Document ID: SEC-2007-0280-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: New York Stock Exchange LLC
Posted Date: 2007-02-23T05:00Z

[Federal Register: February 23, 2007 (Volume 72, Number 36)]
[Notices]               
[Page 8233-8234]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr23fe07-106]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55299; File No. SR-NYSE-2007-01]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change to Amend Listing and Annual 
Fees Applicable to Investment Company Units, Currency Trust Shares, 
Commodity Trust Shares and streetTRACKS[supreg] Gold Shares

February 15, 2007.
    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 January 24, 2007, the New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule changes as described in Items I, II 
and III below, which Items have been substantially prepared by the 
NYSE. The Commission is publishing this notice to solicit comments on 
the proposed rule changes from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Changes

    The Exchange proposes to amend initial listing fees and annual fees 
applicable to Investment Company Units (``ICUs''), Currency Trust 
Shares, Commodity Trust Shares and streetTRACKS[supreg] Gold Shares in 
Section 902.07 of the NYSE Listed Company Manual (``Manual''), and to 
make conforming amendments to Sections 902.02 and 902.03 of the Manual. 
The text of the proposed rule change is available at the Commission's 
Public Reference Room, at the NYSE, and at its Web site: http://www.nyse.com/Frameset.html?displayPage=http://apps.nyse.com/commdata/http://apps.nyse.com/commdata/

log&to=http://apps.nyse.com/commdata/
">http://apps.nyse.com/commdata/mmdata/">http://apps.nyse.com/commdata/
">http://apps.nyse.com/commdata/

yse.com/commdata/

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

    In filings with the Commission, the Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments 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 proposes to amend the Listing Fees and Annual Fees in 
Section 902.07 of the Manual applicable to Investment Company Units 
listed under Section 703.16, and to apply such fees to Currency Trust 
Shares as defined in Exchange Rule 1300A, Commodity Trust Shares as 
defined in Exchange Rule 1300B, and streetTRACKS[supreg] Gold Shares as 
defined in Exchange Rule 1300. The Exchange also proposes to make 
conforming amendments to Sections 902.02 (General Information on Fees) 
and 902.03 (Fees for Listed Equity Securities) of the Manual.

Listing Fees

    The Exchange currently imposes a flat Original Listing Fee of 
$5,000 in connection with listing a series of Investment Company Units. 
The Exchange proposes to amend Section 902.07 to specify that a $5,000 
Listing Fee will also be imposed in connection with the initial listing 
of each issue of Currency Trust Shares as defined in NYSE Rule 1300A 
and Commodity Trust Shares as defined in NYSE Rule 1300B. In addition, 
the proposed amendment reflects the $5,000 Listing Fee applicable to 
the currently-listed streetTRACKS[supreg] Gold Trust.\3\ The Exchange 
has previously specified in its filings pursuant to Rule 19b-4 \4\ 
under the Act with respect to Currency Trust Shares and Commodity Trust 
Shares that a $5,000 initial listing fee applies,\5\ and the Exchange 
believes it is appropriate to include such fee in the Exchange's 
Listing Fee schedule in Section 902.07.
---------------------------------------------------------------------------

    \3\ The Commission approved Exchange listing of 
streetTRACKS[supreg] Gold Shares in Securities Exchange Act Release 
No. 50603 (October 28, 2004), 69 FR 64614 (November 5, 2004) (SR-
NYSE-2004-22). The Exchange indicated in such filing that the 
listing fee for the streetTRACKS[supreg] Gold Trust was $5,000.
    \4\ 17 CFR 240.19b-4.
    \5\ See, e.g., Securities Exchange Act Release No. 54020 (June 
20, 2006), 71 FR 36579 (June 27, 2006) (SR-NYSE-2006-35) (Listing of 
Six CurrencyShares Trusts).
---------------------------------------------------------------------------

Annual Fees

    The Exchange currently imposes a flat Annual Fee of $2,000 for each 
series of ICUs listed on the Exchange. The Exchange has previously 
specified in its filings pursuant to Rule 19b-4 with respect to 
streetTRACKS[supreg] Gold Shares, Currency Trust Shares and Commodity 
Trust Shares that a $2,000 annual fee applies,\6\ and the Exchange 
believes it is appropriate to include the Annual Fee, as proposed to be 
amended, in the Exchange's Listing Fee schedule in Section 902.07.
---------------------------------------------------------------------------

