Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Fee Charged to Member Organizations for Participation in the Exchange's Continuing Education Program, 61411-61413 [E7-21284]
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Federal Register / Vol. 72, No. 209 / Tuesday, October 30, 2007 / Notices
61411
SECURITIES AND EXCHANGE
COMMISSION
each time a PMM seeks a new allocation
of options in Index-Based Products.4
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56694; File No. SR–ISE–
2007–61]
II. Discussion
[Release No. 34–56697; File No. SR–NYSE–
2007–90]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Order Approving a Proposed
Rule Change, as Modified by
Amendment No. 1 Thereto, Relating to
Specific Performance Commitments
for Primary Market Makers
October 24, 2007.
sroberts on PROD1PC70 with NOTICES
On July 17, 2007, the International
Securities Exchange, LLC (‘‘ISE’’ or
‘‘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 its Rule 802(b)(2) regarding
specific performance commitments for
Primary Market Makers (‘‘PMMs’’). On
September 10, 2007, ISE filed
Amendment No. 1 to the proposed rule
change. The proposed rule change, as
modified by Amendment No. 1, was
published for comment in the Federal
Register on September 19, 2007.3 The
Commission received no comments on
the proposal. This order approves the
proposed rule change, as modified by
Amendment No. 1.
I. Description of the Proposal
Currently, ISE Rule 802(b)(2) requires
PMMs to submit specific performance
commitments each time they request an
allocation of options on indices, foreign
currency options and Fund Shares
(collectively, ‘‘Index-Based Products’’).
The initial rationale behind adopting a
requirement on PMMs to submit
proposed performance commitments for
allocations of options on new IndexBased Products was to require a stronger
commitment for certain competitive
products like exchange-traded funds
and indices and to assist the Exchange’s
Allocation Committee when choosing
between PMMs seeking the same
product.
The Exchange now believes that its
rule is overbroad and may actually
discourage some PMMs from seeking
allocations of options on Index-Based
Products. Therefore, ISE is proposing to
amend the rule to provide that specific
performance commitments need only be
submitted in response to a request by
the Exchange, thereby eliminating their
submission as a uniform requirement
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 56383
(September 11, 2007), 72 FR 53612.
2 17
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20:46 Oct 29, 2007
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The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.5 Specifically, the
Commission finds that the proposal is
consistent with Section 6(b)(5) of the
Act,6 which requires that an exchange
have rules that are designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to remove
impediments to and perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. The Commission
believes that the proposed amendment
of ISE Rule 802(b)(2) will encourage
PMMs to seek allocations of products on
the Exchange, and thereby remove
impediments to and perfect the
mechanism for a free and open market.
Further, the Exchange will continue to
evaluate performance standards of its
market makers pursuant to existing
practice. The proposed rule also allows
the Exchange to require the submission
of specific performance commitments
from a PMM seeking a new allocation as
the Exchange in its discretion deems
appropriate. Accordingly, the
Commission finds that the proposal
promotes just and equitable principles
of trade and protects investors and the
public interest.
III. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (SR–ISE–Phlx–
2007–61), as modified by Amendment
No. 1, be, and hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Nancy M. Morris,
Secretary.
[FR Doc. E7–21285 Filed 10–29–07; 8:45 am]
BILLING CODE 8011–01–P
4 ISE notes that modifying this requirement will
not affect a PMM’s other obligations as a market
maker on the Exchange under Chapter 8 of ISE’s
Rules.
5 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(5).
7 17 CFR 200.30–3(a)(12).
