Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NYSE Rule 412 To Conform to FINRA Incorporated Versions of NYSE Rule 412, 30434-30436 [E8-11723]

Download as PDF 30434 Federal Register / Vol. 73, No. 102 / Tuesday, May 27, 2008 / Notices II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the ISE 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 ISE has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change pwalker on PROD1PC71 with NOTICES 1. Purpose The purpose of this proposed rule change is to (1) adopt a tiered structure for the displayed market and (2) simplify the pricing structure for MidPoint Match executions. Effective May 1, 2008, the ISE proposes to increase the rebate paid to Equity Electronic Access Members (‘‘Equity EAMs’’) for posting liquidity in securities that trade at or above $1.00 on the ISE Stock Exchange’s displayed market. Equity EAMs will receive an increased rebate of $0.0035 per share across all tapes when the monthly average daily volume (‘‘ADV’’) of executed maker shares is over five million. The first five million shares per day will continue to receive a rebate of $0.0032 per share. The taker price per share will remain at $0.0030 for all volume levels. Additionally, the ISE proposes to simplify the fees for MidPoint Match by introducing a three-tiered structure with a lower starting level of $0.0015 per share for its initial pricing tier, which applies to members trading an ADV of up to one million shares. The second tier, for ADV between one million and three million shares, is $0.0010 per share. Once volume exceeds the three million share ADV threshold of the third tier, fees are adjusted retroactively so that a $0.0010 per share fees applies to all volume. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,5 in general, and furthers the objectives of Section 6(b)(4),6 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and 5 15 6 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). VerDate Aug<31>2005 17:22 May 23, 2008 other charges among ISE members and other persons using ISE facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition 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 unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule change establishes or changes a due, fee, or other charge imposed by the Exchange, it has become effective pursuant to Section 19(b)(3)(A) of the Act 7 and Rule 19b–4(f)(2) 8 thereunder. At any time within 60 days of the filing of such proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–ISE–2008–38 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–2008–38. This file 7 15 8 17 Jkt 214001 PO 00000 U.S.C. 78s(b)(3)(A). CFR 19b–4(f)(2). Frm 00060 Fmt 4703 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 ISE. 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–2008–38 and should be submitted on or before June 17, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–11701 Filed 5–23–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57841; File No. SR–NYSE– 2008–26] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NYSE Rule 412 To Conform to FINRA Incorporated Versions of NYSE Rule 412 May 20, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on April 2, 2008, the New York Stock Exchange LLC (‘‘NYSE’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule 9 17 1 15 Sfmt 4703 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). E:\FR\FM\27MYN1.SGM 27MYN1 Federal Register / Vol. 73, No. 102 / Tuesday, May 27, 2008 / Notices change as described in Items I and II below, which Items have been substantially prepared by the NYSE. The NYSE filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 2 and Rule 19b–4(f)(6) 3 thereunder so that the proposal was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The NYSE proposes to amend NYSE Rule 412 (Customer Account Transfer Contracts) to make the time frames in the rules for validating or taking exception to an instruction to transfer a customer’s securities account consistent with the time frames in the Automated Customer Account Transfer Service (ACATS) of the National Securities Clearing Corporation (‘‘NSCC’’) and to make the NYSE’s version of Rule 412 consistent with the recently approved amendments filed by the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) to its incorporated version of NYSE Rule 412.4 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 those 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 parts of such statements.5 (A) Self-Regulatory Organization’s Statement of the Purpose of, and 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.6 2 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 4 Supra note 5 and accompanying text. 5 The Commission has modified the text of the summaries prepared by the NYSE. 6 Pursuant to Rule 17d–2 under the Exchange Act, NYSE, NYSE Regulation, Inc., and NASD entered into an agreement (the ‘‘17d–2 Agreement’’) to reduce regulatory duplication for firms that are members of FINRA and also members of NYSE on pwalker on PROD1PC71 with NOTICES 3 17 VerDate Aug<31>2005 17:22 May 23, 2008 Jkt 214001 Pursuant to FINRA’s new regulatory responsibilities, FINRA amended FINRA’s incorporated NYSE Rule 412 (Customer Account Transfer Contracts) to make the time frames in the rule for validating or taking exception to an instruction to transfer a customer’s securities account consistent with those of NSCC’s ACATS.7 In order to maintain Rule 412 as a Common Rule, the NYSE is proposing to amend its version of Rule 412 to conform it to the recently approved changes to FINRA’s incorporated version of NYSE Rule 412. 2. Statutory Basis The NYSE believes the proposed rule change is consistent with and furthers the objectives of Section 6(b)(5) of the Act,8 in that it is designed to prevent fraudulent and manipulative practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanisms 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 NYSE 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 No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect or after July 30, 2007 (‘‘Dual Members’’), by allocating to FINRA certain regulatory responsibilities for selected NYSE rules. The 17d– 2 Agreement includes a list of all of those rules (‘‘Common Rules’’) for which FINRA has assumed regulatory responsibilities. See Securities and Exchange Act Release No. 56148 (July 26, 2007), 72 FR 42146 (August 1, 2007) (Notice of Filing and Order Approving and Declaring Effective a Plan for the Allocation of Regulatory Responsibilities). The Common Rules are NYSE rules that FINRA has incorporated into its rulebook. Securities Exchange Act Release No. 56417 (July 26, 2007), 72 FR 42166 (August 1, 2007) (Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change to Incorporate Certain NYSE Rules Relating to Member Firm Conduct) [SR–NASD–2007–054]. 