Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To Waive Certain Listing Fees, 12651-12653 [E7-4786]
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Federal Register / Vol. 72, No. 51 / Friday, March 16, 2007 / Notices
orders received by the Exchange per
day.
In addition, the wider availability and
increased speed of NYSE Direct+
(‘‘Direct+’’), the Exchange’s electronic
execution facility, which is being
implemented in connection with the
Hybrid Market, should prove a
beneficial substitute to those Exchange
customers seeking processing for
individual investor orders similar to
that obtained through IIEDS. The
enhancements to Direct+ being
introduced involve immediate
execution at the best bid and best offer
without restrictions on order size or
frequency to the extent of the displayed
volume associated with the bid and
offer. The speed and continued
operation of electronic executions
through Direct+ will also eliminate the
queues that developed during the
slower, more manual execution process,
further obviating the need for IIEDS.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirement under Section 6(b)(5) 6
of the Act 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 national market system, and, in
general, to protect investors and the
public interest.
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.
sroberts on PROD1PC70 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A) of the Act7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8 Because the Exchange has
designated the foregoing proposed rule
change as one that: (i) Does not
significantly affect the protection of
6 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6).
7 15
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15:24 Mar 15, 2007
Jkt 211001
12651
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) does not 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)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder. 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.
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–2007–16 and should
be submitted on or before April 6, 2007.
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:
SECURITIES AND EXCHANGE
COMMISSION
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–2007–16 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSE–2007–16. 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 Commissions
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
PO 00000
Frm 00062
Fmt 4703
Sfmt 4703
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–4813 Filed 3–15–07; 8:45 am]
BILLING CODE 8010–01–P
[Release No. 34–55430; File No. SR–
NYSEArca–2007–24]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change To Waive Certain Listing
Fees
March 8, 2007.
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 February
28, 2007, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or ‘‘Exchange’’), through its
wholly owned subsidiary, NYSE Arca
Equities, Inc., 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
substantially prepared by the Exchange.
The Commission is publishing this
notice to solicit comment 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 amend its
listing fees to provide that there shall be
no initial listing fee applicable to (i)
Any company listing upon emergence
from bankruptcy, or (ii) any company
listing its primary class of common
stock that is not listed on a national
securities exchange but is registered
under the Act.
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.nysearca.com), at the
Exchange’s Office of the Secretary, and
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\16MRN1.SGM
16MRN1
12652
Federal Register / Vol. 72, No. 51 / Friday, March 16, 2007 / Notices
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
sroberts on PROD1PC70 with NOTICES
1. Purpose
The Exchange proposes to amend its
listing fee schedule to provide that there
shall be no initial listing fee applicable
to:
• Any company listing following
emergence from bankruptcy;3 or
• Any company listing its primary
class of common stock that is not listed
on a national securities exchange but is
registered under the Act.
If approved by the Commission, the
amendments contained in this proposal
will be applied retroactively as of the
date of this filing.
The proposed rule change will not
affect the Exchange’s commitment of
resources to its regulatory oversight of
the listing process or its regulatory
programs. Specifically, companies that
benefit from the waivers will be
reviewed for compliance with Exchange
listing standards in the same manner as
any other company that applies to be
listed on the Exchange. The Exchange
will conduct a full and independent
review of each issuer’s compliance with
the Exchange’s listing standards.
In the case of companies listing upon
emergence from bankruptcy, the
Exchange believes that the initial listing
fee waiver is justified by such
companies’ unique circumstances.
Companies emerging from bankruptcy
are typically not raising any new capital
at the time of listing, so the payment of
initial listing fees is more burdensome
than for companies that are listing upon
3 The
Exchange interprets ‘‘listing following
emergence from bankruptcy’’ to mean that the
company lists at the same time it emerges from
bankruptcy. Telephone conversation between John
Carey, Assistant General Counsel, NYSE, and
Nathan Saunders, Special Counsel, Division of
Market Regulation, Commission, March 6, 2007.
