Self-Regulatory Organizations; the Depository Trust Company; Notice of Filing of Proposed Rule Change To Amend Rules Relating to the Requirement To Maintain a Balance Certificate in the Fast Automated Securities Transfer Program, 71473-71475 [2010-29401]

Download as PDF Federal Register / Vol. 75, No. 225 / Tuesday, November 23, 2010 / Notices at: https://www.nrc.gov/about-nrc/policymaking/schedule.html. * * * * * The NRC provides reasonable accommodation to individuals with disabilities where appropriate. If you need a reasonable accommodation to participate in these public meetings, or need this meeting notice or the transcript or other information from the public meetings in another format (e.g. braille, large print), please notify Angela Bolduc, Chief, Employee/Labor Relations and Work Life Branch, at 301– 492–2230, TDD: 301–415–2100, or by e-mail at angela.bolduc@nrc.gov. mailto:dlc@nrc.gov.mailto:aks@nrc.gov Determinations on requests for reasonable accommodation will be made on a case-by-case basis. * * * * * This notice is distributed electronically to subscribers. If you no longer wish to receive it, or would like to be added to the distribution, please contact the Office of the Secretary, Washington, DC 20555 (301–415–1969), or send an e-mail to darlene.wright@nrc.gov. Dated: November 18, 2010. Rochelle C. Bavol, Policy Coordinator, Office of the Secretary. [FR Doc. 2010–29604 Filed 11–19–10; 4:15 pm] BILLING CODE 7590–01–P OVERSEAS PRIVATE INVESTMENT CORPORATION Sunshine Act—Public Hearing November 24, 2010 OPIC’s Sunshine Act notice of its Public Hearing in Conjunction with each Board meeting was published in the Federal Register (Volume 75, Number 210, Page 67145) on November 1, 2010. No requests were received to provide testimony or submit written statements for the record; therefore, OPIC’s public hearing scheduled for 2 PM, November 24, 2010 in conjunction with OPIC’s December 9, 2010 Board of Directors meeting has been cancelled. mstockstill on DSKH9S0YB1PROD with NOTICES CONTACT PERSON FOR INFORMATION: Wednesday, December 1, 2010, at 11 a.m. PLACE: Commission hearing room, 901 New York Avenue, NW., Suite 200, Washington, DC 20268–0001. STATUS: Parts of this meeting will be open to the public. The rest of the meeting will be closed to the public. The open parts of the meeting will be audiocast. The audiocast can be accessed via the Commission’s Web site at https://www.prc.gov. MATTERS TO BE CONSIDERED: The agenda for the Commission’s December meeting includes the items identified below. PORTIONS OPEN TO THE PUBLIC: 1. Election of Vice Chairman. 2. Review of postal-related congressional activity. 3. Report on international activities. 4. Review of active cases. 5. Report on recent activities of the Joint Periodicals Task Force and status of the report to the Congress pursuant to Section 708 of the PAEA. 6. Report on the status of the Annual Report. PORTIONS CLOSED TO THE PUBLIC: 7. Discussion of pending litigation. 8. Discussion of confidential personnel issues. 9. Discussion of contracts involving confidential commercial information. CONTACT PERSON FOR MORE INFORMATION: Stephen L. Sharfman, General Counsel, Postal Regulatory Commission, 901 New York Avenue, NW., Suite 200, Washington, DC 20268–0001, at stephen.sharfman@prc.gov or 202–789– 6820 (for agenda-related inquiries) and Shoshana M. Grove, Secretary, at 202– 789–6800 or shoshana.grove@prc.gov (for inquiries related to meeting location, access for handicapped or disabled persons, the audiocast, or similar matters). TIME AND DATE: Dated: November 19, 2010. By the Commission. Ruth Ann Abrams, Acting Secretary. [FR Doc. 2010–29664 Filed 11–19–10; 4:15 pm] SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting November 19, 2010. Connie M. Downs, OPIC Corporate Secretary. [FR Doc. 2010–29580 Filed 11–19–10; 11:15 am] BILLING CODE 3210–01–P 18:02 Nov 22, 2010 Sunshine Act Meetings BILLING CODE 7710–FW–P Information on the hearing cancellation may be obtained from Connie M. Downs at (202) 336–8438, via facsimile at (202) 218–0136, or via e-mail at Connie.Downs@opic.gov. VerDate Mar<15>2010 POSTAL REGULATORY COMMISSION Jkt 223001 Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 71473 Commission will hold a Closed Meeting on Monday, November 22, 2010 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, exemption 5 U.S.C. 552b(c)(10) and 17 CFR 200.402(a)(10), permit consideration of the scheduled matter at the Closed Meeting. Commissioner Paredes, as duty officer, voted to consider the item listed for the Closed Meeting in a closed session, and determined that no earlier notice thereof was possible. The subject matter of the Closed Meeting scheduled for Monday, November 22, 2010 will be: Consideration of amicus participation. At times, changes in Commission priorities require alterations in the scheduling of meeting item. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Dated: November 18, 2010. Elizabeth M. Murphy, Secretary. [FR Doc. 2010–29595 Filed 11–19–10; 4:15 pm] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63320; File No. SR–DTC– 2010–15] Self-Regulatory Organizations; the Depository Trust Company; Notice of Filing of Proposed Rule Change To Amend Rules Relating to the Requirement To Maintain a Balance Certificate in the Fast Automated Securities Transfer Program November 16, 2010. 