[Federal Register Volume 60, Number 37 (Friday, February 24, 1995)]
[Notices]
[Pages 10416-10417]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-4517]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35390; File No. SR-MBS-95-02]
Self-Regulatory Organizations; MBS Clearing Corporation; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change
Establishing Fees for the Electronic Pool Notification Service
February 16, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on February 8, 1995, the MBS
Clearing Corporation (``MBS'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change (File No. SR-MBS-
95-02) as described in Items I, II, and III below, which Items have
been prepared primarily by MBS. 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change establishes fees for the Electronic Pool
Notification (``EPN'') service (attached as Exhibit A) and makes
certain technical changes to the EPN procedures to accommodate the
establishment of EPN fees.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, MBS 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. MBS 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
The purpose of the proposed rule change is to establish fees for
the EPN service and make certain technical changes to the EPN
procedures to accommodate the establishment of EPN fees. Specifically,
MBS is establishing three separate types of fees for EPN users: message
processing fees, access fees, and telecommunication circuit charges.
EPN users will be charged for EPN services in accordance with the EPN
Schedule of Charges effective February 9, 1995, which is the Public
Securities Association Class A pool notification day. The fees are
payable monthly on the appropriate PSA Class Settlement Date as
determined by MBS from time to time.
MBS believes that the proposed rule change is consistent with
Section 17A(b)(3)(D) of the Act\2\ and the rules and regulations
thereunder in that it provides for the equitable allocation of
reasonable dues, fees, and other charges among its participants.
\2\15 U.S.C. 78q-1(b)(3)(D) (1988).
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(B) Self-Regulatory Organization's Statements on Burden on Competition
MBS does not believe that the proposed rule change will impose any
burden on competition not necessary or appropriate in 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
MBS advised EPN users of the proposed rule change at a meeting held
on January 25, 1995. No written comments have been received. MBS will
notify the Commission of any written comments received by MBS.
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) of the Act\3\ and pursuant to Rule 19b-4(e)(2)
promulgated thereunder\4\ because the proposed rule change establishes
a due, fee, or other charge imposed by MBS. 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 purpose of
the Act.
\3\15 U.S.C. 78s(b)(3)(A)(ii) (1988).
\4\17 CFR 240.19b-4(e)(2) (1994).
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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 [[Page 10417]] 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 will also
be available for inspection and copying at the principal office of MBS.
All submissions should refer to File No. SR-MBS-95-02 and should be
submitted by March 17, 1995.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\5\
\5\17 CFR Sec. 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
Exhibit A.--MBS-EPN Schedule of Charges
Message Processing Fees
Account Maintenance................ $250.00/month (per account).
ON Send or Receive................. 0.75/million Current Face.
DK Send or Receive................. No Charge.
Cancel Send or Receive............. No Charge.
Retransmission Request............. No Charge.
AutoLink Request................... No Charge.
Access Fees
CTCI SNA LU6.2..................... 71.00/month (per circuit to
MetroTech).
CTCI TCP/IP via Wellfleet (MBSCC).. 120.00/month (per circuit to
MetroTech).
CTCI TCP/IP via Cisco (MBSCC)...... 190.00/month (per circuit to
MetroTech).
EPN Terminal Service............... No Charge (first 9.6 Kbps
connection).
EPN Terminal Service............... 12.75/month (each additional
connection).
EPN Dial-up Terminal Service....... 12.75/month (each 9.6 Kbps
connection).
In addition to the above, telecommunication circuit charges from
Sector (or your vendor of choice) will apply.
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[FR Doc. 95-4517 Filed 2-23-95; 8:45 am]
BILLING CODE 8010-01-M
