[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\         
------------------------------------------------------------------------
                                                     Current    Proposed
------------------------------------------------------------------------
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\
                                                                        
------------------------------------------------------------------------
              Continuing Fees for Short-Term Securities\3\              
                                                                        
------------------------------------------------------------------------
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
------------------------------------------------------------------------
\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