[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