[Federal Register Volume 64, Number 4 (Thursday, January 7, 1999)]
[Notices]
[Pages 1054-1055]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-310]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-40841; File No. SR-NYSE-98-43]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange, Inc.,
To Set the Monthly Limit on Transaction Charges for 1999 at $400,000
per Member Firm
December 28, 1998.
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 December 1, 1998, the New York Stock Exchange, Inc. (``NYSE'' 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 prepared by the Exchange. On
December 19, 1998, the Exchange submitted Amendment No. 1 to the
proposed rule change.\3\ 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\ See Letter from James E. Buck, Senior Vice President, NYSE,
to Joseph Corcoran, Attorney, Division of Market Regulation,
Commission, dated December 19, 1998 (``Amendment No. 1''). In
Amendment No. 1, the NYSE proposes to amend its fee schedule to
reflect the continuation of the $400,000 cap on an individual member
firm's monthly transaction charge.
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The current fee structure provides for a $400,000 cap on an
individual member firm's monthly transaction charges and is in effect
through the end of 1998. The proposed revision sets the monthly
transaction charge cap at $400,000 for 1999.
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
The purpose of the change is to respond to the needs of our
constituents with respect to overall competitive market conditions and
customer satisfaction.
2. Statutory Basis
The Basis under the Act for the proposed rule change is the
requirement under Section 6(b)(4) \4\ that an Exchange have rules that
provide for the equitable allocation of reasonable dues, fees, and
other charges among its members, issuers and other persons using its
services.
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\4\ 15 U.S.C. 78f(b)(4).
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[[Page 1055]]
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed fee change will not 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
The Exchange has not solicited comments regarding the proposed Rule
Change. The Exchange has not received any unsolicited written comments
from members or other interested parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A)(ii) of the Act \5\ and subparagraph
(e)(2) of Rule 19b-4 thereunder.\6\ 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.\7\
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\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(e)(2).
\7\ In reviewing this proposal, the Commission has considered it
is potential impact on efficiency, competition and capital
formation. 15 U.S.C. 78c(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
is consistent with the Act. Persons making written submissions should
file six copies thereof with the Secretary, Securities and Exchange
Commission, 450 Fifth Street, N.W., Washington, D.C. 20549. 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 will also be available for
inspection and copying at the principal office of the NYSE. All
submissions should refer to File No. SR-NYSE-98-43 and should be
submitted by January 28, 1999.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-310 Filed 1-6-99; 8:45 am]
BILLING CODE 8010-01-M
