Product Change-Priority Mail Express and Priority Mail Negotiated Service Agreement, 51444 [2017-24039]
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51444
Federal Register / Vol. 82, No. 213 / Monday, November 6, 2017 / Notices
POSTAL SERVICE
Product Change—Priority Mail Express
and Priority Mail 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: Date of notice required under 39
U.S.C. 3642(d)(1): November 6, 2017.
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 October 31,
2017, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express & Priority Mail
Contract 52 to Competitive Product List.
Documents are available at
www.prc.gov, Docket Nos. MC2018–18,
CP2018–40.
SUMMARY:
Elizabeth A. Reed,
Attorney, Corporate and Postal Business Law.
of the Act 3 and Rule 19b–4(f)(6)
thereunder.4 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 proposal would add new Rule 37
(Segregated Accounts for Customer
Property) to provide that a Participant 5
or Pledgee may establish a specifically
designated Account to which Eligible
Securities may be credited that the
Participant or Pledgee wishes to
segregate as the property of its
customers that trade commodities,
options, swaps, and other products
(‘‘Customer Property’’) subject to the
Customer Property Segregation Rules.6
Based on this segregation structure and
the representations and warranties made
by the Participant or Pledgee under the
proposed Rule, DTC would, upon the
request of the Participant or Pledgee,
provide an acknowledgment of the
segregation of such Customer Property,7
as further described below.
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
[FR Doc. 2017–24039 Filed 11–3–17; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81990; File No. SR–DTC–
2017–020]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Establish a
Special Segregation Account for a
Participant or Pledgee That Is a
Derivatives Clearing Organization or
Futures Commission Merchant
Pmangrum on DSK3GDR082PROD with NOTICES
October 31, 2017.
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 October
20, 2017, 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. DTC filed the proposed rule
change pursuant to section 19(b)(3)(A)
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
14:48 Nov 03, 2017
Jkt 244001
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.
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 Each capitalized term not otherwise defined
herein has its respective meaning as set forth in the
Rules, By-Laws and Organization Certificate of The
Depository Trust Company (the ‘‘Rules’’), available
at https://www.dtcc.com/legal/rules-andprocedures.aspx.
6 ‘‘Customer Property Segregation Rules’’ means
the rules and regulations of the Commodity Futures
Trading Commission (‘‘CFTC’’), relating to the
deposit of customer property (including money,
securities and other property) held by derivatives
clearing organizations (‘‘DCOs’’) or futures
commission merchants (‘‘FCMs’’) for customers that
trade commodities, options, swaps and other
products. 7 U.S.C. 6d; 17 CFR 1.20–1.30, 22, 30.
Under the proposed rule change, only Deposited
Securities credited to an appropriately designated
Account may constitute ‘‘Customer Property’’ for
purposes of such Customer Property Segregation
Rules; DTC does not, and will not under the
proposed rule change, segregate money.
7 See 7 U.S.C. 6d(a)(2); 7 U.S.C. 6d(f); 17 CFR
1.20(d); 1.20(g); 1.26; 22.5; 30.7.
4 17
PO 00000
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(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
1. Purpose
The proposal would add new Rule 37
(Segregated Accounts for Customer
Property) to provide that a Participant or
Pledgee may establish a specifically
designated Account to which Eligible
Securities may be credited that the
Participant or Pledgee wishes to
segregate as Customer Property subject
to the Customer Property Segregation
Rules. Based on this segregation
structure and the representations and
warranties made by the Participant or
Pledgee under the proposed Rule, DTC
would, upon the request of the
Participant or Pledgee, provide an
acknowledgment of the segregation of
such Customer Property, as further
described below.
A. Background
a. DTC Omnibus Account Structure
DTC maintains omnibus Accounts for
its Participants and Pledgees.8 That is, it
8 DTC holds Eligible Securities collectively on
behalf of Participants and reflects the transfer of
interests in those Eligible Securities among
Participants by computerized book-entry. Eligible
Securities Deposited with DTC for book-entry
transfer services are registered in the name of its
nominee, Cede & Co. (‘‘Cede’’), a New York
partnership. When the Eligible Securities are
registered in the name of Cede, DTC acquires legal
title to the Eligible Securities and, when DTC
credits interests in these Eligible Securities to the
Securities Accounts of Participants, those
Participants acquire a beneficial interest in the
Eligible Securities and a Security Entitlement with
respect to those Eligible Securities is credited to
their Accounts. A Security Entitlement is both a
package of personal rights against the securities
intermediary [in this case, DTC] and an interest in
the property held by the securities intermediary.
NYUCC § 8–102(14)(i); NYUCC § 8–102(17) and
OFF. CMT. 17. A security entitlement is not,
however, a specific property interest in any
[security] held by the securities intermediary or by
the clearing corporation through which the
securities intermediary holds the [security]. NYUCC
§ 8–102(17) and OFF. CMT. 17. Thus, a Participant
does not have a right to any particular security;
each Participant has a proportionate interest in the
fungible total inventory of the issue held by DTC.
Participants, in many cases, are themselves
securities intermediaries, maintaining securities
accounts for the benefit of their customers, crediting
a portion of the amount of any issue of a Security
held in their Account(s) to one or more customers,
as securities entitlements of their customers against
them. That is, their customers are entitlement
holders, holding the rights and property interest
represented by the amount of the security credited
to their account(s) vis a vis the Participant. Some
customers of a Participant may also be securities
intermediaries, holding on behalf of, and
maintaining securities accounts for, their own
customers, and so forth. DTC does not know
whether a Participant is holding interest in the
Securities for itself or on behalf of its customers, as
their securities intermediary.
This tiered system of intermediaries holding
interests in securities for their respective customers
is generally described as the ‘‘indirect holding
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]]>Agencies
[Federal Register Volume 82, Number 213 (Monday, November 6, 2017)]
[Notices]
[Page 51444]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24039]
[[Page 51444]]
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POSTAL SERVICE
Product Change--Priority Mail Express and Priority Mail
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: Date of notice required under 39 U.S.C. 3642(d)(1): November 6,
2017.
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
October 31, 2017, it filed with the Postal Regulatory Commission a USPS
Request to Add Priority Mail Express & Priority Mail Contract 52 to
Competitive Product List. Documents are available at www.prc.gov,
Docket Nos. MC2018-18, CP2018-40.
Elizabeth A. Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2017-24039 Filed 11-3-17; 8:45 am]
BILLING CODE 7710-12-P
