Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of a Proposed Rule Change Relating to the Collection of Fees for Services Provided by Other Entities, 25630-25631 [E5-2376]

Download as PDF 25630 Federal Register / Vol. 70, No. 92 / Friday, May 13, 2005 / Notices 2. Statutory Basis Electronic Comments The Exchange believes that the proposed rule change, as amended, is consistent with section 6(b) of the Act,4 in general, and furthers the objectives of section 6(b)(5) of the Act,5 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest; and is designed to prohibit unfair discrimination between customers, issuers, brokers and dealers. • 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–Amex–2005–033 on the subject line. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change, as amended, will 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 No written comments were solicited or received by the Exchange on this proposal, as amended. 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 the Exchange 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, as amended, is consistent with the Act. Comments may be submitted by any of the following methods: Paper Comments SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51675; File No. SR–DTC– 2005–03] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of a Proposed Rule Change Relating to the Collection of Fees for Services Provided by Other Entities • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549–0609. May 9, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.6 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–2380 Filed 5–12–05; 8:45 am] DTC is a subsidiary of DTCC. Participants of DTC and their affiliates may from time to time utilize the services of DTCC subsidiaries that are not registered as clearing agencies with the Commission. Such subsidiaries include Global Asset Solutions LLC and DTCC Deriv/Serv LLC. In addition, Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on April 26, 2005, The Depository Trust Company (‘‘DTC’’) filed with the Securities and Exchange Commission All submissions should refer to File (‘‘Commission’’) the proposed rule Number SR–Amex–2005–033. This file change as described in Items I, II, and number should be included on the subject line if e-mail is used. To help the III below, which items have been prepared primarily by DTC. The Commission process and review your Commission is publishing this notice to comments more efficiently, please use solicit comments on the proposed rule only one method. The Commission will change from interested persons. post all comments on the Commission’s I. Self-Regulatory Organization’s Internet Web site (https://www.sec.gov/ Statement of the Terms of Substance of rules/sro.shtml). Copies of the the Proposed Rule Change submission, all subsequent amendments, all written statements The proposed rule change would with respect to the proposed rule amend DTC’s rules to allow DTC to change that are filed with the collect fees for services provided by Commission, and all written unregulated subsidiaries of The Depository Trust and Clearing communications relating to the Corporation (‘‘DTCC’’) and by other proposed rule change between the Commission and any person, other than entities. 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, Section, 450 Fifth Street, NW., DTC included statements concerning Washington, DC 20549. Copies of such the purpose of and basis for the filing also will be available for proposed rule change and discussed any inspection and copying at the principal comments it received on the proposed office of the Amex. All comments rule change. The text of these statements received will be posted without change; may be examined at the places specified the Commission does not edit personal in Item IV below. DTC has prepared identifying information from summaries, set forth in sections (A), (B), submissions. You should submit only and (C) below, of the most significant information that you wish to make aspects of such statements.2 available publicly. All submissions (A) Self-Regulatory Organization’s should refer to File Number SR–Amex– Statement of the Purpose of, and 2005–033 and should be submitted on Statutory Basis for, the Proposed Rule or before June 6, 2005. Change BILLING CODE 8010–01–P 1 15 4 15 U.S.C. 78f(b). 5 15 U.S.C. 78f(b)(5). VerDate jul<14>2003 15:59 May 12, 2005 U.S.C. 78s(b)(1). Commission has modified parts of these statements. 2 The 6 17 Jkt 205001 PO 00000 CFR 200.30–3(a)(12). Frm 00110 Fmt 4703 Sfmt 4703 E:\FR\FM\13MYN1.SGM 13MYN1 Federal Register / Vol. 70, No. 92 / Friday, May 13, 2005 / Notices participants of DTC and their affiliates may utilize the services of other third parties. DTC has determined that it would be more efficient and less costly if the fees that members agree to pay for such services were collected by DTC rather than through independent billing mechanisms that would otherwise have to be established by each subsidiary of DTCC and third party that is not a registered clearing agency. DTC’s rules currently allow for fee collection arrangements with respect to collection of fees from participants. The proposed rule change would further clarify this practice and facilitate collection of fees with respect to affiliates of participants. DTC will enter into appropriate agreements with such subsidiaries and others regarding the collection of fees. DTC believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder because DTC will implement this service in a manner whereby DTC will be able to assure the safeguarding of securities and funds which are in its custody or control or for which it is responsible. (B) Self-Regulatory Organization’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) 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 been solicited or received. 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 the 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, VerDate jul<14>2003 15:59 May 12, 2005 Jkt 205001 including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments 25631 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51666; File No. SR–ISE– 2003–07] • 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–DTC–2005–03 on the subject line. Self-Regulatory Organizations; International Securities Exchange, Inc.; Order Approving Proposed Rule Change and Amendment No. 1 Thereto and Order Granting Accelerated Approval of Amendment Nos. 2, 3, 4, and 5 Thereto Relating to the Pricing of Block and Facilitation Trades Paper Comments May 9, 2005. • 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–DTC–2005–03. 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 filing also will be available for inspection and copying at the principal office of DTC and on DTC’s Web site at https://www.dtc.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–DTC– 2005–03 and should be submitted on or before June 3, 2005. For the Commission by the Division of Market Regulation, pursuant to delegated authority.3 I. Introduction On February 25, 2003, the International Securities Exchange, Inc. (‘‘ISE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to provide for the entry and execution of block and facilitation trades at the midpoint between the standard trading increments. On December 18, 2003, the ISE amended the proposed rule change. The proposed rule change, as amended by Amendment No. 1, was published for comment in the Federal Register on January 20, 2004.3 The Commission received two comment letters in response to the proposed rule change, which were submitted by the Boston Stock Exchange and its wholly-owned subsidiary, Boston Options Exchange Regulation (collectively, ‘‘BSE’’),4 and the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’).5 The ISE submitted a letter in response to the BSE Letter on March 4, 2004.6 Also, on March 4, 2004, the ISE filed Amendment No. 2 to the proposed rule change.7 On March 24, 2004, the Jill M. Peterson, Assistant Secretary. [FR Doc. E5–2376 Filed 5–12–05; 8:45 am] BILLING CODE 8010–01–P 3 17 PO 00000 CFR 200.30–3(a)(12). Frm 00111 Fmt 4703 Sfmt 4703 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 49056 (January 12, 2004), 69 FR 2798. 4 See Letter from Glenn Verdi, Chief Regulatory Officer, Boston Options Exchange Regulation, to Jonathan G. Katz, Secretary, Commission, dated February 26, 2004 (‘‘BSE Letter’’). 5 See E-mail from Steve Youhn, CBOE, to Elizabeth King, Associate Director, Division of Market Regulation (‘‘Division’’), Commission, and Ira Brandriss, Assistant Director, Division, Commission, dated April 26, 2005 (‘‘CBOE Letter’’). 6 See Letter from Michael J. Simon, Senior Vice President and General Counsel, ISE, to Jonathan G. Katz, Secretary, Commission, dated March 4, 2004. 7 In Amendment No. 2, the ISE revised the text of the proposed rule change to remove language relating to the ISE’s Solicited Order Mechanism. This language, however, was reinserted in Amendment No. 4 because the Commission had approved the ISE’s Solicited Order Mechanism. See Securities Exchange Act Release No. 49943 (June 30, 2004), 69 FR 41317 (July 8, 2004) (SR–ISE– 2001–22). 2 17 E:\FR\FM\13MYN1.SGM 13MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 70, Number 92 (Friday, May 13, 2005)]
[Notices]
[Pages 25630-25631]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2376]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51675; File No. SR-DTC-2005-03]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing of a Proposed Rule Change Relating to the Collection 
of Fees for Services Provided by Other Entities

