[Federal Register: August 13, 2003 (Volume 68, Number 156)]
[Notices]
[Page 48430-48431]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13au03-138]
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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: rule-comments@sec.gov. 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