Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Ministerial Changes to the Existing Reorganization Service Guide, 75453-75454 [2012-30649]
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Federal Register / Vol. 77, No. 245 / Thursday, December 20, 2012 / Notices
as a result of Docket No. MC2010–28.2
The Commission designated the
contract filed in companion Docket No.
CP2010–71 as the baseline agreement
for purposes of establishing the
functional equivalency of other
agreements proposed for inclusion
within the GEPS 3 product. Notice at 1–
2.
tkelley on DSK3SPTVN1PROD with
II. Contents of Filing
The filing includes a Notice, along
with the following attachments:
• Attachment 1—a redacted copy of
the Agreement;
• Attachment 2—a redacted copy of
the certification required under 39 CFR
3015.5(c)(2);
• Attachment 3—a redacted copy of
Governors’ Decision No. 08–7; and
• Attachment 4—an application for
non-public treatment of material filed
under seal.
The material filed under seal consists
of unredacted copies of the Agreement
and supporting financial documents. Id.
at 2.
Functional equivalency. The Postal
Service asserts that the instant
Agreement and the baseline agreement
are functionally equivalent because they
share similar cost and market
characteristics. Id. at 3. It notes that the
pricing formula and classification
established in Governors’ Decision No.
08–7 ensure that each GEPS contract
meets the criteria of 39 U.S.C. 3633 and
related regulations. Id. The Postal
Service further asserts that the
functional terms of the two agreements
are the same and the benefits are
comparable. Id.
The Postal Service states that prices
may differ, depending on when an
agreement is signed, due to updated
costing information. Id. at 4. It also
identifies other differences in
contractual terms, but asserts that the
differences do not affect either the
fundamental service being offered or the
fundamental structure of the
Agreement.3 Id.
Effective date; term. The Postal
Service will inform its contracting
partner of the effective date of the
Agreement via notice provided as soon
as possible, but no later than, 30 days
after receiving all necessary regulatory
approvals. Id. Attachment 1 at 7. The
Agreement is to remain in effect for one
calendar year, unless terminated sooner.
Id.
2 See Order No. 503, Docket Nos. MC2010–28 and
CP2010–71, Order Approving Global Expedited
Package Services 3 Negotiated Service Agreement,
July 29, 2010.
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16:07 Dec 19, 2012
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III. Commission Action
The Commission establishes Docket
No. CP2013–26 for consideration of
matters raised in the Notice. Interested
persons may submit comments on
whether the Agreement is consistent
with the requirements of 39 CFR 3015.5
and the policies of 39 U.S.C. 3632 and
3633. Comments are due no later than
December 26, 2012. The public portions
of the Postal Service’s filing can be
accessed via the Commission’s Web site
at https://www.prc.gov. Information on
how to obtain access to nonpublic
material appears at 39 CFR 3007.40.
The Commission appoints Natalie Rea
Ward to represent the interest of the
general public (Public Representative)
in this case.
IV. Ordering Paragraphs
It is ordered:
1. The Commission establishes Docket
No. CP2013–26 for consideration of
matters raised in the Postal Service’s
Notice.
2. Pursuant to 39 U.S.C. 505, the
Commission designates Natalie Rea
Ward to serve as an officer of the
Commission (Public Representative) to
represent the interests of the general
public in this proceeding.
3. Comments are due no later than
December 26, 2012.
4. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2012–30607 Filed 12–19–12; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 68443; File No. SR–DTC–2012–
09]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Make
Ministerial Changes to the Existing
Reorganization Service Guide
December 14, 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 December
6, 2012, The Depository Trust Company
(‘‘DTC’’) 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 primarily by DTC.
DTC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(iii) 3 of
the Act and Rule 19b–4(f)(4)(i) 4
thereunder, so that the proposed rule
change was effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested parties.
I. Self-Regulatory Organization’s
Statement of Terms of Substance of the
Proposed Rule Change
As discussed below, this rule change
will make ministerial changes regarding
inputs and methods of notification in
the Reorganization Service Guide
(‘‘Reorg Guide’’).
