Self-Regulatory Organizations: New York Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Amending NYSE Rule Interpretation 344/02 (Research Analysts and Supervisory Analysts), 21679-21681 [E8-8601]
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Federal Register / Vol. 73, No. 78 / Tuesday, April 22, 2008 / Notices
obtain the Board’s concurrence for the
fine amount.11 Furthermore, a payment
late by more than one hour will result
in a fine equal to the amount applicable
to the next highest occasion for the
specific deficiency amount. If a member
is late by more than one hour and it is
the member’s fourth occasion in the
rolling three-month period, NSCC will
obtain the Board’s concurrence for the
fine amount.
NSCC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the
Act12 and the rules and regulations
thereunder because the restructuring of
existing rules and procedures will assist
NSCC members in interpreting and
understanding the rules with regard to
fines. Members’ enhanced ability to
interpret and understand the rules with
regard to fines will assist NSCC in
meeting its Section 17A obligations to
safeguard the funds and securities in its
control or for which it is responsible.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
NSCC does not believe that the
proposed rule change will have any
impact or impose any burden on
competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments relating to the
proposed rule change have not been
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within thirty-five 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 ninety 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.
sroberts on PROD1PC70 with NOTICES
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
11 This change requires the removal of language
granting NSCC discretion over the fine amount
upon consultation with the settling bank only
member, member, mutual fund/insurance services
member, or fund member.
12 15 U.S.C. 78q–1.
VerDate Aug<31>2005
16:25 Apr 21, 2008
Jkt 214001
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
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–NSCC–2007–07. 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
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
Section, 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 filings also will be
available for inspection and copying at
the principal office of NSCC and on
NSCC’s Web site at https://
www.dtcc.com/downloads/legal/
rule_filings/2007/nscc/2007–07amendment.pdf and https://
www.dtcc.com/downloads/legal/
rule_filings/2007/nscc/2007–07amendment2.pdf. 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–NSCC–
2007–07 and should be submitted on or
before May 13, 2008.
Frm 00101
Fmt 4703
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–8600 Filed 4–21–08; 8:45 am]
BILLING CODE 8010–01–P
• 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–NSCC–2007–07 on the
subject line.
PO 00000
21679
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57671; File No. SR–NYSE–
2008–27]
Self-Regulatory Organizations: New
York Stock Exchange LLC; Notice of
Filing and Order Granting Accelerated
Approval of Proposed Rule Change
Amending NYSE Rule Interpretation
344/02 (Research Analysts and
Supervisory Analysts)
April 16, 2008.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act ’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on April 11,
2008, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend,
retroactively effective to April 7, 2008,
NYSE Rule Interpretation 344/02
(Research Analysts and Supervisory
Analysts) concerning research analysts
employed by a member organization’s
foreign affiliate who contribute to the
preparation of the member
organization’s research reports. The
proposed rule change conforms NYSE’s
version of Rule Interpretation 344/02 to
approved amendments filed by the
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) to its
incorporated version of NYSE Rule
Interpretation 344/02. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.nyse.com), at the Exchange, and at
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
E:\FR\FM\22APN1.SGM
22APN1
21680
Federal Register / Vol. 73, No. 78 / Tuesday, April 22, 2008 / Notices
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
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change. The text of
those statements may be examined at
the places specified in Item III 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
sroberts on PROD1PC70 with NOTICES
1. Purpose
On July 30, 2007, NASD and NYSE
Regulation, Inc. consolidated their
member firm regulation operations into
a combined organization, FINRA.4
Pursuant to FINRA’s new regulatory
responsibilities, FINRA amended
FINRA’s incorporated NYSE Rule
Interpretation 344/02 concerning
research analysts employed by a
member organization’s foreign affiliate
who contribute to the preparation of the
member organization’s research
reports.5 The NYSE proposes to amend
its version of Rule Interpretation 344/02
in order to ensure it remains consistent
with the recently approved changes to
FINRA’s incorporated NYSE Rule
Interpretation 344/02. The effective date
4 Pursuant to Rule 17d–2 under the Act, NYSE,
NYSE Regulation, Inc., and NASD entered into an
agreement (the ‘‘Agreement’’) to reduce regulatory
duplication for firms that are members of FINRA
and also members of NYSE on or after July 30, 2007
(‘‘Dual Members’’), by allocating to FINRA certain
regulatory responsibilities for selected NYSE rules.
The Agreement includes a list of all 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) (File No. 4–544) (Notice of Filing
and Order Approving and Declaring Effective a Plan
for the Allocation of Regulatory Responsibilities).
