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SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-56953; File No. SR-NYSE-2007-115]
NOTICE: NOTICES
ACTION: Self-regulatory organizations; proposed rule changes:
SUBJECT CATEGORY: Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rule 2 (``Member,'' ``Membership,'' ``Member Firm,'' etc.)
DOCUMENT SUMMARY: December 12, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b4 thereunder,\2\ notice is hereby given
that on December 12, 2007, the New York Stock Exchange LLC (``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 substantially prepared by the
NYSE. The NYSE has designated the proposed rule change as one concerned
solely with the administration of the Exchange pursuant to Section
19(b)(3)(A)(iii) of the Act,\3\ and Rule 19b4(f)(3) thereunder,\4\
which renders the proposal effective upon filing with the Commission.
The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b4(f)(3).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The NYSE proposes to extend to June 30, 2008, the operative date of
NYSE Rule 2 requirement that NYSEonly member organizations apply for
and be approved as a member of the Financial Industry Regulatory Authority, Inc. (``FINRA'').
II. SelfRegulatory 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. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to extend to June 30, 2008, the grace period for NYSEonly member organizations to apply for and be approved as a FINRA member, as required by NYSE Rule 2.
In connection with the consolidation of the National Association of
Securities Dealers, Inc. and NYSE Regulation, Inc. member firm
regulation operations into FINRA which closed on July 30, 2007, the
Exchange amended NYSE Rule 2 to require NYSE member organizations to
also be FINRA members.\5\ In connection with that rule change, the
Commission approved a 60day grace period within which NYSEonly member
organizations must apply for and be approved for FINRA membership. In
that rule filing, NYSEonly member organizations were defined as those
member organizations that were not NASD members as of the date of the
closing of the FINRA transaction. This grace period began on October
12, 2007, the date of Commission approval of the Exchange's rule
filing. In furtherance of the consolidation, FINRA adopted NASD IM
10131 to enable eligible NYSE member organizations to become FINRA
members though an expedited process (``FINRA Waivein application process'').\6\
\5\ See Securities Exchange Act Release No. 56654 (October 12, 2007), 72 FR 59129 (October 18, 2007) (SRNYSE200767).
\6\ See Securities Exchange Act Release No. 56653 (October 12, 2007), 72 FR 59127 (October 18, 2007) (SRNASD200756).
As of December 12, 2007, all but two of the former NYSEonly member organizations have applied for and been approved as FINRA members. The two remaining member organizations have unique member qualification issues and are ineligible to participate in the FINRA Waivein application process. Accordingly, the NYSE proposes to extend the grace period to June 30, 2008, to provide time for those issues to be resolved.
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \7\ of the Act that an Exchange have
rules that are designed to promote just and equitable principles of
trade, to remove impediments to and perfect the mechanism of a free and
open market and a national market system and, in general, to protect investors and the public interest.
\7\ 15 U.S.C. 78f(b)(5).
B. SelfRegulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
C. SelfRegulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The foregoing proposed rule change has become effective pursuant to
Section 19(b)(3)(A)(iii) \8\ of the Act and Rule 19b4(f)(3) thereunder
\9\ because it is concerned solely with the administration of 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.
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b4(f)(3).
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. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRNYSE2007115. This
file number should be included on the subject line if email is used. To help the
[[Page 71991]]
Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml ).
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, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of the NYSE. All comments received will
be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SRNYSE2007115 and should be submitted on or before January 9, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\
\10\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E724534 Filed 121807; 8:45 am]
BILLING CODE 801101P
SUMMARY: New York Stock Exchange, LLC,
DOCUMENT BODY 2: December 12, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b4 thereunder,\2\ notice is hereby given
that on December 12, 2007, the New York Stock Exchange LLC (``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 substantially prepared by the
NYSE. The NYSE has designated the proposed rule change as one concerned
solely with the administration of the Exchange pursuant to Section
19(b)(3)(A)(iii) of the Act,\3\ and Rule 19b4(f)(3) thereunder,\4\
which renders the proposal effective upon filing with the Commission.
The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b4(f)(3).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The NYSE proposes to extend to June 30, 2008, the operative date of
NYSE Rule 2 requirement that NYSEonly member organizations apply for
and be approved as a member of the Financial Industry Regulatory Authority, Inc. (``FINRA'').
II. SelfRegulatory 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. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to extend to June 30, 2008, the grace period for NYSEonly member organizations to apply for and be approved as a FINRA member, as required by NYSE Rule 2.
In connection with the consolidation of the National Association of
Securities Dealers, Inc. and NYSE Regulation, Inc. member firm
regulation operations into FINRA which closed on July 30, 2007, the
Exchange amended NYSE Rule 2 to require NYSE member organizations to
also be FINRA members.\5\ In connection with that rule change, the
Commission approved a 60day grace period within which NYSEonly member
organizations must apply for and be approved for FINRA membership. In
that rule filing, NYSEonly member organizations were defined as those
member organizations that were not NASD members as of the date of the
closing of the FINRA transaction. This grace period began on October
12, 2007, the date of Commission approval of the Exchange's rule
filing. In furtherance of the consolidation, FINRA adopted NASD IM
10131 to enable eligible NYSE member organizations to become FINRA
members though an expedited process (``FINRA Waivein application process'').\6\
\5\ See Securities Exchange Act Release No. 56654 (October 12, 2007), 72 FR 59129 (October 18, 2007) (SRNYSE200767).
\6\ See Securities Exchange Act Release No. 56653 (October 12, 2007), 72 FR 59127 (October 18, 2007) (SRNASD200756).
As of December 12, 2007, all but two of the former NYSEonly member organizations have applied for and been approved as FINRA members. The two remaining member organizations have unique member qualification issues and are ineligible to participate in the FINRA Waivein application process. Accordingly, the NYSE proposes to extend the grace period to June 30, 2008, to provide time for those issues to be resolved.
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \7\ of the Act that an Exchange have
rules that are designed to promote just and equitable principles of
trade, to remove impediments to and perfect the mechanism of a free and
open market and a national market system and, in general, to protect investors and the public interest.
\7\ 15 U.S.C. 78f(b)(5).
B. SelfRegulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
C. SelfRegulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The foregoing proposed rule change has become effective pursuant to
Section 19(b)(3)(A)(iii) \8\ of the Act and Rule 19b4(f)(3) thereunder
\9\ because it is concerned solely with the administration of 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.
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b4(f)(3).
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. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRNYSE2007115. This
file number should be included on the subject line if email is used. To help the
[[Page 71991]]
Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml ).
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, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of the NYSE. All comments received will
be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SRNYSE2007115 and should be submitted on or before January 9, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\
\10\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E724534 Filed 121807; 8:45 am]
BILLING CODE 801101P
Common CFR Searches
14 CFR Part 39 40 CFR Part 52 14 CFR Part 71 33 CFR Part 165 26 CFR Part 1 50 CFR Part 679 40 CFR Part 180 47 CFR Part 73 33 CFR Part 117 50 CFR Part 17 44 CFR Part 67 50 CFR Part 648 14 CFR Part 97 33 CFR Part 100 40 CFR Part 63 26 CFR Part 301 50 CFR Part 622 39 CFR Part 111 50 CFR Part 660 44 CFR Part 65 40 CFR Parts 52 and 81 40 CFR Part 271 47 CFR Part 64 40 CFR Part 300 14 CFR Part 23 14 CFR Part 25 21 CFR Part 522 50 CFR Part 665 47 CFR Part 76 27 CFR Part 9