Document ID: SEC-2009-0624-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2009-05-06T04:00Z

[Federal Register: May 6, 2009 (Volume 74, Number 86)]
[Notices]               
[Page 21035]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06my09-147]                         

[[Page 21035]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59844; File No. SR-NYSE-2009-31]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; Order 
Approving Proposed Rule Change Regarding Initial and Annual Listing 
Fees for Securities Listed and Traded on the NYSE Bonds System

April 29, 2009.

I. Introduction

    On March 16, 2009, the New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``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 regarding initial and annual listing fees for 
securities listed pursuant to Section 102.03 of the NYSE Listed Company 
Manual (``Manual'') and traded on the NYSE Bonds system. The proposal 
was published in the Federal Register on March 26, 2009.\3\ The 
Commission received no comments on the proposal. 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. 59608 (March 19, 
2009), 74 FR 13278 (March 26, 2009) (``Notice'').
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II. Background

    Currently, Rule 902.08 of the Manual imposes a one-time listing fee 
of $15,000 for bonds and other fixed income debt securities that list 
on the Exchange pursuant to Section 102.03. The Exchange has proposed 
to amend Rule 902.08 to eliminate the one-time listing fee and replace 
it with an initial listing fee of $5,000 and an annual listing fee of 
$5,000. The proposal also would clarify that non-listed debt of NYSE 
equity issuers and affiliated companies \4\ would continue to be 
eligible to trade on NYSE Bonds without a fee. However, new language to 
Rule 902.08 clarifies that NYSE equity issuers and affiliated companies 
that determine to list debt securities on the Exchange would be subject 
to the $5,000 initial and annual listing fees. The proposal further 
clarifies that only domestic debt of issuers exempt from registration 
under the Act is not subject to a listing fee.
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    \4\ See NYSE Rules 1400 and 1401. See also Securities Exchange 
Act Release No. 54767 (November 16, 2006), 71 FR 67680 (November 22, 
2006) (SR-NYSE-2004-69) (permitting Exchange trading of debt 
securities that are not registered under the Act, but are issued by 
NYSE-listed companies or their wholly-owned subsidiaries and that 
meet other conditions).
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III. Discussion

    After careful review, 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.\5\ 
In particular, the Commission finds that the proposal is consistent 
with Section 6(b)(4) of the Act,\6\ which requires that an exchange 
have rules that provide for the equitable allocation of reasonable 
dues, fees, and other charges among its members and other persons using 
its facilities. The Commission notes that the Exchange's proposed fee 
of $5,000 for both initial and annual listing is consistent with a 
similar fee for Equity-Linked Debt Securities traded on NYSE Bonds, 
which the Commission previously approved,\7\ and that no commenters 
objected to the proposal. The Commission also believes that the 
proposed clarifications to Rule 902.08 of the Manual are reasonable and 
consistent with the Act.
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    \5\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(4).
    \7\ See Securities Exchange Act Release No. 59559 (March 11, 
2009), 74 FR 11391 (March 17, 2009) (SR-NYSE-2009-03).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-NYSE-2009-31) be, and it 
hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-10427 Filed 5-5-09; 8:45 am]

BILLING CODE 8010-01-P