[Federal Register Volume 64, Number 125 (Wednesday, June 30, 1999)]
[Notices]
[Pages 35228-35229]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-16577]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41550; File No. SR-MBSCC-99-4]
Self-Regulatory Organizations; MBS Clearing Corporation; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change
Modifying MBSCC's Schedule of Charges Relating To the Electronic Pool
Notification Service
June 23, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice if hereby given that on April 30, 1999, 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 the schedule of charges relating
to MBSCC's Electronic Pool Notification (``EPN'') service.
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 add new fees for
dial-up circuits and modems relating to MBSCC's EPN service. EPN
participants currently are required to own the circuits and modems
necessary for dial-up connectivity to EPN. Participant ownership of
circuits and modems at EPN data centers makes installation, service,
and deinstallation cumbersome because circuit providers and modem
vendors typically require the participant to become involved in the
process. The proposed rule change will allow MBSCC to own the dial-up
circuits and modems at EPN data centers which MBSCC believes will
streamline the process of installation, service, and deinstallation.
The new fees will offset the cost of MBSCC ownership of the dial-up
circuits and modems. The new dial-up circuit wage fee will be $30.00
per month (per circuit to MetroTech and Water Street) and the new dial-
up modem usage fee will be $30.00 per month (per circuit to MetroTech
and Water Street) and the new dial-up modem usage fee will be $15.00
per month (per modem at MetroTech and Water Street). These fees are in
addition to the existing monthly access fees that cover port charges
for dial-up connectivity to the EPN data centers.
EPN participants that currently own dial-up modems and circuits
will not be affected by the new fees. Participants with new dial-up
connectivity to EPN will not be required to purchase circuits or modems
for the EPN data centers but will be charged the new fees.
The proposed rule change also makes a conforming change to the
statement in the EPN schedule of charges that ``telecommunication
circuit charges from Sector (or vendor of choice) will apply.'' The
word ``will'' is changed to ``may'' because EPN participants will not
receive circuit charges from vendors when MBSCC owns the circuit.
The proposed rule change is consistent with the requirements of
Section 17A of the Act \3\ and the rules and regulations thereunder
because it provides for the equitable allocation of dues, fees, and
other charges among MBSCC's participants.
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\3\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition
MBSCC 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) \4\ of the Act and pursuant to Rule 19b-4(f)(2) \5\
promulgated thereunder because the proposal establishes or changes a
due, fee, or other charge imposed by MBSCC. 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.
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\4\ 15 U.S.C. 78s(b)(3)(A)(ii).
\5\ 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, 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
[[Page 35229]]
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 also will be available
for inspection and copying at the principal office of MBSCC. All
submissions should refer to File No. SR-MBSCC-94-4 and should be
submitted by July 21, 1999.
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. McMcFarland,
Deputy Secretary.
[FR Doc. 99-16577 Filed 6-29-99; 8:45 am]
BILLING CODE 8010-01-M
