[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