80 FR 73029 - Self-Regulatory Organizations; National Securities Clearing Corporation; Order Approving Proposed Rule Change To Require Real-Time Trade Submission and To Prohibit Pre-Netting Practices Through NSCC's Correspondent Clearing Service
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 225 (November 23, 2015)
Federal Register Volume 80, Issue 225 (November 23, 2015)
| Page Range | 73029-73031 | |
| FR Document | 2015-29728 |
[Federal Register Volume 80, Number 225 (Monday, November 23, 2015)] [Notices] [Pages 73029-73031] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-29728] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76462; File No. SR-NSCC-2015-004] Self-Regulatory Organizations; National Securities Clearing Corporation; Order Approving Proposed Rule Change To Require Real-Time Trade Submission and To Prohibit Pre-Netting Practices Through NSCC's Correspondent Clearing Service November 17, 2015. On September 30, 2015, National Securities Clearing Corporation (``NSCC'') filed with the Securities and Exchange Commission (``Commission'') proposed rule change SR-NSCC-2015-004 pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ to require correspondent clearing trades to be submitted in real-time. The proposed rule change was published for comment in the Federal Register on October 14, 2015.\3\ The Commission did not receive comment letters regarding the proposed change. For the reasons discussed below, the Commission is granting approval of the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 76099 (October 7, 2015), 80 FR 61860 (October 14, 2015) (SR-NSCC-2015-004). --------------------------------------------------------------------------- I. Description of the Proposed Rule Change The following is a description of the proposed rule change, as provided by NSCC: The proposed rule change consists of amendments to NSCC's Rules & Procedures (``Rules'') in order to require that trade data submitted to NSCC through its Correspondent Clearing service, other than position movements between NSCC Members that are Affiliates and Client Custody Movements, as described further below, be submitted in real-time, and to prohibit pre-netting and other practices that prevent real-time trade submission.\4\ --------------------------------------------------------------------------- \4\ Terms not defined herein are defined in the Rules, available at http://dtcc.com/~/media/Files/Downloads/legal/rules/ nscc_rules.pdf. --------------------------------------------------------------------------- Background Requiring trades to be submitted in real-time facilitates efficient risk management for both NSCC and its Members, enables same-day bookkeeping and reconciliation, and, therefore, significantly reduces risk to the industry. Receipt of trade data on a real-time basis permits NSCC's risk management processes to monitor trades closer to trade execution on an intra-day basis, and to identify and risk manage any issues relating to exposures earlier in the day. Contract information is currently reported out to submitting firms by NSCC's Universal Trade Capture (``UTC'') system upon trade comparison and validation, and receipt of trade data in real-time enables NSCC to report to Members trade data as it is received, thereby promoting intra-day reconciliation of transactions at the Member level. The majority of trades submitted to NSCC for clearing are currently being submitted in real-time on a trade-by-trade basis, and NSCC is operationally capable of managing trade volumes that are multiple times larger than the historical peak volumes. NSCC will require that trade data submitted through its Correspondent Clearing service, as described below, be submitted in real-time and to prohibit pre-netting and other practices that prevent real-time trade submission (``pre-netting practices''). NSCC will exclude from this requirement position movements between NSCC Members that are Affiliates and Client Custody Movements, as described below. The term ``real-time,'' when used with respect to trade submission, is defined in Procedure XIII (Definitions) of the Rules as the submission of trade data on a trade-by-trade basis promptly after trade execution, in any format and by any communication method acceptable to NSCC. NSCC's UTC system receives and validates transactions that are submitted to it, reports trade details back out to the submitting firm, and prepares those transactions for netting and settlement by routing transactions to netting and settlement systems, such as Continuous Net Settlement Accounting Operation, the Balance Order Accounting Operation, or the Foreign Security Accounting Operation, as applicable. Transactions are submitted to UTC [[Page 73030]] either on a locked-in basis by self-regulatory organizations (including national and regional exchanges and marketplaces) (``SROs'') and Qualified Special Representatives (``QSRs''),\5\ or are submitted to UTC as a part of NSCC's Correspondent Clearing service, which allows for post-execution position movements between two clearing firms. Currently all transactions submitted to NSCC on a locked-in basis by SROs and QSRs, which constitute approximately 95% of all transactions processed at NSCC,\6\ are required to be submitted in real-time and may not be pre-netted or batched prior to submission.