[Federal Register Volume 66, Number 151 (Monday, August 6, 2001)]
[Notices]
[Pages 41078-41079]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-19527]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44617; File No. SR-NSCC-2001-06]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Revising Fees

July 30, 2001.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on April 25, 2001, 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 by NSCC. 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 revises NSCC's fee schedule by reducing 
certain fees and giving NSCC the benefit of the fee reduction 
retroactive to January 1, 2001.

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. Set forth in sections A, B, and C below, are the most 
significant aspects of such statements.

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

    The purpose of the proposed rule filing is to reduce certain fees 
and to give NSCC's members the benefit of these fee changes retroactive 
to January 1, 2001. The revised fees will be reflected in each member's 
billing statements transmitted in May 2001.
    The Trade Recording fee for each side of each stock, warrant, or 
right item entered for settlement but not compared by NSCC is currently 
$.005 per 100 shares with a minimum fee of $.020 and a maximum fee of 
$.30. Under this rule change, this fee will be reduced to $.004 per 100 
shares with a minimum fee of $.016 and a maximum of $.24.
    The Trade Clearance fee for trade clearance (netting) is currently 
$.025 per side. Under this rule change, the fee will be reduced to $.02 
per side.
    The CNS Delivery Order Movement fee of $.06 per item will be 
eliminated. This charge was a pass through charge from The Depository 
Trust Company (``DTC''). It will be billed directly by DTC effective 
May 1, 2001.
    The Fund/SERV transaction fee is currently $.25 per side per order 
or transfer request. Under this rule change, the fee will be reduced to 
$.175 per side per order or transfer request.
    NSCC believes that the proposed rule change is consistent with the 
requirements of the Act 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 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) of the Act and Rule 19b-4(f)(2) thereunder because the 
propose rule change reduces fees and other charges. 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 submission 
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 
Commission, and all written communications relating to the proposed 
rule change that are filed with Commission, and all written 
communications related to the proposed rule change between the 
Commission and any person, other than those that may be withheld from 
the public in accordance with 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 will also be available for inspection and copying at 
NSCC's principal office. All submissions should refer to File No. SR-
NSCC-2001-06 and

[[Page 41079]]

should be submitted by August 27, 2001.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\2\
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    \2\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-19527 Filed 8-3-01; 8:45 am]
BILLING CODE 8010-01-M