[Federal Register Volume 59, Number 31 (Tuesday, February 15, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3481]


[[Page Unknown]]

[Federal Register: February 15, 1994]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33600; File No. SR-SCCP-93-05]

 

Self-Regulatory Organization; Stock Clearing Corporation of 
Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change to Provide for a Thirty-Three Percent Discount on Service 
Fees for the Period of November 29, 1993, to December 31, 1993

February 8, 1994.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 21, 1993, the 
Stock Clearing Corporation of Philadelphia (``SCCP'') 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 SCCP, a self-regulatory organization. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change form interested persons.
---------------------------------------------------------------------------

    \1\15 U.S.C. 78s(b)(1) (1988).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The proposed rule change provides a discount of thirty-three 
percent for SCCP service fees for the billing period of November 29, 
1993, to December 31, 1993. The discount applies to all SCCP service 
fees.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, SCCP 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. SCCP 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

    SCCP seeks to discount by thirty-three percent all service fees 
charged by SCCP to its participants for the period of November 27, 
1993, to December 31, 1993, which is SCCP's final billing cycle for 
1993. The discount is being provided in anticipation of continued 
record trading volume and related net revenues being achieved by SCCP 
through December.
    The proposed thirty-three percent discount will apply to all 
service fees billable in December 1993, which will include all 
transaction related fees. The discount will not apply to fees that are 
not service related such as margin account interest, draft fees, and 
fees associated with the signature guarantee program or the lost and 
stolen securities program.
    SCCP states that the proposed rule change is consistent with 
section 17A of the Act\2\ and particularly with Section 17A(b)(3)(D) of 
the Act\3\ in that it provides for the equitable allocations of 
reasonable dues, fees, and other charges among participants.
---------------------------------------------------------------------------

    \2\15 U.S.C. 78q-1 (1988).
    \3\15 U.S.C. 78q-1(b)(3)(D) (1988).
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    SCCP believes that the proposed rule change will neither have any 
impact nor impose any burden on competition.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received from Members, Participants or Others

    SCCP has neither solicited nor received comments on the proposed 
rule change.

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\4\ and Rule 19b-4(e)(2) thereunder\5\ 
because the proposal establishes or changes a due, fee, or other 
charge. 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.
---------------------------------------------------------------------------

    \4\15 U.S.C. 78s(b)(A)(ii) (1988).
    \5\17 CFR 240.19b-4(e)(4) (1993).
---------------------------------------------------------------------------

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 SCCP. All submissions 
should refer to File No. SR-SCCP-93-05 and should be submitted by March 
8, 1994.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\17 CFR 200.30-3(a)(12) (1993).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-3481 Filed 2-14-94; 8:45 am]
BILLING CODE 8010-01-M