Self-Regulatory Organizations; New York Stock Exchange LLC.; Order Approving Proposed Rule Change To Amend NYSE Rule 440A (“Telephone Solicitations”), 27610-27611 [E7-9366]
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Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices
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–NFA–2007–02 and should
be submitted on or before June 6, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–9371 Filed 5–15–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55735; File No. SR–NYSE–
2007–06]
Self-Regulatory Organizations; New
York Stock Exchange LLC.; Order
Approving Proposed Rule Change To
Amend NYSE Rule 440A (‘‘Telephone
Solicitations’’)
cprice-sewell on PROD1PC66 with NOTICES
May 10, 2007.
I. Introduction
On January 25, 2007, the New York
Stock Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Rule 440A, addressing member
organizations’ telephone solicitations of
customers. The proposed rule change
was published for comment in the
Federal Register on March 29, 2007.3
The Commission received no comments
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Exchange Act Release No. 55517 (Mar. 23,
2007), 72 FR 14842 (Mar. 29, 2007).
1 15
VerDate Aug<31>2005
15:27 May 15, 2007
Jkt 211001
on the proposal. This order approves the
proposed rule change.
II. Description of the Proposal
NYSE Rule 440A generally addresses
member organizations’ telephone
solicitations of customers. Rule 440A(g)
provides ‘‘No member or member
organization may use a telephone
facsimile machine, computer or other
device to send an unsolicited
advertisement to a telephone facsimile
machine, computer or other device.’’
Subsection 440A(g)(1) further provides
that a facsimile advertisement is not
‘‘unsolicited’’ where the recipient has
granted the member organization prior
express invitation or permission to
deliver the advertisement, as further
defined in the Rule. This proposed rule
change provided that such an
advertisement also will not be
considered ‘‘unsolicited’’ where there is
an ‘‘established business relationship’’
as defined in the present Rule 440A(j).
In addition, the Exchange proposed to
delete the term ‘‘member’’ as used in the
Rule to reflect the recent reorganization
of the Exchange,4 and the term ‘‘allied
member’’ as redundant within the
context of the present regulation.
The amendments to Rule 440A(g)
were adopted by the Exchange on
December 2, 2004 5 to incorporate
regulations issued by the Federal
Communications Commission (‘‘FCC’’)
and the Federal Trade Commission
(‘‘FTC’’) relating to the implementation
of the National Do Not Call registry and
the amendments to the Telephone
Consumer Protection Act of 1991.6 The
FCC and FTC regulations contained no
exception for facsimiles sent to
customers with which a broker-dealer
had an ‘‘established business
relationship’’ as such term was defined.
Subsequently, Congress passed
legislation 7 which restored an
exemption for unsolicited faxes sent to
a recipient with whom the sender had
an established business relationship.
Accordingly, the proposed amendments
to NYSE Rule 440A(g)(1) added an
exception for established business
relationships to the definition of
‘‘unsolicited’’ and set forth the measures
necessary for a customer to opt out of
the receipt of further communications.
These standards, which are taken from
4 See Exchange Act Release No. 53382 (Feb. 27,
2006), 71 FR 11251 (Mar. 6, 2006) (SR–NYSE–2005–
77).
5 See Exchange Act Release No. 34–52579 (Oct. 7,
2005), 70 FR 60119 (Oct. 14, 2005) (SR–NYSE–
2004–73).
6 Rules and Regulations Implementing the
Telephone Consumer Protection Act of 1991, FCC
03–153 (Jun. 26, 2003), 68 FR 44144 (Jul. 25, 2003).
7 Junk Fax Prevention Act of 2005, Pub. L. 109–
21, 119 Stat. 359 (2005).
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
applicable FCC regulations,8 generally
require that the member organization
and the person not only have an
established business relationship,9 but
also that the member organization
obtain the fax number from the recipient
(or the recipient’s web site, directory, or
advertisement). Further, the recipient
must not have stated on those materials
that they do not accept unsolicited
advertisements at the listed number.
Under the proposed rule change, the
member organization must also take
reasonable steps to verify that the
recipient consented to have the number
listed.
