[Federal Register Volume 68, Number 17 (Monday, January 27, 2003)]
[Notices]
[Pages 3917-3918]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-1709]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47197; File No. SR-NSCC-2002-13]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Adding Services Data Services Only Members are Permitted To 
Access

January 15, 2003.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 6, 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 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 adds additional services that Data 
Services Only members of NSCC are permitted to access.

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 proposed rule change adds additional NSCC services that Data 
Services Only members will be permitted to access.\3\ Data Services 
Only members will be permitted to access all features of NSCC's 
Insurance Processing Services, provided that Data Services Only members 
will not be able to settle transactions through NSCC's facilities. 
NSCC's current fee schedule will be applied to Data Services Only 
members' use of such services.
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    \3\ For additional information about the category of Data 
Services Only members, see Securities Exchange Act Release Nos. 
44960 (October 19, 2001), 66 FR 56383 [File No. SR-NSCC-2001-14] and 
45560 (March 14, 2002), 67 FR 13200 [File No. SR-NSCC-2001-18].
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    The proposed rule change will increase automation of data 
transmission and reception and permit greater access to such 
information thus facilitating the prompt and accurate clearance and 
settlement of securities transactions. NSCC therefore believes that the 
proposed rule change is consistent with the provisions of the Act and 
the rules and regulations thereunder.

(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 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

    Because the foregoing rule change effects a change in an existing 
service of NSCC that (i) does not adversely affect the safe-guarding of 
securities or funds in the custody or control of the clearing agency or 
for which it is responsible and (ii) does not significantly affect the 
respective rights and obligations of the clearing agency or persons 
using the service, it has become effective pursuant to Section 
19(b)(3)(A)(iii) of the Act \4\ and Rule 19b-4(f)(4) \5\ promulgated 
thereunder. 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)(iii).
    \5\ 17 CFR 240.19b-4(f)(4).
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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-2002-13. 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

[[Page 3918]]

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-2002-13 and should be 
submitted by February 18, 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. 03-1709 Filed 1-24-03; 8:45 am]
BILLING CODE 8010-01-P