Self-Regulatory Organizations; Pacific Clearing Corporation; Order Cancelling Clearing Agency Registration, 12896-12897 [2012-5055]
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12896
Federal Register / Vol. 77, No. 42 / Friday, March 2, 2012 / Notices
Investment Transaction. None of the
Participating Funds nor any affiliated
person of the Company will receive
additional compensation or
remuneration of any kind (other than (a)
in the case of the Company and the
Funds, the pro rata transaction fees
described above and fees or other
compensation described in condition
2(c)(iii)(C) and (b) in the case of the
Adviser, investment advisory fees paid
in accordance with the Funds’
Agreements) as a result of or in
connection with a Co-Investment
Transaction.
14. If the Holders own in the aggregate
more than 25% of the outstanding
Shares, then the Holders will vote such
Shares as directed by an independent
third party (such as the trustee of a
voting trust or a proxy adviser) when
voting on (1) the election of directors;
(2) the removal of one or more directors;
or (3) any matters requiring approval by
the vote of a majority of the outstanding
voting securities, as defined in section
2(a)(42) of the Act.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5061 Filed 3–1–12; 8:45 am]
BILLING CODE P
SECURITIES AND EXCHANGE
COMMISSION
February 24, 2012.
tkelley on DSK3SPTVN1PROD with NOTICES
I. Background
On December 1, 1975, pursuant to
Sections 17A(b) and 19(a)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 17Ab2–1
thereunder,2 the Securities and
Exchange Commission (‘‘Commission’’)
approved on a temporary basis the
application for registration as a clearing
agency filed by the Midwest Clearing
Corporation (‘‘MCC’’).3 By subsequent
orders, the Commission extended MCC’s
temporary registration.4 On September
U.S.C. 78q–1(b) and 78s(a)(1).
CFR 240.17Ab2–1.
3 Release No. 34–11875 (Nov. 26, 1975), 40 FR
55910 (Dec. 2, 1975).
4 Release Nos. 34–1358 (June 1, 1977), 42 FR
30066 (Jun. 10, 1977); 34–13911 (Aug. 31, 1977),
1977 WL 190688; 34–14531, 43 FR 10288 (Mar. 10,
1978); and 34–18584 (March 22, 1982), 47 FR 13266
(Mar. 29, 1982).
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17:01 Mar 01, 2012
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In a letter dated October 28, 2009,
CHX notified the Commission that MCC
was no longer in operation and therefore
had ceased to do business in the
capacity specified in its application for
registration.9 CHX also indicated that,
given the time elapsed since MCC
ceased active operations, it did not
anticipate any future claims against
MCC or itself.10
CHX also stated that ‘‘most of the
books and records relating to MCC are
beyond the statutory retention period.
Any books and records of duration less
than the statutory requirement will be
maintained in accordance with the
CHX’s standard document retention
policies.’’ 11
Section 19(a)(3) of the Act provides
that in the event any self-regulatory
organization is no longer in existence or
has ceased to do business in the
capacity specified in its application for
U.S.C. 78q–1 and 17 CFR 240.17Ab2–1.
No. 34–20221, 48 FR 45167 (Oct. 3,
6 Release
Self-Regulatory Organizations;
Midwest Clearing Corporation; Order
Cancelling Clearing Agency
Registration
2 17
II. Cancellation of MCC’s Registration
as a Clearing Agency
5 15
[Release No. 34–66458; File No. 600–9]
1 15
23, 1983, pursuant to Section 17A and
Rule 17Ab2–1 thereunder,5 the
Commission approved on a permanent
basis MCC’s registration as a clearing
agency.6
MCC was a subsidiary of The Chicago
Stock Exchange, Incorporated (‘‘CHX’’) 7
and provided trade recording,
comparison, clearance, and settlement
services to its participants.8
1983).