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Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Amend the
Fee Charged to Member Organizations
for Participation in the Exchange’s
Continuing Education Program
October 24, 2007.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’), and Rule 19b–4 thereunder,2
notice is hereby given that on October
1, 2007, 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
substantially prepared by NYSE. The
Exchange has designated the proposed
rule change as establishing or changing
a due, fee, or other charge applicable
only to members, pursuant to section
(b)(3)(A)(ii) of the Act,3 and Rule 19b–
4(f)(2) thereunder,4 which renders the
proposal effective upon filing with the
Commission. On October 19, 2007, the
Exchange submitted Amendment No. 1
to the proposed rule change.5 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
NYSE proposes to amend, effective
October 1, 2007, the fees charged for the
Continuing Education Program for
Active Floor Members from a $100
semi-annual participation fee, plus an
additional $100 fee to re-register for
additional sessions, to a flat $50 fee per
training module. The text of the
proposed rule change is available on
NYSE’s Web site at https://
www.nyse.com, at NYSE, 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,
NYSE included statements concerning
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4(f)(2).
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 In Amendment No. 1, the Exchange made
clarifying, non-substantive changes to the filing.
2 17
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61412
Federal Register / Vol. 72, No. 209 / Tuesday, October 30, 2007 / Notices
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 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,
effective October 1, 2007, the fees
charged for the Continuing Education
Program for Active Floor Members from
a $100 semi-annual participation fee,
plus an additional $100 fee to re-register
for additional sessions, to a flat $50 fee
per training module. The Exchange is
proposing this change to reflect the
changes being implemented in the
delivery of such program.
As required by NYSE Rule 103A, the
Exchange provides Floor members with
a mandatory continuing education
program, known as the Floor Member
Continuing Education Program (‘‘FMCE
Program’’). The Exchange has been
offering the FMCE Program in two
training sessions per year. Members
could complete such training at an onsite computer training laboratory only.
As set forth in the current Price List,
members were charged for each time
they visited the lab to take a session of
FMCE training. Accordingly, the
minimum fees charged to members for
such training was $200 per year, but
could increase in $100 increments if a
member was unable to complete a
session in a single visit.
Beginning in October 2007, the
Exchange will be offering the FMCE
Program via a web-based interactive
program that members can access from
an Internet-capable computer.6 Because
of the web-based nature of this delivery
method, members will no longer need to
visit an on-site laboratory to complete
their FMCE Program requirements.
Accordingly, the current billing
structure, which is based on when a
sroberts on PROD1PC70 with NOTICES
6A
number of factors impact the actual launch of
the web-based FMCE Program, however, NYSE
Regulation anticipates going live with the program
sometime in October. In anticipation of the launch
of the redesigned FMCE Program, NYSE closed its
on-site laboratory. Accordingly, there is no
possibility that pending the launch of the webbased program, a member will be charged under the
prior pricing scheme. NYSE is filing this fee
amendment in advance of the launch to ensure that
the fee structure for the new, web-based program is
in effect as of the first date that the new FMCE
Program is available to members.
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20:46 Oct 29, 2007
Jkt 214001
member visits the on-site laboratory, is
no longer applicable.
To reflect the delivery method of the
revised, web-based FMCE Program, the
Exchange proposes charging members a
flat $50 fee for each training module
offered. The Exchange anticipates
issuing approximately six training
modules per year. This number may
vary depending on changes in rules and
regulations that may warrant either
more or less training per year.7
For this flat fee, members will have
the capability to access the FMCE
Program during their own time and from
their own computers. Unlike the prior
delivery method, members will also be
able to stop and start a training module
at any point and return to a module
once completed without any additional
charge. In addition, the Exchange is
providing member organization
compliance officers with access to the
FMCE Program at no charge to the firms
so that compliance officers may monitor
their members’ compliance with the
FMCE Program. Again, this is a benefit
that was not previously available to
firms under the prior FMCE Program
delivery method.
2. Statutory Basis
NYSE believes that the proposed rule
change is consistent with the provisions
of section 6 8 of the Act in general and
section 6(b)(4) of the Act 9 in particular,
in that it is designed to provide for the
equitable allocation of reasonable dues,
fees and other charges among its
members and other persons using its
facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NYSE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purpose 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
The foregoing rule change is effective
upon filing pursuant to section
7 In addition to this fee filing, NYSE is submitting
a proposed rule change to amend NYSE Rule 103A
to reflect the administrative changes to the delivery
of the FMCE program.
