[Federal Register Volume 68, Number 131 (Wednesday, July 9, 2003)]
[Notices]
[Page 41031]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-17275]


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SECURITIES AND EXCHANGE COMMISSION

[Release 34-48116; File No. 600-23]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Filing and Order Approving an Extension of Temporary 
Registration as a Clearing Agency

July 1, 2003.
    The Securities and Exchange Commission (``Commission'') is 
publishing this notice and order to solicit comments from interested 
persons and to extend the Fixed Income Clearing Corporation's 
(``FICC'') temporary registration as a clearing agency through June 30, 
2004.\1\
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    \1\ On January 1, 2003, MBS Clearing Corporation (``MBSCC'') was 
merged into the Government Securities Clearing Corporation 
(``GSCC'') and GSCC was renamed the Fixed Income Clearing 
Corporation. Securities Exchange Act Release No. 47015 (December 17, 
2002), 67 FR 78531 (December 24, 2002) File Nos. [SR-GSCC-2002-07 
and SR-MBSCC-2002-01].
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    On May 24, 1988, pursuant to Sections 17A(b) and 19(a) of the Act 
\2\ and Rule 17Ab2-1 promulgated thereunder,\3\ the Commission granted 
the Government Securities Clearing Corporation (``GSCC'') registration 
as a clearing agency on a temporary basis for a period of three 
years.\4\ The Commission subsequently has extended GSCC's registration 
through June 30, 2003.\5\
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    \2\ 15 U.S.C. 78q-1(b) and 78s(a).
    \3\ 17 CFR 240.17Ab2-1.
    \4\ Securities Exchange Act Release No. 25740 (May 24, 1988), 53 
FR 19639.
    \5\ Securities Exchange Act Release Nos. 25740 (May 24, 1988), 
53 FR 19639; 29236 (May 24, 1991), 56 FR 24852; 32385 (June 3, 
1993), 58 FR 32405; 35787 (May 31, 1995), 60 FR 30324; 36508 
(November 27, 1995), 60 FR 61719; 37983 (November 25, 1996), 61 FR 
64183; 38698 (May 30, 1997), 62 FR 30911; 39696 (February 24, 1998), 
63 FR 10253; 41104 (February 24, 1999), 64 FR 10510; 41805 (August 
27, 1999), 64 FR 48682; 42335 (January 12, 2000), 65 FR 3509; 43089 
(July 28, 2000), 65 FR 48032; 43900 (January 29, 2001), 66 FR 8988; 
44553 (July 13, 2001), 66 FR 37714; 45164 (December 18, 2001), 66 FR 
66957; and 46135 (June 27, 2002), 67 FR 44655.
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    On February 2, 1987, pursuant to Sections 17A(b) and 19(a) of the 
Act \6\ and Rule 17Ab2-1 promulgated thereunder,\7\ the Commission 
granted MBS Clearing Corporation (``MBSCC'') registration as a clearing 
agency on a temporary basis for a period of eighteen months.\8\ The 
Commission subsequently has extended MBSCC's registration through June 
30, 2003.\9\
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    \6\ Supra note 2.
    \7\ Supra note 3.
    \8\ Securities Exchange Act Release No. 24046 (February 2, 
1987), 52 FR 4218.
    \9\ Securities Exchange Act Release Nos. 25957 (August 2, 1988), 
53 FR 29537; 27079 (July 31, 1989), 54 FR 34212; 28492 (September 
28, 1990), 55 FR 41148; 29751 (September 27, 1991), 56 FR 50602; 
31750 (January 21, 1993), 58 FR 6424; 33348 (December 15, 1993), 58 
FR 68183; 35132 (December 21, 1994), 59 FR 67743; 37372 (June 26, 
1996), 61 FR 35281; 38784 (June 27, 1997), 62 FR 36587; 39776 (March 
20, 1998), 63 FR 14740; 41211 (March 24, 1999), 64 FR 15854; 42568 
(March 23, 2000), 65 FR 16980; 44089 (March 21, 2001), 66 FR 16961; 
44831 (September 21, 2001), 66 FR 49728; 45607 (March 20, 2002), 67 
FR 14755; and 46136 (June 27, 2002), 67 FR 44655.
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    FICC has requested that the Commission extend FICC's temporary 
registration until such time as the Commission is prepared to grant 
FICC permanent registration.\10\
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    \10\ Letter from Jeffrey Ingber, Managing Director, General 
Counsel, and Secretary, FICC (May 28, 2003).
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    The Commission today is extending FICC's temporary registration as 
a clearing agency in order that FICC may continue to provide its users 
clearing and settlement services as a registered clearing agency while 
the Commission seeks comment on granting FICC permanent registration as 
a clearing agency.\11\ FICC acts as the central clearing entity for the 
U.S. Government securities trading and financing marketplaces and 
provides for the safe and efficient clearance and settlement of 
transactions in mortgage-backed securities.
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    \11\ The Commission continues to consider two issues related to 
FICC's permanent registration status: (1) FICC's organizational 
structure after its integration with The Depository Trust & Clearing 
Corporation and (2) the appropriate standard of care for FICC.
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    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing application. Such written data, 
views, and arguments will be considered by the Commission in granting 
registration or instituting proceedings to determine whether 
registration should be denied in accordance with Section 19(a)(1) of 
the Act.\12\ 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. 600-23. 
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.
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    \12\ 15 U.S.C. 78s(a)(1).
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    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 the application for registration and 
all written comments will be available for inspection and copying at 
the principal office of FICC. All submissions should refer to File No. 
600-23 and should be submitted by July 30, 2003.
    It is therefore ordered that FICC's temporary registration as a 
clearing agency (File No. 600-23) be and hereby is extended through 
June 30, 2004.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(1506).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-17275 Filed 7-8-03; 8:45 am]
BILLING CODE 8010-01-P