80 FR 43498 - Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Settlement Service Guide To Allow Participants To Elect To Receive Certain New Transactional and Settlement Balance Files and Effect a Related Amendment to the DTC Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 140 (July 22, 2015)
Federal Register Volume 80, Issue 140 (July 22, 2015)
| Page Range | 43498-43499 | |
| FR Document | 2015-17897 |
[Federal Register Volume 80, Number 140 (Wednesday, July 22, 2015)] [Notices] [Pages 43498-43499] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-17897] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75463; File No. SR-DTC-2015-008] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Settlement Service Guide To Allow Participants To Elect To Receive Certain New Transactional and Settlement Balance Files and Effect a Related Amendment to the DTC Fee Schedule July 16, 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 July 1, 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 primarily by DTC. DTC filed the proposed rule change pursuant to Section 19(b)(3)(A) \3\ of the Act, and Rule 19b-4(f)(2) \4\ and (f)(4)(i) \5\ 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). \5\ 17 CFR 240.19b-4(f)(4)(i). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change \6\ would: (i) Amend the Guide so that each Participant would be able to elect to receive either one or both of two new files containing its: (A) transactional information (``Transactional Information'') \7\ in one file (``Transactional Information File''), and (B) settlement balance information (``Settlement Balance Information'') \8\ in the other file (``Settlement Balance Information File'') (each a ``File'', and collectively, ``Files''), and (ii) amend the DTC Fee Schedule (``Fee Schedule'') to add Participant fees relating to the Files, as more fully described below. --------------------------------------------------------------------------- \6\ Each term not otherwise defined herein has its respective meaning as set forth in the DTC Rules (the ``Rules''), available at http://www.dtcc.com/legal/rules-and-procedures.aspx, and the DTC Settlement Service Guide (``Guide''), available at http:// www.dtcc.com/~/media/Files/Downloads/legal/service-guides/ Settlement.pdf. \7\ Transactional Information for this purpose is defined as information relating to the Participant's daily settlement transaction activity, as provided by DTC from time to time. \8\ Settlement Balance Information for this purpose is defined as the Participant's Net Debit Balance or Net Credit Balance, as applicable (``DTC Net Settlement Balance''). Where a Participant is a common member of DTC and National Securities Clearing Corporation (``NSCC''), Settlement Balance Information would include the net of the Participant's DTC Net Settlement Balance and its NSCC net settlement balance (i.e., the net amount of its gross settlement debits and credits at NSCC). --------------------------------------------------------------------------- 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 The purpose of the proposed rule filing is to amend: (i) The Guide so that Participants would be able to elect to receive one or both of the Files and (ii) the Fee Schedule to add Participant fees relating to the Files, as set forth below. Background Transactional Information and Settlement Balance Information are available to Participants in real-time via DTC's Settlement User Interface (``Interface'').\9\ Participants that wish to access Transactional Information and Settlement Balance Information outside of the Interface may incur expense in [[Page 43499]] order to extract the information from the Interface and incorporate it into their own file formats.\10\ --------------------------------------------------------------------------- \9\ The Interface allows for Participant input and inquiry into the DTC Settlement System. \10\ Based on staff in the Division of Trading and Markets's conversation with DTC's counsel on July 15, 2015, DTC's counsel has confirmed that Participants do not currently have to pay any additional fees to DTC to manually extract the data from the Interface, but Participants may need to devote their own resources to manually extract the data from the Interface into a file format. --------------------------------------------------------------------------- Proposal In order to enhance the ability of Participants to efficiently access Transactional Information and Settlement Balance Information on a cost effective basis, the proposed rule change would revise the Guide to allow Participants to elect to receive one or both Files, for a monthly fee per File.\11\ The Transactional Information File would be provided daily. The Settlement Balance Information File would be provided via a feed on an intraday basis, with final Settlement Balance Information provided at end-of-day. --------------------------------------------------------------------------- \11\ Based on staff in the Division of Trading and Markets's conversation with DTC's counsel on July 15, 2015, DTC's counsel has confirmed that providing Transactional Information and Settlement Balance Information in a file format is a new service. --------------------------------------------------------------------------- The Fee Guide would be amended to add the following Participant fees for access to the Files: Transactional Information and Settlement Balance Information Files ------------------------------------------------------------------------ Description Amount ($) Conditions ------------------------------------------------------------------------ Transactional Information File..... 200.00 Per month. Settlement Balance Information 400.00 Per month. File.. ------------------------------------------------------------------------ Implementation Date The effective date of the proposed rule change would be July 1, 2015. 