80 FR 14173 - Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Technical Revisions to the DTC Settlement Service Guide
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 52 (March 18, 2015)
Federal Register Volume 80, Issue 52 (March 18, 2015)
| Page Range | 14173-14174 | |
| FR Document | 2015-06089 |
[Federal Register Volume 80, Number 52 (Wednesday, March 18, 2015)] [Notices] [Pages 14173-14174] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-06089] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74485; File No. SR-DTC-2015-02] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Technical Revisions to the DTC Settlement Service Guide March 12, 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 March 3, 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. DTC filed the proposed rule change pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(4) \4\ thereunder. The proposed rule change was effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(4). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change consists of technical amendments to the Settlement Service Guide (``Guide'') in order to make technical changes and updates to its text.\5\ --------------------------------------------------------------------------- \5\ Each term not otherwise defined herein has the respective meaning set forth in DTC's rules (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 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 Pursuant to the proposed rule change the Guide would be revised to: (i) Refer to the ``Settlement User Interface'' rather than the ``Settlement Web'', ``Participant Terminal System'' and ``Participant Browser Service''; (ii) update the text of the Settling Bank Processing Schedule and other text in the Guide to reflect that DTC end-of-day net settlement is processed through the National Settlement Service (NSS) of the Federal Reserve System, specifically, that DTC submits to the Federal Reserve Bank of New York a file to debit and credit Federal Reserve accounts of Settling Banks simultaneously; (iii) delete references to the ``U.S. program'' of EuroCCP (which has ceased to exist) as well as any references to related DTC processing provisions that are obsolete as a result; (iv) simplify and update other text, including descriptions of processes and timeframes, contact information for settlement processing and cross-references; and (v) conform grammar and usage throughout the Guide. Implementation Date The proposed rule changes would become effective immediately. 2. Statutory Basis The proposed rule change would update the Guide to make technical changes and updates to the Guide to reflect current terminology, systems functionality, practices and processing timeframes, which would simplify and clarify the Guide's text. Therefore, DTC believes the proposed rule change is consistent with the requirements of: (i) The Act, in particular Section 17A(b)(3)(F) of the Act,\6\ 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)(9) \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 identify and evaluate the risks and costs associated with using its services, because the proposed changes simplify and clarify the Guide's text for the users of DTC's services. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78q-1(b)(3)(F). \7\ 17 CFR 240.17Ad-22(d)(9). --------------------------------------------------------------------------- (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 The foregoing rule change has become effective pursuant to Section [[Page 14174]] 19(b)(3)(A) \8\ of the Act and paragraph (f) of Rule 19b-4 \9\ thereunder. 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. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-DTC-2015-02 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-2015-02. 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 (http://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 (http://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-2015-02 and should be submitted on or before April 8, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-06089 Filed 3-17-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Notices 14173
6. Who will be required or asked to hereby given that on March 3, 2015, The to exist) as well as any references to
respond: NRC Contractors. Depository Trust Company (‘‘DTC’’) related DTC processing provisions that
7. The estimated number of annual filed with the Securities and Exchange are obsolete as a result;
responses: 1506. Commission (‘‘Commission’’) the (iv) simplify and update other text,
8. The estimated number of annual proposed rule change as described in including descriptions of processes and
respondents: 41. Items I, II and III below, which Items timeframes, contact information for
9. The estimated number of hours have been prepared by DTC. DTC filed settlement processing and cross-
needed annually to comply with the the proposed rule change pursuant to references; and
information collection requirement or Section 19(b)(3)(A) 3 of the Act and Rule (v) conform grammar and usage
request: 752. 19b–4(f)(4) 4 thereunder. The proposed throughout the Guide.
10. Abstract: In administering its rule change was effective upon filing
contracts, the NRC provides billing with the Commission. The Commission Implementation Date
instructions for its contractors to follow is publishing this notice to solicit The proposed rule changes would
in preparing invoices. These comments on the proposed rule change become effective immediately.
instructions stipulate the level of detail from interested persons.
in which supporting data must be 2. Statutory Basis
I. Clearing Agency’s Statement of the
submitted for NRC review. The review The proposed rule change would
Terms of Substance of the Proposed
of this information ensures that all update the Guide to make technical
Rule Change
payments made by the NRC for valid changes and updates to the Guide to
and reasonable costs are in accordance The proposed rule change consists of reflect current terminology, systems
with the contract terms and conditions. technical amendments to the Settlement functionality, practices and processing
Service Guide (‘‘Guide’’) in order to timeframes, which would simplify and
III. Specific Requests for Comments make technical changes and updates to clarify the Guide’s text. Therefore, DTC
The NRC is seeking comments that its text.5 believes the proposed rule change is
address the following questions: consistent with the requirements of: (i)
II. Clearing Agency’s Statement of the
1. Is the proposed collection of The Act, in particular Section
Purpose of, and Statutory Basis for, the
information necessary for the NRC to 17A(b)(3)(F) of the Act,6 which requires
Proposed Rule Change
properly perform its functions? Does the that the rules of the clearing agency be
information have practical utility? In its filing with the Commission,
designed, inter alia, to promote the
2. Is the estimate of the burden of the DTC included statements concerning
prompt and accurate clearance and
information collection accurate? the purpose of and basis for the
settlement of securities transactions,
3. Is there a way to enhance the proposed rule change and discussed any
and (ii) Rule 17Ad–22(d)(9) 7
quality, utility, and clarity of the comments it received on the proposed
promulgated under the Act which
information to be collected? rule change. The text of these statements
requires, inter alia, that a clearing
4. How can the burden of the may be examined at the places specified
agency establish, implement, maintain
information collection on respondents in Item IV below. DTC has prepared
and enforce written policies and
be minimized, including the use of summaries, set forth in sections A, B,
procedures reasonably designed to
automated collection techniques or and C below, of the most significant
identify and evaluate the risks and costs
other forms of information technology? aspects of such statements.
