Self-Regulatory Organizations; The Depository Trust Company, Fixed Income Clearing Corporation, and National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Changes Relating to Economic Sanctions and Embargo Programs Administered and Enforced by the Office of Foreign Assets Control, 23907-23908 [E9-11808]

Download as PDF Federal Register / Vol. 74, No. 97 / Thursday, May 21, 2009 / Notices 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–NASDAQ–2009–046 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. dwashington3 on PROD1PC60 with NOTICES All submissions should refer to File Number SR–NASDAQ–2009–046. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Nasdaq. 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–NASDAQ–2009–046 and should be submitted on or before June 11, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.41 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–11807 Filed 5–20–09; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59917; File Nos. SR–DTC– 2009–07, SR–FICC–2009–06, SR–NSCC– 2009–03] Self-Regulatory Organizations; The Depository Trust Company, Fixed Income Clearing Corporation, and National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Changes Relating to Economic Sanctions and Embargo Programs Administered and Enforced by the Office of Foreign Assets Control May 14, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on March 31, 2009, April 1, 2009, and April 22, 2009, the Fixed Income Clearing Corporation (‘‘FICC’’), the National Securities Clearing Corporation (‘‘NSCC’’), and The Depository Trust Company (‘‘DTC’’), respectively, filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Item I, II, and III, below, which Items have been prepared primarily by FICC, NSCC, and DTC (collectively, ‘‘Clearing Agencies’’). The Clearing Agencies filed the proposed rule changes pursuant to Section 19(b)(3)(A)(iii) of the Act 2 and Rule 19b–4(f)(4) thereunder 3 so that the proposals were effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule changes from interested persons. I. Self-Regulatory Organizations’ Statement of Terms of Substance of the Proposed Rule Changes The Clearing Agencies are adding language to their rules to make clear that the Clearing Agencies’ participants, members, and pledgees (collectively, ‘‘members’’) must comply with the U.S. Department of the Treasury’s Office of Foreign Asset Control’s (‘‘OFAC’’) sanctions and embargo programs and as part of their compliance with OFAC sanctions regulations must agree not to conduct any transaction or activity through the Clearing Agencies that violate OFAC regulations. II. Self-Regulatory Organizations’ Statement of Purpose of, and Statutory Basis for, the Proposed Rule Changes In their filing with the Commission, the Clearing Agencies included BILLING CODE 8010–01–P 1 15 U.S.C. 78s(b)(1). U.S.C. 78s(b)(3)(A)(iii). 3 17 CFR 240.19b–4(f)(4). 2 15 41 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 13:08 May 20, 2009 Jkt 217001 PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 23907 statements concerning the purpose of and basis for the proposed rule changes and discussed any comments they received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Clearing Agencies have prepared summaries, set forth in Section A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organizations’ Statement of Purpose of, and Statutory Basis for, the Proposed Rule Changes The purpose of these rule filings is to add new language to the Clearing Agencies’ rules 4 to clarify that the Clearing Agencies’ members must comply with OFAC’s sanctions and embargo programs and as part of their compliance with OFAC sanctions regulations must agree not to conduct any transaction or activity through the Clearing Agencies that violate such OFAC regulations. In addition, members subject to United States jurisdiction must confirm to the Clearing Agencies that it has implemented a risk-based OFAC compliance program. The Clearing Agencies will require each member to execute a ‘‘Confirmation of an OFAC Program’’ letter (‘‘OFAC Letter’’), which will serve to confirm that the member has ‘‘implemented a risk-based program reasonably designed to comply with applicable OFAC sanctions regulations.’’ 5 Each U.S. member’s OFAC Compliance Officer, Chief Compliance Officer, or other individual with responsibility for managing the OFAC compliance program will be required to submit the OFAC Letter at least every two years.6 Failure to properly submit the OFAC Letter to the Clearing Agencies will result in a $5,000 fine. The Clearing Agencies state that the proposed rule changes are consistent with the requirements of Section 17A of the Act 7 and the rules and regulations thereunder because such changes will enhance the Clearing Agencies’ ability to comply with applicable laws thereby reducing risks and associated costs to the Clearing Agencies and their participants. 4 FICC is amending Government Securities Division Rule 3, Section 9, and Mortgage-Backed Securities Division Article III, Rule 1, Section 7. NSCC is amending Rule 2, Section 4. DTC is amending Rule 2, Section 8. 5 The OFAC Letter is not intended to reallocate legal liability related to the sanctions administered and enforced by OFAC. 6 The form of the OFAC Letter is attached to each of the clearing agencies’ rule filings with the Commission. 7 15 U.S.C. 78q–1. E:\FR\FM\21MYN1.SGM 21MYN1 23908 Federal Register / Vol. 74, No. 97 / Thursday, May 21, 2009 / Notices B. Self-Regulatory Organizations’ Statement on Burden on Competition The Clearing Agencies do not believe that the proposed rule changes will have any impact on or impose any burden on competition. C. Self-Regulatory Organizations’ Statement on Comments on the Proposed Rule Changes Received From Members, Participants, or Others The Clearing Agencies have not solicited or received written comments relating to the proposed rule changes. The Clearing Agencies will notify the Commission of any written comments they receive. III. Date of Effectiveness of the Proposed Rule Changes and Timing for Commission Action The foregoing rule changes have 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 each of the proposed rule changes effects a change in an existing service of one of the Clearing Agencies that (i) does not adversely affect the safeguarding of securities or funds in the custody or control of the Clearing Agencies or for which it is responsible and (ii) does not significantly affect the respective rights of the clearing agencies or persons using the service. At any time within sixty days of the filing of such rule changes, the Commission may summarily abrogate such rule changes 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. dwashington3 on PROD1PC60 with NOTICES IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule changes are 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 No. SR–FICC–2009–06, SR–NSCC– 2009–03, or SR–DTC–2009–07 on the subject line. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File No. SR–FICC–2009–06, SR–NSCC–2009–03, or DTC–2009–07. At least one of these file numbers 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 filings also will be available for inspection and copying at FICC’s, NSCC’s, and DTC’s principal office and on FICC’s, NSCC’s, and DTC’s Web sites, respectively at https:// ficc.com/gov/gov.docs.jsp?NSquery=#rf, https://www.dtcc.com/legal/ rule_filings/nscc/2009.php, and https:// www.dtc.org/impNtc/mor/. 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–FICC–2009–06, SR–NSCC–2009–03, or DTC–2009–07 and should be submitted on or before June 11, 2009. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–11808 Filed 5–20–09; 8:45 am] BILLING CODE 8010–01–P Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59918; File No. SR–BX– 2009–024] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Making Clerical Corrections of the Rules of the Boston Options Exchange Facility May 14, 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 May 7, 2009, NASDAQ OMX BX, Inc. (the ‘‘Exchange’’) 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 by the self-regulatory organization. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A)(i) of the Act,3 and Rule 19b–4(f)(3) thereunder,4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Rules of the Boston Options Exchange Group, LLC (‘‘BOX’’) to make clerical corrections to Chapter V, Section 18 of the BOX Rules. The Exchange shall implement this rule proposal immediately. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission’s Public Reference Room and also on the Exchange’s Internet Web site at https://nasdaqomxbx.cchwall street.com/NASDAQOMXBX/Filings/. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(i). 4 17 CFR 240.19b–4(f)(3). 2 17 8 15 9 17 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(4). VerDate Nov<24>2008 13:08 May 20, 2009 10 17 Jkt 217001 PO 00000 CFR 200.30–3(a)(12). Frm 00071 Fmt 4703 Sfmt 4703 E:\FR\FM\21MYN1.SGM 21MYN1

