[Federal Register Volume 65, Number 33 (Thursday, February 17, 2000)]
[Notices]
[Pages 8222-8223]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-3750]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42406; File No. SR-NYSE-00-02]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change and Amendment No. 1 by the New York Stock Exchange, Inc. To 
Amend the Schedule of Continued Annual Listing Fees for Non-U.S. 
Companies

February 8, 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. Amendment No. 1 was filed on January 27, 2000.\3\ The 
Commission is publishing this notice to solicit comments on the 
proposed rule change, as amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, the Exchange changed the text of the 
title for NYSE Rule 902.04 from ``Overseas Companies'' to ``Non-U.S. 
Companies.'' See letter from James E. Buck, Senior Vice President 
and Secretary, NYSE, to Richard Strasser, Assistant Director, 
Division of Market Regulation (``Division''), SEC, dated January 21, 
2000.
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The Exchange proposes to amend Paragraph 902.04 of the Exchange's 
Listed Company Manual (the ``Manual''). Paragraph 902.04 of the Manual 
contains the schedule of current listing fees for non-U.S. companies 
listing securities on the Exchange. The text of the proposed rule 
change is as follows. Proposed additions are in italics and proposed 
deletions are in brackets.

902.04 [OVERSEAS] NON-U.S. COMPANIES

* * * * *

                   Schedule of Continuing Annual Fees
                      [(Effective January 1, 1994)]
------------------------------------------------------------------------
                                                                  Per
                                                                million
------------------------------------------------------------------------
Per share or ADR rates (or similar security):
  1st and 2nd million.......................................     $1,650
  In excess of 2 million....................................        830
Minimum fees for shares or ADRs listed (or similar
 securities) (millions):
  Up to [10] 50.............................................    $35,000
                                                               [$16,170]
  [10+ to 20]...............................................    [24,260]
  [20+ to 50]...............................................    [32,340]
  50+ to 100................................................     48,410
  100+ to 200...............................................     64,580
  200.......................................................     80,440
Maximum annual fee..........................................    500,000
------------------------------------------------------------------------

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
    The proposed rule change amends the listed company fee schedule, 
set forth in Paragraph 902.04 of the Manual, as it applies to 
continuing annual listing fees for non-U.S. companies. Specifically, 
the Exchange seeks to establish a minimum continuing annual fee for 
non-U.S. companies of $35,000 per year.
2. Statutory Basis
    The Exchange believes the proposed rule change, as amended, is 
consistent with Section 6(b)(4) of that Act,\4\ which provides 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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    \4\ 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.

[[Page 8223]]

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

    The Exchange neither solicited nor received written comments 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.\5\
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    \5\ 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 
Heather Traeger, Attorney, Division, 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, as amended, 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-00-02 and should be submitted by March 9, 2000.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-3750 Filed 2-16-00; 8:45 am]
BILLING CODE 8010-01-M