[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