Agencies

[Federal Register Volume 74, Number 97 (Thursday, May 21, 2009)]
[Notices]
[Pages 23907-23908]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-11808]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59917; File Nos. SR-DTC-2009-07, SR-FICC-2009-06, SR-
NSCC-2009-03]


Self-Regulatory Organizations; The Depository Trust Company, 
Fixed Income Clearing Corporation, and National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Changes Relating to Economic Sanctions and Embargo Programs 
Administered and Enforced by the Office of Foreign Assets Control

May 14, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on March 31, 2009, April 1, 
2009, and April 22, 2009, the Fixed Income Clearing Corporation 
(``FICC''), the National Securities Clearing Corporation (``NSCC''), 
and The Depository Trust Company (``DTC''), respectively, filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Item I, II, and III, below, which Items 
have been prepared primarily by FICC, NSCC, and DTC (collectively, 
``Clearing Agencies''). The Clearing Agencies filed the proposed rule 
changes pursuant to Section 19(b)(3)(A)(iii) of the Act \2\ and Rule 
19b-4(f)(4) thereunder \3\ so that the proposals were effective upon 
filing with the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule changes from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \3\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------

I. Self-Regulatory Organizations' Statement of Terms of Substance of 
the Proposed Rule Changes

    The Clearing Agencies are adding language to their rules to make 
clear that the Clearing Agencies' participants, members, and pledgees 
(collectively, ``members'') must comply with the U.S. Department of the 
Treasury's Office of Foreign Asset Control's (``OFAC'') sanctions and 
embargo programs and as part of their compliance with OFAC sanctions 
regulations must agree not to conduct any transaction or activity 
through the Clearing Agencies that violate OFAC regulations.

