Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Eliminate Certain Regulatory Fees, 1654-1656 [E8-156]
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1654
Federal Register / Vol. 73, No. 6 / Wednesday, January 9, 2008 / Notices
Makers, RMMs, e-DPMs, or DPMs
(collectively ‘‘market-makers’’) to
compete better for order flow in these
option classes.
Second, CBOE proposes to amend the
fee such that the marketing fee would
not apply to transactions in Penny Pilot
classes resulting from orders executed
through the Hybrid Agency Liaison
under CBOE Rule 6.14 in which marketmakers ‘‘step up’’ through the HAL
system and trade with orders that are
marketable against the NBBO when
CBOE is not the NBBO. CBOE believes
that this change would encourage
market-makers to execute orders at
CBOE at the NBBO.
CBOE proposes to implement these
changes to the marketing fee program
beginning on January 2, 2008. CBOE is
not amending its marketing fee program
in any other respects.
2.Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 5 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 6 in particular, in that it is
designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among CBOE members.
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
No written comments were solicited
or received with respect to the proposed
rule change.
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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 7 and Rule 19b–4(f)(2) 8 thereunder,
because it establishes or changes a due,
fee, or other charge imposed by the
Exchange. Accordingly, the proposal
will take effect upon filing with the
Commission. At any time within 60
days of the filing of such proposed rule
change the Commission may summarily
abrogate such rule change if it appears
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
7 15 U.S.C. 78s(b)(3)(A)(ii).
8 17 CFR 240.19b–4(f)(2).
6 15
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17:53 Jan 08, 2008
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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–CBOE–2007–154 on the
subject line.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–157 Filed 1–8–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57093; File No. SR–NYSE–
2007–127]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Eliminate
Certain Regulatory Fees
January 3, 2008.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on December
to Nancy M. Morris, Secretary,
31, 2007, the New York Stock Exchange
Securities and Exchange Commission,
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
100 F Street, NE., Washington, DC
the Securities and Exchange
20549–1090.
Commission (‘‘Commission’’) the
proposed rule change as described in
All submissions should refer to File
Items I, II, and III below, which Items
Number SR–CBOE–2007–154. This file
have been substantially prepared by the
number should be included on the
subject line if e-mail is used. To help the NYSE. The NYSE has designated the
proposed rule change as one concerned
Commission process and review your
solely with the administration of the
comments more efficiently, please use
only one method. The Commission will Exchange pursuant to section
post all comments on the Commission’s 19(b)(3)(A)(iii) of the Act 3 and Rule
Internet Web site (https://www.sec.gov/
19b–4(f)(3) thereunder,4 which renders
rules/sro.shtml). Copies of the
the proposed rule change effective upon
submission, all subsequent
filing with the Commission. The
amendments, all written statements
Commission is publishing this notice to
with respect to the proposed rule
solicit comments on the proposed rule
change that are filed with the
change from interested persons.
Commission, and all written
I. Self-Regulatory Organization’s
communications relating to the
Statement of the Terms of Substance of
proposed rule change between the
Commission and any person, other than the Proposed Rule Change
those that may be withheld from the
The NYSE proposes to eliminate,
public in accordance with the
effective January 1, 2008, certain
provisions of 5 U.S.C. 552, will be
regulatory fees that NYSE Regulation,
available for inspection and copying in
Inc. (‘‘NYSE Regulation’’) currently
the Commission’s Public Reference
remits to the Financial Industry
Room on official business days between Regulatory Authority, Inc. (‘‘FINRA’’)
the hours of 10 a.m. and 3 p.m. Copies
and which FINRA has determined
of such filing also will be available for
should be eliminated effective January
inspection and copying at the principal
1, 2008. The text of the proposed rule
office of CBOE. All comments received
change is available on NYSE’s Web site
will be posted without change; the
at https://www.nyse.com, at NYSE’s
Commission does not edit personal
principal office, and at the
identifying information from
Commission’s Public Reference Room.
submissions. You should submit only
information that you wish to make
9 17 CFR 200.30–3(a)(12).
available publicly. All submissions
1 15 U.S.C. 78s(b)(1).
should refer to File Number SR–CBOE–
2 17 CFR 240.19b–4.
2007–154 and should be submitted on
3 15 U.S.C. 78s(b)(3)(A).
or before January 30, 2008.
4 17 CFR 240.19b–4(f)(3).
