Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of a Proposed Rule Change as Modified by Amendment No. 1 Thereto To Amend Listing Fees for Structured Products, Short-Term Securities, and Debt Securities, 73392-73393 [E7-24985]

Download as PDF 73392 Federal Register / Vol. 72, No. 247 / Thursday, December 27, 2007 / Notices the ETFs in the manner described in this proposal. The Commission finds good cause for approving the proposed rule change before the 30th day after the date of publication of notice of filing thereof in the Federal Register. The Commission notes that it has previously approved similar proposals made by another national securities exchange.31 Those proposals were subject to full noticeand-comment periods before Commission action, and no comments were received. The Commission presently is not aware of any regulatory issue that should cause it to revisit those findings or should preclude the extension of trading hours of the ETFs on the Exchange. Therefore, the Commission believes that accelerating approval of this proposal is reasonable. filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been substantially prepared by the Exchange. On December 17, 2007, NYSE filed Amendment No. 1 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 V. Conclusion The Exchange proposes to alter the listing fees applicable to structured products, short-term securities, and debt securities. The text of the proposed rule change is available at the Exchange’s principal office, in the Commission’s Public Reference Room, and at http:// www.nyse.com. IT IS THEREFORE ORDERED, pursuant to section 19(b)(2) of the Act,32 that the proposed rule change (SR– NASDAQ–2007–098) be, and it hereby is, approved on an accelerated basis. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.33 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–24989 Filed 12–26–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56984; File No. SR–NYSE– 2007–110] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of a Proposed Rule Change as Modified by Amendment No. 1 Thereto To Amend Listing Fees for Structured Products, Short-Term Securities, and Debt Securities December 18, 2007. mstockstill on PROD1PC66 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 November 28, 2007, New York Stock Exchange, LLC (the ‘‘NYSE’’ or the ‘‘Exchange’’) 31 See Securities Exchange Act Release Nos. 56625 (October 5, 2007), 72 FR 58144 (October 12, 2007) (SR–NYSEArca–2007–73) (approving certain changes made to the generic listing standards for certain ETFs) and 56627 (October 5, 2007), 72 FR 58145 (October 12, 2007) (SR–NYSEArca–2007–75) (approving extended trading hours for certain ETFs). 32 15 U.S.C. 78s(b)(2). 33 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Aug<31>2005 18:00 Dec 26, 2007 Jkt 214001 In its filing with the Commission, NYSE 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. 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 Section 902 of the Listed Company Manual to alter the Exchange’s listing fees applicable to structured products, short-term securities, and debt securities. This filing does not amend the listing fees applicable to equity securities of operating companies. Annual fees for structured products (Section 902.05) and short-term securities (Section 902.06) are currently subject to a minimum fee of $5,000 per year. The Exchange proposes to charge a supplement to the 2008 Annual Fees for the period from February 1, 2008, until year end. An issuer that would pay less than $15,000 in Annual Fees for 2008 would be required to pay a supplemental amount equal to the difference between its Annual Fee and $15,000. For 2009 and thereafter, the Exchange would increase the minimum annual fee to $15,000, as the Exchange PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 believes that this is more appropriate than the current $5,000 minimum in light of the costs it incurs in connection with the listing of such securities. Annual fees will not be increased for short-term warrants to purchase equity securities (which would continue to be subject to a $5,000 minimum annual fee) and such warrants would not be subject to the supplemental payment for 2008. The Exchange currently applies the debt securities fee schedule set forth in Section 902.08 to securities listed under Section 703.19 and traded on NYSE Bonds. The Exchange proposes to amend Section 902.08 to impose a flat initial listing fee of $15,000 on all structured products (including shortterm securities) listed under Section 703.19 and traded on NYSE Bonds. Currently, NYSE-listed companies and their affiliates pay no fees on structured products that trade on NYSE Bonds; the new proposed $15,000 initial listing fee would apply to all structured products listed on NYSE Bonds going forward. Section 902.08 would also be amended to impose a $15,000 initial listing fee on securities listed under the debt standard of Section 102.03 in place of the current fees. Debt listed under Section 102.03 of NYSE equity issuers and affiliated companies and of issuers exempt from registration under the Exchange Act would continue to be exempt from listing fees. