30890 Federal Register / Vol. 75, No. 105 / Wednesday, June 2, 2010 / Notices 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). Rule 19b–4(f)(6)(iii) 

requires the self-regulatory organization to submit 

to the Commission written notice of its intent to file 

the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 11 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

proposed rule change will benefit 

market participants by allowing them to 

more closely manage their risk 

exposures and carry out their 

investment objectives. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 

burden on competition 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 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

does not (i) significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate if 

consistent with the protection of 

investors and the public interest, 

provided that the self-regulatory 

organization has given the Commission 

written notice of its intent to file the 

proposed rule change at least five 

business days prior to the date of filing 

of the proposed rule change or such 

shorter time as designated by the 

Commission, the proposed rule change 

has become effective pursuant to 

Section 19(b)(3)(A) of the Act 9 and Rule 

19b–4(f)(6) thereunder.10 At any time 

within 60 days of the filing of such 

proposed 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. 

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. 

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 rulecomments@sec.gov. Please include File 

Number SR–CBOE–2010–048 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–CBOE–2010–048. 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 Web site viewing and 

printing 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–CBOE– 

2010–048 and should be submitted on 

or before June 23, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–13160 Filed 6–1–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62159; File No. SR–NYSE– 

2010–36] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange Price List 

May 24, 2010. 

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 7, 

2010, 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, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

2010 Price List to delete references to 

two fees that are no longer applicable. 

The text of the proposed rule change is 

available on the Exchange’s Web site at 

http://www.nyse.com, on the 

Commission’s Web site at http:// 

www.sec.gov, and at the Commission’s 

Public Reference Room. 

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 

self-regulatory organization 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 NYSE 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 Exchange’s 2010 Price List 

includes (i) a fee of $5,000 payable in 

connection with a new application for 

NYSE membership by a limited liability 


sroberts on DSKD5P82C1PROD with NOTICES
Federal Register / Vol. 75, No. 105 / Wednesday, June 2, 2010 / Notices 30891 

3See Securities Exchange Act Release No. 52891 

(December 5, 2005), 70 FR 73503 (December 12, 

2005) (SR–NYSE–2005–83). 

4See note 1 [sic] supra. 

5See Securities Exchange Act Release No. 28129 

(June 19, 1990) (SR–NYSE–90–27). 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(2). 

company (‘‘LLC’’) and (ii) an application 

fee of $1,000 payable in connection with 

the movement of existing members to 

non-public organizations. The Exchange 

proposes to delete these fees from the 

2010 Price List as they are no longer 

applicable. These fees related only to 

circumstances that arose when NYSE 

membership was required to be held by 

individuals, as opposed to the current 

structure which is based on member 

organizations. The Exchange ceased to 

be a member-owned organization in 

2006 at the time of its merger with 

Archipelago Holdings, Inc. In 

connection with the merger, NYSE 

members received shares in the new 

publicly-traded parent company (NYSE 

Group, Inc., the predecessor to the 

NYSE’s current publicly-traded parent 

company, NYSE Euronext). Since this 

demutualization, member organizations 

obtain the right to have their employees 

on the NYSE trading floor by purchasing 

trading licenses. 

As a consequence of the 

demutualization, the categories of 

membership contemplated by the abovedescribed fees no longer exist. The LLC 

category of membership was created in 

2005 to enable an individual member 

who was retiring to retain an ownership 

interest in the Exchange for estate 

planning purposes.3 The $5,000 

application fee was instituted because 

the Exchange believed that there were 

additional costs to the Exchange in 

connection with memberships held by 

LLCs rather than individuals, so the 

Exchange believed that it was 

appropriate to charge a higher 

application fee than the $2,500 fee that 

would have otherwise applied.4 The 

existing members to non-public 

organizations fee of $1,000 was adopted 

in 1990 and was applied to an 

individual member who was associated 

with a member organization and who 

left that member organization to become 

an independent floor broker without a 

public business or to become associated 

with a new member organization 

without a public business that was 

comprised of existing members.5 It also 

applied to an application for 

membership by any new floor brokerage 

entity without a public business that 

consisted of existing individual 

members. All NYSE members are now 

corporations or other legal entities and 

are subject to the applicable application 

fees for the various categories of new 

members: $20,000 for carrying firms, 

$7,500 for introducing firms, and $2,500 

for non-public organizations (i.e., floor 

broker member organizations that do not 

have a public business). Consequently, 

it is the admission of a corporate entity 

as a member organization which gives 

rise to a registration fee under current 

NYSE rules and the movement of floor 

personnel from one member 

organization to another is not subject to 

registration fees, as those individuals 

are not members in their own right. The 

reference to individuals in the line of 

the 2010 Price List with respect to nonpublic organizations will be deleted, as 

it is also inapplicable under the current 

NYSE membership structure. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 6 of the Act 

in general and furthers the objectives of 

Section 6(b)(4) 7 in particular, in that it 

is designed provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its members and 

other persons using its facilities. The 

Exchange believes that the proposal 

does not constitute an inequitable 

allocation of dues, fees and other 

charges, as the fees being eliminated 

related to categories of NYSE members 

that no longer exist under the current 

membership structure. 

