Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Fee Structure, 5875-5876 [E9-2161]
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Federal Register / Vol. 74, No. 20 / Monday, February 2, 2009 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59285; File No. SR–NSCC–
2008–13]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Fee
Structure
January 23, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
December 31, 2008, the National
Securities Clearing Corporation
(‘‘NSCC’’) 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 NSCC.
NSCC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 2 and Rule 19b–4(f)(2) thereunder 3
so that the proposal was effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change will revise,
eliminate, and add fees for certain
services provided by 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 such statements.
dwashington3 on PROD1PC60 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of the proposed rule
change is to revise, eliminate, and add
fees for certain services provided by
NSCC in order to align such fees with
the costs of delivering services. First,
NSCC will reduce the fees for Trade
1 15
U.S.C. 78s(b)(1).
U.S.C. 78s(b)(3)(A)(ii).
3 17 CFR 240.19b–4(f)(2).
2 15
VerDate Nov<24>2008
15:03 Jan 30, 2009
Jkt 217001
Recording, Trade Netting, Fund/SERV,
and Insurance Service’s Position and
Valuations Focused File, Financial
Activity Reporting, and Initial
Application Information. Second, NSCC
will eliminate the following fees:
Designated Value Deliveries, Special
EDP Tape Output, Insurance and
Retirement Processing Service, and
certain Pass-Through and Other Fees.
Third, NSCC will consolidate the
Delivery Service fees for the Envelope
Settlement Service and the Funds Only
Settlement Service. Finally, NSCC will
implement new fees for the new
Insurance Attachments service and
Alternative Investment Products
service.4
The proposed fee changes will
become effective on January 2, 2009.
NSCC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act
and the rules and regulations
thereunder because it updates NSCC’s
fee schedule and provides for the
equitable allocation of fees among its
participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NSCC does not believe that the
proposed rule change will have any
impact or impose any burden on
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments relating to the
proposed rule change have not yet been
solicited or received. NSCC will notify
the Commission of any written
comments received by NSCC.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 5 and Rule 19b–
4(f)(2) 6 thereunder because it
establishes or changes a due, fee, or
other charge applicable only to a
member. At any time within 60 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,
4 The specific fee changes are set forth in Exhibit
5 to NSCC’s proposed rule change filing, which can
be viewed on NSCC’s Web site at https://
www.nscc.com/legal/.
5 15 U.S.C. 78s(b)(3)(A)(ii).
6 17 CFR 240.19b–4(f)(2).
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
5875
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–NSCC–2008–13 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File No.
SR–NSCC–2008–13. 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. to 3 p.m.
Copies of such filing also will be
available for inspection and copying at
NSCC’s principal office and on NSCC’s
Web site at https://www.nscc.com/legal/
index.html. 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. SR–NSCC–
2008–13 and should be submitted on or
before February 23, 2009.
E:\FR\FM\02FEN1.SGM
02FEN1
5876
Federal Register / Vol. 74, No. 20 / Monday, February 2, 2009 / Notices
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–2161 Filed 1–30–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59286; File No. SR–DTC–
2009–01]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Relating to the
Deposits Service Guide
January 23, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
January 5, 2009, 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
The proposed rule change will amend
DTC’s Deposits Service Guide.
dwashington3 on PROD1PC60 with NOTICES
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.
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(iii).
3 17 CFR 240.19b–4(f)(4).
1 15
VerDate Nov<24>2008
15:03 Jan 30, 2009
Jkt 217001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Under this rule change, DTC will
amend its Deposits Service Guide by
eliminating the Legal Guidance System
(‘‘LGS’’) and by making other minor
clarifications.
LGS is a Participant Terminal Service
function that enables DTC participants
to obtain comprehensive information on
state and local regulations that must be
followed when making a legal deposit.
This function has been superseded by
the Securities Transfer Association
(‘‘STA’’) Guidelines that are consistent
with DTC’s processing and is now
obsolete. All DTC participants have
access to the STA guidelines through
the public STA Web site (https://
www.stai.org).
