[Federal Register Volume 68, Number 14 (Wednesday, January 22, 2003)]
[Notices]
[Page 3075]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-1289]



[[Page 3075]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47172; File No. SR-NSCC-2002-12]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to a Technical Correction to an NSCC Rule

January 13, 2003.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\, notice is hereby given that on November 13, 2002, 
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 
parties.
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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 purpose of the proposed rule change is to correct a 
typographical error in NSCC rule 50.

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\
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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 correct a 
typographical error in NSCC rule 50. On June 5, 1998, NSCC filed a 
proposed rule change regarding the redesign of its Automated Customer 
Account Transfer Service (``ACAT'').\3\ In Exhibit A to that rule 
filing, there was a typographical error in rule 50 section (i)(3) that 
inadvertently referenced sec. 15. Reference should have been made to 
section 14.
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    \3\ Securities Exchange Act Release No. 40657 (November 10, 
1998), 63 FR 63952 (November 17, 1998)(File No. SR-NSCC-98-06)(order 
approving changes made to the ACAT service).
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    The proposed rule change is consistent with the requirements of 
section 17A of the Act because it clarifies the meaning of NSCC rule 50 
by correcting the typographical error.

(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)(i) of the Act \4\ and rule 19b-4(f)(1)\5\ thereunder 
because the proposed rule change constitutes an interpretation with 
respect to the meaning of an existing rule. At any time within 60 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)(i).
    \5\ 17 CFR 240.19b-4(f)(1).
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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. 
Comments may also be submitted electronically at the following e-mail 
address: [email protected]. All comment letters should refer to 
File No. SR-NSCC-2002-12. This file number should be included on the 
subject line if e-mail is used. To help us process and review comments 
more efficiently, comments should be sent in hardcopy or by e-mail but 
not by both methods. 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 20549-0609. 
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-2002-12 and should be submitted by February 12, 2003.

    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. 03-1289 Filed 1-21-03; 8:45 am]
BILLING CODE 8010-01-P