Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1, To Expand the Analytic Reporting Service To Permit Increased Source Data, 38743-38745 [2013-15349]

Download as PDF Federal Register / Vol. 78, No. 124 / Thursday, June 27, 2013 / Notices mstockstill on DSK4VPTVN1PROD with NOTICES 102 with respect to transaction in the Shares of the Funds as described in the Letter, thus permitting the Funds to redeem Shares of the Funds during the continuous offering of such Shares as described in the Letter. It is further ordered, pursuant to Rule 10b–17(b)(2), that the Trust, subject to the conditions contained in this order, is exempt from the requirements of Rule 10b–17 with respect to transactions in the Shares of the Funds as described in the Letter. This exemption from Rule 10b–17 is subject to the following conditions: • The Trust will comply with Rule 10b–17 except for Rule 10b– 17(b)(1)(v)(a) and (b); and • The Trust will provide the information required by Rule 10b– 17(b)(1)(v)(a) and (b) to the Exchange as soon as practicable before trading begins on the ex-dividend date, but in no event later than the time when the Exchange last accepts information relating to distributions on the day before the exdividend date. This exemption is subject to modification or revocation at any time the Commission determines that such action is necessary or appropriate in furtherance of the purposes of the Exchange Act. Persons relying upon this exemption shall discontinue transactions involving the Shares of the Funds under the circumstances described above and in the Letter in the event that any material change occurs with respect to any of the facts presented or representations made by the Requestors. In addition, persons relying on this exemption are directed to the anti-fraud and anti-manipulation provisions of the Exchange Act, particularly Sections 9(a) and 10(b), and Rule 10b–5 thereunder. Responsibility for compliance with these and any other applicable provisions of the federal securities laws must rest with the persons relying on this exemption. This order should not be considered a view with respect to any other question that the proposed transactions may raise, including, but not limited to the adequacy of the disclosure concerning, and the applicability of other federal or state laws to, the proposed transactions. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.5 Jill M. Peterson, Assistant Secretary. [FR Doc. 2013–15363 Filed 6–26–13; 8:45 am] BILLING CODE 8011–01–P 5 17 CFR 200.30–3(a)(6) and (9). VerDate Mar<15>2010 18:12 Jun 26, 2013 Jkt 229001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–69824; File No. SR–NSCC– 2013–08] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1, To Expand the Analytic Reporting Service To Permit Increased Source Data June 21, 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 June 7, 2013, National Securities Clearing Corporation (‘‘NSCC’’) 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 NSCC. On June 20, 2013, NSCC filed Amendment No. 1 to the proposed rule change.3 NSCC filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) 4 of the Act and Rule 19b–4(f)(4) 5 thereunder, so that the proposed rule change, as modified by Amendment No. 1, was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons. I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change consists of amendments to Rule 57 of the Rules & Procedures (‘‘Rules’’) of NSCC with respect to enhancements to the Analytic Reporting Service of the Insurance and Retirement Processing Services (‘‘I&RS’’). II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, NSCC 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Amendment No. 1 modified Sections 12(d) and (e) of Exhibit 5 to the original proposed rule change filing to (i) reflect the application of those sections to both NSCC Members and Limited Members, and (ii) correct a grammatical error. 4 15 U.S.C. 78s(b)(3)(A)(iii). 5 17 CFR 240.19b–4(f)(4). 2 17 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 38743 in Item IV below. NSCC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements. (A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Background On December 10, 2010, NSCC filed with the Commission proposed rule change SR–NSCC–2010–18 6 to add a new I&RS service called the Analytic Reporting Service (‘‘Service’’). In that filing, NSCC described how the Service aggregates transaction data to produce monthly reports relating to the insurance industry markets (such reports, collectively, ‘‘Analytics Data’’). To create Analytics Data, a data feed from I&RS’s Financial Activity Reporting (‘‘FAR’’) service is transmitted to the Service on a periodic basis. FAR is an NSCC I&RS service that provides I&RS members the ability to transmit insurance transaction data and information between themselves. I&RS members submitting transaction data through FAR can only do so where the counterparty to such transaction is also an I&RS member. By accessing and applying the FAR data feed, the Service uses as its source data actual transaction information, rather than survey results, which gives subscribers of the Service a more efficient, cost effective, and timely benchmarking and other relevant information mechanism, than other similar aggregating services. However, because the Service’s source data is currently limited solely to transaction data transmitted through FAR, the benefits of the Service cannot be applied to other data sources. Subscribers of the Service, and prospective subscribers, have requested that NSCC enhance the Service to allow for submission of additional source data in order that the Service may provide a more complete view of subscribers’ own business and of the insurance industry generally. 