Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules Relating to Authority To Suspend or Waive DTC Rules and Procedures, 54680-54681 [2010-22350]

Download as PDF 54680 Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices NYSEArca–2010–79 and should be submitted on or before September 29, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–22286 Filed 9–7–10; 8:45 am] (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62795; File No. SR–DTC– 2010–11] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules Relating to Authority To Suspend or Waive DTC Rules and Procedures August 30, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on August 23, 2010, The Depository Trust Company (‘‘DTC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I, II, and III below, which items have been prepared primarily by DTC.2 DTC filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) and Rule 19b– 4(f)(3) thereunder so that the proposed rule change was effective upon filing with the Commission.3 The Commission is publishing this notice to solicit comments on the proposed rule change from interested parties. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change will amend DTC rules to provide that any officer having a rank of Managing Director or higher is authorized to suspend or waive DTC rules and procedures. jlentini on DSKJ8SOYB1PROD with NOTICES 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 14 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 The text of the proposed rule change is attached as Exhibit 5 to DTC’s filing and is available at https://www.dtcc.com/downloands/legal/ rule_filings/2010/dtc/2010-11.pdf. 3 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b– 4(f)(3). 1 15 VerDate Mar<15>2010 16:41 Sep 07, 2010 Jkt 220001 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 these statements.4 The proposed rule change amends Rule 18 of the DTC’s Rules, Bylaws and Organization Certificate of The Depository Trust Company 5 (‘‘Rules’’) to state that the Rules and procedures of DTC may be suspended or waived by any officer having a rank of Managing Director or higher. Prior to the proposed amendment, Rule 18 provided such authority to officers having a rank of Vice President or higher.6 This proposed rule change also harmonizes DTC’s rules with those of the Fixed Income Clearing Corporation’s (‘‘FICC’’) Government Securities Division and Mortgage-Backed Securities Division as well as those of the National Securities Clearing Corporation (‘‘NSCC’’) as the rules relate to the authority to suspend or waive rules.7 DTC believes that the proposed rule change is consistent with the requirements of Section 17A of the Act 8 and the rules and regulations thereunder that are applicable to DTC because the proposed rule will require a more senior level of management to authorize a suspension or waiver of DTC rules under the proposed rule change thereby ensuring more equitable compliance with DTC’s rules and procedures. (B) Self-Regulatory Organization’s Statement on Burden on Competition DTC 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. 4 The Commission has modified the text of the summaries prepared by the DTC. 5 DTC’s rules are available at https:// www.dtcc.com/legal/rules_proc/dtc_rules.pdf. 6 Managing Director is a more senior level of officer than that of Vice President. 7 On August 20, 2010, FICC filed and on August 23, 2010, NSCC filed similar rule changes. Securities Exchange Act Release No. 62796 (August 30, 2010) [SR–FICC–2010–06] and 62794 (August 30, 2010) [File No. SR–NSCC–2010–08] respectively. 8 15 U.S.C. 78q–1. PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments relating to the proposed rule change have 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 The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A)(iii) of the Act 9 and Rule 19b–4(f)(3) 10 thereunder because it is concerned solely with the administration of DTC. At any time within sixty days of the filing of such rule change, the Commission summarily may temporarily suspend 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–DTC–2010–11 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–2010–11. 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 9 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(3). 10 17 E:\FR\FM\08SEN1.SGM 08SEN1 Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices 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 Web site viewing and printing 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 the principal office of DTC and on DTC’s Web site, https:// www.dtcc.com. 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– 2010–11 and should be submitted on or before September 29, 2010. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–22350 Filed 9–7–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62794; File No. SR–NSCC– 2010–08] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules Relating to Authority To Suspend or Waive NSCC Rules and Procedures jlentini on DSKJ8SOYB1PROD with NOTICES August 30, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on August 23, 2010, the National Securities Clearing Corporation (‘‘NSCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I, II, and III below, which items have been prepared primarily by NSCC.2 NSCC filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) and 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 The text of the proposed rule change is attached as Exhibit 5 to NSCC’s filing and is available at https://www.dtcc.com/downloands/legal/ rule_filings/2010/nscc/2010–08.pdf. 1 15 VerDate Mar<15>2010 16:41 Sep 07, 2010 Jkt 220001 Rule 19b–4(f)(3) thereunder so that the proposed rule change was effective upon filing with the Commission.3 The Commission is publishing this notice to solicit comments on the proposed rule change from interested parties. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change will amend NSCC rules to provide that any officer having a rank of Managing Director or higher is authorized to suspend or waive NSCC rules and procedures. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, NSCC 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. NSCC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements.4 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The proposed rule change amends Rule 22 of the NSCC’s Rules and Procedures 5 to state that the rules and procedures of NSCC may be suspended or waived by any officer having a rank of Managing Director or higher. Prior to the proposed amendment, Rule 22 provided such authority to officers having a rank of Vice President or higher.6 This proposed rule change will also harmonize NSCC’s rules with those of FICC’s (‘‘FICC’’) Government Securities Division and MortgageBacked Securities Division, and with those of The Depository Trust Company (‘‘DTC’’) as such rules relate to the authority to suspend or waive rules.7 NSCC believes that the proposed rule change is consistent with the requirements of Section 17A of the Act8 3 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b– 4(f)(3). 4 The Commission has modified the text of the summaries prepared by NSCC. 5 NSCC’s rules are available at https:// www.dtcc.com/legal/rules_proc/dtc_rules.pdf. 6 Managing Director is a more senior level of officer than that of Vice President. 7 On August 20, 2010, FICC filed and on August 23, 2010, DTC filed similar rule changes. Securities Exchange Act Release No. 62796 (August 30, 2010) [SR–FICC–2010–06] and 62795 (August 30, 2010) [File No. SR–DTC–2010–11] respectively. 8 15 U.S.C. 78q–1. PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 54681 and the rules and regulations thereunder that are applicable to NSCC because the proposed rule will require a more senior level of management to authorize a suspension or waiver of the NSCC rules under the proposed rule change, thereby ensuring more equitable compliance with NSCC’s rules and procedures. (B) Self-Regulatory Organization’s Statement on Burden on Competition NSCC 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 relating to the proposed rule change have been solicited or received. NSCC will notify the Commission of any written comments received by the NSCC. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A)(iii) of the Act 9 and Rule 19b–4(f)(3) 10 thereunder because it is concerned solely with the administration of NSCC. At any time within sixty days of the filing of such rule change, the Commission summarily may temporarily suspend 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–NSCC–2010–08 on the subject line. 9 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(3). 10 17 E:\FR\FM\08SEN1.SGM 08SEN1

