[Federal Register Volume 60, Number 229 (Wednesday, November 29, 1995)]
[Notices]
[Pages 61281-61282]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-29153]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36506; File Nos. SR-SCCP-95-04 and SR-Philadep-95-06]
Self-Regulatory Organizations; Stock Clearing Corporation of
Philadelphia and Philadelphia Depository Trust Company; Notice of
Filing of Proposed Rule Changes Seeking Authority to Release Clearing
Data Relating to Participants
November 22, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on July 7, 1995, the Stock
Clearing Corporation of Philadelphia (``SCCP'') and the Philadelphia
Depository Trust Company (``Philadep'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule changes (File
Nos. SR-SCCP-95-04 and SR-Philadep-95-06) as described in Items I, II,
and III below, which items have been prepared primarily by SCCP and
Philadep. On August 17, 1995, SCCP and Philadep each filed an amendment
to its proposed rule change to clarify the parties to whom SCCP and
Philadep will release clearing data and to define the term ``clearing
data''.\2\ On September 25, 1995, SCCP and Philadep each filed a second
amendment to its proposed rule change to supersede the prior
amendments.\3\ On November 16, 1995, SCCP and Philadep each filed a
third amendment to its proposed rule change to make certain technical
corrections.\4\ The Commission is publishing this notice to solicit
comments on the proposed rule changes from interested persons.
\1\15 U.S.C. 78s(b)(1) (1988).
\2\Letter from Sharon S. Metzker, Staff Counsel, SCCP and
Philadep, to Peter R. Geraghty, Senior Counsel, Division of Market
Regulation (``Division''), Commission (August 15, 1995).
\3\Letter from Sharon S. Metzker, Staff Counsel, SCCP and
Philadep, to Peter R. Geraghty, Senior Counsel, Division, Commission
(September 22, 1995).
\4\Letter from Sharon S. Metzker, Staff Counsel, SCCP and
Philadep, to Christopher Concannon, Division, Commission (November
16, 1995).
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I. Self-Regulatory Organizations' Statement of the Terms of Substance
of the Proposed Rule Changes
The purpose of the respective proposed rule changes is to modify
SCCP Rule 28 and to add Rule 32 to Philadep's rules to authorize SCCP
and Philadep to release data relating to their respective participants'
clearance and settlement activities.
II. Self-Regulatory Organizations' Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Changes
In their filings with the Commission, SCCP and Philadep included
statements concerning the purpose of and basis for the proposed rule
changes and discussed any comments they received on the proposed rule
changes. The text of these statements may be examined at the places
specified in Item IV below. SCCP and Philadep have prepared summaries,
set forth in sections (A), (B), and (C) below, of the most significant
aspects of such statements.\5\
\5\The Commission has modified the text of the summaries
submitted by SCCP and Philadep.
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(A) Self-Regulatory Organizations' Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Changes
The purpose of the respective proposed rule changes is to modify
SCCP Rule 28 and to add Rule 32 to Philadep's rules to authorize SCCP
and Philadep to release data relating to their respective participants'
clearance and settlement activities. SCCP and Philadep receive
transaction data and other data relating to their participants in the
normal course of business. The rule changes set forth SCCP's and
Philadep's obligations to preserve their participants' rights with
respect to such data and the conditions under which SCCP and Philadep
will disclose such data.
The proposed rules will permit SCCP and Philadep to disclose such
data to regulatory organizations, self-regulatory organizations,
clearing organizations affiliated with or designated by contract
markets trading specific futures products under the oversight of the
Commodity Futures Trading Commission, and others under certain
conditions. The proposed rule changes generally provide that the
release of a participant's clearing data shall be conditioned upon
either the submission of a written request or the execution of a
written agreement.\6\ The proposed rules also define ``clearing data''
to mean transaction and other data which is received by SCCP and
Philadep in the clearance and/or settlement process or such data,
reports, or summaries which may be produced as a result of processing
such data.
\6\As self-regulatory organizations, SCCP and Philadep are
authorized to cooperate and share data with other regulatory or
self-regulatory organizations for regulatory purposes.
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The proposed rule changes also will facilitate SCCP's and
Philadep's participation in the National Securities Clearing
Corporation's (``NSCC'') Collateral Management Service (``CMS'').\7\
The proposals will enable SCCP and Philadep to provide information
regarding their respective participants funds, including excess or
deficit amounts, and to provide comprehensive data on underlying
collateral to NSCC for inclusion in the CMS. Participants of SCCP and
Philadep that desire access to the CMS data will be required to execute
a CMS participation application.
\7\Generally, the CMS will provide participating participants
and clearing agencies with access to information regarding clearing
fund, margin, and other similar requirements and deposits. For a
complete description of the CMS, refer to Securities Exchange Act
Release No. 36091 (August 5, 1995), 60 FR 30912 [File No. SR-NSCC-
95-06] (order approving the CMS).
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SCCP and Philadep believe the proposed rule changes are consistent
with Section 17A of the Act and the rules and regulations thereunder
because the rule proposals should help to safeguard securities and
funds in their custody or control or for which they are responsible.
(B) Self-Regulatory Organizations' Statement on Burden on Competition
SCCP and Philadep do not believe that the proposed rule change will
impact or impose a burden on competition.
(C) Self-Regulatory Organizations' Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
No written comments have been solicited or received. SCCP and
Philadep will notify the Commission of
[[Page 61282]]
any written comments received by SCCP or Philadep.
III. Date of Effectiveness of the Proposed Rule Changes and Timing for
Commission Action
Within thirty-five days of the date of 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 SCCP and Philadep consent, the Commission
will:
(a) By order approve such proposed rule changes or
(b) Institute proceedings to determine whether the proposed rule
changes should be disapproved.
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 changes that are filed
with the Commission, and all written communications relating to the
proposed rule changes 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 will also be
available for inspection and copying at the principal offices of SCCP
and Philadep. All submissions should refer to the file numbers SR-SCCP-
95-04 or SR-Philadep-95-06 and should be submitted by December 29,
1995.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\8\
\8\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-29153 Filed 11-28-95; 8:45 am]
BILLING CODE 8010-01-M
