Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Rules of the Government Securities Division To Expand the Types of Securities Eligible for the GCF Repo Service, 58698-58700 [E8-23688]
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58698
Federal Register / Vol. 73, No. 195 / Tuesday, October 7, 2008 / Notices
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23689 Filed 10–6–08; 8:45 am]
BILLING CODE 8011–01–P
By the Commission.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23613 Filed 10–6–08; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 58703]
BILLING CODE 8011–01–P
Order Extending Emergency Order
Pursuant to Section 12(k)(2) of the
Securities Exchange Act of 1934
Taking Temporary Action To Respond
to Market Developments
October 1, 2008.
mstockstill on PROD1PC66 with NOTICES
markets and for the protection of
investors.
Therefore, it is ordered, pursuant to
Section 12(k)(2)(C) of the Exchange Act,
that the Order is extended such that it
will terminate at 11:59 p.m. E.D.T. on
Friday, October 17, 2008.
On September 18, 2008, the
Commission issued an Emergency Order
pursuant to Section 12(k)(2) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) (the ‘‘Order’’)
temporarily broadening Exchange Act
Rule 10b–18’s safe harbor from liability
for issuer repurchases in order to
facilitate orderly markets.1 That Order
became effective at 12:01 a.m. E.D.T. on
September 19, 2008, and is currently set
to terminate at 11:59 p.m. E.D.T. on
October 2, 2008.
Pursuant to our authority under
Section 12(k)(2)(C) of the Exchange Act,
we are extending the Order. Section
12(k)(2)(C) authorizes the Commission
to extend an emergency order issued
pursuant to Section 12(k)(2)(A) of the
Exchange Act for a total effective period
of up to 30 calendar days, if the
Commission finds that the emergency
still exists and determines that an
extension is necessary in the public
interest and for the protection of
investors to maintain fair and orderly
securities markets.
We have carefully reevaluated the
current state of the markets and we
remain concerned about the potential of
sudden and excessive fluctuations of
securities prices generally and
disruption in the functioning of the
securities markets that could threaten
fair and orderly markets. Issuer
repurchases can represent an important
source of liquidity during these times of
market volatility. Thus, we have
determined in this environment that the
standards under Section 12(k)(2) for
extending the Order have been met.
Accordingly, the Commission has
determined that extending the Order is
in the public interest and necessary to
maintain fair and orderly securities
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 58711]
Order Extending Emergency Order
Pursuant to Section 12(k)(2) of the
Securities Exchange Act of 1934
Taking Temporary Action To Respond
to Market Developments
October 1, 2008.
Pursuant to Section 12(k)(2) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’),1 on September 17,
2008, the Securities and Exchange
Commission (‘‘Commission’’) issued an
Emergency Order (the ‘‘Order’’) aimed at
further reducing fails to deliver and
addressing potentially abusive ‘‘naked’’
short selling in all equity securities.2
The Order became effective at 12:01
a.m. E.D.T. on September 18, 2008 and
is currently set to terminate at 11:59
p.m. E.D.T. on October 1, 2008.
Pursuant to our authority under
Section 12(k)(2)(C) of the Exchange Act,
we are extending the Order. Section
12(k)(2)(C) authorizes the Commission
to extend an emergency order issued
pursuant to Section 12(k)(2)(A) of the
Exchange Act for a total effective period
of up to 30 calendar days, if the
Commission finds that the emergency
still exists and determines that an
extension is necessary in the public
interest and for the protection of
investors to maintain fair and orderly
securities markets.
We have carefully reevaluated the
current state of the markets and we
remain concerned about the potential of
sudden and excessive fluctuations of
securities prices generally and
disruption in the functioning of the
securities markets that could threaten
fair and orderly markets. We intend the
enhanced delivery requirements
(temporary Rule 204T and elimination
of the options market maker exception)
imposed by the Order and the ‘‘naked’’
1 15
1 Exchange Act Release No. 58588 (Sept. 18,
2008).
VerDate Aug<31>2005
18:23 Oct 06, 2008
Jkt 217001
U.S.C. 78l(k)(2).
2 See Securities Exchange Act Release No. 58572
(Sept. 17, 2008).
PO 00000
Frm 00170
Fmt 4703
Sfmt 4703
short selling antifraud rule to provide
powerful disincentives to those who
might otherwise exacerbate artificial
price movements through ‘‘naked’’ short
selling. Thus, we have determined in
this environment that the standards
under Section 12(k)(2) for extending the
Order have been met. Accordingly, we
have determined that extending the
Order is in the public interest and
necessary to maintain fair and orderly
securities markets and for the protection
of investors.
In addition, we note that Staff of the
Division of Trading and Markets has
issued guidance regarding the Order to
address current and anticipated
technical and operational concerns
resulting from the requirements of the
Order.3 The guidance will continue to
apply for the duration of the Order and
the Commission hereby incorporates
and adopts the guidance.
