Document ID: SEC-2007-0685-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: NYSE Arca, Inc.
Posted Date: 2007-05-16T04:00Z

[Federal Register: May 16, 2007 (Volume 72, Number 94)]
[Notices]               
[Page 27611]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16my07-121]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55738; File No. SR-NYSEArca-2007-17]

 
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting 
Approval of a Proposed Rule Change To Waive 2007 Annual Listing Fees 
for Certain Dually-Listed Issuers Who Delist During 2007

May 10, 2007.

I. Introduction

    On March 6, 2007, NYSE Arca, Inc. (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to waive 2007 
annual listing fees for certain issuers listed on the Exchange. The 
proposed rule change was published for comment in the Federal Register 
on April 5, 2007.\3\ The Commission received no comments on the 
proposal. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 55564 (March 30, 
2007), 72 FR 16844.
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II. Description of the Proposal

    The Exchange, through its wholly-owned subsidiary NYSE Arca 
Equities, Inc. (``NYSE Arca Equities''), proposes to waive 2007 annual 
listing fees for any issuers, who, as of January 1, 2007, were dually-
listed on NYSE Arca Equities and another securities exchange, provided 
that such dually-listed issuers provide notice to the Exchange by June 
30, 2007 of their intention to voluntarily withdraw listing from NYSE 
Arca Equities and that such dually-listed issuers withdraw listing 
before December 31, 2007.

III. Discussion

    After a careful review of the proposed rule change, the Commission 
finds that the proposed rule change is consistent with the requirements 
of the Act and the regulations thereunder applicable to a national 
securities exchange.\4\ In particular, the Commission believes that the 
proposed rule change is consistent with Section 6(b)(4) of the Act,\5\ 
which requires that the rules of an exchange provide for the equitable 
allocation of reasonable dues, fees, and other charges among members 
and issuers and other persons using any facilities or system which it 
operates or controls.
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    \4\ In approving the proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(4).
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    The Commission notes that the Exchange increased its annual listing 
fees substantially as of January 1, 2007.\6\ The Exchange represented 
that as a result, many dually-listed issuers notified the Exchange of 
their intent to voluntarily delist from NYSE Arca Equities prior to 
January 1, 2007. Some dually-listed issuers, however, were unable to 
voluntarily delist by January 1, 2007, due to their administrative or 
corporate governance process. The proposal will permit such dually-
listed issuers, as well as any other dually-listed issuers who comply 
with the proposal's requirements, a reasonable period of time to comply 
with their administrative or corporate governance process to 
voluntarily delist from NYSE Arca Equities without paying the higher 
2007 annual listing fees. The Commission believes that it is 
appropriate to waive the 2007 annual listing fees for the withdrawing 
dually-listed issuers because these issuers fully intend to withdraw 
their listing, must withdraw by December 31, 2007, and are already 
listed on another national securities exchange. Based on the above, the 
Commission believes that such waiver is consistent with the 
requirements of the Act.
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    \6\ See Securities Exchange Act Release No. 54007 (June 16, 
2006), 71 FR 36155 (June 23, 2006) (SR-PCX-2006-16).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-NYSEArca-2007-17) be, and 
hereby is, approved.
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E7-9411 Filed 5-15-07; 8:45 am]

BILLING CODE 8010-01-P