Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise the Fee Structure of NSCC, 2969-2970 [E6-466]
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2969
Federal Register / Vol. 71, No. 11 / Wednesday, January 18, 2006 / Notices
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, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at the principal office of the NASD. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly.
All submissions should refer to File
No. SR–NASD–2005–149 and should be
submitted on or before February 8, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.26
Nancy M. Morris,
Secretary.
[FR Doc. E6–435 Filed 1–17–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53099; File No. SR–NSCC–
2005–16]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Revise the Fee
Structure of NSCC
January 11, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
December 22, 2005, the National
Securities Clearing Corporation
(‘‘NSCC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change described in
Items I, II, and III below, which items
have been prepared primarily by NSCC.
NSCC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 2 and Rule 19b–4(f)(2) thereunder 3
so that the proposal was effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change consists of
changes to the fee structure of NSCC.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its 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. NSCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.4
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of the proposed rule
change is to update the fees of NSCC.
The rule change makes the following
changes to NSCC’s fees.
• Change ACATS Transfer Initiation
Form (‘‘TIF’’) input fees to realign fees
with costs. The fee for standard TIF
input will be reduced from $.85 to $.40
per TIF entered, and a new fee of $.40
will be imposed for non-standard TIF
input.
• Increase the fee for ACATS account
transfer rejects from $.25 to $1.00.
• Create a fee for ACATS insurance
registrations of $.25 per insurance
registration submitted, which is charged
to the receiver and the deliverer.
• Implement fee reductions in trade
comparison and recording services,
including: (a) A reduction in the trade
recording fee for each side of stock,
warrant, or right item originally
compared by an other party from $.0025
to $.0015 per 100 shares with the
minimum fee reduced from $.0075 to
$.0045 per 100 shares and the maximum
fee reduced from $.15 to $.09 per 100
shares and (b) a reduction in the flip
trade fee from $.025 to $.005 per side.
• Reduce the trade clearance netting
fee from $0.015 per side to $.007 per
side.
• Reduce the mutual fund Fund/
SERV settling transaction fee from $.175
to $.110 per side.
• Restructure the mutual fund
networking fees to eliminate the two
account base fees and position record
fees of $.02 per month/per side, $.01 per
month/per side, and $1.50 per month/
per thousand subaccount records,
respectively, and replace them with an
activity fee of $.0025 per transaction.5
In addition, the proposed rule change
will increase settlement service fees for
improved cost recovery as follows:
Service
Current fee
erjones on PROD1PC68 with NOTICES
Envelope Settlement Service:
Intra-city deliveries
Night Zone .................................................................................................................................................
Early a.m. Zone .........................................................................................................................................
Late a.m. Zone ..........................................................................................................................................
Reclamations .............................................................................................................................................
ESS Receives ...................................................................................................................................................
Inter-City Deliveries and Receives (IESS) .......................................................................................................
Funds Only Settlement Service:
Deliveries or Reclamations ...............................................................................................................................
Receives ...........................................................................................................................................................
Dividend Settlement Service ...................................................................................................................................
26 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(ii).
3 17
CFR 240.19b–4(f)(2).
Commission has modified the text of the
summaries prepared by NSCC.
1 15
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15:06 Jan 17, 2006
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Revised fee
$1.00
1.50
2.50
1.00
1.00
2.50
$2.00
3.00
5.00
5.00
2.00
5.00
1.00
1.00
.30
5.00
5.00
1.00
5 The new mutual fund networking fee will go
into effect on February 1, 2006.
E:\FR\FM\18JAN1.SGM
18JAN1
2970
Federal Register / Vol. 71, No. 11 / Wednesday, January 18, 2006 / Notices
Except as otherwise noted, the
proposed fee changes will become
effective on January 1, 2006.
The proposed change is consistent
with Section 17A of the Act 6 and the
rules and regulations thereunder
applicable to NSCC because it will
enable NSCC to equitably allocate costs
among its members.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
NSCC does not believe that the
proposed rule change will have any
impact or impose any burden on
competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments relating to the
proposed rule change have not yet 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 upon filing pursuant to Section
19(b)(3)(A)(ii) of the Act 7 and Rule 19b–
4(f)(2) 8 thereunder because it
establishes or changes a due, fee, or
other charge. At any time within sixty
days of the filing of the 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,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–NSCC–2005–16. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). 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, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at the principal office of NSCC and on
NSCC’s Web site at https://
www.nscc.com. All comments received
will be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–NSCC–
2005–16 and should be submitted on or
before February 8, 2006.
[Release No. 34–53091; File No. SR–NSX–
2005–10]
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.9
Nancy M. Morris,
Secretary.
[FR Doc. E6–466 Filed 1–17–06; 8:45 am]
BILLING CODE 8010–01–P
erjones on PROD1PC68 with NOTICES
January 10, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’)1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
30, 2005, the National Stock Exchange
(‘‘NSX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’) the proposed
rule change as described in Items I and
II below, which Items have been
prepared by the NSX. The Commission
is publishing this notice to solicit
comments on the proposed rule change
from interested persons, and is
approving the proposal on an
accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to enter into
arrangements with other national
securities exchanges to pass certain fees
they have collected from members for
transactions executed on another
exchange through the Intermarket
Trading System (‘‘ITS’’). This proposal
does not require changes to NSX rule
text.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange 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 III below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml) or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NSCC–2005–16 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
U.S.C. 78q–1.
