Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Settlement Service Guide To Allow Participants To Elect To Receive Certain New Transactional and Settlement Balance Files and Effect a Related Amendment to the DTC Fee Schedule, 43498-43499 [2015-17897]

Download as PDF 43498 Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The rule amendment and NTM will become operative on July 20, 2015. At any time within 60 days of the date of effectiveness of the proposed rule change, the Commission, after consultation with the CFTC, may summarily abrogate the proposed rule change and require that the proposed rule change be refiled in accordance with the provisions of Section 19(b)(1) of the Act.7 IV. Solicitation of Comments Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– OC–2015–02 on the subject line. tkelley on DSK3SPTVN1PROD with NOTICES Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–OC–2015–02. This file number should be included on the subject line if email 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 Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal U.S.C. 78s(b)(1). VerDate Sep<11>2014 19:59 Jul 21, 2015 Jkt 235001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–17896 Filed 7–21–15; 8:45 am] 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: 7 15 offices of the Exchange. 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–OC– 2015–02, and should be submitted on or before August 12, 2015. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75463; File No. SR–DTC– 2015–008] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Settlement Service Guide To Allow Participants To Elect To Receive Certain New Transactional and Settlement Balance Files and Effect a Related Amendment to the DTC Fee Schedule July 16, 2015. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) and Rule 19b–4 2 thereunder, notice is hereby given that on July 1, 2015, 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 primarily by DTC. DTC filed the proposed rule change pursuant to Section 19(b)(3)(A) 3 of the Act, and Rule 19b–4(f)(2) 4 and (f)(4)(i) 5 thereunder. The proposed rule change was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change 6 would: (i) Amend the Guide so that each CFR 200.30–3(a)(73). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(2). 5 17 CFR 240.19b–4(f)(4)(i). 6 Each term not otherwise defined herein has its respective meaning as set forth in the DTC Rules PO 00000 8 17 1 15 Frm 00113 Fmt 4703 Sfmt 4703 Participant would be able to elect to receive either one or both of two new files containing its: (A) transactional information (‘‘Transactional Information’’) 7 in one file (‘‘Transactional Information File’’), and (B) settlement balance information (‘‘Settlement Balance Information’’) 8 in the other file (‘‘Settlement Balance Information File’’) (each a ‘‘File’’, and collectively, ‘‘Files’’), and (ii) amend the DTC Fee Schedule (‘‘Fee Schedule’’) to add Participant fees relating to the Files, as more fully described below. II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In 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. (A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule filing is to amend: (i) The Guide so that Participants would be able to elect to receive one or both of the Files and (ii) the Fee Schedule to add Participant fees relating to the Files, as set forth below. Background Transactional Information and Settlement Balance Information are available to Participants in real-time via DTC’s Settlement User Interface (‘‘Interface’’).9 Participants that wish to access Transactional Information and Settlement Balance Information outside of the Interface may incur expense in (the ‘‘Rules’’), available at https://www.dtcc.com/ legal/rules-and-procedures.aspx, and the DTC Settlement Service Guide (‘‘Guide’’), available at https://www.dtcc.com/∼/media/Files/Downloads/ legal/service-guides/Settlement.pdf. 7 Transactional Information for this purpose is defined as information relating to the Participant’s daily settlement transaction activity, as provided by DTC from time to time. 8 Settlement Balance Information for this purpose is defined as the Participant’s Net Debit Balance or Net Credit Balance, as applicable (‘‘DTC Net Settlement Balance’’). Where a Participant is a common member of DTC and National Securities Clearing Corporation (‘‘NSCC’’), Settlement Balance Information would include the net of the Participant’s DTC Net Settlement Balance and its NSCC net settlement balance (i.e., the net amount of its gross settlement debits and credits at NSCC). 9 The Interface allows for Participant input and inquiry into the DTC Settlement System. E:\FR\FM\22JYN1.SGM 22JYN1 Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices order to extract the information from the Interface and incorporate it into their own file formats.10 Proposal In order to enhance the ability of Participants to efficiently access Transactional Information and Settlement Balance Information on a cost effective basis, the proposed rule change would revise the Guide to allow Participants to elect to receive one or both Files, for a monthly fee per File.11 The Transactional Information File would be provided daily. The Settlement Balance Information File would be provided via a feed on an intraday basis, with final Settlement Balance Information provided at end-ofday. The Fee Guide would be amended to add the following Participant fees for access to the Files: alia, to promote the prompt and accurate clearance and settlement of securities transactions, and (ii) Section 17A(b)(3)(D) 13 of the Act, which requires that the rules of the clearing agency provide for the equitable allocation of reasonable dues, fees, and other charges among its Participants, respectively. (B) Clearing Agency’s Statement on Burden on Competition DTC does not believe that the proposed rule change would have any impact, or impose any burden, on competition. (C) Clearing Agency’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. DTC will notify the Commission of any written comments received by DTC. TRANSACTIONAL INFORMATION AND SETTLEMENT BALANCE INFORMATION FILES III. Date of Effectiveness of the Description Amount ($) Transactional Information File.. Settlement Balance Information File.. 200.00 400.00 Conditions Per month. Per month. Implementation Date The effective date of the proposed rule change would be July 1, 2015. tkelley on DSK3SPTVN1PROD with NOTICES 2. Statutory Basis The proposed rule change is designed to promote the prompt and accurate clearance and settlement of securities transactions by enhancing access to information for Participants. The proposed fees as set forth above would apply equally for Participants that elect to receive Files. Therefore, DTC believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to DTC, in particular: (i) Section 17A(b)(3)(F) 12 of the Act, which requires that the rules of the clearing agency be designed, inter 10 Based on staff in the Division of Trading and Markets’s conversation with DTC’s counsel on July 15, 2015, DTC’s counsel has confirmed that Participants do not currently have to pay any additional fees to DTC to manually extract the data from the Interface, but Participants may need to devote their own resources to manually extract the data from the Interface into a file format. 11 Based on staff in the Division of Trading and Markets’s conversation with DTC’s counsel on July 15, 2015, DTC’s counsel has confirmed that providing Transactional Information and Settlement Balance Information in a file format is a new service. 12 15 U.S.C. 78q–1(b)(3)(F). VerDate Sep<11>2014 19:59 Jul 21, 2015 Jkt 235001 Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) 14 of the Act and paragraph (f) of Rule 19b–4 15 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend 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: All submissions should refer to File Number SR–DTC–2015–008. This file number should be included on the subject line if email 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 Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of DTC and on DTCC’s Web site (https://dtcc.com/legal/sec-rulefilings.aspx). 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–DTC– 2015–008 and should be submitted on or before August 12, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–17897 Filed 7–21–15; 8:45 am] BILLING CODE 8011–01–P Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– DTC–2015–008 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. PO 00000 U.S.C. 78q–1(b)(3)(D). U.S.C. 78s(b)(3)(A). 15 17 CFR 240.19b–4(f). 13 15 14 15 Frm 00114 Fmt 4703 Sfmt 9990 43499 16 17 E:\FR\FM\22JYN1.SGM CFR 200.30–3(a)(12). 22JYN1

