[Federal Register Volume 59, Number 52 (Thursday, March 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-6173]


[[Page Unknown]]

[Federal Register: March 17, 1994]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-33752; File No. SR-NSCC-94-01]

 

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Relating to the Fee Structure for the Mutual Fund 
Networking Service

March 10, 1994.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on January 26, 1994, the 
National Securities Clearing Corporation (``NSCC'') 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 NSCC. The Commission is publishing this 
notice to solicit comments from interested persons on the proposed rule 
change.
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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 purpose of the proposed rule change is to establish a revised 
fee for providing the Mutual Fund Services Networking position files. 
The proposed fee change will provide for a more equitable allocation of 
fees among members of NSCC.

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

    In its filing with the Commission, NSCC included statements 
concerning the purpose of and basis for the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. NSCC 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

    In mid 1993, NSCC determined that the initially established fee 
structure for providing Mutual Fund Services Networking position files 
was no longer appropriate. On August 18, 1993, NSCC filed a rule 
change\2\ which consisted of a waiver of $99 of the $100 fee charged to 
members for excess Networking position files. That filing indicated 
that the waiver would continue while NSCC determined a more appropriate 
fee. The purpose of the proposed rule change is to establish a revised 
fee for the Networking position records. The new fee structure is based 
on the number of records received by a participating broker and the 
number of subaccounts the broker maintains on the system. Effective 
January 1, 1994, for billing in February 1994, the new fee is $1.50 per 
thousand records received by a broker in excess of the number of 
subaccounts the broker maintains on Networking. NSCC will not assess a 
charge when the difference between these numbers is 5000 records or 
less in a month.
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    \2\Securities Exchange Act Release No. 32912 (September 16, 
1993), 58 FR 49536 [File No. SR-NSCC-93-12].
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    The proposed fee change will provide for a more equitable 
allocation of fees among members, so the proposed rule change is 
consistent with the requirements of Section 17A of the Securities 
Exchange Act of 1934, as amended, and the rules and regulations 
thereunder.

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

    NSCC does not believe that the proposed rule change will 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 pursuant to Section 
19(b)(3)(A) of the Act\3\ and subparagraph (e) of Rule 19b-4 
thereunder\4\ because it involves the changing of a due, fee, or other 
charge imposed by the self-regulatory organization. At any time within 
sixty days of the filing of such 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) (1988).
    \4\17 CFR 240.19b-4(e) (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 the above-referenced 
self-regulatory organization.
    All submissions should refer to File No. SR-NSCC-94-01 and should 
be submitted by April 7, 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. 94-6173 Filed 3-16-94; 8:45 am]
BILLING CODE 8010-01-M