Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending Its Initial Listing Fees for Operating Companies, 47842-47844 [E9-22368]

Download as PDF 47842 Federal Register / Vol. 74, No. 179 / Thursday, September 17, 2009 / Notices general, to protect investors and the public interest. More specifically, the Exchange believes that, because the proposed rule change will permit the Corporation to consider a broader range of experienced and knowledgeable individuals to serve as directors of the Corporation while also preserving the principle that effective boards of directors exercise independent judgment in carrying out their responsibilities, it will thereby contribute to perfecting the mechanism of a free and open market and a national market system and is also consistent with the protection of investors and the public interest. 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 cprice-sewell on DSK2BSOYB1PROD with NOTICES 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 after the date of the filing, 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 19(b)(3)(A) of the Act 18 and Rule 19b–4(f)(6) thereunder.19 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. 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 this requirement. 19 17 VerDate Nov<24>2008 14:35 Sep 16, 2009 Jkt 217001 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–22369 Filed 9–16–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION 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–NYSEArca–2009–82 on the subject line. [Release No. 34–60644; File No. SR–NYSE– 2009–83] Paper Comments B. Self-Regulatory Organization’s Statement on Burden on Competition 18 15 IV. Solicitation of Comments September 10, 2009. Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending Its Initial Listing Fees for Operating Companies 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 August 26, 2009, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed All submissions should refer to File with the Securities and Exchange Commission (the ‘‘Commission’’) the Number SR–NYSEArca–2009–82. This proposed rule change as described in file number should be included on the subject line if e-mail is used. To help the Items I, II, and III below, which Items have been prepared by the selfCommission process and review your regulatory organization. The comments more efficiently, please use only one method. The Commission will Commission is publishing this notice to post all comments on the Commission’s solicit comments on the proposed rule change from interested persons. Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s submission, all subsequent Statement of the Terms of Substance of amendments, all written statements the Proposed Rule Change with respect to the proposed rule The Exchange proposes to amend its change that are filed with the schedule of initial listing fees for Commission, and all written operating companies as set forth in communications relating to the Section 902.03 of the Listed Company proposed rule change between the Manual (the ‘‘Manual’’). A copy of this Commission and any person, other than filing is available on the Exchange’s those that may be withheld from the Web site at https://www.nyse.com, at the public in accordance with the Exchange’s principal office and at the provisions of 5 U.S.C. 552, will be Commission’s Public Reference Room. available for inspection and copying in II. Self-Regulatory Organization’s the Commission’s Public Reference Statement of the Purpose of, and Room, 100 F Street, NE., Washington, Statutory Basis for, the Proposed Rule DC 20549, on official business days Change between the hours of 10 a.m. and 3 p.m. In its filing with the Commission, the Copies of the filing also will be available self-regulatory organization included for inspection and copying at the statements concerning the purpose of, principal office of the Exchange. All and basis for, the proposed rule change comments received will be posted and discussed any comments it received without change; the Commission does on the proposed rule change. The text not edit personal identifying of those statements may be examined at information from submissions. You the places specified in Item IV below. should submit only information that The Exchange has prepared summaries, you wish to make available publicly. All set forth in sections A, B, and C below, submissions should refer to File Number SR–NYSEArca–2009–82 and 20 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). should be submitted on or before 2 15 U.S.C. 78a. October 8, 2009. • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. PO 00000 3 17 Frm 00066 Fmt 4703 Sfmt 4703 E:\FR\FM\17SEN1.SGM CFR 240.19b–4. 