[Federal Register Volume 64, Number 130 (Thursday, July 8, 1999)]
[Notices]
[Pages 36940-36941]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17354]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41576; File No. SR-NYSE-99-27]
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 Front Line Specialist
Clerk Qualification Examination (``Series 21'')
June 29, 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 June 22, 1999, the New York Stock Exchange, Inc. (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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 Exchange proposes to implement a $200 fee for each candidate in
connection with the new Front Line Specialist Clerk Qualification
Examination (``Series 21'') 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 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to implement a $200 per-
exam administration fee for the new Front Line Specialist Clerk
Qualification Examination (``Series 21''). The fee is consistent with
other Exchange administered examination fees which range from $150 to
$200. It will be used to offset the costs associated with the
Examination's development, implementation, administration and
maintenance.
Exchange Rule 35 dictates the terms under which an employee of a
member or member organization may be admitted to the Exchange Trading
Floor. Under recently proposed amendments to Rule 35,\3\ Front Line
Specialist Clerks (``FLS Clerks'') will have to be qualified by passing
appropriate qualification examinations and by meeting appropriate
training requirements.
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\3\ See Securities Exchange Act Release No. 41514 (June 10,
1999), 64 FR 32912 (June 18, 1999) (SR-NYSE-99-19); and No. 41515
(June 10, 1999), 64 FR 32911 (June 18, 1999) (SR-NYSE-99-20).
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The Exchange anticipates that administration of the Series 21
Examination will commence 90 days after its approval by the Commission.
2. Statutory Basis
The statutory basis for the proposed rule change is Section 6(b)(4)
of the Act which permits the rules of the Exchange to provide for the
equitable allocation of reasonable dues, fees and other charges among
its members, issuers and other persons using its facilities.\4\
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\4\ 15 U.S.C. 78s(b)(4).
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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 inappropriate burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
The foregoing rule change establishes or changes a due, fee or
other charge imposed by the Exchange, and, therefore, has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(2) thereunder.\5\ At any time within 60 days of the filing of such
proposed rule 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
[[Page 36941]]
investors, or otherwise in furtherance of the purposes of the Act.\6\
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\5\ 15 U.S.C. 78s(b)(3)(A) and 17 CFR 240.19b-4(f)(2).
\6\ 15 U.S.C. 78s(b)(3)(C).
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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
change is consistent with the Act.\7\ Persons making written
submissions should file six copies thereof with the Secretary,
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington,
D.C. 20549-0609. 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 NYSE. All submissions should refer to File No. SR-
NYSE-99-27 and should be submitted by July 29, 1999.
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\7\ In reviewing the proposed rule change, the Commission
considered its potential impact on efficiency, competition, and
capital formation. 15 U.S.C. 78c(f).
For the Commission, by the Division of Market Regulation,
pursuant to the 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. 99-17354 Filed 7-7-99; 8:45 am]
BILLING CODE 8010-01-M
