Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change to Amend NSCC's Rules and Procedures in Connection with the Discontinuance of the Analytic Reporting Service, 73938-73940 [2014-29105]
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Federal Register / Vol. 79, No. 239 / Friday, December 12, 2014 / Notices
these DMMs must satisfy additional
quoting and other obligations.
The Exchange does not believe the
proposed change will cause any
unnecessary burden on inter-market
competition because all market makers
are entitled to receive participation
entitlements provided they direct orders
and those orders are executed by those
DMMs. In addition, the Exchange
believes that the proposed rule change
will in fact promote competition. The
Exchange believes allowing DMMs to
receive participation entitlements will
promote trading activity on the
Exchange because it will provide
incentives to DMMs to quote in series
which they are not obligated to do so,
to the benefit of the Exchange, its
Members, and market participants.
The Exchange does not believe that
the method in which it rounds up or
down to the nearest integer creates an
undue burden on competition. The
rounding outcome is not guaranteed and
is only the result of necessity of
allocating shares in a just, equitable and
transparent manner to market
participants.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
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 (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission shall: (a) By order
approve or disapprove such proposed
rule change, or (b) institute proceedings
to determine whether the proposed rule
change should be disapproved.
mstockstill on DSK4VPTVN1PROD with NOTICES
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:
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
BX–2014–049 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–73779; File No. SR–NSCC–
2014–12]
• 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–BX–2014–049. 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 the
filing also will 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–BX–
2014–049, and should be submitted on
or before January 2, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.55
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–29109 Filed 12–11–14; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
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Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing of
Proposed Rule Change to Amend
NSCC’s Rules and Procedures in
Connection with the Discontinuance of
the Analytic Reporting Service
December 8, 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 November
25, 2014, National Securities Clearing
Corporation (‘‘NSCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Item I, II and III
below, which Items have been prepared
by NSCC. 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 Rule 57 (Insurance and
Retirement Processing Services) and
Addendum A (Fee Structure) of NSCC’s
Rules & Procedures in connection with
the discontinuance of the Analytic
Reporting Service, as more fully
described below. The text of the
proposed rule change is available on
NSCC’s Web site at https://
www.dtcc.com/legal/sec-rulefilings.aspx, at the principal office of
NSCC, and at the Commission’s Public
Reference Room.
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.
1 15
55 17
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CFR 200.30–3(a)(12).
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2 17
E:\FR\FM\12DEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 79, No. 239 / Friday, December 12, 2014 / Notices
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
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1. Statement of Purpose
Background. In 2011, NSCC launched
the Analytic Reporting Service
(‘‘Service’’) as part of NSCC’s suite of
insurance and retirement services.3 The
Service gives subscribing NSCC
members access to aggregated insurance
products information, including
benchmarking information and league
tables (such aggregated information,
collectively, ‘‘Analytics Data’’). The
Analytics Data produced by the Service
is primarily sourced from data and
information transmitted to NSCC by its
members in connection with NSCC’s
other insurance and retirement service
(‘‘IPS Data’’). In 2013, at members’
requests, NSCC enhanced the Service to
among other things include, as source
data for the Service, insurance
transaction data processed outside of
NSCC but submitted to NSCC for
inclusion in the Service by its members
and other third parties (‘‘Storage
Data’’).4
Prior to implementation of the
Service, the suite of insurance and
retirement services consisted of
transmission and receipt of IPS Data
from one member to another, with
NSCC merely serving as a conduit for
such exchanges of information. With the
implementation of the Service, NSCC
began maintaining and storing IPS Data
for purposes of creating Analytics Data.
Proposed Rule Change. Since its
launch, subscribers to the Service have
been few, and presently, there are only
12 members subscribing. As a result,
NSCC is not recovering the costs of
maintaining the Service. For this reason,
NSCC proposes to amend Rule 57,
Section 12 to eliminate the Service. All
12 members have been notified of
NSCC’s intention to discontinue the
Service, and though some of the
members have expressed
disappointment that the Service is being
discontinued, none have objected.
Accordingly, NSCC will discontinue the
Service effective the close of business
on December 31, 2014, or if Commission
approval is later than such date,
immediately upon Commission
approval.
In addition, NSCC will amend
Addendum A, to remove the fee
structure applicable to the Service.
3 Securities
Exchange Act Release No. 63604
(December 23, 2010), 75 FR 82115 (December 29,
2010) (SR–NSCC–2010–18).
