Self-Regulatory Organizations; the Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Revisions, 2430-2431 [2011-663]

Download as PDF srobinson on DSKHWCL6B1PROD with NOTICES 2430 Federal Register / Vol. 76, No. 9 / Thursday, January 13, 2011 / Notices Education and Advocacy, Washington, DC 20549. Extension: Rule 17a–4(b)(11), SEC File No. 270– 449, OMB Control No. 3235–0506, Rule 17a–3(a)(16). Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. Sec. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the existing collection of information provided for in the following rule: Rule 17a–4(b)(11) (17 CFR Sec. 240.17a– 4(b)(11)) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 17a–4(b)(11) (17 CFR Sec. 240.17a–4(b)(11)) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) describes the record preservation requirements for those records required to be kept pursuant to Rule 17a–3(a)(16), including how such records should be kept and for how long, to be used in monitoring compliance with the Commission’s financial responsibility program and antifraud and antimanipulative rules as well as other rules and regulations of the Commission and the self-regulatory organizations. It is estimated that respondents will incur a total burden of 2835 hours per year (105 respondents multiplied by 27 burden hours to comply with Rule 17a– 3(a)(16). It is estimated that approximately 105 active broker-dealer respondents registered with the Commission will incur a total burden of 315 hours per year to comply with Rule 17a–4(b)(11), (105 respondents multiplied by 3 burden hours per respondent equals 315 total burden hours). The Commission estimates that an employee of a broker-dealer charged to ensure compliance with Rule 17a– 3(a)(16) receives annual compensation of $238,000. This compensation is the equivalent of $119 per hour ($238,000 divided by 2,000 payroll hours per year). Thus, the average cost estimated for each respondent would be $3,213: Rule 17a–3(a)(16) Recordkeeping requirements 27 hours at $119/hr = $3,213. The Commission estimates that an employee of a broker-dealer charged to ensure compliance with Rule 17a– 4(b)(11) receives annual compensation of $238,000. This compensation is the equivalent of $119 per hour ($238,000 divided by 2,000 pay roll hours per year). Thus, the average cost estimated for each respondent would be $357.00: Rule 17a–4(b)(11) Record preservation requirements 3 hours at $119/hr = $357. VerDate Mar<15>2010 16:15 Jan 12, 2011 Jkt 223001 Accordingly, the annual aggregated hour burden for each broker-dealer required to comply with Rules 17a– 3(a)(16) and 17a–4(b)(11) would be $3,570: ($3213 + $357 = $3570). Under Rule 17a–4(a)(11) brokerdealers are required to retain records for a period of not less than three years. Compliance with the rule is mandatory. The required records are available only to the examination staff of the Commission and the self-regulatory organization of which the broker-dealer is a member. An agency may not conduct or sponsor and a person is not required to respond to a collection of information unless it displays a currently valid control number. The public may view the information discussed in this notice at https://www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: January 10, 2010. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–674 Filed 1–12–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63659; File No. SR–DTC– 2010–17] Self-Regulatory Organizations; the Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Revisions January 6, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on December 28, 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, which Items have been prepared primarily by DTC. DTC 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 purpose of this filing is to revise the fees for certain services provided by DTC. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, DTC included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. DTC has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of the proposed rule change is to revise the fees for certain services provided by DTC. DTC will increase fees associated with Custody and Asset Servicing, Deposits, Underwriting and Dividend, Book-Entry Delivery, and MMI services in order to realign fees with costs incurred in providing these services and to scale the fees to reflect processing complexity, with the objective of fee simplification and transparency. DTC will also introduce fees for new capabilities in Asset Services, including a fee to recover costs associated with excluding Treasury Shares of a company from dividend processing. In addition, DTC will implement or increase certain disincentive fees to discourage behavior that keeps the industry from achieving peak efficiency, including fee increases in Asset Services reject and exception processing relating to Underwriting and Withdrawal activities. DTC states that the proposed fee revisions are consistent with DTC’s overall pricing philosophy of aligning service fees with underlying costs, 2 15 1 15 PO 00000 U.S.C. 78s(b)(1). Frm 00103 Fmt 4703 3 17 Sfmt 4703 E:\FR\FM\13JAN1.SGM U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b-4(f)(2). 13JAN1 Federal Register / Vol. 76, No. 9 / Thursday, January 13, 2011 / Notices discouraging manual and exception processing, and encouraging immobilization and dematerialization of securities. Information on specific fee changes is included as Exhibit 5 to DTC’s proposed rule filing, which can be viewed at DTC’s Web site (https:// www.dtcc.com/legal/rule_filings/dtc/ 2010.php). The effective date for these fee adjustments is January 3, 2011. DTC states that this rule filing is consistent with the requirements of Section 17A of the Act 4 and the rules and regulations thereunder because it clarifies and updates DTC’s fee schedule. As such, it provides for the equitable allocation of fees among its Participants. B. Self-Regulatory Organization’s Statement on Burden on Competition DTC does not believe that the proposed rule change will have any impact 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 DTC has not solicited or received written comments relating to the proposed rule change. DTC will notify the Commission of any comments it receives. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 5 and Rule 19b– 4(f)(2) 6 because the proposed rule change establishes or changes a due, fee, or other charge applicable only to a member. At any time within 60 days of the filing of the proposed 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. srobinson on DSKHWCL6B1PROD with NOTICES 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 SMALL BUSINESS ADMINISTRATION • 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 No. SR–DTC–2010–17 on the subject line. [Disaster Declaration #12320 and #12321] Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC, 20549–1090. All submissions should refer to File No. SR–DTC–2010–17. 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 Room, 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 DTC’s principal office and on DTC’s Web site at https://www.dtcc.com/ legal/rule_filings/dtc/2010.php. 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 submission should refer to File No. SR–DTC–2010–17 and should be submitted on or before February 3, 2011. For the Commission by the Division of Trading and Markets pursuant to delegated authority.7 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–663 Filed 1–12–11; 8:45 am] BILLING CODE 8011–01–P 4 15 U.S.C. 78q–1. note 2. 6 Supra note 3. 5 Supra VerDate Mar<15>2010 16:15 Jan 12, 2011 7 17 Jkt 223001 2431 PO 00000 CFR 200.30–3(a)(12). Frm 00104 Fmt 4703 Sfmt 4703 New Mexico Disaster #NM–00016 U.S. Small Business Administration. ACTION: Amendment 1. AGENCY: This is an amendment of the Presidential declaration of a major disaster for Public Assistance Only for the State of New Mexico (FEMA–1936– DR), dated 09/13/2010. Incident: Severe Storms and Flooding. Incident Period: 07/25/2010 through 08/09/2010. DATES: Effective Date: 01/04/2011. Physical Loan Application Deadline Date: 11/12/2010. Economic Injury (EIDL) Loan Application Deadline Date: 06/13/2011. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for Private Non-Profit organizations in the State of NEW MEXICO, dated 09/13/2010, is hereby amended to include the following areas as adversely affected by the disaster. Primary Areas: The Navajo Nation, The Pueblo of Acoma. All other information in the original declaration remains unchanged. SUMMARY: (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) James E. Rivera, Associate Administrator for Disaster Assistance. [FR Doc. 2011–649 Filed 1–12–11; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION Houston District Office Advisory Committee U.S. Small Business Administration. ACTION: Notice of open Federal advisory committee meeting. AGENCY: The SBA is issuing this notice to announce the location, date, time, and agenda for the next meeting of the Houston District Office Advisory committee. The meeting will be open to the public. SUMMARY: E:\FR\FM\13JAN1.SGM 13JAN1

