[Federal Register Volume 62, Number 37 (Tuesday, February 25, 1997)]
[Notices]
[Pages 8478-8479]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4530]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38303; File No. SR-PHIL-96-18]
Self-Regulatory Organizations; Philadelphia Depository Trust
Company; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change Relating to the Establishment of Fees Charged for Direct
Registration System
February 18, 1997.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on November 6, 1996,
Philadelphia Depository Trust Company (``Philadep'') 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 Philadep. The Commission is publishing this
notice to solicit
[[Page 8479]]
comments on the proposed rule change from interested persons.
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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 purpose of the proposed rule change is to establish Philadep's
fee schedule for participants using direct registration system
(``DRS'') services.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Philadep included statements
concerning the purpose of and statutory basis for the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. Philadep 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 parts of these statements.
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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 establish Philadep's
fee schedule for DRS services. Philadep proposes to enable its
participants to use Philadep's processing environment to account for
certain investors' purchases and sales of securities according to the
DRS procedures. Philadep will establish a limited participant category
of participant which will be charged the following fees:
1. Limited Participant Accountholder Fee--$225 per month
2. Deliver Order Transaction Processing Fee--$.45 per transaction
Philadep participants receiving such a DRS delivery also will be
charged $.45 per transaction. In addition, when a transfer agent mails
a transaction advice to the shareholder, the transfer agent's fee of
$.55 for mailing and handling the DRS transaction advice will be
charged back to the participant directly by Philadep. Philadep will
collect the advice fees and will periodically remit such fees to the
transfer agent.
The proposed rule change complies with Section 17A of the Act in
providing for equitable allocation of reasonable dues, fees, and other
charges among participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
Philadep does not believe that the proposed rule change will impose
any burden on competition that is 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
Comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by Philadep, it has become effective
pursuant to Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(e)(2)
thereunder.\4\ At any time within sixty days of the filing of the
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.
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\3\ 15 U.S.C. 78q-1(b)(3)(A) (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 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 Philadep. All submissions should refer to
the File No. SR-Phil-96-18 and should be submitted by March 18, 1997.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-4530 Filed 2-24-97; 8:45 am]
BILLING CODE 8010-01-M