VerDate Aug<31>2005
15:24 Mar 15, 2007
Jkt 211001
an initial public offering. Also, because
of the desire in bankruptcy proceedings
to ensure that creditors are paid as
much as possible, such companies are
much more sensitive to the costs
associated with listing. It is frequently
difficult for such companies to assess
what those costs are going to be until
quite close to their emergence from
bankruptcy, as the number of shares that
will be issued (and therefore the related
listing fees) are a significant variable in
the negotiation of the bankruptcy
settlement. As bankrupt companies face
unique challenges in the listing process
and the number of companies that will
benefit from the fee waiver will be very
limited, the Exchange does not believe
that the treatment this proposal would
afford to bankrupt companies
constitutes an inequitable or unfairly
discriminatory allocation of fees.
The Exchange anticipates that a
significant percentage of potential
listings of companies that have a
registered class of common stock but
that are not currently listed on a
national securities exchange will be
formerly listed companies that were
delisted as a result of a failure to timely
file annual reports with the
Commission. These are companies that
were otherwise in good standing with a
national securities exchange, but fell
behind on their reporting obligations
under the Act because their auditors or
the Commission required restatements
of their financial statements. These
companies will re-list on the Exchange
as soon as their filings are up to date.
The Exchange believes that waiving
initial listing fees for these companies is
appropriate and does not constitute an
inequitable or unfairly discriminatory
allocation of fees, as such companies
had previously paid initial listing fees to
the Exchange or to another national
securities exchange, and to make them
pay these fees again would further
penalize them unnecessarily.
The Exchange does not expect the
financial impact of this proposed rule
change to be material, either in terms of
increased levels of annual fees from
transferring issuers or in terms of
diminished initial listing fee revenues.
A very limited number of companies are
qualified and seek to list on the
Exchange that are either emerging from
bankruptcy or have a registered class of
common stock but are not currently
listed on another market. Accordingly,
the proposed rule change will not
impact the Exchange’s resource
commitment to its regulatory oversight
of the listing process or its regulatory
programs.
PO 00000
Frm 00063
Fmt 4703
Sfmt 4703
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirement under Section 6(b)(4) 4
of the Act 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 and the
requirement under Section 6(b)(5) 5 of
Act that an exchange have rules that are
designed to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system and that are not designed to
permit unfair discrimination between
issuers. In light of the unique
circumstances of companies emerging
from bankruptcy and the likelihood that
many companies listing that have a
registered class of common stock but are
not listed on another market will be
previously listed companies delisted as
late filers, the Exchange believes that
the proposed fee waiver does not render
the allocation of its listing fees
inequitable or unfairly discriminatory.
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 on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
As the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding, or
(ii) as to which the Exchange consents,
the Commission will:
(A) By order approve the proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
4 15
5 15
U.S.C. 78f(b)(4).
U.S.C. 78f(b)(5).
E:\FR\FM\16MRN1.SGM
16MRN1
Federal Register / Vol. 72, No. 51 / Friday, March 16, 2007 / Notices
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–NYSEArca–2007–24 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55435; File No. SR–
NYSEArca–2007–23]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Fees for
Round-Lot Transactions in NYSEListed Securities (Other Than ETFs)
Routed Outside the Book
March 9, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on February
to Nancy M. Morris, Secretary,
26, 2007, NYSE Arca, Inc. (‘‘NYSE
Securities and Exchange Commission,
Arca’’ or ‘‘Exchange’’), through its
100 F Street, NE., Washington, DC
wholly owned subsidiary NYSE Arca
20549–1090.
Equities, Inc. (‘‘NYSE Arca Equities’’),
All submissions should refer to File
filed with the Securities and Exchange
Number SR–NYSEArca–2007–24. This
Commission (‘‘Commission’’) the
file number should be included on the
proposed rule change as described in
subject line if e-mail is used. To help the Items I, II, and III below, which Items
Commission process and review your
have been substantially prepared by
comments more efficiently, please use
NYSE Arca. NYSE Arca has filed the
only one method. The Commission will proposal pursuant to Section 19(b)(3)(A)
post all comments on the Commission’s of the Act 3 and Rule 19b–4(f)(2)
Internet Web site (https://www.sec.gov/
thereunder,4 which renders the proposal
rules/sro.shtml). Copies of the
effective upon filing with the
submission, all subsequent
Commission. The Commission is
amendments, all written statements
publishing this notice to solicit
with respect to the proposed rule
comments on the proposed rule change
change that are filed with the
from interested persons.
