[Federal Register Volume 63, Number 236 (Wednesday, December 9, 1998)]
[Notices]
[Pages 67964-67965]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-32602]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-40731; File No. SR-NYSE-98-39]
Self-Regulatory Organization; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the New York Stock Exchange,
Inc., To Increase the Administration Fee Charged for the Supervisory
Analyst Examination (Series 16)
December 1, 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 November 13, 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. 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.
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The NYSE proposes to increase the fee for the Supervisory Analyst
Examination (Series 16) from $60 to $200 per administration effective
December 1, 1998.
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
Exchange Rule 472(b) (``Communications With The Public'') requires
that research reports be prepared or approved by a supervisory analyst
acceptable to the Exchange under the provisions of Rule 344
(``Supervisory Analysts''). The Supervisory Analyst Examination
(``Series 16'') is the qualification examination that a person must
pass before he or she can work as a Supervisory Analyst for a member or
member organization. The Exam previously was administered in paper and
pencil format and the fee charged has been $60 per candidate. Recently,
the Exchange began administration of this examination in electronic
format at Sylvan Test Centers. These test centers also administer other
industry examinations.
The Exchange proposes to increase the administration fee for the
Series 16 Examination to $200 per exam administration effective
December 1, 1998. The increased fee is necessary to offset expenses
incurred in developing, updating and administering the exam.
Additionally, the fee will be consistent with the fees charged for
other exams.
2. Statutory Basis
The proposed rule change is consistent with the requirement under
Section 6(b)(4) of the Act \3\ 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.
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\3\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposal does 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
Comments were neither solicited nor received.
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 \4\ and subparagraph
(e)(2) of Rule 19b-4 thereunder. \5\ 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.\6\
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\4\ 15 U.S.C. 78s(b)(3)(A)(ii).
\5\ 17 CFR 240.19b-4(e)(2).
\6\ In reviewing this proposal, the Commission has considered
its 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
[[Page 67965]]
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-98-39 and should be submitted by December 30, 1998.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority. \7\
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\7\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 98-32602 Filed 12-8-98; 8:45 am]
BILLING CODE 8010-01-M