\7\ --------------------------------------------------------------------------- \5\ QSRs are defined in section 3 of Rule 7 as NSCC Members that have applied to NSCC to be a Special Representative, and either (i) operate an automated execution system where they are always the contra side of every trade, (ii) are the parent or affiliate of an entity operating such an automated system, where they are the contra side of every trade, or (iii) clear for a broker/dealer that operates such a system and the subscribers to the system acknowledge the clearing Member's role in the clearance and settlement of these trades. Rules, supra note 4. \6\ Based on data from the second quarter of 2015, which show an approximate daily average of 41 million transactions processed at NSCC, with an approximate total daily value of an average of $455 billion; and an approximate average of 1.1 million submissions through Correspondent Clearing, with an approximate total daily value of an average of $57 billion. The average daily volume of submissions through Correspondent Clearing is less than 5% of NSCC's overall daily volume. \7\ Securities Exchange Act Release No. 69890 (June 28, 2013), 78 FR 40538 (July 5, 2013) (File No. SR-NSCC-2013-05). See also Rule 7 (Comparison and Trade Recording Operation), Procedure II (Trade Comparison and Recording Service), and Procedure IV (Special Representative Service), supra note 4. --------------------------------------------------------------------------- NSCC's Correspondent Clearing service is designed to provide an automated method by which a Member, acting as a Special Representative, may move a position that has been submitted to NSCC for clearing to the account of another Member (the submitting Member's correspondent) on whose behalf the original trade was executed.\8\ Members participating in the Correspondent Clearing service for post-execution position movements and those participating as a QSR for submission of original, locked-in trades are required to apply for status as a Special Representative or as a QSR, and to establish relationships with other NSCC Members that will be designated as their correspondents. While NSCC encourages Special Representatives to submit Correspondent Clearing submissions to NSCC as soon as possible following execution, currently these position movements may be sent to NSCC either in real- time, intraday, or at the end of the day. --------------------------------------------------------------------------- \8\ The term ``original trade'' is used within the Rules describing the Correspondent Clearing service solely to distinguish between trades executed in the marketplace by the Special Representative, and transactions booked for accounting purposes to accommodate the movement of positions between Members as provided for in Section C of Procedure IV. Original trades may not be submitted through NSCC's Correspondent Clearing service. Rules, supra note 4. --------------------------------------------------------------------------- NSCC has continued to engage widely with its Members about the benefits of expanding the requirements to submit transactions in real- time and, as a result of these continuing discussions, will modify its Rules to require that trade data submitted through its Correspondent Clearing service also be submitted in real-time. The proposed rule change will also prohibit pre-netting practices that prevent real-time trade submission through Correspondent Clearing. NSCC's Rules currently prohibit pre-netting practices that preclude real-time submission with respect to submissions by QSRs and SROs. Pre- netting practices that are currently prohibited include ``summarization'' (a technique in which the clearing broker nets all trades in a single CUSIP by the same correspondent broker into fewer submitted trades), ``compression'' (a technique to combine submissions of data for multiple trades to the point where the identity of the party actually responsible for the trades is masked), netting, or any other practice that combines two or more trades prior to their submission to NSCC. NSCC will extend the prohibition against pre-netting practices to submissions through Correspondent Clearing because pre-netting practices prevent the submission to NSCC of transactions on a trade-by- trade basis, and cause Special Representatives to delay submission of their trades, thereby undermining the risk mitigation benefits of real- time trade submission. Pre-netting practices disrupt NSCC's ability to accurately monitor market and credit risks as they evolve during the trading day. NSCC will exclude from the requirements of this proposal any position movements between Members that are Affiliates, as identified within NSCC's membership management records. As defined in Rule 4A, ``Affiliate'' means a person that controls or is controlled by or is under common control with another person.\9\ Position movements between Affiliates do not introduce the risk management concerns that are mitigated by real-time trade submission. As such, Members will not be required to submit these position movements in real-time, but will continue to be encouraged to do so. Positions movements between Affiliates represent fewer than 5% of trade data submitted through Correspondent Clearing to NSCC.