    \6\ Id.
---------------------------------------------------------------------------

    The proposed Annual Fee will be tiered based on the number of 
shares outstanding of each issue of ICUs, Currency Trust Shares or 
Commodity Trust Shares, and to streetTRACKS[supreg] Gold Shares as 
follows:

------------------------------------------------------------------------
         Number of Shares Outstanding (each issue)            Annual Fee
------------------------------------------------------------------------
Less than 25 million.......................................       $2,000
25 million up to 50 million................................        4,000
50 million up to 99,999,999................................        8,000
100 million up to 249,999,999..............................       15,000
250 million up to 499,999,999..............................       20,000
500 million and over.......................................       25,000
------------------------------------------------------------------------

    The Annual Fee will be billed each calendar quarter and will be 
apportioned based on the number of shares outstanding for an issue at 
the end of the preceding calendar quarter, as described below.

[[Page 8234]]

    The Listing Fee schedule for ICUs is not being changed as to 
amount, but would be amended to include application of the $5,000 
Listing Fee to specified securities other than ICUs. The revised Annual 
Fee will be billed quarterly in arrears effective as of January 1, 
2007. As such, billing for the first calendar quarter of 2007 will be 
based on the number of shares outstanding for an issue on March 30, 
2007. For example, for an issue with 45 million shares outstanding on 
March 30, 2007, the Annual Fee payable for the quarter would be $1,000 
($4,000 Annual Fee divided by 4). If, at the end of the second calendar 
quarter of 2007, the number of shares outstanding for such issue 
increased to 55 million, the Annual Fee payable for such quarter would 
be $2,000 ($8,000 Annual Fee divided by 4). The Exchange believes it is 
appropriate to apply the revised Annual Fees to issuers of the 
specified securities as of January 1, 2007 to permit the Exchange to 
apply the fee in the same manner to all such issuers, including those 
listed on the Exchange in the first quarter of 2007.
    The Exchange further proposes to amend Section 902.02 of the Manual 
(General Information on Fees) to specify: (1) That the fees set forth 
in Section 902 are also applicable to ICUs, streetTRACKS[supreg] Gold 
Shares, Currency Trust Shares and Commodity Trust Shares; (2) that 
Listing Fees are based on the number of shares issued and outstanding, 
with the exception of ICUs, streetTRACKS[supreg] Gold Shares, Currency 
Trust Shares, and Commodity Trust Shares; (3) that Annual Fees are 
calculated on a per share basis, with the exception of ICUs, 
streetTRACKS[supreg] Gold Shares, Currency Trust Shares, and Commodity 
Trust Shares; and (4) that the $500,000 per year fee cap in Section 
902.02 does not apply to ICUs, streetTRACKS[supreg] Gold Shares, 
Currency Trust Shares, and Commodity Trust Shares. Section 902.03 of 
the Manual (Fees for Listed Equity Securities) is proposed to be 
amended to specify that such section does not apply to 
streetTRACKS[supreg] Gold Shares, Currency Trust Shares, and Commodity 
Trust Shares (in addition to ICUs, closed-end funds, structured 
products, and short-term securities.)
2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(4) of the Act \7\ that an exchange have 
rules that provide for the equitable allocation of reasonable dues, 
fees, and other charges among its members, issuers and other persons 
using its facilities.
---------------------------------------------------------------------------

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

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.

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 written comments on 
the proposed rule change.

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

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 at http://www.sec.gov/rules/sro.shtml.
; or     Send an e-mail to rule-comments@sec.gov. Please include 

File No. SR-NYSE-2007-01 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 No. SR-NYSE-2007-01. 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 at 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, 100 F Street, NE., 
Washington, DC 20549. 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; 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-2007-01 and should be 
submitted on or before March 16, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-3066 Filed 2-22-07; 8:45 am]

BILLING CODE 8010-01-P