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(4).
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19(b)(3)(A)(ii) 10 of the Act and
subparagraph (f)(2) of Rule 19b–4 11
thereunder, because it establishes a due,
fee, or other charge imposed by NYSE,
applicable only to members. 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 rulecomments@sec.gov. Please include File
Number SR–NYSE–2007–90 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–2007–90. 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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
10 15
11 17
E:\FR\FM\30OCN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
30OCN1
Federal Register / Vol. 72, No. 209 / Tuesday, October 30, 2007 / Notices
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–2007–90 and should
be submitted on or before November 20,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E7–21284 Filed 10–29–07; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and Order
Granting Accelerated Approval of a
Proposed Rule Change Relating to the
Listing and Trading of Shares of the
HealthSharesTM Ophthalmology
Exchange-Traded Fund
October 24, 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 October
19, 2007, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or ‘‘Exchange’’), through its
wholly owned subsidiary, NYSE Arca
Equities, Inc. (‘‘NYSE Arca Equities’’),
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared substantially by the
Exchange (‘‘Exchange Proposal’’). This
order provides notice of the proposed
rule change and approves the proposed
rule change on an accelerated basis.
sroberts on PROD1PC70 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade shares of the HealthSharesTM
Ophthalmology Exchange-Traded Fund
(the ‘‘Fund’’).3 The text of the proposal
is available at the Exchange, the
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 The Fund is registered under the Investment
Company Act of 1940 (the ‘‘1940 Act’’).
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20:46 Oct 29, 2007
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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 III below, and
the most significant aspects of such
statements are set forth in Sections A, B,
and C below.
1. Purpose
[Release No. 34–56695; File No. SR–
NYSEArca–2007–111]
1 15
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
12 17
Commission’s Public Reference Room,
and www.nyse.com.
The Exchange proposes to list and
trade the shares of the Fund (the
‘‘Shares’’), which is based on the
HealthSharesTM Ophthalmology Index
(the ‘‘Underlying Index’’), under NYSE
Arca Equities Rule 5.2(j)(3). NYSE Arca
Equities Rule 5.2(j)(3) states that the
Exchange may consider for trading,
whether by listing or pursuant to
unlisted trading privileges (‘‘UTP’’),
Investment Company Units.4 The Fund
is currently listed on the New York
Stock Exchange LLC (‘‘NYSE’’) and
trades on NYSE Arca pursuant to UTP.5
HealthShares, Inc. (the ‘‘Corporation’’)
has determined to transfer the listing of
the Fund Shares to the Exchange.6
4 NYSE
Arca Equities Rule 5.2(j)(3) defines an
Investment Company Unit as a security that
represents an interest in a registered investment
company that could be organized as a unit
investment trust, an open-end management
investment company, or a similar entity.
5 The Exchange states that the Fund Shares were
listed on NYSE on March 12, 2007 pursuant to the
‘‘generic’’ listing criteria contained in Section
703.16(C) of the NYSE Listed Company Manual,
which permits the listing of Investment Company
Units pursuant to Rule 19b–4(e) under the Act (17
CFR 240.19b–4(e)). NYSE Arca further represents
that the Fund Shares commenced trading on the
Exchange pursuant to UTP under the generic listing
criteria contained in NYSE Arca Equities Rule
5.2(j)(3) applicable to Investment Company Units
and Rule 19b–4(e) under the Act on the first day
the Fund Shares launched for trading on NYSE.
E-mail from Tim Malinowski, Director, Exchange
Traded Funds, NYSE Group, Inc., to Edward Cho,
Special Counsel, Division of Market Regulation,
Commission, dated October 23, 2007 (‘‘Exchange
Confirmation’’).
6 The Exchange represents that, except for
Commentary .01(B)(2) to NYSE Arca Equities Rule
5.2(j)(3), the Fund Shares currently satisfy all of the
generic listing standards under NYSE Arca Equities
Rule 5.2(j)(3). See Exchange Confirmation.