Agencies

[Federal Register Volume 76, Number 9 (Thursday, January 13, 2011)]
[Notices]
[Pages 2430-2431]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-663]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63659; File No. SR-DTC-2010-17]


Self-Regulatory Organizations; the Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Fee Revisions

January 6, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 28, 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, which Items have been prepared primarily 
by DTC. DTC 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \3\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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

    The purpose of this filing is to revise the fees for certain 
services provided by DTC.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, DTC included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. DTC has prepared summaries, set forth in sections A, B, 
and C below, of the most significant aspects of such statements.

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

    The purpose of the proposed rule change is to revise the fees for 
certain services provided by DTC. DTC will increase fees associated 
with Custody and Asset Servicing, Deposits, Underwriting and Dividend, 
Book-Entry Delivery, and MMI services in order to realign fees with 
costs incurred in providing these services and to scale the fees to 
reflect processing complexity, with the objective of fee simplification 
and transparency.
    DTC will also introduce fees for new capabilities in Asset 
Services, including a fee to recover costs associated with excluding 
Treasury Shares of a company from dividend processing.
    In addition, DTC will implement or increase certain disincentive 
fees to discourage behavior that keeps the industry from achieving peak 
efficiency, including fee increases in Asset Services reject and 
exception processing relating to Underwriting and Withdrawal 
activities.
    DTC states that the proposed fee revisions are consistent with 
DTC's overall pricing philosophy of aligning service fees with 
underlying costs,

[[Page 2431]]

discouraging manual and exception processing, and encouraging 
immobilization and dematerialization of securities. Information on 
specific fee changes is included as Exhibit 5 to DTC's proposed rule 
filing, which can be viewed at DTC's Web site (https://www.dtcc.com/legal/rule_filings/dtc/2010.php). The effective date for these fee 
adjustments is January 3, 2011.
    DTC states that this rule filing is consistent with the 
requirements of Section 17A of the Act \4\ and the rules and 
regulations thereunder because it clarifies and updates DTC's fee 
schedule. As such, it provides for the equitable allocation of fees 
among its Participants.
---------------------------------------------------------------------------

    \4\ 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 have any 
impact 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

    DTC has not solicited or received written comments relating to the 
proposed rule change. DTC will notify the Commission of any comments it 
receives.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) \6\ because the 
proposed rule change establishes or changes a due, fee, or other charge 
applicable only to a member. At any time within 60 days of the filing 
of the proposed 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.
---------------------------------------------------------------------------

    \5\ Supra note 2.
    \6\ Supra note 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 No. SR-DTC-2010-17 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC, 20549-1090.
All submissions should refer to File No. SR-DTC-2010-17. 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 Room, 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 DTC's principal office and on DTC's Web site 
at https://www.dtcc.com/legal/rule_filings/dtc/2010.php. 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 submission should refer to File No. SR-DTC-2010-17 and 
should be submitted on or before February 3, 2011.

    For the Commission by the Division of Trading and Markets 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-663 Filed 1-12-11; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.