[Federal Register Volume 63, Number 213 (Wednesday, November 4, 1998)]
[Notices]
[Pages 59615-59616]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-29468]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-40614; File No. SR-NSCC-98-09]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to the Mutual Fund Profile Service
October 28, 1998.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on July 22, 1998, the
National Securities Clearing Corporation (``NSCC'') 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 by NSCC. 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 Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The purpose of the proposed rule change is to increase the
information available through NSCC's Mutual Fund Profile Service.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NSCC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments its received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. NSCC 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 the NSCC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
Currently, MFPS provides NSCC's members with an automated method of
transmitting and receiving information pertaining to mutual funds
through a centralized and standardized facility.\3\
[[Page 59616]]
Under the proposed rule change, NSCC will expand the information
available through MFPS to include a member profile, security issue
profile, and distribution declaration information profile.
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\3\ For a complete description of MFPS, refer to Securities
Exchange Act Release No. 37171 (May 14, 1996), 61 FR 24343 [File No.
SR-NSCC-96-04] (order approving the proposed rule change
establishing the daily price and rate file phase of MFPS).
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The ``member profile'' will provide members with fund data
including personnel contacts, telephone numbers, addresses, commission
payment procedures, processing capabilities, and information regarding
NSCC members which act as agents for other NSCC members.
The ``security issue profile'' will provide members with minimum
purchase or maintenance requirements, fund features, and various fund
processing characteristics for all the individual funds included in
MFPS.
The ``distribution declaration information profile'' will provide
members with projected and/or actual record dates, ex-dates, and
reinvestment and payable dates for dividend and capital gain payments,
and it may also include Rule 12b-1 plan and other commission payout
information.
NSCC expects to implement the new profiles in December 1998 and
will notify its members of the new services when they become available.
NSCC believes that the proposed rule change is consistent with
Section 17A of the Act \4\ and the rules and regulations thereunder.
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\4\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change will have an
impact on 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. NSCC will
notify the Commission of any written comments received by NSCC.
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) of the Act \5\ and pursuant to Rule 19b-4(e)(4) \6\
promulgated thereunder because the proposal effects a change in an
existing service that does not adversely effect the safeguarding of
securities or funds in the custody or control of the clearing agency or
for which it is responsible and does not affect the respective rights
or obligations of the clearing agency or persons using the service. 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.
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(e)(4).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street N.W., 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. 552, will be available for inspection and copying in the
Commission's Public Reference Section, 450 Fifth Street, N.W.,
Washington, DC 20549.
Copies of such filing also will be available for inspection and
copying at the principal office of NSCC. All submissions should refer
to File No. SR-NSCC-98-09 and should be submitted by November 25, 1998.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-29468 Filed 11-3-98; 8:45 am]
BILLING CODE 8010-01-M