4 Securities Exchange Act Release No. 69824
(June 21, 2013), 78 FR 38743 (June 27, 2013) (SR–
NSCC–2013–08).
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As noted above, prior to
implementation of the Service, NSCC
did not maintain or store any IPS Data;
it merely transmitted such data from
one member to another. In connection
with elimination of the Service, NSCC
proposes to amend Rule 57, Section 1,
to explicitly state that NSCC will
maintain and store IPS Data transmitted
to it by and between its members, which
IPS Data has not otherwise been
rejected, withdrawn or deleted pursuant
to the provisions of Rule 57.5 NSCC
shall also retain the right to evaluate the
usefulness of such IPS Data, including
by providing such IPS Data to third
parties under appropriate agreements of
confidentiality and to prohibit such
third parties from using such IPS Data
other than for evaluation of such IPS
Data’s potential usefulness. Any
proposed future use by NSCC of such
stored and maintained IPS Data shall be
subject to a proposed rule change filing
with the Commission. With respect to
Storage Data supplied to NSCC for
inclusion in the Service, NSCC shall
only retain such Storage Data in
compliance with its data retention
policy and shall dispose of all Storage
Data in accordance with such policy.
Storage Data shall not be stored or
maintained for purposes of evaluation
for future use by NSCC.
2. Statutory Basis
NSCC believes that the proposed rule
change is consistent with the
requirements of the Act, and the rules
and regulations thereunder applicable to
NSCC, in particular Section 17A(b)(3)(F)
of the Act,6 which requires that NSCC’s
Rules be designed to promote the
prompt and accurate clearance and
settlement of securities transactions.
Given the limited number of subscribers
to the Service, NSCC has determined
that it is not economically efficient to
maintain the Service. As such, by
identifying and eliminating a Service
[sic] that is not economically efficient,
NSCC can better apply its economic
resources, which promotes the prompt
and accurate clearance and settlement of
securities transactions. Further,
discontinuance of the Service will be
implemented consistently with the
5 NSCC notes that IPS Data that constitutes
‘‘Clearing Data’’ is and will be subject to the
prohibitions, limitations and exceptions set forth in
Rule 49 (Release of Clearing Data and Clearing Fund
Data). In general, Rule 49 limits NSCC’s ability to
release Clearing Data relating to transactions of a
particular participant. Rule 49 defines ‘‘Clearing
Data’’ as transaction data which is received by
NSCC for inclusion in the clearance and/or
settlement process of NSCC, or such data, reports
or summaries thereof, which may be produced as
a result of processing such transaction data.
6 15 U.S.C. 78q–1(b)(3)(F).
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73939
safeguarding of securities and funds in
NSCC’s custody or control or for which
NSCC is responsible because the Service
is strictly an information service;
accordingly, discontinuance of the
Service will neither directly nor
indirectly affect NSCC’s safeguarding of
securities or funds in its custody or
control or for which it is responsible.
(B) Clearing Agency’s Statement on
Burden on Competition
NSCC 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. NSCC will notify
the Commission of any written
comments when received by NSCC.
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 a 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–
NSCC–2014–12 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–NSCC–2014–12. This file
E:\FR\FM\12DEN1.SGM
12DEN1
73940
Federal Register / Vol. 79, No. 239 / Friday, December 12, 2014 / Notices
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 the
filing also will be available for
inspection and copying at the principal
office of NSCC and on NSCC’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–NSCC–
2014–12 and should be submitted on or
before January 2, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–29105 Filed 12–11–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73788; File No. SR–CBOE–
2014–089]
mstockstill on DSK4VPTVN1PROD with NOTICES
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Revise the Sales
Value Fee
December 8, 2014.
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 November
7 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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16:57 Dec 11, 2014
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25, 2014, the Chicago Board Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘CBOE’’) 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 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 amend its
Fees Schedule. The text of the proposed
rule change is available on the
Exchange’s Web site (https://
www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
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
Exchange 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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
Fees Schedule, effective November 28,
2014. Specifically, the Exchange
proposes to enable the Exchange to
collect the Sales Value Fee 3 (the ‘‘Fee’’)
directly from Trading Permit Holders
(‘‘TPHs’’) when the Fee is due pursuant
to an on-floor position transfer between
unaffiliated TPHs. In addition, the
Exchange proposes to remove obsolete
language related to the CBOE Stock
Exchange, LLC (‘‘CBSX’’).4 Finally, the
Exchange proposes to remove the
3 Pursuant to Section 31 of the Securities
Exchange Act of 1934, CBOE pays transaction fees
to the SEC based on the volume of securities that
are executed on the Exchange. The Sales Value Fee
is the mechanism by which CBOE assesses the
transaction fees to each TPH.
