Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Alter Listing Fees Applicable to Debt Securities and Structured Products, 21932-21934 [2011-9432]

Download as PDF mstockstill on DSKH9S0YB1PROD with NOTICES 21932 Federal Register / Vol. 76, No. 75 / Tuesday, April 19, 2011 / Notices disclosure requirements for registration statements filed by foreign private issuers under the Securities Act. Based on the number of nonaccelerated filers that filed an annual report in 2009, we estimate that approximately 4,400 annual reports on Form 10–K and approximately 285 annual reports on Form 20–F are filed annually by non-accelerated filers. The current burden estimates for Form 10– K and Form 20–F attribute 0.5 burden hours per issuer for filing the auditor attestation report, including the burden attributed to the related disclosure in the annual report, and do not include any burden attributed to the audit work.6 Consistent with the burden estimates for these forms, that estimate is then split 75% and 25% between internal staff and external professionals for Form 10–K, and 25% and 75% between internal staff and external professionals for Form 20–F. Both estimates assume an hourly rate of $400 for external professionals. Accordingly, we are reducing the aggregate burden estimate by 1,650 hours of internal staff time and $220,000 for external professional services for Form 10–K, and 36 hours of internal staff time and $42,750 for external professional services for Form 20–F. The information collections requirements related to Forms 10–K and 20–F are mandatory. There is no mandatory retention period for the information disclosed, and the information disclosed is made publicly available on the EDGAR filing system. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. The public may view the background documentation for this information collection at the following Web site, http: www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must 6 For further information on the determination of our estimates, see Release No. 33–8238 (June 5, 2003) [68 FR 36636]. VerDate Mar<15>2010 16:19 Apr 18, 2011 Jkt 223001 be submitted to OMB within 30 days of this notice. Please direct your written comments to Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an e-mail to: PRAMailbox@sec.gov. April 11, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–9414 Filed 4–18–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64226A; File No. SR– FINRA–2011–005] (‘‘Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change to amend Rule 13806 of the Code of Arbitration Procedure for Industry Disputes (‘‘Industry Code’’) to provide that FINRA will appoint a chair-qualified public arbitrator to a panel resolving a promissory note dispute instead of a chair-qualified public arbitrator also qualified to resolve a statutory discrimination claim. The proposed rule change was published for comment in the Federal Register on February 22, 2011.3 The Commission did not receive any comments on the proposal. This order approves the proposed change. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.4 Cathy H. Ahn, Deputy Secretary. Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Granting Approval of a Proposed Rule Change Relating to Promissory Note Proceedings; Correction [FR Doc. 2011–9413 Filed 4–18–11; 8:45 am] April 13, 2011. [Release No. 34–64299; File No. SR–NYSE– 2011–14] Need for Correction In FR Document No. 2011–8897 beginning on page 20741 as published on Wednesday, April 13, 2011, the Commission issued Release No. 34– 64226, an order approving the proposed rule change by the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) to amend Rule 13806 of the Code of Arbitration Procedure for Industry Disputes (‘‘Industry Code’’). Commission staff discovered that a statement in the introduction section of that order mischaracterized the nature of the rule change which was described accurately in the remainder of the order. The staff believes this mischaracterization was the result of an editing error. This correction does not substantively amend the Commission’s approval order. The sole purpose of this correction is to rectify the error in the introduction section and alleviate any potential confusion. The introduction section of this approval order is being republished with the correction. Correction of Publication Accordingly, the Introduction of the approval order is republished to correct a statement therein, as follows: I. Introduction On February 4, 2011, the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Alter Listing Fees Applicable to Debt Securities and Structured Products April 14, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that, on April 11, 2011, the 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 and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Section 902.08 of the Listed Company Manual (the ‘‘Manual’’) to alter its listing fees applicable to debt securities and 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities and Exchange Act Release No. 63909 (February 15, 2011), 76 FR 9838 (February 22, 2011) (‘‘Notice’’). 