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 November 5, 2010, 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 1 15 2 17 E:\FR\FM\23NON1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 23NON1 71474 Federal Register / Vol. 75, No. 225 / Tuesday, November 23, 2010 / Notices have been prepared primarily by DTC.3 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 Substance of the Proposed Rule Change The purpose of this proposed rule change is to amend DTC’s rules relating to its Fast Automated Securities Transfer (‘‘FAST’’) program to eliminate the requirement for certain transfer agents to custody a balance certificate. 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 mstockstill on DSKH9S0YB1PROD with NOTICES (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change Under DTC’s FAST program, DTC leaves securities in the form of balance certificates in the custody of the transfer agent participating in FAST (‘‘FAST transfer agents’’).5 The balance certificates are registered in the name of DTC’s nominee, Cede & Co. and evidence the record ownership by Cede & Co. of each issue for which the FAST transfer agent acts as transfer agent. The balance certificate agreement is executed by each FAST transfer agent and DTC and sets forth the rights and 3 The text of the proposed rule change is attached as Exhibit 5 to DTC’s filing, which is available at https://www.dtcc.com/downloads/legal/rule_filings/ 2010/dtc/2010–15.pdf. 4 The Commission has modified the text of the summaries prepared by NSCC. 5 FAST reduces the movement of certificates between DTC and the transfer agent, thereby reducing the costs and risks associated with the creation, movement, and storing of certificates. For a description of DTC’s current rules relating to FAST, see Securities Exchange Act Release Nos. 34–13342 (March 8, 1977) (File No. SR–DTC–76–3); 34–14997 (July 26, 1978) (File No. SR–DTC–78–11); 34–21401 (October 16, 1984) (File No. SR–DTC–84– 8); 34–31941 (March 3, 1993) (SR–DTC–92–15); and 34–46956 (December 2, 2002) (File No. SR–DTC– 2002–15). In addition, DTC has filed a proposed rule change with the SEC to update the requirements relating to its FAST and DRS programs (See Securities Exchange Act Release No. 34–57362 (February 20, 2008) (File No. SR–DTC– 2006–16). VerDate Mar<15>2010 18:02 Nov 22, 2010 Jkt 223001 obligations of FAST transfer agents and DTC. As additional securities are deposited or withdrawn from DTC, the FAST transfer agent adjusts the denomination of the balance certificate as appropriate and electronically confirms theses changes with DTC. Recently, FAST transfer agents have requested that DTC remove the requirement for FAST transfer agents to custody a balance certificate because the transfer agent electronically confirms the balance with DTC on a daily basis. As a result, DTC is proposing to remove the requirement that FAST transfer agents maintain a balance certificate for certain issuers that are participating in the direct registration system (‘‘DRS’’).6 An issuer that participates in DRS has agreed to allow investors to hold their securities position in book-entry form on the records of the issuer’s transfer agent instead of in certificated form. With DRS, shares can be electronically transferred between a DRS Limited Participant (i.e., a transfer agent participating in DRS) and DTC participants (i.e., broker-dealers or banks). DRS provides investors with an alternate approach to holding their securities either in certificated form or in ‘‘street’’ name.7 As additional securities are deposited or withdrawn from DTC, the DRS Limited Participant adjusts the denomination of the balance certificate as appropriate and electronically confirms these changes with DTC. Since issuers that participate in DRS have acknowledged that the use of electronic registration of securities is a valid method to evidence ownership of their issued securities and since electronic registration should reduce the costs and risks associated with the creation, storage, and replacement of balance certificates, DTC proposes to remove the requirement that FAST transfer agents maintain a balance certificate for those exchange listed issues that are DRS eligible and participating in DRS. However, DTC also proposes to continue to reserve its rights to draw down from the FAST balance and to receive in lieu of a DRS 6 DRS allows registered owners to hold their assets on the records of the transfer agent in bookentry form rather than in certificated form. Securities on deposit at DTC are considered ‘‘DRS eligible’’ if the issuer’s by-laws permit the issuance of book entry shares and the CUSIP number has been designated as FAST eligible by DTC. ‘‘Participating in DRS’’ means that the issuer and its transfer agent have complied with DTC’s requirements to participate in the DRS program and actually allow investors to hold shares in DRS. 7 Street name generally describes securities held in the name of a broker-dealer or another nominee, such as a clearing agency, instead of the brokerdealer’s customer. PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 or electronic position a certificate to be registered in DTC’s nominee name of Cede & Co. and to reflect any number of shares up to and including the total amount of shares outstanding due DTC from those FAST transfer agents. The proposed rule change is consistent with the requirements of the Securities Exchange Act of 1934, as amended, (‘‘Act’’) and the rules and regulations thereunder applicable to DTC because it should allow DTC to better safeguard the securities which are in DTC’s custody or control or for which it is responsible by reducing the inherent risks associated with the transfer and maintenance of physical certificates. (B) Self-Regulatory Organization’s Statement on Burden on Competition DTC does not believe that the proposed rule change would 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 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 Within forty-five days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to ninety days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. 