[Federal Register Volume 62, Number 203 (Tuesday, October 21, 1997)]
[Notices]
[Pages 54668-54669]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-27757]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-39233; File No. SR-NSCC-97-09]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Establishing Fees for the Annuities Processing Service

October 10, 1997.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on August 14, 1997, the 
National Securities Clearing Corporation (``NSCC'') 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 NSCC. 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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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 establish fees for 
NSCC's annuities processing service (``APS'').

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NSCC included statements 
concerning the purpose of and statutory basis for the proposed rule 
change and discussed any comments it received on the proposed rule 
change. The test of these statements may be examined at the places 
specified in Item IV below. Set forth in sections (A), (B), and (C) 
below, are the most significant aspects of such statements.\2\
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    \2\ The Commission has modified parts of these statements.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    NSCC has filed and had approved by the Commission its APS.\3\ APS 
is a centralized communication link that connects participating 
insurance carriers with broker-dealers, banks, and the broker-dealers' 
or banks' affiliated life insurance agencies where appropriate.
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    \3\ Securities Exchange Act Release No. 39096 (September 19, 
1997), 62 FR 50416 (order approving proposed rule change).
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    The purpose of this proposed rule change is to establish fees for 
NSCC's APS. Three categories of fees will be established. Membership 
fees will be $335 per month. Transaction fees will be $0.60 per 1,000 
full positions, $0.50 per 1,000 focused positions, and $8.50 per 1,000 
commission items. File fees will be $15.00 per file per day for sending 
or receiving APS related files. The new fees became effective upon 
implementation of APS.
    NSCC believes that the proposed rule change is consistent with 
Section 17A(b)(3)(D) of the Act.\4\ which requires that the rules of a 
registered clearing agency provide for an equitable allocation of 
reasonable dues, fees, and other charges for services which it provides 
to its participants.
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    \4\ 15 U.S.C. 78q-1(b)(3)(D).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change will impact or 
impose a burden on competition.

(C) Self-Regulatory Organization's Statement of Comments on the 
Proposed Rule Change Received From Members, Participants, or Others

    No written comments have been solicited or received. NSCC will 
notify the Commission of any written comments received by NSCC.

[[Page 54669]]

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing rule change establishes or changes a due, 
fee, or other charge imposed by NSCC, it has become effective pursuant 
to Section 19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(e)(2) 
thereunder.\6\ At any time within sixty days of the filing of the 
proposed rule change, the Commission may summarily abrogate such rule 
change if it appears to the 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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    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \6\ 17 CFR 240.19b-4(e)(2).
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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 the NSCC. All 
submissions should refer to the File No. SR-NSCC-97-09 and should be 
submitted by November 12, 1997.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-27757 Filed 10-20-97; 8:45 am]
BILLING CODE 8010-01-M