4 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 2 17 E:\FR\FM\19APN1.SGM 19APN1 Federal Register / Vol. 76, No. 75 / Tuesday, April 19, 2011 / Notices structured products. The text of the proposed rule change is available at the Exchange’s principle office, the Commission’s Public Reference Room, and http://www.nyse.com, and on the Commission’s Web site at http:// www.sec.gov. 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 Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change mstockstill on DSKH9S0YB1PROD with NOTICES 1. Purpose The Exchange proposes to amend Section 902.08 of the Manual to alter its listing fees applicable to debt securities and structured products. This filing does not amend the listing fees applicable to equity securities of operating companies. The Exchange currently applies the fee schedule set forth in Section 902.08 to all securities (including short-term securities) that list under the debt standard in Section 703.19 3 and trade on NYSE Bonds (‘‘Affected Products’’). Under the current Rule, listed companies and their affiliates pay a flat $15,000 for Affected Products and such Affected Products are not assessed annual fees. Effective July 1, 2011 and thereafter, the Exchange proposes to amend Section 902.08 to (i) reduce the initial listing fee for Affected Products from $15,000 to $5,000 and (ii) impose an annual fee of $5,000 for Affected Products.4 Issuers who have paid the initial listing fee of $15,000 prior to July 1, 2011 shall receive a waiver of the annual fees imposed under the amended Rule until January 1, 2014 in order to provide a more equitable allocation of 3 The general categories of securities that are currently listed under Section 703.19 are: (1) Capital securities; (2) retail debt securities; (3) mandatory convertible securities; and (4) repackaged securities. 4 For Affected Products listed on or after July 1, 2011, such issuers will pay a pro-rated annual fee for 2011. VerDate Mar<15>2010 16:19 Apr 18, 2011 Jkt 223001 fees among such issuers before and after the fee change.5 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6(b) of the Securities Exchange Act of 1934 (the ‘‘Act’’),6 in general, and Section 6(b)(4) of the Act,7 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. Although the initial listing fee would decline, the Exchange anticipates that the proposed addition of annual fees would increase the overall fees it would collect from issuers of Affected Products over time. The Exchange believes that moving from a one-time listing fee to a lower initial listing fee coupled with ongoing annual fees will help to better align the Exchange’s revenues and costs over the span of the listing. The proposed increases in total fees associated with Affected Products would support the increased costs incurred by the Exchange for the rulemaking process, ongoing listing administration processes, issuer services, and consultative services provided to these issuers. In addition, higher fees for Affected Products reflect the greater resources the Exchange would expend to provide additional services in connection with the listing and administration of these securities and would align the cost of Affected Products with those fees charged for other debt securities eligible to trade on the NYSE bond platform, which also have an initial listing fee of $5,000 and annual fee of $5,000. Moreover, the waiver of annual fees for issuers that previously paid the higher $15,000 initial listing fee would more equitably allocate overall fees among issuers of such securities and provide a fair transition to the new fee structure. 5 The Exchange believes that the proposed fee structure and three year waiver provides a fair allocation of fees and an appropriate transition period for issuers. For example, an issuer that paid the initial listing fee of $15,000 on January 1, 2011 will not be assessed an annual fee of $5,000 until January 1, 2014. Thus, as of that date, such issuer will have paid in total $20,000 for listing the Affected Product on the Exchange (the initial listing fee of $15,000 plus the $5,000 annual fee paid on January 1, 2014). An issuer that lists an Affected Product on January 1, 2012 will pay $10,000 in 2012 (a $5,000 initial listing fee and a $5,000 annual fee), a $5,000 annual fee on January 1, 2013, and a $5,000 annual fee on January 1, 2014. Thus, as of January 1, 2014, such issuer also will have paid in total $20,000 for listing the Affected Product on the Exchange. