Rule 350. Compensation or Gratuities to Employees of Others
This rule is no longer applicable effective December 15, 2008.
(a) No member, allied member, member organization or employee thereof shall:
(1) employ or compensate any person for services rendered, or
(2) give any gratuity in excess of $50 per person per year to any principal, officer, or employee of the Exchange or its subsidiaries, or
(3) give any gratuity in excess of $100 per person per year to any principal, officer or employee of another member or member organization, financial institution, news or financial information media, or non-member broker or dealer in securities, commodities, or money instruments, except as specified below or with the prior written consent of the employer.
A gift of any kind is considered a gratuity.
(b) Compensation for services rendered of up to $200 per person per year may be paid with the prior written consent of the employer to operations employees of other members or member organizations of the following types:
(1) A telephone clerk on the NYSE Floor who provides courtesy telephone relief to a member's clerk, or handles such a member's orders over the member's own wire.
(2) Employees who make out commission bills or prepare Exchange reports for members.
(3) A specialist's Floor clerk who maintains records for a specialist other than his employer, or provides courtesy relief to another specialist's clerk.
(4) When the service rendered by the employee exceeds that which the primary employer is obligated to furnish,
(a) A telephone clerk who handles a member's orders transmitted over the wire of the clerk's employer.
(b) A telephone clerk who handles orders directed by the clerk's employer to the member who receives them.
A Floor employee who receives compensation for services rendered in excess of $200 per year from another member or member organization (not the primary employer), must become employed by and registered with such member or member organization in accordance with Rule 35.
(c) Records shall be retained for at least three years of all such gratuities and compensation for inspection by Exchange examiners.
|
Amended: December 1, 1977; June 29, 1978. June 30, 1992; March 11, 2004 (NYSE-99-12). |
• • • Supplementary Material: --------------
.10 When close relatives work in different financial organizations, gifts arising from the family relationship are not considered subject to Rule 350.
Employment of or gratuities to personnel working on the Floor of other exchanges and approved by the other exchange under a rule similar to Rule 350 are not considered subject to Rule 350.
Requests for Exchange consent under Section a(1) of this Rule for the employment or compensation of Exchange employees by members or member organizations should be sent to the Exchange's Human Resources Department at least 10 days in advance of the proposed date of employment.
In general, approval to employ an Exchange employee outside of the hours of regular employment by the Exchange will be limited to employment of a routine or clerical nature. Approval will not be given for the employment of an Exchange employee in an advisory or professional capacity with reference to Exchange operations or policies.
When the Exchange has granted permission for part-time employment of an employee of the Exchange or of another member or member organization no approval is required for a subsequent gratuity or bonus to such person provided it is in proportion to gratuities given full-time employees of the employing organization.
Employment of or gratuities to personnel working on the Floor of other exchanges and approved by the other exchange under a rule similar to Rule 350 are not considered subject to Rule 350.
Requests for Exchange consent under Section a(1) of this Rule for the employment or compensation of Exchange employees by members or member organizations should be sent to the Exchange's Human Resources Department at least 10 days in advance of the proposed date of employment.
In general, approval to employ an Exchange employee outside of the hours of regular employment by the Exchange will be limited to employment of a routine or clerical nature. Approval will not be given for the employment of an Exchange employee in an advisory or professional capacity with reference to Exchange operations or policies.
When the Exchange has granted permission for part-time employment of an employee of the Exchange or of another member or member organization no approval is required for a subsequent gratuity or bonus to such person provided it is in proportion to gratuities given full-time employees of the employing organization.
|
Amended: March 11, 2004 (NYSE-99-12). |