2. The Proposed Rule Change The proposed rule change will expand the Service to permit for increased source data. Under the proposed rule change, I&RS members may submit their transaction data to NSCC, even where the counterparty to a transaction is not an existing I&RS member, and the proposed rule change will also permit for submission of transaction data by parties that are not existing members of NSCC. Under the proposed rule change, in addition to 6 Release No. 34–63604 (Dec. 23, 2010), 75 FR 82115 (Dec. 29, 2010). E:\FR\FM\27JNN1.SGM 27JNN1 mstockstill on DSK4VPTVN1PROD with NOTICES 38744 Federal Register / Vol. 78, No. 124 / Thursday, June 27, 2013 / Notices transactions submitted through FAR, the Service will contain a ‘‘storage data’’ functionality that will permit I&RS members, and parties that are not existing members of NSCC, to submit transaction data directly to the Service. In connection with the proposed storage data functionality, the proposed rule change will specify that the Service is a service offering of NSCC to members on their behalf and that NSCC will not use or disclose the storage data received by NSCC other than for purposes of providing Analytics Data and other purposes permitted under applicable law. In addition, the proposed rule change will expand the data, to include all source data, which I&RS members may preclude from disclosure and attribution in connection with earnings reporting laws compliance. Similarly, the proposed rule change will permit I&RS members to prevent the attribution to them of all of their source data under the Service’s existing ‘‘Opting-Out’’ provision. The proposed rule change will contain the following representations to be made by each I&RS member that submits storage data to NSCC: • That the submitter of the storage data has the right to submit such storage data to NSCC; • That either: Æ no third party consents are required in connection with submission to NSCC of any storage data, or Æ if any third party consents are required in connection with submission to NSCC of any storage data, the submitter has obtained all such third party consents; • That the submitter has the right to allow NSCC to use such storage data in the creation of the Analytics Data that shall be reported to third parties; and • That either: Æ the submitter has made the notices, and offered the rights, to individuals with regard to the submitter’s submission of such storage data to NSCC for use in preparing the Analytics Data that is reported to third parties, as required by applicable privacy regulations under the Gramm-LeachBliley Act; or Æ if the submitter is not the appropriate party, the submitter has ensured that the appropriate party has made the notices, and offered the rights, to individuals with regard to such submitter’s submission of such storage data to NSCC for use in preparing the Analytics Data that is reported to third parties, as required by applicable privacy regulations under GrammLeach-Bliley Act. The proposed rule change will also contain an indemnification provision to VerDate Mar<15>2010 18:58 Jun 26, 2013 Jkt 229001 protect NSCC from any losses it may sustain in reliance upon the above representations. The proposed rule change will specify that because the Analytics Data is based solely upon source data provided to NSCC, NSCC makes no representation or warranty that any of the Analytics Data accurately reflects past, present or future market performance, nor does NSCC guarantee the adequacy, accuracy, timeliness or completeness of any Analytics Data or its fitness for any purpose, and that NSCC will not be subject to any damages or liabilities whatsoever with respect to any errors, omissions or delays in any Analytics Data nor for any party’s use of or reliance upon any Analytics Data. As a result of these proposed rule changes, the Service will provide more complete information to subscribers about their own businesses and business relationships, and benchmarking information about the overall market. 3. Statutory Basis NSCC believes that the proposed rule change is consistent with the requirements of the Act, as amended, specifically Section 17A(b)(3)(F),7 and the rules and regulations thereunder applicable to NSCC, because the change will permit I&RS members of NSCC to enhance their monitoring and analysis of their businesses, and accordingly, fosters [sic] cooperation and coordination with persons engaged in the clearance and settlement of securities transactions. (B) Clearing Agency’s Statement on Burden on Competition NSCC does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change will result in more robust insurance market data, delivering a better understanding of performance relative to user peer groups and providing business decision support, which NSCC believes will enhance competition to the benefit of investors and beneficiaries. (C) Clearing Agency’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments relating to the proposed rule changes [sic] have not yet been solicited or received. NSCC will notify the Commission of any written comments received by NSCC. 7 15 PO 00000 U.S.C. 78q–1(b)(3)(F). Frm 00063 Fmt 4703 Sfmt 4703 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and paragraph (f) of Rule 19b4 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, as modified, 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–NSCC–2013–08 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 No. SR–NSCC–2013–08. 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 E:\FR\FM\27JNN1.SGM 27JNN1 Federal Register / Vol. 78, No. 124 / Thursday, June 27, 2013 / Notices inspection and copying at the principal office of NSCC and on NSCC’s Web site at https://dtcc.com/legal/rule_filings/ nscc/2013.php. