[Federal Register Volume 60, Number 32 (Thursday, February 16, 1995)]
[Notices]
[Pages 9069-9070]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-3882]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35354; International Series Release No. 783; File No. 
SR-ISCC-94-01]


Self-Regulatory Organizations; International Securities Clearing 
Corporation; Notice of Filing add Immediate Effectiveness of a Proposed 
Rule Change Regarding the Global Clearing Network Service

February 10, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on January 6, 1995, the 
International Securities Clearing Corporation (``ISCC'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change (File No. SR-ISCC-95-01) as described in Items I, II, and III 
below, which items have been prepared primarily by ISCC. 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) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change consists of amendments to ISCC's Rule 50 
to expand the categories of entities with which ISCC may establish 
relationships for its foreign clearance and settlement 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, ISCC included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments that it received on the proposed rule change. 
The text of these statements may be examined at the places specified in 
Item IV below. ISCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of such statements.

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    (a) ISCC Rule 50 currently provides that ISCC may establish a 
foreign clearing, settlement, and custody service in conjunction with 
banks and trust companies to be known as the Global Clearance Network 
(``GCN'') Service. The proposed rule change expands the categories of 
entities with whom ISCC may enter into agreements in order to provide 
the GCN Service to include any type of entity. This change will permit 
[[Page 9070]] ISCC to enter into a relationship with entities such as 
INDEVAL, the Mexican securities clearing and depository company. 
However, ISCC will still be required to file a proposed rule change 
pursuant to Section 19(b) of the Act before entering into a clearing, 
settlement, or custody service relationship with any entity.
    (b) The proposed change will facilitate the prompt and accurate 
clearance and settlement of securities transactions, and therefore, the 
proposed rule change is consistent with the requirements of the Act, 
specifically Section 17A of the Act, and the rules and regulations 
thereunder.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    ISCC 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 have been solicited or received. ISCC will 
notify the Commission of any written comments received by ISCC.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act and Rule 19b-4(e)(4) thereunder in that the 
proposal effects a change in an existing service that does not 
adversely affect the safeguarding of securities or funds and does not 
significantly affect the respective rights of the clearing agency or 
persons using the service. 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 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 NW., 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 Room, 450 Fifth Street NW., Washington, 
D.C. 20549. Copies of such filing will also be available for inspection 
and copying at the principal office of the above-mentioned self-
regulatory organization. All submissions should refer to the file 
number SR-ISCC-95-01 and should be submitted by March 9, 1995.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\2\

    \2\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-3882 Filed 2-15-95; 8:45 am]
BILLING CODE 8010-01-M