Document ID: SEC-2017-1850-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2017-11-13T05:00Z

[Federal Register Volume 82, Number 217 (Monday, November 13, 2017)]
[Notices]
[Pages 52345-52347]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24440]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82020; File No. SR-NYSE-2017-56]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Certain of Its Listing Fees

November 6, 2017.
    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 October 30, 2017, New York Stock Exchange LLC (``NYSE'' or the 
``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.
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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 certain of its listing fees. The 
proposed rule change is available on the Exchange's Web site at 
www.nyse.com, at the principal office of the Exchange, 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

[[Page 52346]]

and discussed any comments it received on the proposed rule change. The 
text of those 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 parts of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Chapter Nine of the Manual to amend 
certain of its listing fee provisions. The amended fees will take 
effect in the 2018 calendar year. The following are the proposed fee 
increases:
     For certain listed securities, the per share fee would 
increase from $0.00105 per share to $0.00108.\3\
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    \3\ The affected securities are as follows: Primary class of 
common shares (including Equity Investment Tracking Stock); each 
additional class of common shares (including tracking stock); 
primary class of preferred stock (if no class of common shares is 
listed); each additional class of preferred stock (whether primary 
class is common stock or preferred stock); each class of warrants; 
structured products listed under Section 703.19 [sic]; and short 
term securities.
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     The minimum annual fee applicable to the primary class of 
common shares (including Equity Investment Tracking Stock) or the 
primary class of preferred stock (if no class of common shares is 
listed) listed under Section 703.05 [sic] would increase from $59,500 
to $65,000.
     The minimum annual fee applicable to structured products 
listed under Section 703.19 [sic] would increase from $20,000 to 
$25,000.
     The initial and annual listing fees for debt listed under 
Section 102.03 and 103.05 of NYSE equity issuers and affiliated 
companies would each increase from $20,000 to $25,000.
     The initial and annual listing fees for debt listed under 
Section 102.03 and 103.05 of companies other than NYSE equity issuers 
and affiliated companies would increase from $40,000 to $45,000.\4\
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    \4\ Domestic debt of issuers not subject to registration under 
the Act is exempt from all listing fees.
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     The initial and annual listing fees for securities 
(including short-term securities) that list under the debt standard in 
Section 703.19 and trade on NYSE Bonds would increase from $20,000 to 
$25,000.
    As described below, the Exchange proposes to make the 
aforementioned fee increases to better reflect the Exchange's costs 
related to listing the above-referenced types of securities and the 
corresponding value of such listing to issuers.
    The Exchange also proposes to remove a number of references 
throughout Chapter Nine to (i) fees that are no longer applicable as 
they were superseded by new fee rates specified in the rule text and 
(ii) effectiveness dates of revised fee levels with respect to which 
the effective date has now passed.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\5\ in general, and furthers the 
objectives of Section 6(b)(4) \6\ of the Act, in particular, in that it 
is designed to provide for the equitable allocation of reasonable dues, 
fees, and other charges. The Exchange also believes that the proposed 
rule change is consistent with Section 6(b)(5) of the Act,\7\ in that 
it is designed 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 securities, 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 
and is not designed to permit unfair discrimination between customers, 
issuers, brokers, or dealers.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
    \7\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that it is reasonable to amend Chapter Nine 
of the Manual to increase the various listing fees as set forth above. 
In that regard, the Exchange notes that it continues to improve and 
increase the services it provides to listed companies. These 
improvements include the continued development and enhancement of an 
interactive web-based platform designed to improve communication 
between the Exchange and listed companies, the availability to listed 
companies of the Exchange's new state-of-the-art conference facilities 
at 11 Wall Street, and continued development and content in an investor 
relations tool available to all listed companies which provides 
companies with information enabling them to better understand the 
trading and ownership of their securities.
    The Exchange believes that the proposed fee increases are equitably 
allocated because the per share fee increase will be the same for all 
issuers on the Exchange. Therefore, the proposed fee increases will not 
be unfairly discriminatory towards any individual issuer. The Exchange 
believes it is consistent with Section 6(b)(5) of the Act to apply 
different fees to bonds of companies that do not have their equity 
securities listed on the NYSE than to companies with NYSE-listed equity 
securities and their affiliates, as there is a greater regulatory and 
administrative burden associated with listing bonds of companies with 
which the Exchange does not otherwise have a regulatory or listing 
relationship.

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. The proposed rule change is 
designed to ensure that the fees charged by the Exchange accurately 
reflect the services provided and benefits realized by listed 
companies. The market for listing services is extremely competitive. 
Each listing exchange has a different fee schedule that applies to 
issuers seeking to list securities on its exchange. Issuers have the 
option to list their securities on these alternative venues based on 
the fees charged and the value provided by each listing. Because 
issuers have a choice to list their securities on a different national 
securities exchange, the Exchange does not believe that the proposed 
fee changes impose a burden on competition.

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

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge 
imposed by the Exchange.
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of such proposed rule 
change, the Commission summarily may temporarily suspend 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

[[Page 52347]]

the purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings under Section 19(b)(2)(B) \10\ 
of the Act to determine whether the proposed rule change should be 
approved or disapproved.
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    \10\ 15 U.S.C. 78s(b)(2)(B).
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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. 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 email to [email protected]. Please include 
File Number SR-NYSE-2017-56 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2017-56. This file 
number should be included on the subject line if email 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 
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2017-56, and should be 
submitted on or before December 4, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24440 Filed 11-9-17; 8:45 am]
BILLING CODE 8011-01-P