[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