Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to NYSE Rule 129 To Reflect the Changes to the NYSE's Gross FOCUS (Financial and Operational Combined Uniform Single Report) Fee That Commenced on January 1, 2008, 3503-3504 [E8-832]

Download as PDF Federal Register / Vol. 73, No. 13 / Friday, January 18, 2008 / Notices 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 NFA. 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–NFA–2007–07 and should be submitted on or before February 8, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–833 Filed 1–17–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57139; File No. SR–NYSE– 2008–01] rwilkins on PROD1PC63 with NOTICES Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to NYSE Rule 129 To Reflect the Changes to the NYSE’s Gross FOCUS (Financial and Operational Combined Uniform Single Report) Fee That Commenced on January 1, 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, 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 and II below, which Items have 9 17 CFR 200.30–3(a)(73). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 16:37 Jan 17, 2008 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change NYSE proposes to amend, retroactively effective to January 1, 2008, NYSE Rule 129 to reflect the changes to the NYSE’s gross FOCUS (Financial and Operational Combined Uniform Single Report) fee that commenced on that date. The text of the proposed rule change is available on the Exchange’s Web site (http:// www.nyse.com), at the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend, retroactively effective to January 1, 2008, NYSE Rule 129 to reflect the reduction in gross FOCUS fees that will be charged to member organizations after that date. In connection with the transfer of certain NYSE Regulation, Inc. (‘‘NYSE Regulation’’) functions to the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’), the Exchange filed with the Commission to reduce its gross FOCUS fees by 75%, effective January 1, 2008.3 That proposal was effective on filing with the Commission. As noted in that filing, the Exchange currently charges its member organizations a fee of $0.42 per $1,000 of gross revenues as reported by each member organization in its FOCUS 3 See Securities Exchange Act Release No. 56181 (August 1, 2007), 72 FR 44206 (August 7, 2007) (SR–NYSE–2007–70) (‘‘Release No. 34–56181’’). 1 15 VerDate Aug<31>2005 been substantially prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons and is simultaneously approving the proposal on an accelerated basis. Jkt 214001 PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 3503 report,4 subject to minimum annual fees of $180.00 for member organizations that do not conduct a public business, $1,000 for introducing firms, and $2,000 for carrying firms and specialists. The Exchange allocates the FOCUS fees to NYSE Regulation to fund its performance of its regulatory activities with respect to member organizations. Because FINRA now performs a substantial portion of the regulatory activities for NYSE member organizations, for the period July 31, 2007 through the end of 2007, the Exchange agreed to pay FINRA 75% of the gross FOCUS fees paid to the Exchange. Beginning January 1, 2008, the Exchange reduced its FOCUS fees, including the minimum fees, by 75%. NYSE Rule 129 sets forth the gross FOCUS fee schedule and minimum annual fees, as described above. Because those fees were reduced effective January 1, 2008, to reflect those changes, the Exchange proposes to amend the text of NYSE Rule 129 to set forth the revised fee schedule, retroactively effective to January 1, 2008. 2. Statutory Basis The Exchange states that the basis under the Act for this proposed rule change is the requirement under section 6(b)(5) 5 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. 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, 4 FOCUS (Securities Exchange Act Form X–17A– 5) is an acronym for Financial and Operational Combined Uniform Single Report. The report is filed periodically with the Commission pursuant to Securities Exchange Act Rule 17a–5, 17 CFR 240.17a–5. 5 15 U.S.C. 78f(b)(5). E:\FR\FM\18JAN1.SGM 18JAN1 3504 Federal Register / Vol. 73, No. 13 / Friday, January 18, 2008 / Notices exchange 6 and, in particular, the requirements of section 6 of the Act.7 Specifically, the Commission finds that the proposed rule change is consistent with section 6(b)(5) of the Act,8 which Electronic Comments requires, among other things, that the rules of a national securities exchange • Use the Commission’s Internet be designed to promote just and comment form (http://www.sec.gov/ equitable principles of trade, to remove rules/sro.shtml); or impediments to and perfect the • Send an e-mail to rulemechanism of a free and open market comments@sec.gov. Please include File and a national market system, and, in Number SR–NYSE–2008–01 on the general, to protect investors and the subject line. public interest. The Commission also finds that the proposal is consistent Paper Comments with section 6(b)(4) of the Act,9 which • Send paper comments in triplicate requires the equitable allocation of reasonable dues, fees, and other charges to Nancy M. Morris, Secretary, among the Exchange’s members and Securities