2. Statutory Basis The proposed rule change is designed to promote the prompt and accurate clearance and settlement of securities transactions by enhancing access to information for Participants. The proposed fees as set forth above would apply equally for Participants that elect to receive Files. Therefore, DTC believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to DTC, in particular: (i) Section 17A(b)(3)(F) \12\ of the Act, 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) Section 17A(b)(3)(D) \13\ of the Act, which requires that the rules of the clearing agency provide for the equitable allocation of reasonable dues, fees, and other charges among its Participants, respectively. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78q-1(b)(3)(F). \13\ 15 U.S.C. 78q-1(b)(3)(D). --------------------------------------------------------------------------- (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 19(b)(3)(A) \14\ of the Act and paragraph (f) of Rule 19b-4 \15\ 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 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-2015-008 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-2015-008. 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-2015-008 and should be submitted on or before August 12, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-17897 Filed 7-21-15; 8:45 am] BILLING CODE 8011-01-P
![43498 Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices
III. Date of Effectiveness of the offices of the Exchange. All comments Participant would be able to elect to
Proposed Rule Change and Timing for received will be posted without change; receive either one or both of two new
Commission Action the Commission does not edit personal files containing its: (A) transactional
The rule amendment and NTM will identifying information from information (‘‘Transactional
become operative on July 20, 2015. submissions. You should submit only Information’’) 7 in one file
information that you wish to make (‘‘Transactional Information File’’), and
At any time within 60 days of the date
available publicly. All submissions (B) settlement balance information
of effectiveness of the proposed rule
should refer to File Number SR–OC– (‘‘Settlement Balance Information’’) 8 in
change, the Commission, after
2015–02, and should be submitted on or the other file (‘‘Settlement Balance
consultation with the CFTC, may
before August 12, 2015. Information File’’) (each a ‘‘File’’, and
summarily abrogate the proposed rule
change and require that the proposed For the Commission, by the Division of collectively, ‘‘Files’’), and (ii) amend the
rule change be refiled in accordance Trading and Markets, pursuant to delegated DTC Fee Schedule (‘‘Fee Schedule’’) to
with the provisions of Section 19(b)(1) authority.8 add Participant fees relating to the Files,
of the Act.7 Robert W. Errett, as more fully described below.
Deputy Secretary. II. Clearing Agency’s Statement of the
IV. Solicitation of Comments [FR Doc. 2015–17896 Filed 7–21–15; 8:45 am] Purpose of, and Statutory Basis for, the
Interested persons are invited to BILLING CODE 8011–01–P Proposed Rule Change
submit written data, views, and
In its filing with the Commission,
arguments concerning the foregoing,
SECURITIES AND EXCHANGE DTC included statements concerning
including whether the proposed rule
COMMISSION the purpose of, and basis for, the
change is consistent with the Act.
proposed rule change and discussed any
Comments may be submitted by any of [Release No. 34–75463; File No. SR–DTC– comments it received on the proposed
the following methods: 2015–008] rule change. The text of these statements
Electronic Comments Self-Regulatory Organizations; The may be examined at the places specified
• Use the Commission’s Internet Depository Trust Company; Notice of in Item IV below. DTC has prepared
comment form (http://www.sec.gov/ Filing and Immediate Effectiveness of summaries, set forth in sections A, B,
rules/sro.shtml); or Proposed Rule Change To Amend the and C below, of the most significant
• Send an email to rule-comments@ DTC Settlement Service Guide To aspects of such statements.
sec.gov. Please include File Number SR– Allow Participants To Elect To Receive (A) Clearing Agency’s Statement of the
OC–2015–02 on the subject line. Certain New Transactional and Purpose of, and Statutory Basis for, the
Settlement Balance Files and Effect a Proposed Rule Change
Paper Comments Related Amendment to the DTC Fee
• Send paper comments in triplicate Schedule 1. Purpose
to Brent J. Fields, Secretary, Securities The purpose of the proposed rule
July 16, 2015.
and Exchange Commission, 100 F Street filing is to amend: (i) The Guide so that
NE., Washington, DC 20549–1090. Pursuant to Section 19(b)(1) 1 of the Participants would be able to elect to
Securities Exchange Act of 1934 (‘‘Act’’) receive one or both of the Files and (ii)
All submissions should refer to File and Rule 19b–4 2 thereunder, notice is
Number SR–OC–2015–02. This file the Fee Schedule to add Participant fees
hereby given that on July 1, 2015, The
number should be included on the relating to the Files, as set forth below.
