Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change To Establish a Firm Deadline by Which Members of the Government Securities Division Must Satisfy Clearing Fund Deficiencies, 20781-20782 [E5-1877]
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Federal Register / Vol. 70, No. 76 / Thursday, April 21, 2005 / Notices
Electronic Comments
of system malfunctions, a Participant is
disconnected from the Linkage but has
not declared a non-firm condition and
has not informed other markets that it
may have quote problems. Under those
situations, access to such market is
limited, and the Exchange believes it is
appropriate to exclude such market’s
quotes in CBOE’s NBBO calculation.
• 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–CBOE–2005–21 on the
subject line.
2. Statutory Basis
Paper Comments
The Exchange believes the proposed
rule change is consistent with section
6(b) of the Act 5 in general and furthers
the objectives of section 6(b)(5) 6 in
particular in that it should promote just
and equitable principles of trade, serve
to remove impediments to and perfect
the mechanism of a free and open
market and a national market system,
and protect investors and the public
interest.
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC
20549–0609.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The CBOE believes that the proposed
rule change does 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 on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 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
90 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 CBOE 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:
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51550; File No. SR–FICC–
2005–07]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing of Proposed Rule Change To
Establish a Firm Deadline by Which
Members of the Government Securities
Division Must Satisfy Clearing Fund
Deficiencies
April 15, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
March 18, 2005, the Fixed Income
All submissions should refer to File
Clearing Corporation (‘‘FICC’’) filed
Number SR–CBOE–2005–21. This file
with the Securities and Exchange
number should be included on the
subject line if e-mail is used. To help the Commission (‘‘Commission’’) the
proposed rule change described in items
Commission process and review your
I, II, and III below, which items have
comments more efficiently, please use
been prepared primarily by FICC. The
only one method. The Commission will
Commission is publishing this notice to
post all comments on the Commission’s solicit comments on the proposed rule
Internet Web site (https://www.sec.gov/
change from interested parties.
rules/sro.shtml). Copies of the
I. Self-Regulatory Organization’s
submission, all subsequent
Statement of the Terms of Substance of
amendments, all written statements
the Proposed Rule Change
with respect to the proposed rule
change that are filed with the
The purpose of this proposed rule
Commission, and all written
change is to establish a firm deadline by
which members of FICC’s Government
communications relating to the
Securities Division (‘‘GSD’’) must satisfy
proposed rule change between the
Commission and any person, other than clearing fund deficiencies.
those that may be withheld from the
II. Self-Regulatory Organization’s
public in accordance with the
Statement of the Purpose of, and
provisions of 5 U.S.C. 552, will be
Statutory Basis for, the Proposed Rule
available for inspection and copying in
Change
the Commission’s Public Reference
In its filing with the Commission,
Room. Copies of such filing also will be
FICC included statements concerning
available for inspection and copying at
the purpose of and basis for the
the principal office of CBOE. All
proposed rule change and discussed any
comments received will be posted
comments it received on the proposed
without change; the Commission does
rule change. The text of these statements
not edit personal identifying
may be examined at the places specified
information from submissions. You
in item IV below. FICC has prepared
should submit only information that
summaries, set forth in sections (A), (B),
you wish to make publicly available. All and (C) below, of the most significant
submissions should refer to File
aspects of these statements.2
Number SR–CBOE–2005–21 and should
be submitted on or before May 21, 2005. (A) Self-Regulatory Organization’s
Statement of the Purpose of, and
For the Commission, by the Division of
Statutory Basis for, the Proposed Rule
Market Regulation, pursuant to delegated
Change
authority.7
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1878 Filed 4–20–05; 8:45 am]
BILLING CODE 8010–01–P
The purpose of the proposed rule
change is to establish a firm deadline by
which members of GSD must meet
clearing fund deficiencies. Currently,
GSD’s rules provide a deadline for a
member’s satisfaction of a clearing fund
deficiency of two hours after GSD has
issued a notice of deficiency to that
1 15
5 15
U.S.C. 78(b).
6 15 U.S.C. 78(b)(5).
VerDate jul<14>2003
14:55 Apr 20, 2005
U.S.C. 78s(b)(1).
Commission has modified the text of the
summaries prepared by FICC.
2 The
7 17
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PO 00000
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Federal Register / Vol. 70, No. 76 / Thursday, April 21, 2005 / Notices
member. Under current practice, GSD
issues its clearing fund deficiency
notices by telephone calls typically at
8:30 a.m. eastern time, and by a
facsimile containing (i) a cover letter
summarizing the deficiency status and
(ii) a detailed report reflecting the firm’s
current clearing fund requirement and
collateral on deposit. Therefore,
deficiency calls typically must be
satisfied by approximately 10:30 a.m.
eastern time.
Notwithstanding GSD’s issuance of
clearing fund calls, each member has
the ability to access a report each day
detailing its clearing fund balances and
any deficiency thereof generally by
12:30 a.m. eastern time.
To further ensure the timely
satisfaction of clearing fund deficiency
calls and taking into account members’
ready access to clearing fund deficiency
information, the proposed rule change
would establish a firm deadline of 10:30
a.m. eastern time for such satisfaction
and eliminate current provisions which
correlate the timing of the deadline to
the issuance of the notice by FICC.3 As
a result, it would be incumbent upon
members to access directly the
appropriate report detailing their
clearing fund deposit requirements so
they might satisfy any deficiencies.
