[Federal Register Volume 59, Number 95 (Wednesday, May 18, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-12043]
[[Page Unknown]]
[Federal Register: May 18, 1994]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34039; File No. SR-MSTC-94-07]
Self-Regulatory Organizations; Midwest Securities Trust Company;
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the Definition of ``Segregated Position''
May 11, 1994.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on March 14, 1994, the
Midwest Securities Trust Company (``MSTC'') filed with the Securities
and Exchange Commission (``Commission'') the proposed rule change (File
No. SR-MSTC-94-07) as described in Items I, II, and III below, which
Items have been prepared primarily by MSTC. 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organizations Statement of the Terms of Substance of
the Proposed Rule Change
MSTC submits the following rule change to make a technical
correction to sections 2(a) and 2(d) of Rule 1 (Delivery and Withdrawal
of Securities) of Article II (Settlement Services) 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 Purposes of, and
Statutory Basis for, the Proposed Rule Changes
The purpose of the proposal is to make a technical revision to
sections 2(a) and 2(d) of Rule 1 of Article II of MSTC's Rules. In File
No. SR-MSTC-90-01 certain enhancements were adopted to MSTC's operating
system.\2\ As part of those enhancements, MSTC redefined the term
``depository free position'' as ``segregated position,'' and as a
result, MSTC replaced ``depository free position'' with ``segregated
position'' throughout MSTC's rules. However, File No. SR-MSTC-90-01 and
the amendments thereto inadvertently did not change this term in
Sections 2(a) and 2(d) of Rule 1 of Article II. This rule filing, File
No. SR-MSTC-94-07, makes that technical revision.
---------------------------------------------------------------------------
\2\Securities Exchange Act Release No. 28877 (February 12,
1991), 56 FR 6892 [File No. SR-MSTC-90-01] (order approving proposed
rule change).
---------------------------------------------------------------------------
The proposed rule change is consistent with sections 17A(b)(3) (A)
and (F) of the Act in that it facilitates the prompt and accurate
clearance and settlement of securities transactions and will assure the
safeguarding of securities and funds which are in MSTC's custody or
control or for which MSTC is responsible.\3\
---------------------------------------------------------------------------
\3\15 U.S.C. 78q-1(b)(3) (A) and (F) (1988).
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statements on Burden on Competition
MSTC believes that no burden will be placed on competition as a
result of the proposed rule change.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
MSTC neither solicited nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Changes and Timing for
Commission Action
The foregoing rule change has become effective pursuant to section
19(b)(3)(A)(i1) of the Act\4\ and subparagraph (e)(4) of Rule 19b-4
thereunder\5\ because it effects a change in an existing service of
MSTC that: (i) Does not adversely affect the safeguarding of securities
or funds in the custody or control of MSTC or for which MSTC is
responsible and (ii) does not significantly affect the respective
rights or obligations of MSTC or persons using the service. 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.
---------------------------------------------------------------------------
\4\15 U.S.C. 78s(b)(3)(A)(i) (1988).
\5\17 CFR 240.19b-4(e)(4) (1993).
---------------------------------------------------------------------------
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 at the
Commission's Public Reference Section, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such filings will also be available for
inspection and copying at the principal office of MSTC. All submissions
should refer to File No. SR-MSTC-94-07 and should be submitted by June
8, 1994.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\17 CFR 200.30-3(a)(12) (1993).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-12043 Filed 5-17-94; 8:45 am]
BILLING CODE 8010-01-M
