[Federal Register Volume 60, Number 48 (Monday, March 13, 1995)]
[Notices]
[Pages 13495-13496]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-6087]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35447; File No. SR-MSTC-95-03]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by Midwest Securities Trust
Company Relating to the Legal Expert System Fees
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on January 27, 1995, the
Midwest Securities Trust Company (``MSTC'') 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
by MSTC. 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 Organizations Statement of the Terms of Substance of
the Proposed Rule Change
MSTC proposes to waive the fees associated with the Legal Expert
System until March 1, 1995.\2\
\2\For a complete description of the Legal Expert System, refer
to Securities Exchange Act Release Nos. 33756 (March 11, 1994), 59
FR 13350 [File No. SR-MSTC-94-02] (order approving a rule change
regarding the Legal Expert System's fees and a clarification
disclaiming any liability on MSTC's part for any misinformation
contained in the Legal Expert System) and 35098 (December 13, 1994),
59 FR 65551 [SR-MSTC-94-17] (order modifying the pricing structure
of the Legal Expert System).
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, MSTC 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. MSTC has prepared summaries, set forth in section (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 change is to waive the fees for the
Legal Expert System until March 1, 1995.
The text of the proposed rule change is as follows with additions
italicized:
MSTC Legal Expert System
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Terminal inquiry
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1-2,500 inquiries per month....................... $0.50/inquiry.
2,501-5,000....................................... 0.35/inquiry.
5,001-10,000...................................... 0.26/inquiry.
10,001 and over................................... 0.17/inquiry.
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MSTC full legal deposit participants will receive a free inquiry
for each legal deposit submitted to MSTC. The free inquiries are only
valid in the month the legal deposit is made.
The above terminal inquiry fees are waived until March 1, 1995.
The proposed rule change is consistent with Section 17A of the Act
in that it provides for the equitable allocation of reasonable fees and
other charges among participants using its facilities.
(B) Self-Regulatory Organization's Statement on Burden on Competition
MSTC does not believe that the proposed rule change will impose a
[[Page 13496]] 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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)\3\ of the Act and Rule 19b-4(e)\4\ thereunder in that it
establishes or changes a due, fee, or other charge imposed by MSTC. At
any time within sixty days of the filing of such rule change, the
Commission summarily may abrogate such rule change if it appears to the
Commission that such act is necessary or appropriate in the public
interest, for the protection of investors, or otherwise in furtherance
of the purposes of the Act.
\3\15 U.S.C. 78s(b)(3)(A) (1988).
\4\17 CFR 240.19b-4(e) (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 submissions, 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 at 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 MSTV. All submissions
should refer to File No. SR-MSTC-95-03 and should be submitted by April
3, 1995.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\5\
\5\17 CFR 200.30(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-6087 Filed 3-10-95; 8:45 am]
BILLING CODE 8010-01-M
