Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change Regarding Fixed Income Clearing Corporation's Board of Directors Election Process and Delegation Authority, 68883-68885 [E9-30785]
Download as PDF
Federal Register / Vol. 74, No. 248 / Tuesday, December 29, 2009 / Notices
Paper Comments
managing the circumstances in which
their orders are executed.
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.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
does not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 4 and Rule 19b–
4(f)(6) thereunder.5
At any time within 60 days of the
filing of such 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–NYSEArca–2009–111 on
the subject line.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–30780 Filed 12–28–09; 8:45 am]
BILLING CODE 8011–01–P
19:02 Dec 28, 2009
Jkt 220001
[Release No. 34–61214; File No. SR–FICC–
2009–10]
not employees of its participants (‘‘nonparticipant directors’’).
In addition, the rules of FICC’s
Government Securities Division
(‘‘GSD’’) and FICC’s Mortgage-Backed
Securities Division (‘‘MBSD’’) are being
revised to allow the Board to delegate
certain responsibilities.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FICC included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
5 17
VerDate Nov<24>2008
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Order Granting Accelerated
All submissions should refer to File
Number SR–NYSEArca–2009–111. This Approval of a Proposed Rule Change
Regarding Fixed Income Clearing
file number should be included on the
subject line if e-mail is used. To help the Corporation’s Board of Directors
Election Process and Delegation
Commission process and review your
Authority
comments more efficiently, please use
only one method. The Commission will December 22, 2009.
post all comments on the Commission’s
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
Internet Web site (https://www.sec.gov/
(‘‘Act’’),1 notice is hereby given that on
rules/sro.shtml). Copies of the
December 16, 2009, Fixed Income
submission, all subsequent
Clearing Corporation (‘‘FICC’’) filed
amendments, all written statements
with the Securities and Exchange
with respect to the proposed rule
Commission (‘‘Commission’’) the
change that are filed with the
proposed rule change as described in
Commission, and all written
Items I and II below, which items have
communications relating to the
been prepared primarily by FICC. The
proposed rule change between the
Commission is publishing this notice
Commission and any person, other than
and order to solicit comments on the
those that may be withheld from the
proposed rule change from interested
public in accordance with the
persons and to grant approval on an
provisions of 5 U.S.C. 552, will be
accelerated basis.
available for inspection and copying in
I. Self-Regulatory Organization’s
the Commission’s Public Reference
Room on official business days between Statement of the Terms of Substance of
the Proposed Rule Change
the hours of 10 a.m. and 3 p.m. Copies
FICC’s parent company, The
of such filing also will be available for
Depository Trust & Clearing Corporation
inspection and copying at the principal
(‘‘DTCC’’) intends in the future to
office of the Exchange. All comments
received will be posted without change; consider nominating for election to its
Board of Directors candidates that are
the Commission does not edit personal
not participants of its clearing agency
identifying information from
subsidiaries (‘‘non-participant
submissions. You should submit only
candidates’’).2 Because certain of
information that you wish to make
DTCC’s organizational documents
available publicly. All submissions
mandate that the directors of DTCC
should refer to File Number SR–
shall be the same as the directors of
NYSEArca–2009–111 and should be
FICC, in the future FICC’s Board of
submitted on or before January 19, 2010. Directors may include directors who are
4 15
pwalker on DSK8KYBLC1PROD with NOTICES
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
68883
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
6 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00108
Fmt 4703
Sfmt 4703
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68884
Federal Register / Vol. 74, No. 248 / Tuesday, December 29, 2009 / Notices
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. FICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.3
pwalker on DSK8KYBLC1PROD with NOTICES
(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’
participants (‘‘non-participant
candidates’’). Because certain of DTCC’s
organizational documents mandate that
the directors of DTCC shall be the same
as the directors of FICC, in the future
FICC’s Board may include directors who
are not employees of its participants
(‘‘non-participant directors’’). FICC
believes that non-participant directors
may bring additional skills and
expertise and introduce different
perspectives to its Board.
In addition, the rules of FICC’s
Government Securities Division
(‘‘GSD’’) and FICC’s Mortgage-Backed
Securities Division (‘‘MBSD’’) assign to
FICC’s Board certain administrative
responsibilities, including, for example,
responsibilities related to approving
membership applications and other
related matters. These rules are being
revised to allow the Board to delegate
these responsibilities.4
These changes will conform FICC’s
rules and practices to the rules and
practices of DTCC’s other clearing
corporation subsidiaries—The
Depository Trust Company and National
Securities Clearing Corporation.
FICC 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 FICC because
FICC’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 and will
enable FICC to act in a more expedient
manner and therefore, to better promote
the prompt and accurate clearing and
settlement of securities transactions.
