[Federal Register Volume 63, Number 162 (Friday, August 21, 1998)] [Notices] [Pages 44939-44940] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 98-22478] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-40327; File No. SR-EMCC-98-06] Self-Regulatory Organizations; Emerging Markets Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Fees and Charges August 14, 1998. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ notice is hereby given that on July 22, 1998 Emerging Markets Clearing Corporation (``EMCC'') 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 EMCC. 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). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change establishes a fee for EMCC's warrant processing 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, EMCC 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. EMCC 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 prepared by EMCC. --------------------------------------------------------------------------- [[Page 44940]] (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 establish a fee for EMCC's warrant processing service. This service enables EMCC to pair- off warrant fail receive and warrant fail deliver obligations.\3\ According to the proposed rule change, EMCC's members will be charged a $2.00 fee per fail receive or fail deliver obligation that is eliminated as a result of the pair-off process. The fee will be effective with the first pair-off process that EMCC conducts after the date of this filing. --------------------------------------------------------------------------- \3\ For a complete description of EMCC's warrant processing service, refer to Securities Exchange Act Release No. 40190 (July 16, 1998), 63 FR 38445 [File No. SR-EMCC-98-5]. --------------------------------------------------------------------------- EMCC believes that the proposed rule change is consistent with Section 17A(b)(3)(D) of the Act \4\ and the rules and regulations thereunder because it provides for the equitable allocation of reasonable dues, fees, and other charges among EMCC's participants. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78q-1(b)(3)(D). --------------------------------------------------------------------------- (B) Self-Regulatory Organization's Statement on Burden on Competition EMCC does not believe that the proposed rule change will have an impact on or impose a burden on competition not necessary or appropriate in furtherance of the purposes of the Act. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments relating to the proposed rule change have been solicited or received. EMCC will notify the Commission of any written comments received by EMCC. 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) of the Act \5\ and pursuant to Rule 19b-4(e)(2) \6\ promulgated thereunder because the proposal changes a due, fee, or other charge imposed by EMCC. At any time within sixty days of the filing for 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. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(3)(A)(ii). \6\ 17 CFR 240.19b-4(e)(2). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Persons making written submissions should file six copies thereof with the Secretary, Securities and Exchange 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, NW, Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of EMCC. All submissions should refer to File No. SR-EMCC-98-06 and should be submitted by September 11, 1998. For the Commission by the Division of Market Regulation, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 98-22478 Filed 8-20-98; 8:45 am] BILLING CODE 8010-01-M