Self-Regulatory Organizations; NYSEAmex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a New Fee for Annual Regulatory Training, 44422-44423 [E9-20820]
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Federal Register / Vol. 74, No. 166 / Friday, August 28, 2009 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60561; File No. SR–
NYSEAmex–2009–56]
Self-Regulatory Organizations;
NYSEAmex LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Adopt a New Fee for
Annual Regulatory Training
August 24, 2009.
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 August
17, 2009, NYSE Amex LLC (‘‘NYSE
Amex’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. 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 Exchange proposes to amend the
section of its Schedule of Fees and
Charges for Exchange Services (the
‘‘Schedule’’) in order to adopt a new fee
for Annual Regulatory Training. The
text of the proposed rule change is
attached as Exhibit 5 to the 19b–4 form.
A copy of this filing is available on the
Exchange’s Web site at https://
www.nyse.com, at the Exchange’s
principal office and at the Commission’s
Public Reference Room.
hsrobinson on DSK69SOYB1PROD with 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
self-regulatory organization 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 Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Nov<24>2008
21:38 Aug 27, 2009
Jkt 217001
1. Purpose
As required by NYSE Amex Rule 50
Commentary .03–.04, ATP Holders and
certain qualified floor personnel are
required to participate in an Exchange
sponsored mandatory regulatory
training program. Pursuant to provisions
contained in Rule 50 Commentary .03–
.04, the Exchange may charge a per
program fee, as indicated in the
Schedule, for each participant in any
training program. The Exchange is
proposing to adopt a $60 per person fee
for any ATP Holder or associated person
that participates in a regulatory training
program.
Beginning in the fourth quarter of
2009, the Exchange will offer regulatory
training via a Web-based interactive
program that participants in the
program may access from any Internetcapable computer. The purpose of this
fee is to cover the Exchange’s costs
associated with the development and
delivery of the regulatory training
program.
In determining the $60 program fee,
the Exchange has evaluated the
expenses associated with the program
and took into consideration the
expected number of individuals that
will participate in the program. Upon
the completion of the annual training
program, the Exchange will review the
fee to ensure that the fee continues to
properly reflect the Exchange’s
development and delivery costs. Any
revenues collected in a given year that
exceed that year’s actual development
and delivery costs will be credited to
the projected development and delivery
costs for the succeeding year. Similarly,
any deficit may be carried over to the
next year for purposes of assessing the
fee. If the Exchange determines that
further fee changes are necessary, it will
submit an appropriate filing with the
U.S. Securities and Exchange
Commission.3
The Exchange also proposes to clarify
language contained in the Limit on [sic]
Fees on Options Strategy Executions
section of the Schedule. The new
language states, ‘‘The cap applies to all
Strategy Executions executed on the
same trading day in the same options
class.’’ This proposed language is
3 The
assessment of a fee for Regulatory Training,
and the annual evaluation of the program is similar
to the program in place at the New York Stock
Exchange. See Securities and Exchange Act Release
No. 59979 (May 27, 2009) 74 FR 26454 (June 2,
2009) (Notice of Filing and Immediate Effectiveness
of SR–NYSE–2009–52).
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
consistent with the way in which the
Exchange currently applies the fee cap,
and simply seeks to eliminate any
potential confusion caused by the
current language.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with Section 6(b)
of the Act, in general, and Section
6(b)(4), in particular, in that it provides
for the equitable allocation of dues, fees
and other charges among its members.
Under this proposal, all similarly
situated Exchange participants will be
charged the same reasonable dues, fees
and other charges.
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. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 4 of the Act and
subparagraph (f)(2) of Rule 19b–4 5
thereunder, because it establishes a due,
fee, or other charge imposed by the
NYSE Amex.
