Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Eliminate the One-Year Minimum Life Requirement From the Listing Standards for “Other Securities”, 6226-6227 [E8-1833]

Download as PDF 6226 Federal Register / Vol. 73, No. 22 / Friday, February 1, 2008 / Notices 6(b) of the Act,8 in general, and furthers the objectives of Section 6(b)(5) of the Act,9 in particular, in that it is designed to prevent fraudulent and manipulative acts, promote just and equitable principles of trade, 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 Exchange believes that this new order type will offer market participants new trading opportunities on the Exchange and enhance the Exchange’s competitive position. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange believes that the proposed rule change does not 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 not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. 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 Exchange consents, the Commission will: A. By order approve the proposed rule change or B. Institute proceedings to determine whether the proposed rule change should be disapproved. mstockstill on PROD1PC66 with NOTICES 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: • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–ISE–2007–95 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–ISE–2007–95. 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 Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ISE–2007–95 and should be submitted on or before February 22, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–1834 Filed 1–31–08; 8:45 am] BILLING CODE 8011–01–P Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or 8 15 9 15 18:22 Jan 31, 2008 [Release No. 34–57204; File No. SR–NYSE– 2008–05] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Eliminate the One-Year Minimum Life Requirement From the Listing Standards for ‘‘Other Securities’’ January 25, 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 15, 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 prepared substantially by NYSE. This order provides notice of the proposed rule change and approves the proposed rule change on an accelerated basis. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Section 703.19 of the Exchange’s Listed Company Manual (‘‘Manual’’), which sets forth the initial listing standards for ‘‘Other Securities,’’ to eliminate the requirement that securities listed thereunder must have a minimum life of one year. The text of the proposal is available at NYSE, the Commission’s Public Reference Room, and 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, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item III below, and the most significant aspects of such statements are set forth in Sections A, B, and C below. 1 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). VerDate Aug<31>2005 SECURITIES AND EXCHANGE COMMISSION 10 17 Jkt 214001 PO 00000 CFR 200.30–3(a)(12). Frm 00118 Fmt 4703 Sfmt 4703 2 17 E:\FR\FM\01FEN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 01FEN1 Federal Register / Vol. 73, No. 22 / Friday, February 1, 2008 / Notices 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 703.19 of the Manual, which sets forth the Exchange’s initial listing standards for ‘‘Other Securities,’’ to eliminate the requirement that securities listed thereunder must have a minimum life of one year. The Exchange seeks to make this change to harmonize Section 703.19 of the Manual with the comparable rules of The NASDAQ Stock Market LLC (‘‘NASDAQ’’), the American Stock Exchange LLC (‘‘Amex’’), and NYSE Arca Equities, Inc. (‘‘NYSE Arca Equities’’), none of which contain a minimum life requirement.3 2. Statutory Basis The proposed rule change is consistent with Section 6 of the Act,4 in general, and furthers the objectives of Section 6(b)(5),5 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market, and, in general, to protect investors and the public interest. Specifically, the Exchange believes that the proposed rule change seeks to remove impediments to and perfect the mechanism of a free and open market by conforming NYSE’s listing rules to those of its competitors, enabling the Exchange to compete for listings of securities that can currently be listed under the rules of the Exchange’s competitors. 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. mstockstill on PROD1PC66 with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange states that written comments on the proposed rule change were neither solicited nor received. 3 See NASDAQ Rule 4420(f), Section 107(A) of the Amex Company Guide, and NYSE Arca Equities Rule 5.2(j)(1), respectively. 4 15 U.S.C. 78f. 5 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 18:22 Jan 31, 2008 Jkt 214001 6227 rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.6 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,7 which requires that the rules of an exchange be designed, among other things, to Electronic Comments promote just and equitable principles of • Use the Commission’s Internet trade, to remove impediments to and comment form (http://www.sec.gov/ perfect the mechanism of a free and rules/sro.shtml); or open market and a national market • Send an e-mail to rulesystem, and, in general, to protect comments@sec.gov. Please include File investors and the public interest. The Number SR–NYSE–2008–05 on the Commission notes that comparable rules subject line. of other national securities exchanges Paper Comments currently do not require such ‘‘Other Securities’’ to have a minimum life of • Send paper comments in triplicate to Nancy M. Morris, Secretary, one year.8 Securities and Exchange Commission, The Commission finds good cause for 100 F Street, NE., Washington, DC approving this proposal before the 30th 20549–1090. day after the publication of notice All submissions should refer to File thereof in the Federal Register. As Number SR–NYSE–2008–05. This file noted above, the proposal seeks to number should be included on the harmonize the Exchange’s initial listing subject line if e-mail is used. To help the standards for ‘‘Other Securities’’ with Commission process and review your those of other national securities comments more efficiently, please use only one method. The Commission will exchanges. The initial listing standards post all comments on the Commission’s for ‘‘Other Securities’’ of such other national securities exchanges do not Internet Web site (http://www.sec.gov/ appear to present any new or significant rules/sro.shtml). Copies of the regulatory concerns. Therefore, the submission, all subsequent Commission believes that accelerating amendments, all written statements approval of this proposal would allow with respect to the proposed rule change that are filed with the the Exchange to trade such ‘‘Other Commission, and all written Securities’’ without undue delay and communications relating to the should generate additional competition proposed rule change between the in the market for such products. Commission and any person, other than V. Conclusion those that may be withheld from the public in accordance with the It is therefore ordered, pursuant to provisions of 5 U.S.C. 552, will be Section 19(b)(2) of the Act,9 that the available for inspection and copying in proposed rule change (SR–NYSE–2008– the Commission’s Public Reference 05) be, and it hereby is, approved on an Room, 100 F Street, NE., Washington, accelerated basis. DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. For the Commission, by the Division of Copies of the filing also will be available Trading and Markets, pursuant to delegated for inspection and copying at the authority.10 principal office of the Exchange. All Florence E. Harmon, comments received will be posted Deputy Secretary. without change; the Commission does [FR Doc. E8–1833 Filed 1–31–08; 8:45 am] not edit personal identifying BILLING CODE 8011–01–P information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE–2008–05 and should be submitted on or before February 22, 6 In approving this rule change, the Commission 2008. notes that it has considered the proposed rule’s III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: IV. Commission’s Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful consideration, the Commission finds that the proposed PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 7 15 U.S.C. 78f(b)(5). 8 See supra note 3. 9 15 U.S.C. 78s(b)(2). 10 17 CFR 200.30–3(a)(12). E:\FR\FM\01FEN1.SGM 01FEN1

