[Federal Register Volume 65, Number 110 (Wednesday, June 7, 2000)]
[Notices]
[Pages 36203-36204]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-14249]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42859; File No. SR-NSCC-00-04]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to a Change in Fee Schedule

May 30, 2000.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on April 6, 2000, the 
National Securities Clearing Corporation (``NSCC'') 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 NSCC. 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. 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 consists of changes to NSCC's fee 
schedule.

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 these 
statements.\2\
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    \2\ The Commission has modified the text of the summaries 
prepared by NSCC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    On December 30, 1999, NSCC filed a rule change to amend its fee 
schedule to charge fees to members using its Insurance Processing 
Services (``IPS'') for the transmission of test, as well as production, 
files.\3\ These charges became effective on January 3, 2000. However, 
in order to encourage industry participation in pilot test development 
programs, NSCC has determined that it

[[Page 36204]]

will not impose test fees on participants participating with NSCC in 
pilot test programs to develop service enhancements or additional IPS 
products. Thus a participant in a pilot test program will not be 
charged for the transmission of pilot test files for the period of time 
from the date the participant commences participation in the pilot 
program through the date that is the last business day of the calendar 
month immediately following the month during which the pilot 
enhancement or new IPS product is first released by NSCC into 
production. Any current IPS participants participating in a prior pilot 
development program will not be charged for their applicable test files 
through April 30, 2000. Thereafter, they will be charged in accordance 
with NSCC's revised fee schedule.
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    \3\ Securities Exchange Act Release No. 42336 (January 12, 
2000), 65 FR 3514.
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    The proposed rule change is consistent with the requirements of the 
Act, as amended, and the rules and regulations thereunder since it 
provides for the equitable allocation of dues, fees, and other charges 
among NSCC's participants.

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

    NSCC does not believe that the proposed rule change will have an 
impact on 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 relating to the proposed rule change 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) \4\ of the Act and Rule 19b-4(f)(2) \5\ promulgated 
thereunder because the proposal establishes or changes a due, fee, or 
other charge imposed by NSCC. At any time within sixty days of the 
filing of such proposed 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(f)(2).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549-0609. 
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 filing also will be available for 
inspection and copying at the principal office of NSCC. All submissions 
should refer to File No. SR-NSCC-00-04 and should be submitted by June 
28, 2000.
    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).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-14249 Filed 6-6-00; 8:45 am]
BILLING CODE 8010-01-M