It is therefore ordered that, pursuant
to Section 12(k)(2)(C) of the Exchange
Act, the Commission hereby
incorporates and adopts the Division of
Trading and Markets: Guidance
Regarding the Commission’s Emergency
Order Concerning Rules to Protect
Investors Against ‘‘Naked’’ Short Selling
Abuses and the Division of Trading and
Markets Guidance Regarding Sale of
Loaned but Recalled Securities.
It is further ordered that, pursuant to
Section 12(k)(2)(C) of the Exchange Act,
the Order is extended such that it will
terminate at 11:59 p.m. E.D.T. on
Friday, October 17, 2008.
By the Commission.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23614 Filed 10–6–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58696; File No. SR–FICC–
2008–04]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
Rules of the Government Securities
Division To Expand the Types of
Securities Eligible for the GCF Repo
Service
September 30, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
3 See https://www.sec.gov/divisions/marketreg/
204tfaq.htm and https://www.sec.gov/divisions/
marketreg/loanedsecuritiesfaq.htm.
1 15 U.S.C. 78s(b)(1).
E:\FR\FM\07OCN1.SGM
07OCN1
Federal Register / Vol. 73, No. 195 / Tuesday, October 7, 2008 / Notices
September 9, 2008, the Fixed Income
Clearing Corporation (‘‘FICC’’) 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 FICC. FICC
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 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 amend the rules of FICC’s
Government Securities Division
(‘‘GSD’’) to expand the types of
securities eligible for the GCF Repo
service to include Separate Trading of
Registered Interest and Principal
Securities (‘‘STRIPS’’).
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FICC 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. FICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.4
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The GCF Repo service of FICC’s GSD
is a significant alternative financing
vehicle to the delivery versus payment
and tri-party repo markets. Currently,
most Treasury securities, non-mortgagebacked Agency securities, fixed and
adjustable rate mortgage-backed
securities, and Treasury InflationProtected Securities (‘‘TIPS’’) are
eligible for this service.5 FICC is now
2 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(4).
4 The Commission has modified the text of the
summaries prepared by FICC.
5 Securities Exchange Act Release Nos. 40623
(October 30, 1998), 63 FR 59831 (November 5, 1998)
[File No. SR–GSCC–98–02], 42996 (June 30, 2000),
65 FR 42740 (July 11, 2000) [File No. SR–GSCC–
00–04], and 51579 (April 20, 2005), 70 FR 21480
(April 26, 2005) [File No. SR–FICC–2005–08] for
further information on the Commission’s approval
of the eligibility of such securities.
mstockstill on PROD1PC66 with NOTICES
3 17
VerDate Aug<31>2005
18:23 Oct 06, 2008
Jkt 217001
proposing to expand the types of
securities eligible for the GCF Repo
service to include STRIPS. STRIPS are
zero-coupon securities created by the
U.S. Treasury by separating the
principal and interest cash flows of
Treasury notes, bonds, and TIPS. The
principal and interest cash flows may
then be owned and traded separately.
STRIPS, which are Fedwire-eligible
securities, are generally accepted as
collateral in tri-party repo arrangements.
In addition, STRIPS are currently
netting eligible for the GSD’s delivery
versus payment service.6 FICC has
received requests from members to
make STRIPS eligible for the GCF Repo
service. FICC has determined that with
respect to its risk management processes
STRIPS will be treated the same as all
other GCF Repo-eligible collateral.
FICC would like to clarify that for
purposes of GSD Rule 20, ‘‘Special
Provisions for GCF Repo Transactions,’’
general references to U.S. Treasury bills,
notes, or bonds do not currently and
will not upon implementation of this
proposal include STRIPS. Therefore,
STRIPS could not be used within the
GCF Repo service to satisfy obligations
to post or return any other type of
collateral. However, as is consistent
with the existing GCF Repo provisions,
U.S. Treasury bills, notes, bonds or cash
may generally be used to satisfy
obligations to post or return other
collateral types, and therefore could be
used to satisfy any such obligations
involving STRIPS.
The proposed rule change is
consistent with the requirements of
Section 17A of the Act 7 and the rules
and regulations thereunder applicable to
FICC because it allows FICC to expand
an important service that provides
members with a continuing ability to
engage in general collateral trading
activity in a safe and efficient manner.
As such, the proposed rule facilitates
the prompt and accurate clearance and
settlement of securities transactions and
assures the safeguarding of securities
and funds which are in the custody or
control of FICC or for which it is
responsible.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
FICC does not believe that the
proposed rule change will have any
6 FICC has obtained the Generic CUSIP Number
necessary for the inclusion of STRIPS as a ‘‘GCF
Repo Security’’ on its master file of eligible
securities. Upon implementation of this proposal,
FICC will effectuate the proposed change by listing
this Generic CUSIP Number on the master file. The
date of such listing will be announced to members
by Important Notice.