17SEN1 Federal Register / Vol. 74, No. 179 / Thursday, September 17, 2009 / Notices 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 cprice-sewell on DSK2BSOYB1PROD with NOTICES The Exchange proposes to amend its initial listing fees for operating companies set forth in Section 902.03 of the Manual, with retroactive application to any initial listing of new classes of securities on or after the date of original submission of this filing. Currently, companies pay initial listing fees according to the following schedule: $0.0048 per share for up to and including 75 million shares, $0.00375 per share for any additional shares over 75 million shares up to and including 300 million shares, and $0.0019 per share for any additional shares over 300 million shares (the ‘‘Listing Fee Schedule’’). The first time that an issuer lists a class of common shares, the issuer is also subject to a one-time special charge of $37,500, in addition to fees calculated according to the Listing Fee Schedule. The minimum and maximum listing fees applicable the first time an issuer lists a class of common shares are $150,000 and $250,000, respectively, which amounts include the one-time special charge of $37,500. Solely with respect to shares listed at the time a class of common shares is first listed on the Exchange, the Exchange proposes to replace the Listing Fee Schedule with a flat rate initial listing fee of $0.0032 per share.4 The one-time special charge of $37,500 will be increased to $50,000 and the minimum initial listing fee will be decreased from $150,000 to $125,000.5 No change is being made to the maximum initial listing fee of $250,000 at this time. The existing Listing Fee Schedule (the ‘‘Listing of Additional Shares Fee Schedule’’) will remain in effect for the listing of additional shares of a class of previously listed securities. In establishing at which tier of the Listing of Additional Shares Fee Schedule a company will pay fees with respect to additional shares of a 4 Initial listing fees for the following types of listings will also be charged at a rate of $0.0032 per share: (i) At the time it first lists, an issuer lists one or more classes of preferred stock or warrants, whether or not common shares are also listed at that time; and (ii) once listed, an issuer lists a new class of preferred stock or warrants. 5 The increase in the one-time special charge is intended to offset a portion of the reduction in listing fee revenue attributable to the proposed lower listing fee per share and proposed lower minimum listing fee. VerDate Nov<24>2008 14:35 Sep 16, 2009 Jkt 217001 previously listed class, the Exchange will include the shares with respect to which the company paid fees at the time of initial listing of that class in calculating the fees for additional shares. For example: At the time Company A first lists its common stock on the Exchange, its initial listing application covers 30 million shares of its common stock. Company A must pay initial listing fees of $146,000, i.e., the onetime special charge of $50,000 plus $96,000 (30 million shares multiplied by $0.0032 per share). For comparison, the following is how Company A would be charged for the initial listing application under the current Listing Fee Schedule: $181,500, i.e., the onetime special charge of $37,500 plus $144,000 (30 million shares multiplied by $0.0048 per share). If Company A subsequently issues an additional 100 million shares, Company A will pay fees under the first tier of the Listing of Additional Shares Fee Schedule for 45 million shares (representing the 75 million shares that are subject to the first tier of fees minus the 30 million shares issued at the time of original listing) and will pay fees under the second tier of the Listing of Additional Shares Fee Schedule for 55 million shares (representing the remainder of the shares listed in the supplemental listing application). Therefore, in connection with the supplemental listing application, Company A must pay listing fees for the listing of additional shares of $422,250, consisting of (i) $216,000 (i.e., 45 million shares multiplied by $0.0048 per share) plus (ii) $206,250 (i.e., 55 million shares multiplied by $0.00375 per share).6 The proposed amendments to the Exchange’s initial listing fees will reduce the initial listing fees payable by all companies whose fees are not limited by the $250,000 maximum and no company will pay higher initial listing fees as a result of the proposed amendment. These lower initial listing fees will enable the Exchange to compete more effectively on a cost basis with other securities exchanges for listings of companies undertaking initial public offerings. In particular, the Exchange notes that smaller companies than have historically listed on the 6 The charge for the supplemental listing application would be the same under both the existing and the proposed listing fee schedule. Some clarifying changes have been made to the Listing of Additional Shares Fee Schedule as presented in Section 902.03, but no substantive changes are being made to the fees charged in connection with the listing of additional shares pursuant to a supplemental listing application. PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 47843 Exchange now qualify for listing under the recently adopted Assets and Equity Test 7 and many of these companies would benefit from the lower minimum initial listing fee. The proposed