80 FR 18889 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Addendum A (Fee Structure) With Respect to the Alternative Investment Product Services
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 67 (April 8, 2015)
Federal Register Volume 80, Issue 67 (April 8, 2015)
| Page Range | 18889-18890 | |
| FR Document | 2015-07967 |
[Federal Register Volume 80, Number 67 (Wednesday, April 8, 2015)] [Notices] [Pages 18889-18890] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-07967] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74639; File No. SR-NSCC-2015-001] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Addendum A (Fee Structure) With Respect to the Alternative Investment Product Services April 2, 2015. 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 March 23, 2015, National Securities Clearing Corporation (``NSCC'') 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 NSCC. NSCC filed the proposed rule change pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(2) \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)(2). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change consists of an amendment to Addendum A (Fee Structure) of NSCC's Rules & Procedures (``Rules'') to establish certain fees applicable to the Alternative Investment Product services (``AIP'' or the ``Service''), as more fully described below. The text of the proposed rule change is available on NSCC's Web site at http://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. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (1) Statement of Purpose AIP was initially approved by the Commission on May 12, 2008 \5\ as a new processing platform for alternative investment products such as hedge funds, funds of hedge funds, commodities pools, managed futures, and real estate investment trusts (collectively, ``Eligible AIP Products''). AIP links global market participants, including broker/ dealers, fund managers, fund administrators and custodians (collectively, ``AIP Members''), to provide one standard end-to-end process for Eligible AIP Products. --------------------------------------------------------------------------- \5\ Securities Exchange Act Release No. 57813 (May 12, 2008), 73 FR 28539 (May 16, 2008) (SR-NSCC-2007-12). --------------------------------------------------------------------------- As set forth in NSCC's Rules, ``AIP Data transmitted through the AIP Service may include data relating to subscriptions and purchases; redemptions, withdrawals and tender offers; exchange transactions; transfers; . . . and such other data as may be established by [NSCC] from time to time.'' \6\ --------------------------------------------------------------------------- \6\ See, [sic] NSCC Rule 53 (Alternative Investment Product Services and Members), Section 6 (Transmission of AIP Data) [emphasis added]. --------------------------------------------------------------------------- NSCC recently enhanced the AIP platform to better process transfer instructions submitted by AIP Members. In connection with these enhancements, NSCC proposes to amend Addendum A to establish the fees applicable to the processing of transfers, such as for example, internal transfers. Internal transfers occur within an AIP Member that is a broker/dealer when such AIP Member re-registers a customer account in the name of a different customer due to, for example, the death of the previously registered customer. NSCC proposes to establish the following fees for AIP transfers:$1.50 per transfer for higher volume Eligible AIP Products. $5.00 per transfer for lower volume Eligible AIP Products. NSCC will implement the new transfer fees beginning March 26, 2015, or such later date as NSCC may announce through Important Notice. (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, the proposed rule change is consistent with Section 17A(b)(3)(D) \7\ of the Act because it establishes NSCC's fees for the processing of transfer instructions submitted by AIP Members, which helps to provide for the equitable allocation of reasonable dues, fees and other charges among members in connection with use of the Service. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78q-1(b)(3)(D). --------------------------------------------------------------------------- B. Self-Regulatory Organization'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. Self-Regulatory Organization'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 received by NSCC. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \8\ 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: [[Page 18890]] Electronic Comments Use 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-NSCC-2015-001 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-NSCC-2015-001. 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 NSCC and on DTCC's Web site at (http://www.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-2015-001 and should be submitted on or before April 29, 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. 2015-07967 Filed 4-7-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 18889
For the Commission, by the Division of II. Clearing Agency’s Statement of the • $5.00 per transfer for lower volume
Trading and Markets, pursuant to delegated Purpose of, and Statutory Basis for, the Eligible AIP Products.
authority.48 Proposed Rule Change NSCC will implement the new
Brent J. Fields, In its filing with the Commission, transfer fees beginning March 26, 2015,
Secretary. NSCC included statements concerning or such later date as NSCC may
[FR Doc. 2015–07964 Filed 4–7–15; 8:45 am] the purpose of and basis for the announce through Important Notice.
