Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange Price List, 10631-10633 [2011-4226]

Download as PDF srobinson on DSKHWCL6B1PROD with NOTICES Federal Register / Vol. 76, No. 38 / Friday, February 25, 2011 / Notices rule change was an improper attempt to adversely impact a New Member Application Form (‘‘NMA’’) filed by ACO and concurrent MC–400 application filed by ACO on Mr. Asensio’s behalf. In the FINRA Response, FINRA contests this assertion. Specifically, the FINRA Response states that the proposed rule change is a separate policy-driven proceeding based on its belief that a new member applicant should enter FINRA membership free of the supervisory and operating concerns raised by association with a statutorily disqualified person or being itself subject to a statutory disqualification.14 The FINRA Response further notes that the proposed rule change would apply only to NMAs and applications for relief from a statutory disqualification filed on or after the effective date of the proposed rule change and, consequently, would not impact any applications pending before such effective date. The Asensio Letter also states that the proposed rule change was unnecessary because FINRA already has authority under its current rules to deny an NMA based on the existence of a statutory disqualification and to deny an MC–400 application based on the fact that a disqualified person is proposing to associate with a new member.15 The FINRA Response contests this assertion by citing the public policy interests underlying the proposed rule change’s objective—to promote initiation of FINRA membership free of statutory disqualification concerns. Moreover, FINRA believes the proposed rule would allow FINRA to conserve regulatory resources that would otherwise be devoted to considering an NMA or MC–400 application that the proposed rule change would preclude at the outset.16 The Asensio Letter also states that the proposal would effectively foreclose use of the eligibility proceedings by a disqualified person seeking relief from FINRA sanctions. Specifically, the Asensio Letter states that the eligibility proceedings represent the only avenue for seeking relief outside of an appeal and to effectively use the eligibility proceedings for this purpose, a disqualified person must be able to create a new member applicant to be his sponsor; otherwise, a disqualified person cannot present his arguments for relief free from possible restrictions that could be imposed by a member 14 FINRA Response. Letter. 16 FINRA Response. 15 Asensio VerDate Mar<15>2010 16:39 Feb 24, 2011 Jkt 223001 sponsor.17 The FINRA Response states that the eligibility proceedings are not the appropriate forum for reviewing sanctions imposed in a formal disciplinary action brought by FINRA; rather, the correct process for an individual to challenge any FINRAimposed sanctions is set forth in the FINRA Rule 9300 Series (Review of Disciplinary Proceeding By National Adjudicatory Council and FINRA Board; Application for SEC Review).18 Accordingly, FINRA believes this objection lacks merit.19 The second commenter, ASG Securities, did not oppose the proposed rule change but requested that FINRA amend the proposal to (1) extend from ten business days to twenty business days the period in FINRA Rule 9522(a)(3) (Notice Regarding an Associated Person) during which a member may file a Form MC–400A application for itself and an associated person upon receiving a disqualification notice from FINRA staff; and (2) prohibit a disqualified person or entity from financing a member or providing or lending funds to an associated person for re-investment into a member.20 The FINRA Response states that the commenter’s suggestions are outside the scope of the rule proposal; as such, it does not intend to expand the proposal to address these additional issues at this time. However, it will consider whether to propose additional changes at a later date.21 IV. Discussion and Commission Findings The Commission has carefully reviewed the proposed rule change, the comments received, and FINRA’s response to the comments, and finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities association.22 In particular, the Commission finds that the proposed rule change is consistent with Section 17 Asensio Letter. Response. 19 The Asensio Letter also describes the foreclosure of a review of a FINRA-imposed sanction through the eligibility proceedings as ‘‘contrary to the most basic ideals of constitutional due process.’’ As referenced above, FINRA believes that the eligibility proceedings are not the appropriate forum for reviewing FINRA-imposed sanctions; however, a process does exist for individuals to challenge a FINRA-imposed sanction. As such, FINRA also believes the Asensio Letter’s argument lacks merit. 20 ASG Letter. 21 FINRA Response. 22 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 18 FINRA PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 10631 15A(b)(6) of the Act,23 which, among other things, requires that FINRA rules be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. In particular, the Commission agrees that a new member applicant should enter FINRA membership free of the supervisory and operating concerns raised by association with a statutorily disqualified person or being itself subject to a statutory disqualification. