[Federal Register Volume 73, Number 22 (Friday, February 1, 2008)]
[Notices]
[Pages 6226-6227]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-1833]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57204; File No. SR-NYSE-2008-05]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change To Eliminate the One-Year Minimum Life Requirement From the
Listing Standards for ``Other Securities''
January 25, 2008.
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 January 15, 2008, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared substantially by NYSE. This
order provides notice of the proposed rule change and approves the
proposed rule change on an accelerated basis.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Section 703.19 of the Exchange's
Listed Company Manual (``Manual''), which sets forth the initial
listing standards for ``Other Securities,'' to eliminate the
requirement that securities listed thereunder must have a minimum life
of one year. The text of the proposal is available at NYSE, the
Commission's Public Reference Room, and http://www.nyse.com.
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 III below, and the most significant aspects of such statements are
set forth in Sections A, B, and C below.
[[Page 6227]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Section 703.19 of the Manual, which
sets forth the Exchange's initial listing standards for ``Other
Securities,'' to eliminate the requirement that securities listed
thereunder must have a minimum life of one year. The Exchange seeks to
make this change to harmonize Section 703.19 of the Manual with the
comparable rules of The NASDAQ Stock Market LLC (``NASDAQ''), the
American Stock Exchange LLC (``Amex''), and NYSE Arca Equities, Inc.
(``NYSE Arca Equities''), none of which contain a minimum life
requirement.\3\
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\3\ See NASDAQ Rule 4420(f), Section 107(A) of the Amex Company
Guide, and NYSE Arca Equities Rule 5.2(j)(1), respectively.
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2. Statutory Basis
The proposed rule change is consistent with Section 6 of the
Act,\4\ in general, and furthers the objectives of Section 6(b)(5),\5\
in particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, to
remove impediments to and perfect the mechanism of a free and open
market, and, in general, to protect investors and the public interest.
Specifically, the Exchange believes that the proposed rule change seeks
to remove impediments to and perfect the mechanism of a free and open
market by conforming NYSE's listing rules to those of its competitors,
enabling the Exchange to compete for listings of securities that can
currently be listed under the rules of the Exchange's competitors.
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\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(5).
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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 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 states that written comments on the proposed rule
change were neither solicited nor received.
III. 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. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an e-mail to [email protected]. Please include
File Number SR-NYSE-2008-05 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2008-05. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). 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, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSE-2008-05 and should be
submitted on or before February 22, 2008.
IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change
After careful consideration, 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 national securities
exchange.\6\ In particular, the Commission finds that the proposed rule
change is consistent with Section 6(b)(5) of the Act,\7\ which requires
that the rules of an exchange be designed, among other things, to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general, to protect investors and the public
interest. The Commission notes that comparable rules of other national
securities exchanges currently do not require such ``Other Securities''
to have a minimum life of one year.\8\
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\6\ In approving this rule change, the Commission notes that it
has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\7\ 15 U.S.C. 78f(b)(5).
\8\ See supra note 3.
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The Commission finds good cause for approving this proposal before
the 30th day after the publication of notice thereof in the Federal
Register. As noted above, the proposal seeks to harmonize the
Exchange's initial listing standards for ``Other Securities'' with
those of other national securities exchanges. The initial listing
standards for ``Other Securities'' of such other national securities
exchanges do not appear to present any new or significant regulatory
concerns. Therefore, the Commission believes that accelerating approval
of this proposal would allow the Exchange to trade such ``Other
Securities'' without undue delay and should generate additional
competition in the market for such products.
V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\9\ that the proposed rule change (SR-NYSE-2008-05) be, and it
hereby is, approved on an accelerated basis.
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\9\ 15 U.S.C. 78s(b)(2).
\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-1833 Filed 1-31-08; 8:45 am]
BILLING CODE 8011-01-P