[Federal Register Volume 65, Number 234 (Tuesday, December 5, 2000)]
[Notices]
[Page 75988]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-30876]



[[Page 75988]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-43629; File No. SR-EMCC-00-06]


Self-Regulatory Organizations; Emerging Markets Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to Issuing Reports Concerning Warrants With a 
Money Distribution

November 28, 2000.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ notice is hereby given that on August 22, 2000, the 
Emerging Markets Clearing Corporation (``EMCC'') 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 by EMCC. 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 would clarify EMCC's procedures for 
issuing reports concerning warrants with a money distribution.

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

    In its filing with the Commission, EMCC 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. EMCC 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 EMCC.
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A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    Currently, Rule 7, Section 16, paragraph (b) of EMCC's Rules 
provides that where an issuer of a warrant has declared a money 
distribution on such warrant, EMCC will issue a ``Record Date Report'' 
(``Report'') to each EMCC member with an outstanding fail deliver or 
fail receive obligation with respect to that warrant. The Report 
indicates the member's record date delivery or receive obligations with 
respect to the distribution. The Rules specify that the Report is to be 
issued on the record date.
    However, EMCC believes that there is no operational reason for the 
Report to be produced on the record date. The proposed rule change 
would allow EMCC to provide this information to its members through one 
or more reports that will be issued after a record date is declared.
    EMCC believes that the proposed rule change is consistent with the 
requirements of Section 17A of the Act and the rules and regulations 
thereunder because it would provide EMCC with the capability to issue 
informative reports to members with affected positions and therefore 
will facilitate the prompt and accurate clearance and settlement of 
emerging market securities transactions.

B. Self-Regulatory Organization's Statement on Burden on Competition 

    EMCC 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 by EMCC. EMCC will notify the Commission of any 
written comments received by EMCC.

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)(iii) of the Act \3\ and Rule 19b-4(f)(4) \4\ thereunder 
because the rule change effects a change in an existing service of EMCC 
that does not adversely affect the safeguarding of securities or funds 
in the EMCC's custody or control or for which it is responsible and 
does not significantly affect EMCC's respective rights or obligations 
or persons using the service. At any time within sixty days of the 
proposed 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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    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(4).
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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 rule proposal that are filed with the 
Commission, and all written communications relating to the rule 
proposal 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 Room in Washington, DC. Copies of such 
filing will also be available for inspection and copying at EMCC's 
principal office. All submissions should refer to File No. SR-EMCC-00-
06 and should be submitted by December 26, 2000.

    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).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-30876 Filed 12-4-00; 8:45 am]
BILLING CODE 8010-01-M