Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change To Change the Minimum Margin Deficiency Call Amount for Participants in Its Mortgage-Backed Securities Division, 17133-17134 [E5-1476]
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Federal Register / Vol. 70, No. 63 / Monday, April 4, 2005 / Notices
service area. Furthermore, the EPU does
not involve environmental impacts that
are significantly different from those
presented in the 1981 FES for Waterford
3.
Alternative Use of Resources
BILLING CODE 7590–01–P
This action does not involve the use
of any resources not previously
considered in the 1981 FES for
Waterford 3.
Agencies and Persons Consulted
In accordance with its stated policy,
on December 21, 2004, the NRC staff
consulted with the Louisiana State
official, Ms. Nan Calhoun of the LDEQ,
regarding the environmental impact of
the proposed action. The State official
had no comments.
Finding of No Significant Impact
On the basis of the environmental
assessment, the NRC concludes that the
proposed action will not have a
significant effect on the quality of the
human environment. Accordingly, the
NRC has determined not to prepare an
environmental impact statement for the
proposed action.
For further details with respect to the
proposed action, see the following: (1)
The FES, dated September 1981
(NUREG–0779), (2) the EPU application
dated November 13, 2003 (ADAMS
Accession No. ML040260317), and (3)
the April 15, 2004 (ML041110527),
response to the request for additional
information dated March 6, 2004.
Documents may be examined and/or
copied for a fee at the NRC’s Public
Document Room, at One White Flint
North, 11555 Rockville Pike (first floor),
Rockville, Maryland. Publicly available
records will be accessible electronically
from the Agencywide Document Access
and Management System (ADAMS)
Public Electronic Reading Room on the
NRC Web site, https://www.nrc.gov/
reading-rm/adams.html. Persons who
do not have access to ADAMS or who
encounter problems in accessing the
documents located in ADAMS should
contact the NRC Public Document Room
Reference staff by telephone at 1–800–
397–4209, or 301–415–4737, or by email at pdr@nrc.gov.
N.
Kalyanam, Office of Nuclear Reactor
Regulation, Mail Stop O–7D1, U.S.
Nuclear Regulatory Commission,
Washington, DC 20555–0001, by
telephone at (301) 415–1480, or by email at nxk@nrc.gov.
FOR FURTHER INFORMATION CONTACT:
Dated in Rockville, Maryland, this 28th
day of March, 2005.
VerDate jul<14>2003
15:19 Apr 01, 2005
Jkt 205001
For the Nuclear Regulatory Commission.
Michael K. Webb,
Acting Chief, Section 1, Project Directorate
IV, Division of Licensing Project Management,
Office of Nuclear Reactor Regulation.
[FR Doc. E5–1478 Filed 4–1–05; 8:45 am]
NUCLEAR REGULATORY
COMMISSION
Advisory Committee on Nuclear Waste
Meeting on Planning and Procedures;
Notice of Meeting
The Advisory Committee on Nuclear
Waste (ACNW) will hold a Planning and
Procedures meeting on April 18, 2005,
Room T–2B3, 11545 Rockville Pike,
Rockville, Maryland. The entire meeting
will be open to public attendance, with
the exception of a portion that may be
closed pursuant to 5 U.S.C. 552b(c)(2)
and (6) to discuss organizational and
personnel matters that relate solely to
internal personnel rules and practices of
ACNW, and information the release of
which would constitute a clearly
unwarranted invasion of personal
privacy.
The agenda for the subject meeting
shall be as follows:
Monday, April 18, 2005—8:30 a.m.–
10:30 a.m.
The Committee will discuss proposed
ACNW activities and related matters.
The purpose of this meeting is to gather
information, analyze relevant issues and
facts, and formulate proposed positions
and actions, as appropriate, for
deliberation by the full Committee.
Members of the public desiring to
provide oral statements and/or written
comments should notify the Designated
Federal Official, Mr. Richard K. Major
(Telephone: 301/415–7366) between 8
a.m. and 5:15 p.m. (e.t.) five days prior
to the meeting, if possible, so that
appropriate arrangements can be made.
Electronic recordings will be permitted
only during those portions of the
meeting that are open to the public.
