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NYSE Reviews Closed-End Fund Listing Fees
Washington, DC, July 24, 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 closed-end fund listing fees. Comments on the proposal are due to the SEC no later than August 9, 2001.
The Exchange states that it is actively engaged in reviewing the listing fees that it charges to closed-end funds, and will likely propose a maximum that would apply to the aggregate of initial and annual fees paid by all the funds affiliated with a particular fund sponsor. The Exchange also states that, while it has not completed its review and is not yet ready to put forward a definitive proposal, it is far enough along to consider appropriate a cap for total listing fees that will apply for the remainder of 2001.
Therefore, under the proposal, no fund family will be required to pay any additional listing fees with respect to new or additional listings in 2001 once the fund family has paid fees in the current year aggregating at least $1,250,000.