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SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-58108; File No. SR-NYSE-2007-64]
NOTICE: NOTICES
ACTION: Self-Regulatory Organizations; Proposed Rule Changes:
SUBJECT CATEGORY: Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1, Relating to Section 31 Accumulated Funds
DOCUMENT SUMMARY: July 7, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on July 12, 2007, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II below, which Items have been substantially prepared by
the Exchange. On June 26, 2008, the Exchange filed Amendment No. 1 to
the proposed rule change. The Commission is publishing this notice and
order to solicit comments on the proposed rule change from interested
persons and to approve the proposed rule change, as modified by Amendment No. 1, on an accelerated basis.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange proposes to adopt Supplementary Material .30 to NYSE Rule 440H (``Activity Assessment Fee'') to allow member firms to voluntarily submit, during a sixmonth period after the effective date of this rule proposal, funds previously accumulated by member firms to satisfy their, and subsequently NYSE's, obligation to remit SEC Section 31related fees, to the Exchange. In addition, a member or member organization may designate all or part of any accumulated excess held by the Exchange and allocated to such member or member organization to be used by the Exchange in accordance with the terms of proposed Supplementary Material .30. Finally, to the extent the payment of these historically accumulated funds or Exchangeaccumulated excess is in excess of the fees due the Commission from NYSE under Section 31 of the Act,\3\ such surplus shall be used by the Exchange to offset Exchange regulatory costs.
\3\ 15 U.S.C. 78ee.
The text of the proposed rule changes is available on the
Exchange's Web site (http://www.nyse.com), at the Exchange's principal office, and at the Commission's Public Reference Room.
II. SelfRegulatory 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. The
text of these statements may be examined at the places specified in
Item III below. The Exchange 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
Pursuant to Section 31 of the Act and Rule 31 thereunder,\4\ national securities exchanges and associations (collectively, ``self regulatory organizations'' or ``SROs'') are required to pay a transaction fee to the SEC that is designed to recover the costs related to the government's supervision and regulation of the securities markets and securities professionals. To offset this obligation, the Exchange assesses its members and member organizations an Activity Assessment Fee in accordance with NYSE Rule 440H. NYSE Rule 440H requires members and member organizations effecting ``covered sales'' (as defined in Section 31 of the Act) of securities on the Exchange to pay Activity Assessment Fees based upon their covered sales. The Exchange calculates such fees by multiplying the aggregate dollar amount of covered sales effected on the Exchange during the appropriate period by the Section 31(b) fee rate in effect during that period. Clearing members may in turn seek to charge a fee to their customers or correspondent firms. Any allocation of the fee between the clearing member and its correspondent firm or customer is the responsibility of the clearing member.
\4\ 17 CFR 240.31.
Reconciling the amounts billed by the Exchange and the amounts collected from the customers historically had been difficult for member firms, causing surpluses to accumulate at some brokerdealer firms (referred to herein as ``accumulated funds''). These accumulated funds were not remitted to NYSE by certain firms, despite the fact that these charges may have been previously identified as ``Section 31 Fees'' or ``SEC Fees'' by the firms.\5\ In addition, prior to direct billing of members and member organizations of Activity Assessment Fees as of June 1, 2005, the Exchange utilized ``selfreporting'' on Form 120A of amounts payable under Rule 440H, and the Exchange has accumulated amounts so paid in excess of amounts paid by the Exchange to the SEC pursuant to Section 31 of the Act (``Exchange accumulated excess''). \5\ The SEC stated in its release adopting new Rule 31 and Rule 31T that ``it is misleading to suggest that a customer or [SRO] member incurs an obligation to the Commission under Section 31.'' See Securities Exchange Act Release No. 49928 (June 28, 2004), 69 FR 41060, 41072 (July 7, 2004). In response to this statement, the Exchange amended Rule 440H to refer to this fee as an ``Activity Assessment Fee.'' See Securities Exchange Act Release No. 52018 (July 12, 2005), 70 FR 41467 (July 19, 2005) (SRNYSE200539). The Exchange issued Information Memos regarding the Exchange's ``Activity Assessment Fee'' and the SEC's ``Section 31 Fee'', and provided guidance for members and member organizations that choose to charge their customers fees. See Information Memo 0548 (July 19, 2005) and Information Memo 0536 (May 13, 2005).
