25890 Federal Register / Vol. 63, No. 90 / Monday, May 11, 1998 / Notices

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

2The Commission has modified the text of the

summaries prepared by DTC.

3For a description of the matching feature of the

ID System, refer to Securities Exchange Act Release

No. 39832 (April 6, 1998), 63 FR 18062 [File No.

SR–DTC–95–23] (order approving proposed rule

change).

4 15 U.S.C. 78q–1.

5 15 U.S.C. 78s(b)(3)(A)(ii).

6 17 CFR 240.19b–4(e)(2).

7 17 CFR 200.30–3(a)(12).

12. No trustee or officer of the Fund

or director or officer of CAM will own

directly or indirectly (other than

through a pooled investment vehicle

over which such person does not have

control) any interest in a Manager

except for (i) ownership of interests in

CAM or any entity that controls, is

controlled by, or is under common

control with CAM; or (ii) ownership of

less than 1% of the outstanding

securities of any class of equity or debt

of a publicly-traded company that is

either a Manager or an entity that

controls, is controlled by, or is under

common control with a Manager.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–12403 Filed 5–8–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39953; File No. SR–DTC–

98–06]

Self-Regulatory Organizations; The

Depository Trust Company; Notice of

Filing and Immediate Effectiveness of

Proposed Rule Change Regarding

Fees and Charges

May 4, 1998.

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

Securities Exchange Act of 1934

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

April 16, 1998, The Depository Trust

Company (‘‘DTC’’) 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 DTC. The

Commission is publishing this notice to

solicit comments from interested

persons on the proposed rule change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change establishes

fees for the matching feature of DTC’s

Institutional Delivery (ID) system.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

DTC 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 Items IV below. DTC 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

The matching feature is an

enhancement to the current

confirmation and affirmation processing

in the ID system.3 The proposed fees are

designed to recover DTC’s estimated

service costs and will be effective for

services provided after April 30, 1998.

Under the proposed rule change, DTC

will charge $0.08 for each matched or

unmatched confirmation in addition to

the regular confirmation fees. DTC will

charge this fee to the following parties:

(1) To a clearing broker for each

matched or unmatched confirmation to

a broker, clearing broker, or interested

party; (2) to the clearing agent for each

matched or unmatched confirmation to

the ID agent or clearing agent; and (3) to

the clearing agent or clearing broker for

each matched or unmatched

confirmation to an institution that either

agrees to pay for it or $0.04 when the

parties agree to split the fee.

DTC believes that the proposed rule

change is consistent with the

requirements of Section 17A of the Act 4

and the rules and regulations

thereunder because it provides for the

equitable allocation of dues, fees, and

other charges among DTC’s participants

and other parties that use DTC’s ID

service.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

DTC does not believe that the

proposed rule change will impose any

burden on competition that is 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 comments on the proposed rule

change were solicited or received.

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) 5 of the Act and Rule 19b–

4(e)(2) 6 promulgated thereunder

because the proposal establishes or

changes a due, fee, or other charge

imposed by DTC. At any time within

sixty days of the filing of such proposed

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 person 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, 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 also will be available for

inspection and copying at the principal

office of DTC. All submissions should

refer to File No. SR–DTC–98–06 and

should be submitted by June 1, 1998.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–12350 Filed 5–8–98; 8:45 am]

BILLING CODE 8010–01–M