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), 21681-21682 [E8-8602]

Download as PDF 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 21682 Federal Register / Vol. 73, No. 78 / Tuesday, April 22, 2008 / Notices 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 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– 2008–28 and should be submitted on or before May 13, 2008. sroberts on PROD1PC70 with NOTICES No written comments were solicited or received with respect to the proposed rule change. IV. Commission’s Findings and Order Granting Accelerated Approval of the Proposed Rule Change The Commission finds that the III. Solicitation of Comments proposed rule change is consistent with Interested persons are invited to the requirements of the Act and the submit written data, views, and rules and regulations thereunder arguments concerning the foregoing, applicable to a national securities including whether the proposed rule exchange.7 In particular, the change is consistent with the Act. Commission finds that the proposed Comments may be submitted by any of rule change is consistent with Section the following methods: 6(b)(5) of the Act,8 which requires, among other things, that the Exchange’s Electronic Comments rules be designed to prevent fraudulent • Use the Commission’s Internet and manipulative acts and practices, to comment form (https://www.sec.gov/ promote just and equitable principles of rules/sro.shtml); or trade, to remove impediments to and • Send an e-mail to ruleperfect the mechanism of a free and comments@sec.gov. Please include File open market and a national market Number SR–NYSE–2008–28 on the system, and, in general, to protect subject line. investors and the public interest. The proposed rule change would Paper Comments make the Exchange’s NYSE Rule 472 • Send paper comments in triplicate identical to the version that FINRA to Nancy M. Morris, Secretary, administers. The FINRA version was Securities and Exchange Commission, approved by the Commission.9 The 100 F Street, NE., Washington, DC Commission also believes that the 20549–1090. proposed rule change comports with the All submissions should refer to File provisions of the 17d–2 Agreement, as Number SR–NYSE–2008–28. This file approved by the Commission. In this number should be included on the Agreement, FINRA and NYSE agreed to subject line if e-mail is used. To help the promptly propose conforming changes, Commission process and review your absent a disagreement about the comments more efficiently, please use substance of a proposed rule change, to only one method. The Commission will ensure that such rules continue to be post all comments on the Commission’s Common Rules as defined in the Internet Web site (https://www.sec.gov/ Agreement. In this regard, the rules/sro.shtml). Copies of the Commission believes it is appropriate submission, all subsequent for the proposed rule to be effective amendments, all written statements retroactively as of April 7, 2008, which with respect to the proposed rule is the date FINRA’s identical change that are filed with the amendments became effective.10 The Commission finds good cause, Commission, and all written consistent with Section 19(b)(2) of the communications relating to the Act,11 for approving this proposed rule proposed rule change between the Commission and any person, other than change before the thirtieth day after publication of notice thereof in the those that may be withheld from the Federal Register. This approval allows public in accordance with the the proposed rule change to take effect provisions of 5 U.S.C. 552, will be available for inspection and copying in 7 In approving this proposal, the Commission has the Commission’s Public Reference considered its impact on efficiency, competition, Room, 100 F Street, NE., Washington, and capital formation. See 15 U.S.C. 78c(f). DC 20549–1090, on official business 8 15 U.S.C. 78f(b)(5). days between the hours of 10 a.m. and 9 See supra note 5. 10 FINRA Regulatory Notice 08–16 (April 2008). 3 p.m. Copies of the filing will also be 11 15 U.S.C. 78s(b)(2). available for inspection and copying at VerDate Aug<31>2005 16:25 Apr 21, 2008 Jkt 214001 PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 without delay. FINRA’s change to its version of NYSE Rule 472 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– 28), 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. E8–8602 Filed 4–21–08; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #11202] Arkansas Disaster Number AR–00019 U.S. Small Business Administration. ACTION: Amendment 1. AGENCY: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for Public Assistance only for the State of Arkansas (FEMA–1751–DR), dated 03/26/2008. Incident: Severe Storms, Tornadoes, and Flooding. Incident Period: 03/18/2008 and continuing. 04/09/2008. Physical Loan Application Deadline Date: 05/27/2008. Addresses: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for Private Non-Profit organizations in the State of Arkansas, dated 03/26/2008, is hereby amended to EFFECTIVE DATE: 12 See supra note 5. U.S.C. 78s(b)(2). 14 17 CFR 200.30–3(a)(12). 13 15 E:\FR\FM\22APN1.SGM 22APN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 78 (Tuesday, April 22, 2008)]
[Notices]
[Pages 21681-21682]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-8602]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57672; File No. SR-NYSE-2008-28]


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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to 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, 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 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.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

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).

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[[Page 21682]]

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-2008-28 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-2008-28. 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-2008-28 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.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

    The proposed rule change would make the Exchange's NYSE Rule 472 
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 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\
---------------------------------------------------------------------------

    \9\ See supra note 5.
    \10\ FINRA Regulatory Notice 08-16 (April 2008).
---------------------------------------------------------------------------

    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 472 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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2).
    \12\ See supra note 5.
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\13\ that the proposed rule change (SR-NYSE-2008-28), be, and it 
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-8602 Filed 4-21-08; 8:45 am]
BILLING CODE 8010-01-P

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