[Federal Register Volume 62, Number 102 (Wednesday, May 28, 1997)]
[Notices]
[Pages 28914-28915]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13879]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-38663; File No. SR-NSCC-97-05]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating Revision of Service Fees

May 21, 1997.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act''), notice is hereby given that on April 24, 1997, the 
National Securities Clearing Corporation (``NSCC'') filed with the 
Securities and Exchange Commission (``Commission'') and on May 12, 
1997, and May 15, 1997, amended the proposed rule change as described 
in Items I, II, and III below, which items have been prepared primarily 
by NSCC. 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 Terms of Substance 
of the Proposed Rule Change

    The proposed rule change modifies NSCC's fee structure.

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

    In its filing with the Commission, NSCC 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. NSCC 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 NSCC.

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[[Page 28915]]

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The purpose of this rule change is to revise the position record 
fee in connection with NSCC's networking service. NSCC has determined 
it is appropriate to reduce its fees for position records. Therefore, 
effective May 1, 1997, for billing in June 1997, the new fee structure 
will permit participating networking firms to receive position records 
twice a month for each account at no additional charge rather than the 
present once a month. The current charge for excess or extra position 
records will remain unchanged.\3\ In connection with the revised fee 
structure, NSCC's procedures are updated to reflect that all 
participating networking firms will be permitted to receive position 
records from NSCC.
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    \3\ If a networking firm requests more than 5,000 records in 
excess of twice its total number of subaccounts, the firm is charged 
$1.50 for every thousand subaccount records in excess of twice the 
firm's total number of subaccounts.
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    The proposed rule change is consistent with the requirements of 
Section 17A of the Act \4\ and the rules and regulations thereunder 
because it provides for the equitable allocation of fees among NSCC's 
participants.
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    \4\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change will impact 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

    No written comments have been solicited or received. NSCC will 
notify the Commission of any written comments received by NSCC.

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) \5\ of the Act and pursuant to Rule 19b-4(e)(2) \6\ 
promulgated thereunder in that the proposed rule change establishes or 
changes a due, fee, or other charge imposed by NSCC. 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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    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \6\ 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 NSCC. All 
submissions should refer to File No. SR-NSCC-97-05 and should be 
submitted by June 18, 1997.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-13879 Filed 5-27-97; 8:45 am]
BILLING CODE 8010-01-M