Document ID: SEC-2009-0249-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Alternext US LLC
Posted Date: 2009-02-25T05:00Z

[Federal Register: February 25, 2009 (Volume 74, Number 36)]
[Notices]               
[Page 8605-8607]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25fe09-111]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59418; File No. SR-NYSEALTR-2009-07]

 
Self-Regulatory Organizations; NYSE Alternext US LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Provide 
Instructions as to the Payment of Listing Fees in Connection With the 
Listing of Additional Securities

February 18, 2009.
    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 February 2, 2009, NYSE Alternext US LLC (``NYSE Alternext'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule changes as described in Items I and 
II below, which items have been prepared by the Exchange. NYSE 
Alternext filed the proposed rule change pursuant to Section 
19(b)(3)(A) of the

[[Page 8606]]

Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal 
effective upon filing. The Commission is publishing this notice to 
solicit comments on the proposed rule changes from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 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

    The Exchange proposes to amend Section 332 of the Exchange's 
Company Guide to provide instructions as to the payment of listing fees 
in connection with the listing of additional securities. The text of 
the proposed rule change is available on the Exchange's Web site 
(http://www.nyse.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 self-regulatory organization 
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 Alternext 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
    Section 332 of the Exchange's Company Guide provides that a check 
drawn to the order of ``NYSE Alternext US LLC'' should accompany each 
application for the listing of additional securities of a previously 
listed class. In the absence of specific instruction to the contrary, 
it has been the Exchange's experience that many companies have complied 
with the plain wording of this provision and forwarded the check along 
with the listing application to the regulatory staff that are 
responsible for processing the listing applications. The Exchange 
believes that it is inappropriate for the employees of NYSE Regulation 
who process listing applications to be accepting payments on behalf of 
the business. Furthermore, the internal routing of checks to the 
Exchange's Treasury Department from NYSE Regulation leads to 
unnecessary delays and the possibility that checks may be lost or not 
cashed on a timely basis. As such, the Exchange proposes to amend 
Section 332 to provide that checks in payment of listing fees in 
connection with listings of additional shares should be sent to the 
following address: NYSE Alternext US LLC, Attn: Treasury Department, 20 
Broad Street, 9th Floor, New York, NY 10005.
    Section 332 as amended will require that checks sent to the 
Treasury Department in payment of listing fees should be accompanied by 
a copy of the related listing application required by Section 303 of 
the Company Guide, to ensure that Exchange staff knows to apply the 
funds to the listing fee obligation incurred in connection with that 
listing application. Companies should continue to provide a copy of the 
listing application required by Section 303, accompanied by the 
exhibits detailed in Section 306, to the staff of NYSE Regulation who 
process listing applications on behalf of NYSE Alternext.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is 
the requirement under Section 6(b)(5) \5\ that an Exchange have rules 
that are designed to promote just and equitable principles of trade, to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system and, in general, to protect 
investors and the public interest. The Exchange believes that the 
proposed amendment to Section 332 is consistent with the requirements 
of Section 6(b)(5), as it simply provides practical guidance as to how 
to make payments of listing fees payable to the Exchange in connection 
with listings of additional securities, without making any change to 
the fees themselves.
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    \5\ 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.

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

    Because the foregoing proposed rule change does not: (1) 
Significantly affect the protection of investors or the public 
interest; (2) impose any significant burden on competition; and (3) by 
its terms, become operative for 30 days after the date of filing, 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) of the Act 
\6\ and Rule 19b-4(f)(6) thereunder.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 30 days after the date of filing.\8\ However, 
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter 
time if such action is consistent with the protection of investors and 
the public interest. The Exchange requested that the Commission waive 
the 30-day operative delay, as specified in Rule 19b-4(f)(6)(iii).
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    \8\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the self-regulatory organization to give the 
Commission notice of its intent to file the proposed rule change, 
along with a brief description and text of the proposed rule change, 
at least five business days prior to the date of filing of the 
proposed rule change, or such shorter time as designated by the 
Commission. The Exchange has satisfied this requirement.
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    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because doing so would enable the Exchange to immediately direct 
issuers to send checks for the listing of additional shares to the 
appropriate non-regulatory staff, and ensure proper application of the 
fees. Further, the proposal will help to maintain the integrity of the 
Exchange's review process for the listing of additional shares by 
ensuring the NYSE regulatory staff is not improperly accepting payments 
on behalf of the listing business. Accordingly, the Commission 
designates the proposed rule change as operative upon filing.\9\
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    \9\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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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

[[Page 8607]]

interest, for the protection of investors, or otherwise in furtherance 
of the purposes of the Act.

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-NYSEALTR-2009-07 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEALTR-2009-07. 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 the 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-NYSEALTR-2009-07 and should 
be submitted on or before March 18, 2009.
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    \10\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-3982 Filed 2-24-09; 8:45 am]

BILLING CODE 8011-01-P