[Federal Register Volume 63, Number 35 (Monday, February 23, 1998)]
[Notices]
[Pages 9033-9034]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-4405]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-39655; File No. SR-NSCC-97-17]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Revising NSCC's Fee Schedule
February 12, 1998.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''), notice is hereby given that on December 22, 1997, 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 primarily by NSCC. 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 Terms of Substance
of the Proposed Rule Change
The proposed rule change eliminates references to NSCC's
discontinued securities transfer service in NSCC's fee schedule.
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 it 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 NSCC.
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(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 eliminate references
to NSCC's discontinued securities transfer service in NSCC's fee
schedule. Earlier this year, NSCC discontinued its securities transfer
service, which was also known as the national transfer service
(``NTS''), by deleting NSCC Rule 42.\3\ However, that rule filing
inadvertently failed to delete references to NTS in NSCC's fee
schedule. Therefore, this amendment eliminates all references to NTS in
NSCC's fee schedule.
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\3\ Securities Exchange Act Release No. 38556 (April 29, 1997),
62 FR 24522.
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The proposed rule change is consistent with the requirements of
Section 17A of the Act \4\ and the rules and regulations thereunder
because it facilitates the prompt and accurate clearance and settlement
of securities transactions.
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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 impact or
will 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)(iii) \5\ of the Act and pursuant to Rule 19b-4(e)(4) \6\
promulgated thereunder because the proposed rule change effects a
change in an existing service of a registered clearing agency that does
not adversely affect the safeguarding of securities or funds in its
custody or control and does not significantly 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)(iii).
\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.,
[[Page 9034]]
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 NSCC. All submissions should refer to File
No. SR-NSCC-97-17 and should be submitted by March 16, 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. 98-4405 Filed 2-20-98; 8:45 am]
BILLING CODE 8010-01-M