In November 2004, the Exchange and other SROs received a letter
from the SEC's Division of Market Regulation \6\ requesting, among
other things, that the Exchange conduct an analysis to ascertain the
amount of accumulated funds and present a plan for brokerdealers to
dispose of or otherwise resolve title to such accumulated funds.
Following discussion among the SROs and staff of the Division of Market
Regulation, in an effort to ascertain the amount of accumulated funds,
NASD surveyed 240 member clearing and selfclearing firms to review
their practices regarding the collection of such fees from customers.
After compiling and analyzing the data provided by member firms, NASD
staff found that over half of the firms surveyed did not have an
accumulated funds balance. NASD worked with the other SROs to recommend
a potential solution to allow NASD and other SRO member firms to
resolve title to the accumulated funds. It was determined, based upon
information provided in connection with NASD's survey, that it would be
virtually impossible to return customerrelated accumulated funds to the
[[Page 40414]]
customers that had paid these funds to the firms.\7\
\6\ As of November 2007, the Division of Market Regulation was renamed the Division of Trading and Markets.
\7\ NASD had asked all surveyed firms whether they could
``identify and relate the funds to specific customers on a
transaction by transaction basis.'' The surveyed firms universally
stated that tracking fractions of a penny to individual customers
would be impossible and any overcollections could not be passed
back at the customer level. See Securities Exchange Act Release No.
55886 (June 8, 2007), 72 FR 32935 (June 14, 2007) (Order approving SRNASD2007027).
The proposed rule change is aimed at enabling those fees that may have been collected for purposes of paying an ``SEC Fee'' or ``Section 31 Fee'' to be used to pay such fees. The Exchange is proposing new Supplementary Material .30 to NYSE Rule 440H that will allow firms, on a onetimeonly basis, voluntarily to remit historically accumulated funds to the Exchange. These funds then would be used to pay the Exchange's current Section 31 fees in conformity with prior representations made by member firms. In addition, a member or member organization could designate all or part of the Exchange accumulated excess held by the Exchange and allocated to such member or member organization to be used by the Exchange in accordance with the terms of Supplementary Material .30.
Finally, to the extent the payment of these historically
accumulated funds or Exchange accumulated excess is in excess of the
fees due the SEC from NYSE under Section 31, such surplus shall be used
by the Exchange to offset Exchange regulatory costs. Specifically, the
Exchange will subject such surplus to the same treatment utilized with
respect to unused fine income that has accumulated beyond a level
reasonably necessary for future contingencies. That is, the board of
directors of NYSE Regulation would utilize any such surplus to fund one
or more special projects of NYSE Regulation, to reduce fees charged by
NYSE Regulation to its member organizations or the markets that it serves, or for a charitable purpose.\8\
\8\ See Securities Exchange Act Release No. 55003 (December 22,
2006), 71 FR 78497 (December 29, 2007) (SRNYSE2006109) (approved
in Securities Exchange Act Release No. 55216 (January 31, 2007), 72
FR 5779 (February 7, 2007) (relating to NYSE Regulation policies
regarding exercise of power to fine NYSE member organizations and use of money collected as fines).
The Exchange proposes that the effective date of the proposed rule
change be the date on which any Commission order approving the proposed
rule change is published in the Federal Register. In addition,
Supplementary Material .30 to Rule 440H would automatically sunset six months after the effective date.\9\
\9\ The proposed effective date and sunset date of the proposed
rule change are comparable to those approved by the Commission for a
similar proposed rule change by the American Stock Exchange LLC
(``Amex''). See Securities Exchange Act Release No. 57829 (May 16, 2008), 73 FR 30173 (May 23, 2008) (SRAmex2007107).
