95-17995. Self-Regulatory Organizations; MBS Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying Fees for the Electronic Pool Notification Service  

  • [Federal Register Volume 60, Number 140 (Friday, July 21, 1995)]
    [Notices]
    [Pages 37700-37701]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 95-17995]
    
    
    
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    SECURITIES AND EXCHANGE COMMISSION
    [Release No. 34-35978; File No. SR-MBS-95-04]
    
    
    Self-Regulatory Organizations; MBS Clearing Corporation; Notice 
    of Filing and Immediate Effectiveness of Proposed Rule Change Modifying 
    Fees for the Electronic Pool Notification Service
    
    July 17, 1995.
        Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
    (``Act''),\1\ notice is hereby given that on June 16, 1995, the MBS 
    Clearing Corporation (``MBS'') filed with the Securities and Exchange 
    Commission (``Commission'') the proposed rule change (File No. SR-MBS-
    95-04) as described in Items I, II, and III below, which Items have 
    been prepared primarily by MBS. 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).
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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 account maintenance fee for 
    the 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, MBS 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
    
    [[Page 37701]]
    may be examined at the places specified in Item IV below. MBS has 
    prepared summaries, set forth in sections (A), (B), and (C) below, of 
    the most significant aspects of such statements.\2\
    
        \2\ The Commission has modified the language in these sections.
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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 the account 
    maintenance fee for the EPN service. Specifically, the proposed rule 
    change modifies the EPN Schedule of Charges to reflect separate account 
    maintenance fees for a direct account and an omnibus account. MBS 
    previously charged EPN Users an account maintenance fee of $250.00 per 
    month per account. MBS will continue to charge this fee for a direct 
    account (i.e., an account maintained by an EPN User acting on its own 
    behalf). MBS, however, will charge EPN Users $250.00 per month per 
    account plus $25.00 per month per customer account, up to a maximum of 
    $250.00 per month per account, for an omnibus account (i.e., an account 
    maintained by an investment advisor or correspondent acting on behalf 
    of others). An investment advisor or correspondent acting on behalf of 
    others previously was required to open separate accounts for each 
    customer account.
        The proposed rule change also modifies the EPN billing procedure to 
    reflect the account maintenance fee as a separate type of fee \3\ and 
    to enable MBS to waive one or more EPN fees for such time as determined 
    by MBS. This will allow new EPN Users an opportunity to use and become 
    familiar with EPN services before being required to pay fees.
    
        \3\ The account maintenance fee previously was included as part 
    of message processing fees.
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        MBS believes that the proposed rule change is consistent with 
    Section 17A(b)(3)(D) of the Act \4\ and the rules and regulations 
    thereunder in that it provides for the equitable allocation of 
    reasonable dues, fees, and other charges among its participants.
    
        \4\ 15 U.S.C. 78q-1(b)(3)(D) (1988).
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    (B) Self-Regulatory Organization's Statements on Burden on Competition
    
        MBS does not believe that the proposed rule change will have an 
    impact on 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 relating to the proposed rule change have been 
    solicited or received. MBS will notify the Commission of any written 
    comments received by MBS.
    
    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) of the Act \5\ and pursuant to Rule 19b-4(e)(2) 
    promulgated thereunder \6\ because the proposed rule change establishes 
    a due, fee, or other charge imposed by MBS. 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.
    
        \5\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
        \6\ 17 CFR 240.19b-4(e)(2) (1994).
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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, 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 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 MBS. All submissions 
    should refer to File No. SR-MBS-95-04 and should be submitted by August 
    11, 1995.
    
        For the Commission by the Division of Market Regulation, 
    pursuant to delegated authority.\7\
    
        \7\ 17 CFR 200.30-3(a)(12) (1994).
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    Margaret H. McFarland,
    Deputy Secretary.
    [FR Doc. 95-17995 Filed 7-20-95; 8:45 am]
    BILLING CODE 8010-01-M
    
    

Document Information

Published:
07/21/1995
Department:
Securities and Exchange Commission
Entry Type:
Notice
Document Number:
95-17995
Pages:
37700-37701 (2 pages)
Docket Numbers:
Release No. 34-35978, File No. SR-MBS-95-04
PDF File:
95-17995.pdf