[Federal Register Volume 60, Number 32 (Thursday, February 16, 1995)]
[Notices]
[Pages 9069-9070]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-3882]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35354; International Series Release No. 783; File No.
SR-ISCC-94-01]
Self-Regulatory Organizations; International Securities Clearing
Corporation; Notice of Filing add Immediate Effectiveness of a Proposed
Rule Change Regarding the Global Clearing Network Service
February 10, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on January 6, 1995, the
International Securities Clearing Corporation (``ISCC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change (File No. SR-ISCC-95-01) as described in Items I, II, and III
below, which items have been prepared primarily by ISCC. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
\1\15 U.S.C. 78s(b)(1) (1988).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change consists of amendments to ISCC's Rule 50
to expand the categories of entities with which ISCC may establish
relationships for its foreign clearance and settlement 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, ISCC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments that it received on the proposed rule change.
The text of these statements may be examined at the places specified in
Item IV below. ISCC has prepared summaries, set forth in sections (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 Proposed Rule Change
(a) ISCC Rule 50 currently provides that ISCC may establish a
foreign clearing, settlement, and custody service in conjunction with
banks and trust companies to be known as the Global Clearance Network
(``GCN'') Service. The proposed rule change expands the categories of
entities with whom ISCC may enter into agreements in order to provide
the GCN Service to include any type of entity. This change will permit
[[Page 9070]] ISCC to enter into a relationship with entities such as
INDEVAL, the Mexican securities clearing and depository company.
However, ISCC will still be required to file a proposed rule change
pursuant to Section 19(b) of the Act before entering into a clearing,
settlement, or custody service relationship with any entity.
(b) The proposed change will facilitate the prompt and accurate
clearance and settlement of securities transactions, and therefore, the
proposed rule change is consistent with the requirements of the Act,
specifically Section 17A of the Act, and the rules and regulations
thereunder.
(B) Self-Regulatory Organization's Statement on Burden on Competition
ISCC 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. ISCC will
notify the Commission of any written comments received by ISCC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
the Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b-4(e)(4) thereunder in that the
proposal effects a change in an existing service that does not
adversely affect the safeguarding of securities or funds and does not
significantly affect the respective rights of the clearing agency or
persons using the service. At any time within sixty days of the filing
of such proposed 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.
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 NW., 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 Room, 450 Fifth Street NW., Washington,
D.C. 20549. Copies of such filing will also be available for inspection
and copying at the principal office of the above-mentioned self-
regulatory organization. All submissions should refer to the file
number SR-ISCC-95-01 and should be submitted by March 9, 1995.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\2\
\2\17 CFR 200.30-3(a)(12) (1994).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-3882 Filed 2-15-95; 8:45 am]
BILLING CODE 8010-01-M
