[Federal Register Volume 60, Number 159 (Thursday, August 17, 1995)]
[Notices]
[Pages 42929-42930]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-20397]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36093; File No. SR-DTC-95-13]


Self-Regulatory Organizations; the Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Fees and Charges

August 11, 1995.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act''), notice is hereby given that on July 26, 1995, The 
Depository Trust Company (``DTC'') 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 DTC. The Commission is publishing this notice to solicit 
comments from interested persons on the proposed rule change.

    \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

    DTC is filing the proposed rule change in order to reduce the 
monthly usage fees charged to its participants for issuing/paying agent 
(``IPA'') accounts from $565 to $245.

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

    In its filing with the Commission, DTC 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. DTC 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 text of the summaries 
prepared by DTC.
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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 reduce the monthly 
usage fees charged to DTC participants for IPA accounts from $565 to 
$245 per month. DTC's Money Market Instrument (``MMI'') programs 
require that IPAs have a DTC account reserved solely for MMI issuance 
and paying agency activity. DTC's current usage charge is $565 per 
month for each account up to five accounts. For each account over five, 
the fee is $245 per month.
    On August 21, 1995, medium-term notes (``MTNs'') and short-term 
bank notes (STBNs'') will become part of DTC's MMI programs. This will 
necessitate the creation of separate IPA accounts by MTN and STBN IPAs 
that do not already have a separate IPA account for other existing MMIs 
such as commercial paper and institutional certificates of deposit. 
These may include IPAs that previously have conducted their MTN and 
STBN issuance/payment activity through an existing participant account. 
The charge for these new accounts and all existing IPA accounts now 
will be $245 per account per month.
    The proposed rule change is consistent with the requirements of 
Section 17A of the Act and the rules and regulations thereunder because 
it provides for the equitable allocation of dues, fees, and other 
charges among DTC's participants.

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

    DTC does not believe that the proposed rule change will impose any 
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

    No comments on the proposed rule change were solicited or 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)(ii) \3\ of the Act and pursuant to Rule 19b-4(e)(2) \4\ 
promulgated thereunder because the proposal establishes or changes a 
due, fee, or other charge imposed by DTC. At any 

[[Page 42930]]
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)(ii) (1988).
    \4\ 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, 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. 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 DTC. All 
submissions should refer to File No. SR-DTC-95-13 and should be 
submitted by September 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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[FR Doc. 95-20397 Filed 8-16-95; 8:45 am]
BILLING CODE 8010-01-M