Further information regarding this
meeting can be obtained by contacting
the Designated Federal Official between
8:30 a.m. and 5:15 p.m. (e.t.). Persons
planning to attend this meeting are
urged to contact the above named
individual at least two working days
prior to the meeting to be advised of any
potential changes in the agenda.
March 29, 2005.
Michael L. Scott,
Branch Chief, ACRS/ACNW.
[FR Doc. E5–1477 Filed 4–1–05; 8:45 am]
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17133
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51441; File No. SR–FICC–
2005–06]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing of Proposed Rule Change To
Change the Minimum Margin
Deficiency Call Amount for
Participants in Its Mortgage-Backed
Securities Division
March 28, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
March 11, 2005, the Fixed Income
Clearing Corporation (‘‘FICC’’) 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 FICC. 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 purpose of this proposed rule
change is to change the minimum
margin deficiency call amount for
participants in the Mortgage-Backed
Securities Division (‘‘MBSD’’) of FICC.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FICC 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. FICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.2
(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 change the minimum
margin deficiency call amount for
MBSD participants to the lesser of
$250,000 or 25 percent of the value of
a participant’s margin deposit.
Currently, the MBSD’s procedures
establish a minimum margin deficiency
1 15
U.S.C. 78s(b)(1).
Commission has modified the text of the
summaries prepared by FICC.
2 The
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17134
Federal Register / Vol. 70, No. 63 / Monday, April 4, 2005 / Notices
call amount of $1,000. Upon review,
FICC has determined that the minimum
margin deficiency call amount creates
unnecessary operational burdens and
allocation of resources for a collection of
margin calls that FICC believes is
insubstantial from a risk perspective. On
average, the MBSD makes 17 margin
calls per day of which approximately
five are for amounts under $250,000.
FICC seeks to harmonize the rules of
its two divisions, the Government
Securities Division (‘‘GSD’’) and
Mortgage-Backed Securities Division
(‘‘MSBD’’), wherever prudent and
possible. The rules of the GSD provide
for a minimum Clearing Fund
deficiency call amount for margin
requirement increases of the lesser of
$250,000 or 25 percent of the value of
the member’s collateral deposits.3
Under the proposed rule, the minimum
margin deficiency call amount for
MBSD participants would be the lesser
of $250,000 or 25 percent of the value
of a participant’s margin deposit. FICC
believes this would eliminate the
operational burdens associated with the
collection of de minimis margin
amounts and would harmonize the rules
of FICC’s two divisions.4
FICC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act 5
and the rules and regulations
thereunder applicable to FICC because it
allows for a less burdensome
application of its margin call process
without presenting material risk to FICC
or its participants. As such, FICC
believes the proposed rule assures the
safeguarding of securities and funds that
are in the custody and control of FICC
or for which it is responsible.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
FICC 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. FICC will notify
3 There is no minimum amount for deficiency
calls where the subject member is subject to
enhanced monitoring on what is known as the
‘‘watch list.’’
4 As proposed and consistent with the applicable
GSD rule, a minimum amount would not apply to
deficiency calls where the subject participant is on
the ‘‘watch list.’’
5 15 U.S.C. 78q–1.
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15:19 Apr 01, 2005
Jkt 205001
the Commission of any written
comments received by FICC.
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,
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 rulecomments@sec.gov. Please include File
Number SR–FICC–2005–06 on the
subject line.
Section, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such
filings also will be available for
inspection and copying at the principal
office of FICC and on FICC’s Web site,
https://www.ficc.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–FICC–
2005–06 and should be submitted on or
before April 25, 2005.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.6
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1476 Filed 4–1–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51434; File No. SR–NASD–
2005–033]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing of
Proposed Rule Change Relating to
Taping Rule ‘‘Opt Out’’ and Exemption
Provisions
March 24, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Paper Comments
notice is hereby given that on March 22,
• Send paper comments in triplicate
2005, the National Association of
to Jonathan G. Katz, Secretary,
Securities Dealers, Inc. (‘‘NASD’’) filed
Securities and Exchange Commission,
with the Securities and Exchange
450 Fifth Street, NW., Washington, DC
Commission (‘‘Commission’’) the
20549–0609.
proposed rule change as described in
All submissions should refer to File
Items I, II, and III below, which Items
Number SR–FICC–2005–06. This file
have been prepared by NASD. The
number should be included on the
Commission is publishing this notice to
subject line if e-mail is used. To help the
solicit comments on the proposed rule
Commission process and review your
change from interested persons.