Commentary .01(B)(2) to NYSE Arca Equities Rule
5.2(j)(3) requires that component stocks that, in the
aggregate, account for at least 90% of the weight of
PO 00000
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Fmt 4703
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61413
The Fund, which can invest in both
U.S. securities and non-U.S. securities
not listed on a national securities
exchange, seeks to track the
performance, before fees and expenses,
of the Underlying Index. XShares
Advisors, LLC, the investment adviser
to the Fund (‘‘Advisor’’), uses a passive,
or indexing, approach in managing the
Fund, investing at least 90% of its assets
in the common stocks of Ophthalmology
companies in the Underlying Index, or
in American Depositary Receipts
(‘‘ADRs’’) or Global Depositary Receipts
(‘‘GDRs’’) based on securities of
international Ophthalmology companies
in the Underlying Index. The Fund may
also invest up to 10% of its assets in
futures contracts, options on futures
contracts, options, swaps on securities
of companies in the Underlying Index,
as well as cash and cash equivalents,
such as money market instruments
(subject to applicable limitations of the
1940 Act). The Fund attempts to
replicate the Underlying Index by
matching the weighting of securities in
its portfolio with such securities’
weightings in the Underlying Index.7 In
managing the Fund, the Advisor seeks a
correlation of 0.95 or better between the
Fund’s performance and the
performance of its Underlying Index. A
figure of 1.00 would mean perfect
correlation.
Detailed descriptions of the Fund, the
Underlying Index (including the
methodology used to determine the
composition of the Underlying Index),
procedures and payment requirements
for creating and redeeming Shares,
the Underlying Index or portfolio, must each have
a minimum worldwide trading volume during each
of the last six months of at least 250,000 shares. The
Exchange states that, as of October 1, 2007, those
component stocks comprising the Underlying Index
that individually exceed the minimum worldwide
monthly trading volume of 250,000 shares during
each of the last six months account, in the
aggregate, for only 88.2 % of the weight of the
Underlying Index (i.e., 1.8% below the required
90% requirement). Therefore, NYSE Arca has filed
the instant proposed rule change to obtain
Commission approval to list and trade the Shares
on the Exchange pursuant to Section 19(b)(2) of the
Act (15 U.S.C. 78s(b)(1)) and Rule 19b–4 thereunder
(17 CFR 240.19b–4). The Exchange further
represents that the continued listing standards
under NYSE Arca Equities Rule 5.5(g)(2) applicable
to Investment Company Units shall apply to the
Fund Shares. See Exchange Confirmation.
7 The Exchange states that, from time to time, it
may not be possible, for regulatory or other legal
reasons, to replicate the Underlying Index, and in
such cases, the Advisor may pursue a sampling
strategy in managing the portfolio. Pursuant to this
strategy, the Fund may invest the remainder of its
assets in securities of companies not included in
the Underlying Index if the Advisor believes that
such securities will assist the Fund in tracking the
Underlying Index. If a Fund pursues a sampling
strategy, it will continue to invest at least 90% of
its assets in the common stocks, ADRs, or GDRs of
the companies in the Underlying Index.
E:\FR\FM\30OCN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 209 (Tuesday, October 30, 2007)]
[Notices]
[Pages 61411-61413]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-21284]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56697; File No. SR-NYSE-2007-90]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Amend the Fee Charged to Member Organizations for Participation in the
Exchange's Continuing Education Program
October 24, 2007.
Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''), and Rule 19b-4 thereunder,\2\ notice is hereby given
that on October 1, 2007, 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 substantially prepared by NYSE.
The Exchange has designated the proposed rule change as establishing or
changing a due, fee, or other charge applicable only to members,
pursuant to section (b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission. On October 19, 2007, the Exchange submitted Amendment
No. 1 to the proposed rule change.\5\ 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(f)(2).
