[Federal Register Volume 62, Number 33 (Wednesday, February 19, 1997)]
[Notices]
[Pages 7486-7487]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4052]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38271; File No. SR-DTC-96-23]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Relating
to Revision of Fees
February 11, 1997.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 31, 1996, The
Depository Trust Company (``DTC'') 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 DTC. 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).
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I. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The proposed rule change revises the fees charged to users who are
not DTC participants for automated reports listing the positions of DTC
participants in an issue.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory basis for, the Proposed Rule Change
In its filing with the Commission, DTC 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. DTC 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 DTC.
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[[Page 7487]]
(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 revise the fees
charged to users who are not DTC participants for automated reports
listing the positions of DTC participants in an issue. The automated
reports include the Weekly Report Series, which shows the daily closing
balances during the week for each participant having a security
credited to its DTC account; the Monthly Report Series, which shows the
closing balance on the last business day of the month for each
participant having a security credited to its DTC account; the Dividend
Record Date Series, a quarterly report which shows the closing balance
for each participant having a security credited to its DTC account; on
a dividend record date; and the Special Request, which is available for
any business day and shows each participant's closing balance in the
issue on that day. DTC offers these reports to third parties (e.g.,
trustees, issuers, attorneys representing issuers, and other attorneys
when required by valid legal process) who are not participants at DTC.
The revised fees for the automated reports became effective on January
1, 1997.
DTC believes that the proposed rule change is consistent with the
requirements of Section 17A(b)(3)(D) of the Act\3\ and the
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\3\ 15 U.S.C. 78q-1.
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rules and regulations thereunder because it provides for the equitable
allocation of reasonable dues, fees, and other charges among users of
DTC's services.
(B) Self-Regulatory Organization's Statement on Burden on Competition
DTC does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in the
furtherance of the purposes of the Act.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received from Members, Participants or Others
No written comments on the proposed rule change were solicited or
received.
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) \4\ of the Act and pursuant to Rule 19b-4(e)(2) \5\
promulgated thereunder in that the proposed rule change establishes or
changes a due, fee, or other charge imposed by DTC. 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)(ii).
\5\ 17 CFR 240.19b-4(e)(2).
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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 DTC. All
submissions should refer to File No. SR-DTC-96-23 and should be
submitted by March 12, 1997.
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).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-4052 Filed 2-18-97; 8:45 am]
BILLING CODE 8010-01-M
