Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of Proposed Rule Change To Transfer the NIIDS Service to a Non-Clearing Agency Affiliate, 36116-36118 [2014-14780]
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36116
Federal Register / Vol. 79, No. 122 / Wednesday, June 25, 2014 / Notices
circumstances under which Shares of
the Fund may be halted. The Web site
for the Fund includes a form of the
prospectus for the Fund and additional
data relating to NAV and other
applicable quantitative information. In
addition, as stated in the Prior Notice,
investors have ready access to
information regarding the Fund’s
holdings, the Portfolio Indicative Value,
the Disclosed Portfolio, and quotation
and last sale information for the Shares.
The proposed rule change is designed
to perfect the mechanism of a free and
open market and, in general, to protect
investors and the public interest. As
noted above, the Exchange has in place
surveillance procedures relating to
trading in the Shares and may obtain
information via ISG from other
exchanges that are members of ISG or
with which the Exchange has entered
into a comprehensive surveillance
sharing agreement. In addition, as stated
in the Prior Release, investors have
ready access to information regarding
the Fund’s holdings, the Portfolio
Indicative Value, the Disclosed
Portfolio, and quotation and last sale
information for the Shares.
effective pursuant to Section 19(b)(3)(A)
of the Act 12 and Rule 19b–4(f)(6)(iii)
thereunder.13
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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purpose of the Act. The Exchange
believes the proposed rule change, in
permitting the Fund utilize a higher
percentage of U.S. exchange-listed
equity securities as part of its portfolio
to achieve its investment objective, will
enhance competition among issues of
Managed Fund Shares that invest in
fixed income and equity securities.
Paper Comments
mstockstill on DSK4VPTVN1PROD with NOTICES
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
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
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18:01 Jun 24, 2014
Jkt 232001
IV. Solicitation of Comments
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing will also be available for
inspection and copying at the principal
office of the Exchange. 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–
NYSEArca–2014–69 and should be
submitted on or before July 16, 2014.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Kevin M. O’Neill,
Deputy Secretary.
Electronic Comments
BILLING CODE 8011–01–P
• 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–NYSEArca–2014–69 on the
subject line.
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2014–69. 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.,
12 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
13 17
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[FR Doc. 2014–14778 Filed 6–24–14; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72432; File No. SR–DTC–
2014–08]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing of Proposed Rule Change To
Transfer the NIIDS Service to a NonClearing Agency Affiliate
June 19, 2014.
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 5,
2014, 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.
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 consists of
amendments to DTC’s Operational
Arrangements (‘‘Operational
Arrangements’’) pursuant to which DTC
will transfer its New Issue Information
Dissemination System (‘‘NIIDS’’) service
to a non-clearing agency affiliate of
DTC.3
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 As more fully described in this proposed rule
change, NIIDS is an information service only and
does not relate to the performance of a clearing or
settlement function.
1 15
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Federal Register / Vol. 79, No. 122 / Wednesday, June 25, 2014 / Notices
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.
A. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
mstockstill on DSK4VPTVN1PROD with NOTICES
1. Purpose
In 2008, the Commission approved
the establishment of the NIIDS service at
DTC.4 The NIIDS service was designed
to improve the process by which
information pertaining to the reporting,
comparison, confirmation and
settlement of trades (‘‘NIIDS Data
Elements’’) with respect to new issues
in municipal securities (‘‘New
Municipal Issues’’) might be provided
by underwriters thereof to information
vendors or other users of such
information (‘‘Subscribers’’).
The NIIDS service originates with
making a New Municipal Issue DTC
eligible. The lead underwriter or other
authorized representative of such New
Municipal Issue (‘‘Dissemination
Agent’’) electronically inputs NIIDS
Data Elements into DTC’s underwriting
system, and to the extent it chooses to,
the Dissemination Agent may authorize
DTC to disseminate 5 the NIIDS Data
Elements as set forth in DTC’s
Operational Arrangements. At present,
when the Dissemination Agent gives
such authorization, DTC disseminates
the applicable NIIDS Data Elements
directly to Subscribers.6
Under the proposed rule change,
Dissemination Agents will continue to
electronically input NIIDS Data
Elements into DTC’s underwriting
system for purposes of processing the
underwriting and closing of New
Municipal Issues through DTC;
however, the dissemination activities
4 Securities Exchange Act Release No. 57768 (May
2, 2008), 73 FR 26181 (May 8, 2008) (SR–DTC–
2007–10).