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR–NSCC–2013–08 and should be submitted on or before July 18, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Jill M. Peterson, Assistant Secretary. [FR Doc. 2013–15349 Filed 6–26–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–69828; File No. SR–ISE– 2013–40] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Penny Pilot Program June 21, 2013. mstockstill on DSK4VPTVN1PROD with NOTICES Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on June 13, 2013, the International Securities Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and Exchange Commission the proposed rule change as described in Items I and II below, which Items have been 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 ISE proposes to amend its rules relating to a pilot program to quote and to trade certain options in pennies (‘‘Penny Pilot Program’’) and to revise the provision describing how the Exchange specifies which option classes trade in the Penny Pilot Program. The text of the proposed rule change is available on the Exchange’s Web site at www.ise.com, at the Exchange’s principal office and at the Commission’s Public Reference Room. 8 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 18:12 Jun 26, 2013 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose Under the Penny Pilot Program, the minimum price variation for all participating options classes, except for the Nasdaq-100 Index Tracking Stock (‘‘QQQQ’’), the SPDR S&P 500 Exchange Traded Fund (‘‘SPY’’) and the iShares Russell 2000 Index Fund (‘‘IWM’’), is $0.01 for all quotations in options series that are quoted at less than $3 per contract and $0.05 for all quotations in options series that are quoted at $3 per contract or greater. QQQQ, SPY and IWM are quoted in $0.01 increments for all options series. The Penny Pilot Program is currently scheduled to expire on June 30, 2013.3 The Exchange proposes to extend the time period of the Penny Pilot Program through December 31, 2013, and to provide revised dates for adding replacement issues to the Penny Pilot Program. The Exchange proposes that any Penny Pilot Program issues that have been delisted may be replaced on the second trading day following July 1, 2013. The replacement issues will be selected based on trading activity for the six month period beginning December 1, 2012, and ending May 31, 2013. This filing does not propose any substantive changes to the Penny Pilot Program: all classes currently participating will remain the same and all minimum increments will remain unchanged. The Exchange believes the benefits to public customers and other market participants who will be able to express their true prices to buy and sell options have been demonstrated to outweigh the increase in quote traffic. With this proposed rule change, the Exchange also proposes to revise the 3 See Exchange Act Release No. 68424 (December 13, 2012), 77 FR 75241 (December 19, 2012) (SR– ISE–2012–95). 1 15 VerDate Mar<15>2010 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. Jkt 229001 PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 38745 provision describing how the Exchange specifies which option classes trade in the Penny Pilot Program. Currently, the rule requires that the Exchange specify which options trade in the Penny Pilot Program and in what increments in a Regulatory Information Circular that has been filed with the Commission pursuant to Rule 19b–4 under the Exchange Act and distributed to its Members. The Exchange now proposes to revise that provision to indicate information regarding the option classes trading in the Penny Pilot Program will be communicated to Members through a Market Information Circular. The Exchange will also post on its Web site the replacement option classes that are selected for the Penny Pilot Program.4 By revising this provision, the Exchange will eliminate the requirement to file a Regulatory Information Circular with the Commission pursuant to Rule 19b–4. 2. Statutory Basis The basis under the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’) for this proposed rule change is found in Section 6(b)(5), in that the proposed rule change is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. In particular, the proposed rule change, which extends the Penny Pilot Program for an additional six months, will enable public customers and other market participants to express their true prices to buy and sell options for the benefit of all market participants. In addition, the revision to how the Exchange will specify which options participate in the Penny Pilot Program promotes just and equitable principles of trade since it clarifies how Members and other market participants will be made aware of which option classes are trading in the Penny Pilot Program and eliminates an unnecessary requirement that the Exchange specify which option classes are in the Penny Pilot Program through a Regulatory Information Circular that has been filed with the Commission pursuant to Rule 19b–4 under the Exchange Act. The requirement to file the Regulatory Information Circular is 4 This revision is consistent with rules at most of the other options exchanges participating in the Penny Pilot Program: BATS Exchange, Inc. Rule 21.5, Interpretations and Policies .01; NASDAQ OMX BX, Inc. Chapter VI, Section 5(3); NASDAQ OMX PHLX, Inc. Rule 1034(a)(i)(B); The NASDAQ Stock Market LLC Chapter VI, Section 5; NYSE MKT LLC Rule 960NY, Commentary .02; and NYSE Arca, Inc. Rule 6.72, Commentary .02. E:\FR\FM\27JNN1.SGM 27JNN1