Paper Comments
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09JAN1
Federal Register / Vol. 73, No. 6 / Wednesday, January 9, 2008 / Notices
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
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. The 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
pwalker on PROD1PC71 with NOTICES
The Exchange proposes to eliminate,
effective January 1, 2008, certain
regulatory fees that are charged to
member organizations, including
registered persons fees, branch office
registration fees, credit extension fees,
and certain other regulatory and testing
fees.
On July 30, 2007, NYSE Regulation
and the National Association of
Securities Dealers, Inc. (‘‘NASD’’)
consolidated their member regulation
operations into a combined
organization, FINRA. In connection
with that transaction, NYSE Regulation
agreed to remit to FINRA certain
registration and regulatory fees that
NYSE charges its member organizations.
Because the regulatory activities
associated with those fees are now
performed by FINRA, those fees
compensate FINRA for the regulatory
services it assumed as a result of the
regulatory consolidation.
The NYSE registration and regulatory
fees currently remitted to FINRA
include:
• Branch Office Fees, which are
charged, per branch, $350.00 for the first
1,000 branches, $150.00 for the next
2,000 branches, and $125.00 for over
3,000 branches; 5
• Registered Persons Fees, which are
$65.00 for a new applicant, $43 for a
transfer applicant, and $52.00 for
annual maintenance, per person; 6
• Regulation T Credit Extensions,
which are $4.00 per extension; 7
5 See NYSE Rule 342.11; see also FINRA By-Laws,
Section 4(a) of Schedule A.
6 See NYSE Rule 345.14; see also FINRA By-Laws,
Section 4(b) of Schedule A.
7 See NYSE Rule 434; see also FINRA By-Laws,
Section 8 of Schedule A.
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17:53 Jan 08, 2008
Jkt 214001
• Statutory Disqualification Filing
Fee, which is $1,500; 8
• Statutory Disqualification Review
Fee, which is $1,000; 9
• FOCUS Feedback, which is $250.00
each or $900 for four quarters; 10
• Regulatory Element Fee, which is
$75.00; 11 and
• Series 7 Qualification Exam, which
is $100.12
The foregoing fees are charged under
the authority of NYSE rules that have
been designated as ‘‘Common Rules’’
under the 17d–2 Allocation Plan that
NYSE entered into with FINRA.13
FINRA has informed NYSE Regulation
that it has reviewed the above-listed
registration and regulatory fees and has
determined to cease charging those fees
effective January 1, 2008. FINRA will
make a parallel filing with the
Commission to reflect this
determination. Accordingly, as
contemplated by the 17d–2 Agreement,
the NYSE is filing to amend its Price
List to eliminate the above-listed fees,
effective January 1, 2008.
2. Statutory Basis
The Exchange believes that the basis
under the Act for this proposed rule
change is the requirement under section
6(b)(5) 14 that an Exchange have rules
that are designed to promote just and
equitable principles of trade, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
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.
8 See NYSE Rule 346(f); see also FINRA By-Laws,
Section 12 of Schedule A.
9 See NYSE Rule 346(f); see also FINRA By-Laws,
Section 12 of Schedule A.
10 See NYSE Rule 416.10.
11 See NYSE Rule 345A; see also FINRA By-Laws,
Section 4(f) of Schedule A.
12 See NYSE Rule 345; see also FINRA By-Laws,
Section 4(c) of Schedule A.
13 Pursuant to Rule 17d–2 under Act, NYSE,
NYSE Regulation, Inc., and NASD entered into an
agreement to reduce regulatory duplication for
firms that are members of FINRA and also members
of NYSE on or after July 30, 2007, by allocating to
FINRA certain regulatory responsibilities for
selected NYSE rules (the ‘‘17d–2 Agreement’’). The
Agreement includes a list of those rules (‘‘Common
Rules’’) for which FINRA has assumed regulatory
responsibilities. See Securities Exchange Act
Release No. 56148 (July 26, 2007), 72 FR 42146
(August 1, 2007) (Notice of Filing and Order
Approving and Declaring Effective a Plan for the
Allocation of Regulatory Responsibilities).
14 15 U.S.C. 78f(b)(5).
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1655
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. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is
concerned solely with the
administration of the Exchange and has,
therefore, become effective pursuant to
section 19(b)(3)(A)(iii) of the Act 15 and
Rule 19b–4(f)(3) thereunder.16 At any
time within 60 days of the filing of such
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–2007–127 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–2007–127. 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
15 15
16 17
E:\FR\FM\09JAN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii).
