81 FR 26272 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of a Proposed Rule Change To Remove From the DTCC Limit Monitoring Tool the 50% Early Warning Limit Alert and Make Technical Revisions to the Rules

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 84 (May 2, 2016)

Page Range		26272-26274
FR Document		2016-10150
Federal Register, Volume 81 Issue 84 (Monday, May 2, 2016)
[Federal Register Volume 81, Number 84 (Monday, May 2, 2016)]
[Notices]
[Pages 26272-26274]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-10150]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77709; File No. SR-NSCC-2016-001]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing of a Proposed Rule Change To Remove From 
the DTCC Limit Monitoring Tool the 50% Early Warning Limit Alert and 
Make Technical Revisions to the Rules

April 26, 2016.
    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 April 18, 2016, 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 the clearing agency. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change consists of amendments to NSCC's Rules and 
Procedures (``Rules'') to remove from the DTCC Limit Monitoring tool 
the alert that is sent to Members when trading activity in any of their 
Risk Entities reaches 50% of the pre-set trading limits for that Risk 
Entity and to make technical revisions, as described in greater detail 
below.\3\
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    \3\ Terms not defined herein are defined in the Rules, available 
at http://dtcc.com/~/media/Files/Downloads/legal/rules/
nscc_rules.pdf.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, the clearing agency 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. The clearing agency 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
(i) Reasons for Adopting the Proposed Rule Change
    NSCC provides its Members with a risk management tool called DTCC 
Limit Monitoring, for which certain types of Members are required to 
register.\4\ DTCC Limit Monitoring enables Members that use the tool to 
monitor post-trade activity and to be notified when pre-set trading 
limits are reached. To use the tool, Members must (1) define one or 
more ``Risk Entities,'' which may include (i) the trading activity of a 
single trading desk within the firm; (ii) for Members that clear trades 
for other firms, i.e., their correspondents, the trading activity of a 
correspondent firm; (iii) for Members acting as a Special 
Representative or a QSR, as such terms are defined in the Rules,\5\ the 
trading activity of a firm with which it has a clearing relationship; 
(iv) the trading activity of a single clearing number within the 
Member's NSCC account structure; or (v) all trading activity of the 
Member submitted to NSCC for clearing; and (2) set a trading limit, at 
a net notional value, for each Risk Entity. DTCC Limit Monitoring then 
sets early warning limits at 50%, 75%, and 90% of those trading 
limits.\6\ Members receive alerts when trading activity for their Risk 
Entities reaches each of these early warning limits, as well as the 
pre-set trading limits.
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    \4\ Rule 54 (DTCC Limit Monitoring) and Procedure XVII (DTCC 
Limit Monitoring), supra note 3; see Securities Exchange Act Release 
No. 71637 (February 28, 2014), 79 FR 12708 (March 6, 2014) (File No. 
SR-NSCC-2013-12).
    \5\ Rule 7 (Comparison and Trade Recording Operation) and 
Procedure IV (Special Representative Service), supra note 3.
    \6\ Rule 54 (DTCC Limit Monitoring) and Procedure XVII (DTCC 
Limit Monitoring, supra note 3.
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    Since the implementation of DTCC Limit Monitoring in 2014, NSCC has

[[Page 26273]]

