[Federal Register: January 27, 2003 (Volume 68, Number 17)]
[Notices]
[Page 3917-3918]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27ja03-112]
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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: rule-comments@sec.gov. 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