[Federal Register Volume 60, Number 43 (Monday, March 6, 1995)]
[Notices]
[Pages 12257-12258]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-5373]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35425; File No. SR-MSTC-95-01]
Self-Regulatory Organizations; Midwest Securities Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Making Technical Corrections to Articles III & IV of the Midwest
Securities Trust Company Rules
February 28, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934\1\ (``Act''), notice is hereby given that on January 18, 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
primarily by MSTC. On January 30, 1995, MSTC amended the proposal to
include an additional cross-reference correction.\2\ 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).
\2\Letter from David T. Rusoff, Foley & Lardner, to Jerry
Carpenter, Assistant Director, Division of Market Regulation,
Commission (January 30, 1995).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
MSTC proposes the following rule change in order to make technical
corrections to Section 3(ii) of Rule 1 of Article IV and to Section
2(ii) of Rule 1(B) of Article III of MSTC's rules.
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 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
The purpose of the proposal is to make a technical revision to
Section 3(ii) of Rule 1 of Article IV of MSTC's rules. On May 12, 1993,
the Commission approved MSTC's pilot Same-Day Fund Settlement
(``SDFS'') service.\3\ The SDFS rules amended and renumbered Section 3
of Rule 1 of Article III to Sections 2 and 3 of Rule 1(B) of Article
III. However, Section 3(ii) of Rule 1 of Article IV was not amended to
reflect the proper cross-reference to Sections 2 and 3 of Rule 1(B) of
Article III instead of Section 3(ii) of Rule 1 of Article III; this
proposal makes this correction. MSTC also proposes to make a technical
revision to Section 2(ii) of Rule 1(B) of Article III of MSTC's rules
to reflect the proper cross-reference to Section 1 of Rule 1(B) of
Article III instead of Section 1 of Rule 1 of Article III.
\3\For a complete description of MSTC's pilot SDFS service,
refer to Securities Exchange Act Release No. 32300 (May 12, 1993),
58 FR 29438 [File No. SR-MSTC-90-8] (order approving a pilot SDFS
service).
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MSTC 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 clarifying MSTC's rules will
facilitate the prompt and accurate clearance and settlement of
securities transactions.
(B) Self-Regulatory Organization's Statement on Burden on Competition
MSTC 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. MSTC will
notify the Commission of any written comments received by MSTC.
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)\4\ of the Act and pursuant to Rule 19b-4(e)(4)\5\
promulgated thereunder in that the proposal effects a change in an
existing service that does [[Page 12258]] not adversely affect the
safeguarding of securities or funds in MSTC's custody or control and
does not significantly affect the respective rights or obligations of
MSTC or persons using MSTC's services. 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.
\4\15 U.S.C. 78s(b)(3)(A)(iii) (1988).
\5\17 CFR 240.19b-4(e)(4) (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 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 MSTC. All submissions
should refer to File No. SR-MSTC-95-01 and should be submitted by March
27, 1995.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
\6\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-5373 Filed 3-3-95; 8:45 am]
BILLING CODE 8010-01-M