The Common Rules are the same NYSE rules that
FINRA has incorporated into its rulebook. See
Securities Exchange Act Release No. 56417 (July 26,
2007), 72 FR 42166 (August 1, 2007) (SR–NASD–
2007–054) (Notice of Filing and Order Granting
Accelerated Approval of Proposed Rule Change to
Incorporate Certain NYSE Rules Relating to Member
Firm Conduct). Paragraph 2(b) of the 17d–2
Agreement sets forth procedures regarding
proposed changes by either NYSE or FINRA to the
substance of any of the Common Rules.
5 See Securities Exchange Act Release No. 57278
(February 6, 2008), 73 FR 8086 (February 12, 2008)
(SR–FINRA–2007–010). See also Securities
Exchange Act Release No. 57622 (April 4, 2008), 73
FR 19916 (April 11, 2008) (SR–FINRA–2008–012)
(discussing further non-substantive, technical
amendments to the text for incorporated NYSE Rule
Interpretation 344/02).
VerDate Aug<31>2005
16:25 Apr 21, 2008
Jkt 214001
of the proposed rule change is April 7,
2008, which is the operative date of
FINRA’s identical amendments to its
incorporated version of NYSE Rule
Interpretation 344/02.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with and
furthers the objectives of Section 6(b)(5)
of the Act,6 in that it is designed to
prevent fraudulent and manipulative
acts and practices, 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
No written comments were solicited
or received with respect to the proposed
rule change.
III. Solicitation of Comments
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
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 20549–1090, on official business
days between the hours of 10 a.m. and
3 p.m. Copies of the filing will also be
available for inspection and copying at
the NYSE’s principal office and on its
Internet Web site at https://
www.nyse.com. 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–
2008–27 and should be submitted on or
before May 13, 2008.
IV. Commission’s Findings and Order
Granting Accelerated Approval of the
Proposed Rule Change
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:
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.7 In particular, the
Commission finds that the proposed
rule change is consistent with Section
Electronic Comments
6(b)(5) of the Act,8 which requires,
• Use the Commission’s Internet
among other things, that the Exchange’s
comment form (https://www.sec.gov/
rules be designed to prevent fraudulent
rules/sro.shtml); or
and manipulative acts and practices, to
• Send an e-mail to rulepromote just and equitable principles of
comments@sec.gov. Please include File
trade, to remove impediments to and
Number SR–NYSE–2008–27 on the
perfect the mechanism of a free and
subject line.
open market and a national market
Paper Comments
system, and, in general, to protect
investors and the public interest.
• Send paper comments in triplicate
The proposed rule change would
to Nancy M. Morris, Secretary,
make the Exchange’s NYSE Rule
Securities and Exchange Commission,
Interpretation 344/02 identical to the
100 F Street, NE., Washington, DC
version that FINRA administers. The
20549–1090.
FINRA version was approved by the
All submissions should refer to File
Commission.9 The Commission also
Number SR–NYSE–2008–27. This file
believes that the proposed rule change
number should be included on the
subject line if e-mail is used. To help the comports with the provisions of the
Commission process and review your
7 In approving this proposal, the Commission has
comments more efficiently, please use
considered its impact on efficiency, competition,
only one method. The Commission will and capital formation. See 15 U.S.C. 78c(f).
8 15
6 15
PO 00000
U.S.C. 78f(b)(5).
Frm 00102
Fmt 4703
U.S.C. 78f(b)(5).
supra note 5.
9 See
Sfmt 4703
E:\FR\FM\22APN1.SGM
22APN1
Federal Register / Vol. 73, No. 78 / Tuesday, April 22, 2008 / Notices
17d–2 Agreement, as approved by the
Commission. In this Agreement, FINRA
and NYSE agreed to promptly propose
conforming changes, absent a
disagreement about the substance of a
proposed rule change, to ensure that
such rules continue to be Common
Rules as defined in the Agreement. In
this regard, the Commission believes it
is appropriate for the proposed rule to
be effective retroactively as of April 7,
2008, which is the date FINRA’s
identical amendments became
effective.10
The Commission finds good cause,
consistent with Section 19(b)(2) of the
Act,11 for approving this proposed rule
change before the thirtieth day after
publication of notice thereof in the
Federal Register. This approval allows
the proposed rule change to take effect
without delay. FINRA’s change to its
version of NYSE Rule Interpretation
344/02 was published for comment and
approved by the Commission.12
Interested persons were provided the
opportunity to submit comments on rule
text that is identical to the Exchange’s
proposal, and FINRA responded to
those comments that were received. The
Commission believes that the
Exchange’s proposal raises no new
regulatory or substantive issues.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,13 that the
proposed rule change (SR–NYSE–2008–
27), be, and it hereby is, approved on an
accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–8601 Filed 4–21–08; 8:45 am]
sroberts on PROD1PC70 with NOTICES
BILLING CODE 8010–01–P
10 FINRA
Regulatory Notice 08–15 (April 2008).
U.S.C. 78s(b)(2).
