[Federal Register Volume 64, Number 102 (Thursday, May 27, 1999)]
[Notices]
[Page 28848]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-13520]
[[Page 28848]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41431; File No. SR-EMCC-99-5]
Self-Regulatory Organizations; The Emerging Markets Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to a Technical Revision of EMCC's Fee Schedule
May 20, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on April 19, 1999, Emerging
Markets Clearing Corporation (``EMCC'') 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 EMCC. 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 corrects a typographical error in EMCC's
fee schedule.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, EMCC 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. EMCC 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 EMCC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The proposed rule change corrects a typographical error in the
monthly account maintenance fee EMCC charges members. Since the
inception of EMCC's operations, EMCC members have been charged an
account maintenance fee of $500. This fee is in conformity with the
monthly account maintenance fee approved by EMCC's Board of Directors
at its September 15, 1997, meeting. However, Addendum F to EMCC's Rules
erroneously lists the account maintenance fee to be $200. The proposed
rule change corrects this error by changing the listed fee from $200 to
$500.
(B) Self-Regulatory Organization's Statement on Burden on Competition
EMCC 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) \3\ of the Act and pursuant to Rule 19b-4(f)(2) \4\
promulgated thereunder because the proposal establishes or changes a
due, fee, or other charge imposed by EMCC. 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
purpose of the Act.
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\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 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, N.W., Washington, D.C. 20549-
0609. 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. Sec. 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 copying at the principal office of EMCC. All
submissions should refer to File No. SR-EMCC-99-5 and should be
submitted by June 14, 1999.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc 99-13520 Filed 5-26-99; 8:45 am]
BILLING CODE 8010-01-M
