Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Its Ability To Receive Transaction Data From Trade Reporting Facilities That Are Facilities of a Self-Regulatory Organization, 28752-28753 [E7-9762]
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28752
Federal Register / Vol. 72, No. 98 / Tuesday, May 22, 2007 / Notices
the principal office of the Exchange. 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–NASD–2006–044 and
should be submitted on or before June
12, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.46
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E7–9742 Filed 5–21–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55770; File No. SR–NSCC–
2007–05]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Its Ability To
Receive Transaction Data From Trade
Reporting Facilities That Are Facilities
of a Self-Regulatory Organization
May 15, 2007.
jlentini on PROD1PC65 with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’), 1 notice is hereby given that on
March 26, 2007, 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)(i) of the
Act 2 and Rule 19b–4(f)(1) 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 purpose of the proposed rule
change is to clarify NSCC’s Rule 7,
‘‘Comparison and Trade Recording
Operation,’’ in order to make clear that
NSCC may accept transaction data on
behalf of NSCC members from trade
reporting facilities that are affiliated
46 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(i).
3 17 CFR 240.19b–4(f)(1).
with and operated as a facility of a selfregulatory organization (‘‘Trade
Reporting Facilities’’ or ‘‘TRFs’’).
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
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of this filing is to clarify
NSCC’s Rule 7, ‘‘Comparison and Trade
Recording Operation,’’ in order to make
clear that NSCC may accept transaction
data on behalf of NSCC Members from
Trade Reporting Facilities.
Background
NSCC’s Rule 7 permits NSCC in its
discretion to accept transaction data
from self-regulatory organizations
(‘‘SROs’’), as defined in the Securities
Exchange Act of 1934 (and, similarly,
from derivatives clearing organizations
registered or deemed registered with the
Commodities Futures Trading
Commission). Such data may be
provided directly by an SRO or through
subsidiary or affiliated organizations.
In conjunction with the recent
separation of the National Association
of Securities Dealers, Inc. (‘‘NASD’’) and
The Nasdaq Stock Market, Inc.
(‘‘Nasdaq’’), the Commission approved
the establishment by NASD and Nasdaq
of the NASD/Nasdaq Trade Reporting
Facility, which provides NASD
members with an alternative means for
reporting transactions in exchangelisted securities effected otherwise than
on an exchange. Since then, NASD has
established several additional new TRFs
in conjunction with other registered
securities exchanges, each of which
provides NASD members with alternate
means for reporting transactions in
exchange-listed securities effected
otherwise than on an exchange. All of
these TRFs will operate as joint ventures
with the relevant exchanges, but NASD,
the ‘‘SRO Member’’ of each such
venture, will have sole regulatory
1 15
VerDate Aug<31>2005
18:21 May 21, 2007
4 The Commission has modified the text of the
summaries prepared by NSCC.
Jkt 211001
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
responsibility for each TRF. As such,
the TRFs are facilities ‘‘of NASD and
subject to NASD’s registration as a
national securities association.’’5
At the current time, NASD filed
proposed rule changes with the
Commission relating to the
establishment of the following TRFs:
The NASD/Nasdaq TRF; the NASD/
National Securities Exchange (NSX)
TRF; the NASD/Boston Stock Exchange
(BSE) TRF; and the NASD/New York
Stock Exchange (NYSE) TRF. Currently,
all the TRFs are operational. The rules
governing the operations of these
facilities are contained in NASD Rule
4000 and 6100 Series for the NASD/
Nasdaq TRF, NASD Rule 4000C and
6000C Series for the NASD/NSX TRF,
NASD Rule 4000D and 6000D Series for
the NASD/BSE TRF, and NASD Rule
4000E and 6000E Series for the NASD/
NYSE TRF. With the exception of the
NASD/NYSE TRF, the applicable rules
permit the TRFs, at the option of their
NASD member participant, to submit
the data relating to reported trades to
NSCC for clearance and settlement.
In order to accommodate the NASD
and to promote the efficient processing
of securities transactions, NSCC
proposes to clarify its Rule 7, Section 5 6
to make clear that it may accept
transaction data from such TRFs as
facilities of the NASD, the applicable
SRO. For this purpose, the proposed
clarification provides that the TRF be
affiliated with and operated as a facility
of the SRO and that the rules and
operation of the TRF be the subject of
a rule change of the SRO that has been
duly filed with the Commission and is
effective.7 By allowing NSCC to receive
transaction data for clearing purposes
from these facilities with respect to
NSCC’s members, broker-dealers will be
able to report transactions for both
reporting/regulatory and clearing
purposes in a single report to the TRFs.
