[Federal Register Volume 59, Number 114 (Wednesday, June 15, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-14475]
[[Page Unknown]]
[Federal Register: June 15, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34178; File No. SR-PTC-94-02]
Self-Regulatory Organizations; Participants Trust Company; Filing
and Immediate Effectiveness of Proposed Rule Change Relating to a
Modification of Fees
June 8, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on June 3, 1994, the
Participants Trust Company (``PTC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change (File No.
SR-PTC-94-02) as described in Items I, II, and III below, which Items
have been prepared primarily by the self-regulatory organization. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\15 U.S.C. 78s(b)(1) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change reduces fees for four PTC services. The
modified fees will be effective July 1, 1994.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
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. The self-regulatory organization
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 amend PTC's schedule
of fees to reduce fees for four PTC services, specifically Account
Maintenance, Book-entry Delivery and Receipt of Securities and Funds,
Repo Movements, and Deposits. The modified fees will be effective July
1, 1994.
PTC believes that the amounts of the fees are appropriate based on
PTC's projected earnings and expenses and its program to provide
rebates to participants to the level required to cover the variability
in transaction volume.
PTC believes that the proposed rule change is consistent with
Section 17A(B)(3)(D) of the Act,\2\ and the rules and regulations
thereunder, in that it provides for the equitable allocation of
reasonable dues, fees, and other charges among its participants.
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\2\15 U.S.C. 78q-1(b)(3)(D) (1988).
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(B) Self-Regulatory Organization's Statements on Burden on Competition
PTC does not believe that the proposed rule change will impose any
burden on competition 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
PTC has not solicited comments with respect to the proposed rule
change, and none have been 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) of the Act and subparagraph (e) of Rule 19b-4 thereunder,
because the proposed rule change establishes a due, fee, or other
charge imposed by the self-regulatory organization. At any time within
60 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.
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 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-94-02 and should be submitted by July
6, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\3\
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\3\17 C.F.R. 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-14475 Filed 6-14-94; 8:45 am]
BILLING CODE 8010-01-M