associated with using its services,
Dated at Rockville, Maryland, this 12th day (A) Clearing Agency’s Statement of the because the proposed changes simplify
of March, 2015. Purpose of, and Statutory Basis for, the and clarify the Guide’s text for the users
For the Nuclear Regulatory Commission. Proposed Rule Change of DTC’s services.
Tremaine Donnell,
1. Purpose (B) Clearing Agency’s Statement on
NRC Clearance Officer, Office of Information Burden on Competition
Services. Pursuant to the proposed rule change
[FR Doc. 2015–06154 Filed 3–17–15; 8:45 am] the Guide would be revised to: DTC does not believe that the
(i) Refer to the ‘‘Settlement User proposed rule change would have any
BILLING CODE 7590–01–P
Interface’’ rather than the ‘‘Settlement impact, or impose any burden, on
Web’’, ‘‘Participant Terminal System’’ competition.
and ‘‘Participant Browser Service’’;
SECURITIES AND EXCHANGE (ii) update the text of the Settling (C) Clearing Agency’s Statement on
COMMISSION Bank Processing Schedule and other Comments on the Proposed Rule
[Release No. 34–74485; File No. SR–DTC– text in the Guide to reflect that DTC Change Received From Members,
2015–02] end-of-day net settlement is processed Participants, or Others
through the National Settlement Service Written comments relating to the
Self-Regulatory Organizations; The (NSS) of the Federal Reserve System, proposed rule change have not yet been
Depository Trust Company; Notice of specifically, that DTC submits to the solicited or received. DTC will notify
Filing and Immediate Effectiveness of Federal Reserve Bank of New York a file the Commission of any written
Proposed Rule Change To Make to debit and credit Federal Reserve comments received by DTC.
Technical Revisions to the DTC accounts of Settling Banks
Settlement Service Guide simultaneously; III. Date of Effectiveness of the
mstockstill on DSK4VPTVN1PROD with NOTICES
(iii) delete references to the ‘‘U.S. Proposed Rule Change and Timing for
March 12, 2015.
program’’ of EuroCCP (which has ceased Commission Action
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (‘‘Act’’) 3 15
The foregoing rule change has become
U.S.C. 78s(b)(3)(A).
and Rule 19b–4 2 thereunder, notice is 4 17 CFR 240.19b–4(f)(4).
effective pursuant to Section
5 Each term not otherwise defined herein has the
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78q–1(b)(3)(F).
respective meaning set forth in DTC’s rules (the
2 17 CFR 240.19b–4. ‘‘Rules’’). 7 17 CFR 240.17Ad–22(d)(9).
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![14174 Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Notices
19(b)(3)(A) 8 of the Act and paragraph (f) will be posted without change; the February 19, 2015, FINRA filed
of Rule 19b–4 9 thereunder. At any time Commission does not edit personal Amendment No. 1 responding to the
within 60 days of the filing of the identifying information from comments received to the proposal as
proposed rule change, the Commission submissions. You should submit only well as to propose amendments in
summarily may temporarily suspend information that you wish to make response to these comments. On
such rule change if it appears to the available publicly. All submissions February 20, 2015, the Commission
Commission that such action is should refer to File Number SR–DTC– issued an order instituting proceedings
necessary or appropriate in the public 2015–02 and should be submitted on or pursuant to Section 19(b)(2)(B) of the
interest, for the protection of investors, before April 8, 2015. Act 5 to determine whether to approve
or otherwise in furtherance of the For the Commission, by the Division of or disapprove the proposal. The order
purposes of the Act. Trading and Markets, pursuant to delegated was published for comment in the
IV. Solicitation of Comments authority.10 Federal Register on February 26, 2015.6
Brent J. Fields, The proposed rule change, as
Interested persons are invited to modified by Amendment No. 1, is
Secretary.
submit written data, views and described in Items II and III below,
arguments concerning the foregoing, [FR Doc. 2015–06089 Filed 3–17–15; 8:45 am]
which Items have been substantially
including whether the proposed rule BILLING CODE 8011–01–P
prepared by FINRA.7 The Commission
change is consistent with the Act. is publishing this notice to solicit
Comments may be submitted by any of comments from interested persons on
the following methods: SECURITIES AND EXCHANGE
COMMISSION the proposal as amended by
Electronic Comments Amendment No. 1.