BILLING CODE 8011–01–P proposed rule change and discussed any (2) Statutory Basis
comments it received on the proposed
rule change. The text of these statements NSCC believes that the proposed rule
SECURITIES AND EXCHANGE may be examined at the places specified change is consistent with the
COMMISSION in Item IV below. NSCC has prepared requirements of the Act, and the rules
summaries, set forth in sections A, B, and regulations thereunder applicable to
and C below, of the most significant NSCC. In particular, the proposed rule
[Release No. 34–74639; File No. SR–NSCC–
aspects of such statements. change is consistent with Section
2015–001]
17A(b)(3)(D) 7 of the Act because it
A. Self-Regulatory Organization’s
Self-Regulatory Organizations; establishes NSCC’s fees for the
Statement of the Purpose of, and
National Securities Clearing processing of transfer instructions
Statutory Basis for, the Proposed Rule
Corporation; Notice of Filing and submitted by AIP Members, which
Change
Immediate Effectiveness of Proposed helps to provide for the equitable
(1) Statement of Purpose allocation of reasonable dues, fees and
Rule Change to Amend Addendum A
(Fee Structure) With Respect to the AIP was initially approved by the other charges among members in
Commission on May 12, 2008 5 as a new connection with use of the Service.
Alternative Investment Product
Services processing platform for alternative B. Self-Regulatory Organization’s
investment products such as hedge Statement on Burden on Competition
April 2, 2015. funds, funds of hedge funds,
commodities pools, managed futures, NSCC does not believe that the
Pursuant to Section 19(b)(1) of the proposed rule change will have any
Securities Exchange Act of 1934 and real estate investment trusts
(collectively, ‘‘Eligible AIP Products’’). impact or impose any burden on
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 competition.
notice is hereby given that on March 23, AIP links global market participants,
including broker/dealers, fund C. Self-Regulatory Organization’s
2015, National Securities Clearing
managers, fund administrators and Statement on Comments on the
Corporation (‘‘NSCC’’) filed with the
custodians (collectively, ‘‘AIP Proposed Rule Change Received From
Securities and Exchange Commission
Members’’), to provide one standard Members, Participants, or Others
(‘‘Commission’’) the proposed rule
end-to-end process for Eligible AIP
change as described in Items I, II and III Written comments relating to the
Products.
below, which Items have been prepared As set forth in NSCC’s Rules, ‘‘AIP proposed rule change have not yet been
by NSCC. NSCC filed the proposed rule Data transmitted through the AIP solicited or received. NSCC will notify
change pursuant to Section 19(b)(3)(A) 3 Service may include data relating to the Commission of any written
of the Act and Rule 19b–4(f)(2) 4 subscriptions and purchases; comments received by NSCC.
thereunder. The proposed rule change redemptions, withdrawals and tender
was effective upon filing with the III. Date of Effectiveness of the
offers; exchange transactions; transfers; Proposed Rule Change and Timing for
Commission. The Commission is . . . and such other data as may be
publishing this notice to solicit Commission Action
established by [NSCC] from time to
comments on the proposed rule change time.’’ 6 The foregoing rule change has become
from interested persons. NSCC recently enhanced the AIP effective pursuant to Section 19(b)(3)(A)
I. Clearing Agency’s Statement of the platform to better process transfer of the Act 8 and paragraph (f) of Rule
Terms of Substance of the Proposed instructions submitted by AIP Members. 19b–4 9 thereunder. At any time within
Rule Change In connection with these enhancements, 60 days of the filing of the proposed rule
NSCC proposes to amend Addendum A change, the Commission summarily may
The proposed rule change consists of to establish the fees applicable to the temporarily suspend such rule change if
an amendment to Addendum A (Fee processing of transfers, such as for it appears to the Commission that such
Structure) of NSCC’s Rules & Procedures example, internal transfers. Internal action is necessary or appropriate in the
(‘‘Rules’’) to establish certain fees transfers occur within an AIP Member public interest, for the protection of
applicable to the Alternative Investment that is a broker/dealer when such AIP investors, or otherwise in furtherance of
Product services (‘‘AIP’’ or the Member re-registers a customer account the purposes of the Act.
