Document ID: SEC-2007-0504-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: NYSE Arca, Inc.
Posted Date: 2007-04-05T04:00Z

[Federal Register: April 5, 2007 (Volume 72, Number 65)]
[Notices]               
[Page 16844-16845]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05ap07-141]                         

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55564; File No. SR-NYSEArca-2007-17]

 
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
of Proposed Rule Change To Waive Certain Listing Fees for Dually-Listed 
Issuers Who Delist During 2007

March 30, 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 March 6, 2007, NYSE Arca, Inc. (``NYSE Arca'' 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 substantially prepared by the Exchange. The Commission 
is publishing this notice to solicit comments on the proposal 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 Change

    The Exchange, through its wholly-owned subsidiary NYSE Arca 
Equities, Inc. (``NYSE Arca Equities''), proposes to waive 2007 listing 
fees for any companies who, as of January 1, 2007, were dually listed 
on NYSE Arca Equities, on the one hand, and another national securities 
exchange, on the other hand, and have provided notice by June 30, 2007 
to NYSE Arca Equities of their intention to voluntarily withdraw from 
listing on NYSE Arca. The NYSE Arca schedule of listing fees will be 
amended to note that, for those issuers dually listed on NYSE Arca 
Equities on January 1, 2007 and who have given notice by June 30, 2007 
to NYSE Arca Equities of their intention to voluntarily withdraw from 
listing on NYSE Arca (and in fact withdraw during 2007), the 2007 
annual listing fees will be waived.
    The text of the proposed rule change is available on the Exchange's 
Web site (http://www.nysearca.com), at the Exchange'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 Exchange 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 III below. The Exchange 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, through NYSE Arca Equities, proposes to waive 2007 
listing fees for any companies who, as of January 1, 2007, were dually 
listed on NYSE Arca Equities, on the one hand, and another national 
securities exchange, on the other hand, and have provided notice by 
June 30, 2007 to NYSE Arca Equities of their intention to voluntarily 
withdraw from listing on NYSE Arca. The NYSE Arca schedule of listing 
fees will be amended to note that, for those issuers dually listed on 
NYSE Arca Equities on January 1, 2007 who have given notice by June 30, 
2007 to NYSE Arca Equities of their intention to voluntarily withdraw 
from listing on NYSE Arca (and in fact withdraw during 2007), the 2007 
annual listing fees will be waived.
    Effective January 1, 2007, the annual listing fees for all 
companies listed on NYSE Arca Equities were increased.\3\ Many of the 
issuers still dually listed on NYSE Arca Equities on January 1, 2007 
had indicated to the Exchange their intention to voluntarily withdraw 
from NYSE Arca. However, because of the dually listed issuers' 
administrative or governance processes, some of these dually listed 
issuers were unable to complete the withdrawal process before the new 
fees became effective. In this instance, the Exchange believes that it 
is appropriate to waive the 2007 listing fees for issuers dually listed 
on NYSE Arca Equities as of January 1, 2007 who have given notice by 
June 30, 2007 of their intention to voluntarily withdraw during 2007 
and in fact withdraw during 2007.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 54007 (June 16, 
2006), 71 FR 36155 (June 23, 2006) (SR-NYSEArca-2006-16).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act \4\ in general and furthers 
the objectives of Section 6(b)(5) of the Act \5\ in particular, in that 
it is designed to promote just and equitable principles of trade, to 
remove impediments, and to perfect the mechanism of, a free and open 
market and a national market system, and, in general, to protect 
investors and the public interest.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    Written comments on the proposed rule change were neither solicited 
nor received.

[[Page 16845]]

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

File Number SR-NYSEArca-2007-17 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-NYSEArca-2007-17. 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 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-NYSEArca-2007-17 and should be submitted on or before 
April 26, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-6372 Filed 4-4-07; 8:45 am]

BILLING CODE 8010-01-P