Document ID: SEC-2006-0977-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: NewYork Stock Exchange LLC
Posted Date: 2006-08-01T04:00Z

[Federal Register: August 1, 2006 (Volume 71, Number 147)]
[Notices]               
[Page 43553-43554]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01au06-103]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54220; File No. SR-NYSE-2006-52]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change by 
New York Stock Exchange LLC Relating to Amendments to Exchange Rule 
629--Schedule of Fees

July 26, 2006.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 \3\ thereunder, notice is hereby 
given that on July 21, 2006, New York Stock Exchange LLC (``NYSE'') 
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. NYSE has filed the proposal as a 
``non-controversial'' proposed rule change pursuant to Section 
19(b)(3)(A) \4\ of the Act, and Rule 19b-4(f)(6) \5\ thereunder, which 
renders the proposal as effective immediately upon filing. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NYSE is proposing an amendment to Rule 629 to clarify the hearing 
deposits required for customer counterclaims, third party claims, and 
cross-claims.
    The text of the proposed rule change is available on NYSE's Web 
site (http://www.nyse.com), at the NYSE's Office of the Secretary, 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 NYSE 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 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
    NYSE Rule 629 (``Rule 629'') sets forth the schedules of fees for 
hearing deposits required by the parties when filing claims, 
counterclaims, third party claims and cross-claims. The hearing 
deposits differ for customer and industry claimants.
    NYSE proposes to amend Rule 629 to clarify that the hearing 
deposits required of customers who file counterclaims, third party 
claims and cross-claims [in an industry initiated dispute] are the same 
as the hearing deposits for matters in which a customer is the 
claimant.
2. Statutory Basis
    NYSE believes the proposed changes are consistent with Section 
6(b)(4) \6\ of the Act, 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.
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    \6\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The NYSE 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.

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

    The NYSE 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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect

[[Page 43554]]

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, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) \7\ of the Act and Rule 19b-4(f)(6) \8\ 
thereunder.
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6).
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    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.
    NYSE has requested that the Commission waive the 30-day operative 
delay contained in Rule 19b-4(f)(6)(iii) \9\ under the Act based upon a 
representation that the proposed rule change accurately reflects the 
fees imposed pursuant to Rule 629 and will provide further 
clarification regarding hearing deposits required for customers filing 
counterclaims, third party claims and cross-claims in industry 
initiated disputes. In light of the foregoing, the Commission believes 
such waiver is consistent with the protection of investors and the 
public interest. Accordingly, the Commission designates the proposal to 
be effective and operative upon filing with the Commission.\10\
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    \9\ 17 CFR 240.19b-4(f)(6)(iii).
    \10\ For purposes only of waiving the 30-day operative delay of 
this proposal, the Commission has considered the proposed rule's 
impact on efficiency, competition, and capital formation. 15 U.S.C. 
78c(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, as amended, 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 e-mail to rule-comments@sec.gov. Please include File 

Number SR-NYSE-2006-52 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC, 20549-1090.

All submissions should refer to File Number SR-NYSE-2006-52. 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 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 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-NYSE-2006-52 and should be submitted on or before August 
22, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E6-12323 Filed 7-31-06; 8:45 am]

BILLING CODE 8010-01-P