Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Its Fee Schedule With Respect to Settlement and Asset Services, 2469-2470 [2013-00379]

Download as PDF Federal Register / Vol. 78, No. 8 / Friday, January 11, 2013 / Notices member organizations are FINRA members. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 17 of the Act and subparagraph (f)(2) of Rule 19b–4 18 thereunder, because it establishes a due, fee, or other charge imposed by NYSE. At any time within 60 days of the filing of such 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 Number SR–NYSE–2012–77 on the subject line. mstockstill on DSK4VPTVN1PROD with 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–NYSE–2012–77. 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 filing also will be available for inspection and copying at NYSE’s principal office or on the Web site at www.nyse.com. 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–NYSE– 2012–77, and should be submitted on or before February 1, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.19 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–00351 Filed 1–10–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–68594; File No. SR–DTC– 2012–11] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Its Fee Schedule With Respect to Settlement and Asset Services January 7, 2013. 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 27, 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)(ii) 3 of the Act and CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). U.S.C. 78s(b)(3)(A). 18 17 CFR 240.19b–4(f)(2). VerDate Mar<15>2010 16:38 Jan 10, 2013 Jkt 229001 Rule 19b–4(f)(2) 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 persons. I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change is to modify DTC’s fee schedule with respect to Settlement and Asset Services, as described in detail below. II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, DTC included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. DTC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements.5 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change Proposal Overview DTC proposes to modify its fee schedule with respect to Settlement Services. In order to better align fees with the costs of delivery services, DTC proposes to (i) raise the fee for night deliver orders (excluding Money Market Instruments (‘‘MMIs’’)) from $0.12 to $0.20 per transaction, and (ii) decrease the fee for receipt of deliveries (excluding MMIs) from $0.12 to $0.11. In addition, in an effort to simplify participant fee billing, DTC will eliminate two low revenue fees, ‘‘Release of Pending Delivery Account’’ and ‘‘Banker’s Acceptance Movement,’’ and will consolidate and/or rename the following 12 fee descriptions, with no change to fees: 1. Deliver, opening in day cycle to cutoff, excluding stock loans (excluding MMIs); 2. Reintroduced drop or incomplete delivery DO, via IMS authorization, day cycle (excluding MMIs); 3. ACATS Deliver, via IMS authorization, day cycle (excluding MMIs); 4. Balance Order Deliver, via IMS authorization, day cycle (excluding MMIs); 19 17 1 15 17 15 2469 PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 4 17 CFR 240.19b–4(f)(2). Commission has modified the text of the summaries prepared by DTC. 5 The E:\FR\FM\11JAN1.SGM 11JAN1 2470 Federal Register / Vol. 78, No. 8 / Friday, January 11, 2013 / Notices 5. Late affirmed Institutional delivery, via IMS authorization, day cycle (excluding MMIs); 6. Municipal Bearer Deliver Order (excluding MMIs); 7. Deliver, opening in day cycle to cutoff, stock loans and returns (excluding MMIs); 8. Municipal Bearer Bond Service Deliver Order between participants in a collateral group (excluding MMIs); 9. MMI Turnaround Deliver Order; 10. Municipal Bearer hold/release of pending Deliver Order recycling for insufficient position (excluding MMIs); 11. Security pledged, released, or substituted; and 12. Option security pledged, released, or substituted via PTS or PBS. DTC also proposes to revise its fee schedule with respect to Asset Services. DTC is proposing to eliminate of the following 13 current fees within Asset Services (these fees relate either to discontinued or low volume services), including two from Global Tax Services and 11 from Securities Processing: 1. DTC Tax Info via PTS; 2. DTC Tax Info via PBS; 3. Positions in issues denominated in units of $1,000 (surcharge); 4. BDS TA Deposit Rejects for CODs; 5. Custody-Withdrawal—Direct Mail Fee; 6. Messenger service; 7. Research of Name Change of Issue; 8. State of Israel (surcharge); 9. Municipal Bearer Bond Service— Unclaimed COD; 10. Direct Registration Statement— Muni Bond; 11. FOSS reclaim receive; 12. FOSS reclaim delivery; and 13. FOSS delivery. The above changes will take effect on January 2, 2013. Statutory Basis DTC believes the proposed rule changes are consistent with the requirements of the Act, specifically Section 17A(b)(3)(F),6 and the rules and regulations thereunder applicable to DTC because it updates DTC’s fee schedule to align fees with the costs of delivering services. As such, it provides for the equitable allocation of fees among DTC’s Members. mstockstill on DSK4VPTVN1PROD with (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)(ii) of the Act 7 and Rule 19b– 4(f)(2) 8 thereunder. 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–2012–11 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–2012–11. 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 U.S.C. 78q–1(b)(3)(F). VerDate Mar<15>2010 16:38 Jan 10, 2013 8 17 Jkt 229001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–00379 Filed 1–10–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–68590; File No. SR– NYSEARCA–2012–145] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List With Respect to Regulatory Fees Related to the Central Registration Depository, Which Are Collected by the Financial Industry Regulatory Authority, Inc. January 4, 2013. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on December 21, 2012, NYSE Arca, Inc. (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the selfregulatory organization. The Commission is publishing this notice to 9 17 CFR 200.30–3(a)(12). U.S.C.78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 7 15 6 15 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://dtcc.com/downloads/legal/ rule_filings/2012/dtc/SR-DTC-201211.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–2012–11 and should be submitted on or before February 1, 2013. PO 00000 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). Frm 00108 Fmt 4703 Sfmt 4703 E:\FR\FM\11JAN1.SGM 11JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 78, Number 8 (Friday, January 11, 2013)]
[Notices]
[Pages 2469-2470]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-00379]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68594; File No. SR-DTC-2012-11]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Modify Its Fee Schedule With Respect to Settlement and Asset Services