7 15 U.S.C. 78q–1.
PO 00000
Frm 00171
Fmt 4703
Sfmt 4703
58699
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. FICC will notify
the Commission of any written
comments received by FICC.
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 8 and Rule
19b–4(f)(4) 9 thereunder because the
proposal effects a change in an existing
service of FICC that does not adversely
affect the safeguarding of securities or
funds in the custody or control of FICC
or for which it is responsible and does
not significantly affect the respective
rights or obligations of FICC or persons
using the service. At any time within
sixty days of the filing of the proposed
rule change, the Commission may
summarily abrogate such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
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–FICC–2008–04 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–FICC–2008–04. 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
8 15
9 17
E:\FR\FM\07OCN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
07OCN1
58700
Federal Register / Vol. 73, No. 195 / Tuesday, October 7, 2008 / Notices
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 FICC, the Commission’s
Public Reference Room, and https://
www.dtcc.com/downloads/legal/
rule_filings/2008/ficc/2008–04.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–FICC–2008–04 and should
be submitted on or before October 28,
2008.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23688 Filed 10–6–08; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
ACTION: Notice of reporting requirements
submitted for OMB review.
mstockstill on PROD1PC66 with NOTICES
AGENCY:
SUMMARY: Under the provisions of the
Paperwork Reduction Act (44 U.S.C.
Chapter 35), agencies are required to
submit proposed reporting and
recordkeeping requirements to OMB for
review and approval, and to publish a
notice in the Federal Register notifying
the public that the agency has made
such a submission.
DATES: Submit comments on or before
November 6, 2008. If you intend to
comment but cannot prepare comments
promptly, please advise the OMB
Reviewer and the Agency Clearance
Officer before the deadline.
Copies: Request for clearance (OMB
83–1), supporting statement, and other
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
ADDRESSES: Address all comments
concerning this notice to: Agency
Clearance Officer, Jacqueline White,
Small Business Administration, 409 3rd
Street, SW., 5th Floor, Washington, DC
20416; and OMB Reviewer, Office of
Information and Regulatory Affairs,
Office of Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Jacqueline White, Agency Clearance
Officer, (202) 205–7044.
SUPPLEMENTARY INFORMATION:
Title: Compensation Agreement;
Resolution of Board of Directors, and
Certificates as to Partners.
SBA Form Numbers: 159(7a),
159(504), 159D, 160, 160A.
Frequency: On Occasion.
Description of Respondents: 7(A)
Participants.
Responses: 27,753.
Annual Burden: 2,558.
Title: Statement of Debtor.
SBA Form Number: 770.
Frequency: On Occasion.
Description of Respondents: SBA
Borrowers of guarantors who request
compromise.
Responses: 5,000.
Annual Burden: 2,500.
Title: Servicing Agent Agreement.
SBA Form Number: 1506.
Frequency: On Occasion.
Description of Respondents: Certified
Development Companies and SBA
Borrowers.
Responses: 15,516.
Annual Burden: 15,516.
Title: Prime (Program for Investment
in Microentrepreneurs).
SBA Form Number: N/A.
Frequency: On Occasion.
SBA Form Number: N/A.
Description of Respondents:
Disadvantage Microentrepreneurs.
Responses: 156.
Annual Burden: 312.
Jacqueline White,
Chief, Administrative Information Branch.
[FR Doc. E8–23647 Filed 10–6–08; 8:45 am]
BILLING CODE 8025–01–P
18:23 Oct 06, 2008
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of New Mexico dated
09/30/2008.
Incident: Severe Storms and Flooding.
Incident Period: 07/26/2008 through
08/20/2008.
Effective Date: 09/30/2008.
Physical Loan Application Deadline
Date: 12/01/2008.
Economic Injury (EIDL) Loan
Application Deadline Date: 06/30/2009.
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
M.
Mitravich, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
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:
SUPPLEMENTARY INFORMATION:
Primary Counties:
Lincoln.
Contiguous Counties:
New Mexico: Chaves, De Baca,
Guadalupe, Otero, Sierra, Socorro,
Torrance.
The Interest Rates are:
Percent
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 .........................
5.375
2.687
8.000
4.000
5.250
4.000
New Mexico Disaster # NM–00007
U.S. Small Business
Administration.
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
Notice.
The number assigned to this disaster
for physical damage is 11456 B and for
economic injury is 11457 0.
