[Federal Register Volume 67, Number 13 (Friday, January 18, 2002)]
[Notices]
[Pages 2719-2720]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-1354]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45274; File No. SR-NYSE-202-04]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc., to Reset the Implementation Date for Exchange Rules 134, 407A, 
and 411, Relating to Error Accounts Procedures

January 14, 2002.
    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 7, 2002, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange''), filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by 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 seeks to extend the Exchange-imposed 
implementation date for Rules 134, 407A, and 411 (relating to members' 
error accounts and error account procedures) from January 7, 2002 to 
February 4, 2002.

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 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.

[[Page 2720]]

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

1. Purpose
    The Commission recently approved amendments to Rules 134, 407A, and 
411 relating to members' error accounts and error account procedures. 
The Exchange had intended to implement these changes on January 7, 
2002.\3\ However, feedback from several members and member 
organizations indicated that they will need additional time to 
implement procedures, including automatic surveillance procedures, to 
fully comply with the provisions of Rules 134, 407A, and 411. 
Therefore, the Exchange proposes to change the implementation date from 
January 7, 2002 to February 4, 2002.
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    \3\ See Securities Exchange Act Release No. 44769 (September 6, 
2001), 66 FR 44710 (September 13, 2001) (approval order concerning 
File No. SR-NYSE-99-25).
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2. Statutory Basis
    The NYSE states that the basis for the proposed rule change is the 
requirement under section 6(b)(5) of the Act \4\ that an exchange have 
rules that are designated to promote just and equitable principles of 
trade, to remove impediments to and perfect the mechanism of a free and 
open market and a national market system, and, in general, to protect 
investors and the public interest.
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    \4\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The NYSE does not believe that the proposed rule change will impose 
any burden on competition that is not necessary or appropriate in 
furtherance of the purpose 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

    The NYSE has designated the proposed rule change as constituting a 
stated policy, practice or interpretation with respect to the meaning, 
administration, or enforcement of the NYSE rules to which it 
relates,\5\ which renders the proposal effective upon filing with the 
Commission pursuant to section 19(b)(3)(A) of the Act \6\ and Rule 19b-
4(f)(3) thereunder.\7\
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    \5\ See letter from Darla C. Stuckey, NYSE, to Katherine A. 
England, assistant director, Division of Market Regulation, 
Commission, dated January 9, 2002.
    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(3).
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    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.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether it 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 at the NYSE. All 
submissions should refer to File No. SR-NYSE-2002-04, and should be 
submitted by February 8, 2002.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-1354 Filed 1-17-02; 8:45 am]
BILLING CODE 8010-01-M