Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change To Amend Certificate of Incorporation To Increase Preferred Shares Issuance, 13488-13490 [E9-6827]
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Federal Register / Vol. 74, No. 58 / Friday, March 27, 2009 / Notices
have been transitioned to the new
system.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) 15 that an
Exchange have rules that are designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system and, in general, to protect
investors and the public interest. The
instant proposal is in keeping with these
principles in that it seeks to price the
execution of all odd-lot orders pursuant
to one pricing methodology now that
the Exchange systemic impediments to
the implementation of one pricing
methodology are removed.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will 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
No written comments were solicited
or received with respect to the proposed
rule change.
mstockstill on PROD1PC66 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change is filed
pursuant to paragraph (A) of Section
19(b)(3) 16 and Rule 19b–4(f)(5).17 This
proposed rule change effects a change in
an existing order entry or trading system
of a self-regulatory organization that: (A)
Does not significantly affect the
protection of investors or the public
interest; (B) does not impose any
significant burden on competition; and
(C) does not have the effect of limiting
the access to or availability of the
system. The proposed filing does not in
any way limit access to the Exchange’s
odd-lot system; rather, the changes are
the result of technological
advancements which remove the
systemic impediments that previously
restricted the Exchange’s ability to
execute all odd-lots pursuant to a the
same pricing methodology. In so far as,
the proposal ensures that all odd-lot
orders are priced in the same manner,
it promotes the protection of investors
15 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
17 17 CFR 240.19b–4(f)(5).
16 15
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17:13 Mar 26, 2009
Jkt 217001
and serves the public interest without
imposing a significant burden on
competition.
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 rulecomments@sec.gov. Please include File
Number SR–NYSE–2009–27 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
Number SR–NYSE–2009–27. 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 the filing also will be available
for inspection and copying at the
principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
PO 00000
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Fmt 4703
Sfmt 4703
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NYSE–2009–27 and should
be submitted on or before April 17,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–6828 Filed 3–26–09; 8:45 am]
BILLING CODE
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59612; File No. SR–DTC–
2009–06]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Order Granting Accelerated
Approval of a Proposed Rule Change
To Amend Certificate of Incorporation
To Increase Preferred Shares Issuance
March 20, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
February 27, 2009, The Depository Trust
Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) and on March 10, 2009,
amended the proposed rule change as
described in Items I and II below, which
items have been prepared primarily by
DTC. The Commission is publishing this
notice and order to solicit comments on
the proposed rule change and to grant
accelerated approval of the proposal.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
DTC is seeking to amend its
Certificate of Incorporation to provide
for the issuance of an additional 250,000
shares of DTC Series A Preferred Stock.
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),
18 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
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Federal Register / Vol. 74, No. 58 / Friday, March 27, 2009 / Notices
and (C) below, of the most significant
aspects of these statements.2
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
mstockstill on PROD1PC66 with NOTICES
In 1999, DTC’s Certificate of
Organization was amended (the ‘‘1999
Amendment’’) to provide for the
issuance of 1,500,000 shares of Preferred
Stock, par value $100 per share.3 The
1999 Amendment also provided that the
Preferred Stock could be issued in one
or more classes having such
designations, relative rights, preferences
or limitation as fixed by the Board of
Directors of DTC at the time of issuance
of any such Preferred Stock.
DTC’s Organization Certificate has
been amended twice thereafter to
provide for the issuance of variable rate
noncumulative nonvoting shares of
Series A Preferred Stock, par value $100
per shares, preferred over DTC’s
common stock as to dividends and in
the event of liquidation (the ‘‘Series A
Preferred Stock’’). In each case,
mandatory cash deposits to the
Participants Fund were reduced and the
proceeds of the reductions of the
mandatory cash deposits were used to
pay the purchase price of the shares.
The first such amendment, filed in
2000, provided for the issuance of
750,000 shares of Series A Preferred
Stock, and the second amendment, filed
in 2006, provided for the issuance of an
additional 500,000 shares of Series A
Preferred Stock.4
DTC Participants are required to
purchase and own shares of the Series
A Preferred Stock in proportion to their
use of DTC services. DTC treats the
Series A Preferred Stock held by
Participants substantially the same as
the mandatory cash deposits made by
Participants to the Participants Fund for
purposes of collateralizing securities
transactions, limiting net debit
positions, implementing default
procedures and allocating unrecovered
losses.
In order to further increase capital,5
DTC is proposing to amend its
2 The Commission has modified the text of the
summaries prepared by DTC.
3 This amendment was approved by the New
York State Superintendent of Banks and was also
the subject of a DTC rule filing approved by the
Commission. Securities Exchange Act Release No.
41529 (June 15, 1999), 64 FR 33333 (June 22, 1999)
[File No. SR–DTC–99–08].