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 (https://www.sec.gov/
rules/sro.shtml); or
4 15
5 17
E:\FR\FM\28AUN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
28AUN1
Federal Register / Vol. 74, No. 166 / Friday, August 28, 2009 / Notices
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEAmex–2009–56 on
the subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60563; File No. SR–NYSE–
2009–87]
Paper Comments
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by New York
Stock Exchange LLC Extending Until
August 31, 2009, the Operation of
Interim NYSE Rule 128 Which Permits
the Exchange To Cancel or Adjust
All submissions should refer to File
Clearly Erroneous Executions If They
Number SR–NYSEAmex–2009–56. This Arise Out of the Use or Operation of
file number should be included on the
Any Quotation, Execution or
subject line if e-mail is used. To help the Communication System Owned or
Operated by the Exchange, Including
Commission process and review your
Those Executions That Occur in the
comments more efficiently, please use
only one method. The Commission will Event of a System Disruption or
post all comments on the Commission’s System Malfunction
Internet Web site (https://www.sec.gov/
August 24, 2009.
rules/sro.shtml). Copies of the
Pursuant to Section 19(b)(1) 1 of the
submission, all subsequent
Securities Exchange Act of 1934 (the
amendments, all written statements
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
with respect to the proposed rule
notice is hereby given that, on August
change that are filed with the
21, 2009, New York Stock Exchange
Commission, and all written
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
communications relating to the
with the Securities and Exchange
proposed rule change between the
Commission (the ‘‘Commission’’) the
Commission and any person, other than proposed rule change as described in
those that may be withheld from the
Items I and II below, which Items have
been prepared by the self-regulatory
public in accordance with the
organization. The Commission is
provisions of 5 U.S.C. 552, will be
publishing this notice to solicit
available for inspection and copying in
comments on the proposed rule change
the Commission’s Public Reference
from interested persons.
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
I. Self-Regulatory Organization’s
between the hours of 10 a.m. and 3 p.m. Statement of the Terms of Substance of
Copies of such filing also will be
the Proposed Rule Change
available for inspection and copying at
The Exchange proposes to extend
the principal office of the Exchange. All until August 31, 2009, the operation of
comments received will be posted
interim NYSE Rule 128 (‘‘Clearly
without change; the Commission does
Erroneous Executions for NYSE
not edit personal identifying
Equities’’) which permits the Exchange
information from submissions. You
to cancel or adjust clearly erroneous
should submit only information that
executions if they arise out of the use or
you wish to make publicly available. All operation of any quotation, execution or
submissions should refer to File
communication system owned or
Number SR–NYSEAmex–2009–56 and
operated by the Exchange, including
should be submitted on or before
those executions that occur in the event
September 18, 2009.
of a system disruption or system
malfunction. The text of the proposed
For the Commission, by the Division of
rule change is available at the Exchange,
Trading and Markets, pursuant to delegated
the Commission’s Public Reference
6
authority.
Room, and https://www.nyse.com.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
hsrobinson on DSK69SOYB1PROD with NOTICES
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–20820 Filed 8–27–09; 8:45 am]
BILLING CODE 8010–01–P
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
self-regulatory organization included
statements concerning the purpose of,
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
6 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
21:38 Aug 27, 2009
Jkt 217001
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
44423
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 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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to extend
until August 31, 2009, the operation of
interim NYSE Rule 128 (‘‘Clearly
Erroneous Executions for NYSE
Equities’’) which permits the Exchange
to cancel or adjust clearly erroneous
executions if they arise out of the use or
operation of any quotation, execution or
communication system owned or
operated by the Exchange, including
those executions that occur in the event
of a system disruption or system
malfunction.
Prior to the implementation of NYSE
Rule 128 on January 28, 2008,4 the
NYSE did not have a rule providing the
Exchange with the authority to cancel or
adjust clearly erroneous trades of
securities executed on or through the
systems and facilities of the NYSE.
In order for the NYSE to be consistent
with other national securities exchanges
which have some version of a clearly
erroneous execution rule, the Exchange
is drafting an amended clearly
erroneous rule which will accommodate
such other exchanges but will be
appropriate for the NYSE market model.
The NYSE notes that the Commission
approved an amended clearly erroneous
execution rule for Nasdaq in May 2008.5
On July 28, 2008, the Exchange filed
with the SEC a request to extend the
operation of interim Rule 128 until
October 1, 2008 6 in order to review the
provisions of Nasdaq’s clearly erroneous
rule and to consider integrating similar
standards into its own amendment to
Rule 128. On October 1, 2008,7 the
Exchange filed with the SEC a further
request to extend the operation of
interim Rule 128 until January 9, 2009
4 See Securities Exchange Act Release No. 57323
(February 13, 2008), 73 FR 9371 (February 20, 2008)
(SR–NYSE–2008–09).