5 DTC’s underwriting system with respect to New
Municipal Issues offers an authorization indicator
where the Dissemination Agent provides its request
to and consent for DTC to disseminate the
information.
6 A Dissemination Agent’s authorization to
disseminate also includes authorization to
disseminate the name and contact information of
such Dissemination Agent and the time at which
the NIIDS Data Elements were input.
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18:01 Jun 24, 2014
Jkt 232001
with respect to such information will be
transferred by DTC to a non-clearing
agency affiliate thereof (‘‘NIIDS
Disseminator’’). Following the proposed
rule change, once DTC has received
authorization from the Dissemination
Agent to disseminate, DTC will make
such information available to the NIIDS
Disseminator only. The NIIDS
Disseminator may then deal directly
with parties wishing to obtain the
information, including but not limited
to current Subscribers.
Although the NIIDS service originates
with data provided to DTC for purposes
of processing the underwriting and
closing of a New Municipal Issue
through DTC, the NIIDS service is
strictly a dissemination service (i.e., the
dissemination of NIIDS Data Elements
(and related information) to
Subscribers). Dissemination of such
information to Subscribers is not a
clearing agency function, and
accordingly, the dissemination of the
information to appropriate contractual
counterparties subscribing for that
information might be done by an entity
that is not a registered clearing agency.
As DTC will continue to be only a
conduit of the information and does not
and will not confirm the validity of any
of the NIIDS Data Elements, the
inputting of NIIDS Data Elements, and
the subsequent use thereof, by any party
will constitute a waiver of any and all
claims (whether direct or indirect)
against DTC and its affiliates and an
agreement that DTC and its affiliates
shall not be liable for any loss or
damages in relation to the collection
and any subsequent dissemination of
NIIDS Data Elements and related
information. In addition, any party that
inputs NIIDS Data Elements or
thereafter uses such NIIDS Data
Elements and related information agrees
to indemnify and hold DTC and its
affiliates harmless from and against any
and all losses, damages, liabilities, costs,
judgments, charges, and expenses
incurred by such party arising out of or
relating to the collection and subsequent
dissemination of the NIIDS Data
Elements.
The date on which DTC will transfer
the NIIDS service will be set forth in a
subsequent Important Notice to DTC
Participants.
2. Statutory Basis
DTC believes that the proposed rule
change is consistent with the
requirements of the Act, specifically
Section 17A(b)(3)(F),7 and the rules and
regulations thereunder applicable to
DTC, because the NIIDS Service is not
7 15
PO 00000
U.S.C. 78q–1(b)(3)(F).
Frm 00130
Fmt 4703
Sfmt 4703
36117
a clearing agency function. The transfer
of this service will provide for a more
efficient allocation of DTC’s resources,
which will promote the prompt and
accurate clearance and settlement of
securities transactions in accordance
with the Act.
B. Clearing Agency’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. Clearing Agency’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
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
such 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:
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 Number SR–
DTC–2014–08 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–DTC–2014–08. This file
number should be included on the
subject line if email is used. To help the
E:\FR\FM\25JNN1.SGM
25JNN1
36118
Federal Register / Vol. 79, No. 122 / Wednesday, June 25, 2014 / Notices
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 the
filing also will be available for
inspection and copying at the principal
office of DTC and on DTC’s Web site at
https://dtcc.com/legal/sec-rulefilings.aspx. 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–
2014–08 and should be submitted on or
before July 16, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–14780 Filed 6–24–14; 8:45 am]
BILLING CODE 8011–01–P
2014, NYSE Arca, Inc. (‘‘Exchange’’ or
‘‘NYSE Arca’’) 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
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 reflect a
change to the means of achieving the
investment objective with respect to the
AdvisorShares EquityPro ETF (formerly,
the Global Alpha & Beta ETF). Shares of
the AdvisorShares EquityPro ETF are
currently listed and traded on the
Exchange. The text of the proposed rule
change is available on the Exchange’s
Web site at www.nyse.com, at the
principal office of the Exchange, and at
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.
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–72436; File No. SR–
NYSEArca–2014–70]
1. Purpose
mstockstill on DSK4VPTVN1PROD with NOTICES
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Use of U.S.
Exchange-Listed Options by the
AdvisorShares EquityPro ETF
(Formerly, the Global Alpha & Beta
ETF)
June 19, 2014.
