[Federal Register Volume 59, Number 205 (Tuesday, October 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-26433]
[[Page Unknown]]
[Federal Register: October 25, 1994]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34862; File No. SR-NYSE-94-36
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the New York Stock Exchange,
Inc. Relating to Elimination of Monthly Fee Charged for Obtaining
Certain Statistical Reports on Extensions of Time
October 19, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on October
5, 1994, the New York Stock Exchange, Inc. (``NYSE'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'' or
``SEC'') 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 solicit
comments on the proposed rule change from interested persons.
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The NYSE is proposing to eliminate the monthly fifteen dollar fee
charged margin extension system users for obtaining certain statistical
reports on extensions of time. The fee elimination is effective upon
filing with the SEC.
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 these statements may be examined at
the places specified in item IV below. The self-regulatory organization
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
In March 1984, four statistical reports were created as part of the
redesign of the Exchange's computerized margin extension system. The
purpose of these reports is to provide member organizations with
information to assist them in controlling and monitoring ``extension of
time'' requests. Further, these reports act as a surveillance tool for
member organizations and the Exchange, to ensure compliance with the
rules and regulations that govern extension requests and procedures.
The reports currently are distributed at no charge on a quarterly
basis to all member organizations submitting their ``extensions of
time'' to the Exchange. Member organizations may request one or more of
the reports on a monthly basis, for a fee of fifteen dollars ($15) for
each report requested. This charge was instituted to cover the
Exchange's cost for producing and processing the reports.
The Exchange is eliminating the fifteen dollar fee for these
additional statistical reports and will furnish statistical reports
produced through the computerized extension system to member
organizations monthly at no charge beginning with the October 1994
reports.\1\
---------------------------------------------------------------------------
\1\The proposed rule change states that the elimination of the
monthly fee would commence as of September 1, 1994. Because the
reports produced for September are quarterly reports, which already
are distributed without charge, the proposal should have referenced
the October 1994 reports as the first monthly reports that would be
distributed at no charge. Telephone conversation between Donald van
Weezel, Managing Director, Regulatory Affairs, NYSE, and Beth
Stekler, Attorney, SEC, on October 18, 1994.
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with the requirement under
Section 6(b)(4) of the Act that an exchange have rules that provide for
the equitable allocation of reasonable dues, fees and other charges
among its members and issuers and other persons using its facilities.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change will impose no
burden on competition 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, and does not intend to solicit,
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and subparagraph (e) of Rule 19b-4 thereunder
because it establishes or changes a due, fee, or other charge imposed
by the Exchange. At any time within 60 days of the filing of such
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. 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 at the
Commission's Public Reference Section, 450 Fifth Street, N.W.,
Washington, D.C. 20549. 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-94-36 and should be
submitted by November 15, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-26433 Filed 10-24-94; 8:45 am]
BILLING CODE 8010-01-M
