Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Deliver Order Input Cutoff Window, 10848-10849 [E8-3708]
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10848
Federal Register / Vol. 73, No. 40 / Thursday, February 28, 2008 / Notices
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 on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for
inspection and copying at the principal
office of CHX. 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–CHX–
2007–21 and should be submitted on or
before March 20, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–3731 Filed 2–27–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57366; File No. SR–DTC–
2008–01]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Relating to
Deliver Order Input Cutoff Window
February 21, 2008.
rwilkins on PROD1PC63 with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 notice is hereby given that on
January 10, 2008, The Depository Trust
Company (‘‘DTC’’) 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
prepared primarily by DTC. DTC 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 persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
DTC will modify its system to provide
its participants with the option of
submitting deliver orders (‘‘DOs’’) from
CFR 200.30–3(a)(12).
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).
18:23 Feb 27, 2008
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
DTC 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. DTC has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change.
Currently, DTC’s system does not
allow participants to submit DOs after
the night cycle input cutoff at 8 p.m.
After the 8 p.m. cutoff, the next input
time for participants to submit DOs is
the day cycle, which begins at 3 a.m.,
the next business day.
DTC is extending the DO input time
frame to 11 p.m. to provide its
participants with additional flexibility
to respond on a more timely basis to
delivery receive orders that they may
have received earlier in the night cycle
and to do so at a reduced cost. DOs
processed during the extended night
cycle will be billed at DTC’s current
night DO fee of $0.12. To take advantage
of the expanded input window,
participants will be required to use a
new format.5
DTC states that the proposed rule
change is consistent with the
requirements of Section 17A of the Act 6
and the rules and regulations
thereunder applicable to DTC as it
allows for more efficient processing of
certain transactions. Therefore, it will
not adversely affect the safeguarding of
funds or securities in DTC’s custody and
control or for which it is responsible.
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.
4 All times referenced in this notice are eastern
standard time.
5 The new format options are outlined in Exhibit
5 of DTC’s rule filing.
6 15 U.S.C. 78q–1.
13 17
VerDate Aug<31>2005
8 p.m. to 11 p.m. during the night
cycle.4
Jkt 214001
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
DTC has not solicited or received
written comments relating to the
proposed rule change. DTC 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 upon filing pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and Rule
19b–4(f)(4) 8 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 DO service. At any time within 60
days of the filing of the proposed rule
change, the Commission may summarily
abrogated 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 rulecomment@sec.gov. Please include File
No. SR–DTC–2008–01 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–DTC–2008–01. 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
7 15
8 17
E:\FR\FM\28FEN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
28FEN1
Federal Register / Vol. 73, No. 40 / Thursday, February 28, 2008 / Notices
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. to 3 p.m.
Copies of such filing also will be
available for inspection and copying at
DTC’s principal office and on DTC’s
Web site at (https://www.dtcc.com/legal/
rule_filings/dtc/2008.php). 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.
DTC–2008–01 and should be submitted
on or before March 20, 2008.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florance E. Harmon,
Deputy Secretary.
[FR Doc. E8–3708 Filed 2–27–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57362; File No. SR–DTC–
2006–16]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing of Amended Proposed Rule
Change Amending FAST and DRS
Limited Participant Requirements for
Transfer Agents
rwilkins on PROD1PC63 with NOTICES
February 20, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
October 12, 2006, The Depository Trust
Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) and on March 29, 2007,
and May 3, 2007, amended proposed
rule change No. SR–DTC–2006–16. On
May 25, 2007, the Commission
published notice of the proposed rule
9 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Aug<31>2005
18:23 Feb 27, 2008
Jkt 214001
change as amended by Amendment 1
and Amendment 2.2 The Commission
received 29 comment letters to the
proposed rule change as amended by
Amendments 1 and 2.3 On December
31, 2007, DTC filed Amendment 3. The
Commission is publishing this notice to
solicit comments from interested parties
on the proposed rule change as
amended by Amendments 1, 2, and 3
and as described in Items I, II, and III
below, which items have been prepared
primarily by the DTC.4
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
DTC proposes to amend its rules to
update, standardize, and restate the
requirements for the Fast Automated
Securities Transfer Program (‘‘FAST’’),
to delineate the responsibilities of DTC
and the transfer agents with respect to
the securities held by transfer agents as
part of the FAST program, and to restate
the requirements for transfer agents
participating in the Direct Registration
System (‘‘DRS’’).
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
DTC 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. DTC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.5
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Prior to the establishment of the FAST
program, transfers of securities to or
from DTC occurred by sending
securities back and forth between DTC
and transfer agents. In the case of
securities being deposited with DTC,
DTC sent the certificates to the transfer
agent for registration into the name of
DTC’s nominee, Cede & Co., and the
transfer agent returned the reregistered
2 Securities Exchange Act Release No. 34–55816
(May 25, 2007), 71 FR 30648 (June 1, 2007)[File No.
SR–DTC–16].
3 The comment letters can be found at https://
www.sec.gov/comments/sr-dtc-2006-16/
dtc200616.shtml.
4 The exact text of the DTC’s proposed rule
change can be found at https://www.dtc.org/impNtc/
mor/#2006.
5 The Commission has modified portions of the
text of the summaries prepared by the DTC.
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
10849
certificates to DTC. In the case of
securities being withdrawn from DTC,
DTC sent the certificates registered in
the name of Cede & Co. to the transfer
agent for reregistration into the name
designated by the withdrawing DTC
participant, and the transfer agent
returned the reregistered security to
DTC for delivery to the withdrawing
participant. This process exposed
securities to risk of loss during transit
between DTC and transfer agents and
resulted in the expense of making
physical deliveries of securities.
