Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Sections 902.03, 902.04, 902.05 and 902.06 of the Listed Company Manual To Increase Certain of the Fees Set Forth Therein, 62145-62146 [2015-26153]
Download as PDF
<![CDATA[
Federal Register / Vol. 80, No. 199 / Thursday, October 15, 2015 / Notices
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 Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing will also be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File No. SR–BATS–
2015–80 and should be submitted on or
before November 5, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Robert W. Errett,
Deputy Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76110 ; File No. SR–NYSE–
2015–44]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Amending
Sections 902.03, 902.04, 902.05 and
902.06 of the Listed Company Manual
To Increase Certain of the Fees Set
Forth Therein
mstockstill on DSK4VPTVN1PROD with NOTICES
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
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:19 Oct 14, 2015
Jkt 238001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes toamend[sic]
sections 902.03, 902.04, 902.05 and
902.06 of the Listed Company Manual
(the ‘‘Manual’’) to increase certain of the
fees set forth therein. The Exchange
proposes to immediately reflect the
proposed changes in the Manual, but
not to implement the proposed fee
changes until January 1, 2016. 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, 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.
Section 902.03 of the Manual
currently provides, in part, for annual
fees for listed equity securities.
Currently, the annual fee for an issuer’s
primary class of common shares or, if no
class of common shares is listed on the
Exchange, the preferred stock of such
issuer is the greater of $45,000 or $0.001
per share. The Exchange proposes to
increase these thresholds to $52,500 and
$0.001025, respectively. Currently, the
annual fee for each additional class of
common shares, each additional class of
preferred stock and each class of
warrants is calculated as the greater of
a specified minimum fee or $0.001 per
share. The Exchange proposes to leave
the minimum fee for those three
categories unchanged, but to increase
the fee per share for each category to
$0.001025 per share.
Sections 902.04, 902.05 and 902.06 of
the Manual set forth, in part, the annual
fees for closed-end funds, structured
products and short-term securities,
respectively. In each case, the current
annual fee for these securities is
calculated as the greater of a specified
minimum fee or $0.001 per share. The
Exchange proposes to leave the
minimum fee for those three categories
of securities unchanged, but to increase
the fee per share for each category to
$0.001025 per share.5
As described below, the Exchange
proposes to make the aforementioned
fee increases to better reflect the
Exchange’s costs related to listing equity
securities and the corresponding value
of such listing to issuers.
1. Purpose
The Exchange proposes to amend
sections 902.03, 902.04, 902.05 and
902.06 of the Manual to increase certain
of the fees set forth therein. The
Exchange proposes to immediately
reflect the proposed changes in the
Manual, but not to implement the
proposed fee changes until January 1,
2016.4
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,6 in general, and
furthers the objectives of sections
6(b)(4) 7 of the Act, in particular, in that
it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges among its
members and issuers and other persons
using its facilities. The Exchange also
believes that the proposed rule change
is consistent with section 6(b)(5) 8 of the
Act in that it is not designed to permit
unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange believes that it is
reasonable to amend section 902.03 of
the Manual to increase the minimum
annual fee for an issuer’s primary class
of common shares and primary class of
4 The Exchange has proposed changes to the
Manual, as reflected in Exhibit 5 attached hereto,
in a manner that would permit readers of the
Manual to identify the changes that would be
implemented on January 1, 2016. The Commission
notes that Exhibit 5 is attached to the filing, not to
this Notice.
[FR Doc. 2015–26150 Filed 10–14–15; 8:45 am]
October 8, 2015
September 25, 2015, 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.
62145
5 With respect to closed-end funds, the increase
to the fee per share will be applicable to both the
primary listed security and each additional class of
listed equity securities.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
8 15 U.S.C. 78f(b)(5).
