Federal Register / Vol. 63, No. 90 / Monday, May 11, 1998 / Notices 25891

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

2MBSCC has separate fee schedules for brokers

and dealers. The dealer account group is the fee

schedule for dealers’ accounts.

3The Commission has modified the text of the

summaries prepared by MBSCC.

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).

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

2 17 CFR 240.19b–4.

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39954; File No. SR–

MBSCC–98–2]

Self–Regulatory Organizations; MBS

Clearing Corporation; Notice of Filing

and Immediate Effectiveness of

Proposed Rule Change Modifying MBS

Clearing Corporation’s Schedule of

Charges for the Dealer Account Group

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 10, 1998, the MBS Clearing

Corporation (‘‘MBSCC’’) 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 MBSCC. 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 modifies

MBSCC’s schedule of charges for the

dealer account group.2

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

MBSCC 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. MBSCC has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.3

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The proposed rule change modifies

MBSCC’s schedule of charges for the

dealer account group. Specifically, the

proposed rule change reduces account

maintenance fees, currently at $350 per

month for each account, for participants

that use a common investment manager

to process trades with MBSCC.

The new account maintenance fee for

a participant that uses a common

investment manager to process trades

with MBSCC is based on the total

number of accounts a participant

maintains with an investment manager.

The new monthly account maintenance

fees are $350 for one account, $185 per

account for two or three accounts, $150

per account for four to seven accounts,

$130 per account for eight to ten

accounts, and $120 per month for more

than ten accounts.

The reduced account maintenance

fees reflect efficiencies obtained by

using a common investment manager to

process trades with MBSCC such as

reduced communications costs, systems

overhead, and support services that

result in savings to MBSCC. MBSCC

will implement these changes

commencing with its May 1998 billing

cycle.

MBSCC believes 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 MBSCC’s

participants.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

MBSCC does not believe that the

proposed rule change will impact 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 have been

solicited or received. MBSCC will notify

the Commission of any written

comments received by MBSCC.

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 pursuant

to Rule 19b–4(e)(2) 6 promulgated

thereunder in that the proposed rule

change establishes or changes a due, fee,

or other charge imposed by the selfregulatory organization. At any time

within sixty days of the filing of such

rule change, the Commission may

summarily abrogate such proposed 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. 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 MBSCC. All submissions

should refer to File No. SR–MBSCC–98–

02 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. 98–12349 Filed 5–8–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39945; File No. SR–PCX–

98–08]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Pacific Exchange, Inc., Relating to

Assessment for New Facilities

May 1, 1998.

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

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

on February 9, 1998, the Pacific

Exchange, Inc. (‘‘PCX’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’ or ‘‘SEC’’)

a proposed rule change SR–PCX–98–08.

The proposed rule change is described