[Federal Register Volume 62, Number 101 (Tuesday, May 27, 1997)]
[Notices]
[Pages 28750-28751]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13804]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38660; File No. SR-MBSCC-97-04]
Self-Regulatory Organizations; MBS Clearing Corporation; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Modification of Schedule of Charges
May 20, 1997.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''), notice is hereby given that on April 3, 1997, 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
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 modifies MBSCC's schedule of charges to
classify certain charges as fees rather than penalties.
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.\2\
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\2\ The Commission has modified the text of the summaries
prepared by MBSCC.
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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 modify MBSCC's
schedule of charges to classify certain charges as fees rather than
penalties. Currently, MBSCC maintains a schedule of charges for dealer
accounts, a schedule of changes for broker accounts, and a schedule of
penalty fees. MBSCC believes it is more appropriate that the charges
set forth on the schedule of penalty fees appear on the schedule of
charges as ordinary charges because they are intended to encourage
participants to take alternative actions, such as earlier submission of
data, rather than penalize participants. Therefore, the entire schedule
of penalty fees will be deleted, and those charges will now appear on
the MBSCC schedule of charges.
MBSCC believes the proposed rule change is consistent with the
requirements of Section 17A(b)(3)(D) of the Act \3\ and the rules and
regulations thereunder because it provides for the equitable allocation
of reasonable dues, fees, and other charges among MBSCC's participants.
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\3\ 15 U.S.C. 78q-1(b)(3)(D).
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[[Page 28751]]
(B) Self-Regulatory Organization's Statement on Burden on Competition
MBSCC does not believe that the proposed rule change will impact 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 became effective pursuant to Section
19(b)(3)(A)(ii) \4\ of the Act and pursuant to Rule 19b-4(e)(2) \5\
promulgated thereunder in that the proposed rule change establishes or
changes a due, fee, or other charge imposed by 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.
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\4\ 15 U.S.C. 78s(b)(3)(A)(ii).
\5\ 17 CFR 240.19b-4(e)(2).
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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, N.W., Washington, D.C. 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, N.W.,
Washington, D.C. 20549. Copies of such filing also will be available
for inspection and coping at the principal office of MBSCC. All
submissions should refer to File No. SR-MBSCC-97-04 and should be
submitted by June 17, 1997.
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. 97-13804 Filed 5-23-97; 8:45 am]
BILLING CODE 8010-01-M
