Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of Proposed Rule Change To Implement a Change in the Practices of The Depository Trust Company as They Relate to Post-Payable Adjustments, 26796-26798 [2012-10911]
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26796
Federal Register / Vol. 77, No. 88 / Monday, May 7, 2012 / Notices
whether the Request is consistent with
the policies of 39 U.S.C. 3642, 3633, and
39 CFR 3020.30 et seq. Comments are
due by May 31, 2012. Reply comments
are due by June 15, 2012.
The Request and related filings are
available on the Commission’s Web site
(https://www.prc.gov). The Commission
encourages interested persons to review
the Request for further details.
The Commission appoints Kenneth E.
Richardson to serve as Public
Representative in this proceeding.
It is ordered:
1. The Commission establishes Docket
No. MC2012–13 to consider matters
raised by the Request.
2. Pursuant to 39 U.S.C. 505, Kenneth
E. Richardson is appointed to serve as
an officer of the Commission (Public
Representative) to represent the
interests of the general public in this
proceeding.
3. Comments by interested persons
are due by May 31, 2012.
4. Reply comments are due by June
15, 2012.
5. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2012–10945 Filed 5–4–12; 8:45 am]
BILLING CODE 7710–FW–P
www.prc.gov, Docket Nos. MC2012–14,
R2012–8.
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012–10860 Filed 5–4–12; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
HydroGenetics, Inc.; Order of
Suspension of Trading
May 2, 2012.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of
HydroGenetics, Inc. (‘‘HydroGenetics’’)
because it has not filed a periodic report
since its Form 10 registration statement
became effective in January 2005.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of HydroGenetics.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of HydroGenetics is
suspended for the period from 9:30 a.m.
EDT on May 2, 2012, through 11:59 p.m.
EDT on May 15, 2012.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
POSTAL SERVICE
Product Change—Standard Mail
Saturation Flats Negotiated Service
Agreement
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–11020 Filed 5–3–12; 11:15 am]
BILLING CODE 8011–01–P
[FR Doc. 2012–10985 Filed 5–2–12; 4:15 pm]
BILLING CODE 8011–01–P
Postal Service TM.
ACTION: Notice.
SECURITIES AND EXCHANGE
COMMISSION
The Postal Service hereby
provides notice of filing of a request
with the Postal Regulatory Commission
to add a Standard Mail Saturation Flats
negotiated service agreement to the
market-dominant product list within the
Mail Classification Schedule.
DATES: May 7, 2012.
FOR FURTHER INFORMATION CONTACT:
Brandy Osimokun, 202–268–2982.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that on April 30, 2012, it
filed with the Postal Regulatory
Commission a Notice of the United
States Postal Service of Filing of
Contract and Supporting Data and
Request to Add Valassis Direct Mail,
Inc. Negotiated Service Agreement to
the Market-Dominant Product List,
pursuant to 39 U.S.C. 3642 and
3622(c)(10). Documents are available at
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
AGENCY:
SUMMARY:
sroberts on DSK5SPTVN1PROD with NOTICES
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of American
Business Financial Services, Inc.
because it has not filed any periodic
reports since the period ended
September 30, 2004.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of
Appalachian Bancshares, Inc. because it
has not filed any periodic reports since
the period ended June 30, 2009.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Ariel Way,
Inc. because it has not filed any periodic
reports since the period ended June 30,
2008.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies. Therefore, it is ordered,
pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that
trading in the securities of the abovelisted companies is suspended for the
period from 9:30 a.m. EDT on May 3,
2012, through 11:59 p.m. EDT on May
16, 2012.
VerDate Mar<15>2010
18:11 May 04, 2012
Jkt 226001
Order of Suspension of Trading;
Airtrax, Inc., Amedia Networks, Inc.,
American Business Financial Services,
Inc., Appalachian Bancshares, Inc.,
and Ariel Way, Inc.
May 3, 2012.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Airtrax, Inc.
because it has not filed any periodic
reports since the period ended March
31, 2008.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Amedia
Networks, Inc. because it has not filed
any periodic reports since the period
ended September 30, 2007.
PO 00000
Frm 00072
Fmt 4703
Sfmt 4703
[Release No. 34–66894; File No. SR–DTC–
2012–03]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing of Proposed Rule Change To
Implement a Change in the Practices of
The Depository Trust Company as
They Relate to Post-Payable
Adjustments
May 1, 2012.
