[Federal Register Volume 65, Number 16 (Tuesday, January 25, 2000)]
[Notices]
[Pages 4007-4008]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-1735]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42350; International Series Release No. 1211; File No. 
SR-NYSE-00-01]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by the New York Stock Exchange, Inc. Relating to Continuing 
Annual Listing Fees for Canadian Companies

January 19, 2000.
    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 January 4, 2000, 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 Exchange. 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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[[Page 4008]]

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

    The Exchange proposes to amend its customs and practices for 
calculating continuing annual listing fees for Canadian companies.

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
    It has been the custom and practice of the Exchange to calculate 
the continuing annual fee for Canadian companies listed before 
September 8, 1989 on the basis of total worldwide shares, with a 50% 
discount for companies with more than half of their operations outside 
the United States. The continuing annual fee for Canadian companies 
listed after September 8, 1989 and all other non-U.S. companies has 
been calculated based on shares issued in the U.S. The proposed change 
will calculate continuing annual fees for all Canadian companies based 
on shares issued in the U.S., thereby conforming the continuing annual 
fee for Canadian companies listed before September 8, 1989, to the 
standard applied to all other non-U.S. companies.
2. Statutory Basis
    The Exchange believes the basis under the Act for the proposed rule 
change is the requirement under Section 6(b)(4) \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.
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    \3\ 15 U.S.C. 78f(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 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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    A. by order approve the proposed rule change, or
    B. institute proceedings to determine whether the proposed rule 
change should be disapproved.\4\
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    \4\ The Exchange requested accelerated approval in its filing 
with the Commission. However, the Exchange retracted its request in 
a telephone conversation between Amy Bilbija, Counsel, NYSE, and 
Terri Evans, Special Counsel, and Heather Traeger, Attorney, 
Division of Market Regulation, SEC, on January 11, 2000.
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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. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, NW, Washington, DC 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 at the 
Commission's Public Reference Room. Copies of such filing will also be 
available for inspection and copying at the principal office of the 
Exchange. All submissions should refer to File No. SR-NYSE-00-01 and 
should be submitted by February 15, 2000.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-1735 Filed 1-24-00; 8:45 am]
BILLING CODE 8010-01-M