Agencies

[Federal Register Volume 75, Number 173 (Wednesday, September 8, 2010)]
[Notices]
[Pages 54680-54681]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-22350]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62795; File No. SR-DTC-2010-11]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Rules Relating to Authority To Suspend or Waive DTC Rules and 
Procedures

August 30, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on August 23, 2010, The 
Depository Trust Company (``DTC'') filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule change described 
in Items I, II, and III below, which items have been prepared primarily 
by DTC.\2\ DTC filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) and Rule 19b-4(f)(3) thereunder so that the proposed 
rule change was effective upon filing with the Commission.\3\ The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested parties.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ The text of the proposed rule change is attached as Exhibit 
5 to DTC's filing and is available at https://www.dtcc.com/downloands/legal/rule_filings/2010/dtc/2010-11.pdf.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change will amend DTC rules to provide that any 
officer having a rank of Managing Director or higher is authorized to 
suspend or waive DTC rules and procedures.

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 these 
statements.\4\
---------------------------------------------------------------------------

    \4\ The Commission has modified the text of the summaries 
prepared by the DTC.
---------------------------------------------------------------------------

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The proposed rule change amends Rule 18 of the DTC's Rules, Bylaws 
and Organization Certificate of The Depository Trust Company \5\ 
(``Rules'') to state that the Rules and procedures of DTC may be 
suspended or waived by any officer having a rank of Managing Director 
or higher. Prior to the proposed amendment, Rule 18 provided such 
authority to officers having a rank of Vice President or higher.\6\ 
This proposed rule change also harmonizes DTC's rules with those of the 
Fixed Income Clearing Corporation's (``FICC'') Government Securities 
Division and Mortgage-Backed Securities Division as well as those of 
the National Securities Clearing Corporation (``NSCC'') as the rules 
relate to the authority to suspend or waive rules.\7\
---------------------------------------------------------------------------

    \5\ DTC's rules are available at https://www.dtcc.com/legal/rules_proc/dtc_rules.pdf.
    \6\ Managing Director is a more senior level of officer than 
that of Vice President.
    \7\ On August 20, 2010, FICC filed and on August 23, 2010, NSCC 
filed similar rule changes. Securities Exchange Act Release No. 
62796 (August 30, 2010) [SR-FICC-2010-06] and 62794 (August 30, 
2010) [File No. SR-NSCC-2010-08] respectively.
---------------------------------------------------------------------------

    DTC believes that the proposed rule change is consistent with the 
requirements of Section 17A of the Act \8\ and the rules and 
regulations thereunder that are applicable to DTC because the proposed 
rule will require a more senior level of management to authorize a 
suspension or waiver of DTC rules under the proposed rule change 
thereby ensuring more equitable compliance with DTC's rules and 
procedures.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    DTC does not believe that the proposed rule change 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 relating to the proposed rule change have 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

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(3) \10\ 
thereunder because it is concerned solely with the administration of 
DTC. At any time within sixty days of the filing of such rule change, 
the Commission summarily may temporarily suspend 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------

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-2010-11 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-2010-11. 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

[[Page 54681]]

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 Web site viewing and printing 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 the 
principal office of DTC and on DTC's Web site, https://www.dtcc.com. 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-2010-11 and should be 
submitted on or before September 29, 2010.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-22350 Filed 9-7-10; 8:45 am]
BILLING CODE 8010-01-P
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