[Federal Register Volume 59, Number 46 (Wednesday, March 9, 1994)] [Unknown Section] [Page 0] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 94-5397] [[Page Unknown]] [Federal Register: March 9, 1994] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-33707; File No. SR-MCC-94-02] Self-Regulatory Organization; Midwest Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Add a Fee Relating to the Automatic Securities Loan Program March 3, 1994. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934,\1\ notice is hereby given that on February 7, 1994, the Midwest Clearing Corporation (``MCC'') 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 MCC, a self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\15 U.S.C. 78s(b)(1) (1988). --------------------------------------------------------------------------- II. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change MCC proposes to amend a portion of its Services and Schedule of Charges by adding a fee to its Automatic Securities Loan Program (``ASLP''). II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, MCC 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. MCC 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 The purpose for the proposed rule change is to establish a fee for the ASLP for MCC participants who are institutional participants of MSTC (as that term is defined in MSTC's rules). This fee reflects a charge of 55% (rather than the 50% charged to other participants). This charge is higher for institutional participants of MSTC than for other participants for MCC who are not also institutional participants of MSTC because institutional participants of MSTC are not charged Auto Stock Loan receive and Auto Stock Loan delivery fees of $0.75 per transaction. The $0.75 MSTC fee only applies to participants (are opposed to institutional participants) of MSTC. MCC believes that the proposed rule change is consistent with Section 17A of the Act\2\ in that it provides for the equitable allocation of reasonable fees and other charges among participants using its facilities. --------------------------------------------------------------------------- \2\15 U.S.C. 78q-1 (1988). --------------------------------------------------------------------------- (B) Self-Regulatory Organization's Statement on Burden on Competition MCC believes that the proposed rule change will neither have an impact on competition nor impose a burden on competition. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others MCC has neither solicited nor received any 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\3\ and Rule 19b-4(e)(2) thereunder\4\ because the proposal establishes or changes a due, fee, or other charge imposed by the self-regulatory organization. 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. --------------------------------------------------------------------------- \3\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988). \4\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 MCC. All submissions should refer to File No. SR-MCC-94-02 and should be submitted by March 30, 1994. For the Commission by the Division of Market Regulation, pursuant to delegated authority.\5\ --------------------------------------------------------------------------- \5\17 CFR 200.30-3(a)(12) (1993). --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 94-5397 Filed 3-8-94; 8:45 am] BILLING CODE 8010-01-M