Depository Trust Company (‘‘DTC’’)
subject line if email is used. To help the filed with the Securities and Exchange Background
Commission process and review your Commission (‘‘Commission’’) the
comments more efficiently, please use Transactional Information and
proposed rule change as described in Settlement Balance Information are
only one method. The Commission will Items I, II, and III below, which Items
post all comments on the Commission’s available to Participants in real-time via
have been prepared primarily by DTC. DTC’s Settlement User Interface
Internet Web site (http://www.sec.gov/ DTC filed the proposed rule change
rules/sro.shtml). Copies of the (‘‘Interface’’).9 Participants that wish to
pursuant to Section 19(b)(3)(A) 3 of the access Transactional Information and
submission, all subsequent Act, and Rule 19b–4(f)(2) 4 and (f)(4)(i) 5
amendments, all written statements Settlement Balance Information outside
thereunder. The proposed rule change of the Interface may incur expense in
with respect to the proposed rule was effective upon filing with the
change that are filed with the Commission. The Commission is (the ‘‘Rules’’), available at http://www.dtcc.com/
Commission, and all written publishing this notice to solicit legal/rules-and-procedures.aspx, and the DTC
communications relating to the comments on the proposed rule change Settlement Service Guide (‘‘Guide’’), available at
proposed rule change between the from interested persons. http://www.dtcc.com/∼/media/Files/Downloads/
Commission and any person, other than legal/service-guides/Settlement.pdf.
those that may be withheld from the I. Clearing Agency’s Statement of the 7 Transactional Information for this purpose is
Terms of Substance of the Proposed defined as information relating to the Participant’s
public in accordance with the daily settlement transaction activity, as provided by
provisions of 5 U.S.C. 552, will be Rule Change DTC from time to time.
available for Web site viewing and The proposed rule change 6 would: (i) 8 Settlement Balance Information for this purpose
printing in the Commission’s Public Amend the Guide so that each is defined as the Participant’s Net Debit Balance or
Net Credit Balance, as applicable (‘‘DTC Net
Reference Room, 100 F Street NE., Settlement Balance’’). Where a Participant is a
tkelley on DSK3SPTVN1PROD with NOTICES
8 17
CFR 200.30–3(a)(73).
Washington, DC 20549, on official common member of DTC and National Securities
1 15
U.S.C. 78s(b)(1).
business days between the hours of 2 17 CFR 240.19b–4.
Clearing Corporation (‘‘NSCC’’), Settlement Balance
10:00 a.m. and 3:00 p.m. Copies of such Information would include the net of the
3 15 U.S.C. 78s(b)(3)(A).
Participant’s DTC Net Settlement Balance and its
filing also will be available for 4 17 CFR 240.19b–4(f)(2). NSCC net settlement balance (i.e., the net amount
inspection and copying at the principal 5 17 CFR 240.19b–4(f)(4)(i). of its gross settlement debits and credits at NSCC).
6 Each term not otherwise defined herein has its 9 The Interface allows for Participant input and
7 15 U.S.C. 78s(b)(1). respective meaning as set forth in the DTC Rules inquiry into the DTC Settlement System.
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![Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices 43499
order to extract the information from the alia, to promote the prompt and All submissions should refer to File
Interface and incorporate it into their accurate clearance and settlement of Number SR–DTC–2015–008. This file
own file formats.10 securities transactions, and (ii) Section number should be included on the
17A(b)(3)(D) 13 of the Act, which subject line if email is used. To help the
Proposal
requires that the rules of the clearing Commission process and review your
In order to enhance the ability of agency provide for the equitable comments more efficiently, please use
Participants to efficiently access allocation of reasonable dues, fees, and only one method. The Commission will
Transactional Information and other charges among its Participants, post all comments on the Commission’s
Settlement Balance Information on a respectively.
