Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of a Proposed Rule Change, and Amendments No. 1 and No. 2 Thereto, To Amend Listing Fees for Structured Products, 64265-64266 [E7-22295]
Download as PDF
<![CDATA[
Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Notices
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 such filing also will be
available for inspection and copying at
the principal office of the ISE. 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–ISE–2007–104 and should
be submitted on or before December 6,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–22338 Filed 11–14–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56767; File No. SR–
NYSEArca–2007–87]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of a
Proposed Rule Change, and
Amendments No. 1 and No. 2 Thereto,
To Amend Listing Fees for Structured
Products
November 7, 2007.
pwalker on PROD1PC71 with NOTICES
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 August
16, 2007, NYSE Arca, Inc. (‘‘NYSE
Arca’’ 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 the Exchange.
On October 30, 2007, the Exchange filed
Amendment No. 1 to the proposed rule
change. On November 7, 2007, the
Exchange filed Amendment No. 2 to the
proposed rule change. The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange, through its whollyowned subsidiary NYSE Arca Equities,
Inc. (‘‘NYSE Arca Equities’’), proposes
to amend its Schedule of Fees and
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
19:50 Nov 14, 2007
Jkt 214001
Charges (‘‘Fee Schedule’’) to revise the
listing fees applicable to structured
products listed on NYSE Arca, LLC
(‘‘NYSE Arca Marketplace’’), the
equities facility of NYSE Arca Equities.
The proposed revisions would apply
retroactively as of October 3, 2007. The
text of the proposed rule change is
available at the Commission’s Public
Reference Room, at the Exchange, and at
https://www.nyse.com.
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
a. Listing Fee Schedule
NYSE Arca has determined to revise
the listing fees specifically applicable to
Structured Products 3 in order to
harmonize its fees with the New York
Stock Exchange LLC’s fees. The
proposed revisions would apply as of
October 3, 2007.
NYSE Arca currently assesses a onetime Listing Fee of $20,000 for each
Structured Product that is listed
pursuant to an initial public offering
(‘‘IPO’’) or an initial listing. Each time
the issuer lists additional shares for the
same Structured Product pursuant to a
subsequent IPO, the issuer is charged a
$1,000 fee. If an issuer lists a Structured
Product that is already listed on another
Marketplace or quoted on an interdealer Quotation System, the issuer is
subject to a $5,000 fee per such product.
In addition, if an issuer lists additional
Structured Products that were already
listed on another marketplace or quoted
3 For purposes of this proposal, Structured
Products include securities qualified for listing and
trading on NYSE Arca under the following NYSE
Arca Equities Rules: Rule 5.2(j)(1) (Other
Securities), 5.2(j)(2) (Equity Linked Notes), Rule
5.2(j)(4) (Index-Linked Exchangeable Notes), Rule
5.2(j)(6) (Equity Index-Linked Securities,
Commodity-Linked Securities and Currency-Linked
Securities) and Rule 8.3 (Currency and Index
Warrants), as these rules may be amended from
time to time.
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
64265
on an inter-dealer quotation system, the
issuer is subject to the following fees:
Number of
structured products
2–10 ..............................................
11–100 ..........................................
100+ ..............................................
Fee per
product
$1,000
500
100
The revised fee schedule would
clarify the types of products defined as
‘‘Structured Products’’ and replace the
current fee schedule with a fee schedule
based on the total of shares outstanding.
The revised fee schedule provides a fee
cap of $45,000 per issue. The new fee
schedule is as follows:
Shares outstanding
Up to 1 million ..............................
1+ to 2 million ...............................
2+ to 3 million ...............................
3+ to 4 million ...............................
4+ to 5 million ...............................
5+ to 6 million ...............................
6+ to 7 million ...............................
7+ to 8 million ...............................
8+ to 9 million ...............................
9+ to 10 million .............................
10+ to 15 million ...........................
in excess of 15 million ..................
Fee
$5,000
10,000
15,000
20,000
25,000
30,000
30,000
30,000
30,000
32,500
37,500
45,000
As set forth in the revised fee
schedule for Structured Products, the
fees will apply each time an issuer lists
a Structured Product as well as
subsequent listings of additional shares
of the same Structured Product. The
Exchange will treat each series of a
Structured Product as a separate issue.
b. Annual Fee Schedule
NYSE Arca currently assesses Annual
Fees based on the total number of
Structured Products per issuer. The
Annual Fee for one Structured Product
listed is $5,000. For each additional
Structured Product listed by the same
issuer the following fees apply:
Number of
structured products
2 through 10 .................................
11 through 100 .............................
101+ ..............................................
Fee per
product
$1,000
500
100
NYSE Arca proposes revised Annual
Fees for Structured Products based on
total shares outstanding for each issue,
as follows:
Shares outstanding
Up to 6 million ..............................
6+ to 7 million ...............................
7+ to 8 million ...............................
8+ to 9 million ...............................
9+ to 10 million .............................
10+ to 15 million ...........................
15+ to 25 million ...........................
