Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 3 Thereto, To Amend Listing Fees for Structured Products, 67990 [E7-23317]

Download as PDF 67990 Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Notices 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 Nasdaq. 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–NASDAQ–2007–089 and should be submitted on or before December 24, 2007. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Nancy M. Morris, Secretary. [FR Doc. E7–23316 Filed 11–30–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56842; File No. SR–NYSE– 2007–77] Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 3 Thereto, To Amend Listing Fees for Structured Products mstockstill on PROD1PC66 with NOTICES November 27, 2007. On August 24, 2007, the New York Stock Exchange LLC (‘‘NYSE’’ 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 certain provisions of its Listed Company Manual (‘‘Manual’’) governing structured product fees. Except as described below, the proposed changes would apply retroactively as of October 3, 2007. On October 3, 2007, the Exchange filed Amendment No. 1 to the proposed rule change. On October 12, CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 2007, the Exchange filed Amendment No. 2 to the proposed rule change. On October 22, 2007, the Exchange filed Amendment No. 3 to the proposed rule change. The proposed rule change and Amendments Nos. 1, 2, and 3 thereto were published for comment in the Federal Register on October 26, 2007.3 The Commission received no comments on the proposal. This order approves the proposed rule change, as modified by Amendment Nos. 1, 2, and 3. Section 902.06 of the Manual sets forth the listing and annual fees for ‘‘short-term’’ securities, i.e., those having a term of seven years or less. The Exchange proposes to revise Section 902.06 to clarify the scope of the rule’s coverage. For example, proposed Section 902.06 excludes from its coverage certain short-term securities— namely, securities listed pursuant to Sections 703.15 (Foreign Currency Warrants and Currency Index Warrants), 703.17 (Stock Index Warrants Listing Standards), and 703.22 (Equity IndexLinked Securities, Commodity-Linked Securities and Currency-Linked Securities and Currency-Linked Securities)—that would instead be subject to lower fees set forth in proposed new Section 902.09. The proposed listing fees applicable to securities subject to Section 902.09 of Manual are based on the total number of shares outstanding. The proposed fees would apply each time an issuer lists a security of one of the classes specified in Section 902.09 of the Manual and also to subsequent listings of additional shares of the same security. The Exchange would treat each series of the security as a separate issue. Proposed Section 902.09 would also establish annual fees based on the total number of shares outstanding. The proposed annual fees would be billed in January for the forthcoming year. Additionally, a $2,500 fee for certain changes that involve modifications to Exchange records would apply. The Exchange also proposes to amend Section 902.05 of the Manual to provide that the fees applicable to: (1) Structured products listed under the debt criteria set out in Section 703.19 (Other Securities) and traded on NYSE Bonds are set forth in Section 902.08 (Listings Fees for Debt Securities); and (2) short-term structured products are set forth in Section 902.06. Additionally, the Exchange seeks to codify its existing practice whereby it applies the fee schedules set forth in Sections 902.05 and 902.06 of the Manual to securities listed pursuant to 11 17 1 15 VerDate Aug<31>2005 16:17 Nov 30, 2007 3 Securities Exchange Act Release No. 56688 (October 23, 2007), 72 FR 60924. Jkt 214001 PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 Sections 703.15, 703.17 and 703.22 of the Manual. However, Sections 902.05 and 902.06 of the Manual do not identify Sections 703.15, 703.17 and 703.22 as securities to which the fees would apply. Through this proposed rule change, the Exchange proposes to apply retroactively for the period from June 7, 2006 to October 2, 2007 the fee schedules set forth in Sections 902.05 and 902.06 of the Manual to all securities previously listed pursuant to Sections 703.15, 703.17 and 703.22 of the Manual. Therefore, beginning October 3, 2007, all securities listed pursuant to Sections 703.15, 703.17 and 703.22 of the Manual would be subject to the fee schedule set forth in Section 902.09 of the Manual. 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.4 In particular, the Commission believes that the proposal is consistent with Section 6(b)(4) of the Act,5 which requires, among other things, that the rules of a national securities exchange be designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. The Commission notes that no comments have been received regarding the proposed rule change, and that the proposed fees are similar to those it approved for the American Stock Exchange LLC.6 It is therefore ordered, pursuant to Section 19(b)(2) of the Act,7 that the proposed rule change (File No. SR– NYSE–2007–77), as modified by Amendment Nos. 1, 2, and 3 thereto, be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Nancy M. Morris, Secretary. [FR Doc. E7–23317 Filed 11–30–07; 8:45 am] BILLING CODE 8011–01–P 4 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 5 15 U.S.C. 78f(b)(4). 6 See Securities Exchange Act Release No. 45403 (February 6, 2002), 67 FR 6553 (February 12, 2002) (SR–Amex–2001–100). 7 15 U.S.C. 78s(b)(2). 8 17 CFR 200.30–3(a)(12). E:\FR\FM\03DEN1.SGM 03DEN1

