[Federal Register Volume 59, Number 20 (Monday, January 31, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-2013]
[[Page Unknown]]
[Federal Register: January 31, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33514; File No. SR-PTC-91-11]
Self-Regulatory Organizations; Participants Trust Company; Order
Approving a Proposed Rule Change To Adopt the Participants Operating
Guide
January 24, 1994.
On July 11, 1991, the Participants Trust Company (``PTC'') filed
with the Securities and Exchange Commission (``Commission'') a proposed
rule change (File No. SR-PTC-91-11) pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'')\1\ to consolidate the daily
operating practices and procedures of PTC and its participants into one
centralized manual. Notice of the proposal appeared in the Federal
Register on August 6, 1991.\2\ Since then, PCT has filed several
amendments to its original filing.\3\ No public comments have been
received. For the reasons discussed below, the Commission is approving
the proposed rule change.
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\1\15 U.S.C. 78s(b)(1).
\2\Securities Exchange Act Release No. 29532 (Aug. 6, 1991), 56
FR 40650.
\3\PTC filed Amendment No. 1 to File No. SR-PTC-91-11 with the
Commission on December 9, 1991, letter from Alison N. Hoffman,
Assistant Counsel, PTC, to Ester Saverson, Jr., Branch Chief,
Division of Market Regulation (``Division''), Commission (December
6, 1991); Amendment No. 2 on April 10, 1992, letter from Alison N.
Hoffman, Assistant Counsel, PTC, to Richard Strasser, Division,
Commission (April 9, 1992); Amendment No. 3 on January 6, 1993,
letter from Leopold S. Rassnick, Vice President & General Counsel,
PTC, to Ester Saverson, Jr., Branch Chief, Division, Commission
(January 6, 1993); Amendment No. 4 on May 14, 1993, letter from
Leopold S. Rassnick, Vice President & General Counsel, PTC, to
Judith Poppalardo, Assistant Director, Division, Commission (May 13,
1993); Amendment No. 5 on August 4, 1993, letter from Carol A.
Jameson, Assistant Counsel, PTC, to Judith Poppalardo, Assistant
Director, Division, Commission (July 30, 1993); Amendment No. 6 on
December 20, 1993, letter from Leopold S. Rassnick, Vice President,
General Counsel and Secretary, PTC, to Judith Poppalardo, Assistant
Director, Division, Commission (December 15, 1993).
The purpose of the foregoing amendments was to reflect changes
and modifications relating to PTC's daily operating practices and
procedures. Some of the changes were made in response to Commission
comments relating to the original filing, while other changes were
made to reflect underlying changes to PTC's Rules and Procedures.
Because of the technical nature of these amendments, notices of the
amendments were not published.
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I. Description
The proposed rule change consolidates, in one centralized manual
called the ``Participants Operating Guide'' (``Guide''), the daily
operating practices and procedures governing transactions between PTC
and its participants. The Guide will replace the present system of
informing participants of PTC's daily operating practices and
procedures through the distribution of separate Administrative
Bulletins and Important Notices. The Guide includes information
regarding general administrative procedures, communications system,
risk management procedures, account structures, procedures for the
input and output of trade data, book-entry system, description of the
end-of-day cash settlement system, principal and interest distribution
information, and required reports. The Guide serves as a reference
manual to PTC Rules and Procedures and in no way supersedes or alters
those Rules and Procedures. Since filing the proposed rule change, PTC
has modified several of its rules. These modifications are reflected in
PTC daily operating practices and procedures and are described in the
several amendments to this rule filing which PTC has filed with the
Commission.\4\
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\4\Supra note 3.
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II. Discussion
The Commission believes the proposed rule change is consistent with
the Act and especially with section 17A(b)(3)(F) of the Act.\5\ Section
17A(b)(3)(F) requires, among other things, that the rules of a clearing
agency be designed to promote the prompt and accurate clearance and
settlement of securities transactions and to protect investors and the
public interest. By consolidating its daily operating practices and
procedures in a single manual, PTC has afforded its participants with
ready access to the rules and procedures controlling securities
transactions effected at PTC. By improving participants' ability to
acquire information regarding their rights and responsibilities with
respect to transactions through PTC, the Guide will help promote the
prompt and accurate clearance and settlement of securities
transactions.
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\5\15 U.S.C. 78q-1(b)(3)(F).
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III. Conclusion
On the basis of the foregoing, the Commission finds that PTC's
proposal is consistent with section 17A of the Act.
It is therefore ordered, Pursuant to section 19(b)(2) of the Act,
that PTC's proposed rule change (File No. SR-PTC-91-11) be, and hereby
is, approved.
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. 94-2013 Filed 1-28-94; 8:45 am]
BILLING CODE 8010-01-M