Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of Proposed Rule Change To Discontinue the Prospectus Repository System Service, 11243-11244 [2015-04184]

Download as PDF Federal Register / Vol. 80, No. 40 / Monday, March 2, 2015 / Notices fund decides to pursue a different investment policy. The Commission estimates that there are approximately 11,400 open-end and closed-end funds that have names that are covered by the rule. The Commission estimates that of these 11,400 funds, approximately 32 will provide prior notice to shareholders pursuant to a policy adopted in accordance with this rule per year. The Commission estimates that the annual burden associated with the notice to shareholders requirement of the rule is 20 hours per response, for an annual total of 640 hours per year. Estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act and are not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. The collection of information under rule 35d–1 is mandatory. The information provided under rule 35d–1 will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. The public may view the background documentation for this information collection at the following Web site, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@ sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: February 24, 2015. Jill M. Peterson, Assistant Secretary. [FR Doc. 2015–04223 Filed 2–27–15; 8:45 am] asabaliauskas on DSK5VPTVN1PROD with NOTICES BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. VerDate Sep<11>2014 16:55 Feb 27, 2015 Jkt 235001 Extension: Rule 19d–2. SEC File No. 270–204, OMB Control No. 3235–0205. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 19d–2— Applications for Stays of Final Disciplinary Sanction (17 CFR 240.19d– 2) under the Securities Exchange Act of 1943 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 19d–2 under the Exchange Act prescribes the form and content of applications to the Commission by persons desiring stays of final disciplinary sanctions and summary action of self-regulatory organizations (‘‘SROs’’) for which the Commission is the appropriate regulatory agency. It is estimated that approximately three respondents will utilize this application procedure annually, with a total burden of nine hours, based upon past submissions. The staff estimates that the average number of hours necessary to comply with the requirements of Rule 19d–2 is 3 hours. Based on the most recent available information, the Commission staff estimates that the internal labor cost to respondents of complying with the requirements of Rule 19d–2 is $990 per response. Therefore, the Commission staff estimates that the total internal labor cost per respondent is $990 (1 response/respondent/year × $990 cost/ response), for a total annual internal labor cost to all respondents of $2,970 ($990 cost/respondent × 3 respondents). Estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act and are not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. The collection of information under rule 19d–2 is mandatory. The information provided under rule 19d–2 will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. The public may view the background documentation for this information collection at the following Web site, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 11243 Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street, NE., Washington, DC 20549 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: February 24, 2015. Jill M. Peterson, Assistant Secretary. [FR Doc. 2015–04221 Filed 2–27–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74358; File No. SR–DTC– 2015–01] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of Proposed Rule Change To Discontinue the Prospectus Repository System Service February 24, 2015. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) and Rule 19b–4 2 thereunder, notice is hereby given that on February 13, 2015, 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 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 a proposal to discontinue the Prospectus Repository System Service (‘‘PRS’’) and delete the PRS Terms of Use (‘‘Terms of Use’’) from DTC’s Rules and Procedures (‘‘Rules’’), as more fully described below.3 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Terms not otherwise defined herein have their respective meanings set forth in the Rules. 2 17 E:\FR\FM\02MRN1.SGM 02MRN1 11244 Federal Register / Vol. 80, No. 40 / Monday, March 2, 2015 / Notices 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. as applicable, be cost-effective in meeting the requirements of participants while maintaining safe and secure operations. (A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change DTC does not believe that the proposed rule change would have any impact, or impose any burden, on competition. 1. Purpose The purpose of the proposed rule change is to discontinue PRS. PRS was implemented in 2003 and enables DTC Participants (‘‘Participants’’) and DTC-authorized third parties (Participants and such DTC-authorized third parties, collectively referred to as ‘‘Users’’) 4 to access prospectuses and official statements relating to new issues of corporate and municipal securities (‘‘Documents’’) available in electronic format from a DTC-maintained Web site.5 Due to the fact that PRS currently has few Users and many of the Documents made available via PRS are available to the public via electronic sources outside of DTC, it is no longer necessary or cost-effective for DTC or the industry to have DTC continue to maintain PRS. Therefore, DTC proposes to discontinue PRS and delete the Terms of Use from the Rules. Effective Date The effective date of the proposed rule change would be announced via a DTC Important Notice. asabaliauskas on DSK5VPTVN1PROD with NOTICES 2. Statutory Basis The proposed rule change would discontinue an underutilized service and eliminate the associated costs to DTC of maintaining it. Therefore, by precluding the need for DTC to allocate resources in this regard, the proposed rule change is consistent with the provisions of: (i) Section 17A(b)(3)(F) 6 of the Act which requires that the rules of the clearing agency be designed, inter alia, to promote the prompt and accurate clearance and settlement of securities transactions, and (ii) Rule 17Ad–22(d)(6) 7 promulgated under the Act which requires, inter alia, that a clearing agency establish, implement, maintain and enforce written policies and procedures reasonably designed to, 4 Third-party Users of PRS include syndicate members, correspondent banks, paying agents, transfer agents, and certain legal counsel and financial advisors. Individual investors do not have access to PRS. 5 Securities Exchange Act Release No. 47410 (February 26, 2003); 68 FR 10558 (March 5, 2003) (SR–DTC–2002–13). 6 15 U.S.C. 78q–1(b)(3)(F). 7 17 CFR 240.17Ad–22(d)(6). VerDate Sep<11>2014 16:55 Feb 27, 2015 Jkt 235001 (B) Clearing Agency’s Statement on 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 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 DTCC’s Web site (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– 2015–01 and should be submitted on or before March 23, 2015. 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. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Jill M. Peterson, Assistant Secretary. IV. Solicitation of Comments [FR Doc. 2015–04184 Filed 2–27–15; 8:45 am] 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: BILLING CODE 8011–01–P 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–2015–01 on the subject line. Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Eliminate Rule 13.4, ‘‘Assigning of Registered Securities in the Name of a Member or Member Organization’’ Paper Comments February 24, 2015. • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–DTC–2015–01. 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 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74360; File No. SR–BYX– 2015–11] 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 February 12, 2015, BATS Y-Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BYX’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule 8 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\02MRN1.SGM 02MRN1

