[Federal Register Volume 60, Number 198 (Friday, October 13, 1995)]
[Notices]
[Page 53448]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25367]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36340; File No. SR-MBSCC-95-06]
Self-Regulatory Organizations; MBS Clearing Corporation; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Modifications to the Message Processing Fees for the Electronic Pool
Notification Service
October 5, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ notice is hereby given that on September 11, 1995,
MBS Clearing Corporation (``MBSCC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change (File No.
SR-MBSCC-95-06) as described in Items I, II, and III below, which items
have been prepared primarily by MBSCC. 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 modify the original
notification message processing fees for the Electronic Pool
Notification (``EPN'') Service.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, MBSCC 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. MBSCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such
statements.\2\
\2\ The Commission has modified the text of the summaries
submitted by MBSCC.
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(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 modify the message
processing fees for the EPN Service. Specifically, the proposed rule
change seeks to modify the fees set forth in MBSCC's EPN Schedule of
Charges to send or receive an original notification EPN message. The
current fee to send or receive an original notification EPN message is
$.75/million current face. MBSCC proposed to replace the current fee
with a fee scale in which the fees are based on whether a message is
sent or received and the time that the message is communicated.\3\
\3\ MBSCC is instituting the new fee scale to encourage a more
evenly distributed use of the EPN Service throughout the day and
thereby facilitate a more balanced distribution of daily information
processing.
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The new fees to send an original notification EPN message are as
follows: $.25/million current face (8:00 a.m. to 1:00 p.m.); $1.25/
million current face (1:00 p.m. to 2:00 p.m.); $1.50/million current
face (2:00 p.m. to 3:00 p.m.); and $1.25/million current face (3:00
p.m. to 5:00 p.m.). The new fees to receive an original notification
EPN message are as follows: $.50/million current face (8:00 a.m. to
1:00 p.m.); $.25/million current face (1:00 p.m to 2:00 p.m.); $.25/
million current face (2:00 p.m. to 3:00 p.m.); and no charge (3:00 p.m.
to 5:00 p.m.). EPN users will be charged for original notification EPN
messages at the new rates for messages communicated on or after October
12, 1995.
MBSCC 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 provides for
the equitable allocation of dues, fees, and other charges among MBSCC's
participants.
(B) Self-Regulatory Organization's Statement on Burden on Competition
MBSCC 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
MBSCC advised its User Committee of the proposed rule change at a
meeting held on May 31, 1995. No written comments relating to the
proposed rule change have been received. MBSCC will notify the
Commission of any written comments received by MBSCC.
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) \4\ of the Act and pursuant to Rule 19b-4(e)(2) \5\
promulgated thereunder because the proposal establishes or changes a
due, fee, or other charge imposed by MBSCC. 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.
\4\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
\5\ 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 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 provisions of 5
U.S.C. 552, will be available for inspection and copying in the
Commission's Public Reference Room, 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 MBSCC. All submissions should
refer to File No. SR-MBSCC-95-06 and should be submitted by November 3,
1995.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
\6\ 17 CFR 200.30-3(a)(12) (1994).
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Jonathan G. Katz,
Secretary.
[FR Doc. 95-25367 Filed 10-12-95; 8:45 am]
BILLING CODE 8010-01-M