4 Securities Exchange Release Nos. 43197 (August
23, 2000), 65 FR 52459 (August 29, 2000) [File No.
SR–DTC–00–02] and 54775 (November 17, 2006),
71 FR 68662 (November 27, 2006) [File No. SR–
DTC–2006–14].
5 DTC, as a depository institution, is subject to
risk-based capital guidelines issued by the Board of
VerDate Nov<24>2008
17:13 Mar 26, 2009
Jkt 217001
Certificate of Organization to provide for
the issuance of an additional 250,000
shares of Series A Preferred Stock, at the
par value of $100 per share, and to
further reduce mandatory cash deposits
by a corresponding amount.6 The
proceeds of the reductions of the
mandatory cash deposits will be used to
pay the purchase price of the shares,
and all reductions and payments will be
settled through the facilities of DTC
with no action required on the part of
any Participant.
DTC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act 7
and the rules and regulations
thereunder applicable to DTC because it
will not affect the safeguarding of funds
or securities in DTC’s custody or control
or for which it is responsible as it is
merely a reallocation of the Participants
Fund in order for DTC to increase its
capital base while maintaining the same
level of assets for use in the event of a
Participant default. The proposed
allocation will not impose any
additional financial burden on DTC
Participants.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
DTC does not believe that the
proposed rule change would 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 been
solicited or received. DTC will notify
the Commission if it receives additional
comments.
III. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
Governors of the Federal Reserve. To be considered
‘‘well capitalized’’ under these guidelines, DTC
must maintain a Tier I Leverage Ratio of at least 3%
and Tier I Risk Based Capital Ratio of at least 8%.
The issuance of the additional Series A Preferred
Stock will enable DTC to continue to meet these
requirements.
6 The issuance of an additional 250,000 shares
will increase the outstanding amount of Series A
Preferred Stock to $150 million and reduce the
mandatory cash portion of the Participants Fund
deposit to $450 million, maintaining the total
mandatory amount at $600 million. At the end of
the first quarter of 2009, the total mandatory
Participants Fund deposits will be increased to $1.3
billion, as recently approved by the Commission.
Securities Exchange Release No. 59148 (December
23, 2008), 73 FR 62578 (October 14, 2008) [File No.
SR–DTC–2008–12].
7 15 U.S.C. 78q–1.
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Fmt 4703
Sfmt 4703
13489
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–DTC–2009–06 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
Number SR–DTC–2009–06. 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 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of DTC and on
DTC’s Web site at https://www.dtcc.com/
downloads/legal/rule_filings/2009/dtc/
2009–06.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–DTC–
2009–06 and should be submitted on or
before April 17, 2009.
IV. Commission’s Findings and Order
Granting Accelerated Approval of the
Proposed Rule Change
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder and
particularly with the requirements of
E:\FR\FM\27MRN1.SGM
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Federal Register / Vol. 74, No. 58 / Friday, March 27, 2009 / Notices
Section 17A(b)(3)(F).8 The Commission
finds that the approval of DTC’s rule
change is consistent with this section
because it will not affect the
safeguarding of funds or securities in
DTC’s custody or control or for which
it is responsible.
DTC has requested that the
Commission approve the proposed rule
change prior to the thirtieth day after
publication of the notice of the filing.
The Commission finds good cause for
approving the proposed rule change
prior to the thirtieth day after the
publication of notice because such
approval will allow DTC to make the
systems changes necessary to allocate to
Participants these additional shares,
along with the currently outstanding
shares of Series A Preferred Stock, at the
beginning of the second quarter of 2009
in accordance with DTC’s Rule 4
(Participants Fund and Participants
Investment).
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
V. Conclusion
On January 16, 2009, The Depository
Trust Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) proposed rule change
SR–DTC–2009–04 pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’).1 Notice of the proposal
was published in the Federal Register
on February 19, 2009.2 The Commission
received no comment letters in response
to the proposed rule change. For the
reasons discussed below, the
Commission is approving the proposed
rule change.
On the basis of the foregoing, the
Commission finds the proposed rule
change is consistent with the
requirements of the Act, in particular
Section 17A of the Act, and the rules
and regulations thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,9 that the
proposed rule change (File No. SR–
DTC–2009–06), as amended, be and
hereby is approved on an accelerated
basis.10
[FR Doc. E9–6827 Filed 3–26–09; 8:45 am]
BILLING CODE
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59618; File No. SR–DTC–
2009–04]
Self-Regulatory Organizations; The
Depository Trust Company; Order
Approving Proposed Rule Change To
Implement and Revise Fees Related to
Non-Participant Services
March 23, 2009.
