[Federal Register Volume 61, Number 53 (Monday, March 18, 1996)]
[Notices]
[Pages 11073-11074]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-6324]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36954; File No. SR-Philadep-96-03]
Self-Regulatory Organizations; Philadelphia Depository Trust
Company; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change Enhancing Philanet Terminal Services To Allow Participants
To Access Their Bookkeeping Activity Reports for Continuous Nets
Settlement Accounts and Other Accounts
March 11, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), \1\ notice is hereby given that on February 23, 1996, the
Philadelphia Depository Trust Company (``Philadep'') 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 Philadep. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
parties.
\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
Philadep proposes to enhance its Philanet terminal services to
allow participants to access their bookkeeping activity reports for
continuous net settlement (``CNS'') accounts at Stock Clearing
Corporation of Philadelphia (``SCCP'') and for Philadep accounts
through their Philanet terminals.\2\
\2\ Philanet is an on-line terminal network system that allows
participants to access information affecting their accounts through
an on-site terminal located at the participant's office.
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II. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Philadep included statements
concerning the purpose of and the 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. Philadep has prepared summaries, set forth in sections
(A), (B), and (C) below, of the most significant aspects of these
statements.\3\
\3\ The Commission has modified the text of the summaries
prepared by Philadep.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
Currently, participants may obtain bookkeeping reports for CNS
accounts at SCCP and for Philadep accounts in the form of hard copy
reports or by computer-to-computer facilities (``CCF''). The proposed
rule change will give participants the option of accessing the same
information through their Philanet terminals by choosing the ``RPTS''
function. Philadep believes that this method is more expeditious and
efficient than issuing hard copy reports and for some participants it
is more economical than using CCF.
Philadep believes the proposed rule change is consistent with the
requirements of Sections 17A(b)(3) (A) and (F) \4\ of the Act because
it fosters cooperation and coordination with persons engaged in the
clearance and settlement of securities transactions and further assures
the safeguarding of securities which are in the custody or control of
Philadep.
\4\ 15 U.S.C. 78q-1(b)(3) (A) and (F) (1988).
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(b) Self-Regulatory Organization's Statement on Burden on Competition
Philadep does not believe that the proposed rule change will have
an
[[Page 11074]]
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
Written comments were neither solicited nor received with respect
to the proposed rule change.
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) \5\ of the Act and pursuant to Rule 19b-4(e)(4) \6\
promulgated thereunder because the proposal effects a change in an
existing service of Philadep that does not adversely affect the
safeguarding of securities or funds in the custody or control of
Philadep and does not significantly affect the respective rights or
obligations of Philadep or persons using the service. 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)(iii) (1988).
\6\ 17 CFR Sec. 240.19b-4(e)(4) (1995).
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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, 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. Sec. 552, will be available for inspection and copying in
the Commission's Public Reference Section, 450 Fifth Street NW.,
Washington, D.C. 20549. Copies of such filings will also be available
for inspection and copying at the principal office of Philadep. All
submissions should refer to tile number SR-Philadep-96-03 and should be
submitted by April 8, 1996.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\7\
\7\ 17 CFR Sec. 200.30-3(a)(12) (1995).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-6324 Filed 3-15-96; 8:45 am]
BILLING CODE 8010-01-M