[Federal Register Volume 60, Number 52 (Friday, March 17, 1995)]
[Notices]
[Page 14475]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-6573]
[[Page 14475]]
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35468; File No. SR-MBSCC-95-01]
Self-Regulatory Organizations; MBS Clearing Corporation; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Billing Procedures
March 10, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on February 1, 1995, the MBS
Clearing Corporation (``MBSCC'') 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
MBSCC. 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
MBSCC proposes to modify its Source Book billing procedures to
implement a pricing policy that enables MBSCC to apply discounts and
surcharges to participants' invoices.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, MBSCC 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. MBSCC 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
On August 12, 1994, the Chicago Stock Exchange, Incorporated
(``CHX'') sold all of its ownership interest in MBSCC, a wholly-owned
subsidiary of CHX, to MBSCC's participants and the National Securities
Clearing Corporation.\2\ The Board of Directors of the newly-owned
MBSCC has now determined to establish a pricing policy for MBSCC's
clearing services. The purpose of the proposed rule change is to modify
MBSCC's Source Book, Procedure IX, Billing, to implement a pricing
policy that enables MBSCC to apply discounts and surcharges to
participants' invoices. The proposed rule change enables MBSCC's Board
of Directors to apply the pricing policy on a monthly, yearly, or other
basis as determined by MBSCC's Board of Directors from time to time.
This pricing policy will more accurately reflect the approximate costs
of MBSCC's actual operations. MBSCC will implement the pricing policy
commencing with participants' invoices for January 1995. Additionally,
the proposed rule makes a technical change to MBSCC's Source Book to
delete all references to Midwest Securities Trust Company.
\2\For a description of the transaction, refer to Securities
Exchange Act Release No. 34512 (August 10, 1994), 59 FR 42320 [File
No. SR-MBSCC-94-3] (order granting accelerated approval of corporate
governance changes to facilitate the sale of MBSCC).
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MBSCC believes the proposed rule change is consistent with the
requirements of the Act, specifically Section 17A of the Act, and the
rules and regulations thereunder because it will facilitate the prompt
and accurate clearance and settlement of securities transactions.
(B) Self-Regulatory Organization's Statement on Burden on Competition
MBSCC does not believe that the proposed rule change will have an
impact on or impose a burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
No written comments have been solicited or received. MBSCC will
notify the Commission of any written comments received by MBSCC.
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)(iii)\3\ of the Act and pursuant to Rule 19b-4(e)(3)\4\
promulgated thereunder because the proposed rule change is concerned
solely with the administration of MBSCC. 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 purposes of
the Act.
\3\15 U.S.C. 78s(b)(3)(A)(iii) (1988).
\4\17 CFR 240.19b-4(e)(3) (1994).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
argument 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 MBSCC. All
submissions should refer to File No. SR-MBSCC-95-01 and should be
submitted by April 7, 1995.
For the Commission by the Division of Market Regulation, pursuant
to delegated authority.\5\
\5\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-6573 Filed 3-16-95; 8:45 am]
BILLING CODE 8010-01-M