‘‘Service’’), as more fully described in the name of a different customer due
IV. Solicitation of Comments
below. The text of the proposed rule to, for example, the death of the
change is available on NSCC’s Web site previously registered customer. NSCC Interested persons are invited to
at http://www.dtcc.com/legal/sec-rule- proposes to establish the following fees submit written data, views, and
for AIP transfers:
asabaliauskas on DSK5VPTVN1PROD with NOTICES
filings.aspx, at the principal office of arguments concerning the foregoing,
NSCC, and at the Commission’s Public • $1.50 per transfer for higher volume including whether the proposed rule
Reference Room. Eligible AIP Products. change is consistent with the Act.
Comments may be submitted by any of
5 Securities Exchange Act Release No. 57813 (May
48 17 CFR 200.30–3(a)(12). the following methods:
12, 2008), 73 FR 28539 (May 16, 2008) (SR–NSCC–
1 15 U.S.C. 78s(b)(1). 2007–12).
2 17 CFR 240.19b–4. 6 See, [sic] NSCC Rule 53 (Alternative Investment 7 15 U.S.C. 78q–1(b)(3)(D).
3 15 U.S.C. 78s(b)(3)(A). 8 15 U.S.C. 78s(b)(3)(A).
Product Services and Members), Section 6
4 17 CFR 240.19b–4(f)(2). (Transmission of AIP Data) [emphasis added]. 9 17 CFR 240.19b–4(f).
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![18890 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices
Electronic Comments SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
COMMISSION Statement of the Purpose of, and
• Use the Commission’s Internet Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ Change
[Release No. 34–74638; File No. SR–BX–
rules/sro.shtml); or
2015–016] 1. Purpose
• Send an email to rule-comments@
sec.gov. Please include File Number SR– The Exchange is proposing to expand
Self-Regulatory Organizations;
NSCC–2015–001 on the subject line. the number of Time in Force
NASDAQ OMX BX, Inc.; Notice of Filing
designations currently available for use
and Immediate Effectiveness of in the BX System by adopting a Market
Paper Comments
Proposed Rule Change To Amend Rule Hours Immediate or Cancel (‘‘Market
• Send paper comments in triplicate 4751(h) Hours IOC’’ or ‘‘MIOC’’) Time in Force.
to Brent J. Fields, Secretary, Securities Time in Force is a characteristic of an
April 2, 2015.
and Exchange Commission, 100 F Street order that limits the period of time that
NE., Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the the System will hold an order for
Securities Exchange Act of 1934 potential execution. Currently the
All submissions should refer to File (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange offers the following six Times
Number SR–NSCC–2015–001. This file notice is hereby given that on March 24, in Force: (1) System Hours Immediate or
number should be included on the 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or Cancel; (2) System Hours Day; (3)
subject line if email is used. To help the ‘‘Exchange’’) filed with the Securities System Hours Good-till-Cancelled; (4)
Commission process and review your and Exchange Commission (‘‘SEC’’ or System Hours Expire Time; (5) Market
comments more efficiently, please use ‘‘Commission’’) the proposed rule Hours GTC; and (6) Good-til-market
only one method. The Commission will change as described in Items I and II close.3 The Exchange is proposing to
post all comments on the Commission’s below, which Items have been prepared add the Market Hours IOC Time in
Internet Web site (http://www.sec.gov/ by the Exchange. The Commission is Force, which will cause an order
rules/sro.shtml). Copies of the publishing this notice to solicit designated as such (or unexecuted
submission, all subsequent comments on the proposed rule change portion thereof) to be canceled if, after
amendments, all written statements entry into the System, the order (or
from interested persons.
