[Federal Register Volume 60, Number 198 (Friday, October 13, 1995)]
[Notices]
[Page 53448]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25367]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36340; File No. SR-MBSCC-95-06]


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

October 5, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ notice is hereby given that on September 11, 1995, 
MBS Clearing Corporation (``MBSCC'') filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule change (File No. 
SR-MBSCC-95-06) 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

    The purpose of the proposed rule change is to modify the original 
notification message processing fees 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, 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.\2\

    \2\ The Commission has modified the text of the summaries 
submitted by MBSCC.
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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 message 
processing fees for the EPN Service. Specifically, the proposed rule 
change seeks to modify the fees set forth in MBSCC's EPN Schedule of 
Charges to send or receive an original notification EPN message. The 
current fee to send or receive an original notification EPN message is 
$.75/million current face. MBSCC proposed to replace the current fee 
with a fee scale in which the fees are based on whether a message is 
sent or received and the time that the message is communicated.\3\

    \3\ MBSCC is instituting the new fee scale to encourage a more 
evenly distributed use of the EPN Service throughout the day and 
thereby facilitate a more balanced distribution of daily information 
processing.
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    The new fees to send an original notification EPN message are as 
follows: $.25/million current face (8:00 a.m. to 1:00 p.m.); $1.25/
million current face (1:00 p.m. to 2:00 p.m.); $1.50/million current 
face (2:00 p.m. to 3:00 p.m.); and $1.25/million current face (3:00 
p.m. to 5:00 p.m.). The new fees to receive an original notification 
EPN message are as follows: $.50/million current face (8:00 a.m. to 
1:00 p.m.); $.25/million current face (1:00 p.m to 2:00 p.m.); $.25/
million current face (2:00 p.m. to 3:00 p.m.); and no charge (3:00 p.m. 
to 5:00 p.m.). EPN users will be charged for original notification EPN 
messages at the new rates for messages communicated on or after October 
12, 1995.
    MBSCC believes the proposed rule change is consistent with the 
requirements of the Act, specifically with Section 17A of the Act, and 
the rules and regulations thereunder because the proposal provides for 
the equitable allocation of dues, fees, and other charges among MBSCC's 
participants.

(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

    MBSCC advised its User Committee of the proposed rule change at a 
meeting held on May 31, 1995. No written comments relating to the 
proposed rule change have been 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)(ii) \4\ of the Act and pursuant to Rule 19b-4(e)(2) \5\ 
promulgated thereunder because the proposal establishes or changes a 
due, fee, or other charge imposed by 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.

    \4\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \5\ 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 provisions of 5 
U.S.C. 552, will be available for inspection and copying in the 
Commission's Public Reference Room, 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 MBSCC. All submissions should 
refer to File No. SR-MBSCC-95-06 and should be submitted by November 3, 
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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Jonathan G. Katz,
Secretary.
[FR Doc. 95-25367 Filed 10-12-95; 8:45 am]
BILLING CODE 8010-01-M