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. 7 Securities and Exchange Act Release No. 56677 (October 19, 2007), 72 FR 60699 (October 25, 2007) [SR–FINRA–2007–05]. 8 15 U.S.C. 78f(b)(5). PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 30435 the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed (i.e., May 2, 2008), or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b–4(f)(6) thereunder.10 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml) or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2008–26 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–2008–26. 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 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). The Commission is waiving the five-day pre-filing notice requirement in order for the NYSE to ensure that Rule 412 maintains its status as a Common Rule under the 17d–2 Agreement. 10 17 E:\FR\FM\27MYN1.SGM 27MYN1 30436 Federal Register / Vol. 73, No. 102 / Tuesday, May 27, 2008 / Notices 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. The text of the proposed rule change is available at the NYSE, the Commission’s Public Reference Room, and http:// apps.nyse.com/commdata/pub19b4.nsf/ docs/E40ACA575EFD51708525742000 5CC603/$FILE/NYSE–2008–26.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–NYSE–2008–26 and should be submitted on or before June 17, 2008. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–11723 Filed 5–23–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57845; File No. SR–NYSE– 2008–32] Self-Regulatory Organizations; the New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, and Amendment No. 1 Thereto, To Amend NYSE Rule 123A.30 To Permit Certain Convert-and-Parity Orders To Trade on Parity With Other Limit Orders, Including Orders Entered Through Its Designated Order Turnaround System pwalker on PROD1PC71 with NOTICES May 21, 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 April 24, 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. Originally, NYSE filed the proposed rule change pursuant to Section 19(b)(2) of the Act.3 On May 16, CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(2). 2008, however, NYSE filed Amendment No. 1 to the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 4 and Rule 19b–4(f)(6) thereunder.5 Accordingly, the proposal became effective upon the filing of Amendment No. 1 with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend NYSE Rule 123A.30 to permit certain convert-and-parity (‘‘CAP’’) orders to trade on parity with other limit orders, including orders entered through NYSE’s Designated Order Turnaround (‘‘DOT’’) system. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and 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 IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose This rule filing effects an amendment to NYSE Rule 123A.30, which, together with NYSE Rule 1000, governs the automatic execution of CAP orders. The amendment permits passively converted CAP orders—that is, CAP orders that are converted by the specialist for the purpose of bidding or offering—to trade on parity with other limit orders, including DOT system orders that were on NYSE’s Display Book at the time of the conversion and could trade on the same side of the market and at the same price as the converted CAP orders. Before this amendment, CAP orders were placed in the same parity group as DOT orders for purposes of parity allocations among all orders upon execution. Within that parity group, those DOT orders had priority over the converted CAP orders. a. Background The Exchange states that CAP orders are not actually live orders, but rather are memoranda of orders that can be made live either automatically via an electing trade (a trade at a price that automatically triggers the CAP order to become a live order and immediately execute at the triggering price) or manually via conversion by the specialist. In the latter situation, the specialist converts the CAP into a limit order, and bids or offers on behalf of that order (referred to as a ‘‘passive conversion’’). Thereafter, a trade may take place against some or all of the converted CAP order; any portions that are not executed may be ‘‘unconverted’’ and revert to their status as CAP orders. The Exchange states that, although they are not live orders, CAP orders nevertheless represent public customer interest in which the customer has consented to trading on parity with the specialist when they are either elected or converted. Because CAP orders are linked, either through election or conversion, to other customer interest at a given price, CAP orders give customers a way to participate in trades—that is, to ‘‘go along’’ with other interest at a price—but protect them from either initiating a trade or constituting 100% of one side of a trade. The Exchange states that, at the time that specialists were given the ability to passively convert CAP orders as agents for customers, the Commission was concerned that specialists not have unfettered discretion in representing those orders; although the Commission recognized that the specialist could exercise some degree of control over the timing and size of the conversions, the Commission insisted on, and the Exchange agreed to implement, certain restrictions that would prevent the specialist from misusing CAP orders to drive the price of a security up or down inappropriately.6 Among these restrictions was the requirement that passively converted CAP orders could not be executed before ‘‘conventional’’ limit orders, e.g., DOT orders, that were on the Display Book at the time of the conversion and could trade at the same price and on the same side as the converted CAP order. 11 17 1 15 VerDate Aug<31>2005 17:22 May 23, 2008 4 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). Amendment No. 1 superseded the original filing in its entirety. 5 17 Jkt 214001 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 6 See Securities Exchange Act Release No. 24505 (May 22, 1987), 52 FR 20484 (June 1, 1987) (SR– NYSE–1985–01). E:\FR\FM\27MYN1.SGM 27MYN1

