[Federal Register Volume 64, Number 151 (Friday, August 6, 1999)]
[Notices]
[Page 43004]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-20302]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41683; File No. SR-DTC-99-19]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Reducing the Fees for the Mortgage-Backed Securities Division
August 2, 1999.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ notice is hereby given that on July 21, 1999, The
Depository Trust Company (``DTC'') 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 DTC. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested parties.
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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 revises the service fee schedule of DTC's
Mortgage-Backed Securities (``MBS'') Division.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for the Proposed Rule
In its filing with the Commission, DTC included statements
concerning the purpose of and statutory basis for the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. DTC 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 parts of these statements.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The proposed rule change revises the service fees for the MBS
Division of DTC effective August 1, 1999, in order to more closely
align the fees with current estimated unit service costs.\3\ The
revised fee schedule will result in an overall fee reduction for MBS
Division services of approximately 15.5 percent. The fee decrease is a
result of increased transaction volumes and decreased costs.
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\3\ A copy of the revised MBS Division service fee schedule is
attached as Exhibit 2 of DTC's proposed rule change, which is
available for inspection and copying at the Commission's Public
Reference room or at DTC.
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For these reasons, DTC believes that the proposed rule change is
consistent with section 17A(b)(3)(D) of the Act,\4\ which requires that
the rules of a registered clearing agency provide for equitable
allocation of reasonable dues, fees, and other charges for services
which it provides to its participants.
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\4\ 15 U.S.C. 78q-1(b)(3)(D).
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(B) Self-Regulator Organization's Statement on Burden on Competition
DTC does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance for the purposes of the Act.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
DTC has not solicited nor received written comments on the proposed
rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by DTC, it has become effective pursuant
to section 19(b)(3)(A)(ii) of the Act \5\ and Rule 18b-4(f)(2)
thereunder.\6\ At any time within sixty days of the filing of the
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 for 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 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 DTC. All submissions should refer to the File
No. SR-DTC-99-19 and should be submitted by August 27, 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. 99-20302 Filed 8-5-99; 8:45 am]
BILLING CODE 8010-01-M
