[Federal Register Volume 67, Number 165 (Monday, August 26, 2002)]
[Notices]
[Pages 54835-54836]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-21609]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46374; File No. SR-NSCC-2002-07]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Revising the Fee Schedule

August 16, 2002.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on July 29, 2002, 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 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 adjust the fees NSCC charges for the 
Initial Application Information (``APP'') of its Insurance Processing 
Service (``IPS'').\2\
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    \2\ The new fee schedule is attached as Exhibit A to NSCC's 
filing.
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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, 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,

[[Page 54836]]

and C below, of the most significant aspects of such statements.\3\
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    \3\ 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 adjust the fees that 
NSCC charges for the APP feature of its IPS. The effective date for the 
adjustment is (i) July 1, 2002, with respect to changes resulting in a 
decrease in fees paid by members and (ii) August 1, 2002, with respect 
to all other changes.
    The current transaction fee for APP is:
     For 0 to 249 items per month, $7.50 per item;
     For 250 to 999 items per month, $4.00 per item;
     For 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.
    Pursuant to this rule change, the transaction fee for APP will be 
as follows:
     For 0 to 499 items per month, $5.00 per item;
     For 500 to 1,249 items per month, $4.00 per item;
     For 1,250 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.
    NSCC believes that the proposed rule change is consistent with the 
requirements 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 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 Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \4\ and Rule 19b-4(f)(2) \5\ thereunder 
because the proposed rule change is changing a due, fee, or other 
charge. 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.
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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, U.S. 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 rule proposal that are filed with the 
Commission, and all written communications relating to the rule 
proposal 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 Room in Washington, DC. 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-
2002-07 and should be submitted by September 16, 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. 02-21609 Filed 8-23-02; 8:45 am]
BILLING CODE 8010-01-P