Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Providing Financial Reports to Participants, 55247-55248 [06-7838]

Download as PDF Federal Register / Vol. 71, No. 183 / Thursday, September 21, 2006 / Notices NASD rule, Commission rule, or provision of a joint industry plan (e.g., UTP, CTA, CQA and ITS). A failure to comply in a timely, truthful and/or complete manner with a request for information made pursuant to proposed NASD Rule 5130 may be deemed conduct inconsistent with just and equitable principles of trade.19 Proposed Implementation The effective date of the proposed rule change will be the date upon which the Nasdaq Exchange operates as an exchange for non-Nasdaq exchangelisted securities, which Nasdaq currently anticipates will be in November 2006. 2. Statutory Basis NASD believes that the proposed rule change is consistent with the provisions of Section 15A of the Act,20 in general, and Section 15A(b)(6) of the Act,21 in particular, in that the proposal is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. NASD believes that the proposed rule change will provide an effective mechanism and regulatory framework for quoting and trading activities otherwise than on an exchange in non-Nasdaq exchangelisted securities upon Nasdaq’s complete separation from NASD. B. Self-Regulatory Organization’s Statement on Burden on Competition NASD believes that the proposed rule change will not result in 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 on this proposed rule change were neither solicited nor received. jlentini on PROD1PC65 with NOTICES 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 19 Proposed NASD Rule 5130 is substantially similar to former NASD Rule 4625 (Obligation to Provide Information), which imposed obligations on members relating to requests from Nasdaq MarketWatch and Nasdaq Market Operations staff. NASD Rule 4625 was inadvertently deleted as part of SR–NASD–2005–087. 20 15 U.S.C. 78o–3. 21 15 U.S.C. 78o–3(b)(6). VerDate Aug<31>2005 16:30 Sep 20, 2006 Jkt 208001 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 NASD 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–NASD–2006–104 on the subject line. 55247 should be submitted on or before October 12, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.22 J. Lynn Taylor, Assistant Secretary. [FR Doc. 06–7845 Filed 9–20–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54444; File No. SR–NSCC– 2006–02] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Providing Financial Reports to Participants September 14, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on February 15, 2006, the National Securities Clearing Corporation Paper Comments (‘‘NSCC’’) filed a proposed rule change • Send paper comments in triplicate with the Securities and Exchange to Nancy M. Morris, Secretary, Commission (‘‘Commission’’) and on Securities and Exchange Commission, July 21, 2006, and August 18, 2006, 100 F Street, NE., Washington, DC amended the proposed rule change as 20549–1090. described in Items I, II, and III below, All submissions should refer to File which Items have been prepared Number SR–NASD–2006–104. This file primarily by NSCC. NSCC filed the number should be included on the subject line if e-mail is used. To help the proposed rule change pursuant to Section 19(b)(3)(A)(i) of the Act 2 and Commission process and review your Rule 19b–4(f)(1) 3 thereunder so that the comments more efficiently, please use proposal was effective upon filing with only one method. The Commission will post all comments on the Commission’s the Commission. The Commission is publishing this notice to solicit Internet Web site (https://www.sec.gov/ comments on the proposed rule change rules/sro.shtml). Copies of the from interested persons. submission, all subsequent amendments, all written statements I. Self-Regulatory Organization’s with respect to the proposed rule Statement of the Terms of Substance of change that are filed with the the Proposed Rule Change Commission, and all written The proposed rule change will clarify communications relating to the NSCC’s rules that it will provide proposed rule change between the unaudited quarterly financial statements Commission and any person, other than to its members for the first three those that may be withheld from the quarters of the calendar year only. public in accordance with the II. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be Statement of the Purpose of, and available for inspection and copying in Statutory Basis for, the Proposed Rule the Commission’s Public Reference Room. Copies of such filing also will be Change available for inspection and copying at In its filing with the Commission, the principal office of NASD. NSCC included statements concerning All comments received will be posted the purpose of and basis for the without change; the Commission does proposed rule change and discussed any not edit personal identifying comments it received on the proposed information from submissions. You should submit only information that 22 17 CFR 200.30–3(a)(12). you wish to make available publicly. All 1 15 U.S.C. 78s(b)(1). 2 15 U.S.C. 78s(b)(3)(A)(i). submissions should refer to the File 3 17 CFR 240.19b–4(f)(1). Number SR–NASD–2006–104 and PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 E:\FR\FM\21SEN1.SGM 21SEN1 55248 Federal Register / Vol. 71, No. 183 / Thursday, September 21, 2006 / Notices 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 such statements.4 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 further harmonize and clarify the rules of The Depository Trust & Clearing Corporation’s clearing agency subsidiaries. In this filing, NSCC proposes to conform NSCC Rule 35 concerning providing financial reports to its members to the equivalent rule of The Depository Trust Company (‘‘DTC’’), DTC Rule 15. Specifically, the rule change would clarify NSCC’s longstanding practice of providing unaudited quarterly financial statements to its members for the first three quarters of the calendar year only.5 NSCC believes that the proposed rule change is consistent with the requirements of Section 17A of the Act 6 and the rules and regulations thereunder because it constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule of NSCC and as such does not adversely affect the safeguarding of securities or funds in the custody or control of NSCC or for which it is responsible. B. Self-Regulatory Organization’s Statement on Burden on Competition NSCC 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 NSCC has not solicited or received written comments relating to the proposed rule change. NSCC will notify the Commission of any written comments it receives. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action jlentini on PROD1PC65 with NOTICES The foregoing rule change has become effective pursuant to Section 4 The Commission has modified the text of the summaries prepared by NSCC. 5 Annual audited financial statements are provided to members after the last calendar quarter of the year. 6 15 U.S.C. 78q–1. VerDate Aug<31>2005 16:30 Sep 20, 2006 Jkt 208001 19(b)(3)(A)(i) 7 of the Act and Rule 19b– 4(f)(1) 8 thereunder because it constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule. At any time within 60 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.9 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: 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–NSCC–2006–02 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 No. SR–NSCC–2006–02. 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 7 15 U.S.C. 78s(b)(3)(A)(i). CFR 240.19b–4(f)(1). 9 For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change under Section 19(b)(3)(C) of the Act, the Commission considers the period to commence on August 18, 2006, the date on which the last amendment to the proposed rule change was filed with the Commission. 15 U.S.C. 78s(b)(3)(C). 8 17 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 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 NSCC’s principal office and on NSCC’s Web site at https:// www.nscc.com/legal/. 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 No. SR–NSCC–2006–02 and should be submitted on or before October 12, 2006. For the Commission by the Division of Market Regulation, pursuant to delegated authority.10 Jill M. Peterson, Assistant Secretary. [FR Doc. 06–7838 Filed 9–20–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54458; File No. SR–NYSE– 2006–60] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to iShares S&P Global Index Funds September 15, 2006. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on September 14, 2006, the New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’) the proposed rule changes as described in Items I and II below, which items have been substantially prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons, and is granting accelerated approval to the proposed rule change. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The NYSE proposes to list and trade the following: iShares S&P Global Consumer Discretionary Sector Index 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\21SEN1.SGM 21SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 71, Number 183 (Thursday, September 21, 2006)]
[Notices]
[Pages 55247-55248]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-7838]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54444; File No. SR-NSCC-2006-02]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Relating to Providing Financial Reports to Participants