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 April 25,
2012, The Depository Trust Company
(‘‘DTC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I and II below, which Items
have been prepared primarily by DTC.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
E:\FR\FM\07MYN1.SGM
07MYN1
Federal Register / Vol. 77, No. 88 / Monday, May 7, 2012 / Notices
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 the proposed rule
change is to implement a change in the
practices of DTC as they relate to postpayable adjustments of principal and
income payments (‘‘P&I’’).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
(i) Historically, DTC has
accommodated issuers and/or their
agents (‘‘Paying Agents’’) by facilitating
the collection and in many cases the
reallocation of certain misapplied,
misdirected, or miscalculated P&I.5
Under today’s practices, DTC will
process requests for these types of postpayable adjustments up to one year after
the initial payment is made. Subject to
Commission approval, effective
November 1, 2012, DTC will no longer
accommodate Paying Agent requests to
process these types of post-payable
adjustments beyond 60 calendar days
after the initial payment date. This
change in practice will allocate
assignment of accountability
appropriately and will mitigate the risk
associated with the reallocation of such
principal and income payments.
Background
sroberts on DSK5SPTVN1PROD with NOTICES
Several years ago, DTC formed a
cross-industry working group to study
the severity of P&I processing problems
and to analyze possible solutions. The
3 In addition, DTC is updating its Operational
Arrangements with a clarification regarding
notifications.
4 The Commission has modified the text of the
summaries prepared by DTC.
5 P&I include Principal Pass-Thru payments, Full
Calls, Partial Calls, Maturities, Pre-Refundings and
all interest and dividend payments.
VerDate Mar<15>2010
18:11 May 04, 2012
Jkt 226001
working group at that time focused
mainly on the timeliness of rate
information submitted to DTC by paying
agents and recommended several
changes to DTC’s Operational
Arrangements. Those changes were
approved by the Commission and
implemented in 2008 (‘‘2008
changes’’).6 Implementation of the 2008
changes resulted in a 75% decrease in
late rate information and a significant
increase in the allocation of P&I on
payment date. More recently, the
working group has suggested that,
among other things, DTC create a time
limit for processing post-payable
adjustments received from Paying
Agents.
Under current practice, DTC
processes post-payable adjustments
received from Paying Agents up to one
year after the initial payment is made.
After DTC processes the debits and
credits for the misapplied P&I, DTC
participants must process trade
adjustments against any customer who
traded the security since the error
occurred. Participants must also process
adjustments to their customers’
accounts for the misapplied principal
and associated interest. DTC has been
requested a number of times by the
Association of Global Custodians to
focus more closely on the risks
associated with income adjustments and
to look for ways to reduce that risk.7
In an effort to further reduce the
inherent risks associated with these
types of post-payable adjustments and
to compel all parties in the payment
chain to confront and minimize the
challenges associated with principal
and income adjustments, subject to
Commission approval effective
November 1, 2012, DTC will implement
a practice whereby no adjustments for
P&I will be accepted or processed by
DTC from Paying Agents beyond 60
calendar days from the initial payment
date. This practice will apply to all
security types. DTC will continue to
accommodate Paying Agents by
facilitating the collection and in many
cases the reallocation of certain
misapplied, misdirected, or
miscalculated P&I on all security types
6 Securities Exchange Act Release Number 34–
57542 (March 20, 2008), 73 FR 16403 (March 27,
2008).
7 In fact, the Association of Global Custodians’
recommendation was to adopt a new practice in
which DTC would state that: (i) Misapplied,
misdirected, or miscalculated principal payments
must be reversed within two business days after the
initial payment; and (ii) misapplied, misdirected, or
miscalculated interest payments and cash dividend
payments must be reversed within seven business
days after payment. However, at this time, DTC is
establishing an interim policy, which will put it
closer to such an end state.
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
26797
where the adjustments are within sixty
calendar days from payment date.
Issuers and Agents wishing to modify
certain principal and income payments
beyond sixty calendar days may do so
by obtaining a ‘‘P&I Allocation Register’’
and making adjustments and payment
arrangements directly with the affected
DTC Participants.
(ii) The proposed rule change is
consistent with the provisions of the
Act, and the rules and regulations
thereunder applicable to DTC and in
particular to Section 17A(b)(3)(F) 8
because limiting the ambiguity
surrounding payment finality will help
DTC remove impediments to and perfect
the mechanism of a national system for
the prompt and accurate clearance and
settlement of securities transactions.
(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
Written comments relating to the
proposed rule change have not been
solicited or received. DTC will notify
the Commission of any written
comments received by DTC.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
the proposed rule change or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
8 15
U.S.C. 78g–1(b)(3)(F).
E:\FR\FM\07MYN1.SGM
07MYN1
26798
Federal Register / Vol. 77, No. 88 / Monday, May 7, 2012 / Notices
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml) or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–DTC–2012–03 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.
sroberts on DSK5SPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–DTC–2012–03. 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, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filings will also be available for
inspection and copying at the principal
office of DTC and on DTC’s Web site at
https://www.dtcc.com/downloads/legal/
rule_filings/2012/dtc/2012-03.pdf.
All comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–DTC–2012–03 and should
be submitted on or before May 29, 2012.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin O’Neill,
Deputy Secretary.
[FR Doc. 2012–10911 Filed 5–4–12; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66887; File No. SR–
NYSEAmex–2012–24]
Self-Regulatory Organizations; NYSE
Amex LLC; Notice of Filing of
Proposed Rule Change to List Shares
of the Nuveen Long/Short Commodity
Total Return Fund Under NYSE Amex
Rule 1600 et seq.
May 1, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that,
on April 18, 2012, NYSE Amex LLC
(‘‘Exchange’’ or ‘‘NYSE Amex’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been substantially prepared by the
Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list shares
of the Nuveen Long/Short Commodity
Total Return Fund under NYSE Amex
Rule 1600 et seq. The text of the
proposed rule change is available at the
Exchange, www.nyse.com, and the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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 those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NYSE Amex Rule 1600 et seq. permits
the listing of Trust Units, which are
defined as securities that are issued by
a trust or other similar entity that is
BILLING CODE 8011–01–P
1 15
9 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
18:11 May 04, 2012
2 17
Jkt 226001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00074
Fmt 4703
Sfmt 4703
constituted as a commodity pool that
holds investments comprising or
otherwise based on any combination of
futures contracts, options on futures
contracts, forward contracts, swap
contracts, and/or commodities.
Commentary .01 to Rule 1602 provides
that the Exchange will file separate
proposals under Section 19(b) 3 of the
Securities Exchange Act of 1934
(‘‘Act’’) 4 before listing and trading
separate and distinct Trust Units
designated on different underlying
investments, commodities, assets, and/
or portfolios. Consequently, the
Exchange is submitting this rule filing
in connection with the proposed listing
under Rule 1600 as Trust Units of shares
(‘‘Shares’’) of the Nuveen Long/Short
Commodity Total Return Fund
(‘‘Fund’’).5
Nuveen Long/Short Commodity Total
Return Fund
The Fund was organized as a statutory
trust under Delaware law on May 25,
2011, and will be operated pursuant to
a Trust Agreement.6 The Fund’s
investment objective will be to generate
attractive total returns. The Fund will be
actively managed and will seek to
outperform its benchmark, the
Morningstar® Long/Short CommoditySM
Index (‘‘Index’’).7
In pursuing its investment objective,
the Fund will invest directly in a
diverse portfolio of exchange-traded
commodity futures contracts that
represent the main commodity sectors
and are among the most actively traded
futures contracts in the global
commodity markets. Generally,
individual commodity futures positions
may be either long or short (or flat in the
case of energy futures contracts)
depending upon market conditions. The
Fund’s Commodity Sub-Advisor (as
3 15
U.S.C. 78s(b).
U.S.C. 78a.
5 For a complete description of the Fund and its
proposed offering, see Pre-Effective Amendment
No. 3 to the Fund’s Form S–1 as filed with the
Commission on December 20, 2011 (Registration
No. 333–174764) (‘‘Registration Statement’’).
6 The Fund, as a commodity pool, will not be
subject to registration and regulation under the
Investment Company Act of 1940 (‘‘1940 Act’’).
7 Morningstar, Inc., the Index sponsor, owns a
dually-registered investment advisor and brokerdealer subsidiary, Morningstar Investment Services,
Inc., which maintains a broker-dealer registration
for the limited purpose of receiving 12b–1 fees
directly from the underlying funds that make up the
portfolios managed by it. The Manager (as defined
below) has advised the Exchange that it has been
informed by Morningstar, Inc., that it has erected
and maintains information firewalls between the
group which is responsible for the Index and
employees of the broker-dealer to prevent the flow
and/or use of material non-public information
regarding the Index from the personnel responsible
for the Index to employees of the broker-dealer.
4 15
E:\FR\FM\07MYN1.SGM
07MYN1
]]>Agencies
[Federal Register Volume 77, Number 88 (Monday, May 7, 2012)]
[Notices]
[Pages 26796-26798]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-10911]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66894; File No. SR-DTC-2012-03]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing of Proposed Rule Change To Implement a Change in the
Practices of The Depository Trust Company as They Relate to Post-
Payable Adjustments
May 1, 2012.
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 April 25, 2012, The Depository Trust Company (``DTC'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared primarily by DTC.
[[Page 26797]]
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to implement a change in
the practices of DTC as they relate to post-payable adjustments of
principal and income payments (``P&I'').\3\
---------------------------------------------------------------------------
\3\ In addition, DTC is updating its Operational Arrangements
with a clarification regarding notifications.