4 Trading ended on CBSX on April 30, 2014. See
Securities Exchange Act Release No. 34–71880
(April 4, 2014) (Notice) (SR–CBOE–2014–036).
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Fmt 4703
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regulatory review process related to the
Position Transfer Fee.
Currently, the Sales Value Fee is
collected indirectly from TPHs through
their clearing firms by OCC on behalf of
CBOE. The OCC does not collect the Fee
when an on-floor position transfer 5
takes place. The Exchange is proposing
to collect the Fee directly from TPHs
when there is an on-floor position
transfer between unaffiliated TPHs.
TPHs will be considered affiliated if one
of the TPHs has ‘‘control’’ under Rule
1.1(k) over another TPH.6
In addition, the Fees Schedule
currently indicates that the Fee is
assessed by CBOE to each TPH for the
sale of securities when a sale in nonoption securities occurs on CBSX with
respect to which CBOE is obligated to
pay a fee to the SEC under Section 31
of the Exchange Act or a sell order in
non-option securities that is routed for
execution at a market other than on
CBSX, resulting in a covered sale on
that market and an obligation of the
routing broker providing Routing
Services for CBSX to pay the related
sales fee of that market. As noted above,
CBSX is no longer active; therefore, the
Exchange proposes to clarify that the
Fee will be assessed by CBOE to TPHs
for sales of securities when a sale in
option securities occurs with respect to
which CBOE is obligated to pay a fee to
the SEC under Section 31 of the
Exchange Act or when a sell order in
option securities is routed for execution
at a market other than CBOE, resulting
in a covered sale on that market and an
obligation of the routing broker
providing Routing Services for CBOE, as
described in CBOE Rule 6.14B, to pay
the related sales fee of that market.
Finally, the Exchange currently
provides a service to TPHs seeking to
make an off-floor position transfer
pursuant to Rule 6.49A whereby a TPH
can solicit CBOE to perform a
‘‘regulatory review’’ of the potential
transfer to determine whether the
proposed transfer meets the off-floor
5 See
Rule 6.49A.
term ‘‘affiliate’’ of or a person ‘‘affiliated
with’’ another person means a person who, directly
or indirectly, controls, is controlled by, or is under
common control with, such other person. See Rule
1.1(j).
The term ‘‘control’’ means the power to exercise
a controlling influence over the management or
policies of a person, unless such power is solely the
result of an official position with such person. Any
person who owns beneficially, directly or
indirectly, more than 20% of the voting power in
the election of directors of a corporation, or more
than 25% of the voting power in the election of
directors of any other corporation which directly or
through one or more affiliates owns beneficially
more than 25% of the voting power in the election
of directors of such corporation, shall be presumed
to control such corporation. See Rule 1.1(k).
6 The
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]]>Agencies
[Federal Register Volume 79, Number 239 (Friday, December 12, 2014)]
[Notices]
[Pages 73938-73940]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-29105]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73779; File No. SR-NSCC-2014-12]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing of Proposed Rule Change to Amend NSCC's
Rules and Procedures in Connection with the Discontinuance of the
Analytic Reporting Service
December 8, 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 November 25, 2014, National Securities Clearing Corporation
(``NSCC'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Item I, II
and III below, which Items have been prepared by NSCC. 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 Rule 57
(Insurance and Retirement Processing Services) and Addendum A (Fee
Structure) of NSCC's Rules & Procedures in connection with the
discontinuance of the Analytic Reporting Service, as more fully
described below. The text of the proposed rule change is available on
NSCC's Web site at https://www.dtcc.com/legal/sec-rule-filings.aspx, at
the principal office of NSCC, and at the Commission's Public Reference
Room.
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.
[[Page 73939]]
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Statement of Purpose
Background. In 2011, NSCC launched the Analytic Reporting Service
(``Service'') as part of NSCC's suite of insurance and retirement
services.\3\ The Service gives subscribing NSCC members access to
aggregated insurance products information, including benchmarking
information and league tables (such aggregated information,
collectively, ``Analytics Data''). The Analytics Data produced by the
Service is primarily sourced from data and information transmitted to
NSCC by its members in connection with NSCC's other insurance and
retirement service (``IPS Data''). In 2013, at members' requests, NSCC
enhanced the Service to among other things include, as source data for
the Service, insurance transaction data processed outside of NSCC but
submitted to NSCC for inclusion in the Service by its members and other
third parties (``Storage Data'').\4\
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 63604 (December 23,
2010), 75 FR 82115 (December 29, 2010) (SR-NSCC-2010-18).
