Document ID: SEC-2009-0727-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Fees Charged for the Floor Member Continuing Education Program for Qualified Floor Members Pursuant to NYSE Rule 103A
Posted Date: 2009-06-02T04:00Z

[Federal Register: June 2, 2009 (Volume 74, Number 104)]
[Notices]               
[Page 26454-26456]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02jn09-118]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59979; File No. SR-NYSE-2009-52]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Amending the Fees Charged for the Floor Member Continuing Education 
Program for Qualified Floor Members Pursuant to NYSE Rule 103A

May 27, 2009.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on May 22, 2009, New York Stock Exchange LLC (``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 prepared by the self-
regulatory organization. The Commission is publishing this notice to

[[Page 26455]]

solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 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 amend, effective immediately, the fees 
charged for the Floor Member Continuing Education Program for qualified 
Floor members pursuant to NYSE Rule 103A, from a fixed flat $50 fee per 
training module, to an $80 flat fee per training module. The text of 
the proposed rule change is available at the Exchange, the Commission's 
Public Reference Room, and 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, 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 those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

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

1. Purpose
    As required by NYSE Rule 103A, the Exchange provides Floor members 
with a mandatory continuing education program, known as the Floor 
Member Continuing Education Program (``FMCE Program''). The Exchange 
proposes to amend, effective immediately, the fees charged for the 
Floor Member Continuing Education Program for qualified Floor members. 
Currently, members pay a fee of $50 per training module. The Exchange 
is proposing to increase the fee to $80 per training module for 2009.
    Members must complete all Exchange-mandated FMCE programs. As 
originally offered, the program consisted of live and video-taped 
lectures. Subsequently, the Exchange updated the program and began 
delivering FMCE content in a computerized learning laboratory, for 
which members were assessed a flat per-session fee of $100. Beginning 
in March 2008, the Exchange began offering the FMCE Program via a web-
based interactive program that members can access from an Internet-
capable computer. To reflect the delivery method of the revised, Web-
based FMCE Program, starting in October 2007, the Exchange changed the 
fee structure from a per-session fee to a flat fee of $50 for each 
training module offered. For this flat fee, members are able to access 
the FMCE Program during their own time and from their own computers 
under proper compliance supervision. Members are also able to stop and 
start a training module at any point and return to a module once 
completed without any additional charge.
    Based upon experience, the revenues generated from the $50 flat fee 
for each training module offered are insufficient to cover fully the 
costs associated with developing and delivering these modules. For that 
reason, the Exchange is proposing to increase the fee in order to 
achieve the goal of cost recovery for the program. The Exchange has 
evaluated the program's costs for 2009 and is proposing to assess a fee 
of $80 for modules delivered in 2009. The new fee will not be 
retroactive and will be applied following the date of this filing.
    Beginning in 2010, the Exchange will review the fee annually to 
ensure that the fee continues to accurately reflect the Exchange's 
development and delivery costs. Any revenues collected in a given year 
that exceed that year's actual development and delivery costs will be 
credited to the projected development and delivery costs for the 
succeeding year. Similarly, any deficit may be carried over to the next 
year for purposes of assessing the fee. If the Exchange determines that 
further fee changes are necessary, we will submit appropriate filings 
with the Commission.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 \4\ of the Securities Exchange Act of 
1934 (the ``Act'') \5\ in general and Section 6(b)(4) of the Act \6\ in 
particular, in that the proposed rule change is designed to provide for 
the equitable allocation of reasonable dues, fees and other charges 
among its members and other persons using its facilities.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78a et seq.
    \6\ 15 U.S.C. 78f(b)(4).
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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 Act.

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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \7\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \8\ thereunder, because it establishes a due, fee, or other charge 
imposed by the NYSE.
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(2).
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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 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-NYSE-2009-52 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-NYSE-2009-52. 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

[[Page 26456]]

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 Section, 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 will also be available for inspection and 
copying at the principal office of the self-regulatory organization. 
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-2009-52 
and should be submitted on or before June 23, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-12716 Filed 6-1-09; 8:45 am]

BILLING CODE 8010-01-P