Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Implement a Disincentive Fee Associated With the Deposit Automation Management System, 68013-68014 [2010-27856]
Download as PDF
<![CDATA[
Federal Register / Vol. 75, No. 213 / Thursday, November 4, 2010 / Notices
68013
APPENDIX—Continued
Transfer agent
File No.
Pacific Stock Transfers Inc ......................................................................................................................................................................
Public Stock Transfer Company dba/Public Ease ..................................................................................................................................
Royalty Stock Transfer ............................................................................................................................................................................
Select American Transfer Co ..................................................................................................................................................................
Select Fidelity Transfer Services Ltd .......................................................................................................................................................
Syntel, Inc ................................................................................................................................................................................................
Technology Funding Capital Corporation ................................................................................................................................................
The Commercial Bank .............................................................................................................................................................................
The Northern Savings & Loan Company ................................................................................................................................................
The Nyhart Company, Inc .......................................................................................................................................................................
Trustmark Stock & Transfer Inc ..............................................................................................................................................................
UAC Inc ...................................................................................................................................................................................................
Wall Street Stock Transfer Corp .............................................................................................................................................................
Wulf International, Ltd ..............................................................................................................................................................................
certain deposits made through DTC’s
Deposit Automation Management
(‘‘DAM’’) system.
[FR Doc. 2010–27857 Filed 11–3–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63208; File No. SR–DTC–
2010–13]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Implement a
Disincentive Fee Associated With the
Deposit Automation Management
System
October 28, 2010.
jlentini on DSKJ8SOYB1PROD with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
October 18, 2010, The Depository Trust
Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in Items I and II
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 DTC will
impose a new disincentive fee for
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, which is available at
https://www.dtcc.com/downloands/legal/
rule_filings/2010/dtc/2010–13.pdf.
3 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b–
4(f)(3).
VerDate Mar<15>2010
16:47 Nov 03, 2010
Jkt 223001
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
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The DAM system allows participants
to transmit details of a deposit before
forwarding physical securities to DTC.
Under the DAM system, a participant is
able to send to DTC details regarding
securities that the participant plans to
deposit.5 DTC uses the deposit details to
determine whether the proposed deposit
is acceptable by checking for such
things as issue eligibility, chill status,
correct CUSIP information, etc. The
deposit detail information is stored in
DTC’s database. Upon the submitting
participant’s initiation, DTC’s systems
send a transmission to the submitting
participant’s printer using a Systems
Network Architecture (‘‘SNA’’)
connection.6 The transmission causes
4 The Commission has modified the text of the
summaries prepared by the DTC.
5 Participants send the deposit details to DTC
using either a Participant Terminal System message
(‘‘DAMP’’), a PBS transmission, or a CF2DEP file.
6 SNA is a network system developed by IBM in
the early 1980s to move large amounts of data
through the Internet.
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
8406088
8405866
8406189
8406152
8406139
8406142
8405738
8405867
8405867
8405722
8406073
8400293
8406246
8406180
bar-coded deposit tickets to print at the
participant’s office on dedicated thermal
printers.7 The bar-coded deposit tickets
contain a variety of information
required for DTC’s processing of
deposits.
Since IBM’s recent announcement
that it would no longer support SNA,
DTC has begun making the deposit
tickets available in PDF format. The
method used by participants to initiate
the print process did not change but
rather than send the deposit tickets to a
dedicated thermal printer at the
participant’s location, DTC ‘‘pushes’’ the
deposit tickets to the requesting
participant’s work station in PDF format
where the ticket can then be printed
from any printer attached to that work
station (‘‘PDF method’’). This process
eliminates the need for participants to
use expensive thermal printers or ‘‘peeloff’’ bar code labels.
Effective October 8, 2010, DTC retired
the outdated and unsupported SNA
ticket print stream and the use of ‘‘peeloff’’ adhesive bar code labels.
Participants continue to have the ability
to produce DAM deposit tickets for
submission to DTC using the PDF
method. Effective Monday, November 1,
2010, all DAM deposits received by DTC
must be accompanied by a deposit ticket
printed using the PDF method. Pursuant
to this rule change, all deposits received
without a DAM deposit ticket generated
using the PDF method will continue to
be processed by DTC but will incur a
$100.00 processing fee in addition to the
current DAM deposit fee.
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
7 Some participants with low volumes of deposits
have elected to use ‘‘peel-off’’ adhesive bar code
labels instead of investing in expensive thermal
printers.
8 15 U.S.C. 78q–1.
E:\FR\FM\04NON1.SGM
04NON1
68014
Federal Register / Vol. 75, No. 213 / Thursday, November 4, 2010 / Notices
because the proposed rule will promote
efficiencies in DTC’s DAM service, and
as such, it should help DTC remove
undue impediments to and perfect the
mechanism of a national system for the
clearance and settlement of securities
transactions.
(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
establishes or changes a due, fee, or
other charge imposed by 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:
jlentini on DSKJ8SOYB1PROD with 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–DTC–2010–13 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
U.S.C. 78s(b)(3)(A)(iii).
10 17 CFR 240.19b–4(f)(3).
