[Federal Register Volume 68, Number 156 (Wednesday, August 13, 2003)]
[Notices]
[Pages 48430-48431]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-20544]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48284; File No SR-NSCC-2003-13]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Relating to Fee Schedule Revisions for the Insurance 
Processing Service

August 5, 2003.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on June 16, 2003, 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 revises NSCC's fee schedule for the 
Initial Application Information (``APP'') feature of its Insurance 
Processing Service (``IPS'').

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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[[Page 48431]]

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) June 1, 2003, for changes resulting in a decrease in 
fees and (ii) July 1, 2003, for all other changes. The proposed rule 
change also establishes APP fees for members for whom settlement is not 
available. These fees are effective June 16, 2003.
    The current fee for APP for member for whom settlement is available 
is as follows: 0 to 499 items per month, $5.00 per item; 500 to 1,249 
items per month, $4.00 per item; 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. 
Pursuant to this rule change, the new APP fees will be as follows: 0 to 
1,999 items per month, $3.00 per item; 2,000 to 3,499 items per month, 
$2.00 per item and for more than 3,499 items per month, $1.00 per item. 
The fee for APP for members for whom settlement is not available will 
be: 0 to 1,999 items per month, $1.50 per item and for more than 1,999 
items per month, $1.00 per item.
    NSCC believes that the proposed rule change is consistent with the 
requirements of Section 17A of the Act \3\ and the rules and 
regulations thereunder because it provides for the equitable allocation 
of dues, fees, and other charges among NSCC's participants.
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    \3\ 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 has notified participants who use IPS of 
the fee changes. 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)(ii) of the Act \4\ and Rule 19b-4(f)(2) \5\ because it 
establishes or changes a due, fee, or other charge 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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    \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, 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-2003-13. 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 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-2003-13 and should be submitted by September 3, 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. 03-20544 Filed 8-12-03; 8:45 am]
BILLING CODE 8010-01-P