III. Discussion and Commission
Findings
After careful review, the Commission
finds that the proposed rule change is
consistent with the Act and, in
particular, with Section 6(b)(5) of the
Act, which requires, among other
things, that the NYSE’s rules be
designed to promote just and equitable
principles of trade, and, in general, to
protect investors and the public
interest.10 The Commission believes
that in bringing the NYSE’s Rule setting
forth the definition and treatment of
unsolicited telemarketing
communications into concurrence with
FCC regulations, the proposed rule
change will harmonize currently
disparate regulations and therefore
provide greater clarity, both to members
and customers, as to which
communications between members and
customers qualify as ‘‘unsolicited.’’ 11
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 12 that the
proposed rule change (SR–NYSE–2007–
06), be, and hereby is, approved.
8 FCC 06–42 (Apr. 5, 2006), 71 FR 56893 (Sept.
28, 2006).
9 An established business relationship is defined
as a prior existing relationship formed by voluntary
two-way communication between a member
organization and a person where the person has,
generally speaking, done business with the member
organization within the 18 months preceding the
telephone call, the member organization is the
broker-dealer of record for the person’s account
within those 18 months, or the person has
contacted the member organization to inquire about
a product or service within the three months
preceding the telephone call.
10 15 U.S.C. 78f(b)(5).
11 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
12 15 U.S.C. 78s(b)(2).
E:\FR\FM\16MYN1.SGM
16MYN1
Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–9366 Filed 5–15–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55738; File No. SR–
NYSEArca–2007–17]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Granting Approval of
a Proposed Rule Change To Waive
2007 Annual Listing Fees for Certain
Dually-Listed Issuers Who Delist
During 2007
May 10, 2007.
I. Introduction
On March 6, 2007, NYSE Arca, Inc.
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
waive 2007 annual listing fees for
certain issuers listed on the Exchange.
The proposed rule change was
published for comment in the Federal
Register on April 5, 2007.3 The
Commission received no comments on
the proposal. This order approves the
proposed rule change.
II. Description of the Proposal
The Exchange, through its whollyowned subsidiary NYSE Arca Equities,
Inc. (‘‘NYSE Arca Equities’’), proposes
to waive 2007 annual listing fees for any
issuers, who, as of January 1, 2007, were
dually-listed on NYSE Arca Equities
and another securities exchange,
provided that such dually-listed issuers
provide notice to the Exchange by June
30, 2007 of their intention to voluntarily
withdraw listing from NYSE Arca
Equities and that such dually-listed
issuers withdraw listing before
December 31, 2007.
cprice-sewell on PROD1PC66 with NOTICES
III. Discussion
After a careful review of the proposed
rule change, the Commission finds that
the proposed rule change is consistent
with the requirements of the Act and the
regulations thereunder applicable to a
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 55564
(March 30, 2007), 72 FR 16844.
1 15
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15:27 May 15, 2007
Jkt 211001
national securities exchange.4 In
particular, the Commission believes that
the proposed rule change is consistent
with Section 6(b)(4) of the Act,5 which
requires that the rules of an exchange
provide for the equitable allocation of
reasonable dues, fees, and other charges
among members and issuers and other
persons using any facilities or system
which it operates or controls.
The Commission notes that the
Exchange increased its annual listing
fees substantially as of January 1, 2007.6
The Exchange represented that as a
result, many dually-listed issuers
notified the Exchange of their intent to
voluntarily delist from NYSE Arca
Equities prior to January 1, 2007. Some
dually-listed issuers, however, were
unable to voluntarily delist by January
1, 2007, due to their administrative or
corporate governance process. The
proposal will permit such dually-listed
issuers, as well as any other duallylisted issuers who comply with the
proposal’s requirements, a reasonable
period of time to comply with their
administrative or corporate governance
process to voluntarily delist from NYSE
Arca Equities without paying the higher
2007 annual listing fees. The
Commission believes that it is
appropriate to waive the 2007 annual
listing fees for the withdrawing duallylisted issuers because these issuers fully
intend to withdraw their listing, must
withdraw by December 31, 2007, and
are already listed on another national
securities exchange. Based on the above,
the Commission believes that such
waiver is consistent with the
requirements of the Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,7 that the
proposed rule change (SR–NYSEArca–
2007–17) be, and hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E7–9411 Filed 5–15–07; 8:45 am]
BILLING CODE 8010–01–P
4 In approving the proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(4).
6 See Securities Exchange Act Release No. 54007
(June 16, 2006), 71 FR 36155 (June 23, 2006) (SR–
PCX–2006–16).