with respect to the proposed rule unexecuted portion thereof) becomes
change that are filed with the I. Self-Regulatory Organization’s non-marketable during the period from
Commission, and all written Statement of the Terms of Substance of 9:30 a.m. Eastern Time until 4:00 p.m.
communications relating to the the Proposed Rule Change Eastern Time (‘‘Regular Market Hours’’).
proposed rule change between the The new Time in Force is similar to the
Commission and any person, other than The Exchange proposes to amend System Hours Immediate or Cancel
those that may be withheld from the Rule 4751(h) to introduce the Market (‘‘SIOC’’) Time in Force, which, as
public in accordance with the Hours Immediate or Cancel Time in noted above, is currently available on
provisions of 5 U.S.C. 552, will be Force for use on BX and to modify the the Exchange. Like the proposed MIOC
available for Web site viewing and processing of Good-til-market close- Time in Force, an order with a Time in
designated orders. Force of SIOC will cause such an order
printing in the Commission’s Public
The text of the proposed rule change (or a portion thereof) to be canceled and
Reference Room, 100 F Street NE.,
is available on the Exchange’s Web site returned to the entering market
Washington, DC 20549, on official participant if, after entry into the
business days between the hours of at http://
System, the order (or unexecuted
10:00 a.m. and 3:00 p.m. Copies of the nasdaqomxbx.cchwallstreet.com, at the
portion thereof) is not marketable.
filing also will be available for principal office of the Exchange, and at
Unlike the System Hours Immediate or
inspection and copying at the principal the Commission’s Public Reference Cancel Time in Force, which is
office of NSCC and on DTCC’s Web site Room. available for entry and potential
at (http://www.dtcc.com/legal/sec-rule- II. Self-Regulatory Organization’s execution from 7:00 a.m. until 7:00 p.m.
filings.aspx). All comments received Statement of the Purpose of, and Eastern Time (‘‘System Hours’’), the
will be posted without change; the Statutory Basis for, the Proposed Rule proposed MIOC Time in Force is only
Commission does not edit personal Change available for entry and potential
identifying information from execution during Regular Market Hours.
submissions. You should submit only In its filing with the Commission, the As such, MIOC-designated orders will
information that you wish to make Exchange included statements operate in the same manner as SIOC-
available publicly. All submissions concerning the purpose of and basis for designated orders, but are limited to
should refer to File Number SR–NSCC– the proposed rule change and discussed entry and potential execution only
2015–001 and should be submitted on any comments it received on the during Regular Market Hours. The
or before April 29, 2015. proposed rule change. The text of these Exchange notes that, because it is an
statements may be examined at the immediate or cancel time in force,4 the
For the Commission, by the Division of
places specified in Item IV below. The Exchange believes that it is appropriate
Trading and Markets, pursuant to delegated
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Exchange has prepared summaries, set to limit MIOC order entry to Regular
authority.10
Brent J. Fields, forth in sections A, B, and C below, of 3 See Rules 4751(h)(1)–(8). The Exchange notes
Secretary.
the most significant aspects of such that Rules 4751(h)(5) and (6) are currently held in
statements. reserve.
[FR Doc. 2015–07967 Filed 4–7–15; 8:45 am] 4 An order designated as ‘‘immediate or cancel’’
BILLING CODE 8011–01–P represents the entering member firm’s desire for the
order to either execute immediately after the
1 15 U.S.C. 78s(b)(1). System determines whether the order is marketable
10 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. or be canceled.
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Document Created: 2018-02-21 10:07:01
Document Modified: 2018-02-21 10:07:01
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 18889 |
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