[Federal Register Volume 62, Number 41 (Monday, March 3, 1997)]
[Notices]
[Pages 9475-9476]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5081]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38330; File No. SR-MBSCC-97-01]


Self-Regulatory Organizations; MBS Clearing Corporation; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to Modification of Electronic Pool Notification Fee Schedule

February 24, 1997.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on January 29, 1997, the MBS 
Clearing Corporation (``MBSCC'') 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 
MBSCC. The Commission is publishing this notice to solicit comments on 
the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change makes technical modifications to the 
schedule of charges for the Electronic Pool Notification (``EPN'') 
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, MBSCC 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. MBSCC 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 MBSCC.
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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 technical 
modifications to the schedule of charges for the EPN service. The EPB 
schedule of charges currently reflects that MBSCC charges its 
participants access fees for connectivity to the EPN service based on 
each circuit that they have to MBSCC's MetroTech facility only. 
However, MBSCC also charges its participants access fees for each 
circuit that they have to MBSCC's Water Street facility. The proposed 
rule change modifies the EPN schedule of charges to reflect that MBSCC 
charges its access fees ``per circuit to MetroTech and Water Street.''
    The proposed rule change also makes an additional technical 
modification to the EPN schedule of charges to delete the reference to 
an AutoLink Request. AutoLink was a method to request a retransmission 
of previously transmitted messages. Participants no longer use AutoLink 
but instead use the Retransmission Request as the method to request a 
retransmission of previously transmitted messages.
    MBSCC believes that the proposed rule change is consistent with 
Section 17A(b)(3)(D) of the Act \3\ and the rules and regulations 
thereunder because it provides for the equitable allocation of 
reasonable dues, fees, and other charges among MBSCC's participants.
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    \3\ 15 U.S.C. 78q-1(b)(3)(D).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    MBSCC does not believe that the proposed rule change will impose 
any burden on competition not necessary or appropriate in 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 have been solicited or received. MBSCC will 
notify the Commission of any written comments received by MBSCC.

[[Page 9476]]

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) of the Act \4\ and pursuant to Rule 19b-4(e)(2) \5\ 
promulgated thereunder because the proposal changes a due, fee, or 
other charge imposed by MBSCC. 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. Sec. 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 MBSCC. All 
submissions should refer to File No. SR-MBSCC-97-01 and should be 
submitted by March 24, 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. 97-5081 Filed 2-28-97; 8:45 am]
BILLING CODE 8010-01-M