[Federal Register Volume 60, Number 48 (Monday, March 13, 1995)]
[Notices]
[Pages 13495-13496]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-6087]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35447; File No. SR-MSTC-95-03]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by Midwest Securities Trust 
Company Relating to the Legal Expert System Fees

    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on January 27, 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 
by MSTC. 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 Organizations Statement of the Terms of Substance of 
the Proposed Rule Change

    MSTC proposes to waive the fees associated with the Legal Expert 
System until March 1, 1995.\2\

    \2\For a complete description of the Legal Expert System, refer 
to Securities Exchange Act Release Nos. 33756 (March 11, 1994), 59 
FR 13350 [File No. SR-MSTC-94-02] (order approving a rule change 
regarding the Legal Expert System's fees and a clarification 
disclaiming any liability on MSTC's part for any misinformation 
contained in the Legal Expert System) and 35098 (December 13, 1994), 
59 FR 65551 [SR-MSTC-94-17] (order modifying the pricing structure 
of the Legal Expert System).
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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 section (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 proposed change is to waive the fees for the 
Legal Expert System until March 1, 1995.
    The text of the proposed rule change is as follows with additions 
italicized:

                        MSTC Legal Expert System                        
------------------------------------------------------------------------
                 Terminal inquiry                                       
------------------------------------------------------------------------
1-2,500 inquiries per month.......................  $0.50/inquiry.      
2,501-5,000.......................................  0.35/inquiry.       
5,001-10,000......................................  0.26/inquiry.       
10,001 and over...................................  0.17/inquiry.       
------------------------------------------------------------------------

    MSTC full legal deposit participants will receive a free inquiry 
for each legal deposit submitted to MSTC. The free inquiries are only 
valid in the month the legal deposit is made.
    The above terminal inquiry fees are waived until March 1, 1995.
    The proposed rule change is consistent with Section 17A of the Act 
in that it provides for the equitable allocation of reasonable fees and 
other charges among participants using its facilities.

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

    MSTC does not believe that the proposed rule change will impose a 
[[Page 13496]] burden on competition that is 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

    Comments were neither solicited nor 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)\3\ of the Act and Rule 19b-4(e)\4\ thereunder in that it 
establishes or changes a due, fee, or other charge imposed by MSTC. At 
any time within sixty days of the filing of such rule change, the 
Commission summarily may abrogate such rule change if it appears to the 
Commission that such act is necessary or appropriate in the public 
interest, for the protection of investors, or otherwise in furtherance 
of the purposes of the Act.

    \3\15 U.S.C. 78s(b)(3)(A) (1988).
    \4\17 CFR 240.19b-4(e) (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 submissions, 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 at the 
Commission's Public Reference Section, 450 Fifth Street, NW., 
Washington DC 20549. Copies of such filing also will be available for 
inspection and copying at the principal office of MSTV. All submissions 
should refer to File No. SR-MSTC-95-03 and should be submitted by April 
3, 1995.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\5\

    \5\17 CFR 200.30(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-6087 Filed 3-10-95; 8:45 am]
BILLING CODE 8010-01-M