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,24 that the proposed rule change (SR–FINRA– 2010–056), be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.25 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–4216 Filed 2–24–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63934; File No. SR–NYSE– 2011–04] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange Price List February 18, 2011. 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 February 14, 2011, 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 selfregulatory organization. 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 its 2011 Price List (‘‘Price List’’) for equity 23 15 U.S.C. 78o–3(b)(6). U.S.C. 78s(b)(2). 25 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 24 15 E:\FR\FM\25FEN1.SGM 25FEN1 10632 Federal Register / Vol. 76, No. 38 / Friday, February 25, 2011 / Notices transactions by revising the description of the Risk Management Gateway (‘‘RMG’’) fee to clarify that the charge is determined on the basis of the capacity of the end user’s connection in inbound messages per second, rather than the actual number of inbound messages. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, http://www.sec.gov, and http:// www.nyse.com. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the 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. srobinson on DSKHWCL6B1PROD with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Price List for equity transactions by revising the description of the RMG fee to clarify that the charge is determined on the basis of the capacity of the end user’s connection in inbound messages per second, rather than the actual number of inbound messages. On February 12, 2009, the Exchange filed a proposed rule change with the Commission that established the fee for its RMG service to facilitate the ability of Sponsoring Member Organizations to monitor and oversee the sponsored access activity of their Sponsored Participants.4 In the Original RMG Fee Filing, the Exchange established a fee of $3,000 per month for the first ‘‘Connection’’ plus $1,000 per month for each additional ‘‘Connection.’’ A ‘‘Connection’’ was defined as up to 1,000 messages per second inbound, regardless of the connection’s actual capacity.5 Consequently, if a particular end user’s connection has the capacity to support 3,000 messages per second inbound, that end user’s connection will be deemed to be three (3) Connections 4 See Securities Exchange Act Release No. 59430 (February 20, 2009), 74 FR 9014 (February 27, 2009) (File No. SR–NYSE–2009–15) (the ‘‘Original RMG Fee Filing’’). 5 Original RMG Fee Filing, 74 FR at 9015. VerDate Mar<15>2010 16:39 Feb 24, 2011 Jkt 223001 and the charge will be $5,000 per month. Although it is clear from the Original RMG Fee Filing that the key variable in determining an end user’s RMG fee is the capacity in messages per second inbound that the end user’s connection will support (i.e., the number of Connections), the descriptive language that was added to the Price List at that time was inartfully worded and could be misinterpreted as basing the monthly RMG fee on the actual number of inbound messages. Consequently, the Exchange is proposing to modify the descriptive language for the RMG fee in the Price List to clarify that the fee is based on message capacity. There will be no change to the pricing itself or the basis on which it is currently calculated. The Exchange notes that NYSE Arca, Inc. (‘‘NYSE Arca’’), in a rule filing with the Commission on September 4, 2009,6 established a fee for its RMG service that is exactly the same as the Exchange’s RMG fee, including the computation of the fee based on message capacity. In the NYSE Arca RMG Fee Filing, the descriptive language that was added to the NYSE Arca Fee Schedule describes much more clearly and unambiguously the basis on which the RMG fee is calculated and the Exchange proposes to replace the current descriptive language in its Price List with the corresponding language from the NYSE Arca Fee Schedule. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Securities Exchange Act of 1934 (the ‘‘Act’’),7 in general, and Section 6(b)(4) of the Act,8 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Exchange believes that the proposal does not constitute an inequitable allocation of fees, since there will be no change to the current RMG fee which has been in effect since February 2009, or how it is calculated, only to the description of the fee for the purposes of adding clarity regarding the basis and calculation of the fee. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose 6 See Securities Exchange Act Release No. 60664 (September 14, 2009), 74 FR 48110 (September 21, 2009) (File No. SR–NYSEArca–2009–81) (the ‘‘NYSE Arca RMG Fee Filing’’). 