Notice of Solicitation of Public Views Regarding Practices Being Developed To Deal With the Increasing Number of Senior Investors, 8922-8923 [E8-2860]

Download as PDF 8922 Federal Register / Vol. 73, No. 32 / Friday, February 15, 2008 / Notices DTC initially filed to implement the FCP Option, the issues providing for multiple currencies payments were foreign denominated.3 The wording of the filing inadvertently put participants holding U.S. denominated securities at a disadvantage with respect to the FCP Option. This rule change remedies this unintentional result by allowing the FCP Option to be used with respect to U.S. denominated securities. Designation of Payment Option After Initial Issuance The rule change allows for the use of the FCP Option for DTC-eligible securities that were not initially issued with the option of payment in multiple currencies. Additionally, DTC is amending its rules to allow an issuer or its agent to use the FCP Option to add an additional currency to the payment options originally offered in relation to a DTC-eligible security.4 In such a case, the issuer or its agent would instruct DTC within prescribed time frames and in a form satisfactory to DTC to send out a notice to participants holding positions in the subject security to inform them of the payment options for a particular payment event. Such a notice would contain all necessary information for a participant to be able to elect a particular currency option. The method of payment (U.S. dollars within DTC or foreign currency outside of DTC) and the election process would remain the same. III. Discussion rwilkins on PROD1PC63 with NOTICES Section 17A(b)(3)(F) of the Act requires that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions. In the 1994 order approving DTC’s original rule allowing the foreign currency payment option, the Commission found that the FCP Option facilitates the immobilization of certificates at DTC and therefore reduces the costs to secondary market participants by increasing the use of book-entry 3 Securities Exchange Act Release Nos. 33597 (February 8, 1994), 59 FR 7272 (February 15, 1994) (File No. SR–DTC–93–10) and 29144 (April 30, 1991), 56 FR 21182 (May 7, 1991) (File No. SR– DTC–90–09). 4 For example, payment in a different currency than that offered when a security was initially issued might be desirable in the event of a change in tax withholding legislation subsequent to the initial issuance which might make it more attractive for investors from a particular country to hold position in a security. It would in turn be helpful for such investors to have the ability to receive payments in relation to the subject security in their home country currency. VerDate Aug<31>2005 15:58 Feb 14, 2008 Jkt 214001 settlement.5 Similarly, we find that the proposed rule change by extending the FCP Option to U.S. denominated securities and to securities not originally issued with the option of receiving payments in multiple currencies should achieve the same result. As a result of the proposed rule change, DTC participants holding these securities will no longer have to withdraw their shares from DTC in order to receive payments in foreign currencies offered by an issuer or its agent. The proposed rule change should, therefore, provide cost savings and should expand the efficiencies related to book-entry transfer for DTC participants. For these reasons we find that the proposed rule change is designed to promote the prompt and accurate clearance and settlement of securities transactions consistent with DTC obligations under section 17A(b)(3)(F). IV. Conclusion On the basis of the foregoing, the Commission finds that the proposed rule change is consistent with the requirements of the Act and in particular section 17A of the Act and the rules and regulations thereunder.6 It is therefore ordered, pursuant to section 19(b)(2) of the Act, that the proposed rule change (File No. SR– DTC–2007–13) be and hereby is approved. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–2823 Filed 2–14–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57308; File No. S7–03–08] Notice of Solicitation of Public Views Regarding Practices Being Developed To Deal With the Increasing Number of Senior Investors On February 8, 2008, the Commission issued Press Release No. 2008–16 announcing that the Commission staff, in coordination with FINRA and NASAA, would be seeking information from all interested parties (including investors, broker-dealers and investment 5 Securities Exchange Act Release No. 29144 (April 30, 1991), 56 FR 21182 (May 7, 1991) (File No. SR–DTC–90–09). 6 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). 7 17 CFR 200.30–3(a)(12). PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 advisers) concerning the particular practices that have been developed and are being developed to responsibly deal with the increasing number of senior investors. The goal of the project is to identify industry practices in dealing with senior investors that appear to be effective in ensuring that the firms deal fairly with senior investors, and to provide information about these practices publicly. It is anticipated that the staff will prepare a report summarizing the project and practices identified. The Commission asks all parties to share effective practices in the following areas: • Marketing and advertising to seniors (including information such as procedures to review this material); • Account opening (including information such as any additional disclosures provided to seniors, any review conducted on account opening documents; and information obtained about the customer); • Product and account review (including information such as whether the firm has any specific guidelines for selling particular products to senior investors, additional or enhanced reviews of purchases); • Ongoing review of the relationship and appropriateness of products (including information such as who conducts review, frequency of review, any guidelines for appropriateness of products and procedures); • Discerning and meeting the changing needs of customers as they age (including information such as procedures for handling customer accounts if the customer becomes unable to make their own investment decisions, required documentation, and any review of customer accounts as the customer ages to ensure customers investment objectives are being met); • Surveillance and compliance reviews (including information such as exception reports; description of the types of reviews conducted, and procedures or guidance given to the reviewer); and • Training for firm employees (including information such as who is required to attend the training, when was training implemented, and any written procedures). If you wish to send us your views, please submit them by hard copy or email, but not by both methods on or before April 1, 2008. We strongly encourage electronic submissions. You may submit your written views electronically at the following electronic mail address: rule-comments@sec.gov. We do not edit personal identifying information, such as names or electronic E:\FR\FM\15FEN1.SGM 15FEN1 Federal Register / Vol. 73, No. 32 / Friday, February 15, 2008 / Notices mail addresses, from electronic submissions so you should submit only information that you wish to make available publicly. Views communicated in hard copy should be submitted in triplicate to Nancy Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File No. S7– 03–08. This file number should be included in the subject line if electronic mail is used. Hard copy submissions will be available for public 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. Electronic submissions will be posted on the Commission’s Internet Web site (https://www.sec.gov/ rules/other.shtml). For additional information, please contact Suzanne McGovern, Assistant Director, or Laura Magyar, Branch Chief at (202) 551–6452, in the Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549. Dated: February 11, 2008. By the Commission. Nancy M. Morris, Secretary. [FR Doc. E8–2860 Filed 2–14–08; 8:45 am] Incident Period: 02/05/2008 and continuing. Effective Date: 02/07/2008. Physical Loan Application Deadline Date: 04/07/2008. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 02/07/2008, Private Non-Profit organizations that provide essential services of a governmental nature may Percent file disaster loan applications at the address listed above or other locally 5.500 announced locations. The following areas have been 2.750 determined to be adversely affected by the disaster: 8.000 Primary Counties: Baxter, Conway, Independence, Izard, Pope, Randolph, Sharp, Stone, Union, 4.000 Van Buren. The Interest Rates Are: 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the Administrator’s disaster declaration, applications for disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties: Alcorn, Lafayette. Contiguous Counties: ≤Mississippi: Calhoun, Marshall, Panola, Pontotoc, Prentiss, Tate Tippah, Tishomingo, Union, Yalobusha. Tennessee: Hardeman, Hardin, McNairy. The Interest Rates are: Homeowners With Credit Available Elsewhere ......................... Homeowners Without Credit Available Elsewhere .................. Businesses With Credit Available Elsewhere ................................. Businesses & Small Agricultural Cooperatives Without Credit Available Elsewhere .................. Other (Including Non-Profit Organizations) With Credit Available Elsewhere ................................. Businesses and Non-Profit Organizations Without Credit Available Elsewhere ......................... 5.250 Percent 4.000 BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 11171 and # 11172] Mississippi Disaster # MS–00015 rwilkins on PROD1PC63 with NOTICES SUMMARY: This is a notice of an Administrative declaration of a disaster for the State of MISSISSIPPI dated 02/08/2008. Incident: Severe Storms and Tornadoes. Incident Period: 02/05/2008. EFFECTIVE DATE: 02/08/2008. Physical Loan Application Deadline Date: 04/08/2008. Economic Injury (EIDL) Loan Application Deadline Date: 11/10/2008. ADDRESSES: Submit completed loan applications to : U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 17:33 Feb 14, 2008 Jkt 214001 The number assigned to this disaster for physical damage is 11171 C and for economic injury is 11172 0. The States which received an EIDL Declaration # are Mississippi, Tennessee. Other (Including Non-Profit Organizations) With Credit Available Elsewhere ................................... Businesses And Non-Profit Organizations Without Credit Available Elsewhere: .................................. The number assigned to this disaster for physical damage is ....... 5.250. 4.000. 11166 (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) U.S. Small Business Administration. ACTION: Notice. AGENCY: VerDate Aug<31>2005 8923 (Catalog of Federal Domestic Assistance Number 59008) Dated: February 8, 2008. Steven C. Preston, Administrator. [FR Doc. E8–2842 Filed 2–14–08; 8:45 am] Herbert L. Mitchell, Associate Administrator for Disaster Assistance. [FR Doc. E8–2847 Filed 2–14–08; 8:45 am] BILLING CODE 8025–01–P BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 11166] [Disaster Declaration # 11165] Arkansas Disaster # AR–00016 Hawaii Disaster # HI–00011 AGENCY: U.S. Small Business Administration. ACTION: Notice. AGENCY: SUMMARY: This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of Arkansas (FEMA–1744–DR), dated 02/07/2008. Incident: Severe Storms, Tornadoes, and Flooding SUMMARY: This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of Hawaii (FEMA–1743–DR), dated 02/06/2008. Incident: Severe Storms, High Surf, Flooding, and Mudslides. PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 U.S. Small Business Administration. ACTION: Notice. E:\FR\FM\15FEN1.SGM 15FEN1

