Self-Regulatory Organizations; The Depository Trust Company; Order Approving Proposed Rule Change To Implement and Revise Fees Related to Non-Participant Services, 13490-13491 [E9-6832]
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13490
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
VerDate Nov<24>2008
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).
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
2 Securities Exchange Act Release No. 59387
(February 11, 2009), 74 FR 7716.
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Federal Register / Vol. 74, No. 58 / Friday, March 27, 2009 / Notices
Report/item
Fee
Monthly Report (one-year minimum subscription required)
Dividend Record Date Report (one-year minimum subscription required).
Special Requests ...............................................................
Special Requests—Fax ......................................................
Special Requests—Spreadsheet .......................................
Special Requests—Extra Copy ..........................................
III. Discussion
Section 19(b) of the Act directs the
Commission to approve a proposed rule
change of a self-regulatory organization
if it finds that such proposed rule
change is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
such organization. Section 17A(b)(3)(D)
of the Act requires that the rules of a
clearing agency provide for the
equitable allocation of reasonable dues,
fees, and other charges.3 The
Commission believes that DTC’s rule
change is consistent with this Section
because it will provide for the equitable
allocation of reasonable dues, fees, and
other charges among the users of DTC’s
services.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act and in
particular Section 17A of the Act and
the rules and regulations thereunder. In
approving the proposed rule change, the
Commission considered the proposal’s
impact on efficiency, competition, and
capital formation.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (File No. SR–
DTC–2009–04) be and hereby is
approved.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.4
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–6832 Filed 3–26–09; 8:45 am]
mstockstill on PROD1PC66 with NOTICES
BILLING CODE 8010–01–P
3 15
4 17
U.S.C. 78q–1(b)(3)(D).
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
17:13 Mar 26, 2009
$575.00 per year for each additional security for the same issuer, plus a one time
charge of $575 per additional copy/recipient.
$450.00 per year for the first security issue, plus a one time charge of $300 per additional copy/recipient for that security issue.
$225.00 per year for each additional security for the same issuer, plus a one time
charge of $225 per additional copy/recipient.
$150 per year; one year minimum subscription required, plus a one time charge of
$150 per additional copy/recipient for that security issue.
$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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59616; File No. SR–FINRA–
2009–008]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change Relating to
Proposed Changes to Forms U4 and
U5
March 20, 2009.
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 March 6,
2009, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) (f/k/a
National Association of Securities
Dealers, Inc. (‘‘NASD’’)) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II
and III below, which Items have been
prepared by FINRA. 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
FINRA is proposing to amend the
Uniform Application for Securities
Industry Registration or Transfer (‘‘Form
U4’’) and the Uniform Termination
Notice for Securities Industry
Registration (‘‘Form U5’’) as well as
FINRA Rule 8312 (FINRA BrokerCheck
Disclosure).
The text of the proposed rule change
is available on FINRA’s Web site at
https://www.finra.org, at the principal
office of FINRA and at the
Commission’s Public Reference Room.
1 15
2 17
Jkt 217001
13491
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00097
Fmt 4703
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FINRA 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. FINRA 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
Representatives of broker-dealers and
investment advisers must use Form U4
to become registered in the appropriate
jurisdictions and/or with appropriate
self-regulatory organizations (‘‘SROs’’).
Broker-dealers and investment advisers
must use Form U5 to terminate
registration of an individual in the
various SROs and jurisdictions. (Forms
U4 and U5 are together referred to as the
‘‘Forms’’).
As discussed in greater detail below,
the proposed rule change would:
• Revise questions on the Forms to
enable FINRA and other regulators to
identify more readily individuals and
firms (collectively referred to as
‘‘persons’’) subject to statutory
disqualification pursuant to Section
15(b)(4)(D) or (E) of the Exchange Act
(referred to as ‘‘willful violations’’).3
3 A person is subject to statutory disqualification
under Section 15(b)(4)(D) of the Exchange Act if the
person has:
* * * willfully violated any provision of the
Securities Act of 1933, the Investment Advisers Act
of 1940, the Investment Company Act of 1940, the
Commodity Exchange Act, [the Exchange Act], the
rules or regulations under any of such statutes, or
the rules of the Municipal Securities Rulemaking
Board, or is unable to comply with any such
provision.
Continued
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]]>Agencies
[Federal Register Volume 74, Number 58 (Friday, March 27, 2009)]
[Notices]
[Pages 13490-13491]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-6832]
-----------------------------------------------------------------------
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
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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ Securities Exchange Act Release No. 59387 (February 11,
2009), 74 FR 7716.
---------------------------------------------------------------------------
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:
------------------------------------------------------------------------
Report/item Fee
------------------------------------------------------------------------
Weekly Report (one-year minimum $1950 per year for the first
subscription required). security issue.
$575.00 per year for each additional
security for the same issuer.
Monthly Report (one-year minimum $450.00 per year for the first
subscription required). security issue.
$225.00 per year for each additional
security for the same issuer.
Dividend Record Date Report (one- $150 per year.
year minimum subscription
required).
Special Requests.................. $120.00 per report, per date
request.
Fax............................... $25.00 additional per report charge
when fax service is specifically
requested.
Spreadsheet....................... $25.00 additional per report charge
when spreadsheet is specifically
requested.
Extra Copy........................ $25.00 additional fee for the
reproduction of previously compiled
SPR information.
------------------------------------------------------------------------
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, 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:
------------------------------------------------------------------------
Report/item Fee
------------------------------------------------------------------------
Weekly Report (one-year minimum $1950 per year for the first
subscription required). security issue, plus a one time
charge of $1400 per additional copy/
recipient for that security issue.
[[Page 13491]]
$575.00 per year for each additional
security for the same issuer, plus
a one time charge of $575 per
additional copy/recipient.
Monthly Report (one-year minimum $450.00 per year for the first
subscription required). security issue, plus a one time
charge of $300 per additional copy/
recipient for that security issue.
$225.00 per year for each additional
security for the same issuer, plus
a one time charge of $225 per
additional copy/recipient.
Dividend Record Date Report (one- $150 per year; one year minimum
year minimum subscription subscription required, plus a one
required). time charge of $150 per additional
copy/recipient for that security
issue.
Special Requests.................. $120.00 per report, per date
request.
Special Requests--Fax............. $25.00 additional per report charge
when fax service is specifically
requested.
Special Requests--Spreadsheet..... $25.00 additional per report charge
when spreadsheet is specifically
requested.
Special Requests--Extra Copy...... $25.00 additional fee for the
reproduction of previously compiled
SPR information.
------------------------------------------------------------------------
III. Discussion
Section 19(b) of the Act directs the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
such proposed rule change is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to such
organization. Section 17A(b)(3)(D) of the Act requires that the rules
of a clearing agency provide for the equitable allocation of reasonable
dues, fees, and other charges.\3\ The Commission believes that DTC's
rule change is consistent with this Section because it will provide for
the equitable allocation of reasonable dues, fees, and other charges
among the users of DTC's services.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78q-1(b)(3)(D).
---------------------------------------------------------------------------
IV. Conclusion
On the basis of the foregoing, the Commission finds that the
proposed rule change is consistent with the requirements of the Act and
in particular Section 17A of the Act and the rules and regulations
thereunder. In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition, and
capital formation.
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (File No. SR-DTC-2009-04) be and hereby
is approved.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\4\
---------------------------------------------------------------------------
\4\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-6832 Filed 3-26-09; 8:45 am]
BILLING CODE 8010-01-P
