Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change Regarding the Depository Trust Company's Board of Directors Election Process, 68877-68878 [E9-30783]
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Federal Register / Vol. 74, No. 248 / Tuesday, December 29, 2009 / Notices
Accordingly, with respect to the
PCAOB’s 2011 budget cycle, the PCAOB
will:
(1) Continue to include in its
quarterly reports to the Commission
information about the PCAOB’s
inspections program. Such information
will include (a) statistics relative to the
numbers and types of firms budgeted
and expected to be inspected in 2010,
including by location and by year the
inspections are required to be
conducted in accordance with the Act
and PCAOB rules, (b) information about
the timing of the issuance of inspections
reports for domestic and non-U.S.
inspections, and (c) updates on the
PCAOB’s efforts to establish cooperative
arrangements with respective non-U.S.
authorities for inspections required in
those countries.
(2) Continue to include detailed
information about the state of the
PCAOB’s information technology in its
quarterly reports to the Commission,
including planned, estimated, and
actual costs for information technology
projects, including the annual and
special reporting system and the
inspections information system.
(3) Consult with the Commission
about the PCAOB’s plans for
implementing any changes in response
to legislative actions.
The Commission has determined that
the PCAOB’s 2010 budget and annual
accounting support fee are consistent
with Section 109 of the Act.
Accordingly,
It is ordered, pursuant to Section 109
of the Act, that the PCAOB budget and
annual accounting support fee for
calendar year 2010 are approved.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–30726 Filed 12–28–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[500–1]
In the Matter of: GH3 International,
Inc.; Order of Suspension of Trading
pwalker on DSK8KYBLC1PROD with NOTICES
December 24, 2009.
It appears to the Securities and
Exchange Commission that the public
interest and the protection of investors
require a suspension of trading in the
securities of GH3 International, Inc.
Questions have arisen concerning the
adequacy of publicly available
information concerning the entity’s
corporate and operational status and its
financial condition. GH3 International,
VerDate Nov<24>2008
19:02 Dec 28, 2009
Jkt 220001
Inc. is quoted on the Pink Sheets under
the ticker symbol GHTI.
The Commission is of the opinion that
the public interest and the protection of
the investors require a suspension of
trading in securities of the above-listed
entity.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above-listed entity is
suspended for the period from 9:30 a.m.
EST, December 24, 2009, through 11:59
p.m. EST, on January 8, 2010.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–30943 Filed 12–24–09; 11:15
am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Release No. 34–61216; File No. SR–DTC–
2009–16]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Order Granting Accelerated
Approval of a Proposed Rule Change
Regarding the Depository Trust
Company’s Board of Directors Election
Process
December 22, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
December 16, 2009, The Depository
Trust Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) 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 from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
DTC’s parent company, The
Depository Trust & Clearing Corporation
(‘‘DTCC’’) intends in the future to
consider nominating for election, to its
Board of Directors candidates that are
not participants of its clearing agency
subsidiaries (‘‘non-participant
candidates’’).2 Because certain of
DTCC’s organizational documents
mandate that the directors of DTCC
1 15
U.S.C. 78s(b)(1).
clearing corporation subsidiary
participants include The Depository Trust
Company, National Securities Clearing Corporation,
and Fixed Income Clearing Corporation.
2 DTCC’s
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
68877
shall be the same as the directors of
DTC, in the future DTC’s Board of
Directors (‘‘DTC Board’’) may include
directors who are not employees of its
participants (‘‘non-participant
directors’’).
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.3
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
DTCC has in the past nominated for
election to its Board of Directors
employees of its clearing corporation
subsidiaries’ participants. In the future,
DTCC intends to consider nominating
for election to its Board of Directors
people who are not employees of its
clearing corporation subsidiaries’ (‘‘nonparticipant candidates’’). Because
certain of DTCC’s organizational
documents mandate that the directors of
DTCC shall be the same as the directors
of DTC, in the future DTC’s Board may
include directors who are not
employees of its clearing corporation
subsidiaries’ (‘‘non-participant
directors’’). DTC believes that nonparticipant directors may bring
additional skills and expertise and
introduce different perspectives to the
Board. This change will conform DTC’s
Board of Directors election process to
those of DTCC’s other clearing
corporation subsidiaries—National
Securities Clearing Corporation and
Fixed Income Clearing Corporation.