Under the FAST program, transfer
agents hold FAST-eligible securities
registered in the name of Cede & Co. in
the form of balance certificates. As
additional securities are deposited or
withdrawn from DTC, transfer agents
adjust the denomination of the balance
certificates as appropriate and
electronically confirm theses changes
with DTC. Such ‘‘FAST agents’’ are
holding in custody those securities that
would otherwise be held at DTC for the
benefit of DTC’s participants. As such,
the FAST program reduces the
movement of certificates between DTC
and the transfer agents and therefore
reduces the costs and risks associated
with the creation, movement, and
storing of certificates to DTC, DTC
participants, issuers, and transfer
agents.6
The FAST program has grown
substantially since first being
introduced in 1975.7 Recent changes in
the rules of the major securities
exchanges are expected to further
accelerate this growth.8 Those exchange
rules require as a listing prerequisite
that issues be eligible for processing
through DRS. Since becoming a FAST
agent is a criterion for a transfer agent’s
eligibility for participation in DRS, DTC
6 For a description of DTC’s current rules relating
to FAST, see Securities Exchange Act Release Nos.
34–13342 (March 8, 1977) [File No. SR–DTC–76–3];
34–14997 (July 26, 1978) [File No. SR–DTC–78–11];
34–21401 (October 16, 1984) [File No. SR–DTC–84–
8]; 34–31941 (March 3, 1993) [SR–DTC–92–15]; and
34–46956 (December 6, 2002) [File No. SR–DTC–
2002–15].
7 DTC introduced the FAST program in 1975 with
400 issues and 10 agents. Currently, there are over
930,000 issues and approximately 90 agents in
FAST.
8 Securities Exchange Act Release Nos. 54289
(August 8, 2006), 71 FR 47278 (August 16, 2006)
[File No. SR–NYSE–2006–29]; 54290 (August 8,
2006), 71 FR 47262 (August 16, 2006) [File No. SR–
Amex–2006–40]; 54288 (August 8, 2006), 71 FR
47276 (August 16, 2006) [File No. SR–NASDAQ–
2006–08]; 54410 (September 7, 2006), 71 FR 54316
(September 14, 2006) [File No. SR–NYSE Arca–
2006–31]; 55482 (March 15, 2007), 72 FR 13544
(March 22, 2007) [File No. SR–Phlx–2006–69];
55481 (March 15, 2007), 72 FR 13544 (March 22,
2007) [File No. SR–CHX–2006–33]; and 55480
(March 15, 2007), 72 FR 13544 (March 22, 2007)
[File No. SR–BSE–2006–46].
E:\FR\FM\28FEN1.SGM
28FEN1
]]>Agencies
[Federal Register Volume 73, Number 40 (Thursday, February 28, 2008)]
[Notices]
[Pages 10848-10849]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-3708]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57366; File No. SR-DTC-2008-01]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to Deliver Order Input Cutoff Window
February 21, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ notice is hereby given that on January 10, 2008, The
Depository Trust Company (``DTC'') 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 prepared
primarily by DTC. DTC 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 persons.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
DTC will modify its system to provide its participants with the
option of submitting deliver orders (``DOs'') from 8 p.m. to 11 p.m.
during the night cycle.\4\
---------------------------------------------------------------------------
\4\ All times referenced in this notice are eastern standard
time.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, DTC 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. DTC has prepared summaries, set forth in sections A, B,
and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change.
Currently, DTC's system does not allow participants to submit DOs
after the night cycle input cutoff at 8 p.m. After the 8 p.m. cutoff,
the next input time for participants to submit DOs is the day cycle,
which begins at 3 a.m., the next business day.
DTC is extending the DO input time frame to 11 p.m. to provide its
participants with additional flexibility to respond on a more timely
basis to delivery receive orders that they may have received earlier in
the night cycle and to do so at a reduced cost. DOs processed during
the extended night cycle will be billed at DTC's current night DO fee
of $0.12. To take advantage of the expanded input window, participants
will be required to use a new format.\5\
---------------------------------------------------------------------------
\5\ The new format options are outlined in Exhibit 5 of DTC's
rule filing.
---------------------------------------------------------------------------
DTC states that the proposed rule change is consistent with the
requirements of Section 17A of the Act \6\ and the rules and
regulations thereunder applicable to DTC as it allows for more
efficient processing of certain transactions. Therefore, it will not
adversely affect the safeguarding of funds or securities in DTC's
custody and control or for which it is responsible.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
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
DTC has not solicited or received written comments relating to the
proposed rule change. DTC 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 upon filing pursuant
to Section 19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(4) \8\
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 DO service. At any
time within 60 days of the filing of the proposed rule change, the
Commission may summarily abrogated 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 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-comment@sec.gov. Please include
File No. SR-DTC-2008-01 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-DTC-2008-01. 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
[[Page 10849]]
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. to 3 p.m. Copies of such
filing also will be available for inspection and copying at DTC's
principal office and on DTC's Web site at (https://www.dtcc.com/legal/
rule_filings/dtc/2008.php). 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. DTC-2008-01 and should be submitted on or before March 20,
2008.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florance E. Harmon,
Deputy Secretary.
[FR Doc. E8-3708 Filed 2-27-08; 8:45 am]
BILLING CODE 8011-01-P
