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]

Download as PDF 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 VerDate Aug<31>2005 15:06 Jan 17, 2006 4 The Jkt 208001 PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 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 (http://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 http:// 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 (http://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 VerDate Aug<31>2005 15:06 Jan 17, 2006 9 17 Jkt 208001 PO 00000 CFR 200.30–3(a)(12). Frm 00071 Fmt 4703 2 17 Sfmt 4703 E:\FR\FM\18JAN1.SGM 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]


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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 (http://
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 (http://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 http://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