FICC believes the proposed rule
change is consistent with the
requirements of section 17A of the Act 4
and the rules and regulations
thereunder applicable to FICC because it
promotes timely satisfaction of clearing
fund deficiency calls and reduces the
amount of risk to FICC and its members.
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
the Commission of any written
comments received by FICC.
3 Under the proposed rule, FICC may extend this
deadline if operational or systems difficulties arise
that reasonably prevent members from satisfying
the 10:30 a.m. eastern time deadline.
4 15 U.S.C. 78q–1.
VerDate jul<14>2003
14:55 Apr 20, 2005
Jkt 205001
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.
inspection and copying at the principal
office of FICC and on FICC’s Web site
at 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–
2005–07 and should be submitted on or
before May 12, 2005.
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:
BILLING CODE 8010–01–P
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–2005–07 on the
subject line.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.5
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1877 Filed 4–20–05; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51561; File No. SR–MSRB–
2005–04]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Proposed
Rule Change Relating to Solicitation of
Municipal Securities Business Under
MSRB Rule G–38
April 15, 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 Municipal Securities
to Jonathan G. Katz, Secretary,
Rulemaking Board (‘‘MSRB’’ or
Securities and Exchange Commission,
‘‘Board’’) filed with the Securities and
450 Fifth Street, NW., Washington, DC
Exchange Commission (‘‘SEC’’ or
20549–0609.
‘‘Commission’’) the proposed rule
All submissions should refer to File
change as described in items I, II and III
Number SR–FICC–2005–07. This file
below, which Items have been prepared
number should be included on the
by the MSRB. The Commission is
subject line if e-mail is used. To help the
publishing this notice to solicit
Commission process and review your
comments on the proposed rule change
comments more efficiently, please use
from interested persons.
only one method. The Commission will
post all comments on the Commission’s I. Self-Regulatory Organization’s
Statement of The Terms of Substance of
Internet Web site (https://www.sec.gov/
the Proposed Rule Change
rules/sro.shtml). Copies of the
submission, all subsequent
The MSRB has filed with the
amendments, all written statements
Commission a proposed rule change
with respect to the proposed rule
deleting existing Rule G–38, on
change that are filed with the
consultants, and replacing it with new
Commission, and all written
Rule G–38, on solicitation of municipal
communications relating to the
securities business. In addition, the
proposed rule change between the
proposed rule change would make
Commission and any person, other than related amendments to Rule G–37, on
those that may be withheld from the
political contributions and prohibitions
public in accordance with the
on municipal securities business, Rule
provisions of 5 U.S.C. 552, will be
G–8, on recordkeeping, Form G–37/G–
available for inspection and copying in
38 and Form G–37x, as well as add new
the Commission’s Public Reference
Section, 450 Fifth Street, NW.,
5 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
Washington, DC 20549. Copies of such
2 17 CFR 240.19b–4.
filings also will be available for
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]]>Agencies
[Federal Register Volume 70, Number 76 (Thursday, April 21, 2005)]
[Notices]
[Pages 20781-20782]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1877]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51550; File No. SR-FICC-2005-07]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing of Proposed Rule Change To Establish a Firm Deadline
by Which Members of the Government Securities Division Must Satisfy
Clearing Fund Deficiencies
April 15, 2005.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on March 18, 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 establish a firm
deadline by which members of FICC's Government Securities Division
(``GSD'') must satisfy clearing fund deficiencies.
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 establish a firm
deadline by which members of GSD must meet clearing fund deficiencies.
Currently, GSD's rules provide a deadline for a member's satisfaction
of a clearing fund deficiency of two hours after GSD has issued a
notice of deficiency to that
[[Page 20782]]
member. Under current practice, GSD issues its clearing fund deficiency
notices by telephone calls typically at 8:30 a.m. eastern time, and by
a facsimile containing (i) a cover letter summarizing the deficiency
status and (ii) a detailed report reflecting the firm's current
clearing fund requirement and collateral on deposit. Therefore,
deficiency calls typically must be satisfied by approximately 10:30
a.m. eastern time.
Notwithstanding GSD's issuance of clearing fund calls, each member
has the ability to access a report each day detailing its clearing fund
balances and any deficiency thereof generally by 12:30 a.m. eastern
time.
To further ensure the timely satisfaction of clearing fund
deficiency calls and taking into account members' ready access to
clearing fund deficiency information, the proposed rule change would
establish a firm deadline of 10:30 a.m. eastern time for such
satisfaction and eliminate current provisions which correlate the
timing of the deadline to the issuance of the notice by FICC.\3\ As a
result, it would be incumbent upon members to access directly the
appropriate report detailing their clearing fund deposit requirements
so they might satisfy any deficiencies.
---------------------------------------------------------------------------
\3\ Under the proposed rule, FICC may extend this deadline if
operational or systems difficulties arise that reasonably prevent
members from satisfying the 10:30 a.m. eastern time deadline.
---------------------------------------------------------------------------
FICC believes the proposed rule change is consistent with the
requirements of section 17A of the Act \4\ and the rules and
regulations thereunder applicable to FICC because it promotes timely
satisfaction of clearing fund deficiency calls and reduces the amount
of risk to FICC and its members. 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.
---------------------------------------------------------------------------
\4\ 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-2005-07 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-2005-07. 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 at 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-2005-07 and should be submitted on
or before May 12, 2005.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\5\
---------------------------------------------------------------------------
\5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1877 Filed 4-20-05; 8:45 am]
BILLING CODE 8010-01-P
