Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change To Amend Membership Disqualification Criteria Rules, 41390-41392 [E8-16400]
Download as PDF
<![CDATA[
41390
Federal Register / Vol. 73, No. 139 / Friday, July 18, 2008 / Notices
C securities rebates.6 Additionally, the
Exchange proposes to clarify that the
routing fee of $0.003 continues to apply
on a per share basis for all securities
routed to another market center,
including Tape B securities.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(4) of the Act 7 that an
exchange have an equitable allocation of
reasonable dues, fees and other charges
among its members and other persons
using its facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose 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
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
Section 19(b)(3)(A) of the Act 8 and Rule
19b–4(f)(2) 9 thereunder. At any time
within 60 days of the filing of such
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.
IV. Solicitation of Comments
dwashington3 on PRODPC61 with NOTICES3
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:
6 Equity EAMs receive a rebate of $0.0035 per
share in Tape A and Tape C securities for the maker
shares exceeding the monthly ADV of 5 million.
The first 5 million shares per day will continue to
receive a rebate of $0.0032 per share.
7 15 U.S.C. 78f(b)(4).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 19b–4(f)(2).
VerDate Aug<31>2005
15:36 Jul 17, 2008
Jkt 214001
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–ISE–2008–53 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–ISE–2008–53. 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.
Copies of such filing also will be
available for inspection and copying at
the principal office of the ISE. 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–ISE–2008–53 and should be
submitted on or before August 8, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–16404 Filed 7–17–08; 8:45 am]
PO 00000
CFR 200.30–3(a)(12).
Frm 00079
Fmt 4703
[Release No. 34–58123; File No. SR–NSCC–
2007–08]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing of
Proposed Rule Change To Amend
Membership Disqualification Criteria
Rules
July 9, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
April 30, 2007, the National Securities
Clearing Corporation (‘‘NSCC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) and on
February 7, 2008, and on March 18,
2008, amended the proposed rule
change as described in Items I, II, and
III below, which items have been
prepared by NSCC. 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
NSCC is seeking to amend its
membership disqualification criteria
rules in an effort to create more
uniformity with the rules of the Fixed
Income Clearing Corporation (‘‘FICC’’)
and The Depository Trust Company
(‘‘DTC’’).2
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.3
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 amend
the NSCC rules as they relate to
1 15
U.S.C. 78s(b)(1).
and FICC have filed proposed rule changes
seeking to harmonize their membership
disqualification criteria rules with each other and
with NSCC.
3 The Commission has modified the text of the
summaries prepared by NSCC.
2 DTC
BILLING CODE 8010–01–P
10 17
SECURITIES AND EXCHANGE
COMMISSION
Sfmt 4703
E:\FR\FM\18JYN1.SGM
18JYN1
dwashington3 on PRODPC61 with NOTICES3
Federal Register / Vol. 73, No. 139 / Friday, July 18, 2008 / Notices
membership disqualification criteria in
an effort to create more uniformity
between the rules of NSCC and the rules
of NSCC’s affiliates, FICC and DTC.
Currently, Addendum S of the rules
sets forth NSCC’s policy as to standards
relating to competence for membership.
The Addendum includes both objective
and subjective factors that may be
considered by NSCC in its evaluation of
an applicant or the continued
membership of a particular member.
Going forward, NSCC is proposing to
amend its rules to only include those
disqualification criteria that can be
objectively monitored by Risk
Management staff. For example, NSCC
proposes to delete from its rules specific
references to criteria that may not be
reported in a regulatory background
check, such as an entity being subject to
‘‘heightened supervision’’ by a
regulatory body. NSCC is proposing to
include in its rules a general provision
to permit consideration of events with
respect to an applicant or member that
may not be expressly mentioned but
that may impact a member’s suitability
as a member.
In addition, pursuant to NSCC’s
current disqualification criteria, NSCC
can consider the criteria with respect to
a person or entity that has ‘‘significant
managerial responsibility’’ over the
applicant or member. Because it is not
easily ascertainable as to what entities
or individuals have ‘‘significant
managerial responsibility’’ over a
particular entity, NSCC is proposing to
amend these provisions in the rules so
that they are consistent with internal
surveillance procedures. Going forward,
NSCC will extend the reach of certain
disqualification criteria to persons and
entities acting as ‘‘controlling
management,’’ which will include those
officers of the entity that are currently
screened by Risk Management staff
pursuant to internal procedures.