3 The Commission has modified parts of these
statements.
4 The text of the proposed rule change can be
found at https://www.dtcc.com/downloads/legal/
rule_filings/2009/ficc/2009–10.pdf.
VerDate Nov<24>2008
19:02 Dec 28, 2009
Jkt 220001
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
FICC 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. FICC will notify
the Commission of any written
comments received by FICC.
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 FICC’s participants are fairly
represented in the selection of its Board
and in the administration of its affairs.5
This rule change should not have any
adverse effect on FICC’s participants’
representation in the selection of FICC’s
Board or in the administration of FICC’s
affairs. The Commission also recognizes
that it may benefit FICC to have nonparticipants directors on its Board
because such directors may provide
skills or perspectives not possessed by
participant directors. Therefore, the
Commission finds that FICC’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
FICC’s participants in the selection of its
directors and administration of its
affairs.
Section 17A(b)(3)(F) of the Act
requires that the rules of a clearing
agency are designed to promote the
prompt and accurate clearing and
settlement of securities transactions.
The Commission finds that by providing
its Board with additional authority to
delegate certain of its responsibilities,
such as, for example, responsibilities
related to approving membership
applications and other related matters,
FICC will be able to act in a more
expedient manner and therefore, better
able to promote the prompt and accurate
clearing and settlement of securities
transactions.
5 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).
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
FICC 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 FICC 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 rulecomments@sec.gov. Please include File
Number SR–FICC–2009–10 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–FICC–2009–10. 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 FICC and on
FICC’s Web site at https://www.dtcc.com/
downloads/legal/rule_filings/2009/ficc/
2009-10.pdf . All comments received
E:\FR\FM\29DEN1.SGM
29DEN1
Federal Register / Vol. 74, No. 248 / Tuesday, December 29, 2009 / Notices
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–FICC–
2009–10 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.6
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (File No. SR–
FICC–2009–10) be, and hereby is,
approved on an accelerated basis.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–30785 Filed 12–28–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61225; File No. SR–ISE–
2009–104]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by
International Securities Exchange, LLC
Relating to Conforming ISE Rule 622
With Comparable NASD Rule 11870
pwalker on DSK8KYBLC1PROD with NOTICES
December 22, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
14, 2009, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or the
‘‘ISE’’) filed with the Securities and
Exchange Commission (the ‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
6 In approving the proposed rule changes, the
Commission considered the proposals’ impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
7 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Nov<24>2008
19:02 Dec 28, 2009
Jkt 220001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend ISE
Rule 622 (Transfer of Accounts) to
conform it to the corresponding rule of
the Financial Industry Regulatory
Authority (‘‘FINRA’’), formerly the
National Association of Securities
Dealers (‘‘NASD’’), for the purposes of
the 17d–2 Agreement.
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
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
The Exchange proposes to amend ISE
Rule 622 (Transfer of Accounts) to
conform it to corresponding NASD Rule
11870 (Customer Account Transfer
Contracts) for the purposes of the
agreement between the parties pursuant
to Rule 17d–2 3 under the Securities
Exchange Act of 1934 (the ‘‘Exchange
Act’’) (that agreement, the ‘‘17d–2
Agreement’’) and the related
certification by the Exchange which
states that the requirements contained
in certain ISE rules are identical to, or
substantially similar to, certain NASD
rules that have been identified as
comparable (that certification, the
‘‘Common Rule Certification’’).4
Specifically, the Exchange proposes to
amend ISE Rule 622(b)(1) by reducing
the number of days from five (5)
business days to one (1) business day
that the Carrying Member (as defined in
Rule 622(a)) must (i) validate and return
the transfer instruction (with an
attachment reflecting all positions and
money balances as shown on its books)
to the Receiving Member (as defined in
Rule 622(a)), or (ii) take exception to the
transfer instruction for reasons other
3 17
CFR 240.17d–2.
SEC Release No. 55367 (February 27, 2007),
72 FR 9983 (March 6, 2007) (Order approving and
declaring effective a plan for the allocation of
regulatory responsibilities between ISE and NASD).
4 See
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
68885
than securities positions or money
balance discrepancies and advise the
Receiving Member of the exception
taken. Additionally, the Exchange
proposes to add rule text that will allow
for the time frame set forth in paragraph
(b)(1) to change from time-to-time when
such time frame is changed in any
publication, relating to the ACATS
facility, by the National Securities
Clearing Corporation. The changes
discussed above are identical to the
requirements set forth in NASD Rule
11870. By making these changes, the
Exchange is ensuring that FINRA will
retain regulatory responsibility for this
rule under the 17d–2 Agreement
because ISE Rule 622 will remain
identical to NASD rule 11870, as
specified in the Common Rule
Certification.
