[Federal Register Volume 66, Number 154 (Thursday, August 9, 2001)]
[Notices]
[Page 41924]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-19976]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44644; File No. SR-NSCC-2001-09]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the National Securities 
Clearing Corporation Relating to the Availability of Reports Provided 
to Members

August 2, 2001.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on June 1, 2001, National 
Securities Clearing Corporation (``NSCC'') filed a proposed rule change 
with the Securities and Exchange Commission (``Commission'') and on 
August 1, 2001, amended 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 will allow NSCC to furnish its reports to 
its members only in electronic formats.

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

    The purpose of the proposed rule change is to help support the 
securities industry's T + 1 initiative and to eliminate redundant 
processing of reports NSCC makes available to its members. NSCC 
currently makes reports available to its members in both hard copy and 
electronic formats. Under the proposed rule filing, effective July 2, 
2001, NSCC will no longer make available hard copy reports but will 
continue to provide such reports to its members electronically. New 
Section 5 under NSCC Rule 5 will state that all reports made available 
by NSCC in electronic format shall be deemed delivered to and received 
by each NSCC member when NSCC makes such reports available for 
retrieval. Each member shall be obligated to review the reports and to 
promptly notify NSCC of any errors contained in the reports. In 
addition, such reports shall be deemed delivered at the time NSCC makes 
them available for retrieval.
    NSCC 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 will facilitate the prompt and efficient 
distribution of reports to members.

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) of the Act and Rule 19b-4(f)(4) thereunder because the rule 
change effects a change of NSCC's existing service of providing reports 
to its members that does not adversely affect the safeguarding to 
securities or funds and does not significantly affect the rights and 
obligations of NSCC or persons using the service. 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 will also be available for 
inspection and copying at NSCC's principal office.
    All submissions should refer to File No. SR-NSCC-2001-09 and should 
be submitted by August 30, 2001.

    For the Commission by the Division of market Regulation, 
pursuant to delegated authority.\3\
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    \3\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-19976 Filed 8-8-01; 8:45 am]
BILLING CODE 8010-01-M