[Federal Register Volume 66, Number 220 (Wednesday, November 14, 2001)]
[Notices]
[Pages 57140-57141]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-28490]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45039; File No. SR-NSCC-2001-16]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to Fee Schedules

November 7, 2001.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\, notice is hereby given that on October 1, 2001, National 
Securities Clearing Corporation (``NSCC'') filed with the Securities 
and Exchange Commission (``Commission'') the

[[Page 57141]]

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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The proposed rule change would revise NSCC's fee schedule as it 
relates to NSCC's Insurance Processing Service.

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. NSCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of these 
statements.\2\
---------------------------------------------------------------------------

    \2\ The Commission has modified the text of the summaries 
prepared by NSCC.
---------------------------------------------------------------------------

(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 (1) establish fees 
for the Licensing and Appointments (``L&A'') feature of NSCC's 
Insurance Processing Service (``IPS'') effective as to services 
provided on and after October 1, 2001; (2) adjust the fees that NSCC 
charges for the Initial Application Information (``APP'') feature of 
IPS effective as to services provided on and after January 1, 2001; and 
(3) standardize the descriptions of IPS transmissions in NSCC's fee 
schedule.
    Pursuant to this rule change, the transaction fee for L&S will be 
as follows: for each transmission of L&A information designated as a 
periodic reconciliation, $0.15 per item; for each other transmission of 
L&S information referred to as L&A transactions, $0.35 per item. No 
file fee will be applied to files that contain L&A transmissions.
    The transaction fee for APP is $7.50 per transmission or receipt. 
Each transmission and receipt is considered an ``item.'' This rule 
change sets the transaction fee for APP as follows: from 0 to 249 items 
per month, $7.50 per item; from 250 to 999 items per month, $4.00 per 
item; from 1,000 to 2,499 items per month, $2.00 per item; and for more 
than 2,499 items per month, $1.00 per item. The file fee of $15.00 per 
file per day will continue to apply to APP.
    Finally, this rule change standardizes the terminology in NSCC's 
fee schedule so that all transmissions of information through IPS are 
referred to as items and makes certain other clarifying changes.
    The proposed rule change is consistent with the requirements of 
Section 17A of the Act and the rules and regulations thereunder 
applicable to NSCC 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 notified participants who use IPS of 
the fee changes. 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 Act

    The foregoing rule change has become effective pursuant to section 
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) \4\ thereunder 
because the proposed rule change is changing a due, fee, or charge 
imposed by NSCC. 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.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78s(b)(3)(A)(ii)
    \4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-2001-16 and should be submitted by 
December 5, 2001.

    For the Commission, by the Division of Market Regulations, 
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-28490 Filed 11-13-01; 8:45 am]
BILLING CODE 8010-01-M