30274 Federal Register / Vol. 61, No. 116 / Friday, June 14, 1996 / Notices

1 15 U.S.C. 78s(b)(1) (1988).

2The Commission has modified the text of the

summaries prepared by NSCC.

3The exact changes to NSCC’s fee schedule are

attached as Exhibit A.

4 15 U.S.C. 78q–1(b)(3)(D) (1988).

5 15 U.S.C. 78s(b)(3)(A)(ii) (1988).

6 17 CFR 240.19b–4(e)(2) (1995).

applicants for NASD membership.

Article IV, Section 2 of the NASD ByLaws authorizes the Board to prescribe

the form used by any person who

wishes to make application for

registration with the NASD. The NASD

believes the amended forms will make

the filing of disclosable information

easier and more efficient and will

provide more complete information for

use by securities regulators.

(B) Self-Regulatory Organization’s

Statement on Burden on competition

The NASD does not believe that the

proposed rule change will result in any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act, as amended.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Written comments were neither

solicited nor received.

III. Date of Effectiveness of the

Proposed Rule Change and timing for

Commission Action

Within 35 days of the publication of

this notice in the Federal Register or

within such longer period (i) as the

Commission may designate up to 90

days of such date if it finds such longer

period to be appropriate and publishes

its reasons for so finding or (ii) as to

which the self-regulatory organization

consents, the Commission will:

(A) By order approve the proposed

rule change, or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.

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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to the file

number in the caption above and should

be submitted by July 5, 1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority, 17 CFR 200.30–3(a)(12).

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–15183 Filed 6–13–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37293; File No. SR–NSCC–

96–12]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Notice of Filing and

Immediate Effectiveness of a Proposed

Rule Change Revising Service Fees

June 10, 1996.

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

Securities Exchange Act of 1934

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

April 23, 1996, 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.

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 revise NSCC’s fee schedule.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In it filing with the Commission,

NSCC 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. Set forth in sections

(A), (B), and (C) below, are 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 purpose of this rule change is to

reduce five existing service fees. The

revisions to the fee schedule are being

made as a result of increased trading

volumes and the related reduction in

costs with respect to these services. Fees

relating to equity trade recording,

certain clearance services, Automated

Customer Account Transfer Service/

Transfer Initiation Form submissions,

Networking accounts, and Fund/Serv

transactions are being reduced.3 The

new fees will be effective as of May 1,

1996.

NSCC believes the proposed rule

change is consistent with the

requirements of Section 17A(b)(3)(D) of

the Act,4 and the rules and regulations

thereunder because it provides for the

equitable allocation of dues, fees, and

other charges among NSCC’s

participants.

(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 on 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.

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) of the Act 5 and pursuant

to Rule 19b–4(e)(2) 6 promulgated

thereunder because the proposal

changes a due, fee, or other charge

imposed by NSCC. At any time within

sixty days of the 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.

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
Federal Register / Vol. 61, No. 116 / Friday, June 14, 1996 / Notices 30275

7 17 CFR 200.30–3(a)(12) (1995).

2Trade Recording Fees will be charged for all

OCS and IDC input except for sides originally

submitted correctly to the Corporation’s comparison

system.

4A designated valued delivery is an instruction

from a Special Representative to CNS to transfer a

valued position from one participant to a nonparticipant through a clearing interface.

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 that are filed with

Commission, and all written

communications relating to the propose

rule change between the Commission

and any person, other than those than

may be withheld from the public in

accordance with provisions of 5 U.S.C.

552, will be available for inspection and

copying in the Commission’s Public

Reference Room, 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 file number SR–NSCC–

96–12 and should be submitted by July

5, 1996.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

Exhibit A

Italicized text indicates additions.

[Bracketed] text indicates deletions.

Modify Addendum A to NSCC’s Rules and

Procedures as follows:

Fee Structure

* * * * *

I. TRADE COMPARISON AND

RECORDING SERVICE FEES—represents the

fees to enter and correct original trade data.

