[Federal Register Volume 59, Number 205 (Tuesday, October 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-26433]


[[Page Unknown]]

[Federal Register: October 25, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34862; File No. SR-NYSE-94-36

 

Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc. Relating to Elimination of Monthly Fee Charged for Obtaining 
Certain Statistical Reports on Extensions of Time

October 19, 1994.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on October 
5, 1994, the New York Stock Exchange, Inc. (``NYSE'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'' or 
``SEC'') 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.

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

    The NYSE is proposing to eliminate the monthly fifteen dollar fee 
charged margin extension system users for obtaining certain statistical 
reports on extensions of time. The fee elimination is effective upon 
filing with the SEC.

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.

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

1. Purpose
    In March 1984, four statistical reports were created as part of the 
redesign of the Exchange's computerized margin extension system. The 
purpose of these reports is to provide member organizations with 
information to assist them in controlling and monitoring ``extension of 
time'' requests. Further, these reports act as a surveillance tool for 
member organizations and the Exchange, to ensure compliance with the 
rules and regulations that govern extension requests and procedures.
    The reports currently are distributed at no charge on a quarterly 
basis to all member organizations submitting their ``extensions of 
time'' to the Exchange. Member organizations may request one or more of 
the reports on a monthly basis, for a fee of fifteen dollars ($15) for 
each report requested. This charge was instituted to cover the 
Exchange's cost for producing and processing the reports.
    The Exchange is eliminating the fifteen dollar fee for these 
additional statistical reports and will furnish statistical reports 
produced through the computerized extension system to member 
organizations monthly at no charge beginning with the October 1994 
reports.\1\
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    \1\The proposed rule change states that the elimination of the 
monthly fee would commence as of September 1, 1994. Because the 
reports produced for September are quarterly reports, which already 
are distributed without charge, the proposal should have referenced 
the October 1994 reports as the first monthly reports that would be 
distributed at no charge. Telephone conversation between Donald van 
Weezel, Managing Director, Regulatory Affairs, NYSE, and Beth 
Stekler, Attorney, SEC, on October 18, 1994.
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2. Statutory Basis
    The proposed rule change is consistent with the requirement under 
Section 6(b)(4) of the Act that an exchange have rules that provide for 
the equitable allocation of reasonable dues, fees and other charges 
among its members and issuers and other persons using its facilities.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will impose no 
burden on competition 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

    The Exchange has not solicited, and does not intend to solicit, 
comments regarding the proposed rule change. The Exchange has not 
received any unsolicited written comments from members or other 
interested parties.

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 and subparagraph (e) of Rule 19b-4 thereunder 
because it establishes or changes 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 may summarily abrogate 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. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549. 
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 inspection and copying at the 
Commission's Public Reference Section, 450 Fifth Street, N.W., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of the NYSE. All 
submissions should refer to File No. SR-NYSE-94-36 and should be 
submitted by November 15, 1994.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-26433 Filed 10-24-94; 8:45 am]
BILLING CODE 8010-01-M