75988 Federal Register / Vol. 65, No. 234 / Tuesday, December 5, 2000 / Notices

1 15 U.S.C. 78s(b)(1)

2The Commission has modified the text of the

summaries prepared by EMCC.

3 15 U.S.C. 78s(b)(3)(A)(iii).

4 17 CFR 240.19b–4(f)(4).

5 17 CFR 200.30–3(a)(12).

1 15 U.S.C. 78s(b)(1).

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43629; File No. SR–EMCC–

00–06]

Self-Regulatory Organizations;

Emerging Markets Clearing

Corporation; Notice of Filing and

Immediate Effectiveness of Proposed

Rule Change Relating to Issuing

Reports Concerning Warrants With a

Money Distribution

November 28, 2000.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934 (the

‘‘Act’’),1 notice is hereby given that on

August 22, 2000, the 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 by EMCC. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change would

clarify EMCC’s procedures for issuing

reports concerning warrants with a

money distribution.

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

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

Currently, Rule 7, Section 16,

paragraph (b) of EMCC’s Rules provides

that where an issuer of a warrant has

declared a money distribution on such

warrant, EMCC will issue a ‘‘Record

Date Report’’ (‘‘Report’’) to each EMCC

member with an outstanding fail deliver

or fail receive obligation with respect to

that warrant. The Report indicates the

member’s record date delivery or

receive obligations with respect to the

distribution. The Rules specify that the

Report is to be issued on the record

date.

However, EMCC believes that there is

no operational reason for the Report to

be produced on the record date. The

proposed rule change would allow

EMCC to provide this information to its

members through one or more reports

that will be issued after a record date is

declared.

EMCC believes that the proposed rule

change is consistent with the

requirements of Section 17A of the Act

and the rules and regulations

thereunder because it would provide

EMCC with the capability to issue

informative reports to members with

affected positions and therefore will

facilitate the prompt and accurate

clearance and settlement of emerging

market securities transactions.

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.

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 by EMCC. 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)(iii) of the Act 3 and Rule

19b–4(f)(4) 4 thereunder because the rule

change effects a change in an existing

service of EMCC that does not adversely

affect the safeguarding of securities or

funds in the EMCC’s custody or control

or for which it is responsible and does

not significantly affect EMCC’s

respective rights or obligations or

persons using the service. At any time

within sixty days of the proposed 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.

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 20549–0609. Copies of

the submission, all subsequent

amendments, all written statements

with respect to the rule proposal that are

filed with the Commission, and all

written communications relating to the

rule proposal 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 Room in

Washington, DC. Copies of such filing

will also be available for inspection and

copying at EMCC’s principal office. All

submissions should refer to File No.

SR–EMCC–00–06 and should be

submitted by December 26, 2000.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–30876 Filed 12–4–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43636; File No. SR–GSCC–

00–14]

Self-Regulatory Organizations;

Government Securities Clearing

Corporation; Notice of Filing and

Immediate Effectiveness of Proposed

Rule Change Relating to Changes to

GSCC’s Fee Structure With Respect to

GCF Repo Service

November 29, 2000.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 hereby given that on

November 14, 2000, the Government

Securities Clearing Corporation

(‘‘GSCC’’) field 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 GSCC.

The Commission is publishing this