[Federal Register Volume 60, Number 140 (Friday, July 21, 1995)]
[Notices]
[Pages 37700-37701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17995]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35978; File No. SR-MBS-95-04]


Self-Regulatory Organizations; MBS Clearing Corporation; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change Modifying 
Fees for the Electronic Pool Notification Service

July 17, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on June 16, 1995, the MBS 
Clearing Corporation (``MBS'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change (File No. SR-MBS-
95-04) as described in Items I, II, and III below, which Items have 
been prepared primarily by MBS. 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

    The proposed rule change modifies the account maintenance fee for 
the Electronic Pool Notification (``EPN'') service.

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

    In its filing with the Commission, MBS 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

[[Page 37701]]
may be examined at the places specified in Item IV below. MBS has 
prepared summaries, set forth in sections (A), (B), and (C) below, of 
the most significant aspects of such statements.\2\

    \2\ The Commission has modified the language in these sections.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The purpose of the proposed rule change is to modify the account 
maintenance fee for the EPN service. Specifically, the proposed rule 
change modifies the EPN Schedule of Charges to reflect separate account 
maintenance fees for a direct account and an omnibus account. MBS 
previously charged EPN Users an account maintenance fee of $250.00 per 
month per account. MBS will continue to charge this fee for a direct 
account (i.e., an account maintained by an EPN User acting on its own 
behalf). MBS, however, will charge EPN Users $250.00 per month per 
account plus $25.00 per month per customer account, up to a maximum of 
$250.00 per month per account, for an omnibus account (i.e., an account 
maintained by an investment advisor or correspondent acting on behalf 
of others). An investment advisor or correspondent acting on behalf of 
others previously was required to open separate accounts for each 
customer account.
    The proposed rule change also modifies the EPN billing procedure to 
reflect the account maintenance fee as a separate type of fee \3\ and 
to enable MBS to waive one or more EPN fees for such time as determined 
by MBS. This will allow new EPN Users an opportunity to use and become 
familiar with EPN services before being required to pay fees.

    \3\ The account maintenance fee previously was included as part 
of message processing fees.
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    MBS believes that the proposed rule change is consistent with 
Section 17A(b)(3)(D) of the Act \4\ and the rules and regulations 
thereunder in that it provides for the equitable allocation of 
reasonable dues, fees, and other charges among its participants.

    \4\ 15 U.S.C. 78q-1(b)(3)(D) (1988).
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(B) Self-Regulatory Organization's Statements on Burden on Competition

    MBS 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 relating to the proposed rule change have been 
solicited or received. MBS will notify the Commission of any written 
comments received by MBS.

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)(ii) of the Act \5\ and pursuant to Rule 19b-4(e)(2) 
promulgated thereunder \6\ because the proposed rule change establishes 
a due, fee, or other charge imposed by MBS. 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.

    \5\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \6\ 17 CFR 240.19b-4(e)(2) (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 MBS. All submissions 
should refer to File No. SR-MBS-95-04 and should be submitted by August 
11, 1995.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\

    \7\ 17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-17995 Filed 7-20-95; 8:45 am]
BILLING CODE 8010-01-M