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 E:\FR\FM\23NON1.SGM 23NON1 Federal Register / Vol. 75, No. 225 / Tuesday, November 23, 2010 / Notices Number SR–DTC–2010–15 on the subject line. SECURITIES AND EXCHANGE COMMISSION Paper Comments [Release No. 34–63324; File No. SR–ISE– 2010–103] • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submission should refer to File Number SR–DTC–2010–15. 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 20549–1090, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filings will also be available for inspection and copying at the principal office of DTC and on DTC’s Web site at https:// www.dtcc.com/downloads/legal/ rule_filings/2010/nscc/2010–11.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–2010–15 and should be submitted on or before December 14, 2010. mstockstill on DSKH9S0YB1PROD with NOTICES For the Commission by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–29401 Filed 11–22–10; 8:45 am] BILLING CODE 8011–01–P Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Market Data Fees November 17, 2010. 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 November 4, 2010, the International Securities Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’) the proposed rule change as described in Items I, II, and III below, which items have been prepared by the Exchange. 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 Exchange is proposing to amend its fees for its real-time depth of market data offering. The text of the proposed rule change is available on the Exchange’s Web site https:// www.ise.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. 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 Exchange 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 ISE currently creates market data that consists of options quotes and orders and all trades that are executed on the Exchange. ISE also produces a Best Bid/ 1 15 8 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 18:02 Nov 22, 2010 2 17 Jkt 223001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00064 Fmt 4703 Sfmt 4703 71475 Offer, or BBO, with the aggregate size from all outstanding quotes and orders at the top price level, or the ‘‘top of book.’’ This ‘‘core’’ 3 data is formatted according to Options Price Reporting Authority (‘‘OPRA’’) specification and sent to OPRA for redistribution to the public. Pursuant to Securities and Exchange Commission (‘‘SEC’’) approval, the Exchange also offers a ‘‘non-core’’ data feed on a subscription basis called the ISE Depth of Market Data Feed (‘‘Depth Feed’’). The Depth Feed offering aggregates all quotes and orders at the top five price levels on the Exchange, on both the bid and offer side of the market. The Depth Feed offering consists of non-marketable orders and quotes that a prospective buyer or seller has chosen to display. Depth Feed, which is distributed in real time, provides subscribers with a consolidated view of tradable prices beyond the BBO. Depth Feed also shows additional liquidity and enhances transparency for ISE traded options that are not currently available through the OPRA feed. The offering is available to members and non-members, and to both professional and non-professional subscribers. The Exchange currently charges distributors 4 of Depth Feed $5,000 per month. In addition, the Exchange charges the distributor a monthly fee per controlled device 5 of (i) $50 per controlled device for Professionals at a distributor where the data is for internal use only, (ii) $50 per controlled device for Professionals who receive the data from a distributor where the data is further redistributed externally, and (iii) $5 per controlled device for NonProfessionals who receive the date from a distributor. The Exchange also has a fee cap currently in place where for any one month the combined maximum amount of fees payable by a distributor is as follows: (i) $7,500 for Professionals at a distributor where the data is for internal use only, (ii) $12,500 for 3 ‘‘Core’’ data refers to the best-priced quotations and comprehensive last sale reports of all markets that the Commission requires a central processor to consolidate and distribute to the public pursuant to joint-SRO plans. ‘‘Non-core’’ data refers to products other than the consolidated products that markets offer collectively under joint industry plans. 4 A ‘‘distributor’’ of a Depth Feed is defined on the ISE Schedule of Fees as any firm that receives the Depth of Market data feed directly from ISE or indirectly through a redistributor and then distributes it either internally or externally. A redistributor includes market data vendors and connectivity providers such as extranets and private network providers. 5 A ‘‘controlled device’’ is defined on the ISE Schedule of Fees as any device that a distributor of the Depth of Market data feed permits to access the information in the Depth of Market Raw Data Feed. E:\FR\FM\23NON1.SGM 23NON1

