Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules Relating To Update DTC's Custody Service Guide, 79732-79734 [2011-32755]
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Federal Register / Vol. 76, No. 246 / Thursday, December 22, 2011 / Notices
Articles governing those products), and
(ii) add a cross reference within the
definition that will direct the reader to
the locations within the By-Laws where
the specific times can be found. In
connection therewith, OCC proposes to
amend Section 5 of Article VI, Section
7 of Article XII, Section 1 of Article XX
and Section 1 of Article XXIII to
establish the specific commencement
times for transactions in various
products. OCC also proposes to amend
Section 5 of Article VI (i) to expressly
state that novation occurs when
exchange transactions are accepted for
clearing by OCC, and (ii) to delete the
language that appears to give futures
contracts more favorable treatment than
options. Finally, OCC proposes to
amend the bracketed language following
the definitions in Section 1 of Article
XX and Section 1 of Article XXIII to
eliminate unnecessary complexity and
conform such language stylistically to
similar language elsewhere in the Bylaws (e.g., the bracketed language
following the definitions in Section 1 of
Article XXII).
OCC believes that the proposed
changes to OCC’s By-Laws are
consistent with the purposes and
requirements of Section 17A of the
Securities Exchange Act of 1934, as
amended (the ‘‘Exchange Act’’), because
they are clarifying amendments that do
not adversely affect OCC’s obligations
with respect to the prompt and accurate
clearance and settlement of securities
transactions or the protection of
securities investors and the public
interest.8 The proposed rule change is
not inconsistent with any rules of OCC.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
OCC 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
jlentini on DSK4TPTVN1PROD with NOTICES
OCC has not solicited or received
written comments relating to the
proposed rule change.
8 The staff notes that Rule 19b–4(f)(4) provides
that a proposed rule change may take effect upon
filing with the Commission pursuant to Section
19(b)(3)(A) of the Exchange Act if the change does
not adversely affect the safeguarding of securities or
funds in the custody or control of the clearing
agency or for which it is responsible and does not
significantly affect the respective rights or
obligations of the clearing agency or persons using
the service.
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19:17 Dec 21, 2011
Jkt 226001
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)(iii) of the Act 9 and Rule
19b–4(f)(4) 10 and became effective on
filing. 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.
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 OCC’s principal office and
OCC’s Web site (https://www.theocc.
com/components/docs/legal/rules_and_
bylaws/sr_occ_11_17.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 No.
SR–OCC–2011–17 and should be
submitted on or before January 12, 2012.
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:
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.11
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml) or
• Send an email to rulecomments@sec.gov. Please include File
No. SR–OCC–2011–17 on the subject
line.
SECURITIES AND EXCHANGE
COMMISSION
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 No.
SR–OCC–2011–17. This file number
should be included on the subject line
if email 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
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–32780 Filed 12–21–11; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–65993; File No. SR–DTC–
2011–11]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Rules Relating To Update DTC’s
Custody Service Guide
December 16, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
December 7, 2011, 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. DTC filed the
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act and
Rule 19b–4(f)(4) thereunder so that the
proposed rule change was effective
upon filing with the Commission.2 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 the Substance
of the Proposed Rule Change
The purpose of this proposed rule
change is to update DTC’s Custody
Service Guide in order to streamline the
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b–
4(f)(4).
1 15
9 Supra
note 2.
note 3.
10 Supra
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E:\FR\FM\22DEN1.SGM
22DEN1
Federal Register / Vol. 76, No. 246 / Thursday, December 22, 2011 / Notices
document and to mitigate certain risks
associated with custody processes.3
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
jlentini on DSK4TPTVN1PROD with NOTICES
(1) Purpose
DTC’s custody service enables DTC
participants to deposit securities with
DTC for safe-keeping. Certificates
deposited through the custody service
(‘‘Custody Issue’’) are held by DTC but
remain registered in the name of the
participant’s customer or in the name of
the participant (i.e., the securities are
not registered in DTC’s nominee name,
Cede & Co.). Therefore, a security
deposited through the custody service is
not eligible for DTC’s book-entry
services, but may be eligible for other
depository services, unless the
depositing participant directs DTC to
transfer the position originally credited
to the participant’s custody free account
to the participant’s general free account.