\10\ --------------------------------------------------------------------------- \9\ Control of a person means the direct or indirect ownership or power to vote more than 50% of any class of the voting securities or other voting interests of any person. Rule 4A, supra note 4. \10\ Based on data from the second quarter of 2015, which show an approximate daily average of 1.1 million submissions through Correspondent Clearing at NSCC, with an approximate total daily value of an average of $57 billion; and an approximate average of 52,000 position movements through Correspondent Clearing between Affiliates, with an approximate total daily value of an average of $13 billion. The average daily volume of position movements through Correspondent Clearing between Affiliates is less than 1% of NSCC's overall daily volume. --------------------------------------------------------------------------- In order to submit trade data through Correspondent Clearing outside of the real-time trade submission requirements, Special Representatives will need to identify a transaction as an Affiliate position movement. NSCC will validate the Affiliates' relationship between the counterparties by a check against the information within NSCC's membership management records as of the time of the trade submission. Members continue to be required to provide NSCC with current information regarding their corporate ownership structure. If an Affiliate relationship is not reflected on NSCC's records at the time of the trade submission, the transaction will be rejected. NSCC will also exclude from the requirements of this proposal position movements that occur between two unaffiliated clearing brokers, typically at the end of the day, on behalf of a common customer for custody purposes (``Client Custody Movements''). These movements, which today represent approximately 1% of submissions through Correspondent Clearing, will be exempt from the requirement because they necessarily take place at the end of the day, after the common client has reviewed its end of day positions and has instructed the clearing brokers as to which positions it will move for custody purposes. NSCC will amend Rule 7 (Comparison and Trade Recording Operation), Procedure II (Trade Comparison and Recording Service), and Procedure IV (Special Representative Service) to require that trades submitted by Special Representatives for trade recording through NSCC's Correspondent Clearing service be submitted on a real-time basis and to make clear that trade data submitted to NSCC through Correspondent Clearing service must be submitted on a trade-by-trade basis, in the original form executed, and that pre-netting practices are prohibited. The proposed rule change will also make clear that these requirements will not [[Page 73031]] apply to position movements between NSCC Members that are Affiliates or to Client Custody Movements. Implementation The effective date of the proposed rule change will be announced via a NSCC Important Notice. The proposed rule change will not be implemented earlier than ten business days from the date of Commission approval. II. Discussion and Commission Findings Section 19(b)(2)(C) of the Act \11\ directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and rules and regulations thereunder applicable to such organization. The Commission believes the proposal is consistent with section 17A(b)(3)(F) of the Act \12\ and Rule 17Ad- 22(d)(4) \13\ under the Act, as described in detail below. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(2)(C). \12\ 15 U.S.C. 78q-1(b)(3)(F). \13\ 17 CFR 240.17Ad-22(d)(4). --------------------------------------------------------------------------- Consistency with Section 17A(b)(3)(F) of the Act. Section 17A(b)(3)(F) of the Act requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions, as well as, in general, protect investors and the public interest.\14\ The Commission believes that the receipt of locked-in trade data on a real-time basis through NSCC's Correspondent Clearing service will enable NSCC's risk management processes to monitor such trades closer to trade execution and, thus, better identify and manage related risk exposure on an intra-day basis. Further, receiving such transactions in real-time will promote intra-day reconciliation and, in return, more timely reporting of Member transactions back to Members, thereby enabling Members to manage their exposure to certain operational, market, and credit risks, all of which helps facilitate the prompt and accurate clearance and settlement of securities transactions. As such, the Commission believes that the proposal is consistent with section 17A(b)(3)(F) of the Act.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78q-1(b)(3)(F). \15\ Id. --------------------------------------------------------------------------- Consistency with Rule 17Ad-22(d)(4). Rule 17Ad-22(d)(4) under the Act requires a central counterparty, such as NSCC, to ``establish, implement, maintain and enforce written policies and procedures reasonably designed to . . . [i]dentify sources of operational risk and minimize them through the development of appropriate systems, controls, and procedures . . . .'' \16\ As stated above, the Commission believes that the receipt of locked-in trade data on a real-time basis through NSCC's Correspondent Clearing service will enable NSCC's risk management processes to monitor such trades closer to trade execution, on an intra-day basis, and, thus, identify and manage related risk exposure earlier, thereby potentially minimizing a source of operational risk. As such, the Commission believes that the proposal is consistent with Rule 17Ad-22(d)(4).\17\ --------------------------------------------------------------------------- \16\ 17 CFR 240.17Ad-22(d)(4). \17\ Id. --------------------------------------------------------------------------- III. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of section 17A of the Act \18\ and the rules and regulations thereunder. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78q-1. --------------------------------------------------------------------------- It is therefore ordered, pursuant to section 19(b)(2) of the Act, that proposed rule change SR-NSCC-2015-004 be, and hereby is, Approved.\19\ --------------------------------------------------------------------------- \19\ In approving the proposed rule change, the Commission considered the proposal's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-29728 Filed 11-20-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices 73029
