[Federal Register Volume 60, Number 13 (Friday, January 20, 1995)]
[Notices]
[Pages 4210-4211]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-1495]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35228; File No. SR-PTC-94-09]
Self-Regulatory Organizations; Participants Trust Company; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Codifying
Rules
January 13, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on January 4, 1995, the
Participants Trust Company (``PTC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule
[[Page 4211]] change (File No. SR-PTC-94-09) as described in Items I,
II, and III below, which items have been prepared primarily by the
self-regulatory organization. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
\1\15 U.S.C. Sec. 78s(b)(1) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to codify PTC's rules
and provide for the distribution to participants and limited purpose
participants.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, PTC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. PTC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such statements.
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
Following an inspection of PTC in 1994, the Commission's Northeast
Regional Office recommended that PTC file a rule change with the
Commission to provide participants with a new set of rules and
procedures which encompasses all amendments.\2\ The filing of the
present proposed rule change to codify PTC's rules and distribute the
codified rules to participants and limited purpose participants
complies with this recommendation.
\2\Letter from Richard H. Walker, Regional Director, Northeast
Regional Office, Commission, to John J. Sceppa, President and Chief
Executive Officer, PTC (July 7, 1994).
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Specifically, PTC is distributing to participants and limited
purpose participants a fully codified set of rules incorporating all
amendments into the text of the rules. In addition, the codified set of
rules integrates into the rules PTC's procedures which were formerly
appended to the rules as a supplement and which, in certain cases,
superseded conflicting provisions in the rules. The integration of the
amendments and the procedures into the text of PTC's rules makes them
easier to follow and to understand by eliminating the need to refer to
several documents at once. In the future, amendments to the rules will
be distributed to participants and limited purpose participants in the
form of substitute pages that will replace superseded pages in the
codified text.
PTC believes that the proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act\3\ and the rules and regulations
thereunder in that it is designed to promote the prompt and accurate
settlement of securities transactions and to remove impediments to and
perfect the mechanisms of a national system for the prompt and accurate
settlement of securities transactions.
\3\15 U.S.C. Sec. 78q-1(b)(3)(F) (1988).
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(B) Self-Regulatory Organization's Statements on Burden on Competition
PTC does not believe that the proposed rule change will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
PTC has not solicited comments with respect to the proposed rule
change, and none have been received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act\4\ and subparagraph (e)(1) of Rule 19b-4\5\
thereunder because the proposed rule change constitutes a stated
policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule of the self-
regulatory organization. At any time within sixty days of the filing of
such rule change, the Commission may summarily abrogate such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
\4\15 U.S.C. Sec. 78(b)(3)(A)(i) (1988).
\5\17 CFR 240.19b-4(e)(1) (1994).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549.
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. Sec. 552, will be available for inspection and copying in
the Commission's Public Reference Section, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such filing will also be available for
inspection and copying at the principal office of PTC. All submissions
should refer to File No. SR-PTC-94-09 and should be submitted by
February 10, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
\6\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-1495 Filed 1-19-95; 8:45 am]
BILLING CODE 8010-01-M