Agencies

[Federal Register Volume 80, Number 140 (Wednesday, July 22, 2015)]
[Notices]
[Pages 43498-43499]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-17897]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75463; File No. SR-DTC-2015-008]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the DTC Settlement Service Guide To Allow Participants To Elect 
To Receive Certain New Transactional and Settlement Balance Files and 
Effect a Related Amendment to the DTC Fee Schedule

July 16, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act'') and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on July 1, 2015, 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 primarily by DTC. DTC filed the proposed rule change 
pursuant to Section 19(b)(3)(A) \3\ of the Act, and Rule 19b-4(f)(2) 
\4\ and (f)(4)(i) \5\ thereunder. The proposed rule change was 
effective upon filing with the Commission. 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).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(2).
    \5\ 17 CFR 240.19b-4(f)(4)(i).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change \6\ would: (i) Amend the Guide so that 
each Participant would be able to elect to receive either one or both 
of two new files containing its: (A) transactional information 
(``Transactional Information'') \7\ in one file (``Transactional 
Information File''), and (B) settlement balance information 
(``Settlement Balance Information'') \8\ in the other file 
(``Settlement Balance Information File'') (each a ``File'', and 
collectively, ``Files''), and (ii) amend the DTC Fee Schedule (``Fee 
Schedule'') to add Participant fees relating to the Files, as more 
fully described below.
---------------------------------------------------------------------------

