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]

Download as PDF 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] BILLING CODE 7590–01–P PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 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 E:\FR\FM\04APN1.SGM 04APN1 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. VerDate jul<14>2003 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 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\04APN1.SGM 04APN1

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
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