Specifically, NSCC’s disqualification
criteria will now include:
(i) An applicant or member being
subject to statutory disqualification as
defined in Section 3(a)(39) of that Act.4
While this provision currently exists in
the rules, it will be moved within the
rules and will be grouped with all other
disqualification criteria.
(ii) An applicant, member, or its
controlling management making a
misstatement of material facts;
committing fraudulent acts; or being
convicted of any of the crimes listed in
the rule.
4 The NSCC rules will also provide that
applicants and members must notify NSCC if any
member of its controlling management is or
becomes subject to a statutory disqualification, as
defined in Section 3(a)(39) of the Act.
VerDate Aug<31>2005
15:36 Jul 17, 2008
Jkt 214001
(iii) An applicant, member, or its
controlling management being
permanently or temporarily enjoined
from acting on behalf of a financial
institution such as a broker-dealer.
(iv) An applicant or member’s
suspension or termination from
participation in a national securities
association, exchange registered under
the Exchange Act, a self-regulatory
organization, clearing agency, or
securities depository.
Pursuant to the proposed change,
NSCC would also continue to be able to
cease to act for a member when any of
the factors in sections (i) through (iv)
above are present. Addendum S would
be struck entirely from the rules, and
the listed disqualification criteria would
be included in NSCC’s proposed Rule
2A ‘‘Initial Membership
Requirements.’’ 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 applicable to NSCC because
it will remove impediments to the
perfection of a national system for the
prompt and accurate clearance and
settlement of securities transactions and
is not designed to permit unfair
discrimination in the admission of
participants or among participants in
the use of NSCC by refining NSCC’s
rules and procedures with regard to
applicants and members, and in general
will protect investors and the public
interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NSCC does not believe that the
proposed rule change would 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 were not and are
not intended to be solicited with respect
to the proposed rule change, and none
have been received. 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
Within thirty-five 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
5 NSCC has also filed proposed rule change SR–
NSCC–2006–17 which seeks to reorganize NSCC’s
rules related to membership standards and
membership requirements.
6 15 U.S.C. 78q–1.
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
41391
ninety 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 the self-regulatory
organization 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, 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
Number SR–NSCC–2007–08 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–2007–08. 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, on official business days
between the hours of 10 am and 3 pm.
Copies of such filing also will be
available for inspection and copying at
the principal office of NSCC and on
NSCC’s Web site at https://
www.dtcc.com/downloads/legal/
rule_filings/2007/nscc/2007–08.pdf . All
comments received will be posted
E:\FR\FM\18JYN1.SGM
18JYN1
41392
Federal Register / Vol. 73, No. 139 / Friday, July 18, 2008 / Notices
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–2007–08 and should
be submitted on or before August 8,
2008.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–16400 Filed 7–17–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58130; File No. SR–
NYSEArca–2008–72]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the
Exchange’s Quarterly Options Series
Pilot Program
July 9, 2008.
dwashington3 on PRODPC61 with NOTICES3
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 July 2,
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been
substantially prepared by the Exchange.
The Exchange has designated this
proposal as non-controversial under
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposed rule change
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
NYSE Arca proposes to amend its
rules to (i) extend the Quarterly Options
Series pilot program (‘‘Pilot Program’’)
until July 10, 2009, (ii) add provisions
to the Pilot Program regarding the
addition of new strike prices and the
delisting of inactive series and, (iii)
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
217 CFR 240.19b–4.
315 U.S.C. 78s(b)(3)(A)(iii).
417 CFR 240.19b–4(f)(6).
115
15:36 Jul 17, 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, the
Exchange 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. The
Exchange 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
1. Purpose
On July 12, 2006 the Exchange filed
with the Commission a proposal to list
and trade Quarterly Options Series on a
pilot basis (‘‘Pilot Program’’) through
July 10, 2007. The rule change was
effective upon filing.5 The original Pilot
Program was subsequently extended
and is now due to expire on July 10,
2008.6 The Exchange now proposes to
extend the Pilot Program for another
year, so that it will now expire on July
10, 2009; to amend the Pilot Program in
certain respects; and make minor
technical changes.