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(4). PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 21933 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 has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and paragraph (f)(2) of Rule 19b–4 thereunder,9 because it establishes a due, fee, or other charge imposed by the NYSE. At any time within 60 days of the filing of the 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–2011–14 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–2011–14. 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 8 15 9 17 E:\FR\FM\19APN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 19APN1 21934 Federal Register / Vol. 76, No. 75 / Tuesday, April 19, 2011 / Notices post all comments on the Commission’s Internet Web site (http://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 Web site 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 the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE– 2011–14 and should be submitted on or before May 10, 2011 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Cathy H. Ahn, Deputy Secretary. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64296; File No. SR– ISE2011–20] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fees and Rebates for Adding and Removing Liquidity mstockstill on DSKH9S0YB1PROD with NOTICES April 13, 2011. 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 April 8, 2011, the International Securities Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and Exchange Commission the proposed rule change, as described in Items I, II, and III below, which items have been prepared by the self-regulatory 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. The ISE is proposing to amend its transaction fees and rebates for adding and removing liquidity. The text of the proposed rule change is available on the Exchange’s Web site (http:// www.ise.com’’), at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. The Exchange believes that its proposal to amend its Schedule of Fees is consistent with Section 6(b) of the Act 4 in general, and furthers the objectives of Section 6(b)(4) of the Act 5 in particular, in that it is an equitable allocation of reasonable dues, fees and other charges among Exchange members and other persons using its facilities. The Exchange believes that updating its Schedule of Fees to amend the ‘‘QQQQ’’ symbol to ‘‘QQQ’’ will provide its members clarity as to which symbols are subject to the Exchange’s maker/taker fees. The Exchange further believes that this proposed rule change is both equitable and reasonable because the amendments would uniformly apply to all categories of market participants. The Exchange further believes that the proposed removal of MOT from the list of Select Symbols is both equitable and reasonable because the amendment would uniformly apply to all categories of participants. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. The Exchange currently assesses a per contract transaction charge to market participants that add or remove liquidity from the Exchange (‘‘maker/ taker fees’’) in 100 options classes (the ‘‘Select Symbols’’).3 The purpose of this proposed rule change is to amend the list of Select Symbols on the Exchange’s Schedule of Fees, titled ‘‘Rebates and Fees for Adding and Removing Liquidity in Select Symbols.’’ Specifically, the Exchange proposes to change the symbol from ‘‘QQQQ’’ to ‘‘QQQ’’ to reflect the recent change in that exchange-traded fund’s ticker symbol. ‘‘QQQQ’’ would continue to be subject to the Fees and Rebates for Adding and Removing Liquidity on the Exchange’s Schedule of Fees. Additionally, the Exchange proposes to remove Motorala, Inc. (‘‘MOT’’) from the list of Select Symbols on the Exchange’s Schedule of Fees due to a recent corporate action. As a result, MOT is no longer a valid symbol. 3 Options classes subject to maker/taker fees are identified by their ticker symbol on the Exchange’s Schedule of Fees. 1 15 16:19 Apr 18, 2011 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change 2. Statutory Basis 1. Purpose [FR Doc. 2011–9432 Filed 4–18–11; 8:45 am] VerDate Mar<15>2010 organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. Jkt 223001 PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.6 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 4 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). 6 15 U.S.C. 78s(b)(3)(A)(ii). 5 15 E:\FR\FM\19APN1.SGM 19APN1