periodically met with a working group of its Members to discuss the 
functioning of the tool and to confirm it provides Members with 
effective post-trade surveillance as intended. In response to Member 
feedback provided during these discussions, NSCC is proposing to remove 
the 50% early warning alert for the reasons described below.
    Additionally, NSCC is proposing to make technical revisions to 
Procedure XVII (DTCC Limit Monitoring Procedure) primarily to revise 
the verb tense and add clarity regarding use of the tool.
(ii) Issues the Proposed Rule Change Is Intended To Address
    The proposed rule change would address concerns that (1) the 50% 
early warning alert is set too low and, thus, may not provide Members 
with useful information for purposes of effective post-trade 
monitoring; (2) the frequency of the 50% early warning alert could have 
a negative impact on Member responsiveness to more critical alerts; and 
(3) the verb tense and certain other language in the Rule may be 
unclear and/or technically inaccurate.
(iii) Manner in Which the Proposed Rule Change Would Operate To Resolve 
the Issues
    The proposed rule change would remove the 50% early warning alert 
from DTCC Limit Monitoring. DTCC Limit Monitoring would retain the 75% 
and 90% early warning alerts, which continue to provide Members with 
valuable notice of changes in their post-trade activity for purposes of 
effective risk management.
    Additionally, the proposed rule change would make certain technical 
changes that would clarify the Rule, primarily by updating the verb 
tense from future tense to present tense to reflect the present 
applicability of the Rule and by making certain other technical 
clarifications to language used in the Rule.
(iv) Manner in Which the Proposed Rule Change Would Affect Various 
Persons
    Members that use DTCC Limit Monitoring would no longer receive the 
50% early warning alert, but they would continue to receive alerts when 
their trading activity in each Risk Entity reaches 75% and 90% of their 
pre-set trading limits. No other changes are proposed with respect to 
the functioning of DTCC Limit Monitoring.
    The proposed technical changes are not anticipated to have any 
effect on Members that use DTCC Limit Monitoring.
(v) Significant Problems Known to the Self-Regulatory Organization That 
Persons Affected Are Likely To Have in Complying With the Proposed Rule 
Change
    Members that use DTCC Limit Monitoring would not have to take any 
action as a result of the proposed rule change, and NSCC is not aware 
of any problems that Members would have in continuing to comply with 
the Rules \7\ that address DTCC Limit Monitoring after the 
implementation of the proposed rule change.
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    \7\ Id.
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    As stated above, the proposed technical changes are not anticipated 
to have any effect on Members that use DTCC Limit Monitoring.
(vi) Description of the Proposed Rule Change
    In order to implement this proposed rule change, NSCC would amend 
Section 4 of Procedure XVII (DTCC Limit Monitoring Procedure) of the 
Rules to remove reference to the 50% early warning alert and to make 
certain technical clarifications to language used in the Rule, 
primarily by updating the verb tense used therein. No other changes to 
the Rules are contemplated by this proposed rule change.
2. Statutory Basis
    Section 17A(b)(3)(F) of the Act requires, in part, that the Rules 
be designed to promote the prompt and accurate clearance and settlement 
of securities transactions and to protect investors and the public 
interest.\8\
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    \8\ 15 U.S.C. 78q-1(b)(3)(F).
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    By removing the 50% early warning limit alert, which may not 
provide Members with information that is useful for purposes of post-
trade monitoring, but, rather, may distract Members from such 
information, the proposed rule change would make DTCC Limit Monitoring 
a more effective tool for Members to monitor their post-trade activity 
and would enhance their ability to manage risks, facilitating the 
protection of investors and the public interest from such risks.
    Additionally, the proposed technical changes to the Rule, which 
primarily update the verb tense from future tense to present tense, 
would provide additional clarity to NSCC Members and would ensure the 
accuracy of it [sic] Rules by reflecting the current, rather than the 
future, applicability of the DTCC Limit Monitoring Rule.
    Therefore, NSCC believes the proposed rule change would protect 
investors and the public interest, consistent with the requirements of 
Section 17A(b)(3)(F) of the Act, cited above.

(B) Clearing Agency's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change would have any 
impact on competition because the proposal would apply equally to all 
Members that use DTCC Limit Monitoring.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants, or Others

    NSCC has not received any written comments relating to this 
proposal. 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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self- regulatory organization consents, the Commission will:
    (A) By order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

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 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-2016-001 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549.

All submissions should refer to File Number SR-NSCC-2016-001. 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

[[Page 26274]]

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 (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-NSCC-2016-001 and should be submitted on or before May 23, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-10150 Filed 4-29-16; 8:45 am]
 BILLING CODE 8011-01-P
26272 Federal Register / Vol. 81, No. 84 / Monday, May 2, 2016 / Notices