7 15 U.S.C. 78s(b)(2).
8 17 CFR 200.30–3(a)(12).
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
27611
SMALL BUSINESS ADMINISTRATION
SBA Lender Risk Rating System
Small Business Administration.
Final notice.
AGENCY:
ACTION:
SUMMARY: This final notice implements
the Small Business Administration’s
(SBA’s) risk rating system (Risk Rating
System) as an internal tool to assist SBA
in assessing the risk of each active 7(a)
Lender’s and Certified Development
Company’s (CDC’s) SBA loan operations
and loan portfolio. The Risk Rating
System will enable SBA to monitor 7(a)
Lenders and CDCs (collectively, ‘‘SBA
Lenders’’) on a uniform basis and
identify those institutions whose SBA
loan operations and portfolio require
additional SBA monitoring or other
action. It is also a vehicle for assessing
the aggregate strength of SBA’s 7(a) and
504 portfolios. Under the Risk Rating
System, SBA will assign each SBA
Lender a composite rating based on
certain portfolio performance factors,
which may be overridden in some cases
due to SBA Lender specific factors that
may be indicative of a higher or lower
level of risk. SBA Lenders will have
access to their own ratings through
SBA’s Lender Portal (Portal).
DATES: This notice is effective June 15,
2007.
FOR FURTHER INFORMATION CONTACT:
Bryan Hooper, Director, Office of Lender
Oversight, U.S. Small Business
Administration, 409 Third Street, SW.,
Washington, DC 20416, (202) 205–3049.
SUPPLEMENTARY INFORMATION:
Background Information
On May 1, 2006, SBA published a
notice and request for comment in the
Federal Register seeking comments on a
proposed SBA internal Risk Rating
System for assessing an SBA Lender’s
SBA loan portfolio (i.e., loan portfolio
performance). 71 FR 25624 Notice. SBA
published a subsequent notice
extending the comment period for the
proposed Risk Rating System to July 15,
2006. 71 FR 34674. The Risk Rating
System is an internal tool that uses data
in SBA’s Loan and Lender Monitoring
System (L/LMS) to assist SBA in
assessing the risk of an SBA Lender’s
SBA loan performance on a uniform
basis and identify those SBA Lenders
whose portfolio performance
demonstrate the need for additional
SBA monitoring or other action. The
Risk Rating System will also serve as a
vehicle to measure the aggregate
strength of SBA’s overall 7(a) and 504
loan portfolios and to assist SBA in
managing the related risk. In addition,
SBA will use risk ratings to make more
E:\FR\FM\16MYN1.SGM
16MYN1
]]>Agencies
[Federal Register Volume 72, Number 94 (Wednesday, May 16, 2007)]
[Notices]
[Pages 27610-27611]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9366]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55735; File No. SR-NYSE-2007-06]
Self-Regulatory Organizations; New York Stock Exchange LLC.;
Order Approving Proposed Rule Change To Amend NYSE Rule 440A
(``Telephone Solicitations'')
May 10, 2007.
I. Introduction
On January 25, 2007, the New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend Rule 440A, addressing member
organizations' telephone solicitations of customers. The proposed rule
change was published for comment in the Federal Register on March 29,
2007.\3\ The Commission received no comments on the proposal. This
order approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Exchange Act Release No. 55517 (Mar. 23, 2007), 72 FR
14842 (Mar. 29, 2007).
