Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending its Schedule of Fees and Charges for Exchange Services to Revise Certain Aspects of the Listing Fees Applicable to Structured Products, 71020-71022 [2012-28796]
Download as PDF
<![CDATA[
71020
Federal Register / Vol. 77, No. 229 / Wednesday, November 28, 2012 / Notices
rm/doc-collections/isg/japan-lessonslearned.html and refer to JLD–ISG–
2012–04.
FOR FURTHER INFORMATION CONTACT: Mrs.
Lisa M. Regner, Japan Lessons-Learned
Project Directorate, Office of Nuclear
Reactor Regulation, U.S. Nuclear
Regulatory Commission, Washington,
DC 20555–0001; telephone: 301–415–
1906; email: Lisa.Regner@nrc.gov.
SUPPLEMENTARY INFORMATION:
erowe on DSK2VPTVN1PROD with
Background Information
JLD–ISG–2012–04 is being issued to
describe to the public the guidance that
is acceptable to the NRC staff for
responding to the request to reevaluate
seismic hazards at operating reactor
sites, as discussed in Enclosure 1,
‘‘Recommendation 2.1: Seismic,’’ of the
NRC staff’s request for information
(RFI), ‘‘Request for Information Pursuant
to Title 10 of the Code of Federal
Regulations 50.54(f) Regarding
Recommendations 2.1, 2.3, and 9.3, of
the Near-Term Task Force Review of
Insights from the Fukushima Dai-ichi
Accident,’’ dated March 12, 2012
(ADAMS Accession No. ML12053A340).
The NRC issued the RFI following the
NRC staff’s evaluation of the earthquake
and tsunami, and resulting nuclear
accident, at the Fukushima Dai-ichi
nuclear power plant in March 2011.
Enclosure 1 to the RFI states that if a
seismic margins analysis (SMA) is
performed at a plant, then the SMA
approach that the licensee uses should
be in accordance with the NRCapproved approach in NUREG/CR–
4334, ‘‘An Approach to the
Quantification of Seismic Margins in
Nuclear Power Plants,’’ issued in
August 1985 (ADAMS Accession No.
ML090500182), as enhanced for fullscope plants by NUREG–1407,
‘‘Procedural and Submittal Guidance for
the Individual Plant Examination of
External Events (IPEEE) for Severe
Accident Vulnerabilities.’’ This ISG
describes the enhancements to the NRC
SMA method that are needed to meet
the objectives of the RFI letter. In
addition, the ISG presents staff positions
on the major elements of the NRC SMA.
Finally, the ISG provides updated
references to allow use of the more
recent advances in methods and
guidance.
Numerous public meetings were held
to receive stakeholder input on the
proposed SMA guidance document
prior to its issuance formally for public
comment. On September 10, 2012 (77
FR 55510), the NRC requested public
comments on draft JLD–ISG–2012–04.
The staff received seventeen (17)
comments from two (2) stakeholders.
VerDate Mar<15>2010
13:52 Nov 27, 2012
Jkt 229001
The comments were considered,
evaluated, and resulted in modifications
to the final JLD–ISG–2012–04. The
comments and staff responses are
contained in ‘‘NRC Responses to Public
Comments,’’ for JLD–ISG–2012–04,
which can be found in ADAMS at
Accession No. ML12290A002.
Backfitting and Issue Finality
This ISG does not constitute
backfitting as defined in 10 CFR 50.109
(the Backfit Rule) and is not otherwise
inconsistent with the issue finality
provisions in Part 52, ‘‘Licenses,
Certifications, and Approvals for
Nuclear Power Plants,’’ of 10 CFR. This
ISG provides guidance on an acceptable
method for implementing the March 12,
2012, RFI. Applicants and licensees may
voluntarily use the guidance in JLD–
ISG–2012–04 to comply with the RFI.
Methods, analyses, or solutions that
differ from those described in this ISG
may be deemed acceptable if they
provide sufficient basis and information
for the NRC staff to verify that the
proposed alternative is acceptable.
