[Federal Register Volume 70, Number 150 (Friday, August 5, 2005)]
[Notices]
[Pages 45450-45451]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-15485]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52132; File No. SR-BSE-2005-15]


Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Order 
Approving Proposed Rule Change Relating to Listing Fees

July 27, 2005.

I. Introduction

    On May 31, 2005, the Boston Stock Exchange, Inc. (``BSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``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 amend its Listing Fees 
schedule by increasing its listing fees. The proposed rule change was 
published in the Federal Register on June 24, 2005.\3\ No comments were 
received on the proposed rule change. 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. 51881 (June 20, 
2005), 70 FR 36674.
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II. Description of the Proposal

    The Exchange proposes to amend its Listing Fees schedule by 
increasing its listing fees. The Exchange proposes to increase its 
original listing fee, annual listing maintenance fee and listing fee 
for additional shares, among other things.\4\
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    \4\ The Exchange's revised Listing Fees schedule was fully set 
forth in the proposed rule change published for comment. See id.
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III. Discussion and Commission Findings

    The Commission finds that the proposed rule change is consistent 
with the Act and the rules and regulations thereunder applicable to a 
national securities exchange,\5\ particularly section 6(b) of the 
Act,\6\ in general, and furthers the objectives of section 6(b)(4) of 
the Act,\7\ in particular, in that it provides for the equitable 
allocation of reasonable dues, fees, and other charges among its 
members and issuers and other persons using its facilities.
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    \5\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact of efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4).
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    The Commission notes that the Exchange has not raised its listing 
fees since 1991.\8\ According to the Exchange,

[[Page 45451]]

the increased fees better reflect the Exchange's costs and the value of 
the services that the Exchange provides. Given the passage of time 
since the Exchange last raised its listing fees, the actual dollar 
amount of the fee increases being proposed,\9\ and the fact that no 
commenters objected to the Exchange's proposed fees, the Commission 
believes the increases in fees are reasonable.
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    \8\ See Securities Exchange Act Release No. 29276 (June 5, 
1991), 56 FR 27060 (June 12, 1991).
    \9\ For example, the original listing fee is increasing from 
$7,500 to $10,000 and the annual maintenance fee would increase from 
$1,000 to $1,500 for the first listed security.
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IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\10\ that the proposed rule change (SR-BSE-2005-15) is approved.
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    \10\ See 15 U.S.C. 78s(b)(2).

    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).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05-15485 Filed 8-4-05; 8:45 am]
BILLING CODE 8010-01-P