Commission, and all written
I. Self-Regulatory Organization’s
communications relating to the
Statement of the Terms of Substance of
proposed rule change between the
Commission and any person, other than the Proposed Rule Change
The Exchange proposes to amend the
those that may be withheld from the
section of its Schedule of Fees and
public in accordance with the
Charges for Exchange Services (‘‘Fee
provisions of 5 U.S.C. 552, will be
Schedule’’) that applies to round-lot
available for inspection and copying in
transactions by ETP Holders 5 in
the Commission’s Public Reference
securities (other than exchange-traded
Room. Copies of the filing also will be
funds, or ‘‘ETFs’’) listed on the New
available for inspection and copying at
the principal office of the Exchange. All York Stock Exchange LLC (‘‘NYSE’’).
While changes to the Fee Schedule
comments received will be posted
pursuant to this proposal will be
without change; the Commission does
effective upon filing, the changes will
not edit personal identifying
become operative on March 1, 2007. The
information from submissions. You
text of the proposed rule change is
should submit only information that
you wish to make available publicly. All available at NYSE Arca, the
Commission’s Public Reference Room,
submissions should refer to File
and https://www.nysearca.com.
Number SR–NYSEArca–2007–24 and
should be submitted on or before April
II. Self-Regulatory Organization’s
6, 2007.
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
For the Commission, by the Division of
Change
Market Regulation, pursuant to delegated
sroberts on PROD1PC70 with NOTICES
Paper Comments
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–4786 Filed 3–15–07; 8:45 am]
BILLING CODE 8010–01–P
6 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:24 Mar 15, 2007
Jkt 211001
In its filing with the Commission,
NYSE Arca included statements
1 15
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)(2).
5 See NYSE Arca Equities Rule 1.1(n).
2 17
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
12653
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. NYSE
Arca 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 amend the
section of its Fee Schedule that applies
to round-lot transactions by ETP
Holders in NYSE-listed securities (other
than ETFs). While changes to the Fee
Schedule pursuant to this proposal will
be effective upon filing, the changes will
become operative on March 1, 2007.
The Fee Schedule currently provides
that ETP Holders are charged $0.001 per
share for round-lot transactions in
NYSE-listed securities that are routed
outside the NYSE Arca Book. The
Exchange proposes to amend its Fee
Schedule to increase this fee to $0.003
per share for such routed orders
executed at any away market center
other than the NYSE. ETP Holders will
continue to be charged $0.001 per share
for round-lot transactions in NYSElisted securities that are routed to, and
executed on, the NYSE. The Exchange
proposes to increase this fee in direct
response to the recent fee announced by
The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) of $0.003 per share for
orders that remove liquidity from the
Nasdaq Market Center for NYSE-, Amexand regional-listed securities (excluding
ETFs), effective January 1, 2007.6
Specifically, the Exchange proposes this
increase so that it may pass through to
its ETP Holders the increased fee that
Nasdaq is charging the Exchange for
such ETP Holders’ transactions.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
provisions of Section 6(b) of the Act,7 in
general, and with Section 6(b)(4) of the
Act,8 in particular, in that the proposal
6 See Securities Exchange Act Release No. 54742
(November 13, 2006), 71 FR 67179 (November 20,
2006) (SR–NASD–2006–122). See also Securities
Exchange Act Release Nos. 54932 (December 13,
2006), 71 FR 76406 (December 20, 2006) (SR–
NASD–2006–132); 55137 (January 19, 2007), 72 FR
3452 (January 25, 2007) (SR–NASDAQ–2006–068);
and 55284 (February 13, 2007), 72 FR 8231
(February 23, 2007) (SR–NASDAQ–2007–003).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
E:\FR\FM\16MRN1.SGM
16MRN1
]]>Agencies
[Federal Register Volume 72, Number 51 (Friday, March 16, 2007)]
[Notices]
[Pages 12651-12653]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-4786]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55430; File No. SR-NYSEArca-2007-24]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To Waive Certain Listing Fees
March 8, 2007.
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 February 28, 2007, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange''),
through its wholly owned subsidiary, NYSE Arca Equities, Inc., 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 substantially prepared by the Exchange. The Commission
is publishing this notice to solicit comment on the proposed rule
change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its listing fees to provide that
there shall be no initial listing fee applicable to (i) Any company
listing upon emergence from bankruptcy, or (ii) any company listing its
primary class of common stock that is not listed on a national
securities exchange but is registered under the Act.
