[Federal Register Volume 60, Number 13 (Friday, January 20, 1995)]
[Notices]
[Pages 4210-4211]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-1495]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35228; File No. SR-PTC-94-09]


Self-Regulatory Organizations; Participants Trust Company; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change Codifying 
Rules

January 13, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on January 4, 1995, the 
Participants Trust Company (``PTC'') filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule 
[[Page 4211]] change (File No. SR-PTC-94-09) as described in Items I, 
II, and III below, which items have been prepared primarily by the 
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. Sec. 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 codify PTC's rules 
and provide for the distribution to participants and limited purpose 
participants.

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

    In its filing with the Commission, PTC 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. PTC 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

    Following an inspection of PTC in 1994, the Commission's Northeast 
Regional Office recommended that PTC file a rule change with the 
Commission to provide participants with a new set of rules and 
procedures which encompasses all amendments.\2\ The filing of the 
present proposed rule change to codify PTC's rules and distribute the 
codified rules to participants and limited purpose participants 
complies with this recommendation.

    \2\Letter from Richard H. Walker, Regional Director, Northeast 
Regional Office, Commission, to John J. Sceppa, President and Chief 
Executive Officer, PTC (July 7, 1994).
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    Specifically, PTC is distributing to participants and limited 
purpose participants a fully codified set of rules incorporating all 
amendments into the text of the rules. In addition, the codified set of 
rules integrates into the rules PTC's procedures which were formerly 
appended to the rules as a supplement and which, in certain cases, 
superseded conflicting provisions in the rules. The integration of the 
amendments and the procedures into the text of PTC's rules makes them 
easier to follow and to understand by eliminating the need to refer to 
several documents at once. In the future, amendments to the rules will 
be distributed to participants and limited purpose participants in the 
form of substitute pages that will replace superseded pages in the 
codified text.
    PTC believes that the proposed rule change is consistent with 
Section 17A(b)(3)(F) of the Act\3\ and the rules and regulations 
thereunder in that it is designed to promote the prompt and accurate 
settlement of securities transactions and to remove impediments to and 
perfect the mechanisms of a national system for the prompt and accurate 
settlement of securities transactions.

    \3\15 U.S.C. Sec. 78q-1(b)(3)(F) (1988).
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(B) Self-Regulatory Organization's Statements on Burden on Competition

    PTC does not believe that the proposed rule change will impose any 
burden on competition not necessary or appropriate in furtherance of 
the purposes of the Act.

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

    PTC has not solicited comments 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)(i) of the Act\4\ and subparagraph (e)(1) of Rule 19b-4\5\ 
thereunder because the proposed rule change constitutes a stated 
policy, practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule of the self-
regulatory organization. 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.

    \4\15 U.S.C. Sec. 78(b)(3)(A)(i) (1988).
    \5\17 CFR 240.19b-4(e)(1) (1994).
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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. Sec. 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 PTC. All submissions 
should refer to File No. SR-PTC-94-09 and should be submitted by 
February 10, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\

    \6\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-1495 Filed 1-19-95; 8:45 am]
BILLING CODE 8010-01-M