Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC to Modify the Cure Provisions Under Its Dollar Stock Price Continued Listing Standard, 46474-46476 [E9-21646]

Download as PDF 46474 Federal Register / Vol. 74, No. 173 / Wednesday, September 9, 2009 / Notices not include any transaction that occurs in NYSE MatchPoint. In each of the rule changes described above, the Exchange also proposes to add a reference to Rule 1500 (‘‘NYSE MatchPointSM’’). Market data for NYSE-listed securities that trade on MatchPoint is disseminated via the consolidated tape pursuant to the Consolidated Tape Association Plan (‘‘CTA Plan’’). Trade reports of securities that are governed by the Unlisted Trade Privileges Plan (‘‘UTP Plan’’) are disseminated pursuant to the UTP Plan. Because MatchPoint and NYBX are facilities of the Exchange, and not withstanding the exclusions described above, all trades executed in either MatchPoint or NYBX indicate the market of execution as the NYSE for CTA and UTP purposes. 2. Statutory Basis The basis under the Securities Exchange Act of 1934 (the ‘‘Act’’) for this proposed rule change is the requirement under Section 6(b)(5) that an Exchange have rules that are designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange believes the proposed rule changes support these principles in that they will clarify that certain NYSE rules do not apply to executions that occur on MatchPoint. 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. cprice-sewell on DSK2BSOYB1PROD with NOTICES 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: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of VerDate Nov<24>2008 15:47 Sep 08, 2009 Jkt 217001 investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act 6 and Rule 19b– 4(f)(6) thereunder.7 The Exchange has requested that the Commission waive the 30-day operative delay and designate the proposed rule change immediately operative. The Exchange believes that waiving the operative delay, by immediately clarifying how trades executed in NYSE MatchPoint will be treated for purposes of the application of certain other Exchange rules, will eliminate potential confusion by granting market participants a better understanding of the effect that MatchPoint trades have on the market. The Commission believes such waiver is consistent with the protection of investors and the public interest.8 Accordingly, the Commission designates the proposed rule change operative upon filing with the Commission. 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 • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2009–85 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 6 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires the self-regulatory organization to submit to the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. 8 For purposes only of waiving the 30-day operative delay of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 7 17 PO 00000 Frm 00068 Fmt 4703 Sfmt 4703 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2009–85. 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 on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE– 2009–85 and should be submitted on or before September 30, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–21645 Filed 9–8–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60612; File No. SR–NYSE– 2009–88] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC to Modify the Cure Provisions Under Its Dollar Stock Price Continued Listing Standard September 2, 2009. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’) 2 and Rule 19b–4 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 1 15 E:\FR\FM\09SEN1.SGM 09SEN1 Federal Register / Vol. 74, No. 173 / Wednesday, September 9, 2009 / Notices thereunder,3 notice is hereby given that, on August 21, 2009, New York Stock Exchange LLC (the ‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission the proposed rule changes as described in Items I and II below, which items have been prepared by the Exchange. The Exchange has designated this proposal eligible for immediate effectiveness pursuant to Rule 19b–4(f)(6) 4 under the Act. The Commission is publishing this notice to solicit comments on the proposed rule changes from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to modify the cure provisions under the dollar stock price continued listing standard set forth in Section 802.01C of the Exchange’s Listed Company Manual (the ‘‘Manual’’). The text of the proposed rule change is available on the Exchange’s Web site (https://www.nyse.com), at the Exchange’s Office of the Secretary 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 these 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 aspects of such statements. cprice-sewell on DSK2BSOYB1PROD with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Under Section 802.01C of the Manual, a listed company is below compliance with the Exchange’s stock price continued listing standard if the average closing price of its stock has fallen below $1.00 over a consecutive 30 trading day period) (the NYSE’s ‘‘dollar price continued listing standard’’). Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification. A company is 3 17 4 17 CFR 240.19b–4. CFR 240.19b–4(f)(6). VerDate Nov<24>2008 15:47 Sep 08, 2009 Jkt 217001 not eligible to follow the cure procedures outlined in Sections 802.02 and 802.03 with respect to the dollar stock price continued listing standard. The company must, however, notify the Exchange, within 10 business days of receipt of the notification, of its intent to cure this deficiency or be subject to suspension and delisting procedures. In order to cure an event of noncompliance under the dollar price continued listing standard, an issuer must have a $1.00 closing share price on the last trading day of its six-month cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day in the six-month cure period. If the issuer fails to regain compliance in this manner, the Exchange will commence suspension and delisting procedures promptly after the expiration of the cure period.5 Due to the extreme volatility in the equity markets in the earlier part of 2009, the Exchange suspended the application of the dollar price continued listing standard until June 30, 2009.6 The suspension of the dollar price continued listing standard was subsequently extended to July 31, 2009.7 Under the suspension, any company that was in a compliance period at the time of commencement of the rule suspension could return to compliance if such company had a $1.00 closing share price on the last trading day of any calendar month during the suspension and a $1.00 average closing share price based on the 30 trading days preceding the end of such month. The Exchange now proposes to amend Section 802.01C to provide that this provision will become a permanent aspect of the rule after the expiration of the suspension period on July 31, 2009. Going forward, a company that has been notified by the Exchange that it is below compliance with the dollar price continued listing standard can regain compliance prior to the end of its six-month cure period if on the last trading day of any calendar month during that period the company 5 Additionally, Section 802.01C provides that if a company determines that, if necessary, it will cure the price condition by taking an action that will require approval of its shareholders, it must so inform the Exchange in the above referenced notification, must obtain the shareholder approval by no later than its next annual meeting, and must implement the action promptly thereafter. The price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above the level for at least the following 30 trading days. 6 See Securities Exchange Act Release No. 59510 (March 4, 2009), 74 FR 10636 (March 11, 2009)(SR– NYSE–2009–21). 