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]
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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.
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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
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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