09JAN1
1656
Federal Register / Vol. 73, No. 6 / Wednesday, January 9, 2008 / Notices
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 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–2007–127 and
should be submitted on or before
January 30, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–156 Filed 1–8–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57087; File No. SR–
NYSEArca–2008–01]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Closing
Time for Options on Exchange-Traded
Funds
pwalker on PROD1PC71 with NOTICES
January 2, 2008.
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 January 2,
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘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 substantially prepared by NYSE
Arca. The Exchange filed the proposal
as ‘‘non-controversial’’ pursuant to
section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
renders it 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
NYSE Arca proposes to amend NYSE
Arca Rule 7.1 in order to change the
time at which certain options on
exchange-traded funds (‘‘ETFs’’) cease
trading on the Exchange from 1:15 p.m.
Pacific Time (‘‘PT’’) to the time trading
ceases in the core trading session of the
primary listing exchange for the
underlying security. The text of the
proposed rule change is available at the
Exchange’s principal office, the
Commission’s Public Reference Room,
and https://www.nysearca.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 Arca 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 those
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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
NYSE Arca Rule 7.1 (‘‘Rule’’), Trading
Sessions, to change the time at which
certain options on ETFs cease trading on
the Exchange. The rule currently
specifies the trading hours for options
on ETFs as commencing at 6:30 a.m. PT
and ending at 1:15 p.m. PT. This
extended trading time mirrored the
operative closing time of the underlying
ETF, which for most underlying ETFs
was 1:15 p.m. PT—as set by the primary
listing exchange.
Recently, the Exchange submitted a
proposed rule change that was effective
upon filing that governs the trading
hours of ETFs listed on NYSE Arca
Equities.5 As a result of that proposed
rule change, the closing time for ETFs
listed on NYSE Arca Equities changed
1 15
VerDate Aug<31>2005
17:53 Jan 08, 2008
5 See Securities Exchange Act Release No. 56888
(December 3, 2007), 72 FR 70366 (December 11,
2007) (SR–NYSEArca–2007–124).
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from 1:15 p.m. PT to 1 p.m. PT. In order
to synchronize the closing time of
options on ETFs with the closing of the
underlying ETF on the primary listing
exchange, NYSE Arca hereby proposes
to cease trading of the overlying options
at the same time as the primary listing
exchange closes its core trading session
in the underlying ETF.6 In the case of
options on ETFs listed on NYSE Arca
Equities, starting January 2, 2008, this
time will be 1 p.m. PT.
The Exchange intends this system
change to be effective on filing and
operative on January 2, 2008. By
amending this rule, the Exchange will
simply synchronize the closing time for
options on ETFs with the time at which
the core trading session of the
underlying ETF closes on the primary
listing exchange.
2. Statutory Basis
The proposed rule change is
consistent with section 6(b) of the Act,7
in general, and furthers the objectives of
section 6(b)(5) 8 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 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. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (1) Significantly affect
6 As amended, this rule will mirror that of the
Chicago Board Options Exchange (‘‘CBOE’’). CBOE
Rule 6.1 Interpretations and Policies .01 states, in
part, that ‘‘hours during which transactions in
options on individual stocks may be made on the
Exchange shall correspond to the normal hours for
business set forth in the rules of the primary
exchange listing the stocks underlying CBOE
options.’’
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
E:\FR\FM\09JAN1.SGM
09JAN1
]]>Agencies
[Federal Register Volume 73, Number 6 (Wednesday, January 9, 2008)]
[Notices]
[Pages 1654-1656]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-156]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57093; File No. SR-NYSE-2007-127]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Eliminate Certain Regulatory Fees
January 3, 2008.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 31, 2007, the 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 the
NYSE. The NYSE has designated the proposed rule change as one concerned
solely with the administration of the Exchange pursuant to section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(3) thereunder,\4\
which renders the proposed rule change effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The NYSE proposes to eliminate, effective January 1, 2008, certain
regulatory fees that NYSE Regulation, Inc. (``NYSE Regulation'')
currently remits to the Financial Industry Regulatory Authority, Inc.
(``FINRA'') and which FINRA has determined should be eliminated
effective January 1, 2008. The text of the proposed rule change is
available on NYSE's Web site at https://www.nyse.com, at NYSE's
principal office, and at the Commission's Public Reference Room.
[[Page 1655]]
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 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. The 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 eliminate, effective January 1, 2008,
certain regulatory fees that are charged to member organizations,
including registered persons fees, branch office registration fees,
credit extension fees, and certain other regulatory and testing fees.