Agencies

[Federal Register Volume 75, Number 225 (Tuesday, November 23, 2010)]
[Notices]
[Pages 71473-71475]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-29401]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63320; File No. SR-DTC-2010-15]


Self-Regulatory Organizations; the Depository Trust Company; 
Notice of Filing of Proposed Rule Change To Amend Rules Relating to the 
Requirement To Maintain a Balance Certificate in the Fast Automated 
Securities Transfer Program

November 16, 2010.
    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 November 5, 2010, 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

[[Page 71474]]

have been prepared primarily by DTC.\3\ The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
---------------------------------------------------------------------------

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

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

    The purpose of this proposed rule change is to amend DTC's rules 
relating to its Fast Automated Securities Transfer (``FAST'') program 
to eliminate the requirement for certain transfer agents to custody a 
balance certificate.

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 NSCC.
---------------------------------------------------------------------------

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

    Under DTC's FAST program, DTC leaves securities in the form of 
balance certificates in the custody of the transfer agent participating 
in FAST (``FAST transfer agents'').\5\ The balance certificates are 
registered in the name of DTC's nominee, Cede & Co. and evidence the 
record ownership by Cede & Co. of each issue for which the FAST 
transfer agent acts as transfer agent. The balance certificate 
agreement is executed by each FAST transfer agent and DTC and sets 
forth the rights and obligations of FAST transfer agents and DTC. As 
additional securities are deposited or withdrawn from DTC, the FAST 
transfer agent adjusts the denomination of the balance certificate as 
appropriate and electronically confirms theses changes with DTC.
---------------------------------------------------------------------------

    \5\ FAST reduces the movement of certificates between DTC and 
the transfer agent, thereby reducing the costs and risks associated 
with the creation, movement, and storing of certificates. For a 
description of DTC's current rules relating to FAST, see Securities 
Exchange Act Release Nos. 34-13342 (March 8, 1977) (File No. SR-DTC-
76-3); 34-14997 (July 26, 1978) (File No. SR-DTC-78-11); 34-21401 
(October 16, 1984) (File No. SR-DTC-84-8); 34-31941 (March 3, 1993) 
(SR-DTC-92-15); and 34-46956 (December 2, 2002) (File No. SR-DTC-
2002-15). In addition, DTC has filed a proposed rule change with the 
SEC to update the requirements relating to its FAST and DRS programs 
(See Securities Exchange Act Release No. 34-57362 (February 20, 
2008) (File No. SR-DTC-2006-16).
---------------------------------------------------------------------------