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act,\10\ in general, and further the objectives
of Section 6(b)(5),\11\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and 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. The Exchange believes that
the proposed rule change will provide a transparent way of addressing
the issue of accumulated funds held at the member firm level as well as
the Exchange accumulated excess. As this proposed rule change would
automatically sunset, it will be of limited duration. Moreover, based
on the reminder set for this in the proposed Supplementary Material .30
to NYSE Rule 440H and the issuance of prior Information Memos on this
matter, the accumulation of funds that are collected and disclosed as ``Section 31 Fees'' or ``SEC Fees'' should not reoccur.
\10\ 15 U.S.C. 78f(b).
\11\ 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
No written comments were solicited or received with respect to the proposed rule change.
III. 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 SRNYSE200764. This file number should be included on the subject line if email is used. To help the 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 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 Exchange. 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 SR NYSE200764 and should be submitted on or before August 4, 2008. IV. Commission's Findings and Order Granting Accelerated Approval of the Proposed Rule Changes
After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\12\ In addition, the Commission finds good cause to approve
the proposed rule change prior to the thirtieth day after the date of
publication of the notice of filing. The Commission previously found similar proposals from other SROs to be
[[Page 40415]]
consistent with the Act.\13\ The Commission is not aware of any issue
that should cause it to revisit those findings or preclude the
Commission from approving the NYSE proposal on the same basis. The
Commission notes that, because the program is voluntary, it imposes no
obligation on any NYSE member that believes that accumulated funds should be retained or disposed of in another manner.
\12\ In approving this rule change, the Commission notes that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\13\ See Securities Exchange Act Release No. 57829 (May 16,
2008), 73 FR 30173 (May 23, 2008) (SRAmex2007107); Securities
Exchange Act Release No. 55886 (June 8, 2007), 72 FR 32935 (June 14, 2007) (SRNASD2007027).
V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\14\ that the proposed rule change (SRNYSE200764), as modified by Amendment No. 1, be and hereby is approved on an accelerated basis. \14\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\
\15\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Acting Secretary.
[FR Doc. E815816 Filed 71108; 8:45 am]
BILLING CODE 801001P
SUMMARY: New York Stock Exchange LLC,
DOCUMENT BODY 2: July 7, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on July 12, 2007, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II below, which Items have been substantially prepared by
the Exchange. On June 26, 2008, the Exchange filed Amendment No. 1 to
the proposed rule change. The Commission is publishing this notice and
order to solicit comments on the proposed rule change from interested
persons and to approve the proposed rule change, as modified by Amendment No. 1, on an accelerated basis.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange proposes to adopt Supplementary Material .30 to NYSE Rule 440H (``Activity Assessment Fee'') to allow member firms to voluntarily submit, during a sixmonth period after the effective date of this rule proposal, funds previously accumulated by member firms to satisfy their, and subsequently NYSE's, obligation to remit SEC Section 31related fees, to the Exchange. In addition, a member or member organization may designate all or part of any accumulated excess held by the Exchange and allocated to such member or member organization to be used by the Exchange in accordance with the terms of proposed Supplementary Material .30. Finally, to the extent the payment of these historically accumulated funds or Exchangeaccumulated excess is in excess of the fees due the Commission from NYSE under Section 31 of the Act,\3\ such surplus shall be used by the Exchange to offset Exchange regulatory costs.
\3\ 15 U.S.C. 78ee.
The text of the proposed rule changes is available on the
Exchange's Web site (http://www.nyse.com), at the Exchange's principal office, and at the Commission's Public Reference Room.
