[Federal Register Volume 66, Number 15 (Tuesday, January 23, 2001)]
[Notices]
[Pages 7525-7526]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-1970]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-443847; File No. SR-NYSE-00-59]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc.; Amending the Late Filing Fee Required Under NYSE Rule 416, 
Questionnaires and Reports

January 16, 2001.
    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 December 21, 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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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The proposed rule change amends Exchange Rule 416, Questionnaire 
and Reports, with respect to increasing the fee charged to members and 
member organizations for the failure to submit certain prescribed 
information required by the Exchange on a timely basis. Below is the 
text of the proposed rule change. Proposed new language is italicized; 
proposed deletions are in brackets.
Questionnaires and Reports
    Rule 416. (a) Each member and member organization shall submit to 
the Exchange at such times as may be designated in such form and within 
such time period as may be prescribed such information as the Exchange 
deems essential for the protection of investors and the public 
interest.
    (b) Unless a specific temporary extension of time has been granted, 
there shall be imposed upon each member or member organization required 
to file reports pursuant to this Rule, a fee of [$100] $500 for each 
day that such report is not filed in the prescribed time. Requests for 
such extension of time must be submitted to the Exchange at least three 
business days prior to the due date.
    (c) Any report filed pursuant to this Rule containing material 
inaccuracies shall, for purposes of this [r]Rule, be deemed not to have 
been filed until a corrected copy of the report has been resubmitted.

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
    NYSE Rule 416 requires members and member organizations to submit 
prescribed information deemed by the Exchange to be essential for the 
protection of investors and the public interest. Pursuant to NYSE Rule 
416, the Exchange requires the periodic submittal of specific 
predefined financial, operational, and other information necessary for 
an effective evaluation of a member's or member organization's 
compliance with applicable rules and regulations. NYSE Rule 416 has 
also been used to prepare the membership for specific initiatives such 
as participation in Year 2000 Testing and the conversion to 
Decimalization.
    Since it is critical for the Exchange to ensure submission of such 
data, pursuant to NYSE Rule 416(b), the Exchange charges a member or 
member organization a fee for the failure to file reports on a timely 
basis. The current fee, which has been in effect since September 7, 
1972, is $100 for each day that such report is not filed within the 
prescribed time. The Exchange proposes that this daily fee be updated 
and increased to $500 in order to provide members and member 
organizations greater incentive to submit filings in a timely manner.
2. Statutory Basis
    The statutory basis for the proposed rule change is Section 6(b)(4) 
of the Act,\3\which permits the rules of an exchange to provide for the 
equitable allocation of reasonable dues, fees and other charges among 
the members, issuers and other persons using its services.
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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.

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

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \4\ and subparagraph (f)(2) of Rule 19b-4 
thereunder,\5\ because the proposal is establishing or changing a due, 
fee or other charge. At any time within 60 days of the filing of such 
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.
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    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(2).
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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, 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

[[Page 7526]]

Commission and any person, other than those that may be withheld from 
the public in accordance with the provisions of 51 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 Exchange. All 
submissions should refer to File No. SR-NYSE-00-59 and should be 
submitted by February 13, 2001.

    For the Commission, by the Division of Market Regulation, 
pursuant to the delegated authority.\6\
Margaret H. McFarland,
Deputy Secretary.
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    \6\ 17 CFR 200.30-2(a)(12).
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[FR Doc. 01-1970 Filed 1-22-01; 8:45 am]
BILLING CODE 8010-01-M