Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating To Clarifying and Technical Changes to NSCC's Rules Regarding Its Fund/Serv Mutual Fund Processing System, 52199-52201 [E6-14528]
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Federal Register / Vol. 71, No. 170 / Friday, September 1, 2006 / Notices
incorporated by this filing into the
Guide match those currently included
in the agreements thereby affording both
DTC and its participants the same rights
and responsibilities as those afforded by
the agreements.
DTC believes that the proposed rule
change is consistent with the
requirements of the Act, as amended,
and the rules and regulations
thereunder because it incorporates
existing terms of DTC participant
agreements into DTC’s Guide and thus
facilitates the safeguarding of securities
in DTC’s custody or control.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
DTC 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. DTC will notify
the Commission of any written
comments received by DTC.
sroberts on PROD1PC70 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective upon filing pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and Rule
19b–4(f)(4) 10 thereunder because the
proposed rule effects a change in an
existing service of DTC that (i) does not
adversely affect the safeguarding of
securities or funds in the custody or
control of DTC or for which it is
responsible and (ii) does not
significantly affect the respective rights
or obligations of DTC or persons using
the service. At any time within sixty
days of the filing of the proposed rule
change, the Commission may summarily
abrogate 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:
9 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
10 17
VerDate Aug<31>2005
16:21 Aug 31, 2006
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–DTC–2006–09 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–DTC–2006–09. 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, 100 F Street, NE., 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.org.
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–2006–09 and should
be submitted on or before September 22,
2006.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. E6–14552 Filed 8–31–06; 8:45 am]
[Release No. 34–54366; File No. SR–NSCC–
2006–07]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating To Clarifying
and Technical Changes to NSCC’s
Rules Regarding Its Fund/Serv Mutual
Fund Processing System
August 25, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
June 5, 2006, the National Securities
Clearing Corporation (‘‘NSCC’’) 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 NSCC.
NSCC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 2 and Rule 19b–4(f)(4)
thereunder 3 so that the proposal was
effective upon filing with the
Commission. 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 proposed rule change would
make clarifying and technical changes
to NSCC’s Rules principally as they
relate to funds which are eligible for
processing on Fund/Serv, NSCC’s
mutual fund processing system.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NSCC 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. NSCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.4
U.S.C. 78s(b)(1).
U.S.C. 78s(b)(3)(A)(iii).
3 17 CFR 240.19b–4(f)(4).
4 The Commission has modified the text of the
summaries prepared by NSCC.
2 15
11 17
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Federal Register / Vol. 71, No. 170 / Friday, September 1, 2006 / Notices
(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 make clarifying and
technical changes to NSCC’s Rules,
principally as they relate to funds which
are eligible for processing on Fund/Serv,
NSCC’s mutual fund processing system.
Rule 52 of NSCC Rules addresses
NSCC’s mutual fund services. The types
of funds which are eligible for NSCC’s
mutual fund services, including the
processing on Fund/Serv, are referenced
in Section 1 of Rule 52 with
supplemental references in Rules 1 and
3.5
Funds that are eligible for NSCC’s
mutual fund services currently include
investment companies regulated under
the Investment Company Act of 1940, as
amended; 6 bank and insurance funds
such as guaranteed investment
contracts, bank collective investments,
and stable value funds; and certain
offshore funds which are established
under regulatory frameworks similar to
the Investment Company Act (e.g.,
offshore funds established under the
Undertaking for Collective Investment
in Transferable Securities). Some of
these fund types are explicitly
mentioned in NSCC’s Rules (e.g., funds
defined as ‘‘management companies’’
under section 4(3) of the Investment
Company Act and funds regulated
under bank and insurance law). Others
have been added under NSCC’s general
authority regarding the designation of
‘‘Eligible Mutual Funds’’ under Rule 3,
Section 7 (e.g., unit investment trusts
regulated under the Investment
Company Act and certain offshore funds
domiciled outside the United States.)
