[Federal Register Volume 61, Number 162 (Tuesday, August 20, 1996)]
[Notices]
[Pages 43109-43110]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-21109]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37560; File No. SR-NYSE-96-24]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc., Relating to the Exchange's Weekly Bulletin

August 13, 1996.
    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 August 
8, 1996, the New York Stock Exchange, Inc. (``NYSE'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``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 NYSE proposes to amend Paragraphs 702.02, ``Timetable for 
Original Listing of Securities Other than Debt Securities,'' and 
703.01, ``General Information,'' of the NYSE's Listed Company Manual 
(``Manual'') to eliminate the requirement that the Exchange publish a 
notice of receipt of a listing application in the Exchange's Weekly 
Bulletin prior to authorizing the listing application.
    The text of the proposed rule change is available at the Office of 
the Secretary, NYSE, and at the Commission.

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

(a) Purpose
    The purpose of this proposed rule change is to eliminate the 
requirement that the Exchange publish a notice of receipt of a listing 
application in the Exchange's Weekly Bulletin--and seek comment on that 
application--prior to authorizing the application. The Exchange will 
continue to acknowledge receipt of a company's application in either 
the regular Weekly Bulletin or through some other comparable method of 
publication. The Exchange also will continue its practice of providing 
notice of a security's trade date in advance of an original listing. 
Where practical, the Exchange seeks to provide two days' notice of such 
trade date.
    According to the NYSE, publication of a notice of a listing 
application, and the solicitation of comments on that application, is 
no longer necessary. The Exchange began publishing notices of listing 
applications in its Weekly Bulletin in 1923, prior to the adoption of 
the Securities Act of 1933 and the Act. At that time, there was little, 
if any,

[[Page 43110]]

public disclosure regarding the issuance of securities. Thus, the 
publication in the NYSE's Weekly Bulletin provided useful public 
information. Now, however, the Exchange and investors have access to 
disclosure documents containing relevant information. Moreover, the 
Exchange rarely, if ever, receives any comments on a listing 
application.
    The NYSE believes that eliminating the pre-approval publication 
requirement will provide listed companies with greater flexibility in 
the timing of their transactions. For example, the NYSE believes that 
the elimination of the pre-approval publication requirement will 
facilitate the listing of securities that are sold pursuant to a 
``shelf registration'' under Commission Rule 415, ``Delayed or 
continuous offering and sale of securities.'' In addition, eliminating 
this requirement will reduce Exchange costs and streamline the handling 
of listing applications at the Exchange.
(b) Basis
    The NYSE believes that the proposal is consistent with Section 6(b) 
of the Act, in general, and, in particular, with Section 6(b)(5), in 
that it is designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system, and, in general, to protect investors and the 
public interest.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The NYSE does not believe that the proposed rule change will impose 
any inappropriate burden on competition that is 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 NYSE has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The NYSE 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

    Because the foregoing rule change: (1) Does not significantly 
affect the protection of investors or the public interest; (2) does not 
impose any significant burden on competition; (3) was provided to the 
Commission for its review at least five business days prior to the 
filing date; and (4) does not become operative for 30 days after August 
8, 1996, it has become effective pursuant to Section 19(b)(3)(A) of the 
Act and Rule 19b-4(e)(6) thereunder. In particular, the Commission 
believes that the proposal does not significantly affect the protection 
of investors or the public interest and does not impose any significant 
burden on competition. 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. Copies of such filing will also be available for 
inspection and copying at the principal office of the above-mentioned 
self-regulatory organization. All submissions should refer to the file 
number in the caption above and should be submitted by September 10, 
1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\1\
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    \1\ 17 CFR 200.30-3(a)(12) (1995).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-21109 Filed 8-19-96; 8:45 am]
BILLING CODE 8010-01-M