7 Letter from David C. Whitcomb Jr., General
Counsel, Chicago Stock Exchange, to David Karasik,
Division of Trading and Markets (Oct. 28, 2009)
(‘‘CHX 2009 Letter’’).
8 Release No. 34–20221, supra note 6.
9 CHX 2009 Letter. MCC was incorporated in
Delaware on September 21, 1973, and was
dissolved on December 17, 2009. LexisNexis, Public
Records, Corporate Filings search (https://
www.lexis.com) and Secretary of State of the State
of Delaware (https://corp.delaware.gov/
authver.shtml). CHX believes that MCC’s clearing
agency operations had ceased by late 1995. Email
from James G. Ongeena, Vice President and
Associate General Counsel, CSX, to David Karasik,
Division of Trading and Markets, Commission (Aug.
18, 2011) (providing a copy of a Transfer Agreement
dated as of November 14, 1995, by and among CSX,
Midwest Securities Trust Company (‘‘MSTC’’),
MCC, The Depository Trust Company(‘‘DTC’’), and
National Securities Clearing Corporation (‘‘NSCC’’)
wherein MCC and MSTC agreed to, among other
things, transfer MCC and MSTC’s clearing and
depository services and related assets and
obligations including participants’ open positions
to DTC and NSCC).
10 CHX 2009 Letter. In addition, CHX represented
to the Commission that as of August 16, 2011, CHX
had not, to the best of its knowledge, received any
claims against or document requests regarding
MSTC within the last two years. Email from James
G. Ongeena, Vice President and Associate General
Counsel, Chicago Stock Exchange, to David Karasik,
Division of Trading and Markets (Aug. 16, 2011).
11 CHX 2009 Letter.
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Frm 00105
Fmt 4703
Sfmt 4703
registration, ‘‘the Commission, by order,
shall cancel its registration.’’ 12
Based upon the representations and
undertakings made by CHX to the
Commission and because MCC is no
longer in existence and has ceased to do
business in the capacity specified in its
registration application, the
Commission is canceling its registration
effective February 24, 2012.
It is therefore ordered that:
Effective February 24, 2012, based on
the facts and representations noted
above, MCC’s registration as a clearing
agency under Section 17A of the
Exchange Act and Rule 17Ab2–1
thereunder is cancelled.
By the Commission.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5054 Filed 3–1–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66459; File No. 600–11]
Self-Regulatory Organizations; Pacific
Clearing Corporation; Order Cancelling
Clearing Agency Registration
February 24, 2012.
I. Background
On December 1, 1975, pursuant to
Sections 17A(b) and 19(a)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 17Ab2–1
thereunder,2 the Securities and
Exchange Commission (‘‘Commission’’)
approved on a temporary basis the
application for registration as a clearing
agency filed by the Pacific Clearing
Corporation (‘‘PCC’’).3 By subsequent
orders, the Commission extended PCC’s
temporary registration.4 On September
23, 1983, pursuant to Section 17A and
Rule 17Ab2–1 thereunder,5 the
Commission approved on a permanent
basis PCC’s registration as a clearing
agency.6
PCC was a subsidiary of PCX Equities,
Inc. (‘‘PCXE’’) (now NYSE Arca
Equities, Inc.), which was a wholly
owned subsidiary of the Pacific
12 15
U.S.C. 78s(a)(3).
U.S.C. 78q–1(b) and 78s(a)(1).
2 17 CFR 240.17Ab2–1.
3 Release No. 34–11875 (Nov. 26, 1975), 40 FR
55910 (Dec. 2, 1975).
4 Release Nos. 34–13584 (June 1, 1977), 42 FR
30066 (Jun. 10, 1977); 34–13911 (Aug. 31, 1977),
1977 WL 190688; 34–14531, 43 FR 10288 (Mar. 10,
1978); and 34–18584 (Mar. 22, 1982), 47 FR 13266
(Mar. 29, 1982).
5 15 U.S.C. 78q–1 and 17 CFR 240.17Ab2–1.
