[Federal Register Volume 70, Number 11 (Tuesday, January 18, 2005)]
[Notices]
[Page 2917]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-151]



[[Page 2917]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51005; File No. SR-NASD-2004-142]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Order Approving Proposed Rule Change To Establish Fees 
for Companies With a Dual Listing on the New York Stock Exchange and 
Nasdaq

January 10, 2005.
    On September 28, 2004, the National Association of Securities 
Dealers, Inc. (``NASD''), through its subsidiary, the Nasdaq Stock 
Market, Inc. (``Nasdaq''), filed with the Securities and Exchange 
Commission (``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to adopt a fee schedule for 
issuers that are dually listed on the New York Stock Exchange 
(``NYSE'') and Nasdaq. The proposed rule change was published for 
comment in the Federal Register on December 3, 2004.\3\ The Commission 
received no comments on the proposal. This order approves the proposed 
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 50741 (November 29, 
2004), 69 FR 70296.
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    The filing establishes a fee schedule for NYSE issuers that chose 
to dually list on Nasdaq during Nasdaq's initial pilot, January 12, 
2004, to December 31, 2004. The annual listing fee for dually listed 
issuers will be $15,000. It will apply to NYSE issuers that are 
currently dually listed, as well as issuers who choose to do so in the 
future. Nasdaq will use the fee to support the cost of issuer services, 
including regulatory oversight and to fund future product and service 
investments.
    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a registered securities association \4\ and, 
in particular the requirements of Section 15A of the Act.\5\ The 
Commission finds specifically that the proposed rule change is 
consistent with Section 15A(b)(5) \6\ and 15A(b)(6) \7\ of the Act, in 
that Nasdaq's dual listing program with the lower listing fee has the 
potential to bring new issuers that would not otherwise dually list, to 
the Nasdaq market. Without this program, it is unlikely that an issuer 
would choose to dually list its securities. Nasdaq believes that 
issuers that dually list may eventually determine to transfer their 
listings to Nasdaq.\8\ The Commission believes that competition among 
listing markets has the potential to benefit the public, issuers, and 
the listing markets.
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    \4\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78o-3.
    \6\ 15 U.S.C. 78o-3(b)(5).
    \7\ 15 U.S.C. 78o-3(b)(6).
    \8\ See also Securities Exchange Act Release No. 51004, January 
10, 2005, re fees for exchange listed issuers that transfer to 
Nasdaq.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change (SR-NASD-2004-142) be, and it 
hereby is, approved.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-151 Filed 1-14-05; 8:45 am]
BILLING CODE 8010-01-P