[Federal Register Volume 64, Number 130 (Thursday, July 8, 1999)]
[Notices]
[Pages 36940-36941]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17354]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-41576; File No. SR-NYSE-99-27]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc., Relating to an Examination Fee for the Front Line Specialist 
Clerk Qualification Examination (``Series 21'')

June 29, 1999.
    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 June 22, 1999, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The Exchange proposes to implement a $200 fee for each candidate in 
connection with the new Front Line Specialist Clerk Qualification 
Examination (``Series 21'') to be given by the NYSE.

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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to implement a $200 per-
exam administration fee for the new Front Line Specialist Clerk 
Qualification Examination (``Series 21''). The fee is consistent with 
other Exchange administered examination fees which range from $150 to 
$200. It will be used to offset the costs associated with the 
Examination's development, implementation, administration and 
maintenance.
    Exchange Rule 35 dictates the terms under which an employee of a 
member or member organization may be admitted to the Exchange Trading 
Floor. Under recently proposed amendments to Rule 35,\3\ Front Line 
Specialist Clerks (``FLS Clerks'') will have to be qualified by passing 
appropriate qualification examinations and by meeting appropriate 
training requirements.
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    \3\ See Securities Exchange Act Release No. 41514 (June 10, 
1999), 64 FR 32912 (June 18, 1999) (SR-NYSE-99-19); and No. 41515 
(June 10, 1999), 64 FR 32911 (June 18, 1999) (SR-NYSE-99-20).
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    The Exchange anticipates that administration of the Series 21 
Examination will commence 90 days after its approval by the Commission.
2. Statutory Basis
    The statutory basis for the proposed rule change is Section 6(b)(4) 
of the Act which permits the rules of the Exchange to provide for the 
equitable allocation of reasonable dues, fees and other charges among 
its members, issuers and other persons using its facilities.\4\
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    \4\ 15 U.S.C. 78s(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any inappropriate burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    No written comments were either solicited or received.

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 Rule 19b-
4(f)(2) thereunder.\5\ At any time within 60 days of the filing of such 
proposed rule change, the Commission may summarily abrogate such action 
if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of

[[Page 36941]]

investors, or otherwise in furtherance of the purposes of the Act.\6\
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    \5\ 15 U.S.C. 78s(b)(3)(A) and 17 CFR 240.19b-4(f)(2).
    \6\ 15 U.S.C. 78s(b)(3)(C).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act.\7\ Persons making written 
submissions should file six copies thereof with the Secretary, 
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, 
D.C. 20549-0609. 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 in the Commission's Public Reference Room. Copies of such 
filing will also be available for inspection and copying at the 
principal office of NYSE. All submissions should refer to File No. SR-
NYSE-99-27 and should be submitted by July 29, 1999.
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    \7\ In reviewing the proposed rule change, the Commission 
considered its potential impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f).

    For the Commission, by the Division of Market Regulation, 
pursuant to the delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-17354 Filed 7-7-99; 8:45 am]
BILLING CODE 8010-01-M