80 FR 30505 - Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify That Participants Are Required To Participate in Operational Testing by DTC, Including Testing of DTC's Business Continuity and Disaster Recovery Plans
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 102 (May 28, 2015)
Federal Register Volume 80, Issue 102 (May 28, 2015)
| Page Range | 30505-30506 | |
| FR Document | 2015-12834 |
[Federal Register Volume 80, Number 102 (Thursday, May 28, 2015)] [Notices] [Pages 30505-30506] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-12834] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75030; File No. SR-DTC-2015-006] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify That Participants Are Required To Participate in Operational Testing by DTC, Including Testing of DTC's Business Continuity and Disaster Recovery Plans May 21, 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 May 12, 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)(1) \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)(1). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change consists of a change to Rule 2 of the Rules of DTC to clarify that Participants are required to participate in operational testing by DTC, including testing of DTC's business continuity and disaster recovery plans, as more fully described below.\5\ --------------------------------------------------------------------------- \5\ Terms not otherwise defined herein have the meaning set forth in the DTC Rules, available at http://www.dtcc.com/legal/rules-and-procedures.aspx. --------------------------------------------------------------------------- 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 DTC's Rule 2 (Participants and Pledgees), a DTC Participant is required to have ``adequate physical facilities, books and records and procedures to fulfill its anticipated commitments to, and to meet the operational requirements of, the Corporation, other Participants and Pledgees with necessary promptness and accuracy and to conform to any condition and requirement which the Corporation reasonably deems necessary for its protection.'' DTC is proposing to update Rule 2, as marked on Exhibit 5 hereto,\6\ in order to clarify that this requirement may include engagement in operational testing, including testing of DTC's business continuity and disaster recovery plans. The proposed change to Rule 2 reflects an existing policy with respect to the meaning of an existing rule, and will provide transparency regarding an existing requirement. --------------------------------------------------------------------------- \6\ The Commission notes that Exhibit 5 is attached to the filing, not to this Notice. --------------------------------------------------------------------------- 2. Statutory Basis The proposed rule change is consistent with the Ac [sic], and the rules and regulations thereunder, in particular Section 17A(b)(3)(F) \7\ because it will promote the prompt and accurate clearance and settlement of securities transactions in that it will provide clarity to DTC Participants regarding their membership requirements. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition The proposed rule change will not have any impact, or impose any burden, on competition. [[Page 30506]] (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 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-2015-006 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-2015-006. 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-2015-006 and should be submitted on or before June 18, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-12834 Filed 5-27-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 102 / Thursday, May 28, 2015 / Notices 30505
the date of effectiveness of the proposed should refer to File Number SR–CFE– II. Clearing Agency’s Statement of the
rule change, the Commission, after 2015–004, and should be submitted on Purpose of, and Statutory Basis for, the
consultation with the CFTC, may or before June 18, 2015. Proposed Rule Change
summarily abrogate the proposed rule For the Commission, by the Division of
change and require that the proposed Trading and Markets, pursuant to delegated In its filing with the Commission,
rule change be refiled in accordance authority.12 DTC included statements concerning
with the provisions of Section 19(b)(1) Robert W. Errett, the purpose of and basis for the
of the Act.11 Deputy Secretary. proposed rule change and discussed any
comments it received on the proposed
IV. Solicitation of Comments [FR Doc. 2015–12831 Filed 5–27–15; 8:45 am]
rule change. The text of these statements
Interested persons are invited to BILLING CODE 8011–01–P
may be examined at the places specified
submit written data, views, and in Item IV below. DTC has prepared
arguments concerning the foregoing, summaries, set forth in sections A, B,
including whether the proposed rule SECURITIES AND EXCHANGE
COMMISSION and C below, of the most significant
change is consistent with the Act.
aspects of such statements.