6 Release No. 34–20221 (Sept. 23, 1983), 48 FR
45167 (Oct. 3, 1983).
1 15
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Federal Register / Vol. 77, No. 42 / Friday, March 2, 2012 / Notices
Exchange, Inc. (‘‘PCX’’) 7 (now NYSE
Arca, Inc. [‘‘NYSE Arca’’]).8 Prior to the
transaction described below, PCC
offered various clearance and settlement
services, such as trade recording for
PCX-listed and over-the-counter
securities transactions, trade
comparison, continuous net settlement,
and book-entry depository services.9
tkelley on DSK3SPTVN1PROD with NOTICES
II. Cancellation of PCC’s Registration as
a Clearing Agency
In an April 2005 Letter, PCX stated
that on or about April 15, 1987, it had
‘‘transferred substantially all of its
principal settlement and clearance
activities to the National Security [sic]
Clearing Corporation (‘NSCC’).’’ 10 PCX
further stated that on September 13,
2003, the PCX Board of Governors and
PCXE Board of Directors voted to take
all necessary steps to dissolve PCC.11
Finally, PCX represented, among other
things, that pursuant to Rule 17a–1,12
PCX would retain at least one copy of
all documents, including all
correspondence, memoranda, papers,
books, notices, accounts, and other such
records of PCC in PCX’s or PCXE’s
possession for at least 5 years from the
date of dissolution of PCC.13
7 Letter from Kathryn L. Beck, Senior Vice
President, General Counsel and Corporate
Secretary, Pacific Stock Exchange, to Jerry W.
Carpenter, Assistant Director, Division of Market
Regulation, Commission (April 11, 2005) (‘‘April
2005 Letter’’).
8 PCXE and PCC had previously been wholly
owned subsidiaries of Archipelago Holdings, Inc.
Following the merger on March 6, 2006, of New
York Stock Exchange, Inc. with Archipelago
Holdings, Inc., the PCX filed with the Securities
and Exchange Commission a proposed rule change,
which was effective upon filing, that amended its
rules to reflect these name changes: From PCX to
NYSE Arca; from PCX Equities, Inc. to NYSE Arca
Equities, Inc.; from PCX Holdings, Inc., to NYSE
Arca Holdings, Inc.; and from the Archipelago
Exchange, L.L.C. to NYSE Arca, L.L.C. Release No.
34–53615, 71 FR 19226 (Apr. 13, 2006).
9 Release No. 34–20221, supra note 6.
10 Letter from Kathryn L. Beck, Senior Vice
President, General Counsel and Corporate
Secretary, Pacific Stock Exchange, to Jerry W.
Carpenter, Assistant Director, Division of Market
Regulation, Commission (April 11, 2005) (‘‘April
2005 Letter’’).
11 Id. PCC was incorporated in California on April
28, 1955, and was dissolved on August 7, 2007.
LexisNexis, Public Records, Corporate Filings
search, https://www.lexis.com.
12 17 CFR 240.17a–1.
13 April 2005 Letter. In addition, NYSE Euronext
represented to the Commission that as of August 26,
2011, it had not received any requests over the last
two years for documents relating to PCC and that
no claims relating to the operations of PCC had
been made. Email from Janet McGinness, Senior
Vice President, Legal and Corporate Secretary,
NYSE Euronext, to David Karasik, Division of
Trading and Markets, Commission (Aug. 26, 2011).
As a result of the business combination of NYSE
Group, Inc. and Euronext N.V., the businesses of
NYSE Group, including that of the NYSE LLC and
NYSE Arca, and Euronext are now held under a
single, publicly traded holding company named
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17:01 Mar 01, 2012
Jkt 226001
Section 19(a)(3) of the Act 14 provides
that in the event any self-regulatory
organization is no longer in existence or
has ceased to do business in the
capacity specified in its application for
registration, ‘‘the Commission, by order,
shall cancel its registration.’’