Congressional Review Act
This interim staff guidance is a rule as
designated in the Congressional Review
Act (5 U.S.C. 801–808). OMB has found
that this is not a major rule in
accordance with the Congressional
Review Act.
Dated at Rockville, Maryland, this 16th day
of November 2012.
For the Nuclear Regulatory Commission.
Robert M. Taylor,
Deputy Director, Japan Lessons-Learned
Project Directorate, Office of Nuclear Reactor
Regulation.
[FR Doc. 2012–28755 Filed 11–27–12; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68280; File No. SR–
NYSEArca–2012–127]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending its Schedule of
Fees and Charges for Exchange
Services to Revise Certain Aspects of
the Listing Fees Applicable to
Structured Products
November 21, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00030
Fmt 4703
Sfmt 4703
notice is hereby given that, on
November 13, 2012, NYSE Arca, Inc.
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III 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 its
Schedule of Fees and Charges for
Exchange Services (‘‘Fee Schedule’’) to
revise certain aspects of the Listing Fees
applicable to Structured Products listed
on NYSE Arca, LLC (‘‘NYSE Arca
Marketplace’’), the equities facility of
NYSE Arca Equities. The text of the
proposed rule change is available on the
Exchange’s Web site at www.nyse.com,
at the principal office of the Exchange,
on the Commission’s Web site, and at
the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
Fee Schedule to revise certain aspects of
the Listing Fees applicable to Structured
Products listed on the NYSE Arca
Marketplace pursuant to NYSE Arca
Equities Rule 5.2(j)(1) (Other Securities);
NYSE Arca Equities Rule 5.2(j)(2)
(Equity Linked Notes); NYSE Arca
Equities Rule 5.2(j)(4) (Index-Linked
Exchangeable Notes); NYSE Arca
Equities Rule 5.2(j)(6) (Equity IndexLinked Securities, Commodity-Linked
Securities, Currency-Linked Securities,
Fixed Income Index-Linked Securities,
Futures-Linked Securities, and
E:\FR\FM\28NON1.SGM
28NON1
Federal Register / Vol. 77, No. 229 / Wednesday, November 28, 2012 / Notices
Multifactor Indexed-Linked Securities);
NYSE Arca Equities Rule 5.2(j)(7) (Trust
Certificates); NYSE Arca Equities Rule
8.3 (Currency and Index Warrants); and
NYSE Arca Equities Rule 8.400 (Paired
Trust Shares). Specifically, the
Exchange proposes to remove a
provision in the Fee Schedule that
provides for the assessment of a fee for
subsequent listing of additional shares
of Structured Products that are already
listed on the Exchange.
Under the current Fee Schedule, a
Listing Fee is assessed when an issuer
initially lists a Structured Product.
Additionally, fees are assessed if an
issuer subsequently lists additional
shares of the same Structured Product.
The Listing Fees for Structured Products
are as follows:
Shares outstanding
erowe on DSK2VPTVN1PROD with
Up to 1 million ..........................
1+ to 2 million ...........................
2+ to 3 million ...........................
3+ to 4 million ...........................
4+ to 5 million ...........................
5+ to 6 million ...........................
6+ to 7 million ...........................
7+ to 8 million ...........................
8+ to 9 million ...........................
9+ to 10 million .........................
10+ to 15 million .......................
in excess of 15 million ..............
Fee
$5,000
10,000
15,000
20,000
25,000
30,000
30,000
30,000
30,000
32,500
37,500
45,000
Effective January 1, 2013, the
Exchange proposes to eliminate the
current fee for subsequent listings of
additional shares of Structured Products
that are already listed on the Exchange
and, accordingly, were assessed a fee
upon initial listing. As a result, the
Structured Product Listing Fees would
apply when an issuer initially lists a
series of a Structured Product and,
therefore, would not apply to
subsequent listings of additional shares
of such listed products. In this regard,
and as is currently the case, the
Exchange treats each series of a
Structured Product as a separate issue
for which fees are charged, as provided
above.
The Exchange notes that the proposed
changes are not otherwise intended to
address any other issues surrounding
Structured Products or Listing Fees
associated therewith and that the
Exchange is not aware of any problems
that issuers would have in complying
with the proposed change.