---------------------------------------------------------------------------
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
(i) Historically, DTC has accommodated issuers and/or their agents
(``Paying Agents'') by facilitating the collection and in many cases
the reallocation of certain misapplied, misdirected, or miscalculated
P&I.\5\ Under today's practices, DTC will process requests for these
types of post-payable adjustments up to one year after the initial
payment is made. Subject to Commission approval, effective November 1,
2012, DTC will no longer accommodate Paying Agent requests to process
these types of post-payable adjustments beyond 60 calendar days after
the initial payment date. This change in practice will allocate
assignment of accountability appropriately and will mitigate the risk
associated with the reallocation of such principal and income payments.
---------------------------------------------------------------------------
\5\ P&I include Principal Pass-Thru payments, Full Calls,
Partial Calls, Maturities, Pre-Refundings and all interest and
dividend payments.
---------------------------------------------------------------------------
Background
Several years ago, DTC formed a cross-industry working group to
study the severity of P&I processing problems and to analyze possible
solutions. The working group at that time focused mainly on the
timeliness of rate information submitted to DTC by paying agents and
recommended several changes to DTC's Operational Arrangements. Those
changes were approved by the Commission and implemented in 2008 (``2008
changes'').\6\ Implementation of the 2008 changes resulted in a 75%
decrease in late rate information and a significant increase in the
allocation of P&I on payment date. More recently, the working group has
suggested that, among other things, DTC create a time limit for
processing post-payable adjustments received from Paying Agents.
---------------------------------------------------------------------------
\6\ Securities Exchange Act Release Number 34-57542 (March 20,
2008), 73 FR 16403 (March 27, 2008).
---------------------------------------------------------------------------
Under current practice, DTC processes post-payable adjustments
received from Paying Agents up to one year after the initial payment is
made. After DTC processes the debits and credits for the misapplied
P&I, DTC participants must process trade adjustments against any
customer who traded the security since the error occurred. Participants
must also process adjustments to their customers' accounts for the
misapplied principal and associated interest. DTC has been requested a
number of times by the Association of Global Custodians to focus more
closely on the risks associated with income adjustments and to look for
ways to reduce that risk.\7\
---------------------------------------------------------------------------
\7\ In fact, the Association of Global Custodians'
recommendation was to adopt a new practice in which DTC would state
that: (i) Misapplied, misdirected, or miscalculated principal
payments must be reversed within two business days after the initial
payment; and (ii) misapplied, misdirected, or miscalculated interest
payments and cash dividend payments must be reversed within seven
business days after payment. However, at this time, DTC is
establishing an interim policy, which will put it closer to such an
end state.
---------------------------------------------------------------------------
In an effort to further reduce the inherent risks associated with
these types of post-payable adjustments and to compel all parties in
the payment chain to confront and minimize the challenges associated
with principal and income adjustments, subject to Commission approval
effective November 1, 2012, DTC will implement a practice whereby no
adjustments for P&I will be accepted or processed by DTC from Paying
Agents beyond 60 calendar days from the initial payment date. This
practice will apply to all security types. DTC will continue to
accommodate Paying Agents by facilitating the collection and in many
cases the reallocation of certain misapplied, misdirected, or
miscalculated P&I on all security types where the adjustments are
within sixty calendar days from payment date. Issuers and Agents
wishing to modify certain principal and income payments beyond sixty
calendar days may do so by obtaining a ``P&I Allocation Register'' and
making adjustments and payment arrangements directly with the affected
DTC Participants.
(ii) The proposed rule change is consistent with the provisions of
the Act, and the rules and regulations thereunder applicable to DTC and
in particular to Section 17A(b)(3)(F) \8\ because limiting the
ambiguity surrounding payment finality will help DTC remove impediments
to and perfect the mechanism of a national system for the prompt and
accurate clearance and settlement of securities transactions.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78g-1(b)(3)(F).
---------------------------------------------------------------------------
(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
Written comments relating to the proposed rule change have not been
solicited or received. DTC will notify the Commission of any written
comments received by DTC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove the proposed rule change or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
[[Page 26798]]
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 Number SR-DTC-2012-03 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-2012-03. 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, on official business days between the hours
of 10:00 a.m. and 3:00 p.m. Copies of such filings will also be
available for inspection and copying at the principal office of DTC and
on DTC's Web site at https://www.dtcc.com/downloads/legal/rule_filings/2012/dtc/2012-03.pdf.
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-DTC-2012-03
and should be submitted on or before May 29, 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 O'Neill,
Deputy Secretary.
[FR Doc. 2012-10911 Filed 5-4-12; 8:45 am]
BILLING CODE 8011-01-P
