[Federal Register Volume 64, Number 47 (Thursday, March 11, 1999)]
[Notices]
[Pages 12202-12203]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-6047]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41130; File No. SR-NYSE-99-7]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the New York Stock Exchange,
Inc., Relating to an Examination Fee for the Trading Assistant
Qualification Examination
March 3, 1999.
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 February 16, 1999, the New York Stock Exchange, Inc. (``NYSE'')
filed with the Securities and Exchange Commission 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.
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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 proposed rule change consists of the adoption of a $150 fee for
candidates in connection with the new Trading Assistant Qualification
Examination (``Series 25'') to be given by the NYSE.
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 NYSE 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 NYSE 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 proposed $150 fee for the new Series 25
examination is to offset the costs associated with development,
implementation, administration and maintenance of that examination by
the Exchange.
Exchange Rule 35 dictates the terms under which an employee of a
member or member organization may be admitted to the Exchange Trading
Floor. Recent amendments to Rule 35 require Trading Assistant, i.e.,
Post Clerks and Booth Clerks, to be qualified by passing appropriate
qualification examinations and by meeting appropriate training
requirements.\3\ The Exchange anticipates that administration of the
Series 25 Examination will commence in March 1999.
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\3\ See Securities Exchange Act Release No. 40944 (January 13,
1999), 64 FR 3330 (January 21, 1999) (order approving File No. SR-
NYSE-98-36).
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2. Statutory Basis
The statutory basis for the proposed rule change is Section 6(b)(4)
of the Act,\4\ which permits the rules of an exchange to provide for
the equitable allocation of reasonable dues, fees and other charges
among the members, issuers and other persons using its services.
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\4\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule 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
Comments were neither solicited nor received.
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 \5\ and subparagraph (f) of Rule 19b-4
thereunder because the proposal is establishing or changing a due, fee
or other charge.\6\ At any time within 60 days of the filing of such
proposed rule
[[Page 12203]]
change, the Commission may summarily abrogate such action 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.
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\5\ 15 U.S.C. 78(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(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 proposal is
consistent with the Act. Persons making written submissions should file
six copies thereof with the Secretary, Securities and Exchange
Commission, 450 Fifth Street NW., Washington, DC 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 at 450 Fifth Street, NW., Washington, DC 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. SY-NYSE-99-07 and should be submitted by April 1, 1999.
For the Commission, by the Division of Market Regulation, pursuant
to the delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-6047 Filed 3-10-99; 8:45 am]
BILLING CODE 8010-01-M
