Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fees Charged for Its Positions and Valuations Service, 44600-44601 [E7-15433]
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Federal Register / Vol. 72, No. 152 / Wednesday, August 8, 2007 / Notices
B. Non-Substantive Changes and
Technical Corrections
1. Definition of ‘‘Person’’
FICC is amending the current
definition of Person contained in GSD
Rule 1 (‘‘Definitions’’) to indicate that
the term will be used throughout the
rules to mean a partnership,
corporation, limited liability
corporation, or other organization,
entity, or individual.
2. Definition of ‘‘Eligible Security’’
FICC is amending the definition of
Eligible Security to make clear that any
security of an issuer that is on the Office
of Foreign Assets and Control’s
(‘‘OFAC’’) Specially Designated
Nationals list or a security from a
country that is subject to OFAC
sanctions may not be an eligible security
at GSD. FICC is making the same change
to the definition of Eligible Security in
MBSD’s Clearing and EPN rules.
3. Definition of ‘‘Bond Market
Association’’
The Bond Market Association is now
known as the Securities Industry and
Financial Markets Association. GSD is
removing the definition of and
references to The Bond Market
Association from its rules and is
replacing it with a definition for and
references to The Securities Industry
and Financial Markets Association.
4. Governing Law Provision
FICC is clarifying the Governing Law
provision contained in GSD’s and
MBSD’s Clearing and EPN rules to state
that the Clearing and EPN rules of GSD
and MBSD are subject to New York law
as applicable to contracts executed and
performed in New York.
5. Insurance Company Netting Member
Eligibility Requirements
FICC is removing from GSD’s rules
the eligibility requirements for
Insurance Company Netting Members
because GSD does not currently have
any such members. FICC will, however,
retain the definition of Insurance
Company Netting Member in its rules in
the event that such an entity applies for
membership in the future. Appropriate
eligibility requirements would be
reviewed at that time and proposed as
additions to the rules.
sroberts on PROD1PC70 with NOTICES
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a registered clearing
agency. In particular, the Commission
19:14 Aug 07, 2007
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
Act and in particular with the
requirements of section 17A of the Act 5
and the rules and regulations
thereunder.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,6 that the
proposed rule change (File No. SR–
FICC–2006–19) be, and hereby is,
approved.7
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–15371 Filed 8–7–07; 8:45 am]
BILLING CODE 8010–01–P
4 15
III. Discussion
VerDate Aug<31>2005
believes the proposal is consistent with
the requirements of section
17A(b)(3)(F),4 which, among other
things, requires the rules of a clearing
agency be designed to assure the
safeguarding of securities and funds that
are in the custody or control of the
clearing agency or for which it is
responsible. In addition to making the
rules more logically structured, more
consistent with the rules of FICC’s
clearing agency affiliate, and less
redundant, the proposal should improve
FICC’s ability to responsibly administer
its membership application process by
providing FICC with a more flexible and
risk-based approach to review
applications for membership. Although
FICC is eliminating certain factors that
would previously have resulted in the
automatic disqualification of an
applicant, FICC has retained explicit
rights to deny membership to an
unworthy applicant based upon FICC’s
qualitative review, based in part on new
required documentation, of an
applicant’s underlying financial,
operational, or character issues.
Accordingly, the proposed rule change
is consistent with FICC’s obligation to
assure ability to safeguard securities and
funds in its possession or control or for
which it is responsible.
Jkt 211001
U.S.C. 78q–1(b)(3)(F).
U.S.C. 78q–1.
6 15 U.S.C. 78s(b)(2).
7 In approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
8 17 CFR 200.30–3(a)(12).
5 15
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56184; File No. SR–NSCC–
2007–10]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Fees Charged
for Its Positions and Valuations
Service
August 2, 2007.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
May 11, 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)(ii) of the
Act 2 and Rule 19b–4(f)(2) 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 reduce the fees that NSCC
charges for its Positions and Valuations
service (‘‘POV’’), which is part of the
Insurance and Retirement Processing
Service (‘‘IPS’’) effective July 1, 2007.4
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.5
1 15
U.S.C. 78s(b)(1).
U.S.C. 78s(b)(3)(A)(ii).
3 17 CFR 240.19b–4(f)(2).
4 The Insurance and Retirement Processing
Service was formerly called the Insurance
Processing Service.
5 The Commission has modified the text of the
summaries prepared by NSCC.
2 15
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44601
Federal Register / Vol. 72, No. 152 / Wednesday, August 8, 2007 / 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 reduce the fees that NSCC
charges for its POV service effective July
1, 2007.
The transaction fees schedule for the
IPS POV service is tiered according to
the numbers of transaction processed.
The following chart shows the current
fees and the proposed reduced fees.
Current
(items)
POV position records
From 0 to 500,000 items per month .......................................................................................................
From 500,001 to 2,000,000 items per month .........................................................................................
From 2,000,001 to 4,000,000 items per month ......................................................................................