new initial listing fees for the listing of new classes of securities are not inequitable or unfairly discriminatory, as all companies will be subject to the same fee schedule. While companies that are subject to the $250,000 maximum fee under both the current and the proposed fee schedule do not benefit from the reduction in fees, this is appropriate because these companies already benefit from a lower effective listing fee per share than other companies. The Exchange proposes to apply the listing fees as amended by this filing retroactively to any new classes of common or preferred equity securities listed on or after the date of original submission of this filing. The Exchange believes this approach is appropriate, as it will enable companies to benefit from any applicable reduction in listing fees without having to delay their listing until after Commission approval of the filing solely for the purpose of benefitting from that fee reduction. As noted above, the proposed amendment will lower the initial listing fees payable by all companies whose fees are not limited by the $250,000 maximum and no company will pay higher initial listing fees as a result of the proposed amendment. The reduction in the Exchange’s listing fee revenue as a result of the proposed rule change is not expected to be substantial and the Exchange will continue to have sufficient revenue to continue to adequately fund its regulatory activities. 2. Statutory Basis The bases under the Act for this proposed rule change are the requirement under Section 6(b)(4) 8 that an exchange have rules that provide for the equitable allocation of reasonable dues, fees and other charges among its members, listed companies and other persons using its facilities and the requirement under Section 6(b)(5) 9 that an exchange have rules that are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange believes that the proposed new schedule of initial listing fees represents an equitable allocation of fees 7 See Securities Exchange Act Release No. 58934 (November 12, 2008), 73 FR 69708 (November 19, 2008) (SR–NYSE–2008–98). 8 15 U.S.C. 78f(b)(4). 9 15 U.S.C. 78f(b)(5). E:\FR\FM\17SEN1.SGM 17SEN1 47844 Federal Register / Vol. 74, No. 179 / Thursday, September 17, 2009 / Notices among its listed companies, as all companies will be subject to the same fee schedule. The proposed new initial listing fees for the listing of new classes of securities are not inequitable or unfairly discriminatory, as all companies will be subject to the same fee schedule. While companies that are subject to the $250,000 maximum fee under both the current and the proposed fee schedule do not benefit from the reduction in fees, this is appropriate because these companies already benefit from a lower effective listing fee per share than other companies. 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 Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve the proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments cprice-sewell on DSK2BSOYB1PROD with NOTICES 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: 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–2009–83. 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 the filing will also 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–2009–83 and should be submitted on or before October 8, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–22368 Filed 9–16–09; 8:45 am] BILLING CODE 8010–01–P • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2009–83 on the subject line. 14:35 Sep 16, 2009 [Release No. 34–60641; File No. SR–CBOE– 2009–064] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to FLEX Equity Option Opening Transactions September 9, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on September 2, 2009, the Chicago Board Options Exchange, Incorporated (‘‘Exchange’’ or ‘‘CBOE’’) 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 prepared by the Exchange. The Exchange filed the proposal as a ‘‘non-controversial’’ proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder.4 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 extend the period for its pilot program regarding the minimum value size for an opening transaction in FLEX Equity Option 5 series (‘‘Pilot Program’’), which would otherwise expire on September 4, 2009, through February 28, 2010. The text of the proposed rule change is available on the Exchange’s Web site (https:// www.cboe.org/Legal), at the Exchange’s Office of the Secretary and at the Commission. 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 1 15 Electronic Comments VerDate Nov<24>2008 SECURITIES AND EXCHANGE COMMISSION Jkt 217001 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 5 FLEX Equity Options are flexible exchangetraded options contracts which overlie equity securities. FLEX Equity Options provide investors with the ability to customize basic option features including size, expiration date, exercise style, and certain exercise prices. 2 17 10 17 PO 00000 CFR 200.30–3(a)(12). Frm 00068 Fmt 4703 Sfmt 4703 E:\FR\FM\17SEN1.SGM 17SEN1

