[Federal Register Volume 60, Number 43 (Monday, March 6, 1995)]
[Notices]
[Pages 12257-12258]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-5373]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-35425; File No. SR-MSTC-95-01]


Self-Regulatory Organizations; Midwest Securities Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Making Technical Corrections to Articles III & IV of the Midwest 
Securities Trust Company Rules

February 28, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 
1934\1\ (``Act''), notice is hereby given that on January 18, 1995, the 
Midwest Securities Trust Company (``MSTC'') 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 MSTC. On January 30, 1995, MSTC amended the proposal to 
include an additional cross-reference correction.\2\ 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).
    \2\Letter from David T. Rusoff, Foley & Lardner, to Jerry 
Carpenter, Assistant Director, Division of Market Regulation, 
Commission (January 30, 1995).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    MSTC proposes the following rule change in order to make technical 
corrections to Section 3(ii) of Rule 1 of Article IV and to Section 
2(ii) of Rule 1(B) of Article III of MSTC's rules.

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

    In its filing with the Commission, MSTC 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. MSTC 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

    The purpose of the proposal is to make a technical revision to 
Section 3(ii) of Rule 1 of Article IV of MSTC's rules. On May 12, 1993, 
the Commission approved MSTC's pilot Same-Day Fund Settlement 
(``SDFS'') service.\3\ The SDFS rules amended and renumbered Section 3 
of Rule 1 of Article III to Sections 2 and 3 of Rule 1(B) of Article 
III. However, Section 3(ii) of Rule 1 of Article IV was not amended to 
reflect the proper cross-reference to Sections 2 and 3 of Rule 1(B) of 
Article III instead of Section 3(ii) of Rule 1 of Article III; this 
proposal makes this correction. MSTC also proposes to make a technical 
revision to Section 2(ii) of Rule 1(B) of Article III of MSTC's rules 
to reflect the proper cross-reference to Section 1 of Rule 1(B) of 
Article III instead of Section 1 of Rule 1 of Article III.

    \3\For a complete description of MSTC's pilot SDFS service, 
refer to Securities Exchange Act Release No. 32300 (May 12, 1993), 
58 FR 29438 [File No. SR-MSTC-90-8] (order approving a pilot SDFS 
service).
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    MSTC believes the proposed rule change is consistent with the 
requirements of the Act, specifically Section 17A of the Act, and the 
rules and regulations thereunder because clarifying MSTC's rules will 
facilitate the prompt and accurate clearance and settlement of 
securities transactions.

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

    MSTC does not believe that the proposed rule change will have an 
impact on 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

    No written comments have been solicited or received. MSTC will 
notify the Commission of any written comments received by MSTC.

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)\4\ of the Act and pursuant to Rule 19b-4(e)(4)\5\ 
promulgated thereunder in that the proposal effects a change in an 
existing service that does [[Page 12258]] not adversely affect the 
safeguarding of securities or funds in MSTC's custody or control and 
does not significantly affect the respective rights or obligations of 
MSTC or persons using MSTC's services. 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. 78s(b)(3)(A)(iii) (1988).
    \5\17 CFR 240.19b-4(e)(4) (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. 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 MSTC. All submissions 
should refer to File No. SR-MSTC-95-01 and should be submitted by March 
27, 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. 95-5373 Filed 3-3-95; 8:45 am]

BILLING CODE 8010-01-M