January 7, 2013.
    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 27, 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)(ii) \3\ of the Act and Rule 19b-4(f)(2) 
\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 persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change is to modify DTC's fee schedule with 
respect to Settlement and Asset Services, as described in detail below.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, DTC included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. DTC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of such 
statements.\5\
---------------------------------------------------------------------------

    \5\ 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

Proposal Overview
    DTC proposes to modify its fee schedule with respect to Settlement 
Services. In order to better align fees with the costs of delivery 
services, DTC proposes to (i) raise the fee for night deliver orders 
(excluding Money Market Instruments (``MMIs'')) from $0.12 to $0.20 per 
transaction, and (ii) decrease the fee for receipt of deliveries 
(excluding MMIs) from $0.12 to $0.11. In addition, in an effort to 
simplify participant fee billing, DTC will eliminate two low revenue 
fees, ``Release of Pending Delivery Account'' and ``Banker's Acceptance 
Movement,'' and will consolidate and/or rename the following 12 fee 
descriptions, with no change to fees:
    1. Deliver, opening in day cycle to cutoff, excluding stock loans 
(excluding MMIs);
    2. Reintroduced drop or incomplete delivery DO, via IMS 
authorization, day cycle (excluding MMIs);
    3. ACATS Deliver, via IMS authorization, day cycle (excluding 
MMIs);
    4. Balance Order Deliver, via IMS authorization, day cycle 
(excluding MMIs);

[[Page 2470]]

    5. Late affirmed Institutional delivery, via IMS authorization, day 
cycle (excluding MMIs);
    6. Municipal Bearer Deliver Order (excluding MMIs);
    7. Deliver, opening in day cycle to cutoff, stock loans and returns 
(excluding MMIs);
    8. Municipal Bearer Bond Service Deliver Order between participants 
in a collateral group (excluding MMIs);
    9. MMI Turnaround Deliver Order;
    10. Municipal Bearer hold/release of pending Deliver Order 
recycling for insufficient position (excluding MMIs);
    11. Security pledged, released, or substituted; and
    12. Option security pledged, released, or substituted via PTS or 
PBS.
    DTC also proposes to revise its fee schedule with respect to Asset 
Services. DTC is proposing to eliminate of the following 13 current 
fees within Asset Services (these fees relate either to discontinued or 
low volume services), including two from Global Tax Services and 11 
from Securities Processing:
    1. DTC Tax Info via PTS;
    2. DTC Tax Info via PBS;
    3. Positions in issues denominated in units of $1,000 (surcharge);
    4. BDS TA Deposit Rejects for CODs;
    5. Custody-Withdrawal--Direct Mail Fee;
    6. Messenger service;
    7. Research of Name Change of Issue;
    8. State of Israel (surcharge);
    9. Municipal Bearer Bond Service--Unclaimed COD;
    10. Direct Registration Statement--Muni Bond;
    11. FOSS reclaim receive;
    12. FOSS reclaim delivery; and
    13. FOSS delivery.
    The above changes will take effect on January 2, 2013.
Statutory Basis
    DTC believes the proposed rule changes are consistent with the 
requirements of the Act, specifically Section 17A(b)(3)(F),\6\ and the 
rules and regulations thereunder applicable to DTC because it updates 
DTC's fee schedule to align fees with the costs of delivering services. 
As such, it provides for the equitable allocation of fees among DTC's 
Members.
---------------------------------------------------------------------------

    \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)(ii) of the Act \7\ and Rule 19b-4(f)(2) \8\ thereunder. 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)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-2012-11 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-2012-11. 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 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://dtcc.com/downloads/legal/rule_filings/2012/dtc/SR-DTC-2012-11.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 you wish to make available 
publicly. All submissions should refer to File Number SR-DTC-2012-11 
and should be submitted on or before February 1, 2013.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-00379 Filed 1-10-13; 8:45 am]
BILLING CODE 8011-01-P

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