implement this proposed rule change, proposed rule change SR–NSCC–2015– be submitted in real-time, and to
NSCC will amend Procedure II (Trade 005 be, and hereby is, approved.16 prohibit pre-netting and other practices
Comparison and Recording Service). In For the Commission, by the Division of that prevent real-time trade
particular, these amendments will Trading and Markets, pursuant to delegated submission.4
provide that CMU T+1 transactions will authority.17
Background
be handled in the same manner as CMU Robert W. Errett,
T+2 trades and trades submitted for Deputy Secretary. Requiring trades to be submitted in
regular way (or T+3) settlement. real-time facilitates efficient risk
[FR Doc. 2015–29726 Filed 11–20–15; 8:45 am]
Procedure II will also be amended to management for both NSCC and its
BILLING CODE 8011–01–P
remove reference to CMU T+1 Members, enables same-day
transactions from the section that bookkeeping and reconciliation, and,
identifies those trades that are accepted SECURITIES AND EXCHANGE therefore, significantly reduces risk to
by NSCC for comparison-only COMMISSION the industry. Receipt of trade data on a
processing. real-time basis permits NSCC’s risk
[Release No. 34–76462; File No. SR–NSCC– management processes to monitor trades
Implementation 2015–004] closer to trade execution on an intra-day
The effective date of the proposed basis, and to identify and risk manage
rule change will be announced via an Self-Regulatory Organizations;
any issues relating to exposures earlier
NSCC Important Notice. National Securities Clearing
in the day. Contract information is
Corporation; Order Approving
II. Discussion and Commission currently reported out to submitting
Proposed Rule Change To Require
Findings firms by NSCC’s Universal Trade
Real-Time Trade Submission and To
Capture (‘‘UTC’’) system upon trade
Section 19(b)(2)(C) of the Act 11 Prohibit Pre-Netting Practices Through
comparison and validation, and receipt
directs the Commission to approve a NSCC’s Correspondent Clearing
of trade data in real-time enables NSCC
proposed rule change of a self- Service
to report to Members trade data as it is
regulatory organization if it finds that received, thereby promoting intra-day
November 17, 2015.
such proposed rule change is consistent reconciliation of transactions at the
On September 30, 2015, National
with the requirements of the Act and Member level. The majority of trades
Securities Clearing Corporation
rules and regulations thereunder submitted to NSCC for clearing are
(‘‘NSCC’’) filed with the Securities and
applicable to such organization. The currently being submitted in real-time
Commission believes the proposal is Exchange Commission (‘‘Commission’’)
proposed rule change SR–NSCC–2015– on a trade-by-trade basis, and NSCC is
consistent with section 17A(b)(3)(F) of
004 pursuant to section 19(b)(1) of the operationally capable of managing trade
the Act.12
Securities Exchange Act of 1934 volumes that are multiple times larger
Section 17A(b)(3)(F) of the Act
requires, among other things, that the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 than the historical peak volumes.
to require correspondent clearing trades NSCC will require that trade data
rules of a clearing agency be designed to
to be submitted in real-time. The submitted through its Correspondent
promote the prompt and accurate
proposed rule change was published for Clearing service, as described below, be
clearance and settlement of securities
comment in the Federal Register on submitted in real-time and to prohibit
transactions, as well as, in general,
October 14, 2015.3 The Commission did pre-netting and other practices that
protect investors and the public
not receive comment letters regarding prevent real-time trade submission
interest.13 By permitting T+1 CMU
the proposed change. For the reasons (‘‘pre-netting practices’’). NSCC will
transactions to settle through CNS or the
Balance Order Accounting Operation, discussed below, the Commission is exclude from this requirement position
the transactions will receive the benefit granting approval of the proposed rule movements between NSCC Members
of NSCC’s settlement services, change. that are Affiliates and Client Custody
including, in the case of CNS, a trade Movements, as described below. The
I. Description of the Proposed Rule term ‘‘real-time,’’ when used with
guarantee. Thus, the proposal will Change
protect investors and the public interest respect to trade submission, is defined
by mitigating NSCC Members’ The following is a description of the in Procedure XIII (Definitions) of the
settlement risk and counterparty risk. proposed rule change, as provided by Rules as the submission of trade data on
As such, the Commission believes that NSCC: a trade-by-trade basis promptly after
the proposal is consistent with section The proposed rule change consists of trade execution, in any format and by
17A(b)(3)(F) of the Act.14 amendments to NSCC’s Rules & any communication method acceptable
Procedures (‘‘Rules’’) in order to require to NSCC.
