[13759]
July 24, 2001
TO: CLOSED-END INVESTMENT COMPANY COMMITTEE No. 11-01
RE: NYSE PROPOSAL REGARDING CLOSED-END FUND LISTING FEES
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 Exchange1 relating to
closed-end fund listing fees. Specifically, the Exchange states that they are actively engaged in
reviewing the listing fees that they charge 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 further states that while they have not
completed this review and are not yet ready to put forward a definitive proposal, they are far
enough along to consider it appropriate to put in place 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. A fund family that has paid aggregate fees in
excess of that amount prior to the effective date of the proposal (the proposal becomes operative
on July 28, 2001) will not receive a refund, but will not be required to pay any additional fees
with respect to the current year beyond what it has paid to that date.
Comments on the proposal are due to the SEC no later than August 9, 2001. If you have
any questions regarding the proposal, please contact the undersigned by phone at 202-371-5408,
by fax at 202-326-5839, or by e-mail at aburstein@ici.org.
Ari Burstein
Associate Counsel
Attachment
Attachment (in .pdf format)
1 Securities Exchange Act Release No. 44554 (July 13, 2001), 66 FR 37715 (July 19, 2001), a copy of which is attached.