[Federal Register Volume 67, Number 221 (Friday, November 15, 2002)]
[Notices]
[Pages 69280-69281]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-28992]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46786; File No. SR-NYSE-2002-52]


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

November 7, 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 21, 2002, the New York Stock Exchange, Inc. 
(``NYSE'' or ``the Exchange'') filed with the Securities and Exchange

[[Page 69281]]

Commission (``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by the 
Exchange. Amendment No. 1 to the proposed rule change was filed on 
October 21, 2002. Amendment No. 2 to the proposed rule change was filed 
on November 7, 2002.\3\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment Nos. 1 and 2, the NYSE corrected typographical 
errors and added specific text to its schedule of transaction fees 
to reflect the ``fee holiday'' that is the subject of the proposed 
rule change. See letters from Darla Stuckey, Corporate Secretary, 
NYSE, to Nancy Sanow, Assistant Director, Division of Market 
Regulation, Commission, dated October 21, 2002 and November 6, 2002. 
The amendments were solely technical in nature.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes that no transactional fees will be charged 
for shares of the Fresco\SM\ Dow Jones STOXX 50\SM\ Fund and Fresco\SM\ 
Dow Jones EURO STOXX 50\SM\ Fund (the ``Funds''), to be listed and 
traded on the Exchange.\4\
---------------------------------------------------------------------------

    \4\ See Notice of Filing and Order Granting Accelerated Approval 
of Proposed Rule Change by the New York Stock Exchange, Inc. 
Regarding Listing and Trading of Exchange Traded Funds Based on Dow 
Jones STOXX 50 and Dow Jones EURO STOXX 50 Indexes, Securities 
Exchange Act Release No. 46686 (October 18, 2002), 67 FR 65388 
(October 24, 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. 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 anticipates that the Funds will shortly be listed and 
traded on the Exchange. The Exchange states that it desires to garner 
experience in providing a market for the Funds. Accordingly, the 
Exchange proposes to implement a ``fee holiday,'' constituting zero 
transaction charges, for trading the Funds on the Exchange at this 
time.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(4) \5\ 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.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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. The Exchange has not received any unsolicited 
written comments from members or other interested parties.

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

    The foregoing rule change, which establishes or changes a due, fee 
or other charge imposed by the Exchange, has become effective pursuant 
to Section 19(b)(3)(A) \6\ of the Act and subparagraph (f)(2) of Rule 
19b-4 thereunder.\7\ 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 the furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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, 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-2002-52 and 
should be submitted by December 6, 2002.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 02-28992 Filed 11-14-02; 8:45 am]
BILLING CODE 8010-01-P