II. SelfRegulatory 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. The
text of these statements may be examined at the places specified in
Item III below. The Exchange 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
Pursuant to Section 31 of the Act and Rule 31 thereunder,\4\ national securities exchanges and associations (collectively, ``self regulatory organizations'' or ``SROs'') are required to pay a transaction fee to the SEC that is designed to recover the costs related to the government's supervision and regulation of the securities markets and securities professionals. To offset this obligation, the Exchange assesses its members and member organizations an Activity Assessment Fee in accordance with NYSE Rule 440H. NYSE Rule 440H requires members and member organizations effecting ``covered sales'' (as defined in Section 31 of the Act) of securities on the Exchange to pay Activity Assessment Fees based upon their covered sales. The Exchange calculates such fees by multiplying the aggregate dollar amount of covered sales effected on the Exchange during the appropriate period by the Section 31(b) fee rate in effect during that period. Clearing members may in turn seek to charge a fee to their customers or correspondent firms. Any allocation of the fee between the clearing member and its correspondent firm or customer is the responsibility of the clearing member.
\4\ 17 CFR 240.31.
Reconciling the amounts billed by the Exchange and the amounts collected from the customers historically had been difficult for member firms, causing surpluses to accumulate at some brokerdealer firms (referred to herein as ``accumulated funds''). These accumulated funds were not remitted to NYSE by certain firms, despite the fact that these charges may have been previously identified as ``Section 31 Fees'' or ``SEC Fees'' by the firms.\5\ In addition, prior to direct billing of members and member organizations of Activity Assessment Fees as of June 1, 2005, the Exchange utilized ``selfreporting'' on Form 120A of amounts payable under Rule 440H, and the Exchange has accumulated amounts so paid in excess of amounts paid by the Exchange to the SEC pursuant to Section 31 of the Act (``Exchange accumulated excess''). \5\ The SEC stated in its release adopting new Rule 31 and Rule 31T that ``it is misleading to suggest that a customer or [SRO] member incurs an obligation to the Commission under Section 31.'' See Securities Exchange Act Release No. 49928 (June 28, 2004), 69 FR 41060, 41072 (July 7, 2004). In response to this statement, the Exchange amended Rule 440H to refer to this fee as an ``Activity Assessment Fee.'' See Securities Exchange Act Release No. 52018 (July 12, 2005), 70 FR 41467 (July 19, 2005) (SRNYSE200539). The Exchange issued Information Memos regarding the Exchange's ``Activity Assessment Fee'' and the SEC's ``Section 31 Fee'', and provided guidance for members and member organizations that choose to charge their customers fees. See Information Memo 0548 (July 19, 2005) and Information Memo 0536 (May 13, 2005).
In November 2004, the Exchange and other SROs received a letter
from the SEC's Division of Market Regulation \6\ requesting, among
other things, that the Exchange conduct an analysis to ascertain the
amount of accumulated funds and present a plan for brokerdealers to
dispose of or otherwise resolve title to such accumulated funds.
Following discussion among the SROs and staff of the Division of Market
Regulation, in an effort to ascertain the amount of accumulated funds,
NASD surveyed 240 member clearing and selfclearing firms to review
their practices regarding the collection of such fees from customers.
After compiling and analyzing the data provided by member firms, NASD
staff found that over half of the firms surveyed did not have an
accumulated funds balance. NASD worked with the other SROs to recommend
a potential solution to allow NASD and other SRO member firms to
resolve title to the accumulated funds. It was determined, based upon
information provided in connection with NASD's survey, that it would be
virtually impossible to return customerrelated accumulated funds to the
[[Page 40414]]
customers that had paid these funds to the firms.\7\
\6\ As of November 2007, the Division of Market Regulation was renamed the Division of Trading and Markets.
\7\ NASD had asked all surveyed firms whether they could
``identify and relate the funds to specific customers on a
transaction by transaction basis.'' The surveyed firms universally
stated that tracking fractions of a penny to individual customers
would be impossible and any overcollections could not be passed
back at the customer level. See Securities Exchange Act Release No.
55886 (June 8, 2007), 72 FR 32935 (June 14, 2007) (Order approving SRNASD2007027).
The proposed rule change is aimed at enabling those fees that may have been collected for purposes of paying an ``SEC Fee'' or ``Section 31 Fee'' to be used to pay such fees. The Exchange is proposing new Supplementary Material .30 to NYSE Rule 440H that will allow firms, on a onetimeonly basis, voluntarily to remit historically accumulated funds to the Exchange. These funds then would be used to pay the Exchange's current Section 31 fees in conformity with prior representations made by member firms. In addition, a member or member organization could designate all or part of the Exchange accumulated excess held by the Exchange and allocated to such member or member organization to be used by the Exchange in accordance with the terms of Supplementary Material .30.
