[Federal Register: April 5, 2007 (Volume 72, Number 65)]
[Notices]
[Page 16844-16845]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05ap07-141]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55564; File No. SR-NYSEArca-2007-17]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To Waive Certain Listing Fees for Dually-Listed
Issuers Who Delist During 2007
March 30, 2007.
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 6, 2007, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been substantially prepared by the Exchange. The Commission
is publishing this notice to solicit comments on the proposal from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 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, through its wholly-owned subsidiary NYSE Arca
Equities, Inc. (``NYSE Arca Equities''), proposes to waive 2007 listing
fees for any companies who, as of January 1, 2007, were dually listed
on NYSE Arca Equities, on the one hand, and another national securities
exchange, on the other hand, and have provided notice by June 30, 2007
to NYSE Arca Equities of their intention to voluntarily withdraw from
listing on NYSE Arca. The NYSE Arca schedule of listing fees will be
amended to note that, for those issuers dually listed on NYSE Arca
Equities on January 1, 2007 and who have given notice by June 30, 2007
to NYSE Arca Equities of their intention to voluntarily withdraw from
listing on NYSE Arca (and in fact withdraw during 2007), the 2007
annual listing fees will be waived.
The text of the proposed rule change is available on the Exchange's
Web site (http://www.nysearca.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 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 III 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
The Exchange, through NYSE Arca Equities, proposes to waive 2007
listing fees for any companies who, as of January 1, 2007, were dually
listed on NYSE Arca Equities, on the one hand, and another national
securities exchange, on the other hand, and have provided notice by
June 30, 2007 to NYSE Arca Equities of their intention to voluntarily
withdraw from listing on NYSE Arca. The NYSE Arca schedule of listing
fees will be amended to note that, for those issuers dually listed on
NYSE Arca Equities on January 1, 2007 who have given notice by June 30,
2007 to NYSE Arca Equities of their intention to voluntarily withdraw
from listing on NYSE Arca (and in fact withdraw during 2007), the 2007
annual listing fees will be waived.
Effective January 1, 2007, the annual listing fees for all
companies listed on NYSE Arca Equities were increased.\3\ Many of the
issuers still dually listed on NYSE Arca Equities on January 1, 2007
had indicated to the Exchange their intention to voluntarily withdraw
from NYSE Arca. However, because of the dually listed issuers'
administrative or governance processes, some of these dually listed
issuers were unable to complete the withdrawal process before the new
fees became effective. In this instance, the Exchange believes that it
is appropriate to waive the 2007 listing fees for issuers dually listed
on NYSE Arca Equities as of January 1, 2007 who have given notice by
June 30, 2007 of their intention to voluntarily withdraw during 2007
and in fact withdraw during 2007.
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\3\ See Securities Exchange Act Release No. 54007 (June 16,
2006), 71 FR 36155 (June 23, 2006) (SR-NYSEArca-2006-16).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act \4\ in general and furthers
the objectives of Section 6(b)(5) of the Act \5\ in particular, in that
it is designed to promote just and equitable principles of trade, to
remove impediments, and to 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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\4\ 15 U.S.C. 78f.
\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 Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments on the proposed rule change were neither solicited
nor received.
[[Page 16845]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) As the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve such proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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-NYSEArca-2007-17 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2007-17. 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. 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 available publicly. All submissions should refer to
File Number SR-NYSEArca-2007-17 and should be submitted on or before
April 26, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-6372 Filed 4-4-07; 8:45 am]
BILLING CODE 8010-01-P