* * * * *

C. Trade recording fees will be charged as

follows on those items originally compared

by other parties, but cleared through the

Corporation: 2

1. Each side of each stock, warrant or right

item entered for settlement, but not

compared by the Corporation—[$.015] $.012

per 100 shares, with a minimum fee of [$.06]

$.048 and a maximum fee of [$1.125] $.90

being applicable.

* * * * *

II. TRADE CLEARANCE FEES—represents

the fees for netting, issuance of instructions

to receive or deliver, effecting book-entry

deliveries, and related activity.

* * * * *

F. Designated valued deliveries 4

(transaction processing) entered into the

clearance system through special

representative procedures—[$.15] $.10 per

side.

* * * * *

IV. OTHER SERVICE FEES.

* * * * *

M. Automated Customer Account Transfer

Service.

1. Transfer Initiation Form—[$1.50] $1.00

per submission.

* * * * *

N. Fund/Serv—[$.40] $.35 per side per

order.

O. NETWORKING.

* * * * *

2. Monthly Account Base Fee:

a. For accounts with Funds paying

dividends monthly—[$.035] $.025 per

NETWORKING sub account.

b. For accounts with Funds paying

dividends less frequently than monthly—

[$.023] $.015 per NETWORKING subaccount.

* * * * *

[FR Doc. 96–15179 Filed 6–13–96; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities: Proposed Collection

Request

Normally on Fridays, the Social

Security Administration publishes a list

of information collection packages that

will require submission to the Office of

Management and Budget (OMB) for

clearance in compliance with Public

Law 104–13 effective October 1, 1995,

The Paperwork Reduction Act of 1995.

Since the last list was published in the

Federal Register on May 31, 1996, the

information collection listed below will

require extension of the current OMB

approval. (Call the SSA Reports

Clearance Officer on (410) 965–4125 for

a copy of the form(s) or package(s), or

write to her at the address listed below

the information collection(s).)

1. Customer Satisfaction Survey

Questionnaires—0960–0521. The Social

Security Administration will conduct

surveys to measure the public’s

perception of the quality of SSA’s

service, to determine public

expectations and preferences for service

delivery. The information collected on

the survey forms (SSA–3299, SSA–4000,

SSA–4298 and SSA–4299) will be used

to identify areas of needed improvement

and initiate corrective action. The

respondents are beneficiaries entitled to

old age, survivors or disability benefits

(title II) and supplement security

income (title XVI) recipients;

individuals whose applications under

either title were denied; and applicants

for Social Security number cards.

SSA–4000

SSA–4298/4299 SSA–3299

Number of Respondents ............................................................................................................................... 9,000 (total) ................. 1,500.

Frequency of Response ............................................................................................................................... 1 .................................. 1.

Average Burden Per Response .................................................................................................................... 15 minutes .................. 10 minutes.

Estimated Annual Burden: ............................................................................................................................ 2,250 hours ................. 250 hours.

Written comments and

recommendations regarding this

information collection should be sent

within 60 days from the date of this

publication, directly to the SSA Reports

Clearance Officer at the following

address: Social Security Administration,

DCFAM, Attn: Judith T. Hasche, 6401

Security Blvd., 1–A–21 Operations

Bldg., Baltimore, MD 21235.

In addition to your comments on the

accuracy of the agency’s burden

estimate, we are soliciting comments on

the need for the information; its

practical utility; ways to enhance its

quality, utility and clarity; and on ways

to minimize burden on respondents,

including the use of automated

collection techniques or other forms of

information technology.

Agency Information Collection

Activities: Submission for OMB Review;

Comment Request

The information collections listed

below, which were published in the

Federal Register on April 19, 1996, have

been submitted to OMB.

1. State Report of Incorrect BENDEX

Information—0960–0517. The

information collected on form SSA–

1086 is used by the Social Security

Administration to correct its master

database and to facilitate the electronic

exchange of data. The respondents are

state agencies who provide or receive

incorrect information from SSA during

the beneficiary data exchange operation.

Number of Respondents: 155.