Based upon the representations and
undertakings made by PCX to the
Commission and because PCC is no
longer in existence and has ceased to do
business in the capacity specified in its
registration application, the
Commission is canceling its registration
effective February 24, 2012.
It is therefore ordered that:
Effective February 24, 2012, based on
the facts and representations noted
above, PCC’s registration as a clearing
agency under Section 17A of the
Exchange Act and Rule 17Ab2–1
thereunder is cancelled.
By the Commission.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5055 Filed 3–1–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66460; File No. 600–10]
Self-Regulatory Organizations; Pacific
Securities Depository Trust Company;
Order Cancelling Clearing Agency
Registration
February 24, 2012.
I. Background
On December 1, 1975, pursuant to
Sections 17A(b) and 19(a)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 17Ab2–1
thereunder,2 the Securities and
Exchange Commission (‘‘Commission’’)
approved on a temporary basis the
application for registration as a clearing
agency filed by the Pacific Securities
Depository Trust Company (‘‘PSDTC’’).3
By subsequent orders, the Commission
extended PSDTC’s temporary
registration.4 On September 23, 1983,
pursuant to Section 17A and Rule
17Ab2–1 thereunder,5 the Commission
NYSE Euronext. Release Nos. 34–55293 (Feb. 14,
2007), 72 FR 8033 (Feb. 22, 2007) and 34–55026
(Dec. 29, 2006), 72 FR 814 (Jan. 8, 2007).
14 15 U.S.C. 78s(a)(3).
1 15 U.S.C. 78q–1(b) and 78s(a)(1).
2 17 CFR 240.17Ab2–1.
3 Release No. 34–11875 (Nov. 26, 1975), 40 FR
55910 (Dec. 2, 1975).
4 Release Nos. 34–13584 (June 1, 1977), 42 FR
30066 (Jun. 10, 1977); 34–13911 (Aug. 31, 1977),
1977 WL 190688; 34–14531, 43 FR 10288 (Mar. 10,
1978); and 34–18584 (Mar. 22, 1982), 47 FR 13266
(Mar. 29, 1982).
5 15 U.S.C. 78q–1 and 17 CFR 240.17Ab2–1.
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
12897
approved on a permanent basis PSDTC’s
registration as a clearing agency.6
PSDTC was a wholly owned
subsidiary of the Pacific Exchange, Inc.
(‘‘PCX’’) 7 (now NYSE Arca, Inc. [‘‘NYSE
Arca’’]).8 Prior to the transaction
described below, PSDTC offered various
clearance and settlement services such
as trade recording for Pacific Stock
Exchange-listed and over-the-counter
securities transactions, trade
comparison, continuous net settlement,
and book-entry depository services.9
II. Cancellation of PSDTC’s Registration
as a Clearing Agency
In the April 2005 Letter, PCX notified
the Commission that PSDTC had been
dissolved.10 PCX represented PCX had
diligently identified and paid all PSDTC
claims and liabilities including
completing the outstanding PSDTC
transaction balances and making final
monetary distributions to the proper
parties or if the proper parties were not
identified remitted to the State of
California in accordance with state
escheatment regulations.11
In connection with the dissolution of
PSDTC, PCX represented that pursuant
to Rule 17a–1 12 PCX would retain at
least one copy of all documents,
including all correspondence,
memoranda, papers, books, notices,
accounts, and other such PSDTC records
in PCX’s possession for at least 5 years
from the date of termination of PSDTC’s
registration as a clearing agency.13
6 Release No. 34–20221, 48 FR 45167 (Oct. 3,
1983).
7 Letter from Kathryn L. Beck, Senior Vice
President, General Counsel and Corporate
Secretary, Pacific Stock Exchange, to Jerry W.
Carpenter, Assistant Director, Division of Market
Regulation, Commission (April 11, 2005) (‘‘April
2005 Letter’’).
8 PCXE and PCC had previously been wholly
owned subsidiaries of Archipelago Holdings, Inc.
