[Federal Register Volume 68, Number 220 (Friday, November 14, 2003)]
[Notices]
[Page 64673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-28475]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48749; File No. SR-NYSE-2003-24]


Self-Regulatory Organizations; New York Stock Exchange, Inc.; 
Order Granting Approval of Proposed Rule Change and Amendment No.1 
Thereto To Reduce Initial and Annual Branch Office Registration Fees, 
Retroactive to January 1, 2003, Charged to Member Organizations With 
More Than One Thousand Branch Offices

November 6, 2003.
    On August 21, 2003, the New York Stock Exchange, Inc. (``NYSE'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) \1\ of the Securities 
Exchange Act of 1934 (the ``Act'') and Rule 19b-4 \2\ thereunder, a 
proposed rule change to reduce branch office fees charged to member 
organizations with more than one thousand branch offices, retroactive 
to January 1, 2003. On September 8, 2003, the Exchange amended the 
proposal.\3\ The proposed rule change, as amended, was published for 
notice and comment in the Federal Register on October 3, 2003.\4\ The 
Commission did not receive any comment letters on the proposed rule 
change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See letter from Darla C. Stuckey, Secretary, NYSE, to Nancy 
J. Sanow, Assistant Director, Division of Market Regulation, 
Commission, dated September 5, 2003 (``Amendment No. 1'').
    \4\ See Securities Exchange Act Release No. 48547 (September 25, 
2003), 68 FR 57497 (October 3, 2003).
---------------------------------------------------------------------------

    The Commission finds that the proposed rule change, as amended, is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\5\ 
In particular, the Commission finds that the proposed rule change is 
consistent with section 6(b)(4) of the Act, which requires that the 
rules of an exchange provide for the equitable allocation of reasonable 
dues, fees, and other charges among its members and issuers and other 
persons using its facilities.\6\ The Commission notes that the proposed 
rule change will not impose any additional charges on members, but will 
rather refund a portion of the fees paid by members having more than 
one thousand offices since January 1, 2003, as well as reduce their 
prospective fees. The Commission further notes that the Exchange has 
represented that it filed this proposal in response to member 
organization concerns that the current branch fee schedule is unduly 
burdensome for certain business models.
---------------------------------------------------------------------------

    \5\ In approving this proposal, the Commission has considered 
its impact on efficiency, competition, and capital formation. 15 
U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-NYSE-2003-24), as amended by 
Amendment No. 1, is hereby approved.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2).

    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. 03-28475 Filed 11-13-03; 8:45 am]
BILLING CODE 8010-01-P