7 15 U.S.C. 78f. 8 15 U.S.C. 78f(b)(4). PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 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) 9 of the Act and subparagraph (f)(2) of Rule 19b–4 10 thereunder, because it establishes a due, fee, or other charge imposed by the NYSE. At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2011–04 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–2011–04. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 10 17 E:\FR\FM\25FEN1.SGM 25FEN1 Federal Register / Vol. 76, No. 38 / Friday, February 25, 2011 / Notices 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 website viewing and printing 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– 2011–04 and should be submitted on or before March 18, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–4226 Filed 2–24–11; 8:45 am] BILLING CODE 8011–01–P [Release No. 34–63935; File No. SR– NYSEAMEX–2011–07] Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange Price List srobinson on DSKHWCL6B1PROD with NOTICES February 18, 2011. 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 February 14, 2011, NYSE Amex LLC (‘‘NYSE Amex’’ 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 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 16:39 Feb 24, 2011 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. Purpose The Exchange proposes to amend its Price List for equities by revising the description of the RMG fee to clarify that the charge is determined on the basis of the capacity of the end user’s connection in inbound messages per second, rather than the actual number of inbound messages. On February 12, 2009, the Exchange filed a proposed rule change with the Commission that established the fee for its RMG service to facilitate the ability of Sponsoring Member Organizations to monitor and oversee the sponsored access activity of their Sponsored Participants.4 In the Original RMG Fee Filing, the Exchange established a fee of $3,000 per month for the first ‘‘Connection’’ plus $1,000 per month for each additional ‘‘Connection.’’ A ‘‘Connection’’ was defined as up to 1,000 messages per second inbound, 4 See Securities Exchange Act Release No. 59429 (February 20, 2009), 74 FR 9016 (February 27, 2009) (File No. SR–NYSEALTR–2009–12) (the ‘‘Original RMG Fee Filing’’). 1 15 VerDate Mar<15>2010 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its 2011 Price List for equities (‘‘Price List’’) by revising the description of the Risk Management Gateway (‘‘RMG’’) fee to clarify that the charge is determined on the basis of the capacity of the end user’s connection in inbound messages per second, rather than the actual number of inbound messages. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, http:// www.sec.gov, and http://www.nyse.com. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change SECURITIES AND EXCHANGE COMMISSION 11 17 comments on the proposed rule change from interested persons. Jkt 223001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 10633 regardless of the connection’s actual capacity.5 Consequently, if a particular end user’s connection has the capacity to support 3,000 messages per second inbound, that end user’s connection will be deemed to be three (3) Connections and the charge will be $5,000 per month. Although it is clear from the Original RMG Fee Filing that the key variable in determining an end user’s RMG fee is the capacity in messages per second inbound that the end user’s connection will support (i.e., the number of Connections), the descriptive language that was added to the Price List at that time was inartfully worded and could be misinterpreted as basing the monthly RMG fee on the actual number of inbound messages. Consequently, the Exchange is proposing to modify the descriptive language for the RMG fee in the Price List to clarify that the fee is based on message capacity. There will be no change to the pricing itself or the basis on which it is currently calculated. The Exchange notes that NYSE Arca, Inc. (‘‘NYSE Arca’’), in a rule filing with the Commission on September 4, 2009,6 established a fee for its RMG service that is exactly the same as the Exchange’s RMG fee, including the computation of the fee based on message capacity. In the NYSE Arca RMG Fee Filing, the descriptive language that was added to the NYSE Arca Fee Schedule describes much more clearly and unambiguously the basis on which the RMG fee is calculated, and the Exchange proposes to replace the current descriptive language in its Price List with the corresponding language from the NYSE Arca Fee Schedule. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Securities Exchange Act of 1934 (the ‘‘Act’’),7 in general, and Section 6(b)(4) of the Act,8 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Exchange believes that the proposal does not constitute an inequitable allocation of fees, since there will be no change to the current RMG fee which has been in effect since February 2009, or how it is calculated, only to the description of the fee for the purposes 5 Id. 6 See Securities Exchange Act Release No. 60664 (September 14, 2009), 74 FR 48110 (September 21, 2009) (File No. SR–NYSEArca–2009–81) (the ‘‘NYSE Arca RMG Fee Filing’’). 7 15 U.S.C. 78f. 8 15 U.S.C. 78f(b)(4). E:\FR\FM\25FEN1.SGM 25FEN1

