[Federal Register: February 23, 1998 (Volume 63, Number 35)] [Notices] [Page 9033-9034] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr23fe98-157] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-39655; File No. SR-NSCC-97-17] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Revising NSCC's Fee Schedule February 12, 1998. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (``Act''), notice is hereby given that on December 22, 1997, 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 from interested persons on the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change eliminates references to NSCC's discontinued securities transfer service in NSCC's fee schedule. 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\ --------------------------------------------------------------------------- \2\ The Commission has modified the text of the summaries prepared by NSCC. --------------------------------------------------------------------------- (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 eliminate references to NSCC's discontinued securities transfer service in NSCC's fee schedule. Earlier this year, NSCC discontinued its securities transfer service, which was also known as the national transfer service (``NTS''), by deleting NSCC Rule 42.\3\ However, that rule filing inadvertently failed to delete references to NTS in NSCC's fee schedule. Therefore, this amendment eliminates all references to NTS in NSCC's fee schedule. --------------------------------------------------------------------------- \3\ Securities Exchange Act Release No. 38556 (April 29, 1997), 62 FR 24522. --------------------------------------------------------------------------- The proposed rule change is consistent with the requirements of Section 17A of the Act \4\ and the rules and regulations thereunder because it facilitates the prompt and accurate clearance and settlement of securities transactions. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78q-1. --------------------------------------------------------------------------- (B) Self-Regulatory Organization's Statement on Burden on Competition NSCC does not believe that the proposed rule change will impact or will 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 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(iii) \5\ of the Act and pursuant to Rule 19b-4(e)(4) \6\ promulgated thereunder because the proposed rule change effects a change in an existing service of a registered clearing agency that does not adversely affect the safeguarding of securities or funds in its custody or control and does not significantly affect the respective rights or obligations of the clearing agency or persons using the service. 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. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(3)(A)(iii). \6\ 17 CFR 240.19b-4(e)(4). --------------------------------------------------------------------------- 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, N.W., [[Page 9034]] Washington, D.C. 20549. 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, N.W., Washington, D.C. 20549. Copies of such filing also will be available for inspection and copying at the principal office of NSCC. All submissions should refer to File No. SR-NSCC-97-17 and should be submitted by March 16, 1998. For the Commission by the Division of Market Regulation, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 98-4405 Filed 2-20-98; 8:45 am] BILLING CODE 8010-01-M