[Federal Register Volume 64, Number 22 (Wednesday, February 3, 1999)]
[Notices]
[Page 5329]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-2532]
[[Page 5329]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-40989; File No. SR-EMCC-99-1]
Self-Regulatory Organizations; the Emerging Markets Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Fees and Charges for Pairing-Off
January 28, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on January 6, 1999, Emerging
Markets Clearing Corporation (``EMCC'') 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 EMCC. 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 expands the fees charged by EMCC for
pairing-off services provided.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, EMCC 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. EMCC 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 EMCC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
Addendum H to EMCC's Rules allows EMCC to pair-off fail receive and
deliver obligations relating to EMCC eligible instruments.\3\ When EMCC
conducted its first pairing-off of fail receive and deliver obligations
of EMCC eligible instruments, it only charged for the pairing-off of
obligations related to warrants. EMCC charges a fee of $2.00 per
warrant fail receive or deliver obligation eliminated as a result of
any pairing-off. The proposed rule change expands the $2.00 fee to
cover the pairing-off of all fail receive and deliver obligations
regardless of the type of EMCC eligible instruments to which they
relate.\4\
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\3\ Prior to the approval of Addendum H, EMCC only had the
authority to pair-off fail receive and deliver obligations relating
to warrants.
\4\ The complete text of the proposed amendments to EMCC's rules
and procedures is attached to EMCC's filing as Exhibit A, which is
available for inspection and copying at the Commission's Public
Reference Room and through EMCC.
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(B) Self-Regulatory Organization's Statement on Burden on Competition
EMCC 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
No 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) \5\ of the Act and pursuant to Rule 19b-4(e)(2) \6\
promulgated thereunder because the proposal establishes or changes a
due, fee, or other charge imposed by EMCC. 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.
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\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 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, 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, NW, Washington, DC 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, NW,
Washington, DC 20549. Copies of such filing also will be available for
inspection and copying at the principal office of EMCC. All submissions
should refer to File No. SR-EMCC-99-1 and should be submitted by
February 24, 1999.
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. 99-2532 Filed 2-2-99; 8:45 am]
BILLING CODE 8010-01-M