comments more efficiently, please use
only one method. The Commission will I. Self-Regulatory Organization’s
post all comments on the Commission’s Statement of the Terms of Substance of
the Proposed Rule Change
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
NASD is filing a proposed rule change
submission, all subsequent
to amend paragraph (L) of NASD Rule
amendments, all written statements
3010(b)(2) (‘‘Taping Rule’’ or ‘‘Rule’’) to
with respect to the proposed rule
(1) require member firms that are
change that are filed with the
seeking an exemption from the Rule to
Commission, and all written
submit their exemption requests to
communications relating to the
NASD within 30 days of receiving
proposed rule change between the
notice from NASD or obtaining actual
Commission and any person, other than knowledge that they are subject to the
those that may be withheld from the
provisions of the Rule and (2) clarify
public in accordance with the
provisions of 5 U.S.C. 552, will be
6 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
available for inspection and copying in
2 17 CFR 240.19b–4.
the Commission’s Public Reference
PO 00000
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Agencies
[Federal Register Volume 70, Number 63 (Monday, April 4, 2005)]
[Notices]
[Pages 17133-17134]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1476]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51441; File No. SR-FICC-2005-06]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing of Proposed Rule Change To Change the Minimum Margin
Deficiency Call Amount for Participants in Its Mortgage-Backed
Securities Division
March 28, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on March 11, 2005, the Fixed
Income Clearing Corporation (``FICC'') 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 FICC. 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of this proposed rule change is to change the minimum
margin deficiency call amount for participants in the Mortgage-Backed
Securities Division (``MBSD'') of FICC.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, FICC 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. FICC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\2\
---------------------------------------------------------------------------
\2\ The Commission has modified the text of the summaries
prepared by FICC.
---------------------------------------------------------------------------
(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 change the minimum
margin deficiency call amount for MBSD participants to the lesser of
$250,000 or 25 percent of the value of a participant's margin deposit.
Currently, the MBSD's procedures establish a minimum margin deficiency
[[Page 17134]]
call amount of $1,000. Upon review, FICC has determined that the
minimum margin deficiency call amount creates unnecessary operational
burdens and allocation of resources for a collection of margin calls
that FICC believes is insubstantial from a risk perspective. On
average, the MBSD makes 17 margin calls per day of which approximately
five are for amounts under $250,000.
FICC seeks to harmonize the rules of its two divisions, the
Government Securities Division (``GSD'') and Mortgage-Backed Securities
Division (``MSBD''), wherever prudent and possible. The rules of the
GSD provide for a minimum Clearing Fund deficiency call amount for
margin requirement increases of the lesser of $250,000 or 25 percent of
the value of the member's collateral deposits.\3\ Under the proposed
rule, the minimum margin deficiency call amount for MBSD participants
would be the lesser of $250,000 or 25 percent of the value of a
participant's margin deposit. FICC believes this would eliminate the
operational burdens associated with the collection of de minimis margin
amounts and would harmonize the rules of FICC's two divisions.\4\
---------------------------------------------------------------------------
\3\ There is no minimum amount for deficiency calls where the
subject member is subject to enhanced monitoring on what is known as
the ``watch list.''
\4\ As proposed and consistent with the applicable GSD rule, a
minimum amount would not apply to deficiency calls where the subject
participant is on the ``watch list.''
---------------------------------------------------------------------------
FICC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \5\ and the rules and
regulations thereunder applicable to FICC because it allows for a less
burdensome application of its margin call process without presenting
material risk to FICC or its participants. As such, FICC believes the
proposed rule assures the safeguarding of securities and funds that are
in the custody and control of FICC or for which it is responsible.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement on Burden on Competition
FICC 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. FICC will notify the Commission of any
written comments received by FICC.
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, 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-FICC-2005-06 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-FICC-2005-06. 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, 450 Fifth
Street, NW., Washington, DC 20549. Copies of such filings also will be
available for inspection and copying at the principal office of FICC
and on FICC's Web site, https://www.ficc.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-FICC-2005-06 and should be submitted on
or before April 25, 2005.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1476 Filed 4-1-05; 8:45 am]
BILLING CODE 8010-01-P