\4\ Securities Exchange Act Release No. 69824 (June 21, 2013),
78 FR 38743 (June 27, 2013) (SR-NSCC-2013-08).
---------------------------------------------------------------------------
Prior to implementation of the Service, the suite of insurance and
retirement services consisted of transmission and receipt of IPS Data
from one member to another, with NSCC merely serving as a conduit for
such exchanges of information. With the implementation of the Service,
NSCC began maintaining and storing IPS Data for purposes of creating
Analytics Data.
Proposed Rule Change. Since its launch, subscribers to the Service
have been few, and presently, there are only 12 members subscribing. As
a result, NSCC is not recovering the costs of maintaining the Service.
For this reason, NSCC proposes to amend Rule 57, Section 12 to
eliminate the Service. All 12 members have been notified of NSCC's
intention to discontinue the Service, and though some of the members
have expressed disappointment that the Service is being discontinued,
none have objected. Accordingly, NSCC will discontinue the Service
effective the close of business on December 31, 2014, or if Commission
approval is later than such date, immediately upon Commission approval.
In addition, NSCC will amend Addendum A, to remove the fee
structure applicable to the Service.
As noted above, prior to implementation of the Service, NSCC did
not maintain or store any IPS Data; it merely transmitted such data
from one member to another. In connection with elimination of the
Service, NSCC proposes to amend Rule 57, Section 1, to explicitly state
that NSCC will maintain and store IPS Data transmitted to it by and
between its members, which IPS Data has not otherwise been rejected,
withdrawn or deleted pursuant to the provisions of Rule 57.\5\ NSCC
shall also retain the right to evaluate the usefulness of such IPS
Data, including by providing such IPS Data to third parties under
appropriate agreements of confidentiality and to prohibit such third
parties from using such IPS Data other than for evaluation of such IPS
Data's potential usefulness. Any proposed future use by NSCC of such
stored and maintained IPS Data shall be subject to a proposed rule
change filing with the Commission. With respect to Storage Data
supplied to NSCC for inclusion in the Service, NSCC shall only retain
such Storage Data in compliance with its data retention policy and
shall dispose of all Storage Data in accordance with such policy.
Storage Data shall not be stored or maintained for purposes of
evaluation for future use by NSCC.
---------------------------------------------------------------------------
\5\ NSCC notes that IPS Data that constitutes ``Clearing Data''
is and will be subject to the prohibitions, limitations and
exceptions set forth in Rule 49 (Release of Clearing Data and
Clearing Fund Data). In general, Rule 49 limits NSCC's ability to
release Clearing Data relating to transactions of a particular
participant. Rule 49 defines ``Clearing Data'' as transaction data
which is received by NSCC for inclusion in the clearance and/or
settlement process of NSCC, or such data, reports or summaries
thereof, which may be produced as a result of processing such
transaction data.
---------------------------------------------------------------------------
2. Statutory Basis
NSCC believes that the proposed rule change is consistent with the
requirements of the Act, and the rules and regulations thereunder
applicable to NSCC, in particular Section 17A(b)(3)(F) of the Act,\6\
which requires that NSCC's Rules be designed to promote the prompt and
accurate clearance and settlement of securities transactions. Given the
limited number of subscribers to the Service, NSCC has determined that
it is not economically efficient to maintain the Service. As such, by
identifying and eliminating a Service [sic] that is not economically
efficient, NSCC can better apply its economic resources, which promotes
the prompt and accurate clearance and settlement of securities
transactions. Further, discontinuance of the Service will be
implemented consistently with the safeguarding of securities and funds
in NSCC's custody or control or for which NSCC is responsible because
the Service is strictly an information service; accordingly,
discontinuance of the Service will neither directly nor indirectly
affect NSCC's safeguarding of securities or funds in its custody or
control or for which it is responsible.
---------------------------------------------------------------------------
\6\ 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 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. NSCC will notify the Commission of any
written comments when received by NSCC.
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 a 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-NSCC-2014-12 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-NSCC-2014-12. This file
[[Page 73940]]
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 the filing also will be available
for inspection and copying at the principal office of NSCC and on
NSCC'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-NSCC-2014-12 and should be
submitted on or before January 2, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-29105 Filed 12-11-14; 8:45 am]
BILLING CODE 8011-01-P