III. Conclusion that trade data submitted to NSCC NSCC’s UTC system receives and
On the basis of the foregoing, the through its Correspondent Clearing validates transactions that are submitted
Commission finds that the proposal is service, other than position movements to it, reports trade details back out to the
consistent with the requirements of the between NSCC Members that are submitting firm, and prepares those
Act and in particular with the Affiliates and Client Custody transactions for netting and settlement
requirements of section 17A of the Movements, as described further below, by routing transactions to netting and
Act 15 and the rules and regulations settlement systems, such as Continuous
thereunder. 16 In approving the proposed rule change, the
Net Settlement Accounting Operation,
It is therefore ordered, pursuant to Commission considered the proposal’s impact on the Balance Order Accounting
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efficiency, competition, and capital formation. 15
section 19(b)(2) of the Act, that U.S.C. 78c(f). Operation, or the Foreign Security
17 17 CFR 200.30–3(a)(12). Accounting Operation, as applicable.
11 15 U.S.C. 78s(b)(2)(C). 1 15 U.S.C. 78s(b)(1). Transactions are submitted to UTC
12 15 U.S.C. 78q–1(b)(3)(F). 2 17 CFR 240.19b–4.
13 Id. 3 See Securities Exchange Act Release No. 76099 4 Terms not defined herein are defined in the
14 Id.
(October 7, 2015), 80 FR 61860 (October 14, 2015) Rules, available at http://dtcc.com/∼/media/Files/
15 15 U.S.C. 78q–1. (SR–NSCC–2015–004). Downloads/legal/rules/nscc_rules.pdf.
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![Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices 73031
apply to position movements between risk and minimize them through the it has not filed any periodic reports
NSCC Members that are Affiliates or to development of appropriate systems, since the period ended January 31,
Client Custody Movements. controls, and procedures . . . .’’ 16 As 2013. On October 22, 2014, the Division
stated above, the Commission believes of Corporation Finance sent African
Implementation
that the receipt of locked-in trade data Copper a delinquency letter requesting
The effective date of the proposed on a real-time basis through NSCC’s compliance with their periodic filing
rule change will be announced via a Correspondent Clearing service will obligations, but the letter was returned
NSCC Important Notice. The proposed enable NSCC’s risk management because of African Copper’s failure to
rule change will not be implemented processes to monitor such trades closer maintain a valid address on file with the
earlier than ten business days from the to trade execution, on an intra-day basis, Commission, as required by
date of Commission approval. and, thus, identify and manage related Commission rules (Rule 301 of
risk exposure earlier, thereby potentially Regulation S–T, 17 CFR 232.301 and
II. Discussion and Commission
minimizing a source of operational risk. Section 5.4 of EDGAR Filer Manual).
Findings It appears to the Securities and
As such, the Commission believes that
Section 19(b)(2)(C) of the Act 11 the proposal is consistent with Rule Exchange Commission that there is a
directs the Commission to approve a 17Ad–22(d)(4).17 lack of current and accurate information
proposed rule change of a self- concerning the securities of Genmed
regulatory organization if it finds that III. Conclusion Holding Corp. (CIK No. 1061688), a
such proposed rule change is consistent On the basis of the foregoing, the revoked Nevada corporation with its
with the requirements of the Act and Commission finds that the proposal is principal place of business listed as
rules and regulations thereunder consistent with the requirements of the Zoetermeer, The Netherlands, with
applicable to such organization. The Act and in particular with the stock quoted on OTC Link under the
Commission believes the proposal is requirements of section 17A of the ticker symbol GENM, because it has not
consistent with section 17A(b)(3)(F) of Act 18 and the rules and regulations filed any periodic reports since the
the Act 12 and Rule 17Ad–22(d)(4) 13 thereunder. period ended December 31, 2012. On
under the Act, as described in detail It is therefore ordered, pursuant to October 22, 2014, the Division of
below. section 19(b)(2) of the Act, that Corporation Finance sent Genmed
Consistency with Section 17A(b)(3)(F) proposed rule change SR–NSCC–2015– Holding a delinquency letter requesting
of the Act. Section 17A(b)(3)(F) of the 004 be, and hereby is, Approved.19 compliance with their periodic filing
Act requires, among other things, that obligations, but the letter was returned
For the Commission, by the Division of
the rules of a clearing agency be because of Genmed Holdings’ failure to
Trading and Markets, pursuant to delegated
designed to promote the prompt and authority.20 maintain a valid address on file with the
accurate clearance and settlement of Commission, as required by
Robert W. Errett,
securities transactions, as well as, in Commission rules (Rule 301 of
Deputy Secretary. Regulation S–T, 17 CFR 232.301 and
general, protect investors and the public
[FR Doc. 2015–29728 Filed 11–20–15; 8:45 am] Section 5.4 of EDGAR Filer Manual).