Finally, to the extent the payment of these historically
accumulated funds or Exchange accumulated excess is in excess of the
fees due the SEC from NYSE under Section 31, such surplus shall be used
by the Exchange to offset Exchange regulatory costs. Specifically, the
Exchange will subject such surplus to the same treatment utilized with
respect to unused fine income that has accumulated beyond a level
reasonably necessary for future contingencies. That is, the board of
directors of NYSE Regulation would utilize any such surplus to fund one
or more special projects of NYSE Regulation, to reduce fees charged by
NYSE Regulation to its member organizations or the markets that it serves, or for a charitable purpose.\8\
\8\ See Securities Exchange Act Release No. 55003 (December 22,
2006), 71 FR 78497 (December 29, 2007) (SRNYSE2006109) (approved
in Securities Exchange Act Release No. 55216 (January 31, 2007), 72
FR 5779 (February 7, 2007) (relating to NYSE Regulation policies
regarding exercise of power to fine NYSE member organizations and use of money collected as fines).
The Exchange proposes that the effective date of the proposed rule
change be the date on which any Commission order approving the proposed
rule change is published in the Federal Register. In addition,
Supplementary Material .30 to Rule 440H would automatically sunset six months after the effective date.\9\
\9\ The proposed effective date and sunset date of the proposed
rule change are comparable to those approved by the Commission for a
similar proposed rule change by the American Stock Exchange LLC
(``Amex''). See Securities Exchange Act Release No. 57829 (May 16, 2008), 73 FR 30173 (May 23, 2008) (SRAmex2007107).
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act,\10\ in general, and further the objectives
of Section 6(b)(5),\11\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and 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. The Exchange believes that
the proposed rule change will provide a transparent way of addressing
the issue of accumulated funds held at the member firm level as well as
the Exchange accumulated excess. As this proposed rule change would
automatically sunset, it will be of limited duration. Moreover, based
on the reminder set for this in the proposed Supplementary Material .30
to NYSE Rule 440H and the issuance of prior Information Memos on this
matter, the accumulation of funds that are collected and disclosed as ``Section 31 Fees'' or ``SEC Fees'' should not reoccur.
\10\ 15 U.S.C. 78f(b).
\11\ 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
No written comments were solicited or received with respect to the proposed rule change.
III. 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 SRNYSE200764. This file number should be included on the subject line if email is used. To help the 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 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 Exchange. 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 SR NYSE200764 and should be submitted on or before August 4, 2008. IV. Commission's Findings and Order Granting Accelerated Approval of the Proposed Rule Changes
After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\12\ In addition, the Commission finds good cause to approve
the proposed rule change prior to the thirtieth day after the date of
publication of the notice of filing. The Commission previously found similar proposals from other SROs to be
[[Page 40415]]
consistent with the Act.\13\ The Commission is not aware of any issue
that should cause it to revisit those findings or preclude the
Commission from approving the NYSE proposal on the same basis. The
Commission notes that, because the program is voluntary, it imposes no
obligation on any NYSE member that believes that accumulated funds should be retained or disposed of in another manner.
\12\ In approving this rule change, the Commission notes that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\13\ See Securities Exchange Act Release No. 57829 (May 16,
2008), 73 FR 30173 (May 23, 2008) (SRAmex2007107); Securities
Exchange Act Release No. 55886 (June 8, 2007), 72 FR 32935 (June 14, 2007) (SRNASD2007027).
V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\14\ that the proposed rule change (SRNYSE200764), as modified by Amendment No. 1, be and hereby is approved on an accelerated basis. \14\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\
\15\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Acting Secretary.
[FR Doc. E815816 Filed 71108; 8:45 am]
BILLING CODE 801001P
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