Agencies

[Federal Register Volume 80, Number 40 (Monday, March 2, 2015)]
[Notices]
[Pages 11243-11244]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-04184]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74358; File No. SR-DTC-2015-01]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing of Proposed Rule Change To Discontinue the Prospectus 
Repository System Service

February 24, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act'') and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on February 13, 2015, 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 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 a proposal to discontinue the 
Prospectus Repository System Service (``PRS'') and delete the PRS Terms 
of Use (``Terms of Use'') from DTC's Rules and Procedures (``Rules''), 
as more fully described below.\3\
---------------------------------------------------------------------------

    \3\ Terms not otherwise defined herein have their respective 
meanings set forth in the Rules.
---------------------------------------------------------------------------

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

[[Page 11244]]

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
    The purpose of the proposed rule change is to discontinue PRS.
    PRS was implemented in 2003 and enables DTC Participants 
(``Participants'') and DTC-authorized third parties (Participants and 
such DTC-authorized third parties, collectively referred to as 
``Users'') \4\ to access prospectuses and official statements relating 
to new issues of corporate and municipal securities (``Documents'') 
available in electronic format from a DTC-maintained Web site.\5\ Due 
to the fact that PRS currently has few Users and many of the Documents 
made available via PRS are available to the public via electronic 
sources outside of DTC, it is no longer necessary or cost-effective for 
DTC or the industry to have DTC continue to maintain PRS. Therefore, 
DTC proposes to discontinue PRS and delete the Terms of Use from the 
Rules.
---------------------------------------------------------------------------

    \4\ Third-party Users of PRS include syndicate members, 
correspondent banks, paying agents, transfer agents, and certain 
legal counsel and financial advisors. Individual investors do not 
have access to PRS.
    \5\ Securities Exchange Act Release No. 47410 (February 26, 
2003); 68 FR 10558 (March 5, 2003) (SR-DTC-2002-13).
---------------------------------------------------------------------------

Effective Date
    The effective date of the proposed rule change would be announced 
via a DTC Important Notice.
2. Statutory Basis
    The proposed rule change would discontinue an underutilized service 
and eliminate the associated costs to DTC of maintaining it. Therefore, 
by precluding the need for DTC to allocate resources in this regard, 
the proposed rule change is consistent with the provisions of: (i) 
Section 17A(b)(3)(F) \6\ of the Act which requires that the rules of 
the clearing agency be designed, inter alia, to promote the prompt and 
accurate clearance and settlement of securities transactions, and (ii) 
Rule 17Ad-22(d)(6) \7\ promulgated under the Act which requires, inter 
alia, that a clearing agency establish, implement, maintain and enforce 
written policies and procedures reasonably designed to, as applicable, 
be cost-effective in meeting the requirements of participants while 
maintaining safe and secure operations.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1(b)(3)(F).
    \7\ 17 CFR 240.17Ad-22(d)(6).
---------------------------------------------------------------------------

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

    DTC does not believe that the proposed rule change would 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-2015-01 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-DTC-2015-01. 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 DTC and on DTCC's 
Web site (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-2015-01 and should be 
submitted on or before March 23, 2015.

    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. 2015-04184 Filed 2-27-15; 8:45 am]
BILLING CODE 8011-01-P
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