Agencies

[Federal Register Volume 72, Number 231 (Monday, December 3, 2007)]
[Notices]
[Page 67990]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23317]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56842; File No. SR-NYSE-2007-77]


Self-Regulatory Organizations; New York Stock Exchange LLC; Order 
Approving a Proposed Rule Change, as Modified by Amendment Nos. 1, 2, 
and 3 Thereto, To Amend Listing Fees for Structured Products

November 27, 2007.
    On August 24, 2007, the New York Stock Exchange LLC (``NYSE'' 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 certain provisions of its Listed Company 
Manual (``Manual'') governing structured product fees. Except as 
described below, the proposed changes would apply retroactively as of 
October 3, 2007. On October 3, 2007, the Exchange filed Amendment No. 1 
to the proposed rule change. On October 12, 2007, the Exchange filed 
Amendment No. 2 to the proposed rule change. On October 22, 2007, the 
Exchange filed Amendment No. 3 to the proposed rule change. The 
proposed rule change and Amendments Nos. 1, 2, and 3 thereto were 
published for comment in the Federal Register on October 26, 2007.\3\ 
The Commission received no comments on the proposal. This order 
approves the proposed rule change, as modified by Amendment Nos. 1, 2, 
and 3.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 56688 (October 23, 
2007), 72 FR 60924.
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    Section 902.06 of the Manual sets forth the listing and annual fees 
for ``short-term'' securities, i.e., those having a term of seven years 
or less. The Exchange proposes to revise Section 902.06 to clarify the 
scope of the rule's coverage. For example, proposed Section 902.06 
excludes from its coverage certain short-term securities--namely, 
securities listed pursuant to Sections 703.15 (Foreign Currency 
Warrants and Currency Index Warrants), 703.17 (Stock Index Warrants 
Listing Standards), and 703.22 (Equity Index-Linked Securities, 
Commodity-Linked Securities and Currency-Linked Securities and 
Currency-Linked Securities)--that would instead be subject to lower 
fees set forth in proposed new Section 902.09.
    The proposed listing fees applicable to securities subject to 
Section 902.09 of Manual are based on the total number of shares 
outstanding. The proposed fees would apply each time an issuer lists a 
security of one of the classes specified in Section 902.09 of the 
Manual and also to subsequent listings of additional shares of the same 
security. The Exchange would treat each series of the security as a 
separate issue. Proposed Section 902.09 would also establish annual 
fees based on the total number of shares outstanding. The proposed 
annual fees would be billed in January for the forthcoming year. 
Additionally, a $2,500 fee for certain changes that involve 
modifications to Exchange records would apply.
    The Exchange also proposes to amend Section 902.05 of the Manual to 
provide that the fees applicable to: (1) Structured products listed 
under the debt criteria set out in Section 703.19 (Other Securities) 
and traded on NYSE Bonds are set forth in Section 902.08 (Listings Fees 
for Debt Securities); and (2) short-term structured products are set 
forth in Section 902.06.
    Additionally, the Exchange seeks to codify its existing practice 
whereby it applies the fee schedules set forth in Sections 902.05 and 
902.06 of the Manual to securities listed pursuant to Sections 703.15, 
703.17 and 703.22 of the Manual. However, Sections 902.05 and 902.06 of 
the Manual do not identify Sections 703.15, 703.17 and 703.22 as 
securities to which the fees would apply. Through this proposed rule 
change, the Exchange proposes to apply retroactively for the period 
from June 7, 2006 to October 2, 2007 the fee schedules set forth in 
Sections 902.05 and 902.06 of the Manual to all securities previously 
listed pursuant to Sections 703.15, 703.17 and 703.22 of the Manual. 
Therefore, beginning October 3, 2007, all securities listed pursuant to 
Sections 703.15, 703.17 and 703.22 of the Manual would be subject to 
the fee schedule set forth in Section 902.09 of the Manual.
    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.\4\ In 
particular, the Commission believes that the proposal is consistent 
with Section 6(b)(4) of the Act,\5\ which requires, among other things, 
that the rules of a national securities exchange be designed to provide 
for the equitable allocation of reasonable dues, fees, and other 
charges among its members and issuers and other persons using its 
facilities. The Commission notes that no comments have been received 
regarding the proposed rule change, and that the proposed fees are 
similar to those it approved for the American Stock Exchange LLC.\6\
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    \4\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(4).
    \6\ See Securities Exchange Act Release No. 45403 (February 6, 
2002), 67 FR 6553 (February 12, 2002) (SR-Amex-2001-100).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (File No. SR-NYSE-2007-77), as 
modified by Amendment Nos. 1, 2, and 3 thereto, be, and hereby is, 
approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E7-23317 Filed 11-30-07; 8:45 am]
BILLING CODE 8011-01-P