The Exchange proposes to implement
the fee changes on January 1, 2013. In
this regard, the changes proposed in the
Exhibit 5 attached hereto 3 describe the
manner in which the fees shall continue
3 The Commission notes that Exhibit 5 is attached
to the filing, not to this Notice.
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13:52 Nov 27, 2012
Jkt 229001
to apply through December 31, 2012 as
well as the manner in which fees shall
apply effective January 1, 2013.
2. Statutory Basis
The Exchange believes that the
proposed rule change 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, because it
provides for the equitable allocation of
reasonable dues, fees, and other charges
among its members, issuers, and other
persons using its facilities and does not
unfairly discriminate between
customers, issuers, brokers, or dealers.
Specifically, the Exchange believes
that the proposed change is reasonable
because it would eliminate the current
fee for subsequent listings of additional
shares of Structured Products that are
already listed on the Exchange and,
accordingly, are assessed a fee upon
initial listing. Accordingly, eliminating
the fee is reasonable because it would
result in subsequent listings of
additional shares of a product that is
already listed on the Exchange being
more affordable for all issuers of
Structured Products. In this regard, the
Exchange also believes that the
proposed change is reasonable because
eliminating such fees is consistent with
the Exchange’s Listing Fees for
derivative securities products, such as
exchange-traded funds (‘‘ETFs’’), which
are not charged an additional fee for
subsequent listings of additional shares
of the same product.
The Exchange believes that the
proposed change is equitable and not
unfairly discriminatory because it
would apply equally to all issuers of
Structured Products listed on the
Exchange. The Exchange also believes
that the proposed change is equitable
and not unfairly discriminatory because
it would align the fee structure
applicable to Structured Products with
that of derivative securities products,
like ETFs, that are listed on the
Exchange. In this regard, the Exchange
believes that derivative securities
products and Structured Products share
certain characteristics, such that, in the
Exchange’s opinion, they should also be
treated the same with respect to the
method of billing for listing subsequent
shares of the same product that is
already listed on the Exchange.
Finally, the Exchange notes that it
operates in a highly competitive market
in which market participants can
readily favor competing venues. In such
an environment, the Exchange must
continually review, and consider
4 15
5 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
Frm 00031
Fmt 4703
adjusting, its fees and credits to remain
competitive with other exchanges. For
the reasons described above, the
Exchange believes that the proposed
rule change reflects this competitive
environment.
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) of the Act 6 and
subparagraph (f)(2) of Rule 19b-4 7
thereunder, because it establishes a due,
fee, or other charge imposed by NYSE
Arca.
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 email to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2012–127 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.
6 15
7 17
Sfmt 4703
71021
E:\FR\FM\28NON1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
28NON1
71022
Federal Register / Vol. 77, No. 229 / Wednesday, November 28, 2012 / Notices
All submissions should refer to File
Number SR–NYSEArca–2012–127. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Section, 100 F Street NE.,
Washington, DC 20549–1090 on official
business days between 10:00 a.m. and
3:00 p.m. Copies of the filing will also
be available for inspection and copying
at the New York Stock Exchange’s
principal office and on its Internet Web
site at www.nyse.com. 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–
NYSEArca–2012–127 and should be
submitted on or before December 19,
2012.
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
15, 2012, National Stock Exchange, Inc.
(‘‘NSX®’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘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 comment on the proposed rule
change from interested persons.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2012–28796 Filed 11–27–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68281; File No. SR–NSX–
2012–23]
erowe on DSK2VPTVN1PROD with
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Clarify
the Operation of the Exchange’s
Depth-of-Book Feed
November 21, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
8 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
13:52 Nov 27, 2012
Jkt 229001
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange is proposing to clarify
the manner in which it distributes the
NSX depth-of-book feed (‘‘DOB feed’’) to
authorized recipients. The text of the
proposed rule change is available on the
Exchange’s Web site at https://
www.nsx.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
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 these
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
On December 15, 2011, the Exchange
filed a proposed rule change with the
Commission outlining the manner in
which the Exchange distributes the NSX
DOB feed to authorized recipients.3 The
Exchange is proposing to clarify a
statement contained in SR–NSX–2011–
15, which stated that ‘‘[t]he DOB feed
does not disclose the source of any
order or identify any transaction party.’’