Agencies

[Federal Register Volume 74, Number 179 (Thursday, September 17, 2009)]
[Notices]
[Pages 47842-47844]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-22368]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60644; File No. SR-NYSE-2009-83]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change Amending Its Initial Listing 
Fees for Operating Companies

September 10, 2009.
    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 August 26, 2009, 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, 
II, and III below, which Items have been prepared by the self-
regulatory organization. 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. 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 its schedule of initial listing fees 
for operating companies as set forth in Section 902.03 of the Listed 
Company Manual (the ``Manual''). 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,

[[Page 47843]]

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 amend its initial listing fees for 
operating companies set forth in Section 902.03 of the Manual, with 
retroactive application to any initial listing of new classes of 
securities on or after the date of original submission of this filing.
    Currently, companies pay initial listing fees according to the 
following schedule: $0.0048 per share for up to and including 75 
million shares, $0.00375 per share for any additional shares over 75 
million shares up to and including 300 million shares, and $0.0019 per 
share for any additional shares over 300 million shares (the ``Listing 
Fee Schedule''). The first time that an issuer lists a class of common 
shares, the issuer is also subject to a one-time special charge of 
$37,500, in addition to fees calculated according to the Listing Fee 
Schedule. The minimum and maximum listing fees applicable the first 
time an issuer lists a class of common shares are $150,000 and 
$250,000, respectively, which amounts include the one-time special 
charge of $37,500.
    Solely with respect to shares listed at the time a class of common 
shares is first listed on the Exchange, the Exchange proposes to 
replace the Listing Fee Schedule with a flat rate initial listing fee 
of $0.0032 per share.\4\ The one-time special charge of $37,500 will be 
increased to $50,000 and the minimum initial listing fee will be 
decreased from $150,000 to $125,000.\5\ No change is being made to the 
maximum initial listing fee of $250,000 at this time. The existing 
Listing Fee Schedule (the ``Listing of Additional Shares Fee 
Schedule'') will remain in effect for the listing of additional shares 
of a class of previously listed securities. In establishing at which 
tier of the Listing of Additional Shares Fee Schedule a company will 
pay fees with respect to additional shares of a previously listed 
class, the Exchange will include the shares with respect to which the 
company paid fees at the time of initial listing of that class in 
calculating the fees for additional shares.
---------------------------------------------------------------------------

    \4\ Initial listing fees for the following types of listings 
will also be charged at a rate of $0.0032 per share: (i) At the time 
it first lists, an issuer lists one or more classes of preferred 
stock or warrants, whether or not common shares are also listed at 
that time; and (ii) once listed, an issuer lists a new class of 
preferred stock or warrants.
    \5\ The increase in the one-time special charge is intended to 
offset a portion of the reduction in listing fee revenue 
attributable to the proposed lower listing fee per share and 
proposed lower minimum listing fee.
---------------------------------------------------------------------------

    For example: At the time Company A first lists its common stock on 
the Exchange, its initial listing application covers 30 million shares 
of its common stock. Company A must pay initial listing fees of 
$146,000, i.e., the one-time special charge of $50,000 plus $96,000 (30 
million shares multiplied by $0.0032 per share). For comparison, the 
following is how Company A would be charged for the initial listing 
application under the current Listing Fee Schedule: $181,500, i.e., the 
one-time special charge of $37,500 plus $144,000 (30 million shares 
multiplied by $0.0048 per share).
    If Company A subsequently issues an additional 100 million shares, 
Company A will pay fees under the first tier of the Listing of 
Additional Shares Fee Schedule for 45 million shares (representing the 
75 million shares that are subject to the first tier of fees minus the 
30 million shares issued at the time of original listing) and will pay 
fees under the second tier of the Listing of Additional Shares Fee 
Schedule for 55 million shares (representing the remainder of the 
shares listed in the supplemental listing application). Therefore, in 
connection with the supplemental listing application, Company A must 
pay listing fees for the listing of additional shares of $422,250, 
consisting of (i) $216,000 (i.e., 45 million shares multiplied by 
$0.0048 per share) plus (ii) $206,250 (i.e., 55 million shares 
multiplied by $0.00375 per share).\6\
---------------------------------------------------------------------------

