[Federal Register Volume 59, Number 88 (Monday, May 9, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-11031]


[[Page Unknown]]

[Federal Register: May 9, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33985; File No. SR-DTC-94-03]

 

Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Regarding a Revised Fee Schedule for Services

May 2, 1994.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on March 1, 1994, The 
Depository Trust Company (``DTC'') filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule change (File No. 
SR-DTC-94-03) as described in Items I, II, and III below, which items 
have been prepared primarily by DTC, 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 consists of a revised fee schedule for DTC 
services.\2\
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    \2\The 1994 Revised DTC Service Fees schedule is set forth in 
its entirety in the Annex to Exhibit I in this filing, File No. SR-
DTC-94-03.
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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, DTC 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. DTC 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 of the proposed rule change, which will be effective 
for services provided on and after March 1, 1994, is to adjust the fees 
charged for various services in order to bring the fees closer to, or 
to, their respective estimated service costs for 1994. Continuing DTC's 
annual practice to align service fees with estimated service costs, 
DTC's Board of Directors completed a review of DTC's estimated unit 
service costs for 1994 and adjusted many DTC service fees accordingly.
    The 1994 fee schedule has been set to yield $10 million less in 
operating revenues during the twelve months it will be in effect than 
the 1993 fee schedule would have yielded. This will mark the eighth 
consecutive year in which DTC has not had to increase its schedule of 
service fees to users; moreover, for the fifth consecutive year a fee 
reduction will be implemented.
    The proposed rule change is consistent with the requirements of the 
Act and in particular section 17A(b)(3)(C) of the Act\3\ and the rules 
and regulations thereunder because fees will be more equitably 
allocated among DTC participants.
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    \3\15 U.S.C. 78q-1(b)(3)(C) (1988).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    DTC believes that the proposed rule change will not impose any 
burden on competition.

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

    DTC has neither solicited nor received any written 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 subparagraph (e)(2) of Securities 
Exchange Act Rule 19b-4\5\ because the proposed rule change establishes 
a due, fee, or other change. At any time within sixty days of the 
filing of such 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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    \4\15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \5\17 CFR 240.19b-4(e)(2) (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 Room, 450 Fifth Street, NW., Washington, 
DC 20549. Copies of such filing will also be available for inspection 
and copying at the principal office of DTC. All submissions should 
refer to File No. SR-DTC-94-03 and should be submitted by May 31, 1994.

    For the Commission by the Division of Market Regulations, 
pursuant to delegated authority.\6\
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    \6\17 CFR 200.30-3(C)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-11031 Filed 5-6-94; 8:45 am]
BILLING CODE 8010-01-M