Agencies

[Federal Register Volume 76, Number 75 (Tuesday, April 19, 2011)]
[Notices]
[Pages 21932-21934]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-9432]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64299; File No. SR-NYSE-2011-14]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Alter Listing Fees Applicable to Debt Securities and Structured 
Products

April 14, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that, on April 11, 2011, the 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 
and II below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend Section 902.08 of the Listed Company 
Manual (the ``Manual'') to alter its listing fees applicable to debt 
securities and

[[Page 21933]]

structured products. The text of the proposed rule change is available 
at the Exchange's principle office, the Commission's Public Reference 
Room, and http://www.nyse.com, and on the Commission's Web site at 
http://www.sec.gov.

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 Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of those statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant parts of such 
statements.

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

1. Purpose
    The Exchange proposes to amend Section 902.08 of the Manual to 
alter its listing fees applicable to debt securities and structured 
products. This filing does not amend the listing fees applicable to 
equity securities of operating companies.
    The Exchange currently applies the fee schedule set forth in 
Section 902.08 to all securities (including short-term securities) that 
list under the debt standard in Section 703.19 \3\ and trade on NYSE 
Bonds (``Affected Products''). Under the current Rule, listed companies 
and their affiliates pay a flat $15,000 for Affected Products and such 
Affected Products are not assessed annual fees. Effective July 1, 2011 
and thereafter, the Exchange proposes to amend Section 902.08 to (i) 
reduce the initial listing fee for Affected Products from $15,000 to 
$5,000 and (ii) impose an annual fee of $5,000 for Affected 
Products.\4\ Issuers who have paid the initial listing fee of $15,000 
prior to July 1, 2011 shall receive a waiver of the annual fees imposed 
under the amended Rule until January 1, 2014 in order to provide a more 
equitable allocation of fees among such issuers before and after the 
fee change.\5\
---------------------------------------------------------------------------

    \3\ The general categories of securities that are currently 
listed under Section 703.19 are: (1) Capital securities; (2) retail 
debt securities; (3) mandatory convertible securities; and (4) 
repackaged securities.
    \4\ For Affected Products listed on or after July 1, 2011, such 
issuers will pay a pro-rated annual fee for 2011.
    \5\ The Exchange believes that the proposed fee structure and 
three year waiver provides a fair allocation of fees and an 
appropriate transition period for issuers. For example, an issuer 
that paid the initial listing fee of $15,000 on January 1, 2011 will 
not be assessed an annual fee of $5,000 until January 1, 2014. Thus, 
as of that date, such issuer will have paid in total $20,000 for 
listing the Affected Product on the Exchange (the initial listing 
fee of $15,000 plus the $5,000 annual fee paid on January 1, 2014). 
An issuer that lists an Affected Product on January 1, 2012 will pay 
$10,000 in 2012 (a $5,000 initial listing fee and a $5,000 annual 
fee), a $5,000 annual fee on January 1, 2013, and a $5,000 annual 
fee on January 1, 2014. Thus, as of January 1, 2014, such issuer 
also will have paid in total $20,000 for listing the Affected 
Product on the Exchange.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6(b) of the Securities Exchange Act of 
1934 (the ``Act''),\6\ in general, and Section 6(b)(4) of the Act,\7\ 
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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    Although the initial listing fee would decline, the Exchange 
anticipates that the proposed addition of annual fees would increase 
the overall fees it would collect from issuers of Affected Products 
over time. The Exchange believes that moving from a one-time listing 
fee to a lower initial listing fee coupled with ongoing annual fees 
will help to better align the Exchange's revenues and costs over the 
span of the listing. The proposed increases in total fees associated 
with Affected Products would support the increased costs incurred by 
the Exchange for the rulemaking process, ongoing listing administration 
processes, issuer services, and consultative services provided to these 
issuers. In addition, higher fees for Affected Products reflect the 
greater resources the Exchange would expend to provide additional 
services in connection with the listing and administration of these 
securities and would align the cost of Affected Products with those 
fees charged for other debt securities eligible to trade on the NYSE 
bond platform, which also have an initial listing fee of $5,000 and 
annual fee of $5,000. Moreover, the waiver of annual fees for issuers 
that previously paid the higher $15,000 initial listing fee would more 
equitably allocate overall fees among issuers of such securities and 
provide a fair transition to the new fee structure.

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 has become effective pursuant to Section 
19(b)(3)(A) of the Act \8\ and paragraph (f)(2) of Rule 19b-4 
thereunder,\9\ because it establishes a due, fee, or other charge 
imposed by the NYSE.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the 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-2011-14 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-2011-14. 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

[[Page 21934]]

post all comments on the Commission's Internet Web site (http://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 Web site 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 the 
filing also will be available for inspection and copying at the 
principal office of the Exchange. All comments received will be posted 
without change; the Commission does not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly. All submissions should refer to 
File Number SR-NYSE-2011-14 and should be submitted on or before May 
10, 2011

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

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

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-9432 Filed 4-18-11; 8:45 am]
BILLING CODE 8011-01-P