[Federal Register Volume 67, Number 56 (Friday, March 22, 2002)]
[Notices]
[Page 13392]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-6935]



[[Page 13392]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45559; File No. SR-NSCC-2001-17]


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

March 14, 2002.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 17, 2001, the 
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 
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.

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 such 
statements.\2\
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    \2\ 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 purpose of the proposed rule filing is to revise certain 
fees.\3\ Certain trade recording, trade comparison, and trade clearance 
fees are being reduced for services provided on and after January 1, 
2002. Certain fixed income fees are being increased for services 
provided on and after January 1, 2002. A trade rejection fee for fixed 
income is being introduced for services provided on and after January 
1, 2002. And, an account transfer rejects fee for the automated 
customer account transfer service (ACATS) is being introduced for 
services provided on and after March 1, 2002. Based upon estimated 
volume projections for 2002, it is anticipated that the overall effect 
on NSCC members of these changes will be to reduce fees paid to NSCC.
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    \3\ [3]: NSCC's revised fee schedule is attached as Exhibit A to 
its filing.
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    NSCC believes the proposed rule change is consistent with the 
requirements of section 17A 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 particpants.

(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

    Because the foregoing rule change establishes and changes fees 
imposed by NSCC, it has become effective pursuant to section 
19(b)(3)(A)(ii) of the Act \4\ and Rule 19b-4(f)(2).\5\ 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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    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ 17 CFR 240.19b-4(f)(2).
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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 the principal office of the NSCC. All submissions should 
refer to the File No. SR-NSCC-2001-17 and should be submitted by April 
12, 2002.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-6935 Filed 3-21-02; 8:45 am]
BILLING CODE 8010-01-P