[Federal Register Volume 67, Number 213 (Monday, November 4, 2002)]
[Notices]
[Pages 67227-67228]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-28002]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46737; File No. SR-NYSE-2002-29]


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. Proposing to Increase the Maintenance 
Charge for Cellular Phones Used on the Floor of the Exchange

October 29, 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 October 16, 2002, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange'') 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 Exchange. The 
Exchange filed Amendment No. 1 to the proposed rule change with the 
Commission on October 28, 2002.\3\ The Commission is publishing this 
notice to solicit comments on the proposed rule change, as amended, 
from interested persons.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See letter from Darla C. Stuckey, Corporate Secretary, NYSE, 
to Sapna Patel, Attorney, Division of Market Regulation, Commission, 
dated October 21, 2002 (``Amendment No. 1''). In Amendment No. 1, 
the Exchange clarified that the proposed rule change has become 
effective upon filing pursuant to section 19(b)(3)(A)(ii) of the Act 
and Rule 19b-4(f)(2) thereunder. In its filing, the NYSE had 
incorrectly referred to Rule 19b-4(e)(2) under the Act.
    \4\ For purposes of determining the effective date and 
calculating the 60-day abrogation date, the Commission considers 
October 28, 2002, the date NYSE filed Amendment No. 1, to be the 
effective date of the proposed rule change.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to increase the maintenance charge for 
cellular phones used on the floor of the Exchange.
    The text of the proposed rule change appears below. New text is in 
italics. Deleted text is in brackets.
* * * * *

NYSE 2002 Price List

* * * * *
Facility and Equipment Fees
* * * * *
Schedule of Annual Charges, unless otherwise noted
* * * * *

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              Cellular Phones
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Phone and Headset.........................  No Charge.
Ongoing Maintenance--per phone............  $[2,100.00] 2,400.00(3).
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    Notes:
    (1) ITPN ``User'' is a member or person associated with a member, 
who has been entitled to receive one or more third party market data 
vendor service offerings via the Exchange's Integrated Technology 
Program Network.
    (2) Plus appropriate sales tax where applicable.

[[Page 67228]]

    (3) Plus sales tax.
* * * * *

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
    The Exchange has a charge for cellular phones as part of its 
facilities and equipment fees.\5\ The charge has been the same since 
1994. The Exchange proposes to increase the charge from $2,100.00 to 
$2,400.00 per year to help cover the costs of the recent upgrade to 
industry standards by Verizon Wireless to the NYSE Broker Mobile Phone 
System. The Exchange represents that this upgrade provides improved 
voice quality, longer battery life, smaller and lighter handsets, and 
improves technical support, which will in turn improve the Exchange's 
service level. The charge by its nature will continue to apply only to 
membership organizations that operate on the floor of the Exchange and 
utilize the NYSE Broker Mobile Phone System.
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    \5\ See Securities Exchange Act Release No. 34395 (July 18, 
1994) 59 FR 38007 (July 26, 1994).
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2. Statutory Basis
    The NYSE believes that the proposed rule change, as amended, is 
consistent with section 6(b) of the Act,\6\ in general, and furthers 
the objectives of section 6(b)(4) of the Act,\7\ in particular, which 
requires that an exchange have rules that provide for the equitable 
allocation of reasonable dues, fees, and other charges among its 
members, issuers and other persons using its facilities.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 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 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

    The foregoing rule change establishes or changes a due, fee, or 
charge imposed by the Exchange and, therefore, has become effective 
upon filing pursuant to section 19(b)(3)(A)(ii) of the Act \8\ and Rule 
19b-4(f)(2) thereunder.\9\ 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 purpose of the Act.\10\
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    \8\ 15 U.S.C. 78(s)(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
    \10\ For purposes of determining the effective date and 
calculating the 60-day abrogation date, the Commission considers 
October 28, 2002, the date NYSE filed Amendment No. 1, to be the 
effective date of the proposed rule change.
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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 Exchange. All submissions should refer to File 
No. SR-NYSE-2002-29 and should be submitted by November 25, 2002.
    For the Commission, by the Division of Market Regulation, pursuant 
to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-28002 Filed 11-1-02; 8:45 am]
BILLING CODE 8010-01-P