7 See Securities Exchange Act Release No. 60273 (July 9, 2009), 74 FR 34606 (July 16, 2009) (SR– NYSE–2009–64. [sic] PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 46475 has a closing share price of at least $1.00 and has an average closing share price of at least $1.00 over the 30 trading day period ending on the last trading day of that month. It has been the Exchange’s experience that most companies that have utilized this early cure provision during the period of the suspension have subsequently remained in compliance with the dollar stock price continued listing standard. Consequently, the Exchange no longer believes that there is any regulatory benefit to be derived from limiting companies to curing an event of noncompliance with the dollar price continued listing standard only at the very end of the six-month cure period. The Exchange believes that allowing companies to cure on the last trading day of any month during the cure period will not contribute to the retention of companies that are unsuitable for continued listing. The Exchange also believes that Nasdaq takes a similar approach to the proposed amendment in the cure provisions of its dollar price continued listing standard 8 and, consequently, the Exchange does not believe that the proposed amendment raises any novel regulatory issues. The NYSE retains the right to delist a company at any time if it determines that doing so is in the public interest. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) 9 of the Act in general, and furthers the objectives of Section 6(b)(5) 10 of the Act in particular in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. The proposed rule change is similar to an existing rule of Nasdaq and consequently does not raise any novel regulatory issues. Furthermore, companies that will qualify to cure their dollar price continued listing standard noncompliance under the proposed amendment will have maintained an 8 See Nasdaq Marketplace Rule 5810(a)(3)(A), under which a company which is below compliance with Nasdaq’s $1.00 price requirement can regain compliance at any time during the 180day compliance period by meeting the standard for any 10 consecutive trading days during the compliance period. 9 15 U.S.C. 78f(b). 10 15 U.S.C. 78f(b)(5). E:\FR\FM\09SEN1.SGM 09SEN1 46476 Federal Register / Vol. 74, No. 173 / Wednesday, September 9, 2009 / Notices average closing price of at least $1.00 for 30 consecutive trading days, which evidences those companies’ suitability for continued listing. 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 Written comments were neither solicited nor received. cprice-sewell on DSK2BSOYB1PROD with NOTICES 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, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 11 and Rule 19b– 4(f)(6) thereunder.12 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 13 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6) 14 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay because the Exchange believes that: (i) Doing so will avoid potential confusion and inconsistent treatment of companies that could arise if the Exchange was unable to apply this provision on August 31, after having applied such a provision during the temporary suspension period, and then doing so again on September 30 after the filing becomes operative, (ii) such a waiver will allow the Exchange to implement a standard substantially similar to that in place at Nasdaq, and (iii) the Commission has previously published 11 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied the fiveday pre-filing requirement. 13 17 CFR 240.19b–4(f)(6). 14 17 CFR 240.19b–4(f)(6). 12 17 VerDate Nov<24>2008 15:47 Sep 08, 2009 Jkt 217001 for public comment the temporary suspension of the dollar price continued listing standard (which included the same early cure provision as proposed in this filing) and received no comments. The Commission believes that waiving the 30-day operative delay 15 is consistent with the protection of investors and the public interest. As noted by the NYSE, the proposal was previously published for comment and implemented during the temporary suspension of the dollar price continued listing standard.16 The Commission received no comments on this change. In addition, the proposal will avoid confusion as to the applicable compliance period and is not inconsistent with how NASDAQ applies its compliance period. For these reasons, the Commission believes it is appropriate to waive the 30-day operative delay, allowing the proposed rule change to become operative upon filing. 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 • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2009–88 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2009–88. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your 15 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 16 See supra notes 6–7. PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 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–NYSE–2009–88 and should be submitted on or before September 30, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–21646 Filed 9–8–09; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF STATE [Public Notice 6741] Shipping Coordinating Committee; Notice of Subcommittee Meeting The Shipping Coordinating Committee (SHC) will conduct an open meeting at 11 a.m. on Wednesday, September 23, 2009, in Room 1422 of the United States Coast Guard Headquarters Building, 2100 Second Street, SW., Washington, DC 20593– 0001. The primary purpose of the meeting is to prepare for the ninetysixth Session of the International Maritime Organization (IMO) Legal Committee (LEG) to be held be held at the IMO Headquarters, United Kingdom, from October 5 to October 9, 2009. The primary matters to be considered include: —Adoption of the agenda 17 17 E:\FR\FM\09SEN1.SGM CFR 200.30–3(a)(12). 09SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 74, Number 173 (Wednesday, September 9, 2009)]
[Notices]
[Pages 46474-46476]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-21646]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60612; File No. SR-NYSE-2009-88]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC to
Modify the Cure Provisions Under Its Dollar Stock Price Continued
Listing Standard