Following the merger of New York Stock Exchange,
Inc. with Archipelago Holdings, Inc., on March 6,
2006, the PCX filed a rule proposal with the
Securities and Exchange Commission, which was
effective upon filing, that amended its rules to
reflect these name changes: From PCX to NYSE
Arca; from PCX Equities, Inc. to NYSE Arca
Equities, Inc.; from PCX Holdings, Inc., to NYSE
Arca Holdings, Inc.; and from the Archipelago
Exchange, L.L.C. to NYSE Arca, L.L.C. Release No.
34–53615, 71 FR 19226 (Apr. 13, 2006). For ease of
reference NYSE Arca is generally referred to by its
former name, PCX, in this order.
9 Release No. 34–20221, supra note 6.
10 April 2005 Letter. PSDTC was incorporated in
California on September 5, 1974, and was dissolved
on October 19, 1992. LexisNexis, Public Records,
Corporate Filings search (https://www.lexis.com).
PCX stated that PSDTC voluntarily surrendered its
license with the California State Banking
Department. April 2005 Letter.
11 April 2005 Letter.
12 17 CFR 240.17a–1.
13 April 2005 Letter. In addition, NYSE Euronext
represented to the Commission that as of August 26,
E:\FR\FM\02MRN1.SGM
Continued
02MRN1
]]>Agencies
[Federal Register Volume 77, Number 42 (Friday, March 2, 2012)]
[Notices]
[Pages 12896-12897]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5055]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66459; File No. 600-11]
Self-Regulatory Organizations; Pacific Clearing Corporation;
Order Cancelling Clearing Agency Registration
February 24, 2012.
I. Background
On December 1, 1975, pursuant to Sections 17A(b) and 19(a)(1) of
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 17Ab2-1
thereunder,\2\ the Securities and Exchange Commission (``Commission'')
approved on a temporary basis the application for registration as a
clearing agency filed by the Pacific Clearing Corporation (``PCC'').\3\
By subsequent orders, the Commission extended PCC's temporary
registration.\4\ On September 23, 1983, pursuant to Section 17A and
Rule 17Ab2-1 thereunder,\5\ the Commission approved on a permanent
basis PCC's registration as a clearing agency.\6\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78q-1(b) and 78s(a)(1).
\2\ 17 CFR 240.17Ab2-1.
\3\ Release No. 34-11875 (Nov. 26, 1975), 40 FR 55910 (Dec. 2,
1975).
\4\ Release Nos. 34-13584 (June 1, 1977), 42 FR 30066 (Jun. 10,
1977); 34-13911 (Aug. 31, 1977), 1977 WL 190688; 34-14531, 43 FR
10288 (Mar. 10, 1978); and 34-18584 (Mar. 22, 1982), 47 FR 13266
(Mar. 29, 1982).
\5\ 15 U.S.C. 78q-1 and 17 CFR 240.17Ab2-1.
\6\ Release No. 34-20221 (Sept. 23, 1983), 48 FR 45167 (Oct. 3,
1983).
---------------------------------------------------------------------------
PCC was a subsidiary of PCX Equities, Inc. (``PCXE'') (now NYSE
Arca Equities, Inc.), which was a wholly owned subsidiary of the
Pacific
[[Page 12897]]
Exchange, Inc. (``PCX'') \7\ (now NYSE Arca, Inc. [``NYSE Arca'']).\8\
Prior to the transaction described below, PCC offered various clearance
and settlement services, such as trade recording for PCX-listed and
over-the-counter securities transactions, trade comparison, continuous
net settlement, and book-entry depository services.\9\
---------------------------------------------------------------------------
\7\ Letter from Kathryn L. Beck, Senior Vice President, General
Counsel and Corporate Secretary, Pacific Stock Exchange, to Jerry W.