Agencies

[Federal Register Volume 73, Number 102 (Tuesday, May 27, 2008)]
[Notices]
[Pages 30434-30436]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-11723]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57841; File No. SR-NYSE-2008-26]


 Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend NYSE Rule 412 To Conform to FINRA Incorporated Versions of NYSE 
Rule 412

May 20, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on April 2, 2008, the New 
York Stock Exchange LLC (``NYSE'') filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule

[[Page 30435]]

change as described in Items I and II below, which Items have been 
substantially prepared by the NYSE. The NYSE filed the proposed rule 
change pursuant to Section 19(b)(3)(A) of the Act \2\ and Rule 19b-
4(f)(6) \3\ thereunder so that the proposal was effective upon filing 
with the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A).
    \3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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

    The NYSE proposes to amend NYSE Rule 412 (Customer Account Transfer 
Contracts) to make the time frames in the rules for validating or 
taking exception to an instruction to transfer a customer's securities 
account consistent with the time frames in the Automated Customer 
Account Transfer Service (ACATS) of the National Securities Clearing 
Corporation (``NSCC'') and to make the NYSE's version of Rule 412 
consistent with the recently approved amendments filed by the Financial 
Industry Regulatory Authority, Inc. (``FINRA'') to its incorporated 
version of NYSE Rule 412.\4\
---------------------------------------------------------------------------

    \4\ Supra note 5 and accompanying text.
---------------------------------------------------------------------------

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 those 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 parts of such 
statements.\5\
---------------------------------------------------------------------------

    \5\ The Commission has modified the text of the summaries 
prepared by the NYSE.
---------------------------------------------------------------------------

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
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.\6\ Pursuant to FINRA's new regulatory responsibilities, FINRA 
amended FINRA's incorporated NYSE Rule 412 (Customer Account Transfer 
Contracts) to make the time frames in the rule for validating or taking 
exception to an instruction to transfer a customer's securities account 
consistent with those of NSCC's ACATS.\7\ In order to maintain Rule 412 
as a Common Rule, the NYSE is proposing to amend its version of Rule 
412 to conform it to the recently approved changes to FINRA's 
incorporated version of NYSE Rule 412.
---------------------------------------------------------------------------

    \6\ Pursuant to Rule 17d-2 under the Exchange Act, NYSE, NYSE 
Regulation, Inc., and NASD entered into an agreement (the ``17d-2 
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 17d-2 Agreement 
includes a list of all of those rules (``Common Rules'') for which 
FINRA has assumed regulatory responsibilities. See Securities and 
Exchange Act Release No. 56148 (July 26, 2007), 72 FR 42146 (August 
1, 2007) (Notice of Filing and Order Approving and Declaring 
Effective a Plan for the Allocation of Regulatory Responsibilities). 
The Common Rules are NYSE rules that FINRA has incorporated into its 
rulebook. Securities Exchange Act Release No. 56417 (July 26, 2007), 
72 FR 42166 (August 1, 2007) (Notice of Filing and Order Granting 
Accelerated Approval of Proposed Rule Change to Incorporate Certain 
NYSE Rules Relating to Member Firm Conduct) [SR-NASD-2007-054]. 
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.
    \7\ Securities and Exchange Act Release No. 56677 (October 19, 
2007), 72 FR 60699 (October 25, 2007) [SR-FINRA-2007-05].
---------------------------------------------------------------------------

2. Statutory Basis
    The NYSE believes the proposed rule change is consistent with and 
furthers the objectives of Section 6(b)(5) of the Act,\8\ in that it is 
designed to prevent fraudulent and manipulative practices, to promote 
just and equitable principles of trade, to remove impediments to, and 
perfect the mechanisms of, a free and open market and a national market 
system, and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The NYSE 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

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed (i.e., 
May 2, 2008), or such shorter time as the Commission may designate if 
consistent with the protection of investors and the public interest, it 
has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and 
Rule 19b-4(f)(6) thereunder.\10\ At any time within 60 days of the 
filing of the proposed rule change, the Commission may summarily 
abrogate such rule change if it appears to the Commission that such 
action is necessary or appropriate in the public interest, for the 
protection of investors, or otherwise in furtherance of the purposes of 
the Act.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). The Commission is waiving the five-
day pre-filing notice requirement in order for the NYSE to ensure 
that Rule 412 maintains its status as a Common Rule under the 17d-2 
Agreement.
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml) or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2008-26 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-2008-26. 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

[[Page 30436]]

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. The text of the proposed rule change is available at 
the NYSE, the Commission's Public Reference Room, and http://
apps.nyse.com/commdata/pub19b4.nsf/docs/
E40ACA575EFD517085257420005CC603/$FILE/NYSE-2008-26.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-NYSE-2008-26 and should be 
submitted on or before June 17, 2008.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. E8-11723 Filed 5-23-08; 8:45 am]
BILLING CODE 8010-01-P