[Federal Register Volume 65, Number 240 (Wednesday, December 13, 2000)]
[Notices]
[Pages 77946-77947]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-31717]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-43686; File No. SR-DTC-00-20]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Establishing Fees for the DALI Service
December 6, 2000.
Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''), notice is hereby given that on December 5, 2000, The
Depository Trust Company (``DTC'') 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
by DTC. The Commission is publishing this notice to solicit comments on
the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The proposed rule change will establish fees for DTC's DALI
service.\2\
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\2\ DALI is a tax service that will be available on or about
January 1, 2001, for the transmission of information used in
calculating and reporting U.S. withholding tax on payments made to
non-U.S. persons. For further explanation of the DALI service, refer
to Securities Exchange Act Release No. 43640 (Nov. 29, 2000).
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
It its filing with the Commission, DTC 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. DTC has prepared summaries, set forth in sections A, B,
and C below, of the most significant aspects of such statements.\3\
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\3\ The Commission has modified the text of the summaries
prepared by DTC.
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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 establish the
following fees for DTC's DALI service:
DALI Fees
Initial Registration Fee--$2,500
Annual Membership Fee--$2,500 (browser only) or $10,000 (File
Transfer Protocol and browser)
Transaction Fee--$0.33 per billable message
DTC believes that the proposed rule change is consistent with the
requirements of section 17A of the Act \4\ and the rules thereunder
because it will promote the prompt and accurate clearance and
settlement of securities transactions by equitably allocating fees
among users of the DALI service.
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\4\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition
DTC does not believe that the proposed rule change will impose any
burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants or Others
No comments from DTC's participants concerning the proposed rule
change were solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
The propose rule change has become effective pursuant to section
19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) \6\ thereunder
because the proposed rule change establishes a fee. 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.
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\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(f)(2).
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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.,
[[Page 77947]]
Washington, DC 20549-0609. 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, 450th Fifth Street, NW., Washington, DC. Copies of such
filing also will be available for inspection and copying at DTC's
principal office. All submissions should refer to File No SR-DTC-00-20
and should be submitted by January 3, 2001.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-31717 Filed 12-12-00; 8:45 am]
BILLING CODE 8010-01-M