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
PO 00000
Frm 00134
Fmt 4703
Sfmt 4703
E:\FR\FM\15OCN1.SGM
15OCN1
62146
Federal Register / Vol. 80, No. 199 / Thursday, October 15, 2015 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
preferred stock, to the greater of $52,500
or $0.001025 per share and to increase
the fee per share for each additional
class of common shares, each additional
class of preferred stock, each class of
warrants, each class of listed securities
of closed-end funds, structured products
and short-term securities to $0.001025
per share because the resulting fees
would better reflect the Exchange’s costs
related to such listing and the resulting
value that that such listings provide to
the issuers. In that regard, the Exchange
notes that it has incurred increased
expenses as it continues to improve and
increase the services it provides to listed
companies. These improvements
include renovating and upgrading the
Exchange building to provide meeting
spaces for listed companies and a
significant upgrade to the NYSE
Connect online community accessible to
all listed companies. The Exchange
believes that the proposed fee increases
are equitably allocated because the per
share fee increase will be the same for
all issuers on the Exchange. Therefore,
the proposed fee increases will not be
unfairly discriminatory towards any
individual issuer. Further, the Exchange
believes it is consistent with section
6(b)(5) of the Act to increase the
minimum fee for the primary class of
common shares and primary class of
preferred stock but not the minimum fee
for each additional class of such
securities. The Exchange notes that the
minimum fee for an additional class of
common shares or preferred stock is
already less than the fee for a primary
class and that such fee differential has
been approved under the Act. The
Exchange has determined to leave the
minimum fee for an additional class of
common shares or preferred stock
unchanged at this time as there are only
a few listed companies with more than
one class of common shares or preferred
stock listed on the Exchange.
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. The
proposed rule change is designed to
ensure that the fees charged by the
Exchange accurately reflect the services
provided and benefits realized by listed
companies. The market for listing
services is extremely competitive. Each
listing exchange has a different fee
schedule that applies to issuers seeking
to list securities on its exchange. Issuers
have the option to list their securities on
these alternative venues based on the
fees charged and the value provided by
VerDate Sep<11>2014
17:19 Oct 14, 2015
Jkt 238001
each listing. Because issuers have a
choice to list their securities on a
different national securities exchange,
the Exchange does not believe that the
proposed fee changes impose a burden
on competition.
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
Exchange.
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
under section 19(b)(2)(B) 11 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
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 Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 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
available publicly. All submissions
should refer to File Number SR–NYSE–
2015–44 and should be submitted on or
before November 5, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–26153 Filed 10–14–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSE–2015–44 on the subject line.
[Release No. 34–76116; File No. SR–BX–
2015–050]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Order
Approving Proposed Rule Change To
Adopt a Kill Switch
October 8, 2015.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2015–44. This file
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
11 15 U.S.C. 78s(b)(2)(B).
I. Introduction
On August 7, 2015, NASDAQ OMX
BX, Inc. (the ‘‘Exchange’’ or ‘‘BX’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
9 15
10 17
PO 00000
Frm 00135
Fmt 4703
Sfmt 4703
12 17
1 15
E:\FR\FM\15OCN1.SGM
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
15OCN1
]]>Agencies
[Federal Register Volume 80, Number 199 (Thursday, October 15, 2015)]
[Notices]
[Pages 62145-62146]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-26153]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76110 ; File No. SR-NYSE-2015-44]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending Sections 902.03, 902.04, 902.05 and 902.06 of the Listed
Company Manual To Increase Certain of the Fees Set Forth Therein
October 8, 2015
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 September 25, 2015, 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 toamend[sic] sections 902.03, 902.04, 902.05
and 902.06 of the Listed Company Manual (the ``Manual'') to increase
certain of the fees set forth therein. The Exchange proposes to
immediately reflect the proposed changes in the Manual, but not to
implement the proposed fee changes until January 1, 2016. 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, 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend sections 902.03, 902.04, 902.05 and
902.06 of the Manual to increase certain of the fees set forth therein.
The Exchange proposes to immediately reflect the proposed changes in
the Manual, but not to implement the proposed fee changes until January
1, 2016.\4\
---------------------------------------------------------------------------
\4\ The Exchange has proposed changes to the Manual, as
reflected in Exhibit 5 attached hereto, in a manner that would
permit readers of the Manual to identify the changes that would be
implemented on January 1, 2016. The Commission notes that Exhibit 5
is attached to the filing, not to this Notice.
