[Federal Register Volume 66, Number 220 (Wednesday, November 14, 2001)]
[Notices]
[Pages 57148-57149]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-28486]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45029; File No. SR-SCCP-2001-10]


Self-Regulatory Organizations; Stock Clearing Corporation of 
Philadelphia; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change Relating to the Extensions of Invoice Dates and 
the Associated Waiver of Late Charges

November 6, 2001.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''), \1\ notice is hereby given that on October 3, 2001, the 
Stock Clearing Corporation of Philadelphia (``SCCP'') 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 SCCP. 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 waives late charges that may have resulted 
from the extension of SCCP's July and August invoice due dates.\2\ 
Charges that appeared on SCCP's July and August invoices were 
originally due on September 14, 2001 and October 15, 2001, 
respectively. The due date for the July invoices was extended to 
October 15, 2001, and the due date for the August invoices was extended 
to November 14, 2001. Associated late charges that may have been 
imposed under SCCP Rule 25 as a result of these extensions are 
waived.\3\
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    \2\ Pursuant to SCCP Rule 25, SCCP shall impose upon any 
participant using the facilities or services of SCCP, or enjoying 
any of the privileges therein, a late charge until payment is 
received of dues, fees, fines or other charges imposed by SCCP and 
not paid within thirty (30) days after notice thereof has been 
mailed.
    \3\ Late charges incurred in connection with invoices other than 
the July and August invoices will not be waived. In addition, late 
charges may be imposed on the July and August invoices if payment is 
received after October 15, 2001, for the July invoice and after 
November 14, 2001, for the August invoice.
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, SCCP included statements 
concerning the purpose of and basis for the

[[Page 57149]]

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. SCCP has prepared summaries, set 
forth in sections (A), (B), and (C) below, of the most significant 
aspects of such statements.\4\
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    \4\ The Commission has modified parts of these statements.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The proposed rule change waives associated late charges that may 
have been imposed as a result of an extension of SCCP's July and August 
invoice due dates. SCCP's July and August invoices are being extended 
to promote liquidity in the trading crowds during the aftermath of the 
terrorist attacks in New York City, and Washington, DC that occurred on 
September 11, 2001. In addition, the accounting departments of some 
participants were displaced, which may make it difficult to pay the 
invoices by the due date.
    The proposed rule change is consistent with the requirements of 
section 17A of the Act because all SCCP participants will receive a 
waiver of associated late charges that may have been incurred during 
the extension fo SCCP's July and August invoice dates.

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

    SCCP does not believe that the proposed rule change will impose any 
inappropriate 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 were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing 
for Commission Action

    Becuase the foregoing rule change establishes fees to be imposed by 
SCCP upon clearing members, it has become effective pursuant to section 
19(b)(3)(A)(ii) of the Act \5\ and rule 19b-4(f)(2).\6\ At any time 
within sixty days of the filing of the 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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    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \6\ 17 CFR 240. 19b 4(f)(2)
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VI. 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 the principal office of SCCP. All submissions 
should refer to the File No. SR-SCCP-2001-10 and should be submitted by 
December 5, 2001.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-28486 Filed 11-13-01; 8:45 am]
BILLING CODE 8010-01-M