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Exchange Act 3 in general, and furthers the objectives of Section 6(b)(5) 4 in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanisms of a free and open market and a national market system. 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 Exchange Act. 3 15 4 15 E:\FR\FM\27DEN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 27DEN1 Federal Register / Vol. 72, No. 247 / Thursday, December 27, 2007 / Notices 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 Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding, or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve such proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments mstockstill on PROD1PC66 with NOTICES • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2007–110 on the subject line. 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 NYSE. 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–2007–110 and should be submitted on or before January 17, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.5 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–24985 Filed 12–26–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56975; File No. SR– NYSEArca–2007–87] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change, as Modified by Amendment No. 2 Thereto, To Amend Listing Fees for Structured Products December 17, 2007. On August 16, 2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed Paper Comments with the Securities and Exchange Commission (‘‘Commission’’), pursuant • Send paper comments in triplicate to section 19(b)(1) of the Securities to Nancy M. Morris, Secretary, Exchange Act of 1934 (‘‘Act’’) 1 and Rule Securities and Exchange Commission, 19b–4 thereunder,2 a proposed rule 100 F Street, NE., Washington, DC change to amend its Schedule of Fees 20549–1090. and Charges (‘‘Fee Schedule’’) to revise All submissions should refer to File the listing fees applicable to Structured Number SR–NYSE–2007–110. This file Products 3 listed on NYSE Arca, LLC number should be included on the (‘‘NYSE Arca Marketplace’’), the subject line if e-mail is used. To help the equities facility of NYSE Arca Equities, Commission process and review your Inc. (‘‘NYSE Arca Equities’’). The comments more efficiently, please use only one method. The Commission will 5 17 CFR 200.30–3(a)(12). post all comments on the Commission’s 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. Internet Web site (http://www.sec.gov/ 3 For purposes of this proposal, Structured rules/sro.shtml). Copies of the Products include securities qualified for listing and submission, all subsequent trading on NYSE Arca under the following NYSE amendments, all written statements Arca Equities Rules: Rule 5.2(j)(1) (Other with respect to the proposed rule Securities), 5.2(j)(2) (Equity Linked Notes), Rule 5.2(j)(4) (Index-Linked Exchangeable Notes), Rule change that are filed with the 5.2(j)(6) (Equity Index-Linked Securities, Commission, and all written Commodity-Linked Securities and Currency-Linked communications relating to the Securities) and Rule 8.3 (Currency and Index proposed rule change between the Warrants), as these rules may be amended from Commission and any person, other than time to time. VerDate Aug<31>2005 18:00 Dec 26, 2007 Jkt 214001 PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 73393 proposed revisions would apply retroactively as of October 3, 2007. 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.4 The proposed rule change and Amendment Nos. 1 and 2 thereto was published for comment in the Federal Register on November 15, 2007.5 No comments regarding the proposed rule change have been received. This order approves the proposed rule change, as modified by Amendment No. 2. NYSE Arca proposes to revise its schedules for listing and annual fees for Structured Products to harmonize its fees with those of the New York Stock Exchange LLC (‘‘NYSE’’).6 The fees for each Structured Product would depend on the number of shares outstanding for such product.7 The proposed rule change also clarifies the types of products defined as ‘‘Structured Products.’’ The proposed revisions would apply retroactively as of October 3, 2007. 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.8 In particular, the Commission believes that the proposal is consistent with section 6(b)(4) of the Act,9 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 other national securities exchanges.10 IT IS THEREFORE ORDERED, pursuant to section 19(b)(2) of the Act,11 that the proposed rule change (File No. 4 Amendment No. 2 replaced and superseded Amendment No. 1 in its entirety. 5 Securities Exchange Act Release No. 56767 (November 7, 2007), 72 FR 64265 (‘‘Notice’’). 6 See Securities Exchange Act Release No. 56842 (November 27, 2007), 72 FR 67990 (December 3, 2007) (approving retroactively as of October 3, 2007 identical listing and annual fees for structured products listed on the NYSE). 7 For a detailed description of the revised fees, see Notice, supra at note 5. 8 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). 9 15 U.S.C. 78f(b)(4). 10 See supra at note 6. 11 15 U.S.C. 78s(b)(2). E:\FR\FM\27DEN1.SGM 27DEN1