DTC is proposing to update its
Custody Service Guide in order to
streamline the document and to address
certain risks associated with various
aspects of its custody processes.
Specifically, DTC is proposing, among
other technical changes, to clarify its
rules relating to imaging requests and
required methods of notification in
order to provide a more concise and
coherent description of the procedures.
In order to mitigate risks associated with
the use of Medallion Signature
Guarantee stamps, Attorney Release
stamps, and Tax waiver/Cede & Co.
Assignment stamps, DTC is also
proposing to update its procedures
regarding the process used at DTC to
safeguard the use and storage of such
3 The text of the proposed rule change is attached
as Exhibit 5 to DTC’s filing, which is available at
www.dtcc.com/downloads/legal/rule_filings/2011/
dtc/2011-11.pdf.
4 The Commission has modified the text of the
summaries prepared by DTC.
VerDate Mar<15>2010
19:17 Dec 21, 2011
Jkt 226001
79733
stamps.5 Finally, DTC is proposing to
remove the detailed narrative describing
its branch deposit services because the
description of this service and
participants’ compliance obligations are
currently described in DTC’s Deposit
Service Guide.6
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.
(2) Statutory Basis
The proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to DTC because
the proposed revisions to the
procedures associated with DTC’s
custody service should facilitate the
prompt and accurate clearance and
settlement of securities transactions by
reducing the costs, inefficiencies and
risks associated with the physical
safekeeping of securities. In so doing,
these revisions should in turn also
enhance the use of DTC’s existing
services.
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:
(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.
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–2011–11. This file
number should be included on the
subject line if email 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 NSCC
and on NSCC’s Web site at https://
www.dtcc.com/downloads/legal/
rule_filings/2011/dtc/2011-11.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
(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 DTC. 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 7 and Rule
19b–4(f)(4) 8 thereunder because it is a
change in an existing service that does
not adversely affect the safeguarding of
securities or funds in the custody or
control of the clearing agency and does
not significantly affect the respective
rights or obligations of the clearing
agency or persons using the service. At
any time within sixty days of the filing
of such rule change, the Commission
5 When processing certificates in connection with
its custody services, DTC may use a participant’s
Medallion Signature Guarantee stamp, Attorney
Release stamp, Tax waiver/Cede & Co. Assignment
stamp, or any combination of these stamps to
facilitate making negotiable a participant’s
securities for transfer or sale in accordance with the
participant’s instructions.
6 The language DTC is proposing to eliminate
from the Custody Service Guide continues to be
included in the Deposits Service Guide.
7 15 U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(4).
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml) or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–DTC–2011–11 on the
subject line.
E:\FR\FM\22DEN1.SGM
22DEN1
79734
Federal Register / Vol. 76, No. 246 / Thursday, December 22, 2011 / Notices
you wish to make available publicly. All
submissions should refer to File
Number SR–DTC–2011–11 and should
be submitted on or before January 12,
2012.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–32755 Filed 12–21–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–65987; File No. SR–BX–
2011–084]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
of Proposed Rule Change Relating to
Amending the BOX Trading Rules To
Reduce the PIP From One Second to
100 Milliseconds
December 16, 2011.
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 December
7, 2011, NASDAQ OMX BX, Inc. (the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
jlentini on DSK4TPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Chapter V, Section 18 (The Price
Improvement Period (‘‘PIP’’)) of the
Rules of the Boston Options Exchange
Group, LLC (‘‘BOX’’) to reduce the PIP
from one second to 100 milliseconds.
The text of the proposed rule change is
available from the principal office of the
Exchange, at the Commission’s Public
Reference Room and also on the
Exchange’s Internet Web site at https://
nasdaqomxbx.cchwallstreet.com/
NASDAQOMXBX/Filings/.
