[Federal Register Volume 67, Number 168 (Thursday, August 29, 2002)]
[Notices]
[Pages 55445-55446]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-22096]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46403; File No. SR-NYSE-2002-25]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto by 
the New York Stock Exchange, Inc. Relating to a Technical Correction in 
the Exchange's Listed Company Manual

August 22, 2002.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4\2\ thereunder, notice is hereby given that 
on July 16, 2002, the New York Stock Exchange, Inc. (``Exchange'' or 
``NYSE'') submitted to 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 the NYSE. On August 
15, 2002, the NYSE filed with the Commission Amendment No. 1 to the 
proposed rule change.\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\ See letter from Mary Yeager, Assistant Secretary, NYSE, to 
Nancy J. Sanow, Assistant Director, Division of Market Regulation, 
Commission, dated August 13, 2002 (``Amendment No. 1''). In 
Amendment No. 1, the NYSE made a technical correction to the 
proposed rule text. For purposes of determining the effective date 
and calculating the 60-day period within which the Commission may 
summarily abrogate the proposed rule change under Section 
19(b)(3)(C) of the Act, the Commission considers August 15, 2002 to 
be the effective date of the proposed rule change, the date the NYSE 
filed Amendment No. 1. 15 U.S.C. 78s(b)(3)(C).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The NYSE is proposing to amend Section 102.04 of the Exchange's 
Listed Company Manual (the ``Manual'') to correct an erroneous 
statutory reference.
    Below is the text of the proposed rule change. Proposed new 
language is italicized.

Listed  Company Manual

102.00  Domestic Companies

* * * * *
102.04  Minimum Numerical Standards-Closed-End Management Investment 
Companies Registered Under the Investment Company Act of 1940
* * * * *
    Notwithstanding the foregoing requirement for market value of 
publicly held shares of $60,000,000, the Exchange will generally 
authorize the listing of all the Funds in a group of Funds listed 
concurrently with a common investment adviser or investment advisers 
who are ``affiliated persons'', as defined in Section 2(a)(3) of the 
Investment Company Act of 1940, as amended, if:
     Total group market value of publicly held shares equals in 
the aggregate at least $200,000,000;
     The group market value of publicly held shares averages at 
least $45,000,000 per Fund; and
     No one Fund in the group has market value of publicly held 
shares of less than $30,000,000.

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 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 NYSE 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 Exchange recently amended Section 102.04 of the Manual to 
permit the concurrent listing of closed-end funds with a common 
investment adviser or advisers who are ``affiliated persons.''\4\ The 
Exchange incorrectly stated that ``affiliated persons'' was defined in 
Section 2(3) of the Investment Company Act of 1940, as amended. In 
fact, ``affiliated persons'' is defined in Section 2(a)(3) of the 
Investment Company Act of 1940, as amended.\5\ The Exchange proposes to 
correct this reference in Section 102.04 of the Manual. The Exchange 
also proposes to correct a typographical error in the rule text.\6\
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    \4\ See Securities Exchange Act Release No. 46163 (July 3, 
2002), 67 FR 46559 (July 15, 2002).
    \5\ 19 U.S.C. 80a-2(a)(3).
    \6\ See Amendment No. 1, supra note 3.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
section 6 of the Act,\7\ in general, and with section 6(b)(5) of the 
Act,\8\ specifically, in that it is designed to prevent fraudulent and 
manipulative acts and practices, 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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    \7\ 15 U.S.C. 78f.
    \8\ 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

    Because the foregoing proposed rule change: (1) Does not 
significantly affect the protection of investors or the public

[[Page 55446]]

interest; (2) does not impose any significant burden on competition; 
and (3) does not become operative for 30 days after the date of filing, 
or such shorter time as the Commission may designate if consistent with 
the protection of investors and the public interest; provided that the 
self-regulatory organization has given the Commission written notice of 
its intent to file the proposed rule change, along with a brief 
description and text of the proposed rule change, at least five 
business days prior to the date of filing of the proposed rule change, 
or such shorter time as designated by the Commission, the proposed rule 
change has become effective pursuant to Section 19(b)(3)(A) of the Act 
\9\ and Rule 19b-4(f)(6)\10\ thereunder.
    A proposed rule change filed under Rule 19b-4(f)(6) under the Act 
\11\ normally does not become operative prior to 30 days after the date 
of filing, or such shorter time as the Commission may designate if 
consistent with the protection of investors and the public interest. 
The NYSE seeks to have the Commission waive the five-day pre-filing 
notice requirement and have the proposed rule change become operative 
immediately due to the technical nature of the proposal.
    The Commission, consistent with the protection of investors and the 
public interest, has determined to make the proposed rule change 
immediately operative \12\ and waive the five-day pre-filing notice 
requirement. The Commission notes that the proposed rule change does 
not present any substantive issues, but only corrects an erroneous 
statutory reference in Section 102.04 of the Manual. At any time within 
60 days of the filing of the 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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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ Id.
    \12\ 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 formation. 15 U.S.C. 
78c(f).
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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 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 File No. SR-NYSE-2002-25 and should 
be submitted by September 19, 2002.


    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-22096 Filed 8-28-02; 8:45 am]
BILLING CODE 8010-01-P