5 See e.g., Securities Exchange Act Release Nos.
54084 (June 30, 2006), 71 FR 38935 (July 10, 2006)
[SR–NASD–2005–087] (establishment of the NASD/
Nasdaq TRF); 54715 (November 6, 2006), 71 FR
66354 (November 14, 2006) [SR–NASD–2006–108]
(establishment of the NASD/NSX TRF); and 54931
(December 13, 2006), 71 FR 76409 (December 20,
2006) [SR–NASD–2006–115] (establishment of the
NASD/BSE TRF).
6 Rule 7, Section 5 is proposed to be renumbered
as part of other changes pending pursuant to File
No. SR–NSCC–2006–04.
7 NASD filed a proposed rule change relating to
the establishment of the NASD/NYSE TRF for
immediate effectiveness, asserting that such
proposed rule change was ‘‘non-controversial’’
because it was substantially similar to the rules
relating to the other TRFs, which were subject to
notice and comment and approved by the
Commission. Securities Exchange Act Release No.
55325 (February 21, 2007), 72 FR 8820 (February
27, 2007) [SR–NASD–2007–011].
E:\FR\FM\22MYN1.SGM
22MYN1
Federal Register / Vol. 72, No. 98 / Tuesday, May 22, 2007 / Notices
The proposed rule change is
consistent with the requirements of
Section 17A of the Act 8 and the rules
and regulations thereunder applicable to
NSCC because the proposed change is a
clarification that does not adversely
affect the safeguarding of securities and
funds in the custody or control of the
clearing agency or for which it is
responsible and does not adversely
affect the respective rights or obligations
of the clearing agency or its members.
(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
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)(i) of the Act 9 and Rule 19b–
4(f)(1) 10 thereunder because it
constitutes a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule of
NSCC. 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.
jlentini on PROD1PC65 with NOTICES
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
8 15
U.S.C. 78q–1.
U.S.C. 78s(b)(3)(A)(i).
10 17 CFR 240.19b–4(f)(1).
9 15
VerDate Aug<31>2005
18:21 May 21, 2007
Jkt 211001
28753
adopted programs to reduce the
incidental capture of sea turtles in their
shrimp fisheries comparable to the
Paper Comments
program in effect in the United States.
• Send paper comments in triplicate
The Department also certified that the
to Nancy M. Morris, Secretary,
fishing environments in 24 other
Securities and Exchange Commission,
countries and one economy, Hong Kong,
100 F Street, NE., Washington, DC
do not pose a threat of the incidental
20549–1090.
taking of sea turtles protected under
All submissions should refer to File
Section 609. Shrimp imports from any
Number SR–NSCC–2007–05. This file
nation not certified were prohibited
number should be included on the
effective May 1, 2007 pursuant to
subject line if e-mail is used. To help the Section 609.
Commission process and review your
DATES: Effective Date: May 22, 2007.
comments more efficiently, please use
FOR FURTHER INFORMATION CONTACT:
only one method. The Commission will Clayton Stanger, Office of Marine
post all comments on the Commission’s Conservation, Bureau of Oceans and
Internet Web site (https://www.sec.gov/
International Environmental and
rules/sro.shtml). Copies of the
Scientific Affairs, Department of State,
submission, all subsequent
Washington, DC 20520–7818; telephone:
amendments, all written statements
(202) 647–2335.
with respect to the proposed rule
SUPPLEMENTARY INFORMATION: Section
change that are filed with the
609 of Public Law 101–162 prohibits
Commission, and all written
imports of certain categories of shrimp
communications relating to the
unless the President certifies to the
proposed rule change between the
Congress not later than May 1 of each
Commission and any person, other than year either: (1) That the harvesting
those that may be withheld from the
nation has adopted a program governing
public in accordance with the
the incidental capture of sea turtles in
provisions of 5 U.S.C. 552, will be
its commercial shrimp fishery
available for inspection and copying in
comparable to the program in effect in
the Commission’s Public Reference
the United States and has an incidental
Section, 100 F Street, NE., Washington,
take rate comparable to that of the
DC 20549. The text of the proposed rule United States; or (2) that the fishing
change is available at NSCC, the
environment in the harvesting nation
Commission’s Public Reference Room,
does not pose a threat of the incidental
and https://www.nscc.com/legal/2007/
taking of sea turtles. The President has
2007-05.pdf. All comments received
delegated the authority to make this
will be posted without change; the
certification to the Department of State.