II. Self-Regulatory Organization’s
Statement of 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.5
(A) Self-Regulatory Organization’s
Statement of Purpose of, and Statutory
Basis for, the Proposed Rule Change
DTC receives and distributes
information to Participants about
various reorganization activities through
its reorganization service. Following the
distribution of the information, DTC
will process Participants’ elections with
respect to this activity on their behalf.
DTC will also assign voting or
consenting rights to Participants in
conjunction with shareholder meetings
or consent solicitations through its
reorganization service.
With this rule filing, DTC is updating
the Reorg Guide in order to make
ministerial changes regarding inputs
and methods of notification. The
changes include changing the name of
the ‘‘Participant Terminal System’’ or
‘‘PTS’’ to ‘‘Participant Browser System’’
or ‘‘PBS,’’ updating contact information,
and updating the time that acceptances
can be transmitted via the Participant
Tender Offer PBS function.
Additionally, greater detail is being
included on how the ‘‘Conversion’’ and
3 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4)(i).
5 The Commission has modified the text of the
summaries prepared by DTC.
4 17
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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75453
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Federal Register / Vol. 77, No. 245 / Thursday, December 20, 2012 / Notices
‘‘Proxy’’ features work. For the
Conversion feature, the Reorg Guide
will now state that: ‘‘On Conversions
where the entitlement could be Cash,
proceeds are credited to your account
after the price determination period,’’
and ‘‘DTC will chill Delivery Orders the
evening prior to the redemption date.’’
For the Proxy feature, the Reorg Guide
will now state that: ‘‘DTC also offers
election processing for Consent
Solicitation events via its ATOP
(Automated Tender Offer Program)
service. Under this service, DTC allows
participant instructions on Consent
Solicitation events to be accepted via
ATOP and transmitted electronically to
balloting agents.’’ These changes will
provide a more concise and coherent
description of the procedures.
The proposed rule change is
consistent with the requirements of the
Act, specifically Section 17A(b)(3)(F),6
and the rules and regulations
thereunder, applicable to DTC in that it
promotes efficiencies in the prompt and
accurate clearance and settlement of
securities transactions by enhancing the
utilization of DTC’s existing services.
Moreover, the proposed rule change
reduces the costs, inefficiencies and
risks associated with the processing or
reorganization events by clarifying the
procedures associated with the
Reorganization Service.
(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.
tkelley on DSK3SPTVN1PROD with
(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 yet 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
The forgoing rule change has become
effective pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and Rule
19b–4(f)(4)(i) 8 thereunder because it
effects a change in an existing service of
DTC that does not significantly affect
the safeguarding of securities or funds
in the custody or control of DTC or for
which it is responsible and does not
6 15
U.S.C. 78q–1(b)(3)(F).
U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(4)(i).
7 15
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16:07 Dec 19, 2012
Jkt 229001
significantly affect the respective rights
or obligations of DTC or persons using
this service. 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.
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 rulecomments@sec.gov. Please include File
No. SR–DTC- 2012–09 on the subject
line.
Paper Comments
• Send 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–2012–09. 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
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/SR-DTC-201209.pdf.
PO 00000
Frm 00049
Fmt 4703
Sfmt 4703
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–2012–09 and should
be submitted on or before January 10,
2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–30649 Filed 12–19–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68441; File No. SR–CME–
2012–26]
Self-Regulatory Organizations;
Chicago Mercantile Exchange Inc.;
Order Approving Proposed Rule
Change To Amend Rules in
Connection With Status as a ‘‘Deemed
Registered’’ Clearing Agency
December 14, 2012.
I. Introduction
On October 15, 2012, Chicago
Mercantile Exchange Inc. (‘‘CME’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change (SR–CME–2012–
26) pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder.2
The proposed rule change was
published for comment in the Federal
Register on November 2, 2012.3 The
Commission received no comment
letters regarding the proposal. For the
reasons discussed below, the
Commission is granting approval of the
proposed rule change.