The proposed changes to NSCC’s
Rules will clarify the types of
investment vehicles that are eligible for
Fund/Serv processing, consolidate the
operative provisions in Rule 3, and
make technical changes to other rule
provisions. The proposed amendment to
Rule 3 establishes the defined term
‘‘Fund/Serv Eligible Fund’’ that
includes any fund or other pooled
investment entity that is eligible for
NSCC’s mutual fund services, including
processing on Fund/Serv,.under Rule 3,
Section 7. (The defined terms ‘‘Eligible
Investment Fund’’ and ‘‘Eligible Mutual
Fund’’ are being deleted.) The term is
analogous to the term ‘‘Cleared
Securities’’ under Rule 3 which is
applicable to securities that are eligible
for NSCC’s clearance services. Rule 3 is
5 Settlement of Fund/Serv transactions is not
guaranteed by NSCC.
6 15 U.S.C. 80a.
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16:21 Aug 31, 2006
Jkt 208001
also amended to include a description
of the current criteria used by NSCC in
determining eligibility for ‘‘Fund/Serv
Eligible Funds’’ and NSCC’s authority to
establish additional criteria for
eligibility from time to time using
language consistent with that used for
‘‘Cleared Securities’’ in Rule 3.
NSCC’s current membership
requirements applicable to Fund
Members admitted under Rule 51 and
Addendum I will continue to apply
without change. The NSCC Fund
Member is the entity that is responsible
for settlement of NSCC transactions on
behalf of the fund.
Additional, unrelated technical
changes are made to several definitions
in Rule 1. First, the definitions of
‘‘TPA’’ (i.e., third-party administrator)
and ‘‘TPA Member’’ are amended to
clarify that a ‘‘TPA Member’’ may act as
an administrator for retirement and
other benefit plans in general and not
just with respect to plans which are
structured as defined contribution plans
under the Internal Revenue Code (i.e.,
defined benefit plans and nonqualified
plans). Second, the definitions of
‘‘Insurance Entity’’ and ‘‘Fund Member’’
are amended to clarify that an
individual cannot qualify, and only
entities organized as a corporation,
partnership, or other legal entity are
covered by the definitions.
NSCC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act 7
and the rules thereunder because
clarifying the types of funds which are
eligible for processing on NSCC’s Fund/
Serv system will further facilitate the
accurate clearance and settlement of
Fund/Serv transactions.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
NSCC does not believe that the
proposed rule change would 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. NSCC will notify
the Commission of any written
comments received by NSCC.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective upon filing pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(4) 9 thereunder because the
proposed rule effects a change in an
existing service of NSCC that (i) does
not adversely affect the safeguarding of
securities or funds in the custody or
control of the clearing agency or for
which it is responsible and (ii) does not
significantly affect the respective rights
or obligations of the clearing agency or
persons using the service. At any time
within sixty days of the filing of such
rule change, the Commission may
summarily abrogate 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:
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–NSCC–2006–07 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NSCC–2006–07. 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
8 15
7 15
PO 00000
U.S.C. 78q–1.
Frm 00149
Fmt 4703
9 17
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U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
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Federal Register / Vol. 71, No. 170 / Friday, September 1, 2006 / Notices
the Commission’s Public Reference
Section, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at the principal office of NSCC and on
NSCC’s Web site at https://
www.nscc.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–NSCC–
2006–07 and should be submitted on or
before September 22, 2006.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E6–14528 Filed 8–31–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54362; File No. SR–NYSE–
2006–07]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Granting Approval of Proposed Rule
Change and Amendment No. 1 Thereto
and Notice of Filing and Order
Granting Accelerated Approval to
Amendment No. 2 Thereto To Amend
Exchange Rule 104 Regarding the
Requirement That Specialists Obtain
Floor Official Approval for
Destabilizing Dealer Account
Transactions That Match the National
Best Bid or Offer
sroberts on PROD1PC70 with NOTICES
August 25, 2006.
I. Introduction
On February 16, 2006, the New York
Stock Exchange LLC (‘‘NYSE’’ 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
amend NYSE Rule 104 (Dealings by
Specialists) to permit specialists to
effect destabilizing dealer account
transactions when matching the
national best bid or offer without
requiring that they obtain Floor Official
approval. On April 27, 2006, NYSE filed
Amendment No. 1 to the proposed rule
change. The proposed rule change, as
amended, was published for comment
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
18:06 Aug 31, 2006
Jkt 208001
in the Federal Register on May 16,
2006.3 The Commission received one
comment letter 4 and a letter from NYSE
that responded to the issues raised by
the commenter.5 On August 17, 2006,
NYSE filed Amendment No. 2 to the
proposed rule change.6 This order
approves the proposed rule change, as
amended by Amendment No. 1.
