[Federal Register Volume 61, Number 183 (Thursday, September 19, 1996)]
[Notices]
[Pages 49373-49374]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24056]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37677; File No. SR-OCC-96-12]
Self-Regulatory Organizations; the Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Regarding Schedule of Fees
September 13, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on September 9, 1996, The
Options Clearing Corporation (``OCC'') 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 OCC. 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 proposed rule change amends OCC's schedule of fees to increase
the price at which certain brochures are sold to the public.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, OCC 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. OCC 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
OCC and its five participant exchanges collaborate to write,
distribute, and print four generic exchange brochures: the Directory of
Exchange Listed Options; LEAPS (long term equity anticipation
securities) (in which the New York Stock Exchange does not
participate); Taxes and Investing; and Understanding Stock Options.
Currently, these brochures are sold to the public either individually
at $.60 each or at $.50 each for orders greater than 100. This pricing
structure has been in place since the late 1980s.
OCC is proposing to increase the price structure of these brochures
to $1.00 each or $.90 each for orders greater than 100 in light of
rising printing and fulfillment costs. The proposed fee change is based
on current average printing and fulfillment costs for these brochures.
Accordingly, OCC will amend its schedule of fees to reflect this fee
increase.
The proposed rule change is consistent with the requirements of
Section 17A of the Act \3\ in that it allocates reasonable fees in an
equitable manner in that it reflects OCC's current
[[Page 49374]]
printing and fulfillment costs for the four brochures.
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\3\ 15 U.S.C. 78q-1 (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would impose any
burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
Written comments were not and are not intended to be solicited with
respect to the proposed rule change, and none have been received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective on filing pursuant
to Section 19(b)(3)(A)(ii) of the Act \4\ and pursuant to Rule 19b-
4(e)(2) thereunder \5\ as it concerns a change in fees. At any time
within sixty days of the filing of this 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. Sec. 78s(b)(3)(A)(ii) (1988).
\5\ 17 CFR 240.19b-4(e)(4)(2) (1996).
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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, N.W., Washington, D.C. 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, N.W.,
Washington, D.C. 20549. Copies of such filing will also be available
for inspection and copying at the principal office of OCC. All
submissions should refer to File No. SR-OCC-96-12 and should be
submitted by October 10, 1996.
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) (1996).
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Jonathan G. Katz,
Secretary.
[FR Doc. 96-24056 Filed 9-18-96; 8:45 am]
BILLING CODE 8010-01-M