and Exchange Commission, issuers and other persons using its 100 F Street, NE., Washington, DC facilities. The Commission believes that 20549–1090. the proposed rule change to amend All submissions should refer to File NYSE Rule 129 to incorporate the Number SR–NYSE–2008–01. This file reduced gross FOCUS fees is number should be included on the appropriate and consistent with the Act. subject line if e-mail is used. To help the The Commission finds good cause to Commission process and review your approve the proposal prior to the comments more efficiently, please use thirtieth day after the proposal was only one method. The Commission will published for comment in the Federal post all comments on the Commission’s Register. This approval allows the Internet Web site (http://www.sec.gov/ NYSE to immediately update its rule to rules/sro.shtml). Copies of the accurately reflect the revised gross submission, all subsequent FOCUS fees. The proposal to reduce the amendments, all written statements gross FOCUS fees was already with respect to the proposed rule published for comment,10 the change that are filed with the Commission received no comments on Commission, and all written the earlier proposal, and interested communications relating to the persons were provided the opportunity proposed rule change between the to submit comments on an essentially Commission and any person, other than identical proposal. For these reasons, those that may be withheld from the the Commission finds good cause, public in accordance with the consistent with section 19(b)(2) of the provisions of 5 U.S.C. 552, will be Act, to grant accelerated approval to the available for inspection and copying in proposal. the Commission’s Public Reference V. Conclusion Room, 100 F Street, NE., Washington, DC 20549, on official business days It is therefore ordered, pursuant to between the hours of 10 a.m. and 3 p.m. section 19(b)(2) of the Act, that the Copies of such filing also will be proposed rule change (SR–NYSE–2008– available for inspection and copying at 01) is hereby approved on an the principal office of the NYSE. All accelerated basis.11 comments received will be posted For the Commission, by the Division of without change; the Commission does Trading and Markets, pursuant to delegated not edit personal identifying authority.12 information from submissions. You Florence E. Harmon, should submit only information that Deputy Secretary. you wish to make available publicly. All [FR Doc. E8–832 Filed 1–17–08; 8:45 am] submissions should refer to File Number SR–NYSE–2008–01 and should BILLING CODE 8011–01–P be submitted on or before February 8, 6 In approving this proposed rule change the 2008. SUMMARY: Pursuant to section 5(c) of the Emergency and Disaster Assistance Fraud Penalty Enhancement Act of 2007, Public Law 110–179, the Commission hereby gives notice of a temporary, emergency amendment to the sentencing guidelines and commentary. This notice sets forth the temporary, emergency amendment and the reason for amendment. DATES: The Commission has specified an effective date of February 6, 2008, for the emergency amendment. FOR FURTHER INFORMATION CONTACT: Michael Courlander, Public Affairs Officer, Telephone: (202) 502–4590. SUPPLEMENTARY INFORMATION: The Commission must promulgate a temporary, emergency amendment to implement the directive in section 5(c) of the Emergency and Disaster Assistance Fraud Penalty Enhancement Act of 2007, Public Law 110–179, by February 6, 2008. The statutory deadline for the promulgation of the temporary, emergency amendment, in conjunction with the Commission’s public meeting schedule (the promulgation of such amendments must occur in a public meeting), made it impracticable to publish a proposed temporary, emergency amendment in the Federal Register in order to provide an opportunity for public comment, and to publish the promulgated amendment not less than 30 days before the effective date. The Commission therefore had good cause not to publish a proposed amendment before promulgation of the amendment and not to publish the promulgated amendment 30 days or more before the specified effective date of the amendment. See 5 U.S.C. 553(b), (d)(3). The temporary, emergency amendment set forth in this notice also may be accessed through the Commission’s Web site at http:// www.ussc.gov. IV. Commission Findings Authority: 28 U.S.C. 994(a), (o), (p), (x); section 5(c) of Pub. L. 110–179. rwilkins on PROD1PC63 with NOTICES including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: 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 VerDate Aug<31>2005 16:37 Jan 17, 2008 Jkt 214001 Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 7 15 U.S.C. 78f. 8 15 U.S.C. 78f(b)(5). 9 15 U.S.C. 78f(b)(4). 10 See Release No. 34–56181, supra note 3. 11 15 U.S.C. 78s(b)(2). 12 17 CFR 200.30–3(a)(12). PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 UNITED STATES SENTENCING COMMISSION Sentencing Guidelines for United States Courts United States Sentencing Commission. ACTION: Notice of a temporary, emergency amendment to sentencing guidelines and commentary. AGENCY: Ricardo H. Hinojosa, Chair. 1. Amendment: Section 2B1.1(b) is amended by adding at the end the following: E:\FR\FM\18JAN1.SGM 18JAN1