interest.14 The Commission believes
that the receipt of locked-in trade data BILLING CODE 8011–01–P It appears to the Securities and
on a real-time basis through NSCC’s Exchange Commission that there is a
Correspondent Clearing service will lack of current and accurate information
enable NSCC’s risk management SECURITIES AND EXCHANGE concerning the securities of Yanglin
processes to monitor such trades closer COMMISSION Soybean, Inc. (CIK No. 1368745), a
to trade execution and, thus, better [File No. 500–1] revoked Nevada corporation with its
identify and manage related risk principal place of business listed as
exposure on an intra-day basis. Further, In the Matter of African Copper Corp., Heilongjiang Province, China, with
receiving such transactions in real-time Genmed Holding Corp., and Yanglin stock quoted on OTC Link under the
will promote intra-day reconciliation Soybean, Inc., Order of Suspension of ticker symbol YSYB, because it has not
and, in return, more timely reporting of Trading filed any periodic reports since the
Member transactions back to Members, period ended December 31, 2012. On
November 19, 2015. November 7, 2014, the Division of
thereby enabling Members to manage
their exposure to certain operational, It appears to the Securities and Corporation Finance sent Yanglin
market, and credit risks, all of which Exchange Commission that there is a Soybean a delinquency letter requesting
helps facilitate the prompt and accurate lack of current and accurate information compliance with their periodic filing
clearance and settlement of securities concerning the securities of African obligations, but the letter was returned
transactions. As such, the Commission Copper Corp. (CIK No. 1526185), a because of Yanglin Soybean’s failure to
believes that the proposal is consistent revoked Nevada corporation with its maintain a valid address on file with the
with section 17A(b)(3)(F) of the Act.15 principal place of business listed as Commission, as required by
Consistency with Rule 17Ad–22(d)(4). Mowbray, Cape Town, South Africa, Commission rules (Rule 301 of
Rule 17Ad–22(d)(4) under the Act with stock quoted on OTC Link Regulation S–T, 17 CFR 232.301 and
requires a central counterparty, such as (previously, ‘‘Pink Sheets’’) operated by Section 5.4 of EDGAR Filer Manual).
NSCC, to ‘‘establish, implement, OTC Markets Group, Inc. (‘‘OTC Link’’) The Commission is of the opinion that
maintain and enforce written policies under the ticker symbol ACCS, because the public interest and the protection of
and procedures reasonably designed to investors require a suspension of trading
wgreen on DSK2VPTVN1PROD with NOTICES
. . . [i]dentify sources of operational
16 17 CFR 240.17Ad–22(d)(4). in the securities of the above-listed
17 Id.
companies.
18 15 U.S.C. 78q–1.
11 15 U.S.C. 78s(b)(2)(C).
Therefore, it is ordered, pursuant to
19 In approving the proposed rule change, the
12 15 U.S.C. 78q-1(b)(3)(F). Section 12(k) of the Securities Exchange
Commission considered the proposal’s impact on
13 17 CFR 240.17Ad–22(d)(4).
efficiency, competition, and capital formation. 15 Act of 1934, that trading in the
14 15 U.S.C. 78q-1(b)(3)(F). U.S.C. 78c(f). securities of the above-listed companies
15 Id. 20 17 CFR 200.30–3(a)(12). is suspended for the period from 9:30
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Document Created: 2018-03-01 11:17:29
Document Modified: 2018-03-01 11:17:29
| 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 73029 |
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