---------------------------------------------------------------------------
II. Description of the Proposal
NYSE Rule 440A generally addresses member organizations' telephone
solicitations of customers. Rule 440A(g) provides ``No member or member
organization may use a telephone facsimile machine, computer or other
device to send an unsolicited advertisement to a telephone facsimile
machine, computer or other device.'' Subsection 440A(g)(1) further
provides that a facsimile advertisement is not ``unsolicited'' where
the recipient has granted the member organization prior express
invitation or permission to deliver the advertisement, as further
defined in the Rule. This proposed rule change provided that such an
advertisement also will not be considered ``unsolicited'' where there
is an ``established business relationship'' as defined in the present
Rule 440A(j). In addition, the Exchange proposed to delete the term
``member'' as used in the Rule to reflect the recent reorganization of
the Exchange,\4\ and the term ``allied member'' as redundant within the
context of the present regulation.
---------------------------------------------------------------------------
\4\ See Exchange Act Release No. 53382 (Feb. 27, 2006), 71 FR
11251 (Mar. 6, 2006) (SR-NYSE-2005-77).
---------------------------------------------------------------------------
The amendments to Rule 440A(g) were adopted by the Exchange on
December 2, 2004 \5\ to incorporate regulations issued by the Federal
Communications Commission (``FCC'') and the Federal Trade Commission
(``FTC'') relating to the implementation of the National Do Not Call
registry and the amendments to the Telephone Consumer Protection Act of
1991.\6\ The FCC and FTC regulations contained no exception for
facsimiles sent to customers with which a broker-dealer had an
``established business relationship'' as such term was defined.
Subsequently, Congress passed legislation \7\ which restored an
exemption for unsolicited faxes sent to a recipient with whom the
sender had an established business relationship. Accordingly, the
proposed amendments to NYSE Rule 440A(g)(1) added an exception for
established business relationships to the definition of ``unsolicited''
and set forth the measures necessary for a customer to opt out of the
receipt of further communications. These standards, which are taken
from applicable FCC regulations,\8\ generally require that the member
organization and the person not only have an established business
relationship,\9\ but also that the member organization obtain the fax
number from the recipient (or the recipient's web site, directory, or
advertisement). Further, the recipient must not have stated on those
materials that they do not accept unsolicited advertisements at the
listed number. Under the proposed rule change, the member organization
must also take reasonable steps to verify that the recipient consented
to have the number listed.
---------------------------------------------------------------------------
\5\ See Exchange Act Release No. 34-52579 (Oct. 7, 2005), 70 FR
60119 (Oct. 14, 2005) (SR-NYSE-2004-73). .
\6\ Rules and Regulations Implementing the Telephone Consumer
Protection Act of 1991, FCC 03-153 (Jun. 26, 2003), 68 FR 44144
(Jul. 25, 2003).
\7\ Junk Fax Prevention Act of 2005, Pub. L. 109-21, 119 Stat.
359 (2005).
\8\ FCC 06-42 (Apr. 5, 2006), 71 FR 56893 (Sept. 28, 2006).
\9\ An established business relationship is defined as a prior
existing relationship formed by voluntary two-way communication
between a member organization and a person where the person has,
generally speaking, done business with the member organization
within the 18 months preceding the telephone call, the member
organization is the broker-dealer of record for the person's account
within those 18 months, or the person has contacted the member
organization to inquire about a product or service within the three
months preceding the telephone call.
---------------------------------------------------------------------------
III. Discussion and Commission Findings
After careful review, the Commission finds that the proposed rule
change is consistent with the Act and, in particular, with Section
6(b)(5) of the Act, which requires, among other things, that the NYSE's
rules be designed to promote just and equitable principles of trade,
and, in general, to protect investors and the public interest.\10\ The
Commission believes that in bringing the NYSE's Rule setting forth the
definition and treatment of unsolicited telemarketing communications
into concurrence with FCC regulations, the proposed rule change will
harmonize currently disparate regulations and therefore provide greater
clarity, both to members and customers, as to which communications
between members and customers qualify as ``unsolicited.'' \11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b)(5).
\11\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the Act
\12\ that the proposed rule change (SR-NYSE-2007-06), be, and hereby
is, approved.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(2).
[[Page 27611]]
---------------------------------------------------------------------------
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-9366 Filed 5-15-07; 8:45 am]
BILLING CODE 8010-01-P