Commission does not edit personal
Revised State Department guidelines for
identifying information from
making the required certifications were
submissions. You should submit only
published in the Federal Register on
information that you wish to make
July 2, 1999 (Vol. 64, No. 130, Public
available publicly. All submissions
Notice 3086).
should refer to File Number SR–NSCC–
On May 1, 2007, the Department
2007–05 and should be submitted on or certified 16 nations on the basis that
before June 11, 2007.
their sea turtle protection programs are
For the Commission by the Division of
comparable to that of the United States:
Market Regulation, pursuant to delegated
Belize, Colombia, Costa Rica, Ecuador,
authority.11
El Salvador, Guatemala, Guyana,
Nancy M. Morris,
Honduras, Madagascar, Mexico,
Secretary.
Nicaragua, Nigeria, Pakistan, Panama,
Suriname, and Venezuela.
[FR Doc. E7–9762 Filed 5–21–07; 8:45 am]
The Department also certified 24
BILLING CODE 8010–01–P
shrimp harvesting nations and one
economy as having fishing
environments that do not pose a danger
DEPARTMENT OF STATE
to sea turtles. Sixteen nations have
[Public Notice 5802]
shrimping grounds only in cold waters
where the risk of taking sea turtles is
Certifications Pursuant to Section 609
negligible. They are: Argentina,
of Public Law 101–162
Belgium, Canada, Chile, Denmark,
Finland, Germany, Iceland, Ireland, the
SUMMARY: On May 1, 2007, the
Netherlands, New Zealand, Norway,
Department of State certified, pursuant
Russia, Sweden, the United Kingdom,
to Section 609 of Public Law 101–162
and Uruguay. Eight nations and one
(‘‘Section 609’’), that 16 nations have
economy only harvest shrimp using
11 17 CFR 200.30–3(a)(12).
small boats with crews of less than five
Number SR–NSCC–2007–05 on the
subject line.
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
E:\FR\FM\22MYN1.SGM
22MYN1
]]>Agencies
[Federal Register Volume 72, Number 98 (Tuesday, May 22, 2007)]
[Notices]
[Pages 28752-28753]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9762]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55770; File No. SR-NSCC-2007-05]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Its Ability To Receive Transaction Data From
Trade Reporting Facilities That Are Facilities of a Self-Regulatory
Organization
May 15, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), \1\ notice is hereby given that on March 26, 2007, 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)(i) of the Act \2\ and Rule 19b-4(f)(1)
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)(i).
\3\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to clarify NSCC's Rule
7, ``Comparison and Trade Recording Operation,'' in order to make clear
that NSCC may accept transaction data on behalf of NSCC members from
trade reporting facilities that are affiliated with and operated as a
facility of a self-regulatory organization (``Trade Reporting
Facilities'' or ``TRFs'').
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.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of this filing is to clarify NSCC's Rule 7,
``Comparison and Trade Recording Operation,'' in order to make clear
that NSCC may accept transaction data on behalf of NSCC Members from
Trade Reporting Facilities.
Background
NSCC's Rule 7 permits NSCC in its discretion to accept transaction
data from self-regulatory organizations (``SROs''), as defined in the
Securities Exchange Act of 1934 (and, similarly, from derivatives
clearing organizations registered or deemed registered with the
Commodities Futures Trading Commission). Such data may be provided
directly by an SRO or through subsidiary or affiliated organizations.
