[Federal Register Volume 64, Number 42 (Thursday, March 4, 1999)]
[Notices]
[Pages 10522-10523]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-5369]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41106; File No. SR-DTC-98-25]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Fees for Domestic Tax Information
February 25, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 11, 1998, The
Depository Trust Company (``DTC'') 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 DTC. 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 establishes the fees charged by DTC for
various 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, DTC 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. DTC 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 DTC.
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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 fees for
providing domestic tax information. For domestic tax information
transmitted through DTC's Computer-to-Computer Facility (CCF),
effective December 15, 1998, DTC will charge the following fees.
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Service Present fee Proposed fee
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XIX. Participant Output Services:
Computer-to-Computer
Facility:
(CCF) Output Transmissions:
--Domestic Tax Reporting None........................... $200 per request.
Service Master File
(DTAXMF).
--Domestic Tax Reporting None........................... $150 per month.
Service Update (DTAXUP).
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For domestic tax information transmitted through DTC's Participant
Terminal System (PTS), effective December 15, 1998, DTC will apply its
current PTS inquiry fee of $.09 per inquiry.
DTC believes the proposed rule change is consistent with the
requirements of section 17A of the Act \3\ and the rules and
regulations thereunder applicable to DTC since the proposed fees will
be equitably allocated among participants obtaining tax information.
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\3\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition
DTC 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) \4\ of the Act and pursuant to rule 19b-4(f) (2) \5\
promulgated thereunder because the proposal establishes or changes a
due, fee, or other charge imposed by DTC. 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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\4\ 15 U.S.C. 78s(b)(3)(A)(ii).
\5\ 17 CFR 240.19b-4(f)(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
[[Page 10523]]
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 DTC. All submissions
should refer to File No. SR-DTC-98-25 and should be submitted by March
25, 1999.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc 99-5369 Filed 3-3-99; 8:45 am]
BILLING CODE 8010-01-M