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 10,
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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18:01 Jun 24, 2014
Jkt 232001
The Commission has approved listing
and trading on the Exchange of shares
(‘‘Shares’’) of the AdvisorShares
EquityPro ETF (formerly, the Global
Alpha & Beta ETF) (‘‘Fund’’), a series of
AdvisorShares Trust (‘‘Trust’’) 3 under
NYSE Arca Equities Rule 8.600, which
governs the listing and trading of
Managed Fund Shares. Shares of the
Fund are currently listed and traded on
the Exchange.
3 See Securities Exchange Act Release No. 67277
(June 27, 2012), 77 FR 39554 (July 3, 2012) (SR–
NYSEArca–2012–39) (‘‘Prior Order’’). See also
Securities Exchange Act Release No. 66973 (May
11, 2012), 77 FR 29429 (May 17, 2012) (SR–
NYSEArca–2012–39) (‘‘Prior Notice,’’ and together
with the Prior Order, the ‘‘Prior Release’’).
PO 00000
Frm 00131
Fmt 4703
Sfmt 4703
The Shares are offered by the Trust,
which is registered with the
Commission as an open-end
management investment company.4 The
investment advisor to the Fund is
AdvisorShares Investments, LLC (the
‘‘Adviser’’). The sub-adviser for the
Fund is Elements Financial, PLC (the
‘‘Sub-Adviser’’).5 Neither the Adviser
nor the Sub-Adviser is a registered
broker-dealer or is affiliated with a
broker-dealer.
In this proposed rule change, the
Exchange proposes to reflect a change to
the means the Adviser will utilize to
implement the Fund’s investment
objective to permit investments in U.S.
exchange-listed options, as described
below.
The Prior Release stated that the
Fund’s investment objective is longterm capital growth.6 The Prior Release
further stated that the Fund will not
invest in options contracts, futures
contracts, or swap agreements.
Going forward, the Adviser wishes to
revise this representation to state that
the Fund may invest up to 10% of the
Fund’s net assets in the following types
of options: U.S. exchange-listed index
options; U.S. exchange-listed individual
stock options; or U.S. exchange-listed
exchange-traded fund (‘‘ETF’’) options.
All U.S. options exchanges are members
of the Intermarket Surveillance Group
(‘‘ISG’’). The Fund may seek to invest in
options contracts in order to gain market
exposure and/or to hedge against a
market decline.7
The Exchange represents that trading
in the Shares will be subject to the
existing trading surveillances,
administered by the Financial Industry
Regulatory Authority (‘‘FINRA’’) on
behalf of the Exchange, which are
4 The Trust is registered under the Investment
Company Act of 1940 (15 U.S.C. 80a–1). On January
30, 2012, the Trust filed with the Commission Form
N–1A under the Securities Act of 1933 (15 U.S.C.
77a), and under the 1940 Act relating to the Fund
(File Nos. 333–157876 and 811–22110)
(‘‘Registration Statement’’). The description of the
operation of the Trust and the Fund herein is based,
in part, on the Registration Statement. In addition,
the Commission has issued an order granting
certain exemptive relief to the Trust under the 1940
Act. See Investment Company Act Release No.
29291) (May 28, 2010) (File No. 812–13677)
(‘‘Exemptive Order’’).
5 The Fund’s previous sub-adviser was Your
Source Financial, PLC.
6 The change to the Fund’s name was reflected in
an amendment to the Trust’s Registration
Statement.
7 The changes described herein will be effective
contingent upon effectiveness of an amendment to
the Trust’s Registration Statement. See supra, note
5. The Adviser represents that the Adviser and the
Sub-Adviser have managed and will continue to
manage the Fund in the manner described in the
Prior Release, and the Fund will not implement the
proposed amendment described herein until the
instant proposed rule change is operative.
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]]>Agencies
[Federal Register Volume 79, Number 122 (Wednesday, June 25, 2014)]
[Notices]
[Pages 36116-36118]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-14780]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72432; File No. SR-DTC-2014-08]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing of Proposed Rule Change To Transfer the NIIDS Service
to a Non-Clearing Agency Affiliate
June 19, 2014.
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 5, 2014, 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. 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. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change consists of amendments to DTC's
Operational Arrangements (``Operational Arrangements'') pursuant to
which DTC will transfer its New Issue Information Dissemination System
(``NIIDS'') service to a non-clearing agency affiliate of DTC.\3\
---------------------------------------------------------------------------
\3\ As more fully described in this proposed rule change, NIIDS
is an information service only and does not relate to the
performance of a clearing or settlement function.
---------------------------------------------------------------------------
[[Page 36117]]
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.
A. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Purpose
In 2008, the Commission approved the establishment of the NIIDS
service at DTC.\4\ The NIIDS service was designed to improve the
process by which information pertaining to the reporting, comparison,
confirmation and settlement of trades (``NIIDS Data Elements'') with
respect to new issues in municipal securities (``New Municipal
Issues'') might be provided by underwriters thereof to information
vendors or other users of such information (``Subscribers'').
---------------------------------------------------------------------------
\4\ Securities Exchange Act Release No. 57768 (May 2, 2008), 73
FR 26181 (May 8, 2008) (SR-DTC-2007-10).
---------------------------------------------------------------------------
The NIIDS service originates with making a New Municipal Issue DTC
eligible. The lead underwriter or other authorized representative of
such New Municipal Issue (``Dissemination Agent'') electronically
inputs NIIDS Data Elements into DTC's underwriting system, and to the
extent it chooses to, the Dissemination Agent may authorize DTC to
disseminate \5\ the NIIDS Data Elements as set forth in DTC's
Operational Arrangements. At present, when the Dissemination Agent
gives such authorization, DTC disseminates the applicable NIIDS Data
Elements directly to Subscribers.\6\
---------------------------------------------------------------------------
\5\ DTC's underwriting system with respect to New Municipal
Issues offers an authorization indicator where the Dissemination
Agent provides its request to and consent for DTC to disseminate the
information.
\6\ A Dissemination Agent's authorization to disseminate also
includes authorization to disseminate the name and contact
information of such Dissemination Agent and the time at which the
NIIDS Data Elements were input.
---------------------------------------------------------------------------
Under the proposed rule change, Dissemination Agents will continue
to electronically input NIIDS Data Elements into DTC's underwriting
system for purposes of processing the underwriting and closing of New
Municipal Issues through DTC; however, the dissemination activities
with respect to such information will be transferred by DTC to a non-
clearing agency affiliate thereof (``NIIDS Disseminator''). Following
the proposed rule change, once DTC has received authorization from the
Dissemination Agent to disseminate, DTC will make such information
available to the NIIDS Disseminator only. The NIIDS Disseminator may
then deal directly with parties wishing to obtain the information,
including but not limited to current Subscribers.
Although the NIIDS service originates with data provided to DTC for
purposes of processing the underwriting and closing of a New Municipal
Issue through DTC, the NIIDS service is strictly a dissemination
service (i.e., the dissemination of NIIDS Data Elements (and related
information) to Subscribers). Dissemination of such information to
Subscribers is not a clearing agency function, and accordingly, the
dissemination of the information to appropriate contractual
counterparties subscribing for that information might be done by an
entity that is not a registered clearing agency.
As DTC will continue to be only a conduit of the information and
does not and will not confirm the validity of any of the NIIDS Data
Elements, the inputting of NIIDS Data Elements, and the subsequent use
thereof, by any party will constitute a waiver of any and all claims
(whether direct or indirect) against DTC and its affiliates and an
agreement that DTC and its affiliates shall not be liable for any loss
or damages in relation to the collection and any subsequent
dissemination of NIIDS Data Elements and related information. In
addition, any party that inputs NIIDS Data Elements or thereafter uses
such NIIDS Data Elements and related information agrees to indemnify
and hold DTC and its affiliates harmless from and against any and all
losses, damages, liabilities, costs, judgments, charges, and expenses
incurred by such party arising out of or relating to the collection and
subsequent dissemination of the NIIDS Data Elements.
The date on which DTC will transfer the NIIDS service will be set
forth in a subsequent Important Notice to DTC Participants.
2. Statutory Basis
DTC believes that the proposed rule change is consistent with the
requirements of the Act, specifically Section 17A(b)(3)(F),\7\ and the
rules and regulations thereunder applicable to DTC, because the NIIDS
Service is not a clearing agency function. The transfer of this service
will provide for a more efficient allocation of DTC's resources, which
will promote the prompt and accurate clearance and settlement of
securities transactions in accordance with the Act.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
B. Clearing Agency'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. Clearing Agency'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
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 such 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:
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 Number SR-DTC-2014-08 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-DTC-2014-08. This file
number should be included on the subject line if email is used. To help
the
[[Page 36118]]
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 the filing also will be available for inspection
and copying at the principal office of DTC and on DTC's Web site at
https://dtcc.com/legal/sec-rule-filings.aspx. 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-2014-08 and should be submitted on
or before July 16, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-14780 Filed 6-24-14; 8:45 am]
BILLING CODE 8011-01-P