---------------------------------------------------------------------------
Section 902.03 of the Manual currently provides, in part, for
annual fees for listed equity securities. Currently, the annual fee for
an issuer's primary class of common shares or, if no class of common
shares is listed on the Exchange, the preferred stock of such issuer is
the greater of $45,000 or $0.001 per share. The Exchange proposes to
increase these thresholds to $52,500 and $0.001025, respectively.
Currently, the annual fee for each additional class of common shares,
each additional class of preferred stock and each class of warrants is
calculated as the greater of a specified minimum fee or $0.001 per
share. The Exchange proposes to leave the minimum fee for those three
categories unchanged, but to increase the fee per share for each
category to $0.001025 per share.
Sections 902.04, 902.05 and 902.06 of the Manual set forth, in
part, the annual fees for closed-end funds, structured products and
short-term securities, respectively. In each case, the current annual
fee for these securities is calculated as the greater of a specified
minimum fee or $0.001 per share. The Exchange proposes to leave the
minimum fee for those three categories of securities unchanged, but to
increase the fee per share for each category to $0.001025 per share.\5\
---------------------------------------------------------------------------
\5\ With respect to closed-end funds, the increase to the fee
per share will be applicable to both the primary listed security and
each additional class of listed equity securities.
---------------------------------------------------------------------------
As described below, the Exchange proposes to make the
aforementioned fee increases to better reflect the Exchange's costs
related to listing equity securities and the corresponding value of
such listing to issuers.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\6\ in general, and furthers the
objectives of sections 6(b)(4) \7\ of the Act, in particular, in that
it is designed to provide for the equitable allocation of reasonable
dues, fees, and other charges among its members and issuers and other
persons using its facilities. The Exchange also believes that the
proposed rule change is consistent with section 6(b)(5) \8\ of the Act
in that it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that it is reasonable to amend section 902.03
of the Manual to increase the minimum annual fee for an issuer's
primary class of common shares and primary class of
[[Page 62146]]
preferred stock, to the greater of $52,500 or $0.001025 per share and
to increase the fee per share for each additional class of common
shares, each additional class of preferred stock, each class of
warrants, each class of listed securities of closed-end funds,
structured products and short-term securities to $0.001025 per share
because the resulting fees would better reflect the Exchange's costs
related to such listing and the resulting value that that such listings
provide to the issuers. In that regard, the Exchange notes that it has
incurred increased expenses as it continues to improve and increase the
services it provides to listed companies. These improvements include
renovating and upgrading the Exchange building to provide meeting
spaces for listed companies and a significant upgrade to the NYSE
Connect online community accessible to all listed companies. The
Exchange believes that the proposed fee increases are equitably
allocated because the per share fee increase will be the same for all
issuers on the Exchange. Therefore, the proposed fee increases will not
be unfairly discriminatory towards any individual issuer. Further, the
Exchange believes it is consistent with section 6(b)(5) of the Act to
increase the minimum fee for the primary class of common shares and
primary class of preferred stock but not the minimum fee for each
additional class of such securities. The Exchange notes that the
minimum fee for an additional class of common shares or preferred stock
is already less than the fee for a primary class and that such fee
differential has been approved under the Act. The Exchange has
determined to leave the minimum fee for an additional class of common
shares or preferred stock unchanged at this time as there are only a
few listed companies with more than one class of common shares or
preferred stock listed on the Exchange.
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. The proposed rule change is
designed to ensure that the fees charged by the Exchange accurately
reflect the services provided and benefits realized by listed
companies. The market for listing services is extremely competitive.
Each listing exchange has a different fee schedule that applies to
issuers seeking to list securities on its exchange. Issuers have the
option to list their securities on these alternative venues based on
the fees charged and the value provided by each listing. Because
issuers have a choice to list their securities on a different national
securities exchange, the Exchange does not believe that the proposed
fee changes impose a burden on competition.
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 Exchange.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
section 19(b)(2)(B) \11\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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-NYSE-2015-44 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2015-44. 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 Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 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 available publicly. All
submissions should refer to File Number SR-NYSE-2015-44 and should be
submitted on or before November 5, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-26153 Filed 10-14-15; 8:45 am]
BILLING CODE 8011-01-P