The States which received an EIDL
Declaration # are New Mexico.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 11456 and # 11457]
AGENCY:
10 17
ACTION:
Jkt 217001
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Fmt 4703
Sfmt 4703
E:\FR\FM\07OCN1.SGM
07OCN1
]]>Agencies
[Federal Register Volume 73, Number 195 (Tuesday, October 7, 2008)]
[Notices]
[Pages 58698-58700]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-23688]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58696; File No. SR-FICC-2008-04]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Rules of the Government Securities Division To Expand the
Types of Securities Eligible for the GCF Repo Service
September 30, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on
[[Page 58699]]
September 9, 2008, the Fixed Income Clearing Corporation (``FICC'')
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 FICC. FICC 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 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)(4).
---------------------------------------------------------------------------
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 amend the rules of
FICC's Government Securities Division (``GSD'') to expand the types of
securities eligible for the GCF Repo service to include Separate
Trading of Registered Interest and Principal Securities (``STRIPS'').
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, FICC 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. FICC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\4\
---------------------------------------------------------------------------
\4\ The Commission has modified the text of the summaries
prepared by FICC.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The GCF Repo service of FICC's GSD is a significant alternative
financing vehicle to the delivery versus payment and tri-party repo
markets. Currently, most Treasury securities, non-mortgage-backed
Agency securities, fixed and adjustable rate mortgage-backed
securities, and Treasury Inflation-Protected Securities (``TIPS'') are
eligible for this service.\5\ FICC is now proposing to expand the types
of securities eligible for the GCF Repo service to include STRIPS.
STRIPS are zero-coupon securities created by the U.S. Treasury by
separating the principal and interest cash flows of Treasury notes,
bonds, and TIPS. The principal and interest cash flows may then be
owned and traded separately.
---------------------------------------------------------------------------
\5\ Securities Exchange Act Release Nos. 40623 (October 30,
1998), 63 FR 59831 (November 5, 1998) [File No. SR-GSCC-98-02],
42996 (June 30, 2000), 65 FR 42740 (July 11, 2000) [File No. SR-
GSCC-00-04], and 51579 (April 20, 2005), 70 FR 21480 (April 26,
2005) [File No. SR-FICC-2005-08] for further information on the
Commission's approval of the eligibility of such securities.
---------------------------------------------------------------------------
STRIPS, which are Fedwire-eligible securities, are generally
accepted as collateral in tri-party repo arrangements. In addition,
STRIPS are currently netting eligible for the GSD's delivery versus
payment service.\6\ FICC has received requests from members to make
STRIPS eligible for the GCF Repo service. FICC has determined that with
respect to its risk management processes STRIPS will be treated the
same as all other GCF Repo-eligible collateral.
---------------------------------------------------------------------------
\6\ FICC has obtained the Generic CUSIP Number necessary for the
inclusion of STRIPS as a ``GCF Repo Security'' on its master file of
eligible securities. Upon implementation of this proposal, FICC will
effectuate the proposed change by listing this Generic CUSIP Number
on the master file. The date of such listing will be announced to
members by Important Notice.
---------------------------------------------------------------------------
FICC would like to clarify that for purposes of GSD Rule 20,
``Special Provisions for GCF Repo Transactions,'' general references to
U.S. Treasury bills, notes, or bonds do not currently and will not upon
implementation of this proposal include STRIPS. Therefore, STRIPS could
not be used within the GCF Repo service to satisfy obligations to post
or return any other type of collateral. However, as is consistent with
the existing GCF Repo provisions, U.S. Treasury bills, notes, bonds or
cash may generally be used to satisfy obligations to post or return
other collateral types, and therefore could be used to satisfy any such
obligations involving STRIPS.
The proposed rule change is consistent with the requirements of
Section 17A of the Act \7\ and the rules and regulations thereunder
applicable to FICC because it allows FICC to expand an important
service that provides members with a continuing ability to engage in
general collateral trading activity in a safe and efficient manner. As
such, the proposed rule facilitates the prompt and accurate clearance
and settlement of securities transactions and assures the safeguarding
of securities and funds which are in the custody or control of FICC or
for which it is responsible.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement on Burden on Competition
FICC 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. FICC will notify the Commission of any
written comments received by FICC.
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 \8\ and Rule 19b-4(f)(4) \9\
thereunder because the proposal effects a change in an existing service
of FICC that does not adversely affect the safeguarding of securities
or funds in the custody or control of FICC or for which it is
responsible and does not significantly affect the respective rights or
obligations of FICC or persons using the service. At any time within
sixty days of the filing of the proposed rule change, the Commission
may summarily abrogate such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 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-comments@sec.gov. Please include
File Number SR-FICC-2008-04 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-FICC-2008-04. 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
[[Page 58700]]
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 FICC, the
Commission's Public Reference Room, and https://www.dtcc.com/downloads/
legal/rule_filings/2008/ficc/2008-04.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-FICC-2008-04 and should be submitted on
or before October 28, 2008.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-23688 Filed 10-6-08; 8:45 am]
BILLING CODE 8011-01-P