September 2, 2009.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Exchange Act'') \2\ and Rule 19b-4

[[Page 46475]]

thereunder,\3\ notice is hereby given that, on August 21, 2009, New
York Stock Exchange LLC (the ``NYSE'' or the ``Exchange'') filed with
the Securities and Exchange Commission the proposed rule changes as
described in Items I and II below, which items have been prepared by
the Exchange. The Exchange has designated this proposal eligible for
immediate effectiveness pursuant to Rule 19b-4(f)(6) \4\ under the Act.
The Commission is publishing this notice to solicit comments on the
proposed rule changes from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to modify the cure provisions under the
dollar stock price continued listing standard set forth in Section
802.01C of the Exchange's Listed Company Manual (the ``Manual'').
The text of the proposed rule change is available on the Exchange's
Web site (https://www.nyse.com), at the Exchange's Office of the
Secretary 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 these 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 aspects
of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
Under Section 802.01C of the Manual, a listed company is below
compliance with the Exchange's stock price continued listing standard
if the average closing price of its stock has fallen below $1.00 over a
consecutive 30 trading day period) (the NYSE's ``dollar price continued
listing standard''). Once notified, the company must bring its share
price and average share price back above $1.00 by six months following
receipt of the notification. A company is not eligible to follow the
cure procedures outlined in Sections 802.02 and 802.03 with respect to
the dollar stock price continued listing standard. The company must,
however, notify the Exchange, within 10 business days of receipt of the
notification, of its intent to cure this deficiency or be subject to
suspension and delisting procedures. In order to cure an event of
noncompliance under the dollar price continued listing standard, an
issuer must have a $1.00 closing share price on the last trading day of
its six-month cure period and a $1.00 average closing share price over
the 30 trading-day period ending on the last trading day in the six-
month cure period. If the issuer fails to regain compliance in this
manner, the Exchange will commence suspension and delisting procedures
promptly after the expiration of the cure period.\5\
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\5\ Additionally, Section 802.01C provides that if a company
determines that, if necessary, it will cure the price condition by
taking an action that will require approval of its shareholders, it
must so inform the Exchange in the above referenced notification,
must obtain the shareholder approval by no later than its next
annual meeting, and must implement the action promptly thereafter.
The price condition will be deemed cured if the price promptly
exceeds $1.00 per share, and the price remains above the level for
at least the following 30 trading days.
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Due to the extreme volatility in the equity markets in the earlier
part of 2009, the Exchange suspended the application of the dollar
price continued listing standard until June 30, 2009.\6\ The suspension
of the dollar price continued listing standard was subsequently
extended to July 31, 2009.\7\ Under the suspension, any company that
was in a compliance period at the time of commencement of the rule
suspension could return to compliance if such company had a $1.00
closing share price on the last trading day of any calendar month
during the suspension and a $1.00 average closing share price based on
the 30 trading days preceding the end of such month. The Exchange now
proposes to amend Section 802.01C to provide that this provision will
become a permanent aspect of the rule after the expiration of the
suspension period on July 31, 2009. Going forward, a company that has
been notified by the Exchange that it is below compliance with the
dollar price continued listing standard can regain compliance prior to
the end of its six-month cure period if on the last trading day of any
calendar month during that period the company has a closing share price
of at least $1.00 and has an average closing share price of at least
$1.00 over the 30 trading day period ending on the last trading day of
that month. It has been the Exchange's experience that most companies
that have utilized this early cure provision during the period of the
suspension have subsequently remained in compliance with the dollar
stock price continued listing standard. Consequently, the Exchange no
