[Federal Register Volume 66, Number 97 (Friday, May 18, 2001)]
[Notices]
[Pages 27714-27715]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-12544]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44296; File No. SR-NYSE-2001-09]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc. To Increase the Fee for Administering the Compliance Official 
Qualification Examination (``Series 14'')

May 11, 2001.
    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, 2001, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange''), filed with the Securities and Exchange Commission 
(``Commission''), the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the NYSE. The 
Commission is publishing this notice to solicit comments on the 
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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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The proposed rule change seeks to increase the fee charged by the 
NYSE for the Compliance Official Qualification Examination (``Series 14 
Examination'') from $200 to $300.

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 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
    Exchange Rule 342 (``Offices--Approval, Supervision and Control'') 
requires each member and member organization to designate a person to 
direct-to-day compliance activity. Such persons, as well as those 
compliance supervisors who direct ten or more persons engaged in 
compliance activity, must have overall knowledge of securities laws and 
Exchange rules and must pass the Series 14 Examination that was 
initially implemented in September 1989.
    The fee for the Series 14 Examination has been $200 since its 
inception in 1989. The Exchange now seeks to increase the fee to $300. 
The fee increase will defray expenses incurred in developing, updating, 
and administering the Series 14 Examination.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b)(4) of the Act,\3\ in that the proposed rule change is 
designed to provide for the equitable allocation of reasonable dues, 
fees and other charges among the Exchange members, issuers and other 
persons using its facilities.
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    \3\ 15 U.S.C. 78f(b)(4).
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B. 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.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received comments on the 
proposed rule change.

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

    The Exchange has designated the proposed rule change as a fee 
change pursuant to Section 19(b)(3)(A)(ii) of the Act \4\ and 
subparagraph (f) of Rule 19b-4 thereunder.\5\ Accordingly, the proposed 
rule change has become effective upon filing. At any time within 60 
days of the filing of such proposed

[[Page 27715]]

rule change, the Commission may summarily abrogate such rule change if 
it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.
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    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ 17 CFR 240.19b-4(f).
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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 NW, Washington, DC 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 the File Number SR-NYSE-2001-09 
and should be submitted by June 8, 2001.

    For the Commission, by the Division of Market Regulation, 
pursuant to the delegated authority.\6\
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    \6\ 17 CFR 200.3-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. 01-12544 Filed 5-17-01; 8:45 am]
BILLING CODE 8010-01-M