cost effective basis, the proposed rule Internet Web site (http://www.sec.gov/
change would revise the Guide to allow (B) Clearing Agency’s Statement on rules/sro.shtml). Copies of the
Participants to elect to receive one or Burden on Competition submission, all subsequent
both Files, for a monthly fee per File.11 DTC does not believe that the amendments, all written statements
The Transactional Information File proposed rule change would have any with respect to the proposed rule
would be provided daily. The impact, or impose any burden, on change that are filed with the
Settlement Balance Information File competition. Commission, and all written
would be provided via a feed on an communications relating to the
(C) Clearing Agency’s Statement on
intraday basis, with final Settlement proposed rule change between the
Comments on the Proposed Rule
Balance Information provided at end-of- Commission and any person, other than
Change Received From Members,
day. those that may be withheld from the
The Fee Guide would be amended to Participants, or Others
public in accordance with the
add the following Participant fees for Written comments relating to the provisions of 5 U.S.C. 552, will be
access to the Files: proposed rule change have not yet been available for Web site viewing and
solicited or received. DTC will notify
printing in the Commission’s Public
TRANSACTIONAL INFORMATION AND the Commission of any written
Reference Room, 100 F Street NE.,
SETTLEMENT BALANCE INFORMATION comments received by DTC.
Washington, DC 20549 on official
FILES III. Date of Effectiveness of the business days between the hours of
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the
Description Amount ($) Conditions Commission Action filing also will be available for
Transactional In- 200.00 Per The foregoing rule change has become inspection and copying at the principal
formation File.. month. effective pursuant to Section office of DTC and on DTCC’s Web site
Settlement Bal- 400.00 Per 19(b)(3)(A) 14 of the Act and paragraph (http://dtcc.com/legal/sec-rule-
ance Informa- month. (f) of Rule 19b–4 15 thereunder. At any filings.aspx). All comments received
tion File.. time within 60 days of the filing of the will be posted without change; the
proposed rule change, the Commission Commission does not edit personal
Implementation Date summarily may temporarily suspend identifying information from
The effective date of the proposed such rule change if it appears to the submissions. You should submit only
rule change would be July 1, 2015. Commission that such action is information that you wish to make
necessary or appropriate in the public available publicly. All submissions
2. Statutory Basis interest, for the protection of investors, should refer to File Number SR–DTC–
The proposed rule change is designed or otherwise in furtherance of the
to promote the prompt and accurate 2015–008 and should be submitted on
purposes of the Act.
clearance and settlement of securities or before August 12, 2015.
transactions by enhancing access to IV. Solicitation of Comments For the Commission, by the Division of
information for Participants. The Interested persons are invited to Trading and Markets, pursuant to delegated
proposed fees as set forth above would submit written data, views and authority.16
apply equally for Participants that elect arguments concerning the foregoing, Robert W. Errett,
to receive Files. Therefore, DTC believes including whether the proposed rule Deputy Secretary.
that the proposed rule change is change is consistent with the Act.
[FR Doc. 2015–17897 Filed 7–21–15; 8:45 am]
consistent with the requirements of the Comments may be submitted by any of
BILLING CODE 8011–01–P
Act and the rules and regulations the following methods:
thereunder applicable to DTC, in
Electronic Comments
particular: (i) Section 17A(b)(3)(F) 12 of
the Act, which requires that the rules of • Use the Commission’s Internet
the clearing agency be designed, inter comment form (http://www.sec.gov/
rules/sro.shtml); or
10 Based on staff in the Division of Trading and • Send an email to rule-comments@
Markets’s conversation with DTC’s counsel on July sec.gov. Please include File Number SR–
15, 2015, DTC’s counsel has confirmed that DTC–2015–008 on the subject line.
Participants do not currently have to pay any
additional fees to DTC to manually extract the data Paper Comments
from the Interface, but Participants may need to
devote their own resources to manually extract the • Send paper comments in triplicate
tkelley on DSK3SPTVN1PROD with NOTICES
data from the Interface into a file format. to Brent J. Fields, Secretary, Securities
11 Based on staff in the Division of Trading and
and Exchange Commission, 100 F Street
Markets’s conversation with DTC’s counsel on July
15, 2015, DTC’s counsel has confirmed that
NE., Washington, DC 20549–1090.
providing Transactional Information and Settlement
13 15 U.S.C. 78q–1(b)(3)(D).
Balance Information in a file format is a new
service. 14 15 U.S.C. 78s(b)(3)(A).
12 15 U.S.C. 78q–1(b)(3)(F). 15 17 CFR 240.19b–4(f). 16 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-15 12:54:29
Document Modified: 2015-12-15 12:54:29
| 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 43498 |
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