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
\5\ In Amendment No. 1, the Exchange made clarifying, non-
substantive changes to the filing.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NYSE proposes to amend, effective October 1, 2007, the fees charged
for the Continuing Education Program for Active Floor Members from a
$100 semi-annual participation fee, plus an additional $100 fee to re-
register for additional sessions, to a flat $50 fee per training
module. The text of the proposed rule change is available on NYSE's Web
site at https://www.nyse.com, at NYSE, 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, NYSE included statements
concerning
[[Page 61412]]
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 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, effective October 1, 2007, the fees
charged for the Continuing Education Program for Active Floor Members
from a $100 semi-annual participation fee, plus an additional $100 fee
to re-register for additional sessions, to a flat $50 fee per training
module. The Exchange is proposing this change to reflect the changes
being implemented in the delivery of such program.
As required by NYSE Rule 103A, the Exchange provides Floor members
with a mandatory continuing education program, known as the Floor
Member Continuing Education Program (``FMCE Program''). The Exchange
has been offering the FMCE Program in two training sessions per year.
Members could complete such training at an on-site computer training
laboratory only. As set forth in the current Price List, members were
charged for each time they visited the lab to take a session of FMCE
training. Accordingly, the minimum fees charged to members for such
training was $200 per year, but could increase in $100 increments if a
member was unable to complete a session in a single visit.
Beginning in October 2007, the Exchange will be offering the FMCE
Program via a web-based interactive program that members can access
from an Internet-capable computer.\6\ Because of the web-based nature
of this delivery method, members will no longer need to visit an on-
site laboratory to complete their FMCE Program requirements.
Accordingly, the current billing structure, which is based on when a
member visits the on-site laboratory, is no longer applicable.
---------------------------------------------------------------------------
\6\ A number of factors impact the actual launch of the web-
based FMCE Program, however, NYSE Regulation anticipates going live
with the program sometime in October. In anticipation of the launch
of the redesigned FMCE Program, NYSE closed its on-site laboratory.
Accordingly, there is no possibility that pending the launch of the
web-based program, a member will be charged under the prior pricing
scheme. NYSE is filing this fee amendment in advance of the launch
to ensure that the fee structure for the new, web-based program is
in effect as of the first date that the new FMCE Program is
available to members.
---------------------------------------------------------------------------
To reflect the delivery method of the revised, web-based FMCE
Program, the Exchange proposes charging members a flat $50 fee for each
training module offered. The Exchange anticipates issuing approximately
six training modules per year. This number may vary depending on
changes in rules and regulations that may warrant either more or less
training per year.\7\
---------------------------------------------------------------------------
\7\ In addition to this fee filing, NYSE is submitting a
proposed rule change to amend NYSE Rule 103A to reflect the
administrative changes to the delivery of the FMCE program.
---------------------------------------------------------------------------
For this flat fee, members will have the capability to access the
FMCE Program during their own time and from their own computers. Unlike
the prior delivery method, members will also be able to stop and start
a training module at any point and return to a module once completed
without any additional charge. In addition, the Exchange is providing
member organization compliance officers with access to the FMCE Program
at no charge to the firms so that compliance officers may monitor their
members' compliance with the FMCE Program. Again, this is a benefit
that was not previously available to firms under the prior FMCE Program
delivery method.
2. Statutory Basis
NYSE believes that the proposed rule change is consistent with the
provisions of section 6 \8\ of the Act in general and section 6(b)(4)
of the Act \9\ in particular, in that it is designed to provide for the
equitable allocation of reasonable dues, fees and other charges among
its members and other persons using its facilities.
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\8\ 15 U.S.C. 78f.
\9\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
NYSE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purpose 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
The foregoing rule change is effective upon filing pursuant to
section 19(b)(3)(A)(ii) \10\ of the Act and subparagraph (f)(2) of Rule
19b-4 \11\ thereunder, because it establishes a due, fee, or other
charge imposed by NYSE, applicable only to members. 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.
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2007-90 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-2007-90. 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, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing also will be available
[[Page 61413]]
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-2007-90 and should be
submitted on or before November 20, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-21284 Filed 10-29-07; 8:45 am]
BILLING CODE 8011-01-P
