[Federal Register Volume 60, Number 111 (Friday, June 9, 1995)]
[Notices]
[Page 30625]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14122]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35796; File No. SR-NYSE-95-20]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by New York Stock Exchange, Inc., 
Relating to the Annual Maintenance Fee for Registered Persons

June 1, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''), 15 U.S.C. Sec. 78s(b)(1), notice is hereby given that on May 
24, 1995, the New York Stock Exchange, Inc. (``NYSE'' or ``Exchange'') 
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 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 Exchange proposes to increase the annual maintenance fee for 
registered persons from forty-six ($46.00) to fifty-two dollars 
($52.00). The proposed fee change will be implemented July 1, 1995.

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 as set forth in section 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
    The Exchange proposes to increase the annual maintenance fee for 
registered persons from forty-six ($46.00) to fifty-two dollars 
($52.00). The annual maintenance fee charged all persons registered 
with the Exchange was originally adopted in 1976. The fee is intended 
to offset, in part, the costs incurred by the Exchange in the oversight 
of member organizations' sales practice activities. The fee was last 
increased in 1988 to its current forty-six dollar ($46.00) level.
    On February 8, 1995, the SEC approved rules filed by the Exchange 
and other self-regulatory organizations to implement an industry-wide 
continuing education program commencing July 1, 1995.\1\ six dollar 
increase in the annual maintenance fee is required to offset the 
increase in costs the Exchange estimates it will incur as a result of 
incorporating oversight of member organizations' continuing education 
programs into its annual field examination process.

    \1\ Securities Exchange Act Release No. 35341 (Feb. 8, 1995), 60 
FR 8426.
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2. Statutory Basis
    The proposed rule change is consistent with Section 6(b)(4) of the 
Securities Exchange Act of 1934 because it provides 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 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 establishes or changes a due, fee, or 
other charge imposed by the Exchange and, therefore, has become 
effective pursuant to Section 19(b)(3)(A) of the Act and subparagraph 
(e) of Rule 19b-4 thereunder. 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 NW., 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. Sec. 552, will be available for inspection and copying in 
the Commission's Public Reference Section, 450 Fifth Street NW., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of the New York 
Stock Exchange. All submissions should refer to File No. SR-NYSE-95-20 
and should be submitted by June 30, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 95-14122 Filed 6-8-95; 8:45 am]
BILLING CODE 8010-01-M