September 14, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on February 15, 2006, the 
National Securities Clearing Corporation (``NSCC'') filed a proposed 
rule change with the Securities and Exchange Commission 
(``Commission'') and on July 21, 2006, and August 18, 2006, amended the 
proposed rule change as 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)(i) of the Act \2\ and Rule 
19b-4(f)(1) \3\ thereunder 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 persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A)(i).
    \3\ 17 CFR 240.19b-4(f)(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 will clarify NSCC's rules that it will 
provide unaudited quarterly financial statements to its members for the 
first three quarters of the calendar year only.

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

[[Page 55248]]

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 such 
statements.\4\
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    \4\ The Commission has modified the text of the summaries 
prepared by NSCC.
---------------------------------------------------------------------------

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 further harmonize and 
clarify the rules of The Depository Trust & Clearing Corporation's 
clearing agency subsidiaries. In this filing, NSCC proposes to conform 
NSCC Rule 35 concerning providing financial reports to its members to 
the equivalent rule of The Depository Trust Company (``DTC''), DTC Rule 
15. Specifically, the rule change would clarify NSCC's longstanding 
practice of providing unaudited quarterly financial statements to its 
members for the first three quarters of the calendar year only.\5\
---------------------------------------------------------------------------

    \5\ Annual audited financial statements are provided to members 
after the last calendar quarter of the year.
---------------------------------------------------------------------------

    NSCC believes that the proposed rule change is consistent with the 
requirements of Section 17A of the Act \6\ and the rules and 
regulations thereunder because it constitutes a stated policy, 
practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule of NSCC and as such 
does not adversely affect the safeguarding of securities or funds in 
the custody or control of NSCC or for which it is responsible.

B. Self-Regulatory Organization's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change will have any 
impact or impose any burden on competition.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    NSCC has not solicited or received written comments relating to the 
proposed rule change. NSCC will notify the Commission of any written 
comments it receives.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(i) \7\ of the Act and Rule 19b-4(f)(1) \8\ thereunder 
because it constitutes a stated policy, practice, or interpretation 
with respect to the meaning, administration, or enforcement of an 
existing rule. At any time within 60 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.\9\
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    \7\ 15 U.S.C. 78s(b)(3)(A)(i).
    \8\ 17 CFR 240.19b-4(f)(1).
    \9\ For purposes of calculating the 60-day period within which 
the Commission may summarily abrogate the proposed rule change under 
Section 19(b)(3)(C) of the Act, the Commission considers the period 
to commence on August 18, 2006, the date on which the last amendment 
to the proposed rule change was filed with the Commission. 15 U.S.C. 
78s(b)(3)(C).
---------------------------------------------------------------------------

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:

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 No. SR-NSCC-2006-02 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 No. SR-NSCC-2006-02. 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 NSCC's principal office and on NSCC's Web 
site at https://www.nscc.com/legal/. 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 No. SR-NSCC-2006-02 and should be submitted on or 
before October 12, 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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-7838 Filed 9-20-06; 8:45 am]
BILLING CODE 8010-01-P

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