E:\FR\FM\15NON1.SGM
15NON1
Fee
$10,000
12,000
14,000
16,000
18,000
20,000
25,000
64266
Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Notices
file number should be included on the
subject line if e-mail is used. To help the
25+ to 50 million ...........................
42,000 Commission process and review your
in excess of 50 million ..................
55,000 comments more efficiently, please use
only one method. The Commissionwill
The Annual Fees for Structured
post all comments on the Commission’s
Products are billed each calendar
Internet Web site (https://www.sec.gov/
quarter and are apportioned based on
rules/sro.shtml). Copies of the
the number of shares outstanding for an submission, all subsequent
issue at the end of the preceding
amendments, all written statements
quarter. While the Exchange imposes a
with respect to the proposed rule
maximum total fee of $250,000 paid by
change that are filed with the
an issuer each year, this maximum fee
Commission, and all written
does not apply to Structured Products.
communications relating to the
proposed rule change between the
2. Statutory Basis
Commission and any person, other than
NYSE Arca believes that the proposal those that may be withheld from the
is consistent with Section 6(b) of the
public in accordance with the
Act 4 in general, and Section 6(b)(4) of
provisions of 5 U.S.C. 552, will be
the Act 5 in particular, in that it provides available for inspection and copying in
for the equitable allocation of reasonable the Commission’s Public Reference
dues, fees and other charges among its
Room, 100 F Street, NE., Washington,
issuers and other persons using its
DC 20549, on official business days
facilities.
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
B. Self-Regulatory Organization’s
available for inspection and copying at
Statement on Burden on Competition
the principal office of the Exchange. All
The Exchange does not believe that
comments received will be posted
the proposed rule change will impose
without change; the Commission does
any burden on competition that is not
not edit personal identifying
necessary or appropriate in furtherance
information from submissions. You
of the purposes of the Act.
should submit only information that
C. Self-Regulatory Organization’s
you wish to make available publicly. All
Statement on Comments on the
submissions should refer to File
Proposed Rule Change Received From
Number SR–NYSEArca–2007–87 and
Members, Participants, or Others
should be submitted on or before
December 6, 2007.
The Exchange has neither solicited
nor received written comments on the
For the Commission, by the Division of
Market Regulation, pursuant to delegated
proposed rule change.
Shares outstanding
Fee
III. 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:
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–22295 Filed 11–14–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
pwalker on PROD1PC71 with NOTICES
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–2007–87 on the
subject line.
[Release No. 34–56750; File No. SR–Phlx–
2007–85]
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–2007–87. This
November 6, 2007.
lf-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change Amending Phlx Rule 607
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 November
1, 2007, the Philadelphia Stock
Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
6 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
4 15
U.S.C. 78f (b).
5 15 U.S.C. 78f (b)(4).
VerDate Aug<31>2005
19:50 Nov 14, 2007
1 15
Jkt 214001
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been substantially prepared by the
Exchange. The Exchange filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
thereunder,4 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Phlx proposes to amend Phlx Rule
607 to remove language regarding the
NMS Linkage Plan (‘‘Plan’’). The Plan
was utilized by certain exchanges,
including Phlx, for the purpose of
routing and receiving orders in NMS
Stocks. The Plan ended by its own terms
on June 30, 2007.5
The text of the proposed rule change
is available at Phlx, the Commission’s
Public Reference Room, and https://
www.phlx.com.
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. Phlx
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 purpose of the proposed rule
change is to update Phlx Rule 607 to
reflect the termination of the Plan. Phlx
Rule 607 permits Phlx to collect the
Covered Sale Fee 6 from its members
and member organizations. In order to
facilitate the collection of the Covered
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 See Securities Exchange Act No. 54551
(September 29, 2006), 71 FR 59148 (October 6,
2006).
6 Under Section 31 of the Act, the Exchange must
pay certain fees to the Commission. To help fund
the Exchange’s obligations to the Commission
under Section 31, a Covered Sale Fee is assessed by
the Exchange on members and member
organizations.
4 17
E:\FR\FM\15NON1.SGM
15NON1
]]>Agencies
[Federal Register Volume 72, Number 220 (Thursday, November 15, 2007)]
[Notices]
[Pages 64265-64266]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22295]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56767; File No. SR-NYSEArca-2007-87]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of a Proposed Rule Change, and Amendments No. 1 and No. 2 Thereto, To
Amend Listing Fees for Structured Products
November 7, 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 August 16, 2007, NYSE Arca, Inc. (``NYSE Arca'' 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 the Exchange. On October 30,
2007, the Exchange filed Amendment No. 1 to the proposed rule change.
On November 7, 2007, the Exchange filed Amendment No. 2 to the proposed
rule change. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange, through its wholly-owned subsidiary NYSE Arca
Equities, Inc. (``NYSE Arca Equities''), proposes to amend its Schedule
of Fees and Charges (``Fee Schedule'') to revise the listing fees
applicable to structured products listed on NYSE Arca, LLC (``NYSE Arca
Marketplace''), the equities facility of NYSE Arca Equities. The
proposed revisions would apply retroactively as of October 3, 2007. The
text of the proposed rule change is available at the Commission's
Public Reference Room, at the Exchange, and at https://www.nyse.com.
