72 FR 53 pg. 13156 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Approval of Proposed Rule Change Relating to Amendments to Registration Rules of NYSE Arca Equities, Inc.
Type: NOTICEVolume: 72Number: 53Page: 13156
Docket number: [Release No. 34-55447; File No. SR-NYSEArca-2006-50]
FR document: [FR Doc. E7-4975 Filed 3-19-07; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55447; File No. SR-NYSEArca-2006-50]
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Approval of Proposed Rule Change Relating to Amendments to Registration Rules of NYSE Arca Equities, Inc.
March 12, 2007.
I. Introduction
On November 14, 2006, NYSE Arca, Inc. ("NYSE Arca" or "Exchange"), through its wholly owned subsidiary NYSE Arca Equities, Inc. ("NYSE Arca Equities" or "Corporation"), filed with the Securities and Exchange Commission ("Commission") pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act")1and Rule 19b-4 thereunder,2a proposed rule change relating to amendments to registration rules of the Corporation. NYSE Arca filed Amendment No. 1 to the proposed rule change on January 12, 2007. The proposed rule change, as amended, was published for comment in the Federal Register on February 7, 2007.3The Commission received no comments on the proposal. This order approves the proposed rule change, as amended.
Footnotes:
1 15 U.S.C. 78s(b)(l).
2 17 CFR 240.19b-4.
3 See Securities Exchange Act Release No. 55214 (January 31, 2007), 72 FR 5780 (February 7, 2007).
II. Description of the Proposal
The Exchange, through its wholly owned subsidiary NYSE Arca Equities, proposed to amend certain NYSE Arca Equities Rules governing registration procedures and ongoing compliance obligations for Equity Trading Permit ("ETP") Holders4and their registered persons in order to clarify registration procedures and make them consistent with the procedures of other self-regulatory organizations ("SROs") and with the operation of the Central Registration Depository ("CRD") system maintained by the National Association of Securities Dealers, Inc. ("NASD").
Footnotes:
4 See NYSE Arca Equities Rule 1.1(n).
Specifically, the Exchange proposed to amend Rule 2.4(c), its waiver standards, so that the Exchange's practices are generally consistent with the criterion in NASD Rule 1070(d) and Supplementary Material .15(1)(b) to NYSE Rule 345. The Exchange also proposed to amend Rule 2.21 to provide manual registration procedures for registration categories ( e.g. , floor clerk) for which CRD does not provide electronic registration. In addition, the Exchange is consolidating its continuing education requirements in Rule 2.21(d) and deleting the continuing education requirements in Rule 9.27(c) and (d) to avoid needless repetition and risk of inconsistencies.
III. Discussion and Commission Findings
The Commission has reviewed carefully the proposed rule change and finds that it is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.5In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,6which, among other things, requires that the rules of a national securities exchange be designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating transactions in securities, 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.
Footnotes:
5 In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(5).
The Commission believes that clarifying the registration procedures and ongoing compliance obligations and making the registration procedures consistent with the procedures of the other SROs will benefit ETP Holders and their registered persons by making the registration process easier and more efficient. Furthermore, amending Exchange rules to be generally consistent with other SROs' rules, market practices, and the operation of the CRD should help simplify such procedures and administrative matters for ETP Holders and their registered persons.
IV. Conclusion
It is therefore ordered , pursuant to Section 19(b)(2) of the Act,7that the proposed rule change (SR-NYSEArca-2006-50), as modified by Amendment No. 1, be, and hereby is,approved.
Footnotes:
7 15 U.S.C. 78s(b)(2).
8 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-4975 Filed 3-19-07; 8:45 am]
BILLING CODE 8010-01-P