[Federal Register Volume 60, Number 82 (Friday, April 28, 1995)]
[Notices]
[Pages 21016-21017]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-10484]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35638; File No. SR-ISCC-95-2]
Self-Regulatory Organizations; International Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Service Fees
April 24, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934\1\ (``Act''), notice is hereby given that on April 3, 1995,
International Securities Clearing Corporation (``ISCC'') 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 ISCC. 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
ISCC is filing the proposed rule change to revise its fee schedule
in accord with its current service costs and to make certain technical
corrections thereto.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, ISCC 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. Summaries are 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 adjust certain fees
charged to ISCC participants for services to accurately reflect ISCC's
current cost of providing such services. Fees for receipt of
transaction instructions have been increased from $1.50 to $2.25 per
item for instructions transmitted by a participant via computer
platform and from $3.00 to $5.00 per item for instructions transmitted
by a participant via mail, facsimile, or telex. Reporting fees for
machine readable output, print image output, and hardcopy (via telex or
mail) have doubled to $10.00, $20.00, and $50.00 per report,
respectively, and duplicate copies of prior day reports also have
doubled to $50.00 per report requested. Participants will be charged
for services in accordance with the new fee structure effective April
1, 1995. In addition, ISCC is deleting all references to ``PORTAL'' in
the fee schedule which references should have been previously removed
in connection with the elimination of the PORTAL program in 1994.\2\
\2\Securities Exchange Act Release No. 34980, (November 16,
1994), 59 FR 60177 [File No. SR-ISCC-94-05].
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The proposed rule change is consistent with the requirements of
Section 17A of the Act and the rules and regulations thereunder because
it provides for the equitable allocation of dues, fees, and other
charges among ISCC's participants.
(B) Self-Regulatory Organization's Statement on Burden on Competition
ISCC 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 have been solicited or received. ISCC will
notify the Commission of any written comments received.
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)\3\ of the Act, and pursuant to Rule 19b-4(e)(2)\4\
promulgated thereunder, insofar as the proposed rule change establishes
or changes a due, fee, or other charge imposed by a self-regulatory
organization. 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.
\3\15 U.S.C. 78s(b)(3)(A)(ii) (1988).
\4\17 CFR 240.19b-4(e)(2) (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 [[Page 21017]] Commission, 450 Fifth Street, NW., Washington,
DC 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 ISCC.
All submissions should refer to File No. SR-ISCC-95-2 and should be
submitted by May 19, 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. 95-10484 Filed 4-27-95; 8:45 am]
BILLING CODE 8010-01-M