Comments may be submitted by any of
the following methods: [Release No. 34–75030; File No. SR–DTC– (A) Clearing Agency’s Statement of the
2015–006] Purpose of, and Statutory Basis for, the
Electronic Comments
Proposed Rule Change
• Use the Commission’s Internet Self-Regulatory Organizations; The
comment form (http://www.sec.gov/ Depository Trust Company; Notice of 1. Purpose
rules/sro.shtml); or Filing and Immediate Effectiveness of
• Send an email to rule-comments@ Proposed Rule Change To Clarify That Pursuant to DTC’s Rule 2 (Participants
sec.gov. Please include File Number SR– Participants Are Required To and Pledgees), a DTC Participant is
CFE–2015–004 on the subject line. Participate in Operational Testing by required to have ‘‘adequate physical
DTC, Including Testing of DTC’s facilities, books and records and
Paper Comments Business Continuity and Disaster procedures to fulfill its anticipated
• Send paper comments in triplicate Recovery Plans commitments to, and to meet the
to Secretary, Securities and Exchange operational requirements of, the
Commission, 100 F Street NE., May 21, 2015.
Corporation, other Participants and
Washington, DC 20549–1090. Pursuant to Section 19(b)(1) 1 of the Pledgees with necessary promptness
All submissions should refer to File Securities Exchange Act of 1934 (‘‘Act’’) and accuracy and to conform to any
Number SR–CFE–2015–004. This file and Rule 19b–4 2 thereunder, notice is condition and requirement which the
number should be included on the hereby given that on May 12, 2015, The
Corporation reasonably deems necessary
subject line if email is used. To help the Depository Trust Company (‘‘DTC’’)
for its protection.’’ DTC is proposing to
Commission process and review your filed with the Securities and Exchange
update Rule 2, as marked on Exhibit 5
comments more efficiently, please use Commission (‘‘Commission’’) the
proposed rule change as described in hereto,6 in order to clarify that this
only one method. The Commission will
Items I, II and III below, which Items requirement may include engagement in
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ have been prepared by DTC. DTC filed operational testing, including testing of
rules/sro.shtml). Copies of the the proposed rule change pursuant to DTC’s business continuity and disaster
submission, all subsequent Section 19(b)(3)(A) 3 of the Act and Rule recovery plans. The proposed change to
amendments, all written statements 19b–4(f)(1) 4 thereunder. The proposed Rule 2 reflects an existing policy with
with respect to the proposed rule rule change was effective upon filing respect to the meaning of an existing
change that are filed with the with the Commission. The Commission rule, and will provide transparency
Commission, and all written is publishing this notice to solicit regarding an existing requirement.
communications relating to the comments on the proposed rule change
2. Statutory Basis
proposed rule change between the from interested persons.
Commission and any person, other than I. Clearing Agency’s Statement of the The proposed rule change is
those that may be withheld from the Terms of Substance of the Proposed consistent with the Ac [sic], and the
public in accordance with the Rule Change rules and regulations thereunder, in
provisions of 5 U.S.C. 552, will be particular Section 17A(b)(3)(F) 7 because
available for Web site viewing and The proposed rule change consists of it will promote the prompt and accurate
printing in the Commission’s Public a change to Rule 2 of the Rules of DTC clearance and settlement of securities
Reference Room, 100 F Street NE., to clarify that Participants are required transactions in that it will provide
Washington, DC 20549, on official to participate in operational testing by clarity to DTC Participants regarding
business days between the hours of DTC, including testing of DTC’s
their membership requirements.
10:00 a.m. and 3:00 p.m. Copies of such business continuity and disaster
filing also will be available for recovery plans, as more fully described (B) Clearing Agency’s Statement on
inspection and copying at the principal below.5 Burden on Competition
offices of the Exchange. All comments
asabaliauskas on DSK5VPTVN1PROD with NOTICES
received will be posted without change; 12 17 CFR 200.30–3(a)(73). The proposed rule change will not
the Commission does not edit personal 1 15 U.S.C. 78s(b)(1). have any impact, or impose any burden,
identifying information from 2 17 CFR 240.19b–4. on competition.