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
DTC’s rules will continue to provide for
a fair representation of its participants
in the selection of its directors and in
the administration of its affairs.
3 The Commission has modified parts of these
statements.
E:\FR\FM\29DEN1.SGM
29DEN1
68878
Federal Register / Vol. 74, No. 248 / Tuesday, December 29, 2009 / Notices
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:
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
DTC does not believe that the
proposed rule change would have any
impact on 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. DTC will notify
the Commission of any written
comments received by DTC.
pwalker on DSK8KYBLC1PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Section 17A(b)(3)(C) of the Act
requires that the rules of a clearing
agency assure a fair representation of its
shareholders (or members) and
participants in the selection of its
directors and administration of its
affairs. The Commission has previously
found that DTC’s participants are fairly
represented in the selection of its Board
and in the administration of its affairs.4
This rule change should not have any
adverse effect on DTC’s participants’
representation in the selection of
NSCC’s Board or in the administration
of NSCC’s affairs. The Commission also
recognizes that it may benefit DTC to
have non-participants directors on the
Board because such directors may
provide skills or perspectives not
possessed by participant directors.
Therefore, the Commission finds that
DTC’s proposed rule change to have
non-participant directors serve on its
Board should provide benefits while
continuing to provide for the fair
representation of DTC’s participants in
the selection of its directors and
administration of its affairs.
DTC has requested that the
Commission approve this rule change
prior to the thirtieth day after the date
of publication of notice of the filing. The
Commission finds good cause for
approving the proposed rule change
prior to the thirtieth day after
publication of notice because by so
approving DTC will be able to
implement the rule change in time to
include non-participant directors on its
Board for the 2010 Board term.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
4 See, e.g., Securities Exchange Act Release No.
52922 (December 7, 2005), 70 FR 74070 (December
14, 2005) (File Nos. SR–DTC–2005–16, SR FICC–
2005–19, and SR–NSCC–2005–14).
VerDate Nov<24>2008
19:02 Dec 28, 2009
Jkt 220001
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–2009–16 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–2009–16. 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 am and 3 pm.
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/
legal/rule_filings/dtc/2009-16.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–2009–16 and should
be submitted on or before January 19,
2010.
V. 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 with the requirements of
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
Section 17A of the Act and the rules and
regulations thereunder applicable.5
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (File No. SR–
DTC–2009–16) be, and hereby is,
approved on an accelerated basis.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–30783 Filed 12–28–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61205; File No. SR–
NASDAQ–2009–105]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend IM–
1002–1 To Reflect Changes to a
Corresponding FINRA Rule
December 18, 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 December
3, 2009, the NASDAQ Stock Market LLC
(the ‘‘Exchange’’ or ‘‘NASDAQ’’) 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 Exchange.
The Exchange has designated the
proposed rule change as constituting a
non-controversial rule change under
Rule 19b–4(f)(6) under the Act,3 which
renders the proposal 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 the [sic]
Substance of the Proposed Rule Change
The Exchange is filing this proposed
rule change to amend NASDAQ IM–
1002–1 to reflect recent changes to a
corresponding rule of the Financial
Industry Regulatory Authority
(‘‘FINRA’’). The Exchange will
implement the proposed rule change
thirty days after the date of the filing.
5 In approving the proposed rule changes, the
Commission considered the proposals’ impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
6 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
E:\FR\FM\29DEN1.SGM
29DEN1
Agencies
[Federal Register Volume 74, Number 248 (Tuesday, December 29, 2009)]
[Notices]
[Pages 68877-68878]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-30783]
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SECURITIES AND EXCHANGE COMMISSION
Release No. 34-61216; File No. SR-DTC-2009-16]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Order Granting Accelerated Approval of a Proposed
Rule Change Regarding the Depository Trust Company's Board of Directors
Election Process
December 22, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 16, 2009, The
Depository Trust Company (``DTC'') filed with the Securities and
Exchange Commission (``Commission'') 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 from interested persons.