Pilot Extension
The Exchange stated that it would
submit, in connection with any
proposed extension of the Pilot
Program, a Pilot Program Report
(‘‘Report’’) that would provide an
analysis of the Pilot Program covering
the entire period which the program
was in effect. The Report was to
include: (1) Data and written analysis on
the open interest and trading volume in
the classes for which Quarterly Options
Series were opened; (2) an assessment of
the appropriateness of the option classes
selected for the Pilot Program; (3) an
assessment of the impact of the Pilot
Program on the capacity on the
Exchange, OPRA and on market data
5See Securities Exchange Act Release No. 54166
(July 18, 2006), 71 FR 42151 (July 25, 2006) (SR–
NYSEArca–2006–45).
6See Securities Exchange Act Release No. 56119
(July 24, 2007), 72 FR 41563 (July 30, 2007) (SR–
NYSEArca–2007–70).
7 17
VerDate Aug<31>2005
make minor technical changes. The text
of the proposed rule change is available
on the Exchange’s Web site at (https://
www.nyse.com), at the Exchange’s
principal office, and at the
Commission’s Public Reference Room.
Jkt 214001
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
vendors (to the extent data from market
data vendors is available); (4) any
capacity problems or other problems
that arose during the operation of the
Pilot Program and how the Exchange
addressed such problems; (5) any
complaints that the Exchange received
during the operation of the Pilot
Program and how the Exchange
addressed them; and (6) any additional
information that would assist the
Commission in assessing the operation
of the Pilot Program. The Exchange has
submitted the Report.
The Exchange represents that the
Report supports its belief that extension
of the Pilot Program is proper. Among
other things, the Report shows the
strength of the Pilot Program as reflected
by the overall volume and open interest
of Quarterly Options Series traded on
NYSE Arca and other national options
exchanges. The Report shows that the
Pilot Program has not created, and in
the future should not create, any
capacity, operational or regulatory
problems attributable to Quarterly
Options Series. Finally, NYSE Arca
represents that the Exchange has the
necessary system capacity to support
any additional series listed as part of the
Pilot Program.
Proposal Related to the Listing and
Delisting of Strikes
On August 7, 2007, the Chicago Board
Options Exchange (‘‘CBOE’’) filed a
proposal to revise the terms of its
Quarterly Options Series pilot program.
As part of this filing, CBOE proposed to
implement new policies related to the
listing and delisting of additional strike
prices for Quarterly Options Series. The
proposal, as amended, was approved by
the Commission on March 3, 2008.7
NYSE Arca proposes to adopt the
revised terms of the CBOE’s pilot
program, for use in its own Pilot
Program.
Specifically, NYSE Arca proposes to
amend Rule 6.4, Commentary .08 to
permit the Exchange to list additional
strike prices for Quarterly Options
Series in exchange traded fund (‘‘ETF’’)
options that fall within a percentage
range (30%) above and below the price
of the underlying ETF.8
Additionally, upon demonstrated
customer interest, the Exchange also
will be permitted to open additional
strike prices of Quarterly Options Series
7See Securities Exchange Act Release No. 57410
(March 3, 2008), 73 FR 12483 (March 7, 2008) (SR–
CBOE–2007–96).
8 Pursuant to the existing Pilot Program, the
Exchange is presently limited to listing new strike
prices on Quarterly Options Series that fall within
a $5 range from the closing price of the underlying
security on the preceding day.
E:\FR\FM\18JYN1.SGM
18JYN1
]]>Agencies
[Federal Register Volume 73, Number 139 (Friday, July 18, 2008)]
[Notices]
[Pages 41390-41392]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-16400]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58123; File No. SR-NSCC-2007-08]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing of Proposed Rule Change To Amend
Membership Disqualification Criteria Rules
July 9, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on April 30, 2007, the
National Securities Clearing Corporation (``NSCC'') filed with the
Securities and Exchange Commission (``Commission'') and on February 7,
2008, and on March 18, 2008, amended the proposed rule change as
described in Items I, II, and III below, which items have been prepared
by NSCC. 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NSCC is seeking to amend its membership disqualification criteria
rules in an effort to create more uniformity with the rules of the
Fixed Income Clearing Corporation (``FICC'') and The Depository Trust
Company (``DTC'').\2\
---------------------------------------------------------------------------
\2\ DTC and FICC have filed proposed rule changes seeking to
harmonize their membership disqualification criteria rules with each
other and with NSCC.