I. Introduction
Report/item
II. Description
DTC is revising its fee schedule for
Security Position Reports (‘‘SPRs’’). An
SPR is a report prepared by DTC
showing for an issuer whose securities
are eligible for DTC’s book entry
services (1) the identity of each DTC
participant having that issuer’s
securities credited to its participant
account (i.e., ‘‘security position’’) as of
a selected date and (2) the quantity of
securities so credited. DTC also
provides SPR information to trustees
and other authorized third-party agents.
These entities typically need SPR
information in order to properly
conduct proxy, record date, and voting
rights-related functions.
Several types of SPRs are available:
(1) Weekly reports that show daily
closing positions during that week; (2)
monthly reports that show closing
positions on the last business day of the
month; (3) quarterly dividend record
date reports that show closing positions
on the dividend record date; and (4)
special requests that show closing
positions for the date specified. Weekly,
monthly, and quarterly record date
reports are available by annual
subscription only.
DTC charges a fee for each SPR and
offers discounts for high volume SPR
service users.
Currently, the fees charged to issuers
or trustees for SPRs are as follows:
Fee
Weekly Report (one-year minimum subscription required)
Monthly Report (one-year minimum subscription required)
Dividend Record Date Report (one-year minimum subscription required).
Special Requests ...............................................................
Fax .....................................................................................
Spreadsheet .......................................................................
Extra Copy .........................................................................
Fax, spreadsheet and extra copy
charges are currently billed in addition
to subscription and special request
charges. DTC has proposed to improve
processing efficiencies by eliminating
the separate billing of fax, spreadsheet,
$1950 per year for the first security issue.
$575.00 per year for each additional security for the same issuer.
$450.00 per year for the first security issue.
$225.00 per year for each additional security for the same issuer.
$150 per year.
$120.00 per report, per date request.
$25.00 additional per report charge when fax service is specifically requested.
$25.00 additional per report charge when spreadsheet is specifically requested.
$25.00 additional fee for the reproduction of previously compiled SPR information.
and extra copy charges for weekly
reports, monthly reports, and for
dividend record date reports and by
incorporating the cost of delivering
those ‘‘additional’’ services into the
subscription charge for the particular
report ordered. Fees for special requests,
including fax, spreadsheet, and extra
copy charges will remain unchanged.
The revised SPR fees being adopted
by DTC are as follows:
mstockstill on PROD1PC66 with NOTICES
Report/item
Fee
Weekly Report (one-year minimum subscription required)
$1950 per year for the first security issue, plus a one time charge of $1400 per additional copy/recipient for that security issue.
8 15
U.S.C. 78q–1(b)(3)(F).
U.S.C. 78s(b)(2).
10 In approving the proposed rule change, the
Commission considered the proposal’s impact on
9 15
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17:13 Mar 26, 2009
Jkt 217001
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
11 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
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2 Securities Exchange Act Release No. 59387
(February 11, 2009), 74 FR 7716.
E:\FR\FM\27MRN1.SGM
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]]>Agencies
[Federal Register Volume 74, Number 58 (Friday, March 27, 2009)]
[Notices]
[Pages 13488-13490]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-6827]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59612; File No. SR-DTC-2009-06]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Order Granting Accelerated Approval of a Proposed
Rule Change To Amend Certificate of Incorporation To Increase Preferred
Shares Issuance
March 20, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on February 27, 2009, The
Depository Trust Company (``DTC'') filed with the Securities and
Exchange Commission (``Commission'') and on March 10, 2009, amended the
proposed rule change as described in Items I and II below, which items
have been prepared primarily by DTC. The Commission is publishing this
notice and order to solicit comments on the proposed rule change and to
grant accelerated approval of the proposal.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
DTC is seeking to amend its Certificate of Incorporation to provide
for the issuance of an additional 250,000 shares of DTC Series A
Preferred Stock.
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),
[[Page 13489]]
and (C) below, of the most significant aspects of these statements.\2\
---------------------------------------------------------------------------
\2\ The Commission has modified the text of the summaries
prepared by DTC.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In 1999, DTC's Certificate of Organization was amended (the ``1999
Amendment'') to provide for the issuance of 1,500,000 shares of
Preferred Stock, par value $100 per share.\3\ The 1999 Amendment also
provided that the Preferred Stock could be issued in one or more
classes having such designations, relative rights, preferences or
limitation as fixed by the Board of Directors of DTC at the time of
issuance of any such Preferred Stock.
---------------------------------------------------------------------------
\3\ This amendment was approved by the New York State
Superintendent of Banks and was also the subject of a DTC rule
filing approved by the Commission. Securities Exchange Act Release
No. 41529 (June 15, 1999), 64 FR 33333 (June 22, 1999) [File No. SR-
DTC-99-08].
