[Federal Register Volume 61, Number 236 (Friday, December 6, 1996)]
[Notices]
[Pages 64780-64781]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-31081]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38005; File No. SR-MBSCC-96-07]
Self-Regulatory Organizations; MBS Clearing Corporation; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Modifying
MBS Clearing Corporation Rules and By-Laws
December 2, 1996.
Pursuant to Section 19(b))1)\1\ of the Securities Exchange Act of
1934 (``Act''), notice is hereby given that on October 29, 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. 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 proposed rule change modifies MBSCC's rules and by-laws to
create the new title of Managing Director.
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
In order to conform with how MBSCC and many firms in the industry
operate, MBSCC has created the new title of Managing Director. The
purpose of the proposed rule change is to modify MBSCC's rules and by-
laws to accommodate the change in MBSCC's internal management
structure. Article V, Rule 1 of MBSCC's rules is being amended to
establish the authority of a Managing Director to act for the
Corporation. Article V, Section 5.1 of MBSCC's by-laws, which describes
the designation, number, and selection process for the officers of
MBSCC, is being amended to establish the office of managing director
and the number of managing directors that will serve as officers of the
corporation. Article V, Section 5.6 is being added to the by-laws to
describe the duties and responsibilities of Managing Directors. Article
V, Section 5.7 is being amended to include the Managing Director as an
officer for whom the vice president shall act in the Managing
Director's absence. Article V, Section 5.9 and 5.10 are being amended
to include the Managing Director as an officer authorized to sign
certificates of stock with the secretary or assistant secretary.
Article 7, Section 7.1 is being amended to include the Managing
Director as one of several officers who must sign, along with the
secretary or treasurer, the stockholer's certificate certifying the
number of shares owned by the stockholder in the corporation.
The proposed rule change is consistent with the requirements of
Section 17A of the Act \3\ and the rules and regulations thereunder
because it makes technical modifications to MBSCC's rules and by-laws
so that they coincide with MBSCC's new internal management structure.
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\3\ 15 U.S.C. 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)(iii) \4\ of the Act and pursuant to Rule 19b-4(e)(3) \5\
promulgated
[[Page 64781]]
thereunder in that the proposed rule change is concerned solely with
the administration of 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 appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
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\4\ 15 U.S.C. 78s(b)(3)(A)(iii) (1988).
\5\ 17 CFR 240.19b-4(e)(3) (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. 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-96-07 and should
be submitted by December 27, 1996.
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) (1996).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-31081 Filed 12-5-96; 8:45 am]
BILLING CODE 8010-01-M