    \6\ Each term not otherwise defined herein has its respective 
meaning as set forth in the DTC Rules (the ``Rules''), available at 
https://www.dtcc.com/legal/rules-and-procedures.aspx, and the DTC 
Settlement Service Guide (``Guide''), available at https://
www.dtcc.com/~/media/Files/Downloads/legal/service-guides/
Settlement.pdf.
    \7\ Transactional Information for this purpose is defined as 
information relating to the Participant's daily settlement 
transaction activity, as provided by DTC from time to time.
    \8\ Settlement Balance Information for this purpose is defined 
as the Participant's Net Debit Balance or Net Credit Balance, as 
applicable (``DTC Net Settlement Balance''). Where a Participant is 
a common member of DTC and National Securities Clearing Corporation 
(``NSCC''), Settlement Balance Information would include the net of 
the Participant's DTC Net Settlement Balance and its NSCC net 
settlement balance (i.e., the net amount of its gross settlement 
debits and credits at NSCC).
---------------------------------------------------------------------------

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In 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.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule filing is to amend: (i) The Guide 
so that Participants would be able to elect to receive one or both of 
the Files and (ii) the Fee Schedule to add Participant fees relating to 
the Files, as set forth below.
Background
    Transactional Information and Settlement Balance Information are 
available to Participants in real-time via DTC's Settlement User 
Interface (``Interface'').\9\ Participants that wish to access 
Transactional Information and Settlement Balance Information outside of 
the Interface may incur expense in

[[Page 43499]]

order to extract the information from the Interface and incorporate it 
into their own file formats.\10\
---------------------------------------------------------------------------

    \9\ The Interface allows for Participant input and inquiry into 
the DTC Settlement System.
    \10\ Based on staff in the Division of Trading and Markets's 
conversation with DTC's counsel on July 15, 2015, DTC's counsel has 
confirmed that Participants do not currently have to pay any 
additional fees to DTC to manually extract the data from the 
Interface, but Participants may need to devote their own resources 
to manually extract the data from the Interface into a file format.
---------------------------------------------------------------------------

Proposal
    In order to enhance the ability of Participants to efficiently 
access Transactional Information and Settlement Balance Information on 
a cost effective basis, the proposed rule change would revise the Guide 
to allow Participants to elect to receive one or both Files, for a 
monthly fee per File.\11\ The Transactional Information File would be 
provided daily. The Settlement Balance Information File would be 
provided via a feed on an intraday basis, with final Settlement Balance 
Information provided at end-of-day.
---------------------------------------------------------------------------

    \11\ Based on staff in the Division of Trading and Markets's 
conversation with DTC's counsel on July 15, 2015, DTC's counsel has 
confirmed that providing Transactional Information and Settlement 
Balance Information in a file format is a new service.
---------------------------------------------------------------------------

    The Fee Guide would be amended to add the following Participant 
fees for access to the Files:

   Transactional Information and Settlement Balance Information Files
------------------------------------------------------------------------
            Description               Amount ($)        Conditions
------------------------------------------------------------------------
Transactional Information File.....       200.00  Per month.
Settlement Balance Information            400.00  Per month.
 File..
------------------------------------------------------------------------

Implementation Date
    The effective date of the proposed rule change would be July 1, 
2015.
2. Statutory Basis
    The proposed rule change is designed to promote the prompt and 
accurate clearance and settlement of securities transactions by 
enhancing access to information for Participants. The proposed fees as 
set forth above would apply equally for Participants that elect to 
receive Files. Therefore, DTC believes that the proposed rule change is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to DTC, in particular: (i) Section 
17A(b)(3)(F) \12\ of the Act, which requires that the rules of the 
clearing agency be designed, inter alia, to promote the prompt and 
accurate clearance and settlement of securities transactions, and (ii) 
Section 17A(b)(3)(D) \13\ of the Act, which requires that the rules of 
the clearing agency provide for the equitable allocation of reasonable 
dues, fees, and other charges among its Participants, respectively.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78q-1(b)(3)(F).
    \13\ 15 U.S.C. 78q-1(b)(3)(D).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    DTC does not believe that the proposed rule change would have any 
impact, or impose any burden, on competition.

(C) Clearing Agency'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. DTC will notify the Commission of any 
written comments received by DTC.

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) \14\ of the Act and paragraph (f) of Rule 19b-4 \15\ 
thereunder. At any time within 60 days of the filing of the proposed 
rule change, the Commission summarily may temporarily suspend 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.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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 email to rule-comments@sec.gov. Please include 
File Number SR-DTC-2015-008 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-DTC-2015-008. This file 
number should be included on the subject line if email 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 Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of DTC and on DTCC's 
Web site (https://dtcc.com/legal/sec-rule-filings.aspx). 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-DTC-2015-008 and should be 
submitted on or before August 12, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-17897 Filed 7-21-15; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.