Product Change-Priority Mail and First-Class Package Service Negotiated Service Agreement, 46072 [2015-18889]
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46072
Federal Register / Vol. 80, No. 148 / Monday, August 3, 2015 / Notices
By the Commission.
Ruth Ann Abrams,
Acting Secretary.
Exchange Act of 1934, notice is hereby
given that on June 26, 2015, National
Securities Clearing Corporation
(‘‘NSCC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the advance notice SR–NSCC–2015–802
(‘‘Advance Notice’’) as described in
Items I and II, which Items have been
prepared by NSCC. The Commission is
publishing this notice to solicit
comments on the Advance Notice from
interested persons.
[FR Doc. 2015–18862 Filed 7–31–15; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL SERVICE
Product Change—Priority Mail and
First-Class Package Service
Negotiated Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: August 3, 2015.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on July 27, 2015,
it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail & First-Class Package Service
Contract 6 to Competitive Product List.
Documents are available at
www.prc.gov, Docket Nos. MC2015–75,
CP2015–114.
SUMMARY:
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2015–18889 Filed 7–31–15; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75541; File No. SR–NSCC–
2015–802]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing of
Advance Notice To Establish a
Prefunded Liquidity Program as Part of
NSCC’s Liquidity Risk Management
mstockstill on DSK4VPTVN1PROD with NOTICES
July 28, 2015.
Pursuant to Section 806(e)(1) of Title
VIII of the Dodd-Frank Wall Street
Reform and Consumer Protection Act
entitled the Payment, Clearing, and
Settlement Supervision Act of 2010 1
(‘‘Clearing Supervision Act’’) and Rule
19b–4(n)(1)(i) 2 under the Securities
1 12
2 17
U.S.C. 5465(e)(1).
CFR 240.19b–4(n)(1)(i).
VerDate Sep<11>2014
18:35 Jul 31, 2015
Jkt 235001
I. Clearing Agency’s Statement of the
Terms of Substance of the Advance
Notice
This Advance Notice is filed by NSCC
in connection with a proposed liquidity
program to raise prefunded liquidity
through the issuance and private
placement of short-term, unsecured
notes (‘‘Prefunded Liquidity Program’’),
which will consist of a combination of
commercial paper notes and extendible
notes. The Prefunded Liquidity Program
would supplement NSCC’s existing
default liquidity risk management
resources.
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Advance Notice
In its filing with the Commission,
NSCC included statements concerning
the purpose of and basis for the
Advance Notice and discussed any
comments it received on the Advance
Notice. 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) and
(B) below, of the most significant
aspects of these statements.
(A) Clearing Agency’s Statement on
Comments on the Advance Notice
Received From Members, Participants,
or Others
Written comments on the Advance
Notice have not been solicited or
received. NSCC will notify the
Commission of any written comments
received by NSCC.
(B) Advance Notice Filed Pursuant to
Section 806(e) of the Payment, Clearing
and Settlement Supervision Act
Description of Change
NSCC proposes to establish the
Prefunded Liquidity Program in order to
raise prefunded liquidity and diversify
its liquidity resources through the
private placement of unsecured debt,
consisting of a combination of shortterm promissory notes (‘‘Commercial
Paper Notes’’), and extendible-term
promissory notes (‘‘Extendible Notes’’,
together with the Commercial Paper
Notes, ‘‘Notes’’), to institutional
PO 00000
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investors in an aggregate amount not to
exceed $5 billion. The proceeds from
the Prefunded Liquidity Program would
supplement NSCC’s existing liquidity
resources, which collectively provide
NSCC with liquidity to complete end-ofday settlement in the event of the
default of an NSCC Member.3
Terms of the Prefunded Liquidity
Program. NSCC has engaged an issuing
and paying agent, as well as certain
placement agent dealers, to develop a
program to issue the Notes. The Notes
would be issued to institutional
investors through a private placement
and offered in reliance on an exemption
from registration under Section 4(a)(2)
of the Securities Act of 1933.4 NSCC
would be party to certain transaction
documents required to establish the
Prefunded Liquidity Program, including
an issuing and paying agent agreement,
and a dealer agreement with each of the
placement agent dealers. The dealer
agreements would each be based on the
standard form of dealer agreement for
commercial paper programs, which is
published by the Securities Industry
and Financial Markets Association. The
material terms and conditions of the
Prefunded Liquidity Program are
summarized below.
The Prefunded Liquidity Program
would be established as a combination
of both Commercial Paper Notes, which
typically have shorter maturities, and
Extendible Notes, which typically have
longer maturities, in order to facilitate
the staggering of the maturities of the
issued Notes. NSCC intends to structure
the Prefunded Liquidity Program such
that the maturities of the issued Notes
are staggered to avoid concentrations of
maturing liabilities. The average
maturity of the aggregate Notes
outstanding issued under the Prefunded
Liquidity Program is broadly estimated
to range between three and six months.
The Commercial Paper Notes and the
Extendible Notes would be represented
by one or more master notes issued in
the name of The Depository Trust
Company (‘‘DTC’’), or its nominee. The
Notes would be issued only through the
3 Terms not defined herein are defined in NSCC’s
Rules and Procedures (‘‘Rules’’) available at
https://dtcc.com/∼/media/Files/Downloads/legal/
rules/nscc_rules.pdf. The events that constitute a
Member default are specified in NSCC’s Rule 46
(Restrictions on Access to Services), which provides
that NSCC’s Board of Directors may suspend a
Member or prohibit or limit a Member’s access to
NSCC’s services in enumerated circumstances; this
includes default in delivering funds or securities to
NSCC, or a Member’s experiencing such financial
or operational difficulties that NSCC determines, in
its discretion, that restriction on access to services
is necessary for its protection and for the protection
of its membership.
4 15 U.S.C. 77d(4)(a)(2) [sic].
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]]>Agencies
[Federal Register Volume 80, Number 148 (Monday, August 3, 2015)]
[Notices]
[Page 46072]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-18889]
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POSTAL SERVICE
Product Change--Priority Mail and First-Class Package Service
Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Effective date: August 3, 2015.
FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202-268-3179.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
July 27, 2015, it filed with the Postal Regulatory Commission a Request
of the United States Postal Service to Add Priority Mail & First-Class
Package Service Contract 6 to Competitive Product List. Documents are
available at www.prc.gov, Docket Nos. MC2015-75, CP2015-114.
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2015-18889 Filed 7-31-15; 8:45 am]
BILLING CODE 7710-12-P