    Recently, FAST transfer agents have requested that DTC remove the 
requirement for FAST transfer agents to custody a balance certificate 
because the transfer agent electronically confirms the balance with DTC 
on a daily basis. As a result, DTC is proposing to remove the 
requirement that FAST transfer agents maintain a balance certificate 
for certain issuers that are participating in the direct registration 
system (``DRS'').\6\
---------------------------------------------------------------------------

    \6\ DRS allows registered owners to hold their assets on the 
records of the transfer agent in book-entry form rather than in 
certificated form. Securities on deposit at DTC are considered ``DRS 
eligible'' if the issuer's by-laws permit the issuance of book entry 
shares and the CUSIP number has been designated as FAST eligible by 
DTC. ``Participating in DRS'' means that the issuer and its transfer 
agent have complied with DTC's requirements to participate in the 
DRS program and actually allow investors to hold shares in DRS.
---------------------------------------------------------------------------

    An issuer that participates in DRS has agreed to allow investors to 
hold their securities position in book-entry form on the records of the 
issuer's transfer agent instead of in certificated form. With DRS, 
shares can be electronically transferred between a DRS Limited 
Participant (i.e., a transfer agent participating in DRS) and DTC 
participants (i.e., broker-dealers or banks). DRS provides investors 
with an alternate approach to holding their securities either in 
certificated form or in ``street'' name.\7\ As additional securities 
are deposited or withdrawn from DTC, the DRS Limited Participant 
adjusts the denomination of the balance certificate as appropriate and 
electronically confirms these changes with DTC.
---------------------------------------------------------------------------

    \7\ Street name generally describes securities held in the name 
of a broker-dealer or another nominee, such as a clearing agency, 
instead of the broker-dealer's customer.
---------------------------------------------------------------------------

    Since issuers that participate in DRS have acknowledged that the 
use of electronic registration of securities is a valid method to 
evidence ownership of their issued securities and since electronic 
registration should reduce the costs and risks associated with the 
creation, storage, and replacement of balance certificates, DTC 
proposes to remove the requirement that FAST transfer agents maintain a 
balance certificate for those exchange listed issues that are DRS 
eligible and participating in DRS. However, DTC also proposes to 
continue to reserve its rights to draw down from the FAST balance and 
to receive in lieu of a DRS or electronic position a certificate to be 
registered in DTC's nominee name of Cede & Co. and to reflect any 
number of shares up to and including the total amount of shares 
outstanding due DTC from those FAST transfer agents.
    The proposed rule change is consistent with the requirements of the 
Securities Exchange Act of 1934, as amended, (``Act'') and the rules 
and regulations thereunder applicable to DTC because it should allow 
DTC to better safeguard the securities which are in DTC's custody or 
control or for which it is responsible by reducing the inherent risks 
associated with the transfer and maintenance of physical certificates.

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

    DTC does not believe that the proposed rule change would 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 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

    Within forty-five days of the date of publication of this notice in 
the Federal Register or within such longer period (i) as the Commission 
may designate up to ninety days of such date if it finds such longer 
period to be appropriate and publishes its reasons for so finding or 
(ii) as to which the self-regulatory organization consents, the 
Commission will:
    (A) By order approve or disapprove the proposed rule change or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

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

[[Page 71475]]

Number SR-DTC-2010-15 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 submission should refer to File Number SR-DTC-2010-15. 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 20549-1090, on official business days between the 
hours of 10 a.m. and 3 p.m. Copies of such filings will also be 
available for inspection and copying at the principal office of DTC and 
on DTC's Web site at https://www.dtcc.com/downloads/legal/rule_filings/2010/nscc/2010-11.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-2010-15 and should be submitted on or before December 14, 2010.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-29401 Filed 11-22-10; 8:45 am]
BILLING CODE 8011-01-P
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