Agencies

[Federal Register Volume 78, Number 124 (Thursday, June 27, 2013)]
[Notices]
[Pages 38743-38745]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-15349]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69824; File No. SR-NSCC-2013-08]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change, as Modified by Amendment No. 1, To Expand the Analytic 
Reporting Service To Permit Increased Source Data

June 21, 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 June 7, 2013, National Securities Clearing Corporation (``NSCC'') 
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 NSCC. On June 20, 2013, NSCC 
filed Amendment No. 1 to the proposed rule change.\3\ NSCC filed the 
proposed rule change pursuant to Section 19(b)(3)(A)(iii) \4\ of the 
Act and Rule 19b-4(f)(4) \5\ thereunder, so that the proposed rule 
change, as modified by Amendment No. 1, was effective upon filing with 
the Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change, as modified by Amendment No. 1, 
from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 modified Sections 12(d) and (e) of Exhibit 5 
to the original proposed rule change filing to (i) reflect the 
application of those sections to both NSCC Members and Limited 
Members, and (ii) correct a grammatical error.
    \4\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \5\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change consists of amendments to Rule 57 of the 
Rules & Procedures (``Rules'') of NSCC with respect to enhancements to 
the Analytic Reporting Service of the Insurance and Retirement 
Processing Services (``I&RS'').

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

    In its filing with the Commission, NSCC 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. NSCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Background
    On December 10, 2010, NSCC filed with the Commission proposed rule 
change SR-NSCC-2010-18 \6\ to add a new I&RS service called the 
Analytic Reporting Service (``Service''). In that filing, NSCC 
described how the Service aggregates transaction data to produce 
monthly reports relating to the insurance industry markets (such 
reports, collectively, ``Analytics Data''). To create Analytics Data, a 
data feed from I&RS's Financial Activity Reporting (``FAR'') service is 
transmitted to the Service on a periodic basis. FAR is an NSCC I&RS 
service that provides I&RS members the ability to transmit insurance 
transaction data and information between themselves. I&RS members 
submitting transaction data through FAR can only do so where the 
counterparty to such transaction is also an I&RS member. By accessing 
and applying the FAR data feed, the Service uses as its source data 
actual transaction information, rather than survey results, which gives 
subscribers of the Service a more efficient, cost effective, and timely 
benchmarking and other relevant information mechanism, than other 
similar aggregating services.
---------------------------------------------------------------------------

    \6\ Release No. 34-63604 (Dec. 23, 2010), 75 FR 82115 (Dec. 29, 
2010).
---------------------------------------------------------------------------

    However, because the Service's source data is currently limited 
solely to transaction data transmitted through FAR, the benefits of the 
Service cannot be applied to other data sources. Subscribers of the 
Service, and prospective subscribers, have requested that NSCC enhance 
the Service to allow for submission of additional source data in order 
that the Service may provide a more complete view of subscribers' own 
business and of the insurance industry generally.
2. The Proposed Rule Change
    The proposed rule change will expand the Service to permit for 
increased source data. Under the proposed rule change, I&RS members may 
submit their transaction data to NSCC, even where the counterparty to a 
transaction is not an existing I&RS member, and the proposed rule 
change will also permit for submission of transaction data by parties 
that are not existing members of NSCC. Under the proposed rule change, 
in addition to