II. Self-Regulatory Organizations' Statement of Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

    In their filing with the Commission, the Clearing Agencies included 
statements concerning the purpose of and basis for the proposed rule 
changes and discussed any comments they received on the proposed rule 
change. The text of these statements may be examined at the places 
specified in Item IV below. The Clearing Agencies have prepared 
summaries, set forth in Section A, B, and C below, of the most 
significant aspects of such statements.

A. Self-Regulatory Organizations' Statement of Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

    The purpose of these rule filings is to add new language to the 
Clearing Agencies' rules \4\ to clarify that the Clearing Agencies' 
members must comply with OFAC's sanctions and embargo programs and as 
part of their compliance with OFAC sanctions regulations must agree not 
to conduct any transaction or activity through the Clearing Agencies 
that violate such OFAC regulations.
---------------------------------------------------------------------------

    \4\ FICC is amending Government Securities Division Rule 3, 
Section 9, and Mortgage-Backed Securities Division Article III, Rule 
1, Section 7. NSCC is amending Rule 2, Section 4. DTC is amending 
Rule 2, Section 8.
---------------------------------------------------------------------------

    In addition, members subject to United States jurisdiction must 
confirm to the Clearing Agencies that it has implemented a risk-based 
OFAC compliance program. The Clearing Agencies will require each member 
to execute a ``Confirmation of an OFAC Program'' letter (``OFAC 
Letter''), which will serve to confirm that the member has 
``implemented a risk-based program reasonably designed to comply with 
applicable OFAC sanctions regulations.'' \5\ Each U.S. member's OFAC 
Compliance Officer, Chief Compliance Officer, or other individual with 
responsibility for managing the OFAC compliance program will be 
required to submit the OFAC Letter at least every two years.\6\ Failure 
to properly submit the OFAC Letter to the Clearing Agencies will result 
in a $5,000 fine.
---------------------------------------------------------------------------

    \5\ The OFAC Letter is not intended to reallocate legal 
liability related to the sanctions administered and enforced by 
OFAC.
    \6\ The form of the OFAC Letter is attached to each of the 
clearing agencies' rule filings with the Commission.
---------------------------------------------------------------------------

    The Clearing Agencies state that the proposed rule changes are 
consistent with the requirements of Section 17A of the Act \7\ and the 
rules and regulations thereunder because such changes will enhance the 
Clearing Agencies' ability to comply with applicable laws thereby 
reducing risks and associated costs to the Clearing Agencies and their 
participants.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1.

---------------------------------------------------------------------------

[[Page 23908]]

B. Self-Regulatory Organizations' Statement on Burden on Competition

    The Clearing Agencies do not believe that the proposed rule changes 
will have any impact on or impose any burden on competition.

C. Self-Regulatory Organizations' Statement on Comments on the Proposed 
Rule Changes Received From Members, Participants, or Others

    The Clearing Agencies have not solicited or received written 
comments relating to the proposed rule changes. The Clearing Agencies 
will notify the Commission of any written comments they receive.

III. Date of Effectiveness of the Proposed Rule Changes and Timing for 
Commission Action

    The foregoing rule changes have 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 each of the proposed rule changes 
effects a change in an existing service of one of the Clearing Agencies 
that (i) does not adversely affect the safeguarding of securities or 
funds in the custody or control of the Clearing Agencies or for which 
it is responsible and (ii) does not significantly affect the respective 
rights of the clearing agencies or persons using the service. At any 
time within sixty days of the filing of such rule changes, the 
Commission may summarily abrogate such rule changes 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 
changes are 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 No. SR-FICC-2009-06, SR-NSCC-2009-03, or SR-DTC-2009-07 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-FICC-2009-06, SR-NSCC-2009-
03, or DTC-2009-07. At least one of these file numbers 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 filings also will be available for inspection and copying at 
FICC's, NSCC's, and DTC's principal office and on FICC's, NSCC's, and 
DTC's Web sites, respectively at https://ficc.com/gov/gov.docs.jsp?NS-query=#rf, https://www.dtcc.com/legal/rule_filings/nscc/2009.php, and 
https://www.dtc.org/impNtc/mor/. 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-FICC-2009-06, SR-NSCC-2009-03, or DTC-2009-
07 and should be submitted on or before June 11, 2009.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-11808 Filed 5-20-09; 8:45 am]
BILLING CODE 8010-01-P
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