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
a. Listing Fee Schedule
NYSE Arca has determined to revise the listing fees specifically
applicable to Structured Products \3\ in order to harmonize its fees
with the New York Stock Exchange LLC's fees. The proposed revisions
would apply as of October 3, 2007.
---------------------------------------------------------------------------
\3\ For purposes of this proposal, Structured Products include
securities qualified for listing and trading on NYSE Arca under the
following NYSE Arca Equities Rules: Rule 5.2(j)(1) (Other
Securities), 5.2(j)(2) (Equity Linked Notes), Rule 5.2(j)(4) (Index-
Linked Exchangeable Notes), Rule 5.2(j)(6) (Equity Index-Linked
Securities, Commodity-Linked Securities and Currency-Linked
Securities) and Rule 8.3 (Currency and Index Warrants), as these
rules may be amended from time to time.
---------------------------------------------------------------------------
NYSE Arca currently assesses a one-time Listing Fee of $20,000 for
each Structured Product that is listed pursuant to an initial public
offering (``IPO'') or an initial listing. Each time the issuer lists
additional shares for the same Structured Product pursuant to a
subsequent IPO, the issuer is charged a $1,000 fee. If an issuer lists
a Structured Product that is already listed on another Marketplace or
quoted on an inter-dealer Quotation System, the issuer is subject to a
$5,000 fee per such product. In addition, if an issuer lists additional
Structured Products that were already listed on another marketplace or
quoted on an inter-dealer quotation system, the issuer is subject to
the following fees:
------------------------------------------------------------------------
Fee per
Number of structured products product
------------------------------------------------------------------------
2-10......................................................... $1,000
11-100....................................................... 500
100+......................................................... 100
------------------------------------------------------------------------
The revised fee schedule would clarify the types of products
defined as ``Structured Products'' and replace the current fee schedule
with a fee schedule based on the total of shares outstanding. The
revised fee schedule provides a fee cap of $45,000 per issue. The new
fee schedule is as follows:
------------------------------------------------------------------------
Shares outstanding Fee
------------------------------------------------------------------------
Up to 1 million.............................................. $5,000
1+ to 2 million.............................................. 10,000
2+ to 3 million.............................................. 15,000
3+ to 4 million.............................................. 20,000
4+ to 5 million.............................................. 25,000
5+ to 6 million.............................................. 30,000
6+ to 7 million.............................................. 30,000
7+ to 8 million.............................................. 30,000
8+ to 9 million.............................................. 30,000
9+ to 10 million............................................. 32,500
10+ to 15 million............................................ 37,500
in excess of 15 million...................................... 45,000
------------------------------------------------------------------------
As set forth in the revised fee schedule for Structured Products,
the fees will apply each time an issuer lists a Structured Product as
well as subsequent listings of additional shares of the same Structured
Product. The Exchange will treat each series of a Structured Product as
a separate issue.
b. Annual Fee Schedule
NYSE Arca currently assesses Annual Fees based on the total number
of Structured Products per issuer. The Annual Fee for one Structured
Product listed is $5,000. For each additional Structured Product listed
by the same issuer the following fees apply:
------------------------------------------------------------------------
Fee per
Number of structured products product
------------------------------------------------------------------------
2 through 10................................................. $1,000
11 through 100............................................... 500
101+......................................................... 100
------------------------------------------------------------------------
NYSE Arca proposes revised Annual Fees for Structured Products
based on total shares outstanding for each issue, as follows:
------------------------------------------------------------------------
Shares outstanding Fee
------------------------------------------------------------------------
Up to 6 million.............................................. $10,000
6+ to 7 million.............................................. 12,000
7+ to 8 million.............................................. 14,000
8+ to 9 million.............................................. 16,000
9+ to 10 million............................................. 18,000
10+ to 15 million............................................ 20,000
15+ to 25 million............................................ 25,000
[[Page 64266]]
25+ to 50 million............................................ 42,000
in excess of 50 million...................................... 55,000
------------------------------------------------------------------------
The Annual Fees for Structured Products are billed each calendar
quarter and are apportioned based on the number of shares outstanding
for an issue at the end of the preceding quarter. While the Exchange
imposes a maximum total fee of $250,000 paid by an issuer each year,
this maximum fee does not apply to Structured Products.
2. Statutory Basis
NYSE Arca believes that the proposal is consistent with Section
6(b) of the Act \4\ in general, and Section 6(b)(4) of the Act \5\ in
particular, in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its issuers and other
persons using its facilities.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f (b).
\5\ 15 U.S.C. 78f (b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. 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-NYSEArca-2007-87 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-2007-87. 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 Commissionwill 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 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-NYSEArca-2007-87 and should
be submitted on or before December 6, 2007.
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-22295 Filed 11-14-07; 8:45 am]
BILLING CODE 8011-01-P