Simultaneously, the Commission is
providing notice of filing of Amendment
No. 2 and granting accelerated approval
of Amendment No. 2.
II. Description of the Proposal
NYSE Rule 104 governs specialists’
dealings in their specialty stocks. In
particular, NYSE Rules 104.10(5) and (6)
describe certain types of transactions
that are not to be effected unless they
are reasonably necessary to render the
specialist’s position adequate to the
needs of the market. In effect, these
restrictions generally require specialists’
transactions for their own accounts to be
‘‘stabilizing’’ (i.e., against the trend of
the market) and prohibit specialists
from making transactions that are
‘‘destabilizing’’ (i.e., with the market
trend by buying on plus ticks and
selling on minus ticks), except with the
approval of a Floor Official. The
Exchange proposes to allow specialists
to effect proprietary transactions on a
destabilizing basis for their own account
when such trades are effected at a price
that matches the current national best
bid or offer (‘‘NBBO’’) displayed by
another market center.
III. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning Amendment No.
2, including whether Amendment No. 2
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
No. SR–NYSE–2006–07 on the subject
line.
3 See Securities Exchange Act Release No. 53782
(May 10, 2006), 71 FR 28399.
4 See e-mail from George Rutherfurd to the
Commission, dated April 24, 2006 (‘‘Rutherfurd
Letter’’).
5 Letter to Nancy M. Morris, Secretary,
Commission, from Mary Yeager, Assistant
Secretary, NYSE, dated July 20, 2006 (‘‘NYSE
Response Letter’’).
6 Amendment No. 2 clarifies that a specialist’s
ability to effect destabilizing dealer account
transactions when matching the national best bid or
offer applies when the national best bid or offer is
established by another market center.
PO 00000
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52201
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.s
All submissions should refer to File
Number SR–NYSE–2006–07. 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
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of the NYSE. 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–NYSE–2006–07 and should
be submitted on or before September 22,
2006.
IV. Discussion
After careful consideration, the
Commission finds that the proposed
rule change, as amended, is consistent
with the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange 7 and, in particular, the
requirements of Section 6 of the Act.8
Specifically, the Commission finds that
the proposed rule change is consistent
with Section 6(b)(5) of the Act,9 which
requires, among other things, that the
rules of a national securities exchange
be designed to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in regulating, clearing,
settling, and processing information
7 In approving this proposed rule change, as
amended, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(5).
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]]>Agencies
[Federal Register Volume 71, Number 170 (Friday, September 1, 2006)]
[Notices]
[Pages 52199-52201]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-14528]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54366; File No. SR-NSCC-2006-07]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating To Clarifying and Technical Changes to NSCC's
Rules Regarding Its Fund/Serv Mutual Fund Processing System
August 25, 2006.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on June 5, 2006, the National
Securities Clearing Corporation (``NSCC'') 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 NSCC. NSCC filed the proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act \2\ and Rule 19b-4(f)(4) thereunder
\3\ so that the proposal was effective upon filing with the Commission.
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).
\2\ 15 U.S.C. 78s(b)(3)(A)(iii).
\3\ 17 CFR 240.19b–4(f)(4).
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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 make clarifying and technical
changes to NSCC's Rules principally as they relate to funds which are
eligible for processing on Fund/Serv, NSCC's mutual fund processing
system.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NSCC 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. NSCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\4\
---------------------------------------------------------------------------
\4\ The Commission has modified the text of the summaries
prepared by NSCC.
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[[Page 52200]]
(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 make clarifying and
technical changes to NSCC's Rules, principally as they relate to funds
which are eligible for processing on Fund/Serv, NSCC's mutual fund
processing system.
