[Federal Register Volume 59, Number 18 (Thursday, January 27, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-1679]
[[Page Unknown]]
[Federal Register: January 27, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33493; File No. SR-NYSE-93-46]
Self-Regulatory Organizations; New York Stock Exchange, Inc.;
Order Granting Approval to Proposed Rule Change Relating To Increase in
Continuing Listing Fees
January 19, 1994.
On December 8, 1993, the New York Stock Exchange, Inc. (``NYSE'' or
``Exchange'') submitted to the Securities and Exchange Commission
(``SEC'' or ``Commission''), pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'')\1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to increase continuing listing
fees.\3\
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\1\15 U.S.C. 78s(b)(1) (1988).
\2\17 CFR 240.19b-4 (1993).
\3\A complete list of the NYSE's fees applicable to the listing
process is contained in the NYSE Listed Company Manual.
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The proposed rule change was published for comment in Securities
Exchange Act Release No. 33317 (December 10, 1993), 58 FR 66045
(December 17, 1993). No comments were received on the proposal.
Currently, the Exchange's listing fees include an original listing
fee, an initial fee, and continuing annual listing fees.
The NYSE is instituting a rate increase with respect to continuing
listing fees as follows:
Schedule of Continuing Listing Fees
Continuing Fees for Domestic and Foreign Securities\1\
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Current Proposed
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Per share/ADR Fee:\2\
0-2,000,000..................................... $1,600 $1,650
Over 2,000,000.................................. 805 830
Minimum fees:
1-10,000,000.................................... 15,700 16,170
10,000,001-20,000,000........................... 23,550 24,260
20,000,001-50,000,000........................... 31,400 32,340
50,000,001-100,000,000.......................... 47,000 48,410
100,000,001-200,000,000......................... 62,700 64,580
Over 200,000,000................................ 78,100 80,440
Maximum......................................... 500,000 \5\
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Continuing Fees for Short-Term Securities\3\
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Securities issued:\4\
1-10,000,000.................................... 7,850 8,085
10,000,001-20,000,000........................... 11,775 12,130
20,000,001-50,000,000........................... 15,700 16,170
50,000,001-100,000,000.......................... 23,500 24,205
100,000,001-200,000,000......................... 31,350 32,290
Over 200,000,000................................ 39,050 40,220
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\1\The Continuing Annual Fee is payable each year on each security
listed on the Exchange. The applicable fee is the greater of the Per
Share/ADR Fee or the minimum fee.
\2\Rate is per million shares or American Depositary Receipts
(``ADRs'').
\3\Short term Securities are defined by the Exchange as those securities
having a term of less than five years (e.g., index warrants, foreign
currency warrants, contingent value rights).
\4\Based on securities issued, not on securities outstanding.
\5\No change.
The NYSE states that the purpose of the increase to continuing
listing fees is to offset in part the increased costs of supplying
services provided by the Exchange. These costs include manpower,
automation, utilities and other costs associated with providing
marketplace facilities and services.
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange, and, in
particular, with the requirements of section 6(b).\4\ In particular,
the Commission believes the proposal is consistent with the section
6(b)(4) requirements that the rules of an exchange provide for the
equitable allocation of reasonable dues, fees, and other charges among
its members, issuers, and other persons using the Exchange's
facilities.\5\ The Commission believes that the increases in continuing
listing fees are equitable because the increases should not result in
an excessive allocation of NYSE fees on its issuers as opposed to
members and other persons using its facilities. The Commission further
finds that the fees are reasonable because the Exchange has proposed
the increases to offset rising costs. Accordingly, the Commission
believes that it is appropriate to approve the proposed rule change.
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\4\15 U.S.C. 78f(b) (1988).
\5\15 U.S.C. 78f(b)(4) (1988).
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It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\6\ that the proposed rule change (SR-NYSE-93-42) is approved.
\6\15 U.S.C. 78s(b)(2) (1988).
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For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\17 CFR 200.30-3(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-1679 Filed 1-26-94; 8:45 am]
BILLING CODE 8010-01-M