12 See supra note 5.
13 15 U.S.C. 78s(b)(2).
14 17 CFR 200.30–3(a)(12).
SECURITIES AND EXCHANGE
COMMISSION
of the most significant parts of such
statements.
[Release No. 34–57672; File No. SR–NYSE–
2008–28]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations: New
York Stock Exchange LLC; Notice of
Filing and Order Granting Accelerated
Approval of Proposed Rule Change
Amending NYSE Rule 472
(Communications With the Public)
April 16, 2008.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on April 11,
2008, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend,
retroactively effective to April 7, 2008,
NYSE Rule 472 (Communications with
the Public) concerning member
organization disclosure and supervisory
review obligations when distributing or
making available third-party research
reports. The proposed rule change
conforms NYSE’s version of Rule 472 to
approved amendments filed by the
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) to its
incorporated version of NYSE Rule 472.
The text of the proposed rule change is
available on the Exchange’s Web site
(https://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
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change. The text of
those statements may be examined at
the places specified in Item III below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
11 15
VerDate Aug<31>2005
16:25 Apr 21, 2008
Jkt 214001
21681
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
1. Purpose
On July 30, 2007, NASD and NYSE
Regulation, Inc. consolidated their
member firm regulation operations into
a combined organization, FINRA.4
Pursuant to FINRA’s new regulatory
responsibilities, FINRA amended
FINRA’s incorporated NYSE Rule 472
regarding member organization
disclosure and supervisory review
obligations when distributing or making
available third-party research reports.5
In order to maintain Rule 472 as a
Common Rule, the NYSE proposes to
amend its version of the Rule to
conform to the recently approved
changes to FINRA’s incorporated NYSE
Rule 472. The effective date of the
proposed rule change is April 7, 2008,
which is the operative date of FINRA’s
identical amendments to its
incorporated version of NYSE Rule 472.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with and
furthers the objectives of Section 6(b)(5)
of the Act,6 in that it is designed to
prevent fraudulent and manipulative
acts and practices, 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.
4 Pursuant to Rule 17d–2 under the Act, NYSE,
NYSE Regulation, Inc., and NASD entered into an
agreement (the ‘‘Agreement’’) to reduce regulatory
duplication for firms that are members of FINRA
and also members of NYSE on or after July 30, 2007
(‘‘Dual Members’’), by allocating to FINRA certain
regulatory responsibilities for selected NYSE rules.
The Agreement includes a list of all 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) (File No. 4–544) (Notice of Filing
and Order Approving and Declaring Effective a Plan
for the Allocation of Regulatory Responsibilities).
The Common Rules are the same NYSE rules that
FINRA has incorporated into its rulebook. See
Securities Exchange Act Release No. 56417 (July 26,
2007), 72 FR 42166 (August 1, 2007) (SR–NASD–
2007–054) (Notice of Filing and Order Granting
Accelerated Approval of Proposed Rule Change to
Incorporate Certain NYSE Rules Relating to Member
Firm Conduct). Paragraph 2(b) of the 17d–2
Agreement sets forth procedures regarding
proposed changes by either NYSE or FINRA to the
substance of any of the Common Rules.
5 See Securities Exchange Act Release No. 57279
(February 6, 2008), 73 FR 8089 (February 12, 2008)
(SR–FINRA–2007–011).
6 15 U.S.C. 78f(b)(5).
E:\FR\FM\22APN1.SGM
22APN1
]]>Agencies
[Federal Register Volume 73, Number 78 (Tuesday, April 22, 2008)]
[Notices]
[Pages 21679-21681]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-8601]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57671; File No. SR-NYSE-2008-27]
Self-Regulatory Organizations: New York Stock Exchange LLC;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change Amending NYSE Rule Interpretation 344/02 (Research Analysts
and Supervisory Analysts)
April 16, 2008.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act '') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on April 11, 2008, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``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\ 15 U.S.C. 78a.
\3\ 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, retroactively effective to April 7,
2008, NYSE Rule Interpretation 344/02 (Research Analysts and
Supervisory Analysts) concerning research analysts employed by a member
organization's foreign affiliate who contribute to the preparation of
the member organization's research reports. The proposed rule change
conforms NYSE's version of Rule Interpretation 344/02 to approved
amendments filed by the Financial Industry Regulatory Authority, Inc.