On July 30, 2007, NYSE Regulation and the National Association of
Securities Dealers, Inc. (``NASD'') consolidated their member
regulation operations into a combined organization, FINRA. In
connection with that transaction, NYSE Regulation agreed to remit to
FINRA certain registration and regulatory fees that NYSE charges its
member organizations. Because the regulatory activities associated with
those fees are now performed by FINRA, those fees compensate FINRA for
the regulatory services it assumed as a result of the regulatory
consolidation.
The NYSE registration and regulatory fees currently remitted to
FINRA include:
Branch Office Fees, which are charged, per branch, $350.00
for the first 1,000 branches, $150.00 for the next 2,000 branches, and
$125.00 for over 3,000 branches; \5\
---------------------------------------------------------------------------
\5\ See NYSE Rule 342.11; see also FINRA By-Laws, Section 4(a)
of Schedule A.
---------------------------------------------------------------------------
Registered Persons Fees, which are $65.00 for a new
applicant, $43 for a transfer applicant, and $52.00 for annual
maintenance, per person; \6\
---------------------------------------------------------------------------
\6\ See NYSE Rule 345.14; see also FINRA By-Laws, Section 4(b)
of Schedule A.
---------------------------------------------------------------------------
Regulation T Credit Extensions, which are $4.00 per
extension; \7\
---------------------------------------------------------------------------
\7\ See NYSE Rule 434; see also FINRA By-Laws, Section 8 of
Schedule A.
---------------------------------------------------------------------------
Statutory Disqualification Filing Fee, which is $1,500;
\8\
---------------------------------------------------------------------------
\8\ See NYSE Rule 346(f); see also FINRA By-Laws, Section 12 of
Schedule A.
---------------------------------------------------------------------------
Statutory Disqualification Review Fee, which is $1,000;
\9\
---------------------------------------------------------------------------
\9\ See NYSE Rule 346(f); see also FINRA By-Laws, Section 12 of
Schedule A.
---------------------------------------------------------------------------
FOCUS Feedback, which is $250.00 each or $900 for four
quarters; \10\
---------------------------------------------------------------------------
\10\ See NYSE Rule 416.10.
---------------------------------------------------------------------------
Regulatory Element Fee, which is $75.00; \11\ and
---------------------------------------------------------------------------
\11\ See NYSE Rule 345A; see also FINRA By-Laws, Section 4(f) of
Schedule A.
---------------------------------------------------------------------------
Series 7 Qualification Exam, which is $100.\12\
---------------------------------------------------------------------------
\12\ See NYSE Rule 345; see also FINRA By-Laws, Section 4(c) of
Schedule A.
---------------------------------------------------------------------------
The foregoing fees are charged under the authority of NYSE rules
that have been designated as ``Common Rules'' under the 17d-2
Allocation Plan that NYSE entered into with FINRA.\13\ FINRA has
informed NYSE Regulation that it has reviewed the above-listed
registration and regulatory fees and has determined to cease charging
those fees effective January 1, 2008. FINRA will make a parallel filing
with the Commission to reflect this determination. Accordingly, as
contemplated by the 17d-2 Agreement, the NYSE is filing to amend its
Price List to eliminate the above-listed fees, effective January 1,
2008.
---------------------------------------------------------------------------
\13\ Pursuant to Rule 17d-2 under Act, NYSE, NYSE Regulation,
Inc., and NASD entered into an agreement to reduce regulatory
duplication for firms that are members of FINRA and also members of
NYSE on or after July 30, 2007, by allocating to FINRA certain
regulatory responsibilities for selected NYSE rules (the ``17d-2
Agreement''). The Agreement includes a list of those rules (``Common
Rules'') for which FINRA has assumed regulatory responsibilities.
See Securities Exchange Act Release No. 56148 (July 26, 2007), 72 FR
42146 (August 1, 2007) (Notice of Filing and Order Approving and
Declaring Effective a Plan for the Allocation of Regulatory
Responsibilities).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the basis under the Act for this
proposed rule change is the requirement under section 6(b)(5) \14\ that
an Exchange have rules that are designed to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system and, in general,
to protect investors and the public interest.
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\14\ 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 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. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is concerned solely with the
administration of the Exchange and has, therefore, become effective
pursuant to section 19(b)(3)(A)(iii) of the Act \15\ and Rule 19b-
4(f)(3) thereunder.\16\ At any time within 60 days of the filing of
such 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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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
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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-2007-127 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-2007-127. 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
[[Page 1656]]
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 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-2007-127 and should be submitted on or before
January 30, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-156 Filed 1-8-08; 8:45 am]
BILLING CODE 8011-01-P
