Document ID: SEC-2007-1762-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: New York Stock Exchange LLC
Posted Date: 2007-12-27T05:00Z

[Federal Register: December 27, 2007 (Volume 72, Number 247)]
[Notices]               
[Page 73392-73393]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27de07-106]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56984; File No. SR-NYSE-2007-110]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of a Proposed Rule Change as Modified by Amendment No. 
1 Thereto To Amend Listing Fees for Structured Products, Short-Term 
Securities, and Debt Securities

December 18, 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 November 28, 2007, New York Stock Exchange, LLC (the ``NYSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been substantially prepared by the 
Exchange. On December 17, 2007, NYSE filed Amendment No. 1 to the 
proposed rule change. The Commission is publishing this notice to 
solicit comments on the proposed rule change, as amended, 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 alter the listing fees applicable to 
structured products, short-term securities, and debt securities. The 
text of the proposed rule change is available at the Exchange's 
principal office, in the Commission's Public Reference Room, and at 
http://www.nyse.com.

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

    In its filing with the Commission, NYSE 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 IV below. 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 Section 902 of the Listed Company 
Manual to alter the Exchange's listing fees applicable to structured 
products, short-term securities, and debt securities. This filing does 
not amend the listing fees applicable to equity securities of operating 
companies.
    Annual fees for structured products (Section 902.05) and short-term 
securities (Section 902.06) are currently subject to a minimum fee of 
$5,000 per year. The Exchange proposes to charge a supplement to the 
2008 Annual Fees for the period from February 1, 2008, until year end. 
An issuer that would pay less than $15,000 in Annual Fees for 2008 
would be required to pay a supplemental amount equal to the difference 
between its Annual Fee and $15,000. For 2009 and thereafter, the 
Exchange would increase the minimum annual fee to $15,000, as the 
Exchange believes that this is more appropriate than the current $5,000 
minimum in light of the costs it incurs in connection with the listing 
of such securities. Annual fees will not be increased for short-term 
warrants to purchase equity securities (which would continue to be 
subject to a $5,000 minimum annual fee) and such warrants would not be 
subject to the supplemental payment for 2008.
    The Exchange currently applies the debt securities fee schedule set 
forth in Section 902.08 to securities listed under Section 703.19 and 
traded on NYSE Bonds. The Exchange proposes to amend Section 902.08 to 
impose a flat initial listing fee of $15,000 on all structured products 
(including short-term securities) listed under Section 703.19 and 
traded on NYSE Bonds. Currently, NYSE-listed companies and their 
affiliates pay no fees on structured products that trade on NYSE Bonds; 
the new proposed $15,000 initial listing fee would apply to all 
structured products listed on NYSE Bonds going forward. Section 902.08 
would also be amended to impose a $15,000 initial listing fee on 
securities listed under the debt standard of Section 102.03 in place of 
the current fees. Debt listed under Section 102.03 of NYSE equity 
issuers and affiliated companies and of issuers exempt from 
registration under the Exchange Act would continue to be exempt from 
listing fees.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Exchange Act \3\ in general, and furthers the objectives of Section 
6(b)(5) \4\ in particular in that it is designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in facilitating transactions in securities, and to 
remove impediments to and perfect the mechanisms of a free and open 
market and a national market system.
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    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
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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 Exchange Act.

[[Page 73393]]

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

    Written comments were neither solicited nor received.

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-NYSE-2007-110 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-2007-110. 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, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of 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-2007-110 and should be 
submitted on or before January 17, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-24985 Filed 12-26-07; 8:45 am]

BILLING CODE 8011-01-P