longer believes that there is any regulatory benefit to be derived from
limiting companies to curing an event of noncompliance with the dollar
price continued listing standard only at the very end of the six-month
cure period. The Exchange believes that allowing companies to cure on
the last trading day of any month during the cure period will not
contribute to the retention of companies that are unsuitable for
continued listing. The Exchange also believes that Nasdaq takes a
similar approach to the proposed amendment in the cure provisions of
its dollar price continued listing standard \8\ and, consequently, the
Exchange does not believe that the proposed amendment raises any novel
regulatory issues. The NYSE retains the right to delist a company at
any time if it determines that doing so is in the public interest.
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\6\ See Securities Exchange Act Release No. 59510 (March 4,
2009), 74 FR 10636 (March 11, 2009)(SR-NYSE-2009-21).
\7\ See Securities Exchange Act Release No. 60273 (July 9,
2009), 74 FR 34606 (July 16, 2009) (SR-NYSE-2009-64. [sic]
\8\ See Nasdaq Marketplace Rule 5810(a)(3)(A), under which a
company which is below compliance with Nasdaq's $1.00 price
requirement can regain compliance at any time during the 180-day
compliance period by meeting the standard for any 10 consecutive
trading days during the compliance period.
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) \9\ of the Act in general, and furthers the
objectives of Section 6(b)(5) \10\ of the Act in particular in that it
is designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
The proposed rule change is similar to an existing rule of Nasdaq and
consequently does not raise any novel regulatory issues. Furthermore,
companies that will qualify to cure their dollar price continued
listing standard noncompliance under the proposed amendment will have
maintained an

[[Page 46476]]

average closing price of at least $1.00 for 30 consecutive trading
days, which evidences those companies' suitability for continued
listing.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
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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

Written comments were neither solicited nor received.

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, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6) thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied the five-day pre-filing requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \13\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6) \14\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay because
the Exchange believes that: (i) Doing so will avoid potential confusion
and inconsistent treatment of companies that could arise if the
Exchange was unable to apply this provision on August 31, after having
applied such a provision during the temporary suspension period, and
then doing so again on September 30 after the filing becomes operative,
(ii) such a waiver will allow the Exchange to implement a standard
substantially similar to that in place at Nasdaq, and (iii) the
Commission has previously published for public comment the temporary
suspension of the dollar price continued listing standard (which
included the same early cure provision as proposed in this filing) and
received no comments.
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

The Commission believes that waiving the 30-day operative delay
\15\ is consistent with the protection of investors and the public
interest. As noted by the NYSE, the proposal was previously published
for comment and implemented during the temporary suspension of the
dollar price continued listing standard.\16\ The Commission received no
comments on this change. In addition, the proposal will avoid confusion
as to the applicable compliance period and is not inconsistent with how
NASDAQ applies its compliance period. For these reasons, the Commission
believes it is appropriate to waive the 30-day operative delay,
allowing the proposed rule change to become operative upon filing.
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\15\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
\16\ See supra notes 6-7.
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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
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2009-88 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2009-88. 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-NYSE-2009-88 and should be
submitted on or before September 30, 2009.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-21646 Filed 9-8-09; 8:45 am]
BILLING CODE 8010-01-P

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