U.S.C. 78s(b)(3)(A)(ii).
8 17 CFR 240.19b–4(f)(2).
Self-Regulatory Organizations;
National Stock Exchange; Notice of
Filing and Order Granting Accelerated
Approval to a Proposed Rule Change
To Establish Certain Fees With
Respect to Transactions Executed
Through the Intermarket Trading
System
6 15
1 15
7 15
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15:06 Jan 17, 2006
9 17
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PO 00000
CFR 200.30–3(a)(12).
Frm 00071
Fmt 4703
2 17
Sfmt 4703
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
18JAN1
]]>Agencies
[Federal Register Volume 71, Number 11 (Wednesday, January 18, 2006)]
[Notices]
[Pages 2969-2970]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-466]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53099; File No. SR-NSCC-2005-16]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Revise the Fee Structure of NSCC
January 11, 2006.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 22, 2005, the
National Securities Clearing Corporation (``NSCC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change described in Items I, II, and III below, which items have been
prepared primarily by NSCC. NSCC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(ii) of the Act \2\ and Rule 19b-4(f)(2)
thereunder \3\ so that the proposal was effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested parties.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78s(b)(3)(A)(ii).
\3\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change consists of changes to the fee structure
of NSCC.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its 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. NSCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\4\
---------------------------------------------------------------------------
\4\ The Commission has modified the text of the summaries
prepared by NSCC.
---------------------------------------------------------------------------
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of the proposed rule change is to update the fees of
NSCC. The rule change makes the following changes to NSCC's fees.
Change ACATS Transfer Initiation Form (``TIF'') input fees
to realign fees with costs. The fee for standard TIF input will be
reduced from $.85 to $.40 per TIF entered, and a new fee of $.40 will
be imposed for non-standard TIF input.
Increase the fee for ACATS account transfer rejects from
$.25 to $1.00.
Create a fee for ACATS insurance registrations of $.25 per
insurance registration submitted, which is charged to the receiver and
the deliverer.
Implement fee reductions in trade comparison and recording
services, including: (a) A reduction in the trade recording fee for
each side of stock, warrant, or right item originally compared by an
other party from $.0025 to $.0015 per 100 shares with the minimum fee
reduced from $.0075 to $.0045 per 100 shares and the maximum fee
reduced from $.15 to $.09 per 100 shares and (b) a reduction in the
flip trade fee from $.025 to $.005 per side.
Reduce the trade clearance netting fee from $0.015 per
side to $.007 per side.
Reduce the mutual fund Fund/SERV settling transaction fee
from $.175 to $.110 per side.
Restructure the mutual fund networking fees to eliminate
the two account base fees and position record fees of $.02 per month/
per side, $.01 per month/per side, and $1.50 per month/per thousand
subaccount records, respectively, and replace them with an activity fee
of $.0025 per transaction.\5\
---------------------------------------------------------------------------
\5\ The new mutual fund networking fee will go into effect on
February 1, 2006.
---------------------------------------------------------------------------
In addition, the proposed rule change will increase settlement
service fees for improved cost recovery as follows:
------------------------------------------------------------------------
Service Current fee Revised fee
------------------------------------------------------------------------
Envelope Settlement Service:
Intra-city deliveries
Night Zone...................... $1.00 $2.00
Early a.m. Zone................. 1.50 3.00
Late a.m. Zone.................. 2.50 5.00
Reclamations.................... 1.00 5.00
ESS Receives........................ 1.00 2.00
Inter-City Deliveries and Receives 2.50 5.00
(IESS).............................
Funds Only Settlement Service:
Deliveries or Reclamations.......... 1.00 5.00
Receives............................ 1.00 5.00
Dividend Settlement Service............. .30 1.00
------------------------------------------------------------------------
[[Page 2970]]
Except as otherwise noted, the proposed fee changes will become
effective on January 1, 2006.
The proposed change is consistent with Section 17A of the Act \6\
and the rules and regulations thereunder applicable to NSCC because it
will enable NSCC to equitably allocate costs among its members.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change will have any
impact or impose any burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
Written comments relating to the proposed rule change have not yet
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 upon filing pursuant
to Section 19(b)(3)(A)(ii) of the Act \7\ and Rule 19b-4(f)(2) \8\
thereunder because it establishes or changes a due, fee, or other
charge. At any time within sixty days of the filing of the 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml) or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NSCC-2005-16 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-NSCC-2005-16. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). 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, 100 F Street,
NE., Washington, DC 20549. Copies of such filing also will be available
for inspection and copying at the principal office of NSCC and on
NSCC's Web site at https://www.nscc.com. All comments received will be
posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NSCC-2005-16 and should be submitted on
or before February 8, 2006.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-466 Filed 1-17-06; 8:45 am]
BILLING CODE 8010-01-P
