[Federal Register Volume 63, Number 236 (Wednesday, December 9, 1998)]
[Notices]
[Pages 67964-67965]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-32602]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-40731; File No. SR-NYSE-98-39]


Self-Regulatory Organization; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc., To Increase the Administration Fee Charged for the Supervisory 
Analyst Examination (Series 16)

December 1, 1998.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on November 13, 1998, 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 Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The NYSE proposes to increase the fee for the Supervisory Analyst 
Examination (Series 16) from $60 to $200 per administration effective 
December 1, 1998.

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 Exchange 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 Exchange 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
    Exchange Rule 472(b) (``Communications With The Public'') requires 
that research reports be prepared or approved by a supervisory analyst 
acceptable to the Exchange under the provisions of Rule 344 
(``Supervisory Analysts''). The Supervisory Analyst Examination 
(``Series 16'') is the qualification examination that a person must 
pass before he or she can work as a Supervisory Analyst for a member or 
member organization. The Exam previously was administered in paper and 
pencil format and the fee charged has been $60 per candidate. Recently, 
the Exchange began administration of this examination in electronic 
format at Sylvan Test Centers. These test centers also administer other 
industry examinations.
    The Exchange proposes to increase the administration fee for the 
Series 16 Examination to $200 per exam administration effective 
December 1, 1998. The increased fee is necessary to offset expenses 
incurred in developing, updating and administering the exam. 
Additionally, the fee will be consistent with the fees charged for 
other exams.
2. Statutory Basis
    The proposed rule change is consistent with the requirement under 
Section 6(b)(4) of the Act \3\ 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.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    The Exchange believes that the proposal does not impose any 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

    Comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing 
for Commission Action

    Because the foregoing rule change establishes or changes a due, 
fee, or other charge imposed by the Exchange, it has become effective 
pursuant to Section 19(b)(3)(A)(ii) of the Act \4\ and subparagraph 
(e)(2) of Rule 19b-4 thereunder. \5\ At any time within 60 days of the 
filing of the 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.\6\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ 17 CFR 240.19b-4(e)(2).
    \6\ In reviewing this proposal, the Commission has considered 
its potential impact on efficiency, competition and capital 
formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
is consistent with the Act. 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

[[Page 67965]]

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 in the Commission's Public Reference Room. 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-98-39 and should be submitted by December 30, 1998.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority. \7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 98-32602 Filed 12-8-98; 8:45 am]
BILLING CODE 8010-01-M