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–DTC–2010–13. 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 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–
2010–13 and should be submitted on or
before November 26, 2010.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–27856 Filed 11–3–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63215; File No. SR–FICC–
2010–07]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to a
Proposed Fee
October 29, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
9 15
VerDate Mar<15>2010
16:47 Nov 03, 2010
(‘‘Act’’),1 notice is hereby given that on
October 18, 2010 the 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. FICC
filed the proposed rule change pursuant
to Section 19(b)(3)(A)(ii) of the Act 2 and
Rule 19b–4(f)(2) 3 thereunder so that the
proposal was 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 Substance of
the Proposed Rule Change
The proposed rule change amends
FICC’s Government Securities Division’s
(‘‘GSD’’) Fee Structure to add a monthly
fee of $250 for GCF participants with
the exception of the GCF inter-dealer
brokers for the development and
maintenance of the DTCC GCF Repo
Index.
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
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The proposed rule change amends the
GSD Fee Structure to add a monthly fee
of $250 for GCF participants with the
exception of the GCF inter-dealer
brokers for the development and
maintenance of the DTCC GCF Repo
Index. This fee will become effective as
of December 1, 2010. The index will
provide the daily weighted average of
the general collateral rate for each of the
three most highly traded GCF Repo
CUSIPs along with the total par value of
all daily transactions in each CUSIP.
FICC plans to post the index daily on
FICC’s Web site.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78s(b)(3)(A)(ii).
3 17 CFR 240.19b–4(f)(2).
2 15
11 17
Jkt 223001
PO 00000
CFR 200.30–3(a)(12).
Frm 00070
Fmt 4703
Sfmt 4703
E:\FR\FM\04NON1.SGM
04NON1
]]>Agencies
[Federal Register Volume 75, Number 213 (Thursday, November 4, 2010)]
[Notices]
[Pages 68013-68014]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-27856]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63208; File No. SR-DTC-2010-13]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Implement a Disincentive Fee Associated With the Deposit Automation
Management System
October 28, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on October 18, 2010, The
Depository Trust Company (``DTC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change described
in Items I and II 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, which is available at https://www.dtcc.com/downloands/legal/rule_filings/2010/dtc/2010-13.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 DTC
will impose a new disincentive fee for certain deposits made through
DTC's Deposit Automation Management (``DAM'') system.
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 DAM system allows participants to transmit details of a deposit
before forwarding physical securities to DTC. Under the DAM system, a
participant is able to send to DTC details regarding securities that
the participant plans to deposit.\5\ DTC uses the deposit details to
determine whether the proposed deposit is acceptable by checking for
such things as issue eligibility, chill status, correct CUSIP
information, etc. The deposit detail information is stored in DTC's
database. Upon the submitting participant's initiation, DTC's systems
send a transmission to the submitting participant's printer using a
Systems Network Architecture (``SNA'') connection.\6\ The transmission
causes bar-coded deposit tickets to print at the participant's office
on dedicated thermal printers.\7\ The bar-coded deposit tickets contain
a variety of information required for DTC's processing of deposits.
---------------------------------------------------------------------------
\5\ Participants send the deposit details to DTC using either a
Participant Terminal System message (``DAMP''), a PBS transmission,
or a CF2DEP file.
\6\ SNA is a network system developed by IBM in the early 1980s
to move large amounts of data through the Internet.
\7\ Some participants with low volumes of deposits have elected
to use ``peel-off'' adhesive bar code labels instead of investing in
expensive thermal printers.
---------------------------------------------------------------------------
Since IBM's recent announcement that it would no longer support
SNA, DTC has begun making the deposit tickets available in PDF format.
The method used by participants to initiate the print process did not
change but rather than send the deposit tickets to a dedicated thermal
printer at the participant's location, DTC ``pushes'' the deposit
tickets to the requesting participant's work station in PDF format
where the ticket can then be printed from any printer attached to that
work station (``PDF method''). This process eliminates the need for
participants to use expensive thermal printers or ``peel-off'' bar code
labels.
Effective October 8, 2010, DTC retired the outdated and unsupported
SNA ticket print stream and the use of ``peel-off'' adhesive bar code
labels. Participants continue to have the ability to produce DAM
deposit tickets for submission to DTC using the PDF method. Effective
Monday, November 1, 2010, all DAM deposits received by DTC must be
accompanied by a deposit ticket printed using the PDF method. Pursuant
to this rule change, all deposits received without a DAM deposit ticket
generated using the PDF method will continue to be processed by DTC but
will incur a $100.00 processing fee in addition to the current DAM
deposit fee.
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
[[Page 68014]]
because the proposed rule will promote efficiencies in DTC's DAM
service, and as such, it should help DTC remove undue impediments to
and perfect the mechanism of a national system for the clearance and
settlement of securities transactions.
---------------------------------------------------------------------------
\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 establishes or changes a due, fee, or other
charge imposed by 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-2010-13 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-2010-13. 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 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-2010-13 and should be submitted on or before November 26, 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. 2010-27856 Filed 11-3-10; 8:45 am]
BILLING CODE 8011-01-P