3 15 U.S.C. 78s(b)(3)(A).
submissions. You should submit only
4 17 CFR 240.19b–4(f)(1).
information that you wish to make 5 Terms not otherwise defined herein have the
available publicly. All submissions meaning set forth in the DTC Rules, available at
6 The Commission notes that Exhibit 5 is attached
http://www.dtcc.com/legal/rules-and- to the filing, not to this Notice.
11 15 U.S.C. 78s(b)(1). procedures.aspx. 7 15 U.S.C. 78q–1(b)(3)(F).
VerDate Sep<11>2014 18:18 May 27, 2015 Jkt 235001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 E:\FR\FM\28MYN1.SGM 28MYN1](https://thefederalregister.org/doc/80_FR_30607/page/1.svg)
![30506 Federal Register / Vol. 80, No. 102 / Thursday, May 28, 2015 / Notices
(C) Clearing Agency’s Statement on Commission and any person, other than publishing this notice to solicit
Comments on the Proposed Rule those that may be withheld from the comments on the proposed rule change
Change Received From Members, public in accordance with the from interested persons.
Participants, or Others provisions of 5 U.S.C. 552, will be
I. Self-Regulatory Organization’s
Written comments relating to the available for Web site viewing and
printing in the Commission’s Public Statement of the Terms of Substance of
proposed rule change have not yet been the Proposed Rule Change
solicited or received. DTC will notify Reference Room, 100 F Street NE.,
the Commission of any written Washington, DC 20549 on official The Exchange proposes to delay the
comments received by DTC. business days between the hours of implementation of Rule 15.2A. There is
10:00 a.m. and 3:00 p.m. Copies of the no proposed change to the rule text.
III. Date of Effectiveness of the filing also will be available for
Proposed Rule Change, and Timing for II. Self-Regulatory Organization’s
inspection and copying at the principal
Commission Action Statement of the Purpose of, and
office of DTC and on DTCC’s Web site.
Statutory Basis for, the Proposed Rule
The foregoing rule change has become (http://dtcc.com/legal/sec-rule-
Change
effective pursuant to Section filings.aspx). All comments received
19(b)(3)(A) 8 of the Act and paragraph (f) will be posted without change; the In its filing with the Commission, the
of Rule 19b–4 9 thereunder. At any time Commission does not edit personal Exchange included statements
within 60 days of the filing of the identifying information from concerning the purpose of and basis for
proposed rule change, the Commission submissions. You should submit only the proposed rule change and discussed
summarily may temporarily suspend information that you wish to make any comments it received on the
such rule change if it appears to the available publicly. All submissions proposed rule change. The text of these
Commission that such action is should refer to File Number SR–DTC– statements may be examined at the
necessary or appropriate in the public 2015–006 and should be submitted on places specified in Item IV below. The
interest, for the protection of investors, or before June 18, 2015. Exchange has prepared summaries, set
or otherwise in furtherance of the For the Commission, by the Division of forth in sections A, B, and C below, of
purposes of the Act. Trading and Markets, pursuant to delegated the most significant aspects of such
authority.10 statements.