---------------------------------------------------------------------------
\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's parent company, The Depository Trust & Clearing Corporation
(``DTCC'') intends in the future to consider nominating for election,
to its Board of Directors candidates that are not participants of its
clearing agency subsidiaries (``non-participant candidates'').\2\
Because certain of DTCC's organizational documents mandate that the
directors of DTCC shall be the same as the directors of DTC, in the
future DTC's Board of Directors (``DTC Board'') may include directors
who are not employees of its participants (``non-participant
directors'').
---------------------------------------------------------------------------
\2\ DTCC's clearing corporation subsidiary participants include
The Depository Trust Company, National Securities Clearing
Corporation, and Fixed Income Clearing Corporation.
---------------------------------------------------------------------------
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.\3\
---------------------------------------------------------------------------
\3\ The Commission has modified parts of these statements.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
DTCC has in the past nominated for election to its Board of
Directors employees of its clearing corporation subsidiaries'
participants. In the future, DTCC intends to consider nominating for
election to its Board of Directors people who are not employees of its
clearing corporation subsidiaries' (``non-participant candidates'').
Because certain of DTCC's organizational documents mandate that the
directors of DTCC shall be the same as the directors of DTC, in the
future DTC's Board may include directors who are not employees of its
clearing corporation subsidiaries' (``non-participant directors''). DTC
believes that non-participant directors may bring additional skills and
expertise and introduce different perspectives to the Board. This
change will conform DTC's Board of Directors election process to those
of DTCC's other clearing corporation subsidiaries--National Securities
Clearing Corporation and Fixed Income Clearing Corporation.
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 DTC's rules will continue to
provide for a fair representation of its participants in the selection
of its directors and in the administration of its affairs.
[[Page 68878]]
(B) Self-Regulatory Organization's Statement on Burden on Competition
DTC does not believe that the proposed rule change would have any
impact on 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. DTC will notify the Commission of any
written comments received by DTC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Section 17A(b)(3)(C) of the Act requires that the rules of a
clearing agency assure a fair representation of its shareholders (or
members) and participants in the selection of its directors and
administration of its affairs. The Commission has previously found that
DTC's participants are fairly represented in the selection of its Board
and in the administration of its affairs.\4\ This rule change should
not have any adverse effect on DTC's participants' representation in
the selection of NSCC's Board or in the administration of NSCC's
affairs. The Commission also recognizes that it may benefit DTC to have
non-participants directors on the Board because such directors may
provide skills or perspectives not possessed by participant directors.
Therefore, the Commission finds that DTC's proposed rule change to have
non-participant directors serve on its Board should provide benefits
while continuing to provide for the fair representation of DTC's
participants in the selection of its directors and administration of
its affairs.
---------------------------------------------------------------------------
\4\ See, e.g., Securities Exchange Act Release No. 52922
(December 7, 2005), 70 FR 74070 (December 14, 2005) (File Nos. SR-
DTC-2005-16, SR FICC-2005-19, and SR-NSCC-2005-14).
---------------------------------------------------------------------------
DTC has requested that the Commission approve this rule change
prior to the thirtieth day after the date of publication of notice of
the filing. The Commission finds good cause for approving the proposed
rule change prior to the thirtieth day after publication of notice
because by so approving DTC will be able to implement the rule change
in time to include non-participant directors on its Board for the 2010
Board term.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-DTC-2009-16 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-2009-16. 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 am and 3 pm. 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/legal/rule_filings/dtc/2009-16.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-2009-16 and should be
submitted on or before January 19, 2010.
V. 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 with the requirements of Section 17A of the Act and the
rules and regulations thereunder applicable.\5\
---------------------------------------------------------------------------
\5\ In approving the proposed rule changes, the Commission
considered the proposals' impact on efficiency, competition and
capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (File No. SR-DTC-2009-16) be, and hereby
is, approved on an accelerated basis.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-30783 Filed 12-28-09; 8:45 am]
BILLING CODE 8011-01-P