Additionally, DTC is making some
minor corrections and clarifications to
the Deposits Service Guide. Specifically,
an inadvertent reference to ‘‘restricted’’
deposit in the legal deposits section of
the Deposit Service Guide is removed;
clarifying language to the time it takes
for appropriate payments and exchange
of shares to be made through DTC’s
settlement area is being added,4 and
detailed narrative describing custody
services is being removed from the
Deposits Service Guide since such
narrative is contained in the Custody
Service Guide.
DTC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act
and the rules and regulations
thereunder applicable to DTC because it
will facilitate the prompt and accurate
clearance and settlement of securities
transactions by enhancing the
utilization of DTC’s existing services.
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
4 The language explains that ‘‘if the effective date
of the corporate action is three years or less,
allocation occurs one day after the deposit. If the
effective date is over three years, allocation of new
stock entitlement will not occur until DTC has
received the security from the agent. Allocations for
cash will not occur on any reorg deposit until DTC
receives the funds from the agent, regardless of the
effective date of the corporate action.’’
PO 00000
Frm 00065
Fmt 4703
Sfmt 4703
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 pursuant to Section
19(b)(3)(A)(iii) of the Act 5 and Rule
19b–4(f)(4) 6 thereunder because it
effects a change in an existing service of
a registered clearing agency that does
not adversely affect the safeguarding of
securities and funds in the custody or
control of the clearing agency or for
which it is responsible and does not
significantly affect the respective rights
or obligations of the clearing agency or
persons using the service. At any time
within 60 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 rulecomment@sec.gov. Please include File
No. SR–DTC–2009–01 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File No.
SR–DTC–2009–01. 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
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
5 15
6 17
E:\FR\FM\02FEN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
02FEN1
Agencies
[Federal Register Volume 74, Number 20 (Monday, February 2, 2009)]
[Notices]
[Pages 5875-5876]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-2161]
[[Page 5875]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59285; File No. SR-NSCC-2008-13]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to the Fee Structure
January 23, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 31, 2008, the
National Securities Clearing Corporation (``NSCC'') 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 NSCC. NSCC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(ii) of the Act \2\ and Rule 19b-4(f)(2)
thereunder \3\ so that the proposal was effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78s(b)(3)(A)(ii).
\3\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change will revise, eliminate, and add fees for
certain services provided by 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 such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of the proposed rule change is to revise, eliminate,
and add fees for certain services provided by NSCC in order to align
such fees with the costs of delivering services. First, NSCC will
reduce the fees for Trade Recording, Trade Netting, Fund/SERV, and
Insurance Service's Position and Valuations Focused File, Financial
Activity Reporting, and Initial Application Information. Second, NSCC
will eliminate the following fees: Designated Value Deliveries, Special
EDP Tape Output, Insurance and Retirement Processing Service, and
certain Pass-Through and Other Fees. Third, NSCC will consolidate the
Delivery Service fees for the Envelope Settlement Service and the Funds
Only Settlement Service. Finally, NSCC will implement new fees for the
new Insurance Attachments service and Alternative Investment Products
service.\4\
---------------------------------------------------------------------------
\4\ The specific fee changes are set forth in Exhibit 5 to
NSCC's proposed rule change filing, which can be viewed on NSCC's
Web site at https://www.nscc.com/legal/.
---------------------------------------------------------------------------
The proposed fee changes will become effective on January 2, 2009.
NSCC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act and the rules and regulations
thereunder because it updates NSCC's fee schedule and provides for the
equitable allocation of fees among its participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change will have any
impact or impose any burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments relating to the proposed rule change have not yet
been solicited or received. NSCC will notify the Commission of any
written comments received by NSCC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) \6\ thereunder
because it establishes or changes a due, fee, or other charge
applicable only to a member. At any time within 60 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml) or
Send an e-mail to rule-comment@sec.gov. Please include
File No. SR-NSCC-2008-13 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File No. SR-NSCC-2008-13. 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. to 3 p.m. Copies of such filing also will be available for
inspection and copying at NSCC's principal office and on NSCC's Web
site at https://www.nscc.com/legal/. 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. SR-NSCC-2008-13 and should be submitted on or
before February 23, 2009.
[[Page 5876]]
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,
Deputy Secretary.
[FR Doc. E9-2161 Filed 1-30-09; 8:45 am]
BILLING CODE 8011-01-P