2. Statutory Basis
The basis under the Exchange Act for
this proposed rule change is found in
Section 6(b)(5), in that the proposed rule
filing is designed to promote just and
equitable principles of trade, remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system by
creating consistency between the
requirements contained in rules of the
ISE and NASD that are covered by an
agreement approved by the Commission
under Rule 17d–2.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
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
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) the Exchange provided the
Commission with notice of its intent to
file the proposed rule change at least
five days prior to the filing date, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
E:\FR\FM\29DEN1.SGM
29DEN1
Agencies
[Federal Register Volume 74, Number 248 (Tuesday, December 29, 2009)]
[Notices]
[Pages 68883-68885]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-30785]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61214; File No. SR-FICC-2009-10]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Order Granting Accelerated Approval of a Proposed
Rule Change Regarding Fixed Income Clearing Corporation's Board of
Directors Election Process and Delegation Authority
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, Fixed
Income Clearing Corporation (``FICC'') 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 FICC. The Commission is publishing this notice and order
to solicit comments on the proposed rule change from interested persons
and to grant approval on an accelerated basis.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
FICC'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 FICC, in the
future FICC's Board of Directors 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.
---------------------------------------------------------------------------
In addition, the rules of FICC's Government Securities Division
(``GSD'') and FICC's Mortgage-Backed Securities Division (``MBSD'') are
being revised to allow the Board to delegate certain responsibilities.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, FICC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any
[[Page 68884]]
comments it received on the proposed rule change. The text of these
statements may be examined at the places specified in Item IV below.
FICC 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' participants (``non-participant
candidates''). Because certain of DTCC's organizational documents
mandate that the directors of DTCC shall be the same as the directors
of FICC, in the future FICC's Board may include directors who are not
employees of its participants (``non-participant directors''). FICC
believes that non-participant directors may bring additional skills and
expertise and introduce different perspectives to its Board.
In addition, the rules of FICC's Government Securities Division
(``GSD'') and FICC's Mortgage-Backed Securities Division (``MBSD'')
assign to FICC's Board certain administrative responsibilities,
including, for example, responsibilities related to approving
membership applications and other related matters. These rules are
being revised to allow the Board to delegate these responsibilities.\4\
---------------------------------------------------------------------------
\4\ The text of the proposed rule change can be found at https://www.dtcc.com/downloads/legal/rule_filings/2009/ficc/2009-10.pdf.
---------------------------------------------------------------------------
These changes will conform FICC's rules and practices to the rules
and practices of DTCC's other clearing corporation subsidiaries--The
Depository Trust Company and National Securities Clearing Corporation.
FICC 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 FICC because FICC'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 and will
enable FICC to act in a more expedient manner and therefore, to better
promote the prompt and accurate clearing and settlement of securities
transactions.
(B) Self-Regulatory Organization's Statement on Burden on Competition
FICC 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. FICC will notify the Commission of any
written comments received by FICC.
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
FICC's participants are fairly represented in the selection of its
Board and in the administration of its affairs.\5\ This rule change
should not have any adverse effect on FICC's participants'
representation in the selection of FICC's Board or in the
administration of FICC's affairs. The Commission also recognizes that
it may benefit FICC to have non-participants directors on its Board
because such directors may provide skills or perspectives not possessed
by participant directors. Therefore, the Commission finds that FICC'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 FICC's participants in the selection of its directors
and administration of its affairs.
---------------------------------------------------------------------------
\5\ 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).
---------------------------------------------------------------------------
Section 17A(b)(3)(F) of the Act requires that the rules of a
clearing agency are designed to promote the prompt and accurate
clearing and settlement of securities transactions. The Commission
finds that by providing its Board with additional authority to delegate
certain of its responsibilities, such as, for example, responsibilities
related to approving membership applications and other related matters,
FICC will be able to act in a more expedient manner and therefore,
better able to promote the prompt and accurate clearing and settlement
of securities transactions.
FICC 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 FICC 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-FICC-2009-10 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-FICC-2009-10. 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 FICC and on FICC's
Web site at https://www.dtcc.com/downloads/legal/rule_filings/2009/ficc/2009-10.pdf . All comments received
[[Page 68885]]
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-FICC-2009-10 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.\6\
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\6\ In approving the proposed rule changes, the Commission
considered the proposals' impact on efficiency, competition and
capital formation. 15 U.S.C. 78c(f).
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It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (File No. SR-FICC-2009-10) be, and hereby
is, approved on an accelerated basis.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-30785 Filed 12-28-09; 8:45 am]
BILLING CODE 8011-01-P