This statement failed to disclose that an
ETP Holder can request that their
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 66007
(December 20, 2011) 76 FR 81000 (December 27,
2011) (SR–NSX–2011–15). Since March 2012, the
Exchange has charged authorized recipients for the
NSX DOB Feed. See Securities Exchange Act
Release No. 66511 (March 5, 2012) 77 FR 14450
(March 9, 2012) (SR–NSX–2012–04).
2 17
PO 00000
Frm 00032
Fmt 4703
Sfmt 4703
quotations be attributed to them in the
NSX DOB feed (‘‘quote attribution’’).
The Exchange now submits this
proposed rule change to clarify that an
ETP Holder may affirmatively request
quote attribution. Absent such a request,
the ETP Holder’s quotations are not
attributed.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6(b) of the
Securities and Exchange Act of 1934
(the ‘‘Act’’),4 in general, and Section
6(b)(5) of the Act,5 in particular, in that
it is designed to promote just and
equitable principles of trade, remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system, and, in
general, protect investors and the public
interest. Informing an ETP Holder that
it may affirmatively request quote
attribution enhances market
transparency and promotes competition.
The Exchange also believes that the
proposed change is consistent with
Section 6(b)(5) of the Act,6 which also
requires, among other things, that the
Exchange’s rules are not designed to
unfairly discriminate between
customers, issuers, brokers or dealers
because all qualified ETP Holders, and
other qualified recipients, are eligible to
receive the DOB Feed and all ETP
Holders can request quote attribution.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
6 15 U.S.C. 78f(b)(5).
5 15
E:\FR\FM\28NON1.SGM
28NON1
]]>Agencies
[Federal Register Volume 77, Number 229 (Wednesday, November 28, 2012)]
[Notices]
[Pages 71020-71022]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-28796]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68280; File No. SR-NYSEArca-2012-127]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending its
Schedule of Fees and Charges for Exchange Services to Revise Certain
Aspects of the Listing Fees Applicable to Structured Products
November 21, 2012.
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 November 13, 2012, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III 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 its Schedule of Fees and Charges for
Exchange Services (``Fee Schedule'') to revise certain aspects of the
Listing Fees applicable to Structured Products listed on NYSE Arca, LLC
(``NYSE Arca Marketplace''), the equities facility of NYSE Arca
Equities. The text of the proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, on the Commission's Web site, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fee Schedule to revise certain
aspects of the Listing Fees applicable to Structured Products listed on
the NYSE Arca Marketplace pursuant to NYSE Arca Equities Rule 5.2(j)(1)
(Other Securities); NYSE Arca Equities Rule 5.2(j)(2) (Equity Linked
Notes); NYSE Arca Equities Rule 5.2(j)(4) (Index-Linked Exchangeable
Notes); NYSE Arca Equities Rule 5.2(j)(6) (Equity Index-Linked
Securities, Commodity-Linked Securities, Currency-Linked Securities,
Fixed Income Index-Linked Securities, Futures-Linked Securities, and
[[Page 71021]]
Multifactor Indexed-Linked Securities); NYSE Arca Equities Rule
5.2(j)(7) (Trust Certificates); NYSE Arca Equities Rule 8.3 (Currency
and Index Warrants); and NYSE Arca Equities Rule 8.400 (Paired Trust
Shares). Specifically, the Exchange proposes to remove a provision in
the Fee Schedule that provides for the assessment of a fee for
subsequent listing of additional shares of Structured Products that are
already listed on the Exchange.
