[Federal Register Volume 59, Number 121 (Friday, June 24, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-15429]
[[Page Unknown]]
[Federal Register: June 24, 1994]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34237; File No. SR-PHILADEP-93-03]
Self-Regulatory Organizations; Philadelphia Depository Trust
Company; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Modify Deposit Fees
June 20, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 22, 1993, the
Philadelphia Depository Trust Company (``Philadep'') 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 mainly by Philadep, 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Philadep has modified its deposit fees for participations that use
both Philadep's electronic deposit link and Philadep's customer name
mailing services by making them eligible for: (1) A $0.40 credit per
deposit or (2) the existing discounts for clearing 10,000 or more
trades at the Stock Clearing Corporation of Philadelphia (``SCCP''),
whichever is greater.
IIA. Self-Regulatory Organization's Statements Regarding the
Proposed Rule Change
In its filing with the Commission, Philadep included statements
concerning the purpose of and the 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. Philadep has prepared summaries, as set forth in
sections A, B, and C below, of the most significant aspects of these
statements.
A. Self-Regulatory Organization's Statement of the Purpose of and the
Statutory Basis for the Proposed Rule Change
Philadep proposes to modify its deposit fee schedule by providing a
discount credit for those participants who supply deposit information
via data file transmissions. Philadep seeks to implement these changes
to further provide participants with quality services at cost effective
prices. In order to qualify for the foregoing credit, participants must
utilize both Philadep's electronic deposit link service and Philadep's
customer name mailing service. Participants qualifying for the credit
will be entitled to the greater of: (1) The current trade discounts
already afforded Philadep participants for using SCCP or (2) $.40
credit per deposit. Philadep imposes fees and grants discounts to each
participant on a monthly basis.
Philadep states that the proposed rule change complies with Section
17A of the Act\2\ and in particular with Section 17A(b)(3)(D)\3\ in
that the proposal provides for the equitable allocation of fees among
its participants.
---------------------------------------------------------------------------
\2\15 U.S.C. 78q-1 (1988).
\3\15 U.S.C. 78q-1(b)(3)(D) (1988).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Philadep believes that the proposed rule change will not impose any
burden on competition but rather that it should foster competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Philadep has neither solicited nor received written comments
concerning the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Changes 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 Rule 19b-4\5\
thereunder because it establishes a due, fee, or other charge imposed
by Philadep. At any time within sixty days of the filing of such
proposed rule change, the Commission may summarily abrogate such rule
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 the furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\4\15 U.S.C. 78s(b)(3)(A)(ii) (1988).
\5\17 CFR 240.19b-4(e)(2) (1993).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. Persons making such 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 respecting the proposed rule change that are filed with the
Commission, and all written communications concerning the proposed rule
change between the Commission and any person, other than those that may
be withheld from the public pursuant to 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 filings will also be available for inspection and copying at
the principal office of Philadep. All submissions should refer to File
Number SR-PHILADEP-93-03 and should be submitted by July 15, 1994.
For the Commission by the Division of market Regulation,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
17CFR 200.30-3(a)(12( (1993).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-15429 Filed 6-23-94; 8:45 am]
BILLING CODE 8010-01-M