Agencies

[Federal Register Volume 76, Number 38 (Friday, February 25, 2011)]
[Notices]
[Pages 10631-10633]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-4226]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63934; File No. SR-NYSE-2011-04]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the Exchange Price List

February 18, 2011.
    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 February 14, 2011, 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.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend its 2011 Price List (``Price List'') 
for equity

[[Page 10632]]

transactions by revising the description of the Risk Management Gateway 
(``RMG'') fee to clarify that the charge is determined on the basis of 
the capacity of the end user's connection in inbound messages per 
second, rather than the actual number of inbound messages. The text of 
the proposed rule change is available at the Exchange, the Commission's 
Public Reference Room, http://www.sec.gov, and http://www.nyse.com.

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

    In its filing with the Commission, the 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Price List for equity 
transactions by revising the description of the RMG fee to clarify that 
the charge is determined on the basis of the capacity of the end user's 
connection in inbound messages per second, rather than the actual 
number of inbound messages.
    On February 12, 2009, the Exchange filed a proposed rule change 
with the Commission that established the fee for its RMG service to 
facilitate the ability of Sponsoring Member Organizations to monitor 
and oversee the sponsored access activity of their Sponsored 
Participants.\4\ In the Original RMG Fee Filing, the Exchange 
established a fee of $3,000 per month for the first ``Connection'' plus 
$1,000 per month for each additional ``Connection.'' A ``Connection'' 
was defined as up to 1,000 messages per second inbound, regardless of 
the connection's actual capacity.\5\ Consequently, if a particular end 
user's connection has the capacity to support 3,000 messages per second 
inbound, that end user's connection will be deemed to be three (3) 
Connections and the charge will be $5,000 per month.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 59430 (February 20, 
2009), 74 FR 9014 (February 27, 2009) (File No. SR-NYSE-2009-15) 
(the ``Original RMG Fee Filing'').
    \5\ Original RMG Fee Filing, 74 FR at 9015.
---------------------------------------------------------------------------

    Although it is clear from the Original RMG Fee Filing that the key 
variable in determining an end user's RMG fee is the capacity in 
messages per second inbound that the end user's connection will support 
(i.e., the number of Connections), the descriptive language that was 
added to the Price List at that time was inartfully worded and could be 
misinterpreted as basing the monthly RMG fee on the actual number of 
inbound messages. Consequently, the Exchange is proposing to modify the 
descriptive language for the RMG fee in the Price List to clarify that 
the fee is based on message capacity. There will be no change to the 
pricing itself or the basis on which it is currently calculated.
    The Exchange notes that NYSE Arca, Inc. (``NYSE Arca''), in a rule 
filing with the Commission on September 4, 2009,\6\ established a fee 
for its RMG service that is exactly the same as the Exchange's RMG fee, 
including the computation of the fee based on message capacity. In the 
NYSE Arca RMG Fee Filing, the descriptive language that was added to 
the NYSE Arca Fee Schedule describes much more clearly and 
unambiguously the basis on which the RMG fee is calculated and the 
Exchange proposes to replace the current descriptive language in its 
Price List with the corresponding language from the NYSE Arca Fee 
Schedule.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 60664 (September 14, 
2009), 74 FR 48110 (September 21, 2009) (File No. SR-NYSEArca-2009-
81) (the ``NYSE Arca RMG Fee Filing'').
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Securities Exchange Act of 1934 
(the ``Act''),\7\ in general, and Section 6(b)(4) of the Act,\8\ in 
particular, in that it is designed to provide for the equitable 
allocation of reasonable dues, fees, and other charges among its 
members and other persons using its facilities. The Exchange believes 
that the proposal does not constitute an inequitable allocation of 
fees, since there will be no change to the current RMG fee which has 
been in effect since February 2009, or how it is calculated, only to 
the description of the fee for the purposes of adding clarity regarding 
the basis and calculation of the fee.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge 
imposed by the NYSE.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2011-04 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-2011-04. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the

[[Page 10633]]

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 website viewing and printing 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-2011-04 and should be submitted on 
or before March 18, 2011.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-4226 Filed 2-24-11; 8:45 am]
BILLING CODE 8011-01-P