[Federal Register Volume 61, Number 213 (Friday, November 1, 1996)]
[Notices]
[Pages 56592-56593]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-28009]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37862; File No. SR-MBSCC-96-05]
Self-Regulatory Organizations; MBS Clearing Corporation; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Fees and Charges
October 24, 1996.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''), notice is hereby given that on September 25, 1996, the
MBS Clearing Corporation (``MBSCC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II, and III below, which items have been prepared
primarily by MBSCC. The Commission is publishing this notice to solicit
comments from interested persons on the proposed rule change.
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\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 text of the proposed rule change consists of modifications to
the Electronic Pool Notification (``EPN'') schedule of charges, which
is attached as Exhibit 1.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, MBSCC 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. MBSCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such
statements.\2\
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\2\ The Commission has modified the text of the summaries
prepared by MBSCC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of the proposed rule change is to modify the access
fees and to make technical changes to the schedule of charges for the
EPN service. MBSCC currently accommodates connectivity to the EPN
service by leased lines and charges an access fee depending on the type
of connection used by a participant. The proposed rule change
establishes an access fee to accommodate the use of dial-up lines in
conjunction with or as an alternative to leased lines for connection to
the EPN service.\3\ Dial-up access to the EPN service is intended to
reduce a participant's monthly telephone company communication charges.
Therefore, the proposed rule change modifies the EPN schedule of
charges to add an access fee for CTCI TCP/IP via dial-up of $30.00/
month. The proposed rule change also makes a technical modification to
the EPN schedule of charges to identify the access fees to accommodate
connectivity by leased line or dial-up, leased line, and dial-up.\4\
MBSCC will implement these changes effective immediately.
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\3\ Leased lines are billed on a flat rate regardless of usage
whereas dial-up access is billed based on usage plus a small
maintenance fee.
\4\ One type of connection (i.e., CTCI SNA LU6.2) accommodates
leased or dial-up access to the EPN service.
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MBSCC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \5\ and the rules and
regulations thereunder because it provides for the equitable allocation
of dues, fees, and other charges among MBSCC's participants.
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\5\ 15 U.S.C. Sec. 78q-1 (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
MBSCC does not believe that the proposed rule change will impact or
impose a burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
No written comments have been solicited or received. MBSCC will
notify the Commission of any written comments received by MBSCC.
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)(ii) \6\ of the Act and pursuant to Rule 19b-4(e)(2) \7\
promulgated thereunder because the proposal establishes or changes a
due, fee, or other charge imposed by MBSCC. 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
[[Page 56593]]
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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\6\ 15 U.S.C. Sec. 78s(b)(3)(A)(ii) (1988).
\7\ 17 CFR 240.19b-4(e)(2) (1996).
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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, N.W., Washington, D.C. 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, N.W.,
Washington, D.C. 20549. Copies of such filing also will be available
for inspection and copying at the principal office of MBSCC. All
submissions should refer to File No. SR-MBSCC-96-05 and should be
submitted by November 22, 1996.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12) (1996).
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Margaret H. McFarland,
Deputy Secretary.
Exhibit 1--Modifications to MBSCC's EPN Schedule of Charges
MBSCC EPN Schedule of Charges \9\
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Account Maintenance Fees
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Direct Account............... $250.00/month (per account).
Omnibus Account.............. $250.00/month (per account) plus $25.00/
month (per customer account up to a
maximum of $250.00/month/per account).
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Message Processing Fees
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ON Send...................... $.25/million Current Face (8:00 a.m. to
1:00 p.m.).
$1.25/million Current Face (1:00 p.m. to
2:00 p.m.).
$1.50/million Current Face (2:00 p.m. to
3:00 p.m.).
$1.25/million Current Face (3:00 p.m. to
5:00 p.m.).
ON Receive................... $.50/million Current Face (8:00 a.m. to
1:00 p.m.).
$.25/million Current Face (1:00 p.m. to
2:00 p.m.).
$.25/million Current Face (2:00 p.m. to
3:00 p.m.).
No Charge (3:00 p.m. to 5:00 p.m.).
DK Send or Receive........... No Charge.
Cancel Send or Receive....... No Charge.
Retransmission Request....... No Charge.
AutoLink Request............. No Charge.
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Access Fees
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CTCI SNA LU6.2 via leased $71.00/month (per circuit to MetroTech).
line or Dial-up.
CTCI TCP/IP leased line via $120.00/month (per circuit to MetroTech).
Wellfleet (MBSCC).
CTCI TCP/IP leased line via $190.00/month (per circuit to MetroTech).
Cisco (MBSCC).
CTCI TCP/IP via Dial-up...... $30.00/month (per circuit to MetroTech).
EPN Terminal Service........ No Charge (first 9.6 Kbps connection).
EPN Terminal Service......... $12.75/month (each additional
connection).
EPN Dial-up Terminal Service. $12.75/month (each 9.6 Kbps connection).
In addition to the above, telecommunication circuit charges from Sector
(or your vendor of choice) will apply.
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\9\ Additions to the text are denoted by italics, deleted text is
bracketed.
[FR Doc. 96-28009 Filed 10-31-96; 8:45 am]
BILLING CODE 8010-01-M