[Release No. 34–74488; File No. SR–FINRA–
• Use the Commission’s Internet 2014–047] II. Self-Regulatory Organization’s
comment form (http://www.sec.gov/ Statement of the Terms of Substance of
rules/sro.shtml); or Self-Regulatory Organizations; the Proposed Rule Change
• Send an email to rule-comments@ Financial Industry Regulatory
sec.gov. Please include File Number SR– Authority, Inc.; Notice of Filing of FINRA is proposing Amendment No.
DTC–2015–02 on the subject line. Amendment No. 1 to a Proposed Rule 1 to SR–FINRA–2014–047, a proposed
Change To Adopt FINRA Rule 2241 rule change to adopt NASD Rule 2711
Paper Comments (Research Analysts and Research
(Research Analysts and Research
• Send paper comments in triplicate Reports) in the Consolidated FINRA Reports) as a FINRA rule, with several
to Brent J. Fields, Secretary, Securities Rulebook modifications. The proposed rule
and Exchange Commission, 100 F Street change also would amend NASD Rule
NE., Washington, DC 20549–1090. March 12, 2015. 1050 (Registration of Research Analysts)
All submissions should refer to File and Incorporated NYSE Rule 344 to
I. Introduction
Number SR–DTC–2015–02. This file create an exception from the research
number should be included on the On November 14, 2014, Financial analyst qualification requirement. The
subject line if email is used. To help the Industry Regulatory Authority, Inc. proposed rule change would renumber
Commission process and review your (‘‘FINRA’’) filed with the Securities and NASD Rule 2711 as FINRA Rule 2241 in
comments more efficiently, please use Exchange Commission (‘‘SEC’’ or the consolidated FINRA rulebook.
only one method. The Commission will ‘‘Commission’’), pursuant to Section The text of the proposed rule change
post all comments on the Commission’s 19(b)(1) of the Securities Exchange Act is available on FINRA’s Web site at
Internet Web site (http://www.sec.gov/ of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and http://www.finra.org, at the principal
rules/sro.shtml). Copies of the Rule 19b–4 thereunder,2 a proposed rule office of FINRA and at the
submission, all subsequent to adopt NASD Rule 2711 (Research Commission’s Public Reference Room.
amendments, all written statements Analysts and Research Reports) as a
FINRA rule, with several modifications; III. Self-Regulatory Organization’s
with respect to the proposed rule Statement of the Purpose of, and
change that are filed with the amend NASD Rule 1050 (Registration of
Research Analysts) and Incorporated Statutory Basis for, the Proposed Rule
Commission, and all written Change
communications relating to the NYSE Rule 344 to create an exception
proposed rule change between the from the research analyst qualification In its filing with the Commission,
Commission and any person, other than requirement; and renumber NASD Rule FINRA included statements concerning
those that may be withheld from the 2711 as FINRA Rule 2241 in the the purpose of and basis for the
public in accordance with the consolidated FINRA rulebook. The proposed rule change and discussed any
provisions of 5 U.S.C. 552, will be proposal was published for comment in comments it received on the proposed
available for Web site viewing and the Federal Register on November 24, rule change. The text of these statements
printing in the Commission’s Public 2014.3 The Commission received four may be examined at the places specified
Reference Room, 100 F Street NE., comments on the proposal.4 On in Item V below. FINRA has prepared
Washington, DC 20549 on official summaries, set forth in sections A, B,
10 17 CFR 200.30–3(a)(12).
business days between the hours of 1 15
and C below, of the most significant
U.S.C. 78s(b)(1).
10:00 a.m. and 3:00 p.m. Copies of the 2 17 CFR 240.19b–4.
aspects of such statements.
mstockstill on DSK4VPTVN1PROD with NOTICES
filing also will be available for 3 Exchange Act Release No. 73622 (Nov. 18,
inspection and copying at the principal 2014); 79 FR 69939 (Nov. 24, 2014) (‘‘Notice’’). On 5 15 U.S.C. 78s(b)(2)(B).
office of DTC and on DTCC’s Web site January 6, 2015, FINRA consented to extending the 6 Exchange Act Release No. 74339 (Feb. 20, 2015);
(http://dtcc.com/legal/sec-rule- time period for the Commission to either approve 80 FR 10528 (Feb. 26, 2015). The comment period
or disapprove the proposed rule change, or to closes on March 19, 2015.
filings.aspx). All comments received institute proceedings to determine whether to 7 For a comparison of the changes of the rule text
approve or disapprove the proposed rule change, to between the proposal as originally noticed and the
8 15 U.S.C. 78s(b)(3)(A). February 20, 2015. proposal as amended by Amendment No. 1, see
9 17 CFR 240.19b–4(f). 4 See infra note 12. Exhibit 4 to SR–FINRA–2014–047.
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Document Created: 2018-02-21 09:39:57
Document Modified: 2018-02-21 09:39:57
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 14173 |
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