---------------------------------------------------------------------------
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.\3\
---------------------------------------------------------------------------
\3\ 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 amend the NSCC rules as they
relate to
[[Page 41391]]
membership disqualification criteria in an effort to create more
uniformity between the rules of NSCC and the rules of NSCC's
affiliates, FICC and DTC.
Currently, Addendum S of the rules sets forth NSCC's policy as to
standards relating to competence for membership. The Addendum includes
both objective and subjective factors that may be considered by NSCC in
its evaluation of an applicant or the continued membership of a
particular member. Going forward, NSCC is proposing to amend its rules
to only include those disqualification criteria that can be objectively
monitored by Risk Management staff. For example, NSCC proposes to
delete from its rules specific references to criteria that may not be
reported in a regulatory background check, such as an entity being
subject to ``heightened supervision'' by a regulatory body. NSCC is
proposing to include in its rules a general provision to permit
consideration of events with respect to an applicant or member that may
not be expressly mentioned but that may impact a member's suitability
as a member.
In addition, pursuant to NSCC's current disqualification criteria,
NSCC can consider the criteria with respect to a person or entity that
has ``significant managerial responsibility'' over the applicant or
member. Because it is not easily ascertainable as to what entities or
individuals have ``significant managerial responsibility'' over a
particular entity, NSCC is proposing to amend these provisions in the
rules so that they are consistent with internal surveillance
procedures. Going forward, NSCC will extend the reach of certain
disqualification criteria to persons and entities acting as
``controlling management,'' which will include those officers of the
entity that are currently screened by Risk Management staff pursuant to
internal procedures.
Specifically, NSCC's disqualification criteria will now include:
(i) An applicant or member being subject to statutory
disqualification as defined in Section 3(a)(39) of that Act.\4\ While
this provision currently exists in the rules, it will be moved within
the rules and will be grouped with all other disqualification criteria.
---------------------------------------------------------------------------
\4\ The NSCC rules will also provide that applicants and members
must notify NSCC if any member of its controlling management is or
becomes subject to a statutory disqualification, as defined in
Section 3(a)(39) of the Act.
---------------------------------------------------------------------------
(ii) An applicant, member, or its controlling management making a
misstatement of material facts; committing fraudulent acts; or being
convicted of any of the crimes listed in the rule.
(iii) An applicant, member, or its controlling management being
permanently or temporarily enjoined from acting on behalf of a
financial institution such as a broker-dealer.
(iv) An applicant or member's suspension or termination from
participation in a national securities association, exchange registered
under the Exchange Act, a self-regulatory organization, clearing
agency, or securities depository.
Pursuant to the proposed change, NSCC would also continue to be
able to cease to act for a member when any of the factors in sections
(i) through (iv) above are present. Addendum S would be struck entirely
from the rules, and the listed disqualification criteria would be
included in NSCC's proposed Rule 2A ``Initial Membership
Requirements.'' \5\
---------------------------------------------------------------------------
\5\ NSCC has also filed proposed rule change SR-NSCC-2006-17
which seeks to reorganize NSCC's rules related to membership
standards and membership requirements.
---------------------------------------------------------------------------
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 applicable to NSCC because it will remove
impediments to the perfection of a national system for the prompt and
accurate clearance and settlement of securities transactions and is not
designed to permit unfair discrimination in the admission of
participants or among participants in the use of NSCC by refining
NSCC's rules and procedures with regard to applicants and members, and
in general will protect investors and the public interest.
---------------------------------------------------------------------------
\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 would 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 were not and are not intended to be solicited with
respect to the proposed rule change, and none have been received. 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
Within thirty-five 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 ninety 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 the self-regulatory organization 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, 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 Number SR-NSCC-2007-08 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-2007-08. 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, on official business days between the hours
of 10 am and 3 pm. Copies of such filing also will be available for
inspection and copying at the principal office of NSCC and on NSCC's
Web site at https://www.dtcc.com/downloads/legal/rule_filings/2007/
nscc/2007-08.pdf . All comments received will be posted
[[Page 41392]]
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-2007-08 and should be submitted on or before August
8, 2008.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-16400 Filed 7-17-08; 8:45 am]
BILLING CODE 8010-01-P
