[Federal Register Volume 60, Number 53 (Monday, March 20, 1995)]
[Notices]
[Pages 14807-14808]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-6697]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35478; Rile No. SR-MSTC-95-05]
Self-Regulatory Organizations; Midwest Securities Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Regarding Distribution of Reorganization Processing Reports and Notices
March 13, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934\1\ (``Act''), notice is hereby given that on March 3, 1995, the
Midwest Securities Trust Company (``MSTC'') filed with 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 MSTC. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
\1\15 U.S.C. 78s(b)(1) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to amend MSTC's
procedures regarding distribution reorganization notices and reports.
Effective March 3, 1995, hard copy reports will only be distributed
upon request to those participants who have access to MSTC's On-Line
Report Availability (``ORA'') function.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, MSTC 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. MSTC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such statements.
(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 reduce participant
cost by distributing certain reorganization processing reports and
notices electronically through MSTC's ORA function to those
participants who have terminal access. In an earlier proposed rule
change,\2\ MSTC amended its procedures regarding the distribution of
reports and notices. In that filing, MSTC stated that it would
distribute certain of those reports in hard copy form. Effective March
3, 1995, hard copy reports will only be distributed upon request to
those participants who have access to MSTC's ORA function.
\2\For a description of MSTC's changes to its reorganization
processing system, refer to Securities Exchange Act Release No.
35293 (January 30, 1995), 60 FR 6741 [File No. SR-MSTC-94-19]
(notice of filing and order granting accelerated approval of
proposed rule change).
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MSTC believes the proposed rule change is consistent with the
requirements of the Act, specifically with Section 17A of the Act, and
the rules and regulations thereunder because the proposal will
facilitate the prompt and accurate clearance and settlement of
securities transactions.
(B) Self-Regulatory Organization's Statement on Burden on Competition
MSTC believes that no burden will be placed on competition as a
result of the proposed rule.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
No written comments have been solicited or received. MSTC will
notify the Commission of any written comments received MSTC.
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)(iii)\3\ of the Act and pursuant to Rule 19b-4(e)(4)\4\
promulgated thereunder because the proposal effects a change in an
existing service that does not adversely affect the safeguarding of
securities of funds in MSTC's custody or control or for which it is
responsible and does not significantly affect the respective rights or
obligations of MSTC or persons using MSTC's services. At any time
within sixty days of the filing of such rule change, the Commission
[[Page 14808]] 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.
\3\15 U.S.C. 78s(b)(3)(A)(iii) (1988).
\4\17 CFR 240.19b-4(e)(4) (1994).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549.
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, N.W.,
Washington, D.C. 20549. Copies of such filing will also be available
for inspection and copying at the principal office of MSTC. All
submissions should refer to File No. SR-MSTC-95-05 and should be
submitted by April 10, 1995.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\5\
\5\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-6697 Filed 3-17-95; 8:45 am]
BILLING CODE 8010-01-M