5-day pre-filing notice requirement and the 30-day 
operative delay, which would make the rule change effective and 
operative upon filing. The Commission believes that waiver of the 5-day 
pre-filing notice and the 30-day operative delay is consistent with the 
protection of investors and the public interest.\13\ The Commission 
notes that such waiver would allow the Exchange to implement the 
proposed rule change immediately and thus to avoid any potential 
confusion in the class of membership governed by the rule. Accordingly, 
the Commission designates that the proposed rule change effective and 
operative upon filing with the Commission.
---------------------------------------------------------------------------

    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    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.

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 No. SR-NYSE-2006-40 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2006-40. 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-2006-40 and should be submitted on or before June 
28, 2006.
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    \14\ 7 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\14\
J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E6-8800 Filed 6-6-06; 8:45 am]
BILLING CODE 8010-01-P

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