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

[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]


-----------------------------------------------------------------------

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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

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.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78(b)(3)(A)(ii).
    \6\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-6047 Filed 3-10-99; 8:45 am]
BILLING CODE 8010-01-M