Agencies

[Federal Register Volume 73, Number 22 (Friday, February 1, 2008)]
[Notices]
[Pages 6226-6227]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-1833]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57204; File No. SR-NYSE-2008-05]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Order Granting Accelerated Approval of Proposed 
Rule Change To Eliminate the One-Year Minimum Life Requirement From the 
Listing Standards for ``Other Securities''

January 25, 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 15, 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 prepared substantially by NYSE. This 
order provides notice of the proposed rule change and approves the 
proposed rule change on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Section 703.19 of the Exchange's 
Listed Company Manual (``Manual''), which sets forth the initial 
listing standards for ``Other Securities,'' to eliminate the 
requirement that securities listed thereunder must have a minimum life 
of one year. The text of the proposal is available at NYSE, the 
Commission's Public Reference Room, and 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, the Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item III below, and the most significant aspects of such statements are 
set forth in Sections A, B, and C below.

[[Page 6227]]

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 703.19 of the Manual, which 
sets forth the Exchange's initial listing standards for ``Other 
Securities,'' to eliminate the requirement that securities listed 
thereunder must have a minimum life of one year. The Exchange seeks to 
make this change to harmonize Section 703.19 of the Manual with the 
comparable rules of The NASDAQ Stock Market LLC (``NASDAQ''), the 
American Stock Exchange LLC (``Amex''), and NYSE Arca Equities, Inc. 
(``NYSE Arca Equities''), none of which contain a minimum life 
requirement.\3\
---------------------------------------------------------------------------

    \3\ See NASDAQ Rule 4420(f), Section 107(A) of the Amex Company 
Guide, and NYSE Arca Equities Rule 5.2(j)(1), respectively.
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6 of the 
Act,\4\ in general, and furthers the objectives of Section 6(b)(5),\5\ 
in particular, in that it is designed to prevent fraudulent and 
manipulative acts and practices, to foster cooperation and coordination 
with persons engaged in facilitating transactions in securities, to 
remove impediments to and perfect the mechanism of a free and open 
market, and, in general, to protect investors and the public interest. 
Specifically, the Exchange believes that the proposed rule change seeks 
to remove impediments to and perfect the mechanism of a free and open 
market by conforming NYSE's listing rules to those of its competitors, 
enabling the Exchange to compete for listings of securities that can 
currently be listed under the rules of the Exchange's competitors.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f.
    \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 states that written comments on the proposed rule 
change were neither solicited nor received.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2008-05 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-2008-05. 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 the filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2008-05 and should be 
submitted on or before February 22, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of 
the Proposed Rule Change

    After careful consideration, 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\ In particular, the Commission finds that the proposed rule 
change is consistent with Section 6(b)(5) of the Act,\7\ which requires 
that the rules of an exchange be designed, among other things, 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 notes that comparable rules of other national 
securities exchanges currently do not require such ``Other Securities'' 
to have a minimum life of one year.\8\
---------------------------------------------------------------------------

    \6\ In approving this rule change, the Commission notes that it 
has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ See supra note 3.
---------------------------------------------------------------------------

    The Commission finds good cause for approving this proposal before 
the 30th day after the publication of notice thereof in the Federal 
Register. As noted above, the proposal seeks to harmonize the 
Exchange's initial listing standards for ``Other Securities'' with 
those of other national securities exchanges. The initial listing 
standards for ``Other Securities'' of such other national securities 
exchanges do not appear to present any new or significant regulatory 
concerns. Therefore, the Commission believes that accelerating approval 
of this proposal would allow the Exchange to trade such ``Other 
Securities'' without undue delay and should generate additional 
competition in the market for such products.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change (SR-NYSE-2008-05) be, and it 
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
    \10\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-1833 Filed 1-31-08; 8:45 am]
BILLING CODE 8011-01-P