[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]


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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.
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    \1\15 U.S.C. 78s(b)(1) (1988).
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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.
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    \2\15 U.S.C. 78q-1 (1988).
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(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.
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    \3\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \4\17 CFR 240.19b-4(e)(4) (1993).
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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, 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\
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    \5\17 CFR 200.30-3(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-5397 Filed 3-8-94; 8:45 am]
BILLING CODE 8010-01-M