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Proposed Rule Would Eliminate Closed-End Fund Minimum Original Listing Fee
Washington, DC, December 17, 2001 - The Securities and Exchange Commission has published a notice of filing and immediate effectiveness of a proposed rule change filed by the New York Stock Exchange relating to fees paid by closed-end funds listed on the exchange.
The exchange proposes to eliminate the minimum original listing fee for closed-end funds and the one time charge of $36,800 for such funds. Instead, closed-end funds will pay original listing fees based on the number of shares issued according to the per share schedule applicable to listed companies set forth in the NYSE Listed Company Manual.
The exchange states that any fund which listed during the 2001 calendar year will receive a credit against its continuing annual fee for the 2002 calendar year representing the difference between the amount paid according to the current original listing fee schedule and the proposed schedule. The exchange also proposes to implement a $1 million annual cap on the amount of continuing annual listing fees payable by any one family of closed-end funds. All the proposed fee changes will become effective at the beginning of the 2002 calendar year.
Comments on the proposed rule change are due to the SEC no later than January 2, 2002.