Agencies

[Federal Register Volume 73, Number 32 (Friday, February 15, 2008)]
[Notices]
[Pages 8922-8923]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2860]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57308; File No. S7-03-08]


Notice of Solicitation of Public Views Regarding Practices Being 
Developed To Deal With the Increasing Number of Senior Investors

    On February 8, 2008, the Commission issued Press Release No. 2008-
16 announcing that the Commission staff, in coordination with FINRA and 
NASAA, would be seeking information from all interested parties 
(including investors, broker-dealers and investment advisers) 
concerning the particular practices that have been developed and are 
being developed to responsibly deal with the increasing number of 
senior investors. The goal of the project is to identify industry 
practices in dealing with senior investors that appear to be effective 
in ensuring that the firms deal fairly with senior investors, and to 
provide information about these practices publicly. It is anticipated 
that the staff will prepare a report summarizing the project and 
practices identified.
    The Commission asks all parties to share effective practices in the 
following areas:
     Marketing and advertising to seniors (including 
information such as procedures to review this material);
     Account opening (including information such as any 
additional disclosures provided to seniors, any review conducted on 
account opening documents; and information obtained about the 
customer);
     Product and account review (including information such as 
whether the firm has any specific guidelines for selling particular 
products to senior investors, additional or enhanced reviews of 
purchases);
     Ongoing review of the relationship and appropriateness of 
products (including information such as who conducts review, frequency 
of review, any guidelines for appropriateness of products and 
procedures);
     Discerning and meeting the changing needs of customers as 
they age (including information such as procedures for handling 
customer accounts if the customer becomes unable to make their own 
investment decisions, required documentation, and any review of 
customer accounts as the customer ages to ensure customers investment 
objectives are being met);
     Surveillance and compliance reviews (including information 
such as exception reports; description of the types of reviews 
conducted, and procedures or guidance given to the reviewer); and
     Training for firm employees (including information such as 
who is required to attend the training, when was training implemented, 
and any written procedures).
    If you wish to send us your views, please submit them by hard copy 
or e-mail, but not by both methods on or before April 1, 2008. We 
strongly encourage electronic submissions. You may submit your written 
views electronically at the following electronic mail address: rule-
comments@sec.gov. We do not edit personal identifying information, such 
as names or electronic

[[Page 8923]]

mail addresses, from electronic submissions so you should submit only 
information that you wish to make available publicly.
    Views communicated in hard copy should be submitted in triplicate 
to Nancy Morris, Secretary, Securities and Exchange Commission, 100 F 
Street, NE., Washington, DC 20549-1090. All submissions should refer to 
File No. S7-03-08. This file number should be included in the subject 
line if electronic mail is used. Hard copy submissions will be 
available for public 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. Electronic 
submissions will be posted on the Commission's Internet Web site 
(https://www.sec.gov/rules/other.shtml).
    For additional information, please contact Suzanne McGovern, 
Assistant Director, or Laura Magyar, Branch Chief at (202) 551-6452, in 
the Office of Compliance Inspections and Examinations, U.S. Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549.

    Dated: February 11, 2008.

    By the Commission.
Nancy M. Morris,
Secretary.
 [FR Doc. E8-2860 Filed 2-14-08; 8:45 am]
BILLING CODE 8011-01-P
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