[Federal Register Volume 61, Number 58 (Monday, March 25, 1996)]
[Notices]
[Pages 12127-12128]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7154]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36972; File No. SR-Philadep-96-05]


Self-Regulatory Organizations; the Philadelphia Depository Trust 
Company; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Making a Technical Correction To Renumber Its Rule Regarding the 
Release of Clearing Data From Rule 32 to Rule 33

March 14, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on March 8, 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 
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 renumber its rule 
governing the release of clearing data from Rule 32 to Rule 33.

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

    In its filing with the Commission, Philadep 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. Philadep 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 Philadep.
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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 make a technical 
amendment to Philadep's rules. On

[[Page 12128]]
January 19, 1996, the Commission approved a proposed rule change filed 
by Philadep to adopt a rule governing its authorization to release 
clearing data.\3\ Pursuant to the proposed rule change, Philadep 
designated the new rule as Rule 32. Because Philadep has designated 
another rule as Rule 32, Philadep proposes to renumber the foregoing 
rule governing the release of clearing data as Rule 33.

    \3\ For a complete description of the rule, refer to Securities 
Exchange Act Release No. 36743 (January 19, 1996), 61 FR 2551 [File 
No. SR-Philadep-95-06] (order approving a proposed rule change 
authorizing the release of clearing data.
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    Philadep believes the proposed rule change is consistent with 
Section 17A of the Act \4\ and the rules and regulations thereunder 
because the proposal will help to provide clarity with regard to 
Philadep's rules which should promote the efficient clearance and 
settlement of securities transactions and the safeguarding of 
securities and funds in Philadep's custody or control or for which it 
is responsible.

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

    Philadep does not believe the proposed rule change will 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 Sections 
19(b)(3)(A)(iii) \5\ of the Act and pursuant to Rules 19b-4(e)(3) \6\ 
promulgated thereunder because the proposal is concerned solely with 
the administration of Philadep. 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 240.19b-4(e)(3) (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, 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 Room, 450 Fifth Street, NW., Washington, 
DC 20549. Copies of such filing will also be available for inspection 
and copying at the principal office of Philadep. All submissions should 
refer to File No. SR-Philadep-96-05 and should be submitted by April 
15, 1996.

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

    \7\ 17 CFR 200.30-3(a)(12) (1995).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-7154 Filed 3-22-96; 8:45 am]
BILLING CODE 8010-01-M