[Federal Register Volume 69, Number 9 (Wednesday, January 14, 2004)]
[Notices]
[Pages 2168-2169]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-804]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49036; File No. SR-SCCP-2003-06]


Self-Regulatory Organizations; Stock Clearing Corporation of 
Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change by the Stock Clearing Corporation of Philadelphia Relating 
to Fees for Philadelphia Stock Exchange Remote Specialists

January 7, 2004.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on November 21, 2003, the 
Stock Clearing Corporation of Philadelphia (``SCCP'') 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 SCCP. 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

    SCCP proposes to amend its schedule of dues, fees, and charges to 
provide that the fees, credits and discounts that apply to Philadelphia 
Stock Exchange (``Phlx'') remote competing specialists will also be 
applicable to Phlx primary remote specialists.\2\ The amendments to

[[Page 2169]]

SCCP's fees proposed in this proposed rule change will be implemented 
by SCCP upon Commission approval of Phlx's proposed rule change to 
permit primary remote specialists.\3\
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    \2\ Phlx has filed a proposed rule change regarding fees to be 
charged in connection with the proposed expansion of the remote 
specialist program to include remote primary specialists (File No. 
SR-Phlx-2003-78).
    \3\ Securities Exchange Act Release No. 48515 (Sept. 22, 2003), 
68 FR 56031 (Sept. 29, 2003) [File No. SR-Phlx-2003-10].
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, SCCP 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. SCCP has prepared summaries, set forth in sections A, B, 
and C below, of the most significant aspects of such statements.\4\
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    \4\ 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

    On August 6, 2002, SCCP amended its fee schedule to: (1) Adopt new 
fees relating to remote competing specialists on the Phlx and (2) 
provide that certain existing fees and discounts applicable to Phlx 
specialists would not apply to remote competing specialists.\5\ Because 
at that time the Phlx's remote specialist program was to be limited to 
remote competing (as opposed to primary) specialists, that proposed 
rule change applied only to Phlx remote competing specialists.\6\
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    \5\ Securities Exchange Act Release No. 46513 (Sept. 18, 2002), 
67 FR 60276 (Sept. 25, 2002) [File No. SR-SCCP-2002-03].
    \6\ Phlx Rule 461, PACE Remote Specialist, and Securities 
Exchange Act Release No. 45184 (Dec. 21, 2001), 67 FR 622 (Jan. 4, 
2002) (approving SR-Phlx-2001-98).
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    Phlx now proposes to change its rules to expand its remote 
specialist program to include remote primary specialists in addition to 
remote competing specialists. The purpose of this SCCP proposed rule 
change is to apply the same fees, credits and discounts applicable to 
remote competing specialists to remote primary specialists. 
Accordingly, the text of SCCP's fee schedule is amended by the deletion 
of the word ``competing'' in items 2, 3, 4, and 13 and the first time 
that the word appears in the final sentence of the schedule. All 
existing references to ``remote specialists'' on SCCP's fee schedule 
will now be construed to include both remote primary specialists and 
remote competing specialists.\7\
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    \7\ This filing also makes a technical correction by changing 
the footnote number from ``1'' to ``2'' in the caption to Item 4 of 
the fee schedule.
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    SCCP believes that the proposed rule change is consistent with 
Section 17A(b)(3)(D) of the Act \8\ because it provides for the 
equitable allocation of reasonable dues, fees, and other charges among 
its participants, in that the fees apply equally to all SCCP 
participants with remote specialist operations or which clear for 
remote specialists.
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    \8\ 15 U.S.C. 78q-1(b)(3)(D).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    SCCP does not believe that the proposed rule change will impose any 
inappropriate 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 were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing proposed rule change has become effective pursuant to 
Section 19(b)(3)(A)(ii) of the Act \9\ and Rule 19b-4(f)(2)\10\ 
thereunder because it establishes or changes a due, fee, or other 
charge. 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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    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \10\ 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-SCCP-2003-06. This file number should be included on the 
subject line if e-mail is used. To help the Commission process and 
review your 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 SCCP's principal office and on 
SCCP's Web site at http://www.phlx.com/exchange/memos/SCCP/sccp_rules/010604.pdf. All submissions should refer to File No. SR-SCCP-2003-06 
and should be submitted by February 4, 2004.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 04-804 Filed 1-13-04; 8:45 am]
BILLING CODE 8010-01-P