[Federal Register Volume 68, Number 156 (Wednesday, August 13, 2003)]
[Notices]
[Pages 48429-48430]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-20543]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48285; File No. SR-NSCC-2003-10]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Relating to Trade Comparison Service and Fee Schedule

August 5, 2003.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 
1934,\1\ notice is hereby given that on May 20, 2003, 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 will make conforming changes to NSCC Rule 
7 (Comparison and Trade Recording Operation) and Addendum A (Fee 
Structure) that were inadvertently not made by previous rule changes. 
The current rule change will delete references to Demand Withhold and

[[Page 48430]]

Demand As-Of processing with regard to over-the-counter equity 
securities and Demand As-Of processing for debt securities.

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 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 filing is to make technical corrections 
relating to two previous approved NSCC rule filings.\3\ Both filings 
modified NSCC Procedure II (Trade Comparison Service) but failed to 
make corresponding changes to Rule 7 and Addendum A. This current 
filing will make the necessary corresponding changes in Rule 7 and 
Addendum A by deleting references to Demand Withhold and Demand As-Of 
processing with regard to over-the-counter equity securities and Demand 
As-Of processing for debt securities.
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    \3\ Securities Exchange Act Release Nos. 39864 (Apr. 14, 1998), 
63 FR 19781 (Apr. 21, 1998) [File No. SR-NSCC-97-14] and 47494 (Mar. 
13, 2003), 68 FR 13975 (Mar. 21, 2003) [File No. SR-NSCC-2002-10].
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    NSCC believes that this proposed rule change is consistent with the 
provisions of Section 17A of the Act \4\ and the rules and regulations 
thereunder because by making technical changes to NSCC's rules to 
properly reflect the transaction types that are permitted by NSCC with 
regard to over-the-counter equity and debt securities, the proposed 
rule change should help promote the prompt and accurate clearance and 
settlement of securities transactions.
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    \4\ 15 U.S.C. 78q-1.
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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 it receives.

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 \5\ and Securities Exchange Act Rule 19b-
4(f)(1) \6\ because it constitutes a stated practice with respect to 
the administration of an existing rule of NSCC. 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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    \5\ 15 U.S.C. 78s(b)(3)(A)(i).
    \6\ 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 5th Street NW., Washington, DC 20549-0069. 
Comments may also be submitted electronically at the following e-mail 
address: [email protected]. All comment letters should refer to 
File No. SR-NSCC-2003-10. 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 rule filing that 
are filed with the Commission, and all written communications relating 
to the rule filing between the Commission and any person, other than 
those that may be withheld from the public in accordance with 
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-2003-10 and should be submitted by September 3, 2003.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-20543 Filed 8-13-03; 8:45 am]
BILLING CODE 8010-01-P