[Federal Register Volume 62, Number 33 (Wednesday, February 19, 1997)]
[Notices]
[Pages 7486-7487]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4052]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38271; File No. SR-DTC-96-23]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Relating 
to Revision of Fees

February 11, 1997.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 31, 1996, The 
Depository Trust Company (``DTC'') 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 DTC. The Commission is publishing this notice to solicit 
comments from interested persons on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The proposed rule change revises the fees charged to users who are 
not DTC participants for automated reports listing the positions of DTC 
participants in an issue.

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

    In its filing with the Commission, DTC 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. DTC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of such 
statements.\2\
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    \2\ The Commission has modified the text of the summaries 
prepared by DTC.

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[[Page 7487]]

(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 revise the fees 
charged to users who are not DTC participants for automated reports 
listing the positions of DTC participants in an issue. The automated 
reports include the Weekly Report Series, which shows the daily closing 
balances during the week for each participant having a security 
credited to its DTC account; the Monthly Report Series, which shows the 
closing balance on the last business day of the month for each 
participant having a security credited to its DTC account; the Dividend 
Record Date Series, a quarterly report which shows the closing balance 
for each participant having a security credited to its DTC account; on 
a dividend record date; and the Special Request, which is available for 
any business day and shows each participant's closing balance in the 
issue on that day. DTC offers these reports to third parties (e.g., 
trustees, issuers, attorneys representing issuers, and other attorneys 
when required by valid legal process) who are not participants at DTC. 
The revised fees for the automated reports became effective on January 
1, 1997.
    DTC believes that the proposed rule change is consistent with the 
requirements of Section 17A(b)(3)(D) of the Act\3\ and the
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    \3\ 15 U.S.C. 78q-1.
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rules and regulations thereunder because it provides for the equitable 
allocation of reasonable dues, fees, and other charges among users of 
DTC's services.

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

    DTC does not believe that the proposed rule change will impose any 
burden on competition that is not necessary or appropriate in the 
furtherance of the purposes of the Act.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received from Members, Participants or Others

    No written comments on the proposed rule change were solicited or 
received.

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 in that the proposed rule change establishes or 
changes a due, fee, or other charge imposed by DTC. 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.
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    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ 17 CFR 240.19b-4(e)(2).
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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 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, N.W., 
Washington, D.C. 20549. Copies of such filing also will be available 
for inspection and copying at the principal office of DTC. All 
submissions should refer to File No. SR-DTC-96-23 and should be 
submitted by March 12, 1997.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-4052 Filed 2-18-97; 8:45 am]
BILLING CODE 8010-01-M