HOW TO SERVE LEGAL PAPERS ON NEW YORK STOCK EXCHANGE LLC

New York Stock Exchange

Undisputed Legal | New York City Process Service

The New York Stock Exchange (NYSE, also called ‘The Big Board‘) is an iconic institution of America’s financial economy, located in Lower Manhattan’s Financial District. It remains the biggest stock exchange in the world, with its trading floor being located in the New York Stock Exchange Building, which is a National Historic Landmark. 

[1.0] BACKGROUND ON THE NEW YORK STOCK EXCHANGE

The NYSE is controlled by Intercontinental Exchange, a publicly traded American investment firm. It was previously a component of NYSE Euronext (NYX), which was created in 2007 as a result of the NYSE’s merger with Euronext. 

The NYSE operates on a continuous auction basis, allowing traders to conduct portfolio purchases of stock transactions on behalf of customers. Previously, these individuals would congregate around the relevant post, where a professional broker who is not an employee of the New York Stock Exchange works as an auctioneer in an open outcry auction market atmosphere, bringing buyers and sellers together and managing the actual auction. 

NYSE does foster exchanges on occasion by investing their own money and thus disseminating important knowledge to the crowd that assists in bringing buyers and sellers together. In 1995, the bidding mechanism was automated by the usage of wireless handheld machines (HHC). The device allowed traders to electronically obtain and execute orders through wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who built and created this method, executed a thousand shares of IBM through this HHC, bringing an end to two decades of a paper-based trading mechanism and ushering in an age of electronic trading.

NYSE works with US regulators such as the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.

[1.1] WHAT IS THE NEW YORK STOCK EXCHANGE LLC

The NYSE LLC was incorporated as a limited liability company on July 14, 2005, by the execution of the Articles of Organization and their registration with the office of the Secretary of State of the State of New York.  The NYSE LLC is a wholly-owned subsidiary of NYSE Group, Inc. New York Stock Exchange LLC was founded in 2005. The company’s line of business includes the furnishing of space and other facilities to members for the purpose of buying, selling, and trading in stocks, options, bonds, and commodities.

Most modifications or restatement of the rules of NYSE LLC will only be effective upon the Securities and Exchange Commission’s acceptance of any rule changes proposed by the Company. However, it is required for a Member or even a Manager to execute, deliver, and register any additional licenses (and any modifications and/or restatement ) required for the Company to continue to operate in any jurisdiction in which it wishes to conduct business. 

The Company was formed in order to conduct and carry out the business of an ‘exchange’ in accordance with the United States Securities Exchange Act of 1934, and to partake in any other legitimate business purpose or activity for which limited liability companies can be formed. The Company can thus exercise all powers and rights conferred upon it by the Act or any other legislation.

[1.2] WHERE DOES NEW YORK STOCK EXCHANGE LLC FIT IN THE NEW YORK STOCK EXCHANGE HIERARCHY

NYSE Regulation (‘NYSER’) is responsible for monitoring operations on the NYSE’s equity, options, and bond markets. This would include the New York Stock Exchange LLC (equities and bonds), NYSE Arca, Inc. (equities and options), NYSE American LLC (equities and options), NYSE National, Inc. (equities), and NYSE Chicago, Inc. (equities) (collectively, the ‘NYSE Exchanges’,) and is responsible for resolving any violations that  NYSE Exchanges’  regulations and relevant federal securities laws by both the NYSE Exchanges and its owners.    

Additionally, it regulates and imposes listed companies’ adherence with appropriate NYSE Exchange listing requirements. Through carrying out these responsibilities, NYSER assists the NYSE Exchanges in promoting fair and equal trading values, promoting free and competitive economies, and protecting investors and the public interest. Several of these regulatory duties are carried out directly by NYSER; others are carried out by FINRA or other self-regulatory bodies under the terms of a regulatory services agreement, national market framework plans, or other arrangements.

[2.0] HOW DOES THE NYSE LLC WORK

The NYSE LLC principally operates out of New York as its base of business, although the entity itself can amend this place.  The address for the New York City Process Service of the registered office of the Company is in the State of New York. However, there are no restrictions upon the Company having another place of business and the Company may designate another registered office.

The registered agent of the Company for New York City Process Service is the United Agent Group Incorporated currently. Since a  registered agent is an entity who is appointed to access New York City Process Service where a business organization is a party to legal proceedings, any legal papers and matters have to be provided to the agent. The Department of State also mostly sends the papers for renewal of the charter if necessary for New York City Process Service. The licensed representative of a corporate organization as an agent could be an official or employee or a third party, such as the in-house counsel or a service company. Any individual or entity can be a registered agent but the absence of said registered agent can be detrimental to the business organization. 

The Exchange is a limited liability company organized under the laws of the State of New York. As such, it has and maintains a registered office and registered agent in New York. The officers of the Company are designated as authorized persons to act in connection with executing and causing to be filed of the Articles of Association. These filings need to be done when approved by the appropriate governing body or with regard to any certificates required or permitted to be filed with the Secretary of State of the State of New York.  The filings would consequently involve any certificates (and any amendments and/or restatements thereof) necessary for the Company to file in any jurisdiction in which the Company is required to make a filing.

[2.1] HOW TO SERVE PAPERS ON NYSE LLC

The name and address of the registered agent of the Company for New York City Process Service on the Company in the State of New York are United Agent Group Inc. However, this address is not inflexible as the Company can designate another registered agent at any time through appropriate intimation according to New York City Process Service regulations.  