May 9, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on April 26, 2005, 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. 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change would amend DTC's rules to allow DTC to 
collect fees for services provided by unregulated subsidiaries of The 
Depository Trust and Clearing Corporation (``DTCC'') and by other 
entities.

II. Self-Regulatory Organization'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.\2\
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    \2\ The Commission has modified parts of these statements.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    DTC is a subsidiary of DTCC. Participants of DTC and their 
affiliates may from time to time utilize the services of DTCC 
subsidiaries that are not registered as clearing agencies with the 
Commission. Such subsidiaries include Global Asset Solutions LLC and 
DTCC Deriv/Serv LLC. In addition,

[[Page 25631]]

participants of DTC and their affiliates may utilize the services of 
other third parties. DTC has determined that it would be more efficient 
and less costly if the fees that members agree to pay for such services 
were collected by DTC rather than through independent billing 
mechanisms that would otherwise have to be established by each 
subsidiary of DTCC and third party that is not a registered clearing 
agency.
    DTC's rules currently allow for fee collection arrangements with 
respect to collection of fees from participants. The proposed rule 
change would further clarify this practice and facilitate collection of 
fees with respect to affiliates of participants. DTC will enter into 
appropriate agreements with such subsidiaries and others regarding the 
collection of fees.
    DTC believes that the proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
because DTC will implement this service in a manner whereby DTC will be 
able to assure the safeguarding of securities and funds which are in 
its custody or control or for which it is responsible.

(B) Self-Regulatory Organization'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) 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 been 
solicited or received.

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 the 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-DTC-2005-03 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-DTC-2005-03. 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 filing also will be available 
for inspection and copying at the principal office of DTC and on DTC's 
Web site at https://www.dtc.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-DTC-2005-03 and should be submitted on or before June 3, 
2005. For the Commission by the Division of Market Regulation, pursuant 
to delegated authority.\3\
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    \3\ 17 CFR 200.30-3(a)(12).

Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-2376 Filed 5-12-05; 8:45 am]
BILLING CODE 8010-01-P

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