[Federal Register Volume 59, Number 42 (Thursday, March 3, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4867]


[[Page Unknown]]

[Federal Register: March 3, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33669; File No. SR-MSTC-93-13]

 

Self-Regulatory Organization; Midwest Securities Trust Company; 
Notice of Filing of Proposed Rule Change To Rescind Signature 
Distribution and Signature Guarantee Programs

February 23, 1994.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 15, 1993, the 
Midwest Securities Trust Company (``MSTC'') filed with the Securities 
Exchange Commission (``Commission'') the proposed rule change as 
described in Items I, II, and III below, which Items have been prepared 
mainly by MSTC, a self-regulatory organization. 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. 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 rescinds MSTC's Signature Distribution and 
Signature Guarantee Programs which have been rendered obsolete by 
Securities Exchange Act Rule 17Ad-15.\2\
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    \2\17 CFR 240.17Ad-15 (1993).
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, MSTC 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. MSTC 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

    On January 6, 1992, the Commission promulgated rule 17Ad-15 which 
permits transfer agents to reject signature guarantees from eligible 
guarantor institutions that are not part of a signature guarantee 
program as defined in Rule 17Ad-15. This new rule render's MSTC's 
Signature Distribution Program and Signature Guarantee Program 
obsolete. Therefore, to avoid costs that produce not benefits, MSTC 
seeks to eliminate its Signature Distribution and Signature Guarantee 
Programs and to delete MSTC Rule 5, Sections 1 and 2 which govern these 
programs.

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

    MSTC believes that the proposed rule change will not impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

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

    MSTC has not solicited or received any comments.

III. Date of Effectiveness of the Proposed Rule Change and Timing 
for Commission Action

    Within thirty-five days of the date of publication of this notice 
in the Federal Register or within such longer period: (i) As the 
Commission may designate up to ninety days of such date if it finds 
such longer period to be appropriate and publishes its reasons for so 
finding or (ii) as to which the self-regulatory organization consents, 
the Commission will:
    (A) By order approve such proposed rule change or,
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing. Persons making written submission 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, NW., Washington DC 20549. Copies 
of the submissions, 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 and at the principal office of 
the MSTC. All submissions should refer to File No. SR-MSTC-93-13 and 
should be submitted by March 24, 1994.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\3\
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    \3\17 CFR 200.30-3(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-4867 Filed 3-2-94; 8:45 am]
BILLING CODE 8010-01-M