[Federal Register Volume 65, Number 47 (Thursday, March 9, 2000)]
[Notices]
[Pages 12606-12607]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-5760]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42490; File No. SR-NYSE-00-01]


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

March 2, 2000.
    On January 4, 2000, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange'') submitted to the Securities and Exchange Commission 
(``SEC'' or ``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change for calculating continuing annual 
fees for all Canadian companies. The proposed rule change was published 
for comment in the Federal Register on January 25, 2000.\3\ No comments 
were received on the proposal. This order approves the proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 42350 (January 19, 
2000), 65 FR 4007.
---------------------------------------------------------------------------

    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

[[Page 12607]]

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.
    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange, and in 
particular, with the requirements of Section 6(b).\4\ Specifically, the 
Commission believes that conforming the calculation procedures for the 
continuing annual fee for Canadian companies into one standard 
calculation for all Canadian companies is consistent with the Section 
6(b)(4) \5\ requirements 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.\6\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4).
    \6\ In approving this rule, the Commission has considered the 
proposed rule's impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    It Is Therefore Ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-NYSE-00-01) is approved.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-5760 Filed 3-8-00; 8:45 am]
BILLING CODE 8010-01-M