(``FINRA'') to its incorporated version of NYSE Rule Interpretation
344/02. The text of the proposed rule change is available on the
Exchange's Web site (https://www.nyse.com), at the Exchange, and at
[[Page 21680]]
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 Exchange included statements
concerning the purpose of, and basis for, the proposed rule change. The
text of those statements may be examined at the places specified in
Item III 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
On July 30, 2007, NASD and NYSE Regulation, Inc. consolidated their
member firm regulation operations into a combined organization,
FINRA.\4\ Pursuant to FINRA's new regulatory responsibilities, FINRA
amended FINRA's incorporated NYSE Rule Interpretation 344/02 concerning
research analysts employed by a member organization's foreign affiliate
who contribute to the preparation of the member organization's research
reports.\5\ The NYSE proposes to amend its version of Rule
Interpretation 344/02 in order to ensure it remains consistent with the
recently approved changes to FINRA's incorporated NYSE Rule
Interpretation 344/02. The effective date of the proposed rule change
is April 7, 2008, which is the operative date of FINRA's identical
amendments to its incorporated version of NYSE Rule Interpretation 344/
02.
---------------------------------------------------------------------------
\4\ Pursuant to Rule 17d-2 under the Act, NYSE, NYSE Regulation,
Inc., and NASD entered into an agreement (the ``Agreement'') to
reduce regulatory duplication for firms that are members of FINRA
and also members of NYSE on or after July 30, 2007 (``Dual
Members''), by allocating to FINRA certain regulatory
responsibilities for selected NYSE rules. The Agreement includes a
list of all 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)
(File No. 4-544) (Notice of Filing and Order Approving and Declaring
Effective a Plan for the Allocation of Regulatory Responsibilities).
The Common Rules are the same NYSE rules that FINRA has incorporated
into its rulebook. See Securities Exchange Act Release No. 56417
(July 26, 2007), 72 FR 42166 (August 1, 2007) (SR-NASD-2007-054)
(Notice of Filing and Order Granting Accelerated Approval of
Proposed Rule Change to Incorporate Certain NYSE Rules Relating to
Member Firm Conduct). Paragraph 2(b) of the 17d-2 Agreement sets
forth procedures regarding proposed changes by either NYSE or FINRA
to the substance of any of the Common Rules.
\5\ See Securities Exchange Act Release No. 57278 (February 6,
2008), 73 FR 8086 (February 12, 2008) (SR-FINRA-2007-010). See also
Securities Exchange Act Release No. 57622 (April 4, 2008), 73 FR
19916 (April 11, 2008) (SR-FINRA-2008-012) (discussing further non-
substantive, technical amendments to the text for incorporated NYSE
Rule Interpretation 344/02).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
and furthers the objectives of Section 6(b)(5) of the Act,\6\ in that
it is designed to prevent fraudulent and manipulative acts and
practices, 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.
---------------------------------------------------------------------------
\6\ 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
No written comments were solicited or received with respect to the
proposed rule change.
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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2008-27 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-2008-27. 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 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 20549-1090, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing will also be available for
inspection and copying at the NYSE's principal office and on its
Internet Web site at https://www.nyse.com. 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-2008-27 and should be submitted on
or before May 13, 2008.
IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change
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.\7\ In
particular, 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 Exchange's rules be designed to prevent
fraudulent and manipulative acts and practices, 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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\7\ In approving this proposal, the Commission has considered
its impact on efficiency, competition, and capital formation. See 15
U.S.C. 78c(f).
\8\ 15 U.S.C. 78f(b)(5).
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The proposed rule change would make the Exchange's NYSE Rule
Interpretation 344/02 identical to the version that FINRA administers.
The FINRA version was approved by the Commission.\9\ The Commission
also believes that the proposed rule change comports with the
provisions of the
[[Page 21681]]
17d-2 Agreement, as approved by the Commission. In this Agreement,
FINRA and NYSE agreed to promptly propose conforming changes, absent a
disagreement about the substance of a proposed rule change, to ensure
that such rules continue to be Common Rules as defined in the
Agreement. In this regard, the Commission believes it is appropriate
for the proposed rule to be effective retroactively as of April 7,
2008, which is the date FINRA's identical amendments became
effective.\10\
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\9\ See supra note 5.
\10\ FINRA Regulatory Notice 08-15 (April 2008).
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The Commission finds good cause, consistent with Section 19(b)(2)
of the Act,\11\ for approving this proposed rule change before the
thirtieth day after publication of notice thereof in the Federal
Register. This approval allows the proposed rule change to take effect
without delay. FINRA's change to its version of NYSE Rule
Interpretation 344/02 was published for comment and approved by the
Commission.\12\ Interested persons were provided the opportunity to
submit comments on rule text that is identical to the Exchange's
proposal, and FINRA responded to those comments that were received. The
Commission believes that the Exchange's proposal raises no new
regulatory or substantive issues.
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\11\ 15 U.S.C. 78s(b)(2).
\12\ See supra note 5.
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V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\13\ that the proposed rule change (SR-NYSE-2008-27), be, and it
hereby is, approved on an accelerated basis.
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\13\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-8601 Filed 4-21-08; 8:45 am]
BILLING CODE 8010-01-P
