[Federal Register Volume 70, Number 31 (Wednesday, February 16, 2005)]
[Notices]
[Pages 7992-7993]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-640]
[[Page 7992]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51177; File No. SR-NSCC-2004-11]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change Relating to Amending the Fee Schedule of the Insurance
Processing Service
February 9, 2005.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 20, 2004, the
National Securities Clearing Corporation (``NSCC'') filed with the
Securities and Exchange Commission (``Commission'') a 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 will revise the transaction fees for
NSCC's 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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A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
Pursuant to this rule change, fees for the Positions and Valuations
(``POV'') product of IPS, which enables carriers to send annuity and
life insurance contract details to their distributors, will be adjusted
as follows (each fee is for 1,000 items):
For zero to 500,000 items per month (the previous range
was zero to 49,999 items per month), there will be a price increase
from $6.00 to $8.00;
For 500,001 to 2,000,000 items per month (the previous
range was 50,000 to 249,999 items per month), there will be a price
decrease from $5.00 to $4.50;
For 2,000,001 to 4,000,000 items per month (the previous
range was 250,000 to 999,999 items per month), there will be a price
decrease from $4.00 to $3.75; and
For 4,000,001 or more items per month (the previous range
was 1,000,000 or more items per month), there will be a price increase
from $2.00 to $3.50.
The effective date for these fee adjustments was January 1, 2005.
NSCC represents that these proposed fee revisions are consistent with
NSCC's overall pricing philosophy to align service fees and underlying
cost.
NSCC believes that the proposed rule change is consistent with the
requirements of the Section 17A of the Act \3\ and the rules and
regulations thereunder because it provides for a reasonable fee to
cover the clearing agency's costs and as such it promotes the prompt
and accurate clearance and settlement of securities transactions.
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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 believes that the proposed rule change will not impact or
impose any burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
NSCC has not solicited or received written comments relating to the
proposed rule change. 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 took effect upon filing with the
Commission pursuant to Section 19(b)(3)(A)(ii) of the Act \4\ and Rule
19b-4(f)(2) \5\ thereunder because the proposed rule change changes a
due, fee, or other charge imposed by NSCC. 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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\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. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NSCC-2004-11 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-NSCC-2004-11. 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, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). 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, NW., Washington, DC 20549. Copies of such filing also will be
available for inspection and copying at NSCC's principal office and on
NSCC's Web site at http://www.nscc.com/legal/index2004.html. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NSCC-2004-11 and should be
submitted on or before March 9, 2005.
[[Page 7993]]
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. E5-640 Filed 2-15-05; 8:45 am]
BILLING CODE 8010-01-P