Document ID: SEC-2008-0492-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2008-04-01T04:00Z

[Federal Register: April 1, 2008 (Volume 73, Number 63)]
[Notices]               
[Page 17388-17390]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01ap08-87]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57555; File No. SR-NYSE-2008-18]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Extend the Compliance Deadline for NYSE Members To Complete Required 
2007 Continuing Education Modules Under NYSE Rule 103A

March 26, 2008.
    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 13, 2008, the New York Stock Exchange LLC (``NYSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II and III below, which Items have been prepared substantially 
by the Exchange. The Exchange has designated this proposal as 
constituting a stated policy, practice, or interpretation with respect 
to the meaning, administration, or enforcement of an existing rule of 
the self-regulatory organization pursuant to section 19(b)(3)(A)(i) of 
the Act \3\ and Rule 19b-4(f)(1) thereunder,\4\ which renders the 
proposal effective upon filing with the Commission. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
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)(i).
    \4\ 17 CFR 240.19b-4(f)(1).

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[[Page 17389]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to extend the compliance deadline for NYSE 
members to complete required 2007 continuing education modules pursuant 
to NYSE Rule 103A. There is no proposed rule text.

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 IV 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
    NYSE Rule 103A requires that the Exchange provide continuing 
education programs for Floor members. All NYSE members who work on the 
Floor of the Exchange must complete the education programs; failure to 
do so within the prescribed time frame results in the member being 
barred from entering the Exchange Floor.
    Over the past year, NYSE Regulation, Inc., which supervises the 
creation and delivery of content for the Floor Member Continuing 
Education (``FMCE'') program, has been developing a Learning Management 
System (``LMS'') that automates the delivery of program content to 
members via a Web-based interactive program that participants can 
access from an Internet-capable computer. Because the new LMS changed 
certain details about how the program was delivered, the Exchange filed 
certain amendments to Rule 103A to update the Rule in light of the new 
system requirements.\5\ The Exchange expects to launch the LMS during 
March 2008. In order to meet its requirements for 2007, NYSE Regulation 
delivered certain FMCE modules via in-person classes held in November 
and December 2007. Approximately 300 members failed to participate in 
each of the three modules. Under the previous version of Rule 103A, 
which applied to the 2007 FMCE program, a member had 120 days from 
original assignment date to make up missed classes. (The deadline for 
making up a missed element has since been shortened pursuant to amended 
NYSE Rule 103A.) Under the former version of the Rule, the deadline by 
which the first module must be completed via a make-up session is March 
18, 2008; the latest will be April 18, 2008.
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    \5\ See Securities Exchange Act Release No. 56851 (November 28, 
2007), 72 FR 68932 (December 6, 2007) (SR-NYSE-2007-106).
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    NYSE Regulation intended to employ the LMS to allow members to 
make-up missed classes within the allotted 120 days. (All live sessions 
were videotaped and these archived sessions will be available through 
the LMS.) However, technical difficulties have delayed the LMS's 
launch. We now anticipate launching the LMS during the week of March 
10, 2008.\6\
    Given the delays in rolling out the LMS, NYSE Regulation proposes 
to grant all members with open 2007 FMCE assignments an extension to 
their deadline under the Rule. The extension will be relatively short 
in time and will apply only to 2007 FMCE modules. At this time, we will 
be giving each member 30 days to complete a 2007 module from the time a 
make-up assignment is made available through the LMS. This filing seeks 
authorization from the Commission to grant the necessary extensions.
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    \6\ See NYSE Regulation, Inc. Information Memo 08-9 (March 14, 
2008) (announcing implementation of the LMS).
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
and furthers the objectives of section 6(b)(5) of the Act,\7\ in that 
it is designed to prevent fraudulent and manipulative acts and 
practices, 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.
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    \7\ 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 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 proposed rule change has become effective pursuant to section 
19(b)(3)(A)(i) of the Act \8\ and Rule 19b-4(f)(1) thereunder,\9\ in 
that the proposed rule change constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule of the self-regulatory organization.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(i).
    \9\ 17 CFR 240.19b-4(f)(1).
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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-2008-18 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2008-18. 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

[[Page 17390]]

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 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 publicly available. All submissions 
should refer to File Number SR-NYSE-2008-18 and should be submitted on 
or before April 22, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
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    \10\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E8-6608 Filed 3-31-08; 8:45 am]

BILLING CODE 8011-01-P