[Federal Register Volume 60, Number 22 (Thursday, February 2, 1995)]
[Notices]
[Pages 6584-6585]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-2549]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35286; File No. SR-GSCC-94-9]


Self-Regulatory Organizations; Government Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to Member Billing

January 27, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 
1934\1\ (``Act''), notice is hereby given that on December 1, 1994, the 
Government Securities Clearing Corporation (``GSCC'') 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 primarily by GSCC. 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    GSCC proposes to amend its method of billing in order to bill 
members for actual activity done during the previous month.

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

    In its filing with the Commission, GSCC 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. GSCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of such statements.

[[Page 6585]]


(A) Self-Regulatory Organization's Statement of the Purpose of and 
Statutory Basis for, the Proposed Rule Change

    The primary purpose of the proposed rule change is to change the 
method by which members are billed so that their bills reflect the 
actual activity conducted during the prior month. Previously, GSCC 
billed each member at the beginning of a particular month for the 
member's anticipated business during that month. GSCC would adjust the 
next month's bill to reflect the actual business conducted by the 
member during the previous month. Under the proposal, GSCC will bill 
members each month for the activity during the prior month. To 
implement this billing method, in December 1994 GSCC will credit to 
each member one month's pre-billing of fees and other charges. 
Beginning in January 1995, the change in the billing method will result 
in GSCC billing members for actual activity conducted during the prior 
month (i.e., during December 1994).

(B) Self-Regulatory Organization's Statement on Burden on Competition

    GSCC does not believe that the proposed rule change will have an 
impact or impose a burden on competition.

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

    GSCC has not solicited or received 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)(iii)\2\ of the Act and pursuant to Rule 19b-4(e)(3)\3\ 
promulgated thereunder, because the proposal is concerned solely with 
the administration of GSCC. 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.

    \2\15 U.S.C. Sec. 78s(b)(3)(A)(iii) (1988).
    \3\17 CFR 240.19b-4(e)(3) (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, N.W., Washington, D.C. 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, N.W., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of GSCC. All 
submissions should refer to File No. SR-GSCC-94-9 and should be 
submitted by February 23, 1995.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\4\

    \4\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-2549 Filed 2-1-95; 8:45 am]
BILLING CODE 8010-01-M