[Federal Register: October 22, 1999 (Volume 64, Number 204)]
[Notices]
[Page 57168-57169]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr22oc99-107]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-42020; File No. SR-DTC-99-21]
Self-Regulatory Organizations; The Depository Trust Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Fees and Charges
October 15, 1999.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''), notice is hereby given that on September 29, 1999, The
Depository Trust Corporation (``DTC'') 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 DTC. The Commission is publishing this notice to solicit
comments from interested persons on the proposed rule change.
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\1\ 15 U.S.C. Sec. 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 DTC's fee schedule to add a fee
for training customers on DTC's TradeSuite software at the
customer's office.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, DTC 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. DTC 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 DTC.
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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 rule change is to establish fees for
training customers at the customers' sites on DTC's
TradeSuite software.\3\ DTC's windows-based TradeSuite
software is available for investment managers,
[[Page 57169]]
broker-dealers, and custodians. The software enables them to utilize
various features of the DTC TradeSuite family of products. The proposed
fees are designed to recover DTC's estimated service costs and will be
effective October 1, 1999.
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\3\ The TradeSuite training fee will be $650 for the
first training day at the customer's site and $350 for each
subsequent training day at the customer's site.
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The proposed rule change is consistent with the requirements of the
Act \4\ and the rules and regulations thereunder because it provides
for the equitable allocation of dues, fees, and other charges among
DTC's participants.
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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
DTC does not believe that the proposed rule change will impact or
impose a burden on competition that is necessary or appropriate in
furtherance of the purposes of the Act.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
No comments on the proposed rule change were solicited or received.
DTC will notify the Commission of any written comments received by DTC.
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)\5\ of the Act and pursuant to Rule 19b-4(f)(2) \6\
promulgated thereunder because the proposal establishes or changes a
due, fee, or other charge imposed by DTC. At any time within sixty days
of the filing of such 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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\5\ 15 U.S.C. Sec. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(e)(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 proposal 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. 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.
Sec. 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 also will be available for
inspection and copying at DTC's principal office. All submissions
should refer to File No. SR-DTC-99-21 and should be submitted by
November 12, 1999.
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).
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Jonathan G. Katz,
Secretary.
[FR Doc. 99-27606 Filed 10-21-99; 8:45 am]
BILLING CODE 8010-01-M