# Self-Regulatory Organization; Midwest Securities Trust Company; Notice of Filing of Proposed Rule Change To Rescind Signature Distribution and Signature Guarantee Programs > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/fr%3A94-4867 ## Record - **Collection:** Federal Register - **Document type:** Uncategorized Document - **Published:** March 3, 1994 ## Text SECURITIES AND EXCHANGE COMMISSION [Release No. 34-33669; File No. SR-MSTC-93-13] Self-Regulatory Organization; Midwest Securities Trust Company; Notice of Filing of Proposed Rule Change To Rescind Signature Distribution and Signature Guarantee Programs February 23, 1994. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ notice is hereby given that on December 15, 1993, the Midwest Securities Trust Company (``MSTC'') filed with the Securities Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared mainly by MSTC, a self-regulatory organization. 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). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change rescinds MSTC's Signature Distribution and Signature Guarantee Programs which have been rendered obsolete by Securities Exchange Act Rule 17Ad-15.\2\ --------------------------------------------------------------------------- \2\17 CFR 240.17Ad-15 (1993). --------------------------------------------------------------------------- II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, MSTC 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. MSTC 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 On January 6, 1992, the Commission promulgated rule 17Ad-15 which permits transfer agents to reject signature guarantees from eligible guarantor institutions that are not part of a signature guarantee program as defined in Rule 17Ad-15. This new rule render's MSTC's Signature Distribution Program and Signature Guarantee Program obsolete. Therefore, to avoid costs that produce not benefits, MSTC seeks to eliminate its Signature Distribution and Signature Guarantee Programs and to delete MSTC Rule 5, Sections 1 and 2 which govern these programs. (B) Self-Regulatory Organization's Statement on Burden on Competition. MSTC believes that the proposed rule change will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. (C) Self-Regulatory Organization's Statement of Comments on the Proposed Rule Change Received From Members, Participants or Others MSTC has not solicited or received any comments. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within thirty-five days of the date of publication of this notice in the Federal Register or within such longer period: (i) As the Commission may designate up to ninety 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 such 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 submission should file six copies thereof with the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., Washington DC 20549. Copies of the submissions, 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 and at the principal office of the MSTC. All submissions should refer to File No. SR-MSTC-93-13 and should be submitted by March 24, 1994. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\3\ --------------------------------------------------------------------------- \3\17 CFR 200.30-3(a)(12) (1993). --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 94-4867 Filed 3-2-94; 8:45 am] BILLING CODE 8010-01-M --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A94-4867. Public record. Not legal advice.