Agencies

[Federal Register Volume 72, Number 247 (Thursday, December 27, 2007)]
[Notices]
[Pages 73392-73393]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24985]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56984; File No. SR-NYSE-2007-110]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of a Proposed Rule Change as Modified by Amendment No. 
1 Thereto To Amend Listing Fees for Structured Products, Short-Term 
Securities, and Debt Securities

December 18, 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 November 28, 2007, New York Stock Exchange, LLC (the ``NYSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been substantially prepared by the 
Exchange. On December 17, 2007, NYSE filed Amendment No. 1 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to alter the listing fees applicable to 
structured products, short-term securities, and debt securities. The 
text of the proposed rule change is available at the Exchange's 
principal office, in the Commission's Public Reference Room, and at 
http://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, NYSE 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. 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 Section 902 of the Listed Company 
Manual to alter the Exchange's listing fees applicable to structured 
products, short-term securities, and debt securities. This filing does 
not amend the listing fees applicable to equity securities of operating 
companies.
    Annual fees for structured products (Section 902.05) and short-term 
securities (Section 902.06) are currently subject to a minimum fee of 
$5,000 per year. The Exchange proposes to charge a supplement to the 
2008 Annual Fees for the period from February 1, 2008, until year end. 
An issuer that would pay less than $15,000 in Annual Fees for 2008 
would be required to pay a supplemental amount equal to the difference 
between its Annual Fee and $15,000. For 2009 and thereafter, the 
Exchange would increase the minimum annual fee to $15,000, as the 
Exchange believes that this is more appropriate than the current $5,000 
minimum in light of the costs it incurs in connection with the listing 
of such securities. Annual fees will not be increased for short-term 
warrants to purchase equity securities (which would continue to be 
subject to a $5,000 minimum annual fee) and such warrants would not be 
subject to the supplemental payment for 2008.
    The Exchange currently applies the debt securities fee schedule set 
forth in Section 902.08 to securities listed under Section 703.19 and 
traded on NYSE Bonds. The Exchange proposes to amend Section 902.08 to 
impose a flat initial listing fee of $15,000 on all structured products 
(including short-term securities) listed under Section 703.19 and 
traded on NYSE Bonds. Currently, NYSE-listed companies and their 
affiliates pay no fees on structured products that trade on NYSE Bonds; 
the new proposed $15,000 initial listing fee would apply to all 
structured products listed on NYSE Bonds going forward. Section 902.08 
would also be amended to impose a $15,000 initial listing fee on 
securities listed under the debt standard of Section 102.03 in place of 
the current fees. Debt listed under Section 102.03 of NYSE equity 
issuers and affiliated companies and of issuers exempt from 
registration under the Exchange Act would continue to be exempt from 
listing fees.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Exchange Act \3\ in general, and furthers the objectives of Section 
6(b)(5) \4\ in particular in that it is designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in facilitating transactions in securities, and to 
remove impediments to and perfect the mechanisms of a free and open 
market and a national market system.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
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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 Exchange Act.

[[Page 73393]]

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding, or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2007-110 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-2007-110. 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 (http://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 NYSE. 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-2007-110 and should be 
submitted on or before January 17, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-24985 Filed 12-26-07; 8:45 am]
BILLING CODE 8011-01-P