[Federal Register Volume 59, Number 201 (Wednesday, October 19, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-25884]
[[Page Unknown]]
[Federal Register: October 19, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34834; File No. SR-MCC-94-12]
Self-Regulatory Organizations; Midwest Clearing Corporation;
Notice of Filing of Proposed Rule Change Relating to Entering Into
Contracts With Participants To Provide Transactional Processing
Services on Behalf of Participants
October 13, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on October 11, 1994, the
Midwest Clearing Corporation (``MCC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II, and III below, which Item has been prepared
primarily by MCC. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organizations Statement of the Terms and Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to permit MCC to enter
into contracts to provide transactional processing and related data-
entry services with respect to certificated securities which are not
depository eligible on behalf of participants.
II. Self-Regulatory Organizations Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, MCC 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. MCC has prepared summaries, set forth in section (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 Purposed Rule Change
The purpose of the proposed change is to permit MCC to enter into
contracts with any of its participants whereby MCC will provide
transactional processing and data-entry services for a participant with
respect to the participant's certificated securities which are not
depository eligible. MCC shall not be obligated to enter into such
contracts with any participant, and if it chooses to enter into such a
contract, it shall not be obligated to do so on similar terms available
to any other participant.
The proposed rule change is consistent with Section 17A of the Act
in that it is designed to promote the accurate clearance and settlement
of securities transactions.
(B) Self-Regulatory Organization's Statement on Burden on Competition
The MCC does not believe that the proposed rule change will impose
a burden on competition that is 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
Comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within thirty-five days of the publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to ninety days of such date if it finds such longer period
to be appropriate and publishes its reasons for so finding or (ii) as
to which the self-regulatory organization consents, the Commission
will:
(A) By order approve such proposed rule change or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. Persons making written submission
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549.
Copies of the submissions, 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. 552, will be available for inspection and copying at the
principal office of MCC.
All submissions should refer to File No. SR-MCC-94-12 and should be
submitted by November 9, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-25884 Filed 10-18-94; 8:45 am]
BILLING CODE 8010-01-M