---------------------------------------------------------------------------
DTC's Organization Certificate has been amended twice thereafter to
provide for the issuance of variable rate noncumulative nonvoting
shares of Series A Preferred Stock, par value $100 per shares,
preferred over DTC's common stock as to dividends and in the event of
liquidation (the ``Series A Preferred Stock''). In each case, mandatory
cash deposits to the Participants Fund were reduced and the proceeds of
the reductions of the mandatory cash deposits were used to pay the
purchase price of the shares. The first such amendment, filed in 2000,
provided for the issuance of 750,000 shares of Series A Preferred
Stock, and the second amendment, filed in 2006, provided for the
issuance of an additional 500,000 shares of Series A Preferred
Stock.\4\
---------------------------------------------------------------------------
\4\ Securities Exchange Release Nos. 43197 (August 23, 2000), 65
FR 52459 (August 29, 2000) [File No. SR-DTC-00-02] and 54775
(November 17, 2006), 71 FR 68662 (November 27, 2006) [File No. SR-
DTC-2006-14].
---------------------------------------------------------------------------
DTC Participants are required to purchase and own shares of the
Series A Preferred Stock in proportion to their use of DTC services.
DTC treats the Series A Preferred Stock held by Participants
substantially the same as the mandatory cash deposits made by
Participants to the Participants Fund for purposes of collateralizing
securities transactions, limiting net debit positions, implementing
default procedures and allocating unrecovered losses.
In order to further increase capital,\5\ DTC is proposing to amend
its Certificate of Organization to provide for the issuance of an
additional 250,000 shares of Series A Preferred Stock, at the par value
of $100 per share, and to further reduce mandatory cash deposits by a
corresponding amount.\6\ The proceeds of the reductions of the
mandatory cash deposits will be used to pay the purchase price of the
shares, and all reductions and payments will be settled through the
facilities of DTC with no action required on the part of any
Participant.
---------------------------------------------------------------------------
\5\ DTC, as a depository institution, is subject to risk-based
capital guidelines issued by the Board of Governors of the Federal
Reserve. To be considered ``well capitalized'' under these
guidelines, DTC must maintain a Tier I Leverage Ratio of at least 3%
and Tier I Risk Based Capital Ratio of at least 8%. The issuance of
the additional Series A Preferred Stock will enable DTC to continue
to meet these requirements.
\6\ The issuance of an additional 250,000 shares will increase
the outstanding amount of Series A Preferred Stock to $150 million
and reduce the mandatory cash portion of the Participants Fund
deposit to $450 million, maintaining the total mandatory amount at
$600 million. At the end of the first quarter of 2009, the total
mandatory Participants Fund deposits will be increased to $1.3
billion, as recently approved by the Commission. Securities Exchange
Release No. 59148 (December 23, 2008), 73 FR 62578 (October 14,
2008) [File No. SR-DTC-2008-12].
---------------------------------------------------------------------------
DTC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \7\ and the rules and
regulations thereunder applicable to DTC because it will not affect the
safeguarding of funds or securities in DTC's custody or control or for
which it is responsible as it is merely a reallocation of the
Participants Fund in order for DTC to increase its capital base while
maintaining the same level of assets for use in the event of a
Participant default. The proposed allocation will not impose any
additional financial burden on DTC Participants.
---------------------------------------------------------------------------
\7\ 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 would 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 been
solicited or received. DTC will notify the Commission if it receives
additional comments.
III. 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-DTC-2009-06 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 Number SR-DTC-2009-06. 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 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of DTC and on DTC's Web
site at https://www.dtcc.com/downloads/legal/rule_filings/2009/dtc/2009-06.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-DTC-
2009-06 and should be submitted on or before April 17, 2009.
IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder and particularly with the requirements of
[[Page 13490]]
Section 17A(b)(3)(F).\8\ The Commission finds that the approval of
DTC's rule change is consistent with this section because it will not
affect the safeguarding of funds or securities in DTC's custody or
control or for which it is responsible.
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\8\ 15 U.S.C. 78q-1(b)(3)(F).
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DTC has requested that the Commission approve the proposed rule
change prior to the thirtieth day after publication of the notice of
the filing. The Commission finds good cause for approving the proposed
rule change prior to the thirtieth day after the publication of notice
because such approval will allow DTC to make the systems changes
necessary to allocate to Participants these additional shares, along
with the currently outstanding shares of Series A Preferred Stock, at
the beginning of the second quarter of 2009 in accordance with DTC's
Rule 4 (Participants Fund and Participants Investment).
V. Conclusion
On the basis of the foregoing, the Commission finds the proposed
rule change is consistent with the requirements of the Act, in
particular Section 17A of the Act, and the rules and regulations
thereunder.
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\9\ that the proposed rule change (File No. SR-DTC-2009-06), as
amended, be and hereby is approved on an accelerated basis.\10\
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\9\ 15 U.S.C. 78s(b)(2).
\10\ In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition and
capital formation. 15 U.S.C. 78c(f).
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
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\11\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-6827 Filed 3-26-09; 8:45 am]
BILLING CODE