Carpenter, Assistant Director, Division of Market Regulation,
Commission (April 11, 2005) (``April 2005 Letter'').
\8\ PCXE and PCC had previously been wholly owned subsidiaries
of Archipelago Holdings, Inc. Following the merger on March 6, 2006,
of New York Stock Exchange, Inc. with Archipelago Holdings, Inc.,
the PCX filed with the Securities and Exchange Commission a proposed
rule change, which was effective upon filing, that amended its rules
to reflect these name changes: From PCX to NYSE Arca; from PCX
Equities, Inc. to NYSE Arca Equities, Inc.; from PCX Holdings, Inc.,
to NYSE Arca Holdings, Inc.; and from the Archipelago Exchange,
L.L.C. to NYSE Arca, L.L.C. Release No. 34-53615, 71 FR 19226 (Apr.
13, 2006).
\9\ Release No. 34-20221, supra note 6.
---------------------------------------------------------------------------
II. Cancellation of PCC's Registration as a Clearing Agency
In an April 2005 Letter, PCX stated that on or about April 15,
1987, it had ``transferred substantially all of its principal
settlement and clearance activities to the National Security [sic]
Clearing Corporation (`NSCC').'' \10\ PCX further stated that on
September 13, 2003, the PCX Board of Governors and PCXE Board of
Directors voted to take all necessary steps to dissolve PCC.\11\
Finally, PCX represented, among other things, that pursuant to Rule
17a-1,\12\ PCX would retain at least one copy of all documents,
including all correspondence, memoranda, papers, books, notices,
accounts, and other such records of PCC in PCX's or PCXE's possession
for at least 5 years from the date of dissolution of PCC.\13\
---------------------------------------------------------------------------
\10\ Letter from Kathryn L. Beck, Senior Vice President, General
Counsel and Corporate Secretary, Pacific Stock Exchange, to Jerry W.
Carpenter, Assistant Director, Division of Market Regulation,
Commission (April 11, 2005) (``April 2005 Letter'').
\11\ Id. PCC was incorporated in California on April 28, 1955,
and was dissolved on August 7, 2007. LexisNexis, Public Records,
Corporate Filings search, https://www.lexis.com.
\12\ 17 CFR 240.17a-1.
\13\ April 2005 Letter. In addition, NYSE Euronext represented
to the Commission that as of August 26, 2011, it had not received
any requests over the last two years for documents relating to PCC
and that no claims relating to the operations of PCC had been made.
Email from Janet McGinness, Senior Vice President, Legal and
Corporate Secretary, NYSE Euronext, to David Karasik, Division of
Trading and Markets, Commission (Aug. 26, 2011).
As a result of the business combination of NYSE Group, Inc. and
Euronext N.V., the businesses of NYSE Group, including that of the
NYSE LLC and NYSE Arca, and Euronext are now held under a single,
publicly traded holding company named NYSE Euronext. Release Nos.
34-55293 (Feb. 14, 2007), 72 FR 8033 (Feb. 22, 2007) and 34-55026
(Dec. 29, 2006), 72 FR 814 (Jan. 8, 2007).
---------------------------------------------------------------------------
Section 19(a)(3) of the Act \14\ provides that in the event any
self-regulatory organization is no longer in existence or has ceased to
do business in the capacity specified in its application for
registration, ``the Commission, by order, shall cancel its
registration.''
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78s(a)(3).
---------------------------------------------------------------------------
Based upon the representations and undertakings made by PCX to the
Commission and because PCC is no longer in existence and has ceased to
do business in the capacity specified in its registration application,
the Commission is canceling its registration effective February 24,
2012.
It is therefore ordered that:
Effective February 24, 2012, based on the facts and representations
noted above, PCC's registration as a clearing agency under Section 17A
of the Exchange Act and Rule 17Ab2-1 thereunder is cancelled.
By the Commission.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-5055 Filed 3-1-12; 8:45 am]
BILLING CODE 8011-01-P