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
19:17 Dec 21, 2011
1. Purpose
The purpose of the proposed rule
change is to amend Chapter V, Section
18(e)(i) (The Price Improvement Period
(‘‘PIP’’)) of the BOX Rules to reduce the
time period of the PIP from one second
to 100 milliseconds (1/10 of one
second). The PIP allows BOX Options
Participants to designate certain
customer orders for price improvement
and submit such orders to the PIP (‘‘PIP
Order’’) with a matching contra order
(‘‘Primary Improvement Order’’). Once
such an order is submitted, BOX
commences a PIP by broadcasting a
message to Options Participants that (1)
states that a Primary Improvement
Order has been processed; (2) contains
information concerning series, size, PIP
Start Price and side of the market of the
order; and (3) states when the PIP will
conclude (‘‘PIP Broadcast’’). Further,
responses within a PIP (i.e.,
Improvement Orders), are also broadcast
to BOX Options Participants. This
proposed rule change would reduce the
duration of the PIP from one second to
100 milliseconds. When approving
previous reductions in BOX exposure
periods (e.g., crossing orders and the
PIP) the Commission concluded that
reducing these time periods to one
second was fully consistent with the
BOX electronic market.3
BOX is not proposing any change to
the requirement in Chapter V, Section
17 of the BOX Rules that requires an
Order Flow Provider (‘‘OFP’’) to expose
its customer’s order on the BOX Book
for at least one second before executing
its own principal order against such
customer order. An exception to this
requirement to expose a customer order
3 See Securities Exchange Act Release Nos. 53854
(May 24, 2006), 71 FR 30975 (May 31, 2006) (SR–
BSE–2006–23) and 59638 (March 27, 2009), 74 FR
15020 (April 2, 2009) (BX–2009–015).
9 17
VerDate Mar<15>2010
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
self-regulatory organization 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.
Jkt 226001
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Frm 00089
Fmt 4703
Sfmt 4703
for one second is provided in Chapter V,
Section 18(c) of the BOX Rules,
permitting an OFP to execute its
principal order against an order it
represents as agent if the OFP submits
the agency order to the PIP. BOX
believes this exception for PIP orders is
appropriate because the customer order
is guaranteed an execution at the
National Best Bid/Offer (‘‘NBBO’’) or a
better price through the PIP.
Additionally, BOX Options Participants
are informed about the two-sided order
starting the PIP through receipt of the
PIP Broadcast. BOX Participants have
the opportunity to compete for
participation in the execution of the
customer order by responding to the PIP
Broadcast with their best-priced
Improvement Order.
BOX believes the proposed rule
change could provide more customer
orders an opportunity for price
improvement because it will reduce the
market risk for all Participants executing
trades in the PIP. BOX Participants that
initiate a PIP (‘‘Initiating Participants’’)
are required to guarantee an execution
at the NBBO or at a better price, and are
subject to market risk while their PIP
Order is exposed to other BOX
Participants. While other PIP
Participants are also subject to market
risk, those providing responses in the
PIP through Improvement Orders are
not permitted to cancel their orders, but
can only modify their Improvement
Order, including reducing their order
quantity, by providing a better price.
When a PIP Participant submits more
than one Improvement Order during a
PIP, doing so decreases the time that
each Improvement Order is exposed to
market risk. BOX believes that the
Initiating Participant acts in a critical
role in the PIP. Their willingness to
guarantee the customer order an
execution at NBBO or a better price is
the keystone to the customer order
gaining the opportunity for price
improvement. As such, BOX believes
that reducing the PIP from one second
to 100 milliseconds, and the
Participants’ corresponding market risk,
particularly the risk for the Initiating
Participant, will benefit customers
because it is more likely that additional
PIP transactions will be initiated.
