[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