[Federal Register: January 14, 2004 (Volume 69, Number 9)]
[Notices]
[Page 2168-2169]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14ja04-108]
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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
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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: rule-comments@sec.gov. 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