BOX believes that its Options
Participants operate electronic systems
that enable them to react and respond to
orders in a meaningful way in fractions
of a second. BOX anticipates that its
Participants will continue to compete
within the proposed PIP duration of 100
milliseconds. In particular, BOX
believes that 100 milliseconds will
continue to provide market participants
with sufficient time to respond to,
E:\FR\FM\22DEN1.SGM
22DEN1
]]>Agencies
[Federal Register Volume 76, Number 246 (Thursday, December 22, 2011)]
[Notices]
[Pages 79732-79734]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-32755]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65993; File No. SR-DTC-2011-11]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rules Relating To Update DTC's Custody Service Guide
December 16, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 7, 2011, 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. DTC filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act and Rule 19b-4(f)(4) thereunder so that the
proposed rule change was effective upon filing with the Commission.\2\
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\ 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
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 update DTC's Custody
Service Guide in order to streamline the
[[Page 79733]]
document and to mitigate certain risks associated with custody
processes.\3\
---------------------------------------------------------------------------
\3\ The text of the proposed rule change is attached as Exhibit
5 to DTC's filing, which is available at www.dtcc.com/downloads/legal/rule_filings/2011/dtc/2011-11.pdf.
---------------------------------------------------------------------------
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 DTC.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
(1) Purpose
DTC's custody service enables DTC participants to deposit
securities with DTC for safe-keeping. Certificates deposited through
the custody service (``Custody Issue'') are held by DTC but remain
registered in the name of the participant's customer or in the name of
the participant (i.e., the securities are not registered in DTC's
nominee name, Cede & Co.). Therefore, a security deposited through the
custody service is not eligible for DTC's book-entry services, but may
be eligible for other depository services, unless the depositing
participant directs DTC to transfer the position originally credited to
the participant's custody free account to the participant's general
free account.
DTC is proposing to update its Custody Service Guide in order to
streamline the document and to address certain risks associated with
various aspects of its custody processes. Specifically, DTC is
proposing, among other technical changes, to clarify its rules relating
to imaging requests and required methods of notification in order to
provide a more concise and coherent description of the procedures. In
order to mitigate risks associated with the use of Medallion Signature
Guarantee stamps, Attorney Release stamps, and Tax waiver/Cede & Co.
Assignment stamps, DTC is also proposing to update its procedures
regarding the process used at DTC to safeguard the use and storage of
such stamps.\5\ Finally, DTC is proposing to remove the detailed
narrative describing its branch deposit services because the
description of this service and participants' compliance obligations
are currently described in DTC's Deposit Service Guide.\6\
---------------------------------------------------------------------------
\5\ When processing certificates in connection with its custody
services, DTC may use a participant's Medallion Signature Guarantee
stamp, Attorney Release stamp, Tax waiver/Cede & Co. Assignment
stamp, or any combination of these stamps to facilitate making
negotiable a participant's securities for transfer or sale in
accordance with the participant's instructions.
\6\ The language DTC is proposing to eliminate from the Custody
Service Guide continues to be included in the Deposits Service
Guide.
---------------------------------------------------------------------------
(2) Statutory Basis
The proposed rule change is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to DTC because
the proposed revisions to the procedures associated with DTC's custody
service should facilitate the prompt and accurate clearance and
settlement of securities transactions by reducing the costs,
inefficiencies and risks associated with the physical safekeeping of
securities. In so doing, these revisions should in turn also enhance
the use of DTC's existing services.
(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 DTC. 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 \7\ and Rule 19b-4(f)(4) \8\
thereunder because it is a change in an existing service that does not
adversely affect the safeguarding of securities or funds in the custody
or control of the clearing agency and does not significantly affect the
respective rights or obligations of the clearing agency or persons
using the service. 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
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 email to rule-comments@sec.gov. Please include
File Number SR-DTC-2011-11 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-DTC-2011-11. This file
number should be included on the subject line if email 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 NSCC
and on NSCC's Web site at https://www.dtcc.com/downloads/legal/rule_filings/2011/dtc/2011-11.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
[[Page 79734]]
you wish to make available publicly. All submissions should refer to
File Number SR-DTC-2011-11 and should be submitted on or before January
12, 2012.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-32755 Filed 12-21-11; 8:45 am]
BILLING CODE 8011-01-P
