[Federal Register Volume 62, Number 241 (Tuesday, December 16, 1997)]
[Notices]
[Pages 65841-65842]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-32752]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-39409; File No. SR-PTC-97-04]
Self-Regulatory Organizations; Participating Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Conform PTC's Rules to the Revised Articles 8 and 9 of the Uniform
Commercial Code of the State of New York
December 5, 1997.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on October 10, 1997, the
Participants Trust Company (``PTC'') 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 PTC. 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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[[Page 65842]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change amends PTC's rules to make them consistent
with the revisions to Articles 8 and 9 of the Uniform Commercial Code
(``UCC'') of the State of New York.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, PTC 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. PTC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such
statement.\2\
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\2\ The Commission has modified the text of the summaries
prepared by PTC.
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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 amend PTC's rules to
make them consistent with the amendments to Article 8 and Article 9 of
the UCC (collectively ``Article 8'') that are effective in the State of
New York on October 10, 1997. According to PTC, the proposed amendments
retain the meaning of PTC's existing rules under the new Article 8
format and terminology by deleting certain cross-references to the
former Article 8 and replacing obsolete terminology.
PTC believes the proposed rule change is consistent with Section
17A(b)(3)(F) of the Act \3\ and the rules and regulations thereunder
because it calls for the prompt and accurate clearance and settlement
of securities transactions and protects investors and the public
interest, by conforming PTC's rules to changes in the New York State
law in order to retain the meaning of PTC's existing rules.
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\3\ 15 U.S.C. 78q-1(b)(3)(F).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
PTC does not believe that the proposed rule change imposes any
burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
Participants have requested that PTC make the proposed rule change.
PTC has not solicited nor received any written comments on the proposed
rule change.
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)(i) of the Act \4\ and pursuant to Rule 19b-4(e)(1) \5\
promulgated thereunder because the proposal constitutes a stated
policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of existing PTC rules. 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.
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\4\ 15 U.S.C. 78s(b)(3)(A)(i).
\5\ 17 CFR 240.19b-4(e)(1).
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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. Sec. 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 also will be available
for inspection and copying at the principal office of PTC. All
submissions should refer to File No. SR-PTC-97-04 and should be
submitted by January 6, 1998.
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. 97-32752 Filed 12-15-97; 8:45 am]
BILLING CODE 8010-01-M