5 See Securities Exchange Act Release No. 57826
(May 15, 2008), 73 FR 29802 (May 22, 2008) (SR–
NASDAQ–2007–001).
6 See Securities Exchange Act Release No. 58328
(August 8, 2008), 73 FR 47247 (August 13, 2008)
(SR–NYSE–2008–63).
7 See Securities Exchange Act Release No. 58732
(October 3, 2008), 73 FR 61183 (October 15, 2008)
(SR–NYSE–2008–99).
E:\FR\FM\28AUN1.SGM
28AUN1
]]>Agencies
[Federal Register Volume 74, Number 166 (Friday, August 28, 2009)]
[Notices]
[Pages 44422-44423]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-20820]
[[Page 44422]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60561; File No. SR-NYSEAmex-2009-56]
Self-Regulatory Organizations; NYSEAmex LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change To Adopt a New Fee for
Annual Regulatory Training
August 24, 2009.
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 August 17, 2009, NYSE Amex LLC (``NYSE Amex'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. 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\ 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 the section of its Schedule of Fees
and Charges for Exchange Services (the ``Schedule'') in order to adopt
a new fee for Annual Regulatory Training. The text of the proposed rule
change is attached as Exhibit 5 to the 19b-4 form. A copy of this
filing is available on the Exchange's Web site at https://www.nyse.com,
at the Exchange's principal office 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 self-regulatory organization
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 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
As required by NYSE Amex Rule 50 Commentary .03-.04, ATP Holders
and certain qualified floor personnel are required to participate in an
Exchange sponsored mandatory regulatory training program. Pursuant to
provisions contained in Rule 50 Commentary .03-.04, the Exchange may
charge a per program fee, as indicated in the Schedule, for each
participant in any training program. The Exchange is proposing to adopt
a $60 per person fee for any ATP Holder or associated person that
participates in a regulatory training program.
Beginning in the fourth quarter of 2009, the Exchange will offer
regulatory training via a Web-based interactive program that
participants in the program may access from any Internet-capable
computer. The purpose of this fee is to cover the Exchange's costs
associated with the development and delivery of the regulatory training
program.
In determining the $60 program fee, the Exchange has evaluated the
expenses associated with the program and took into consideration the
expected number of individuals that will participate in the program.
Upon the completion of the annual training program, the Exchange will
review the fee to ensure that the fee continues to properly reflect the
Exchange's development and delivery costs. Any revenues collected in a
given year that exceed that year's actual development and delivery
costs will be credited to the projected development and delivery costs
for the succeeding year. Similarly, any deficit may be carried over to
the next year for purposes of assessing the fee. If the Exchange
determines that further fee changes are necessary, it will submit an
appropriate filing with the U.S. Securities and Exchange Commission.\3\
---------------------------------------------------------------------------
\3\ The assessment of a fee for Regulatory Training, and the
annual evaluation of the program is similar to the program in place
at the New York Stock Exchange. See Securities and Exchange Act
Release No. 59979 (May 27, 2009) 74 FR 26454 (June 2, 2009) (Notice
of Filing and Immediate Effectiveness of SR-NYSE-2009-52).
---------------------------------------------------------------------------
The Exchange also proposes to clarify language contained in the
Limit on [sic] Fees on Options Strategy Executions section of the
Schedule. The new language states, ``The cap applies to all Strategy
Executions executed on the same trading day in the same options
class.'' This proposed language is consistent with the way in which the
Exchange currently applies the fee cap, and simply seeks to eliminate
any potential confusion caused by the current language.
2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act, in general, and Section 6(b)(4), in particular, in
that it provides for the equitable allocation of dues, fees and other
charges among its members. Under this proposal, all similarly situated
Exchange participants will be charged the same reasonable dues, fees
and other charges.
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. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \4\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \5\ thereunder, because it establishes a due, fee, or other charge
imposed by the NYSE Amex.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 (https://www.sec.gov/rules/sro.shtml); or
[[Page 44423]]
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEAmex-2009-56 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEAmex-2009-56. 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, 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 publicly available. All
submissions should refer to File Number SR-NYSEAmex-2009-56 and should
be submitted on or before September 18, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-20820 Filed 8-27-09; 8:45 am]
BILLING CODE 8010-01-P