For 4,000,001 or more items per month ................................................................................................
These fees are being reduced due to
an increase in volume and revenue in
NSCC’s IPS over recent years which has
resulted in excess revenue for these
services.
The proposed rule change is
consistent with the requirements of
Section 17A of the Act 6 and the rules
and regulations thereunder applicable to
NSCC because the proposed change
provides for the equitable allocation of
dues fees and other charges among
NSCC members and aligns fees for
services with the associated cost to
deliver the service.
(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.
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)(ii) of the Act 7 and Rule 19b–
4(f)(2) 8 thereunder because the rule
establishes a due, fee, or other charge.
At any time within sixty days of the
filing of the proposed rule change, the
Commission could have summarily
abrogated such rule change if it
appeared to the Commission that such
action was necessary or appropriate in
the public interest, for the protection of
6 15
U.S.C. 78q–1.
U.S.C. 78s(b)(3)(A)(ii).
8 17 CFR 240.19b–4(f)(2).
7 15
VerDate Aug<31>2005
19:14 Aug 07, 2007
Jkt 211001
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–2007–10 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–2007–10. 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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
PO 00000
Frm 00119
Fmt 4703
Sfmt 4703
$8.00
$4.50
$3.75
$3.50
per
per
per
per
1,000
1,000
1,000
1,000
Proposed
(items)
.....
.....
.....
.....
$ no change.
$4.00 per 1,000.
$3.00 per 1,000.
$2.00 per 1,000.
The text of the proposed rule change is
available at NSCC, the Commission’s
Public Reference Room, and https://
www.nscc.com/legal/2007/2007–10.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–2007–10 and should
be submitted on or before August 29,
2007.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–15433 Filed 8–7–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56183; File No. SR–NYSE–
2007–42]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change as
Modified by Amendment No. 1 Thereto
Relating to Rule 103B (‘‘Specialist
Stock Allocation’’)
August 2, 2007.
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 April 20,
2007, the New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘Exchange’’) 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 substantially prepared by
NYSE. NYSE filed Amendment No. 1 to
the proposed rule change on July 20,
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\08AUN1.SGM
08AUN1
]]>Agencies
[Federal Register Volume 72, Number 152 (Wednesday, August 8, 2007)]
[Notices]
[Pages 44600-44601]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-15433]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56184; File No. SR-NSCC-2007-10]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Fees Charged for Its Positions and Valuations
Service
August 2, 2007.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on May 11, 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)(ii) of the Act \2\ and Rule 19b-4(f)(2) 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)(ii).
\3\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 reduce the fees that
NSCC charges for its Positions and Valuations service (``POV''), which
is part of the Insurance and Retirement Processing Service (``IPS'')
effective July 1, 2007.\4\
---------------------------------------------------------------------------
\4\ The Insurance and Retirement Processing Service was formerly
called the Insurance Processing Service.
---------------------------------------------------------------------------
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.\5 \
---------------------------------------------------------------------------
\5\ The Commission has modified the text of the summaries
prepared by NSCC.
---------------------------------------------------------------------------
[[Page 44601]]
(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 reduce the fees that
NSCC charges for its POV service effective July 1, 2007.
The transaction fees schedule for the IPS POV service is tiered
according to the numbers of transaction processed. The following chart
shows the current fees and the proposed reduced fees.
----------------------------------------------------------------------------------------------------------------
POV position records Current (items) Proposed (items)
----------------------------------------------------------------------------------------------------------------
From 0 to 500,000 items per month...... $8.00 per 1,000.................... $ no change.
From 500,001 to 2,000,000 items per $4.50 per 1,000.................... $4.00 per 1,000.
month.
From 2,000,001 to 4,000,000 items per $3.75 per 1,000.................... $3.00 per 1,000.
month.
For 4,000,001 or more items per month.. $3.50 per 1,000.................... $2.00 per 1,000.
----------------------------------------------------------------------------------------------------------------
These fees are being reduced due to an increase in volume and
revenue in NSCC's IPS over recent years which has resulted in excess
revenue for these services.
The proposed rule change is consistent with the requirements of
Section 17A of the Act \6\ and the rules and regulations thereunder
applicable to NSCC because the proposed change provides for the
equitable allocation of dues fees and other charges among NSCC members
and aligns fees for services with the associated cost to deliver the
service.
---------------------------------------------------------------------------
\6\ 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)(ii) of the Act \7\ and Rule 19b-4(f)(2) \8\
thereunder because the rule establishes a due, fee, or other charge. At
any time within sixty days of the filing of the proposed rule change,
the Commission could have summarily abrogated such rule change if it
appeared to the Commission that such action was necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-2007-10 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-2007-10. 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, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. The text of the proposed rule change is available at
NSCC, the Commission's Public Reference Room, and https://www.nscc.com/
legal/2007/2007-10.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-2007-10 and should be submitted on or before August 29, 2007.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-15433 Filed 8-7-07; 8:45 am]
BILLING CODE 8010-01-P
