[Federal Register Volume 64, Number 131 (Friday, July 9, 1999)]
[Notices]
[Page 37181]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17463]
[[Page 37181]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41590; File No. SR-EMCC-99-6]
Self-Regulatory Organizations; The Emerging Markets Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Establishing a New Fee Related to Bond Trade Data Submitted
to EMCC
July 1, 1999.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on May 28, 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 establishes a new fee related to bond
trade data submitted directly to EMCC by a member.
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
Under the proposed rule change EMCC will charge a fee of $1.75 per
side for bond trade data submitted directly to EMCC by members.\3\ This
fee will be used to meet the minimum monthly fee imposed by GE for the
Match-EM service until the Emerging Markets Traders Association's
contract with GE terminates on October 31, 1999. This new fee is
effective on June 1, 1999, and will expire on October 31, 1999.
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\3\ The Commission recently approved an EMCC proposed rule
whereby EMCC may accept trade data directly from either members or
service bureaus. Securities Exchange Act Release No. 41247 (April 2,
1999) 64 FR 17705.
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The proposed rule change is consistent with the requirements of
Section 17A of the Act \4\ and the rules and regulations thereunder
applicable to EMCC, since it provides for the equitable allocation of
dues, fees and other charges among EMCC's participants.
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\4\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition
EMCC does not believe that the proposed rule change will have an
impact or impose any 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. EMCC will notify the Commission of any written
comments received by EMCC.
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) \5\ of the Act and pursuant to Rule 19b-4(f)(2) \6\
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
purposes of the Act.
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\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 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 20549-0609.
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. 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 EMCC. All submissions
should refer to File No. SR-EMCC-99-6 and should be submitted by July
30, 1999.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-17463 Filed 7-8-99; 8:45 am]
BILLING CODE 8010-01-M