IV. Solicitation of Comments
Robert W. Errett, A. Self-Regulatory Organization’s
Interested persons are invited to Deputy Secretary. Statement of the Purpose of, and
submit written data, views and [FR Doc. 2015–12834 Filed 5–27–15; 8:45 am] Statutory Basis for, the Proposed Rule
arguments concerning the foregoing, BILLING CODE 8011–01–P Change
including whether the proposed rule
change is consistent with the Act. 1. Purpose
Comments may be submitted by any of SECURITIES AND EXCHANGE On August 13, 2014, the Commission
the following methods: COMMISSION approved CBOE Rules 6.53(y) and
Electronic Comments [Release No. 34–75029; File No. SR–CBOE– 15.2A.5 Rule 6.53(y) defines a tied to
• Use the Commission’s Internet 2015–051] stock order 6 and requires the
comment form (http://www.sec.gov/ representing Trading Permit Holder to
Self-Regulatory Organizations; include an indicator on each tied to
rules/sro.shtml); or
• Send an email to rule-comments@ Chicago Board Options Exchange, stock order upon systemization, subject
sec.gov. Please include File Number SR– Incorporated; Notice of Filing and to certain exceptions. Rule 15.2A
DTC–2015–006 on the subject line. Immediate Effectiveness of a Proposed requires, in a manner and form
Rule Change To Delay Implementation prescribed by the Exchange, each
Paper Comments of Rule 15.2A Trading Permit Holder (‘‘TPH’’), on the
• Send paper comments in triplicate May 21, 2015.
business day following the order
to Brent J. Fields, Secretary, Securities execution date, to report to the
Pursuant to Section 19(b)(1) of the Exchange certain information regarding
and Exchange Commission, 100 F Street Securities Exchange Act of 1934 (the
NE., Washington, DC 20549–1090. the executed stock or convertible
‘‘Act’’),1 and Rule 19b–4 thereunder,2 security legs of qualified contingent
All submissions should refer to File notice is hereby given that on May 20,
Number SR–DTC–2015–006. This file cross (‘‘QCC’’) orders,7 stock-option
2015, Chicago Board Options Exchange,
number should be included on the Incorporated (the ‘‘Exchange’’ or 5 Securities Exchange Act Release No. 72839
subject line if email is used. To help the ‘‘CBOE’’) filed with the Securities and (August 13, 2014), 79 FR 49123 (August 19, 2014)
Commission process and review your Exchange Commission (the (SR–CBOE–2014–040) (order approving Rules
comments more efficiently, please use ‘‘Commission’’) the proposed rule 6.53(y) and 15.2A).
only one method. The Commission will change as described in Items I, II, and
6 Rule 6.53(y) provides that an order is ‘‘tied to
post all comments on the Commission’s stock’’ if, at the time the Trading Permit Holder
III below, which Items have been representing the order on the Exchange receives the
Internet Web site (http://www.sec.gov/ prepared by the Exchange. The order (if the order is a customer order) or initiates
rules/sro.shtml). Copies of the Exchange filed the proposal as a ‘‘non- the order (if the order is a is a proprietary order),
submission, all subsequent controversial’’ proposed rule change has knowledge that the order is coupled with an
order(s) for the underlying stock or a security
asabaliauskas on DSK5VPTVN1PROD with NOTICES
amendments, all written statements pursuant to Section 19(b)(3)(A)(iii) of convertible into the underlying stock (‘‘convertible
with respect to the proposed rule the Act 3 and Rule 19b–4(f)(6) security’’ and, together with underlying stock,
change that are filed with the thereunder.4 The Commission is ‘‘non-option’’).
Commission, and all written 7 A QCC order is an order to buy (sell) at least
communications relating to the 10 17 1,000 standard option contracts or 10,000 mini-
CFR 200.30–3(a)(12).
option contracts that is identified as being part of
proposed rule change between the 1 15 U.S.C. 78s(b)(1). a qualified contingent trade coupled with a contra-
2 17 CFR 240.19b–4.
side order to sell (buy) an equal number of
8 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A)(iii).
contracts. These orders may only be entered in the
9 17 CFR 240.19b–4(f). 4 17 CFR 240.19b–4(f)(6). standard increments applicable to simple orders in
VerDate Sep<11>2014 18:18 May 27, 2015 Jkt 235001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\28MYN1.SGM 28MYN1](https://thefederalregister.org/doc/80_FR_30607/page/2.svg)
Document Created: 2018-02-21 10:32:47
Document Modified: 2018-02-21 10:32:47
| 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 30505 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR