[Federal Register Volume 59, Number 52 (Thursday, March 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-6173]
[[Page Unknown]]
[Federal Register: March 17, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33752; File No. SR-NSCC-94-01]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change Relating to the Fee Structure for the Mutual Fund
Networking Service
March 10, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on January 26, 1994, 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) (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 a revised
fee for providing the Mutual Fund Services Networking position files.
The proposed fee change will provide for a more equitable allocation of
fees among members of NSCC.
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. 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In mid 1993, NSCC determined that the initially established fee
structure for providing Mutual Fund Services Networking position files
was no longer appropriate. On August 18, 1993, NSCC filed a rule
change\2\ which consisted of a waiver of $99 of the $100 fee charged to
members for excess Networking position files. That filing indicated
that the waiver would continue while NSCC determined a more appropriate
fee. The purpose of the proposed rule change is to establish a revised
fee for the Networking position records. The new fee structure is based
on the number of records received by a participating broker and the
number of subaccounts the broker maintains on the system. Effective
January 1, 1994, for billing in February 1994, the new fee is $1.50 per
thousand records received by a broker in excess of the number of
subaccounts the broker maintains on Networking. NSCC will not assess a
charge when the difference between these numbers is 5000 records or
less in a month.
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\2\Securities Exchange Act Release No. 32912 (September 16,
1993), 58 FR 49536 [File No. SR-NSCC-93-12].
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The proposed fee change will provide for a more equitable
allocation of fees among members, so the proposed rule change is
consistent with the requirements of Section 17A of the Securities
Exchange Act of 1934, as amended, and the rules and regulations
thereunder.
B. Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change will impose any
burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were not and are not intended to be solicited with
respect to the proposed rule change, and none have been 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) of the Act\3\ and subparagraph (e) of Rule 19b-4
thereunder\4\ because it involves the changing of a due, fee, or other
charge imposed by the self-regulatory organization. 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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\3\15 U.S.C. 78s(b)(3)(A) (1988).
\4\17 CFR 240.19b-4(e) (1993).
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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, 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 will also be available for
inspection and copying at the principal office of the above-referenced
self-regulatory organization.
All submissions should refer to File No. SR-NSCC-94-01 and should
be submitted by April 7, 1994.
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) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-6173 Filed 3-16-94; 8:45 am]
BILLING CODE 8010-01-M
