[Federal Register Volume 66, Number 166 (Monday, August 27, 2001)]
[Notices]
[Pages 45068-45069]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-21558]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44721; File No. SR-NYSE-2001-21]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc. Relating to Exchange Fees

August 20, 2001.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 
1934,\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on 
August 6, 2001, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'' or ``SEC'') the proposed rule change as described in 
items I, II, and III below, which items have been prepared by the NYSE. 
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 NYSE proposes to amend Paragraph 902.04 of the Exchange's 
Listed Company Manual (the ``Manual'') to conform the minimum 
continuing annual listing fee for non-U.S. companies to that applied to 
domestic 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 NYSE included statements 
concerning the purpose of, and basis for, the proposed rule change. The 
text of these statements may be examined at the places specified in 
item IV below and is set forth in Sections A, B, and C below.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose

    The Exchange recently amended its fee schedule to implement a 
minimum continuing annual listing fee for domestic issuers (excluding 
closed end funds) of $35,000, matching that which was already in place 
for non-U.S. issuers.\3\ That filing included a

[[Page 45069]]

provision for companies with more than one class of common stock in 
which more than one issue is below the new minimum. It provided that 
for such companies, only the class with the most shares outstanding 
would pay the new minimum, while the other class(es) would continue to 
be charged at the lower minimum rates previously in effect.
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    \3\See Exchange Act Release No. 43741 (Dec. 19, 2000), 65 FR 
82429, (Dec. 28, 2000) (Order approving File No. SR-NYSE-00-47 
relating to listed company fees).
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    The Exchange inadvertently neglected at that time to extend the 
relief for multi-class companies to non-U.S. issuers. Realizing that 
consistency on this point is appropriate, the Exchange proposes to 
apply the relief for multi-class issuers to non-U.S. companies as well.

2. Statutory Basis

    The basis under the Act for this proposed rule change is the 
requirement under section 6(b)(4)\4\ 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.

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

    Because the foregoing proposed rule: (1) Does not significantly 
affect the protection of investors or the public interest; (2) does not 
impose any significant burden on competition; and (3) does not become 
operative for 30 days or such shorter time as the Commission may 
designate, the proposed rule change has become effective pursuant to 
section 19(b)(3)(A) of the Act\5\ and subparagraph (f)(6) of Rule 19b-4 
thereunder.\6\
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    \5\15 U.S.C. 78s(b)(3)(A).
    \6\17 CFR 240.19b-4(f)(6)(iii).
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    The Commission notes that under Rule 19b-4(f)(6)(iii),\7\ the 
proposed does not become operative for 30 days after date of its 
filing, or such shorter time as the Commission may designate if 
consistent with the protection of investors and the public interest. 
The Exchange requested that the Commission designate that the proposed 
rule change does not become operative for 15 days after the date of its 
filing so that the benefits of the proposed rule change are available 
to closed end funds more quickly. The Commission believes that 
designating the operative date of the proposal for 15 days after the 
date of the proposal's filing is consistent with the protection of 
investors and the public interest.\8\
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    \7\17 CFR 240.19b-4(f)(6).
    \8\For purposes only of accelerating the operative date of this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formulation. 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, as amended, 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.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposal 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 persons, 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 the NYSE. All submissions should 
refer to the SR-NYSE-2001-21and should be submitted September 17, 2001.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 01-21558 Filed 8-24-01; 8:45 am]
BILLING CODE 8010-01-M