Under the current Fee Schedule, a Listing Fee is assessed when an
issuer initially lists a Structured Product. Additionally, fees are
assessed if an issuer subsequently lists additional shares of the same
Structured Product. The Listing Fees for Structured Products are as
follows:
------------------------------------------------------------------------
Shares outstanding Fee
------------------------------------------------------------------------
Up to 1 million............................................ $5,000
1+ to 2 million............................................ 10,000
2+ to 3 million............................................ 15,000
3+ to 4 million............................................ 20,000
4+ to 5 million............................................ 25,000
5+ to 6 million............................................ 30,000
6+ to 7 million............................................ 30,000
7+ to 8 million............................................ 30,000
8+ to 9 million............................................ 30,000
9+ to 10 million........................................... 32,500
10+ to 15 million.......................................... 37,500
in excess of 15 million.................................... 45,000
------------------------------------------------------------------------
Effective January 1, 2013, the Exchange proposes to eliminate the
current fee for subsequent listings of additional shares of Structured
Products that are already listed on the Exchange and, accordingly, were
assessed a fee upon initial listing. As a result, the Structured
Product Listing Fees would apply when an issuer initially lists a
series of a Structured Product and, therefore, would not apply to
subsequent listings of additional shares of such listed products. In
this regard, and as is currently the case, the Exchange treats each
series of a Structured Product as a separate issue for which fees are
charged, as provided above.
The Exchange notes that the proposed changes are not otherwise
intended to address any other issues surrounding Structured Products or
Listing Fees associated therewith and that the Exchange is not aware of
any problems that issuers would have in complying with the proposed
change.
The Exchange proposes to implement the fee changes on January 1,
2013. In this regard, the changes proposed in the Exhibit 5 attached
hereto \3\ describe the manner in which the fees shall continue to
apply through December 31, 2012 as well as the manner in which fees
shall apply effective January 1, 2013.
---------------------------------------------------------------------------
\3\ The Commission notes that Exhibit 5 is attached to the
filing, not to this Notice.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change 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, because it
provides for the equitable allocation of reasonable dues, fees, and
other charges among its members, issuers, and other persons using its
facilities and does not unfairly discriminate between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
Specifically, the Exchange believes that the proposed change is
reasonable because it would eliminate the current fee for subsequent
listings of additional shares of Structured Products that are already
listed on the Exchange and, accordingly, are assessed a fee upon
initial listing. Accordingly, eliminating the fee is reasonable because
it would result in subsequent listings of additional shares of a
product that is already listed on the Exchange being more affordable
for all issuers of Structured Products. In this regard, the Exchange
also believes that the proposed change is reasonable because
eliminating such fees is consistent with the Exchange's Listing Fees
for derivative securities products, such as exchange-traded funds
(``ETFs''), which are not charged an additional fee for subsequent
listings of additional shares of the same product.
The Exchange believes that the proposed change is equitable and not
unfairly discriminatory because it would apply equally to all issuers
of Structured Products listed on the Exchange. The Exchange also
believes that the proposed change is equitable and not unfairly
discriminatory because it would align the fee structure applicable to
Structured Products with that of derivative securities products, like
ETFs, that are listed on the Exchange. In this regard, the Exchange
believes that derivative securities products and Structured Products
share certain characteristics, such that, in the Exchange's opinion,
they should also be treated the same with respect to the method of
billing for listing subsequent shares of the same product that is
already listed on the Exchange.
Finally, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues. In such an environment, the Exchange must continually
review, and consider adjusting, its fees and credits to remain
competitive with other exchanges. For the reasons described above, the
Exchange believes that the proposed rule change reflects this
competitive environment.
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) of the Act \6\ and subparagraph (f)(2) of Rule 19b-
4 \7\ thereunder, because it establishes a due, fee, or other charge
imposed by NYSE Arca.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 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 email to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2012-127 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.
[[Page 71022]]
All submissions should refer to File Number SR-NYSEArca-2012-127. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Section, 100 F Street
NE., Washington, DC 20549-1090 on official business days between 10:00
a.m. and 3:00 p.m. Copies of the filing will also be available for
inspection and copying at the New York Stock Exchange's principal
office and on its Internet Web site at www.nyse.com. 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-NYSEArca-2012-127 and should
be submitted on or before December 19, 2012.
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\8\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-28796 Filed 11-27-12; 8:45 am]
BILLING CODE 8011-01-P