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 purpose of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 8 of the Act and Rule 19b– 

4(f)(2) 9 thereunder. 

At any time within 60 days of the 

filing of the proposed 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. 

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. 

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 rulecomments@sec.gov. Please include File 

Number SR–NYSE–2010–36 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2010–36. 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 Web site viewing and 

printing 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 such filing 

will also 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 No. SR–NYSE– 

2010–36 and should be submitted on or 

before June 23, 2010. 


sroberts on DSKD5P82C1PROD with NOTICES
30892 Federal Register / Vol. 75, No. 105 / Wednesday, June 2, 2010 / Notices 

10 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–13161 Filed 6–1–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62175; File No. SR–MSRB– 

2010–03] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing of Proposed 

Rule Change Relating to Amendments 

to the Continuing Disclosure Service 

of the MSRB’s Electronic Municipal 

Market Access System (EMMA®) 

May 26, 2010. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on May 20, 2010, the Municipal 

Securities Rulemaking Board (the 

‘‘MSRB’’) filed with the Securities and 

Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the MSRB. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The MSRB has filed with the 

Commission a proposed rule change to 

amend the continuing disclosure service 

of the MSRB’s Electronic Municipal 

Market Access system (‘‘EMMA’’) to 

provide for the posting of credit rating 

information on the EMMA public Web 

site. The MSRB has requested an 

effective date for the proposed rule 

change of a date to be announced by the 

MSRB in a notice published on the 

MSRB Web site, which date shall be no 

later than nine months after 

Commission approval of the proposed 

rule change and shall be announced no 

later than five (5) business days prior to 

the effective date. 

The text of the proposed rule change 

is available on the MSRB’s Web site at 

http://www.msrb.org/msrb1/sec.asp, at 

the MSRB’s principal office, and at the 

Commission’s Public Reference Room. 

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 

MSRB included statements concerning 

the purpose of and basis for the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

MSRB 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 would 

amend the EMMA continuing disclosure 

service to provide for the posting of 

credit rating information on the EMMA 

public Web site. If and to the extent that 

one or more Nationally Recognized 

Statistical Rating Organization 

(‘‘NRSRO’’) has agreed to provide credit 

rating and related information regarding 

municipal securities to the MSRB, at no 

charge, through an automated data feed 

for dissemination on the EMMA Web 

site, the EMMA Web site would display 

such credit rating and related 

information along with any documents 

and identifying information relating to 

the applicable municipal security 

otherwise displayed on the EMMA Web 

site. Currently, such other documents or 

information may include official 

statements, advance refunding 

documents, continuing disclosure 

documents, transaction price data, 

interest rate reset information, and 

identifying information relating to a 

specific municipal security. 

Credit rating and related information 

normally will be posted within 15 

minutes of successful transmission to 

the MSRB during the hours of 8:30 a.m. 

to 6 p.m. Eastern time on an MSRB 

business day, and any such information 

successfully transmitted outside of the 

MSRB’s normal business hours will be 

posted as soon as practicable. The 

MSRB shall have no obligation to 

supplement, modify or confirm credit 

rating and related information received 

by it through an NRSRO’s automated 

data feed based on information available 

from any other source, including but not 

limited to any such information made 

publicly available by an NRSRO by any 

means other than its automated data 

feed. 

The MSRB requests an effective date 

for the proposed rule change of a date 

to be announced by the MSRB in a 

notice published on the MSRB Web site, 

which date shall be no later than nine 

months after Commission approval of 

the proposed rule change and shall be 

announced no later than five (5) 

business days prior to the effective date. 

2. Statutory Basis 

The MSRB has adopted the proposed 

rule change pursuant to Section 

15B(b)(2)(C) of the Exchange Act, which 

provides that MSRB’s rules shall: 

be designed to prevent fraudulent and 

manipulative acts and practices, to promote 

just and equitable principles of trade, to 

foster cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with respect 

to, and facilitating transactions in municipal 

securities, to remove impediments to and 

perfect the mechanism of a free and open 

market in municipal securities, and, in 

general, to protect investors and the public 

interest. 

The inclusion of credit rating and 

related information provided by 

NRSROs agreeing to provide such 

information for display on the EMMA 

Web site would serve to promote the 

statutory mandate of the MSRB to 

protect investors and the public interest. 

Although credit rating information is 

just one of many factors to consider in 

making an investment decision and in 

evaluating the credit worthiness and 

value of existing municipal securities 

holdings, the proposed rule change 

would make such information more 

easily accessible on an equal basis to all 

participants in the municipal securities 

market, including in particular retail 

investors in municipal securities who 

do not normally have access to 

information services customarily used 

by professional market participants. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The MSRB does not believe the 

proposed rule change will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Exchange Act. Credit 

ratings and related information 

provided on the EMMA Web page 

would be available to all persons 

simultaneously. Any credit rating and 

related information of an NRSRO would 

be displayed on the EMMA Web site 

only with the agreement of such NRSRO 

to such use of its information. The 

MSRB believes that the benefits realized 

by the investing public from the broader 

and easier availability of credit rating 

and related information provided by 

NRSROs, including in particular retail 

investors in municipal securities who 

do not normally have access to 

information services customarily used 


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