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]
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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,
https://www.sec.gov, and https://
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 (https://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 (https://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, https://
www.sec.gov, and https://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]
=======================================================================
-----------------------------------------------------------------------
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, https://www.sec.gov, and https://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.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(2).
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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 (https://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 (https://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.
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\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