II. Description
A. Background—CME’s Credit Default
Swap Business and ‘‘Deemed
Registered’’ Status
CME began clearing credit default
swaps prior to the passage of the DoddFrank Act.4 These activities were
facilitated by temporary exemptive
relief granted by the Commission to
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 68121 (Oct.
29, 2012), 77 FR 66211 (Nov. 2, 2012).
4 The Dodd-Frank Wall Street Reform and
Consumer Protection Act, Public Law 111–203, 124
Stat.1376 (2010).
1 15
E:\FR\FM\20DEN1.SGM
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]]>Agencies
[Federal Register Volume 77, Number 245 (Thursday, December 20, 2012)]
[Notices]
[Pages 75453-75454]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30649]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 68443; File No. SR-DTC-2012-09]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Make Ministerial Changes to the Existing Reorganization Service Guide
December 14, 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 December 6, 2012, The Depository Trust Company (``DTC'') 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 primarily by DTC. DTC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(iii) \3\ of the Act and Rule 19b-
4(f)(4)(i) \4\ thereunder, so that the proposed rule change was
effective upon filing with the Commission. 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\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(4)(i).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of Terms of Substance of
the Proposed Rule Change
As discussed below, this rule change will make ministerial changes
regarding inputs and methods of notification in the Reorganization
Service Guide (``Reorg Guide'').
II. Self-Regulatory Organization's Statement of 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.\5\
---------------------------------------------------------------------------
\5\ The Commission has modified the text of the summaries
prepared by DTC.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of Purpose of, and
Statutory Basis for, the Proposed Rule Change
DTC receives and distributes information to Participants about
various reorganization activities through its reorganization service.
Following the distribution of the information, DTC will process
Participants' elections with respect to this activity on their behalf.
DTC will also assign voting or consenting rights to Participants in
conjunction with shareholder meetings or consent solicitations through
its reorganization service.
With this rule filing, DTC is updating the Reorg Guide in order to
make ministerial changes regarding inputs and methods of notification.
The changes include changing the name of the ``Participant Terminal
System'' or ``PTS'' to ``Participant Browser System'' or ``PBS,''
updating contact information, and updating the time that acceptances
can be transmitted via the Participant Tender Offer PBS function.
Additionally, greater detail is being included on how the
``Conversion'' and
[[Page 75454]]
``Proxy'' features work. For the Conversion feature, the Reorg Guide
will now state that: ``On Conversions where the entitlement could be
Cash, proceeds are credited to your account after the price
determination period,'' and ``DTC will chill Delivery Orders the
evening prior to the redemption date.'' For the Proxy feature, the
Reorg Guide will now state that: ``DTC also offers election processing
for Consent Solicitation events via its ATOP (Automated Tender Offer
Program) service. Under this service, DTC allows participant
instructions on Consent Solicitation events to be accepted via ATOP and
transmitted electronically to balloting agents.'' These changes will
provide a more concise and coherent description of the procedures.
The proposed rule change is consistent with the requirements of the
Act, specifically Section 17A(b)(3)(F),\6\ and the rules and
regulations thereunder, applicable to DTC in that it promotes
efficiencies in the prompt and accurate clearance and settlement of
securities transactions by enhancing the utilization of DTC's existing
services. Moreover, the proposed rule change reduces the costs,
inefficiencies and risks associated with the processing or
reorganization events by clarifying the procedures associated with the
Reorganization Service.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-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 yet
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
The forgoing rule change has become effective pursuant to Section
19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(4)(i) \8\ thereunder
because it effects a change in an existing service of DTC that does not
significantly affect the safeguarding of securities or funds in the
custody or control of DTC or for which it is responsible and does not
significantly affect the respective rights or obligations of DTC or
persons using this service. 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(4)(i).
---------------------------------------------------------------------------
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 No. SR-DTC- 2012-09 on the subject line.
Paper Comments
Send 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-2012-09. 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 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/SR-DTC-2012-09.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-2012-09
and should be submitted on or before January 10, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-30649 Filed 12-19-12; 8:45 am]
BILLING CODE 8011-01-P
