[Federal Register Volume 60, Number 52 (Friday, March 17, 1995)]
[Notices]
[Page 14475]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-6573]



[[Page 14475]]

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-35468; File No. SR-MBSCC-95-01]


Self-Regulatory Organizations; MBS Clearing Corporation; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change Relating 
to Billing Procedures

March 10, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on February 1, 1995, the MBS 
Clearing Corporation (``MBSCC'') 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 
MBSCC. 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

    MBSCC proposes to modify its Source Book billing procedures to 
implement a pricing policy that enables MBSCC to apply discounts and 
surcharges to participants' invoices.

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

    In its filing with the Commission, MBSCC 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. MBSCC 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

    On August 12, 1994, the Chicago Stock Exchange, Incorporated 
(``CHX'') sold all of its ownership interest in MBSCC, a wholly-owned 
subsidiary of CHX, to MBSCC's participants and the National Securities 
Clearing Corporation.\2\ The Board of Directors of the newly-owned 
MBSCC has now determined to establish a pricing policy for MBSCC's 
clearing services. The purpose of the proposed rule change is to modify 
MBSCC's Source Book, Procedure IX, Billing, to implement a pricing 
policy that enables MBSCC to apply discounts and surcharges to 
participants' invoices. The proposed rule change enables MBSCC's Board 
of Directors to apply the pricing policy on a monthly, yearly, or other 
basis as determined by MBSCC's Board of Directors from time to time. 
This pricing policy will more accurately reflect the approximate costs 
of MBSCC's actual operations. MBSCC will implement the pricing policy 
commencing with participants' invoices for January 1995. Additionally, 
the proposed rule makes a technical change to MBSCC's Source Book to 
delete all references to Midwest Securities Trust Company.

    \2\For a description of the transaction, refer to Securities 
Exchange Act Release No. 34512 (August 10, 1994), 59 FR 42320 [File 
No. SR-MBSCC-94-3] (order granting accelerated approval of corporate 
governance changes to facilitate the sale of MBSCC).
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    MBSCC 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 it will facilitate the prompt 
and accurate clearance and settlement of securities transactions.

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

    MBSCC 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. MBSCC will 
notify the Commission of any written comments received by MBSCC.

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)\3\ of the Act and pursuant to Rule 19b-4(e)(3)\4\ 
promulgated thereunder because the proposed rule change is concerned 
solely with the administration of MBSCC. 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.

    \3\15 U.S.C. 78s(b)(3)(A)(iii) (1988).
    \4\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 
argument 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 MBSCC. All 
submissions should refer to File No. SR-MBSCC-95-01 and should be 
submitted by April 7, 1995.

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

    \5\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-6573 Filed 3-16-95; 8:45 am]
BILLING CODE 8010-01-M