[Federal Register Volume 65, Number 122 (Friday, June 23, 2000)]
[Notices]
[Pages 39216-39217]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-15878]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42948; File No. SR-NYSE-00-20]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by the New York Stock Exchange, Inc. Relating to Listed Company 
Fees for Closed-end Funds

June 15, 2000.
    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 May 3, 2000, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by the 
Exchange. The Commission is publishing this notice to solicit comments 
on the

[[Page 39217]]

proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Paragraph 902.02 of the Exchange's 
Listed Company Manual (the ``Manual''). Paragraph 902.02 of the Manual 
contains the schedule of current listing fees for companies listing 
securities on the Exchange. The text of the proposed rule change is as 
follows. New text is italicized.


902.02  Schedule of Current Listing Fees

* * * * *
A. Original Listing Fee
    A special charge of $36,800 in addition to initial fees (described 
below) is payable in connection with the original listing of a 
company's stock. In any event, each issuer (excluding closed-end funds) 
is subject to a minimum original listing fee of $150,000 inclusive of 
the special charge referenced in the proceeding sentence. Closed-end 
funds are subject to a minimum original listing fee based upon the 
number of shares outstanding as follows:


Up to 10 million shares--$100,000

Up to 24 million shares--125,000

Over 24 milllion shares--150,000
    Minimum fees include the one time special charge of $36,800.
    The special charge is also applicable to an application which in 
the opinion of the Exchange is a ``back-door listing''. See Para. 
703.08 (F) for definition.
* * * * *

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 IV below. The Exchange 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 proposed rule change amends the listed company fee schedule, 
set forth in Paragraph 902.02 of the Manual, as it applies to original 
listing fees. The Exchange seeks to adopt a minimum original listing 
fee for each new closed-end funding depending upon the number of shares 
offered. As proposed, closed-end funds would be subject to a minimum 
oringial listing fee based upon the number of shares outstanding as 
follows: up to 10 million shares--$100,000; up to 24 million shares--
$125,000; and over 24 million shares--$150,000. This minimum would 
included the Exchange's one-time special charge of $36,800.
    The Exchange recently received approval for a minimum fee that 
specifically excluded closed-end funds in anticipation of this filing 
because such funds, unlike corporations, do not issue additional shares 
of securities.\3\ Thus, the Exchange felt it would be inappropriate to 
apply the same criteria to closed-end funds.
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    \3\ See Securities Exchange Act Release No. 42606 (March 31, 
2000), 65 FR 18415 (April 7, 2000) (SR-NYSE-00-10).
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2. Statutory Basis
    For these reasons, the Exchange believes that the propsoed rule 
change is consistent with Section 6 of the Act,\4\ in general, and with 
Section 6(b)(4),\5\ 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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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(4).
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Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will not impose 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

Self-Regulatory Organization's Statement 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.

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) by order approve the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

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 N.W., Washington, D.C. 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-00-20 and should 
be submitted by July 24, 2000.
    For the Commission, by the Division of Market Regulation, pursuant 
to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-15878 Filed 6-22-00; 8:45 am]
BILLING CODE 8010-01-M