The New York Stock Exchange LLC acquired its name only on March 3rd, 2006. Prior to that, the entity was filed under NYSE Merger Sub LLC on July 14th,2005.  The NYSE LLC filed its documents with the Department of State on July 14th, 2005 under New York. The entity itself is a domestic limited liability company.  The Department of State is supposed to provide the address to which the Secretary of State is required to forward copies of New York City Process Service accepted on behalf of a corporation, limited liability company, limited partnership, and limited liability partnership, as well as the name and address of the registered agent. 

It must be noted that a corporation essentially only starts to exist upon the filing of the Certificate of Incorporation with the Department of State. After the corporate existence has begun, an organization meeting of the incorporator or incorporators must be held for the purpose of adopting by-laws, electing directors, and transacting any other business. The initial by-laws of a corporation are adopted by its incorporator or incorporators at the organization meeting. In 2005, the New York Stock Exchange LLC filed for a rule change regarding subpoenas that were done for the production of documents and appearance of witnesses, which came after the rule change was published in order to invite comments in the Federal Register. 

The first major amendment explained that only the arbitrator had the authority to issue subpoenas and described the procedure for requesting the issuance of a subpoena with a corresponding provided a deadline for the parties to file an answer to objections to the submitted subpoena and explained that the arbitrator will not comment on such a request before this deadline has passed. Additional amendments rendered technical reforms to the legislation and explained that all challenges to the application of a subpoena would be sent to the arbitrator(s).  It further went on to explain that a person seeking a subpoena is not permitted to serve the motion or even draft said subpoena on a non-party.

[2.2] HOW TO SERVE SUBPOENAS ON NEW YORK STOCK EXCHANGE
The New York Stock Exchange is a Self-Regulatory Organization. Consequently, it revised Rule 619, which pertains to subpoenas for the production of documents and the appearance of witnesses. The arbitrator and any attorney of record to the proceedings may provide subpoenas for the production of documents or the appearance of witnesses since they are conferred with the power to enforce the subpoena procedure in accordance with applicable law. Upon receipt, each party shall receive a copy of the subpoena. 

Without resorting to the subpoena method, the parties nevertheless are recommended to provide witnesses and submit evidence to the maximum degree possible for New York City Process Service.  The party requesting a subpoena will still need to provide a formal order to the arbitrator requesting the issuance of a subpoena, done so in writing. The submission, together with the submitted draft subpoena, must be served directly to any other involved party in a way that is realistically expected to result in all parties receiving the request and required subpoena on the same day. This does not mean that the requesting party can submit the request on any individual; the party cannot serve the request on a non-party even if it is a draft subpoena as per New York City Process Service. 

The request and subpoena both must be lodged with the Director of Arbitration at the same time and in the same fashion that they are served on the parties. Whenever practicable, the parties are encouraged to provide testimony and provide evidence at the trial without the use of subpoenas. It must be noted that when the party served with such a subpoena responds to the nature or fashion of the subpoena negatively by objecting to it, the party may submit formal appeals with the Director of Arbitration within ten days of New York City Process Service, with copies to the other parties and additional copies for each arbitrator. Within five days of receipt of the opposition, the group requesting the subpoena can reply. After the time limit for appeals and responses has expired, the arbitrator assigned shall immediately decide on the issuance and extent of the subpoena.

If the arbitrator is the one who issues the subpoena, the party who requested it is the same party who is required to serve this subpoena. New York City Process Service must be done at the same time and in the same form to all parties or non—parties who receive the subpoena.  Any party who collects information in response to a subpoena served on a non-party should immediately communicate with the other parties within five days of reception. Following that, every party may request copies of those records, which must be given within ten days of the request being sent. Until the tribunal agrees differently, the group seeking the records is liable for the appropriate New York City Process Service costs of producing the copies.

The Exchange attempts to remove impediments to and perfect the mechanism of a free and open market and a national market system by ensuring that market participants can more easily navigate, understand and comply with its rules. 

For more information on serving legal papers, contact New York City Process Service (800) 774-6922. Representatives are available Monday-Friday 8 am – 8 pm EST.  If you found this article helpful, please consider donating.  Thank you for following our blog, A space dedicated to bringing you news on breaking legal developments, interesting articles for law professionals, and educational material for all. We hope that you enjoy your time on our blog and revisit us!  We also invite you to check out our Frequently Asked Questions About Process Servers.

Sources

1.The New York Stock Exchange (sometimes referred to as ‘The Big Board’) provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am – 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.

2. Located at 11 Wall Street and 18 Broad Street. In February 2007, an extra trading room at 30 Broad Street was sold.

3. As of January 24, 2007, all NYSE stocks can be traded via its electronic hybrid market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market.

4. Securities Exchange Act Release No. 52468 (Sept. 19, 2005), 70 FR 56201 (Sept. 26, 2005). 

5. (The ‘Exchange Act’) as well as any amendments 

6. C/O

United Agent Group Inc., 

15 North Mill Street, Nyack, 

Rockland County, New York 10960

7. Further recognized as a citizen agent, resident agent, or an agent for process

8. Registered Agent

UNITED AGENT GROUP INC.

600 MAMARONECK AVENUE #400

HARRISON, NEW YORK, 10528

9. DOS ID #: 3230916

10. DOS Process (Address to which DOS will mail process if accepted on behalf of the entity)

C/O UNITED AGENT GROUP INC

600 MAMARONECK AVENUE #400

HARRISON, NEW YORK, 10528

11. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘Act’) and Rule 19b-4 thereunder, the New York Stock Exchange LLC (‘NYSE’ or ‘Exchange’) filed with the Securities and Exchange Commission (‘SEC’ or ‘Commission’) a proposed rule change to amend NYSE Rule 619

12. 15 U.S. Code § 78s – Registration, responsibilities, and oversight of self-regulatory organizations

13. 17 CFR § 240.19b-4 – Filings with respect to proposed rule changes by self-regulatory organizations.

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