94-2013. Self-Regulatory Organizations; Participants Trust Company; Order Approving a Proposed Rule Change To Adopt the Participants Operating Guide  

  • [Federal Register Volume 59, Number 20 (Monday, January 31, 1994)]
    [Unknown Section]
    [Page 0]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 94-2013]
    
    
    [[Page Unknown]]
    
    [Federal Register: January 31, 1994]
    
    
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    SECURITIES AND EXCHANGE COMMISSION
    [Release No. 34-33514; File No. SR-PTC-91-11]
    
     
    
    Self-Regulatory Organizations; Participants Trust Company; Order 
    Approving a Proposed Rule Change To Adopt the Participants Operating 
    Guide
    
    January 24, 1994.
        On July 11, 1991, the Participants Trust Company (``PTC'') filed 
    with the Securities and Exchange Commission (``Commission'') a proposed 
    rule change (File No. SR-PTC-91-11) pursuant to section 19(b)(1) of the 
    Securities Exchange Act of 1934 (``Act'')\1\ to consolidate the daily 
    operating practices and procedures of PTC and its participants into one 
    centralized manual. Notice of the proposal appeared in the Federal 
    Register on August 6, 1991.\2\ Since then, PCT has filed several 
    amendments to its original filing.\3\ No public comments have been 
    received. For the reasons discussed below, the Commission is approving 
    the proposed rule change.
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        \1\15 U.S.C. 78s(b)(1).
        \2\Securities Exchange Act Release No. 29532 (Aug. 6, 1991), 56 
    FR 40650.
        \3\PTC filed Amendment No. 1 to File No. SR-PTC-91-11 with the 
    Commission on December 9, 1991, letter from Alison N. Hoffman, 
    Assistant Counsel, PTC, to Ester Saverson, Jr., Branch Chief, 
    Division of Market Regulation (``Division''), Commission (December 
    6, 1991); Amendment No. 2 on April 10, 1992, letter from Alison N. 
    Hoffman, Assistant Counsel, PTC, to Richard Strasser, Division, 
    Commission (April 9, 1992); Amendment No. 3 on January 6, 1993, 
    letter from Leopold S. Rassnick, Vice President & General Counsel, 
    PTC, to Ester Saverson, Jr., Branch Chief, Division, Commission 
    (January 6, 1993); Amendment No. 4 on May 14, 1993, letter from 
    Leopold S. Rassnick, Vice President & General Counsel, PTC, to 
    Judith Poppalardo, Assistant Director, Division, Commission (May 13, 
    1993); Amendment No. 5 on August 4, 1993, letter from Carol A. 
    Jameson, Assistant Counsel, PTC, to Judith Poppalardo, Assistant 
    Director, Division, Commission (July 30, 1993); Amendment No. 6 on 
    December 20, 1993, letter from Leopold S. Rassnick, Vice President, 
    General Counsel and Secretary, PTC, to Judith Poppalardo, Assistant 
    Director, Division, Commission (December 15, 1993).
        The purpose of the foregoing amendments was to reflect changes 
    and modifications relating to PTC's daily operating practices and 
    procedures. Some of the changes were made in response to Commission 
    comments relating to the original filing, while other changes were 
    made to reflect underlying changes to PTC's Rules and Procedures. 
    Because of the technical nature of these amendments, notices of the 
    amendments were not published.
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    I. Description
    
        The proposed rule change consolidates, in one centralized manual 
    called the ``Participants Operating Guide'' (``Guide''), the daily 
    operating practices and procedures governing transactions between PTC 
    and its participants. The Guide will replace the present system of 
    informing participants of PTC's daily operating practices and 
    procedures through the distribution of separate Administrative 
    Bulletins and Important Notices. The Guide includes information 
    regarding general administrative procedures, communications system, 
    risk management procedures, account structures, procedures for the 
    input and output of trade data, book-entry system, description of the 
    end-of-day cash settlement system, principal and interest distribution 
    information, and required reports. The Guide serves as a reference 
    manual to PTC Rules and Procedures and in no way supersedes or alters 
    those Rules and Procedures. Since filing the proposed rule change, PTC 
    has modified several of its rules. These modifications are reflected in 
    PTC daily operating practices and procedures and are described in the 
    several amendments to this rule filing which PTC has filed with the 
    Commission.\4\
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        \4\Supra note 3.
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    II. Discussion
    
        The Commission believes the proposed rule change is consistent with 
    the Act and especially with section 17A(b)(3)(F) of the Act.\5\ Section 
    17A(b)(3)(F) requires, among other things, that the rules of a clearing 
    agency be designed to promote the prompt and accurate clearance and 
    settlement of securities transactions and to protect investors and the 
    public interest. By consolidating its daily operating practices and 
    procedures in a single manual, PTC has afforded its participants with 
    ready access to the rules and procedures controlling securities 
    transactions effected at PTC. By improving participants' ability to 
    acquire information regarding their rights and responsibilities with 
    respect to transactions through PTC, the Guide will help promote the 
    prompt and accurate clearance and settlement of securities 
    transactions.
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        \5\15 U.S.C. 78q-1(b)(3)(F).
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    III. Conclusion
    
        On the basis of the foregoing, the Commission finds that PTC's 
    proposal is consistent with section 17A of the Act.
        It is therefore ordered, Pursuant to section 19(b)(2) of the Act, 
    that PTC's proposed rule change (File No. SR-PTC-91-11) be, and hereby 
    is, approved.
    
        For the Commission, by the Division of Market Regulation, 
    pursuant to delegated authority.\6\
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        \6\17 CFR 200.30-3(a)(12).
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    Margaret H. McFarland,
    Deputy Secretary.
    [FR Doc. 94-2013 Filed 1-28-94; 8:45 am]
    BILLING CODE 8010-01-M
    
    
    

Document Information

Published:
01/31/1994
Department:
Securities and Exchange Commission
Entry Type:
Uncategorized Document
Document Number:
94-2013
Pages:
0-0 (1 pages)
Docket Numbers:
Federal Register: January 31, 1994, Release No. 34-33514, File No. SR-PTC-91-11