[Federal Register Volume 60, Number 45 (Wednesday, March 8, 1995)]
[Notices]
[Pages 12800-12802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-5577]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35434; File No. SR-PTC-95-01]
Self-Regulatory Organizations; Participants Trust Company; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to the Reduction of Certain Fees
March 2, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934\1\ (``Act''), notice is hereby given that on January 31, 1995, the
Participants Trust Company (``PTC'') 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 PTC. On February 7, 1995, PTC amended the proposal.\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 Leopold S. Rassnick, Senior Vice President,
General Counsel and Secretary, PTC, to Jonathan Katz, Secretary,
Commission (February 1, 1995).
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The text of the proposed rule change is as follows:
italics indicate additions
[brackets] indicate deletions
Participants Trust Company Schedule of Fees
Full Service Participants
[Effective April 1, 1995]
------------------------------------------------------------------------
Service Fee
------------------------------------------------------------------------
Account Maintenance:
First Six Business Accounts.... $[2,500.00] 2,000.00/month.
Additional Account............. $250.00/account/month.
Book-Entry Delivery/Receipt*-- $[3.00] 2.00 each.
(includes all DK's and FTX
Transactions).
Repo Movement...................... $[3.00] 2.00 each.
Seg Movement ($.50/side)........... $1.00 each.
MVC (Bulk Seg Movement--regardless $50.00 each.
of number of positions).
[[Page 12801]]
Position Maintenance/P&I $[1.50] 1.25/security/month.
Disbursement (includes custody, $.50/Serial Note/month.
P&I processing, redemptions and
repo accounting).
Bulk Transfers (transfers of $50.00/transfer (regardless of
collateral into LPA accounts, or number of positions).
caused by a Participant merger).
Deposits........................... $3.00/certificate.**
[Manual]....................... [$4.00/certificate].
[Automated Bulk (200-1,000 [$3.50/certificate].
pools)].
[Automated Bulk (more than [$3.00/certificate].
1,000 pools)].
Withdrawals........................ $15.00 each.***
CLF/BFT Movements.................. $.50/position/side with a maximum
charge of $50.00/side.
HIC Segregation.................... $50.00 each.
Interim Accounting Adjustments..... $10.00 each side.
Publications (Participant Operating $50.00 each copy (first set free).
Guide, Data Entry Guide and PTC
Rules).
------------------------------------------------------------------------
*Receive transaction fee waived for transfer of positions to a new
Participant.
**Plus transfer agent fee, if applicable. GNMA MBS transfer agent fee is
$10.00 per pool. PTC deposit fee is waived for new Participants.
***Plus transfer agent fee, if applicable. GNMA MBS transfer agent fees
are: $50.00 per certificate for same day availability, $25,00 per
certificate for next day availability or $10.00 per certificate for
two-business day availability.
Limited Purpose Participants
[Effective April 1995]
------------------------------------------------------------------------
Service Fee
------------------------------------------------------------------------
Account Maintenance................ $500.00/month.*
Book-Entry Delivery/Receipt**-- $[3.00] 2.00 each.
(includes all DK's and FTX
Transactions).
Seg Movement ($.50/side)........... $1.00 each.
MVC (Bulk Seg Movement--regardless $50.00 each.
of number of positions).
Position Maintenance/P&I $[1.50] 1.25/security/month.
Disbursement (includes custody, $.50/Serial Note unit/month.
P&I processing, redemptions and
repo accounting).
Bulk Transfers (transfers of $50.00/transfer (regardless of
collateral into LPA accounts, or number of positions).
caused by a Participant merger).
Deposits........................... $3.00/certificate.***
[Manual]....................... [$4.00/certificate].
[Automated Bulk (200-1,000 [$3.50/certificate].
pools)].
[Automated Bulk (more than [$3.00/certificate].
1,000 pools)].
Withdrawals........................ $15.00 each.****
CLF/BFT Movements.................. $.50/position/side with a maximum
charge of $50.00/side.
HIC Segregation.................... $50.00 each.
Interim Accounting Adjustments..... $10.00 each side.
Publications (Participant Operating $50.00 each copy (first set free).
Guide, Data Entry Guide and PTC
Rules).
------------------------------------------------------------------------
*A Limited Purpose Account opened by a Full Service Participant is
subject to the fee schedule for a Full Service Participant.
**Receive transaction fee waived for transfer of positions to a new
Participant.
***Plus transfer agent fee, if applicable. GNMA MBS transfer agent fee
is $10.00 per pool. PTC deposit fee is waived for new Participants.
****Plus transfer agent fee, if applicable. GNMA MBS transfer agent fees
are: $50.00 per certificate for same day availability, $25.00 per
certificate for next day availability or $10.00 per certificate for
two-business day availability.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, PTC 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. PTC 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 proposed rule change is to reduce PTC's fees for
five of its services (i.e., Account Maintenance, Book-entry Delivery
and Receipt, Repo Movement, Position Maintenance/P&I Disbursement and
Deposits) and to include additional fees with respect to certain
incidental services that are not frequently utilized by PTC
participants (i.e., Bulk Transfers and Publications). This proposed
rule change will be effective April 1, 1995. PTC believes that the
modification is appropriate based upon PTC's projected earnings and
expenses, the desirability of paying dividends on its outstanding
stock, and its level of capital.
PTC believes the proposed rule change is consistent with the
requirements of the Act and specifically with Section 17A(b)(3)(D) of
the Act because the proposal provides for the equitable allocation of
fees amount PTC participants.
(B) Self-Regulatory Organizaton's Statement on Burden on Competition
PTC does not believe that the proposed rule change will have an
[[Page 12802]] 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. PTC will
notify the Commission of any written comments received by PTC.
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)\3\ of the Act and pursuant to Rule 19b-4(e)(2)\4\
promulgated thereunder because the proposal effects a change in a dues,
fee, or other charge imposed by PTC. 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)(ii) (1988).
\4\17 CFR 240.19b-4(e)(2) (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 PTC. All submissions
should refer to File No. SR-PTC-95-01 and should be submitted by March
29, 1995.
For the Commission by the Division of Market Regulations,
pursuant to delegated authority.\5\
\5\17 CFR 200.30-3(a)912) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-5577 Filed 3-7-95; 8:45 am]
BILLING CODE 8010-01-M