The text of the proposed rule change is available on the Exchange's
Web site (https://www.nysearca.com), at the Exchange's Office of the
Secretary, and
[[Page 12652]]
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 amend its listing fee schedule to provide
that there shall be no initial listing fee applicable to:
Any company listing following emergence from
bankruptcy;\3\ or
---------------------------------------------------------------------------
\3\ The Exchange interprets ``listing following emergence from
bankruptcy'' to mean that the company lists at the same time it
emerges from bankruptcy. Telephone conversation between John Carey,
Assistant General Counsel, NYSE, and Nathan Saunders, Special
Counsel, Division of Market Regulation, Commission, March 6, 2007.
---------------------------------------------------------------------------
Any company listing its primary class of common stock that
is not listed on a national securities exchange but is registered under
the Act.
If approved by the Commission, the amendments contained in this
proposal will be applied retroactively as of the date of this filing.
The proposed rule change will not affect the Exchange's commitment
of resources to its regulatory oversight of the listing process or its
regulatory programs. Specifically, companies that benefit from the
waivers will be reviewed for compliance with Exchange listing standards
in the same manner as any other company that applies to be listed on
the Exchange. The Exchange will conduct a full and independent review
of each issuer's compliance with the Exchange's listing standards.
In the case of companies listing upon emergence from bankruptcy,
the Exchange believes that the initial listing fee waiver is justified
by such companies' unique circumstances. Companies emerging from
bankruptcy are typically not raising any new capital at the time of
listing, so the payment of initial listing fees is more burdensome than
for companies that are listing upon an initial public offering. Also,
because of the desire in bankruptcy proceedings to ensure that
creditors are paid as much as possible, such companies are much more
sensitive to the costs associated with listing. It is frequently
difficult for such companies to assess what those costs are going to be
until quite close to their emergence from bankruptcy, as the number of
shares that will be issued (and therefore the related listing fees) are
a significant variable in the negotiation of the bankruptcy settlement.
As bankrupt companies face unique challenges in the listing process and
the number of companies that will benefit from the fee waiver will be
very limited, the Exchange does not believe that the treatment this
proposal would afford to bankrupt companies constitutes an inequitable
or unfairly discriminatory allocation of fees.
The Exchange anticipates that a significant percentage of potential
listings of companies that have a registered class of common stock but
that are not currently listed on a national securities exchange will be
formerly listed companies that were delisted as a result of a failure
to timely file annual reports with the Commission. These are companies
that were otherwise in good standing with a national securities
exchange, but fell behind on their reporting obligations under the Act
because their auditors or the Commission required restatements of their
financial statements. These companies will re-list on the Exchange as
soon as their filings are up to date. The Exchange believes that
waiving initial listing fees for these companies is appropriate and
does not constitute an inequitable or unfairly discriminatory
allocation of fees, as such companies had previously paid initial
listing fees to the Exchange or to another national securities
exchange, and to make them pay these fees again would further penalize
them unnecessarily.
The Exchange does not expect the financial impact of this proposed
rule change to be material, either in terms of increased levels of
annual fees from transferring issuers or in terms of diminished initial
listing fee revenues. A very limited number of companies are qualified
and seek to list on the Exchange that are either emerging from
bankruptcy or have a registered class of common stock but are not
currently listed on another market. Accordingly, the proposed rule
change will not impact the Exchange's resource commitment to its
regulatory oversight of the listing process or its regulatory programs.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirement under Section 6(b)(4) \4\ of the Act 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 and the requirement under Section 6(b)(5)
\5\ of Act that an exchange have rules that are designed to remove
impediments to and perfect the mechanism of a free and open market and
a national market system and that are not designed to permit unfair
discrimination between issuers. In light of the unique circumstances of
companies emerging from bankruptcy and the likelihood that many
companies listing that have a registered class of common stock but are
not listed on another market will be previously listed companies
delisted as late filers, the Exchange believes that the proposed fee
waiver does not render the allocation of its listing fees inequitable
or unfairly discriminatory.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b)(4).
\5\ 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 on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) As the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding, or (ii) as to
which the Exchange consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing,
[[Page 12653]]
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-NYSEArca-2007-24 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2007-24.
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-NYSEArca-2007-24 and should be submitted on or before
April 6, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-4786 Filed 3-15-07; 8:45 am]
BILLING CODE 8010-01-P