    \6\ The charge for the supplemental listing application would be 
the same under both the existing and the proposed listing fee 
schedule. Some clarifying changes have been made to the Listing of 
Additional Shares Fee Schedule as presented in Section 902.03, but 
no substantive changes are being made to the fees charged in 
connection with the listing of additional shares pursuant to a 
supplemental listing application.
---------------------------------------------------------------------------

    The proposed amendments to the Exchange's initial listing fees will 
reduce the initial listing fees payable by all companies whose fees are 
not limited by the $250,000 maximum and no company will pay higher 
initial listing fees as a result of the proposed amendment. These lower 
initial listing fees will enable the Exchange to compete more 
effectively on a cost basis with other securities exchanges for 
listings of companies undertaking initial public offerings. In 
particular, the Exchange notes that smaller companies than have 
historically listed on the Exchange now qualify for listing under the 
recently adopted Assets and Equity Test \7\ and many of these companies 
would benefit from the lower minimum initial listing fee.
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 58934 (November 12, 
2008), 73 FR 69708 (November 19, 2008) (SR-NYSE-2008-98).
---------------------------------------------------------------------------

    The proposed new initial listing fees for the listing of new 
classes of securities are not inequitable or unfairly discriminatory, 
as all companies will be subject to the same fee schedule. While 
companies that are subject to the $250,000 maximum fee under both the 
current and the proposed fee schedule do not benefit from the reduction 
in fees, this is appropriate because these companies already benefit 
from a lower effective listing fee per share than other companies.
    The Exchange proposes to apply the listing fees as amended by this 
filing retroactively to any new classes of common or preferred equity 
securities listed on or after the date of original submission of this 
filing. The Exchange believes this approach is appropriate, as it will 
enable companies to benefit from any applicable reduction in listing 
fees without having to delay their listing until after Commission 
approval of the filing solely for the purpose of benefitting from that 
fee reduction. As noted above, the proposed amendment will lower the 
initial listing fees payable by all companies whose fees are not 
limited by the $250,000 maximum and no company will pay higher initial 
listing fees as a result of the proposed amendment.
    The reduction in the Exchange's listing fee revenue as a result of 
the proposed rule change is not expected to be substantial and the 
Exchange will continue to have sufficient revenue to continue to 
adequately fund its regulatory activities.
2. Statutory Basis
    The bases under the Act for this proposed rule change are the 
requirement under Section 6(b)(4) \8\ that an exchange have rules that 
provide for the equitable allocation of reasonable dues, fees and other 
charges among its members, listed companies and other persons using its 
facilities and the requirement under Section 6(b)(5) \9\ that an 
exchange have rules that are not designed to permit unfair 
discrimination between customers, issuers, brokers, or dealers. The 
Exchange believes that the proposed new schedule of initial listing 
fees represents an equitable allocation of fees

[[Page 47844]]

among its listed companies, as all companies will be subject to the 
same fee schedule. The proposed new initial listing fees for the 
listing of new classes of securities are not inequitable or unfairly 
discriminatory, as all companies will be subject to the same fee 
schedule. While companies that are subject to the $250,000 maximum fee 
under both the current and the proposed fee schedule do not benefit 
from the reduction in fees, this is appropriate because these companies 
already benefit from a lower effective listing fee per share than other 
companies.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(4).
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received from Members, Participants or Others

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

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:

    (A) By order approve the proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

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-2009-83 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-2009-83. 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 the filing will also 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-2009-83 and should be 
submitted on or before October 8, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-22368 Filed 9-16-09; 8:45 am]
BILLING CODE 8010-01-P
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