[Federal Register Volume 61, Number 106 (Friday, May 31, 1996)]
[Notices]
[Pages 27378-27379]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-13697]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37234; File No. SR-PHILADEP-96-06]

Self-Regulatory Organizations; Philadelphia Depository Trust 
Company; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change to Amend the Fee Schedule for the Legal Deposit Service.
May 21, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'')\1\, notice is hereby given that on April 1, 1996, the 
Philadelphia Depository Trust Company (``Philadep'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change (File No. SR-PHILADEP-96-06) 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.
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    \1\ 15 U.S.C. Sec. 78s(b)(1) (1988).
I. Self-Regulatory Organization's Statement of the Terms of 
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Substance of the Proposed Rule Change
    Philadep proposes to consolidate and modify the fees and the 
underlying volume categories for its Legal Deposit 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, Philadep included statements 
concerning the purposes 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, as set forth in 
sections (A), (B), and (C) below, of the most significant aspects of 
these statements.\2\
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    \2\ The Commission has modified the text of the summaries 
prepared by Philadep.
(A) Self-Regulatory Organization's Statement of the Purpose of, and the 
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Statutory Basis for, the Proposed Rule Change
    Philadep proposes to modify its existing fees for its Legal Deposit 
Service. Under the existing schedule, medium volume depositors pay 
significantly greater costs than high volume depositors. In order to 
attract new medium volume business while offering its current users 
more cost competitive pricing, Philadep is consolidating the number of 
categories for its Legal Deposit Service and modifying the fees that 
the medium volume participants pay for this service.
    The text of the proposed rule change is as follows:
Philadelphia Depository Trust Company--Schedule of Fees
Additions are italicized; deletions [bracketed]
5. Legal Deposits
    Processing fees are based upon monthly deposit volume:

                                                                        
                                                                        
                                                                        
Volume Level:                                                           
                                                                        
[0-100....................................  $8.50.                      
101-500...................................  $6.00.                      
501-1,000.................................  $5.50.                      
1,001-1,700...............................  $5.00.                      
1,701-2,500...............................  $4.50.                      
2,501-3,000...............................  $3.50 flat fee for all legal
                                             deposits.                  
3,001 and over............................  $2.75 flat fee for all legal
                                             deposits.]                 
                                                                        

1-300............................................................$8.50.
301-3000.........................................................$3.50.
3001 and over....................................................$2.75.

No charge for deposit rejects. Transfer agent charges will be passed 
through to the Participant on an item for item basis.
    Philadep believes the proposed change complies with Section 17A of 
the Act because it provides for the

[[Page 27379]]

equitable allocations of reasonable dues, fees, and other charges among 
participants.

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

    The proposed rule change will not impose any inappropriate 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 Changes 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. At any time within sixty days of the filing 
of such rule change, the Commission may summarily abrogate such 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.
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    \3\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \4\ 17 CFR 240.19b-4(e)(2) (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 Section, 450 Fifth Street, NW, 
Washington, DC 20549. Copies of such filings will also be available for 
inspection and copying at the principal office of Philadep. All 
submissions should refer to File Number SR-PHILADEP-96-06 and should be 
submitted by June 21, 1996.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(12) (1995).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-13697 Filed 5-30-96; 8:45 am]
BILLING CODE 8010-01-M