Agencies

[Federal Register Volume 73, Number 13 (Friday, January 18, 2008)]
[Notices]
[Pages 3503-3504]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-832]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57139; File No. SR-NYSE-2008-01]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Order Granting Accelerated Approval of Proposed 
Rule Change Relating to NYSE Rule 129 To Reflect the Changes to the 
NYSE's Gross FOCUS (Financial and Operational Combined Uniform Single 
Report) Fee That Commenced on January 1, 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, 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 and 
II below, which Items have been substantially prepared by the Exchange. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons and is simultaneously 
approving the proposal on an accelerated basis.
---------------------------------------------------------------------------

    \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

    NYSE proposes to amend, retroactively effective to January 1, 2008, 
NYSE Rule 129 to reflect the changes to the NYSE's gross FOCUS 
(Financial and Operational Combined Uniform Single Report) fee that 
commenced on that date. The text of the proposed rule change is 
available on the Exchange's Web site (http://www.nyse.com), at the 
Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend, retroactively effective to January 
1, 2008, NYSE Rule 129 to reflect the reduction in gross FOCUS fees 
that will be charged to member organizations after that date.
    In connection with the transfer of certain NYSE Regulation, Inc. 
(``NYSE Regulation'') functions to the Financial Industry Regulatory 
Authority, Inc. (``FINRA''), the Exchange filed with the Commission to 
reduce its gross FOCUS fees by 75%, effective January 1, 2008.\3\ That 
proposal was effective on filing with the Commission.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 56181 (August 1, 
2007), 72 FR 44206 (August 7, 2007) (SR-NYSE-2007-70) (``Release No. 
34-56181'').
---------------------------------------------------------------------------

    As noted in that filing, the Exchange currently charges its member 
organizations a fee of $0.42 per $1,000 of gross revenues as reported 
by each member organization in its FOCUS report,\4\ subject to minimum 
annual fees of $180.00 for member organizations that do not conduct a 
public business, $1,000 for introducing firms, and $2,000 for carrying 
firms and specialists. The Exchange allocates the FOCUS fees to NYSE 
Regulation to fund its performance of its regulatory activities with 
respect to member organizations.
---------------------------------------------------------------------------

    \4\ FOCUS (Securities Exchange Act Form X-17A-5) is an acronym 
for Financial and Operational Combined Uniform Single Report. The 
report is filed periodically with the Commission pursuant to 
Securities Exchange Act Rule 17a-5, 17 CFR 240.17a-5.
---------------------------------------------------------------------------

    Because FINRA now performs a substantial portion of the regulatory 
activities for NYSE member organizations, for the period July 31, 2007 
through the end of 2007, the Exchange agreed to pay FINRA 75% of the 
gross FOCUS fees paid to the Exchange. Beginning January 1, 2008, the 
Exchange reduced its FOCUS fees, including the minimum fees, by 75%.
    NYSE Rule 129 sets forth the gross FOCUS fee schedule and minimum 
annual fees, as described above. Because those fees were reduced 
effective January 1, 2008, to reflect those changes, the Exchange 
proposes to amend the text of NYSE Rule 129 to set forth the revised 
fee schedule, retroactively effective to January 1, 2008.
2. Statutory Basis
    The Exchange states that the basis under the Act for this proposed 
rule change is the requirement under section 6(b)(5) \5\ 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.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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,

[[Page 3504]]

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-2008-01 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-2008-01. 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 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-2008-01 and should be 
submitted on or before February 8, 2008.

IV. Commission Findings

    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 \6\ and, in 
particular, the requirements of section 6 of the Act.\7\ Specifically, 
the Commission finds that the proposed rule change is consistent with 
section 6(b)(5) of the Act,\8\ which requires, among other things, that 
the rules of a national securities exchange be 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. The 
Commission also finds that the proposal is consistent with section 
6(b)(4) of the Act,\9\ which requires the equitable allocation of 
reasonable dues, fees, and other charges among the Exchange's members 
and issuers and other persons using its facilities. The Commission 
believes that the proposed rule change to amend NYSE Rule 129 to 
incorporate the reduced gross FOCUS fees is appropriate and consistent 
with the Act.
---------------------------------------------------------------------------

    \6\ In approving this proposed rule change the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Commission finds good cause to approve the proposal prior to 
the thirtieth day after the proposal was published for comment in the 
Federal Register. This approval allows the NYSE to immediately update 
its rule to accurately reflect the revised gross FOCUS fees. The 
proposal to reduce the gross FOCUS fees was already published for 
comment,\10\ the Commission received no comments on the earlier 
proposal, and interested persons were provided the opportunity to 
submit comments on an essentially identical proposal. For these 
reasons, the Commission finds good cause, consistent with section 
19(b)(2) of the Act, to grant accelerated approval to the proposal.
---------------------------------------------------------------------------

    \10\ See Release No. 34-56181, supra note 3.
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the Act, 
that the proposed rule change (SR-NYSE-2008-01) is hereby approved on 
an accelerated basis.\11\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-832 Filed 1-17-08; 8:45 am]
BILLING CODE 8011-01-P