In conjunction with the recent separation of the National
Association of Securities Dealers, Inc. (``NASD'') and The Nasdaq Stock
Market, Inc. (``Nasdaq''), the Commission approved the establishment by
NASD and Nasdaq of the NASD/Nasdaq Trade Reporting Facility, which
provides NASD members with an alternative means for reporting
transactions in exchange-listed securities effected otherwise than on
an exchange. Since then, NASD has established several additional new
TRFs in conjunction with other registered securities exchanges, each of
which provides NASD members with alternate means for reporting
transactions in exchange-listed securities effected otherwise than on
an exchange. All of these TRFs will operate as joint ventures with the
relevant exchanges, but NASD, the ``SRO Member'' of each such venture,
will have sole regulatory responsibility for each TRF. As such, the
TRFs are facilities ``of NASD and subject to NASD's registration as a
national securities association.''\5\
---------------------------------------------------------------------------
\5\ See e.g., Securities Exchange Act Release Nos. 54084 (June
30, 2006), 71 FR 38935 (July 10, 2006) [SR-NASD-2005-087]
(establishment of the NASD/Nasdaq TRF); 54715 (November 6, 2006), 71
FR 66354 (November 14, 2006) [SR-NASD-2006-108] (establishment of
the NASD/NSX TRF); and 54931 (December 13, 2006), 71 FR 76409
(December 20, 2006) [SR-NASD-2006-115] (establishment of the NASD/
BSE TRF).
---------------------------------------------------------------------------
At the current time, NASD filed proposed rule changes with the
Commission relating to the establishment of the following TRFs: The
NASD/Nasdaq TRF; the NASD/National Securities Exchange (NSX) TRF; the
NASD/Boston Stock Exchange (BSE) TRF; and the NASD/New York Stock
Exchange (NYSE) TRF. Currently, all the TRFs are operational. The rules
governing the operations of these facilities are contained in NASD Rule
4000 and 6100 Series for the NASD/Nasdaq TRF, NASD Rule 4000C and 6000C
Series for the NASD/NSX TRF, NASD Rule 4000D and 6000D Series for the
NASD/BSE TRF, and NASD Rule 4000E and 6000E Series for the NASD/NYSE
TRF. With the exception of the NASD/NYSE TRF, the applicable rules
permit the TRFs, at the option of their NASD member participant, to
submit the data relating to reported trades to NSCC for clearance and
settlement.
In order to accommodate the NASD and to promote the efficient
processing of securities transactions, NSCC proposes to clarify its
Rule 7, Section 5 \6\ to make clear that it may accept transaction data
from such TRFs as facilities of the NASD, the applicable SRO. For this
purpose, the proposed clarification provides that the TRF be affiliated
with and operated as a facility of the SRO and that the rules and
operation of the TRF be the subject of a rule change of the SRO that
has been duly filed with the Commission and is effective.\7\ By
allowing NSCC to receive transaction data for clearing purposes from
these facilities with respect to NSCC's members, broker-dealers will be
able to report transactions for both reporting/regulatory and clearing
purposes in a single report to the TRFs.
---------------------------------------------------------------------------
\6\ Rule 7, Section 5 is proposed to be renumbered as part of
other changes pending pursuant to File No. SR-NSCC-2006-04.
\7\ NASD filed a proposed rule change relating to the
establishment of the NASD/NYSE TRF for immediate effectiveness,
asserting that such proposed rule change was ``non-controversial''
because it was substantially similar to the rules relating to the
other TRFs, which were subject to notice and comment and approved by
the Commission. Securities Exchange Act Release No. 55325 (February
21, 2007), 72 FR 8820 (February 27, 2007) [SR-NASD-2007-011].
---------------------------------------------------------------------------
[[Page 28753]]
The proposed rule change is consistent with the requirements of
Section 17A of the Act \8\ and the rules and regulations thereunder
applicable to NSCC because the proposed change is a clarification that
does not adversely affect the safeguarding of securities and funds in
the custody or control of the clearing agency or for which it is
responsible and does not adversely affect the respective rights or
obligations of the clearing agency or its members.
---------------------------------------------------------------------------
\8\ 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 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. 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)(i) of the Act \9\ and Rule 19b-4(f)(1) \10\
thereunder because it constitutes a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule of NSCC. 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\ 15 U.S.C. 78s(b)(3)(A)(i).
\10\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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-2007-05 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-2007-05. 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. The text of the proposed rule change is
available at NSCC, the Commission's Public Reference Room, and https://
www.nscc.com/legal/2007/2007-05.pdf. 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-2007-05 and should be submitted on
or before June 11, 2007.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E7-9762 Filed 5-21-07; 8:45 am]
BILLING CODE 8010-01-P
