[Federal Register Volume 66, Number 65 (Wednesday, April 4, 2001)]
[Notices]
[Pages 17980-17981]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-8210]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44128; File No. SR-NSCC-01-03]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to Fees Charged for Services Relating to the 
Insurance Processing Service

March 28, 2001.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''\1\), notice is hereby given that on January 26, 2001, 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 revisions to NSCC's Fee 
Schedule for various services that are part of NSCC's Insurance 
Processing Service (``IPS'').

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

    The purpose of the proposed rule change is to adjust the fees that 
NSCC charges for various services that are part of NSCC's IPS effective 
with respect to services provided on and after February 1, 2001.
    The transaction fee for the full Position service of IPS is 
currently $0.60 per 1,000 positions and the transaction fee for the 
focused position service of IPS is currently $0.50 per 1,000 positions. 
Pursuant to this rule change, the transaction fee for both the full 
position and focused position services of IPS will be as follows: from 
0 to 49,999 positions per month, $6.00 per 1,000 positions; from 50,000 
to 249,999 positions per month, $5.00 per 1000 positions; from 250,000 
to 999,999 positions per month; $4.00 per 1,000 positions; and for more 
than 999,999 positions per month, $2.00 per 1,000 positions.
    There is currently no transaction fee for the asset pricing service 
of IPS. Pursuant to this rule change, the transaction fee for the asset 
pricing service of IPS will be as follows: from 0 to 49,999 items per 
month, $0.75 per 1,000 items; from 50,000 to 249,999 items per month, 
$0.65 per 1,000 items, from 250,000 to 999,999 items per month, $0.55 
per 1,000 items; for more than 999,999 items per month, $0.45 per 1,000 
items.
    The transaction fee for the commissions service of IPS is currently 
$8.50 per 1,000 items. Pursuant to this rule change, the transaction 
fee for the commissions service of IPS will be as follows: from 0 to 
999 items per month, $40.00 per 1,000 items; from 1,000 to 9,999 items 
per month, $35.00 per 1,000 items; from 10,000 to 29,999 items per 
month, $30,00 per 1,000 items; for more than 29,999 items per month, 
$25.00 per 1,000 items.
    The proposed rule change is consistent with the requirements of the 
Act and the rules and regulations thereunder because 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 has sent letters to participants who use 
IPS communicating the fee changes. NSCC will notify the Commission of 
any written comments received by NSCC.

[[Page 17981]]

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 and Rule 19b-4(f)(2) thereunder because the 
proposed rule changes a due, fee, or other charge. 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.

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-01-03 and should be submitted by April 
25, 2001.
    For the Commission by the Division of Market Regulation, pursuant 
to delegated authority.

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-8210 Filed 4-3-01; 8:45 am]
BILLING CODE 8010-01-M