[Federal Register Volume 59, Number 127 (Tuesday, July 5, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-16185]
[[Page Unknown]]
[Federal Register: July 5, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34257; File No. SR-NSCC-94-11]
Self Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Modifying Fund/Serv Fee
June 24, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934,\1\ notice is hereby given that on June 21, 1994, National
Securities Clearing Corporation (``NSCC'') 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 NSCC. 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. Sec. 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 text of the proposed rule change is as follows:
Italicized text indicates additions
Bracketed text indicates deletions
Addendum A.
* * * * *
IV. Other Service Fees
* * * * *
Q. Fund/Serv (FN10), $0.40 per side per order.
* * * * *
(10) This fee applies to Members utilizing the revised Fund/Serv
service available after December 31, 1992. [Members not utilizing the
revised service will continue to be charged $.50 per side per settled
transaction.] Effective July 1, 1994 for Members who do not convert to
the revised Fund/Serv service by July 31, 1994, the fee will be $.75
per side per settled transaction.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NSCC 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. NSCC 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
NSCC advised its members that it would discontinue the old Fund/
Serv service on June 30, 1994. Because some members have not completed
the conversion from the old Fund/Serv service to the new Fund/Serv
service, NSCC has determined not to discontinue the old Fund/Serv
service on June 30, 1994, as originally planned.
The purpose of the proposed rule change is to modify the fees
charged by NSCC for the old Fund/Serv service so as to reflect, in
part, the additional cost of simultaneously maintaining both versions
of the Fund/Serv system. Currently, old Fund/Serv transactions are $.50
per side per settled transaction. Effective July 1, 1994, for members
who do not convert to the revised Fund/Serv service by July 31, 1994,
the fee will be $.75 per side per settled transaction. Members who
successfully achieve conversion from the old Fund/Serv service to the
new Fund/Serv service by July 31, 1994, therefore, are being given an
additional one-month grace period from the effectiveness of the new
fee.
B. Self-Regulatory Organization's Statement on Burden on Competition
NSCC 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 have been solicited or received. NSCC will
notify the Commission of any written comments received by NSCC.
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 and subparagraph (e)(2) of Securities
Exchange Act Rule 19b-4 in that the proposed rule change establishes or
changes a due, fee, or other charge imposed by NSCC. 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 Securities Exchange Act of 1934.
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 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 the above-mentioned
self-regulatory organization. All submissions should refer to File No.
SR-NSCC-94-11 and should be submitted by July 26, 1994.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\2\
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\2\17 CFR 200.30-3(a)(12) (1993).
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Jonathan G. Katz,
Secretary.
[FR Doc. 94-16185 Filed 7-1-94; 8:45 am]
BILLING CODE 8010-01-M