Rule 52 of NSCC Rules addresses NSCC's mutual fund services. The
types of funds which are eligible for NSCC's mutual fund services,
including the processing on Fund/Serv, are referenced in Section 1 of
Rule 52 with supplemental references in Rules 1 and 3.\5\
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\5\ Settlement of Fund/Serv transactions is not guaranteed by
NSCC.
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Funds that are eligible for NSCC's mutual fund services currently
include investment companies regulated under the Investment Company Act
of 1940, as amended; \6\ bank and insurance funds such as guaranteed
investment contracts, bank collective investments, and stable value
funds; and certain offshore funds which are established under
regulatory frameworks similar to the Investment Company Act (e.g.,
offshore funds established under the Undertaking for Collective
Investment in Transferable Securities). Some of these fund types are
explicitly mentioned in NSCC's Rules (e.g., funds defined as
``management companies'' under section 4(3) of the Investment Company
Act and funds regulated under bank and insurance law). Others have been
added under NSCC's general authority regarding the designation of
``Eligible Mutual Funds'' under Rule 3, Section 7 (e.g., unit
investment trusts regulated under the Investment Company Act and
certain offshore funds domiciled outside the United States.)
---------------------------------------------------------------------------
\6\ 15 U.S.C. 80a.
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The proposed changes to NSCC's Rules will clarify the types of
investment vehicles that are eligible for Fund/Serv processing,
consolidate the operative provisions in Rule 3, and make technical
changes to other rule provisions. The proposed amendment to Rule 3
establishes the defined term ``Fund/Serv Eligible Fund'' that includes
any fund or other pooled investment entity that is eligible for NSCC's
mutual fund services, including processing on Fund/Serv,.under Rule 3,
Section 7. (The defined terms ``Eligible Investment Fund'' and
``Eligible Mutual Fund'' are being deleted.) The term is analogous to
the term ``Cleared Securities'' under Rule 3 which is applicable to
securities that are eligible for NSCC's clearance services. Rule 3 is
also amended to include a description of the current criteria used by
NSCC in determining eligibility for ``Fund/Serv Eligible Funds'' and
NSCC's authority to establish additional criteria for eligibility from
time to time using language consistent with that used for ``Cleared
Securities'' in Rule 3.
NSCC's current membership requirements applicable to Fund Members
admitted under Rule 51 and Addendum I will continue to apply without
change. The NSCC Fund Member is the entity that is responsible for
settlement of NSCC transactions on behalf of the fund.
Additional, unrelated technical changes are made to several
definitions in Rule 1. First, the definitions of ``TPA'' (i.e., third-
party administrator) and ``TPA Member'' are amended to clarify that a
``TPA Member'' may act as an administrator for retirement and other
benefit plans in general and not just with respect to plans which are
structured as defined contribution plans under the Internal Revenue
Code (i.e., defined benefit plans and nonqualified plans). Second, the
definitions of ``Insurance Entity'' and ``Fund Member'' are amended to
clarify that an individual cannot qualify, and only entities organized
as a corporation, partnership, or other legal entity are covered by the
definitions.
NSCC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \7\ and the rules thereunder
because clarifying the types of funds which are eligible for processing
on NSCC's Fund/Serv system will further facilitate the accurate
clearance and settlement of Fund/Serv transactions.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change would 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. NSCC will notify the Commission of any
written comments received by NSCC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(4) \9\
thereunder because the proposed rule effects a change in an existing
service of NSCC that (i) does not adversely affect the safeguarding of
securities or funds in the custody or control of the clearing agency or
for which it is responsible and (ii) does not significantly affect the
respective rights or obligations of the clearing agency or persons
using the service. At any time within sixty days of the filing of such
rule change, the Commission may summarily abrogate 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
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-NSCC-2006-07 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NSCC-2006-07. 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
[[Page 52201]]
the Commission's Public Reference Section, 100 F Street, NE.,
Washington, DC 20549. Copies of such filing also will be available for
inspection and copying at the principal office of NSCC and on NSCC's
Web site at https://www.nscc.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-NSCC-2006-07 and should be submitted on or before
September 22, 2006.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-14528 Filed 8-31-06; 8:45 am]
BILLING CODE 8010-01-P