[[Page 38744]]

transactions submitted through FAR, the Service will contain a 
``storage data'' functionality that will permit I&RS members, and 
parties that are not existing members of NSCC, to submit transaction 
data directly to the Service.
    In connection with the proposed storage data functionality, the 
proposed rule change will specify that the Service is a service 
offering of NSCC to members on their behalf and that NSCC will not use 
or disclose the storage data received by NSCC other than for purposes 
of providing Analytics Data and other purposes permitted under 
applicable law. In addition, the proposed rule change will expand the 
data, to include all source data, which I&RS members may preclude from 
disclosure and attribution in connection with earnings reporting laws 
compliance. Similarly, the proposed rule change will permit I&RS 
members to prevent the attribution to them of all of their source data 
under the Service's existing ``Opting-Out'' provision.
    The proposed rule change will contain the following representations 
to be made by each I&RS member that submits storage data to NSCC:
     That the submitter of the storage data has the right to 
submit such storage data to NSCC;
     That either:
    [cir] no third party consents are required in connection with 
submission to NSCC of any storage data, or
    [cir] if any third party consents are required in connection with 
submission to NSCC of any storage data, the submitter has obtained all 
such third party consents;
     That the submitter has the right to allow NSCC to use such 
storage data in the creation of the Analytics Data that shall be 
reported to third parties; and
     That either:
    [cir] the submitter has made the notices, and offered the rights, 
to individuals with regard to the submitter's submission of such 
storage data to NSCC for use in preparing the Analytics Data that is 
reported to third parties, as required by applicable privacy 
regulations under the Gramm-Leach-Bliley Act; or
    [cir] if the submitter is not the appropriate party, the submitter 
has ensured that the appropriate party has made the notices, and 
offered the rights, to individuals with regard to such submitter's 
submission of such storage data to NSCC for use in preparing the 
Analytics Data that is reported to third parties, as required by 
applicable privacy regulations under Gramm-Leach-Bliley Act.
    The proposed rule change will also contain an indemnification 
provision to protect NSCC from any losses it may sustain in reliance 
upon the above representations. The proposed rule change will specify 
that because the Analytics Data is based solely upon source data 
provided to NSCC, NSCC makes no representation or warranty that any of 
the Analytics Data accurately reflects past, present or future market 
performance, nor does NSCC guarantee the adequacy, accuracy, timeliness 
or completeness of any Analytics Data or its fitness for any purpose, 
and that NSCC will not be subject to any damages or liabilities 
whatsoever with respect to any errors, omissions or delays in any 
Analytics Data nor for any party's use of or reliance upon any 
Analytics Data.
    As a result of these proposed rule changes, the Service will 
provide more complete information to subscribers about their own 
businesses and business relationships, and benchmarking information 
about the overall market.
3. Statutory Basis
    NSCC believes that the proposed rule change is consistent with the 
requirements of the Act, as amended, specifically Section 
17A(b)(3)(F),\7\ and the rules and regulations thereunder applicable to 
NSCC, because the change will permit I&RS members of NSCC to enhance 
their monitoring and analysis of their businesses, and accordingly, 
fosters [sic] cooperation and coordination with persons engaged in the 
clearance and settlement of securities transactions.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed rule change will 
result in more robust insurance market data, delivering a better 
understanding of performance relative to user peer groups and providing 
business decision support, which NSCC believes will enhance competition 
to the benefit of investors and beneficiaries.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants, or Others

    Written comments relating to the proposed rule changes [sic] have 
not yet been solicited or received. NSCC will notify the Commission of 
any written comments received by NSCC.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 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, as modified, 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-NSCC-2013-08 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 No. SR-NSCC-2013-08. 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

[[Page 38745]]

inspection and copying at the principal office of NSCC and on NSCC's 
Web site at https://dtcc.com/legal/rule_filings/nscc/2013.php.
    All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly. All submissions should refer to File No. SR-NSCC-2013-08 and 
should be submitted on or before July 18, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2013-15349 Filed 6-26-13; 8:45 am]
BILLING CODE 8011-01-P
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