(‘‘Commission’’) is soliciting comments An agency may not conduct or II. Clearing Agency’s Statement of the
on the existing collection of information sponsor, and a person is not required to Purpose of, and Statutory Basis for, the
provided for in Rule 6a–3 (17 CFR respond to, a collection of information Proposed Rule Change
240.6a–3) under the Securities Exchange under the PRA unless it displays a In its filing with the Commission, the
Act of 1934 (15 U.S.C. 78a et seq.) currently valid OMB control number. clearing agency included statements
(‘‘Act’’). The Commission plans to Please direct your written comments concerning the purpose of and basis for
submit this existing collection of to: Pamela Dyson, Director/Chief the proposed rule change and discussed
information to the Office of Information Officer, Securities and any comments it received on the
Management and Budget (‘‘OMB’’) for Exchange Commission, c/o Remi Pavlik- proposed rule change. The text of these
extension and approval. Simon, 100 F Street NE., Washington, statements may be examined at the
Section 6 of the Act sets out a DC 20549, or send an email to: PRA_ places specified in Item IV below. The
framework for the registration and Mailbox@sec.gov. clearing agency has prepared
regulation of national securities
Dated: April 26, 2016. summaries, set forth in sections A, B,
exchanges. Under Rule 6a–3, one of the
Robert W. Errett, and C below, of the most significant
rules that implements Section 6, a
aspects of such statements.
national securities exchange (or an Deputy Secretary.
exchange exempted from registration as [FR Doc. 2016–10107 Filed 4–29–16; 8:45 am] (A) Clearing Agency’s Statement of the
a national securities exchange based on BILLING CODE 8011–01–P Purpose of, and Statutory Basis for, the
limited trading volume) must provide Proposed Rule Change
certain supplemental information to the
1. Purpose
Commission, including any material SECURITIES AND EXCHANGE
(including notices, circulars, bulletins, COMMISSION (i) Reasons for Adopting the Proposed
lists, and periodicals) issued or made Rule Change
generally available to members of, or [Release No. 34–77709; File No. SR–NSCC– NSCC provides its Members with a
participants or subscribers to, the 2016–001] risk management tool called DTCC
exchange. Rule 6a–3 also requires the Limit Monitoring, for which certain
exchanges to file monthly reports that Self-Regulatory Organizations; types of Members are required to
set forth the volume and aggregate National Securities Clearing register.4 DTCC Limit Monitoring
dollar amount of certain securities sold Corporation; Notice of Filing of a enables Members that use the tool to
on the exchange each month. Proposed Rule Change To Remove monitor post-trade activity and to be
The information required to be filed From the DTCC Limit Monitoring Tool notified when pre-set trading limits are
with the Commission pursuant to Rule the 50% Early Warning Limit Alert and reached. To use the tool, Members must
6a–3 is designed to enable the Make Technical Revisions to the Rules (1) define one or more ‘‘Risk Entities,’’
Commission to carry out its statutorily which may include (i) the trading
mandated oversight functions and to April 26, 2016.
activity of a single trading desk within
ensure that registered and exempt Pursuant to Section 19(b)(1) of the the firm; (ii) for Members that clear
exchanges continue to be in compliance Securities Exchange Act of 1934 trades for other firms, i.e., their
with the Act. (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 correspondents, the trading activity of a
The Commission estimates that each notice is hereby given that on April 18, correspondent firm; (iii) for Members
respondent makes approximately 12 2016, National Securities Clearing acting as a Special Representative or a
such filings on an annual basis at an Corporation (‘‘NSCC’’) filed with the QSR, as such terms are defined in the
average cost of approximately $20 per Securities and Exchange Commission
response. Currently, 19 respondents (19 Rules,5 the trading activity of a firm
(‘‘Commission’’) the proposed rule with which it has a clearing
national securities exchanges) are change as described in Items I, II and III
subject to the collection of information relationship; (iv) the trading activity of
below, which Items have been prepared a single clearing number within the
requirements of Rule 6a–3. The by the clearing agency. The Commission
Commission estimates that the total Member’s NSCC account structure; or
is publishing this notice to solicit (v) all trading activity of the Member
burden for all respondents is 114 hours comments on the proposed rule change
and $4,560 per year. submitted to NSCC for clearing; and (2)
from interested persons. set a trading limit, at a net notional
Written comments are invited on: (a)
Whether the proposed collection of I. Clearing Agency’s Statement of the value, for each Risk Entity. DTCC Limit
information is necessary for the proper Terms of Substance of the Proposed Monitoring then sets early warning
performance of the functions of the Rule Change limits at 50%, 75%, and 90% of those
Commission, including whether the trading limits.6 Members receive alerts
The proposed rule change consists of when trading activity for their Risk
information shall have practical utility;
amendments to NSCC’s Rules and Entities reaches each of these early
(b) the accuracy of the Commission’s
Procedures (‘‘Rules’’) to remove from warning limits, as well as the pre-set
estimates of the burden of the proposed
the DTCC Limit Monitoring tool the trading limits.
collection of information; (c) ways to
alert that is sent to Members when Since the implementation of DTCC
enhance the quality, utility, and clarity
trading activity in any of their Risk Limit Monitoring in 2014, NSCC has
of the information collected; and (d)
Entities reaches 50% of the pre-set
ways to minimize the burden of the
trading limits for that Risk Entity and to 4 Rule 54 (DTCC Limit Monitoring) and Procedure
collection of information on
srobinson on DSK5SPTVN1PROD with NOTICES

make technical revisions, as described XVII (DTCC Limit Monitoring), supra note 3; see
respondents, including through the use Securities Exchange Act Release No. 71637
in greater detail below.3
of automated collection techniques or (February 28, 2014), 79 FR 12708 (March 6, 2014)
other forms of information technology. (File No. SR–NSCC–2013–12).
1 15 U.S.C. 78s(b)(1). 5 Rule 7 (Comparison and Trade Recording
Consideration will be given to 2 17 CFR 240.19b–4. Operation) and Procedure IV (Special
comments and suggestions submitted in 3 Terms not defined herein are defined in the Representative Service), supra note 3.
writing within 60 days of this Rules, available at http://dtcc.com/∼/media/Files/ 6 Rule 54 (DTCC Limit Monitoring) and Procedure

publication. Downloads/legal/rules/nscc_rules.pdf. XVII (DTCC Limit Monitoring, supra note 3.

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Federal Register / Vol. 81, No. 84 / Monday, May 2, 2016 / Notices 26273

periodically met with a working group (v) Significant Problems Known to the Section 17A(b)(3)(F) of the Act, cited
of its Members to discuss the Self-Regulatory Organization That above.
functioning of the tool and to confirm it Persons Affected Are Likely To Have in
(B) Clearing Agency’s Statement on
provides Members with effective post- Complying With the Proposed Rule
Burden on Competition
trade surveillance as intended. In Change
response to Member feedback provided Members that use DTCC Limit NSCC does not believe that the
during these discussions, NSCC is Monitoring would not have to take any proposed rule change would have any
proposing to remove the 50% early action as a result of the proposed rule impact on competition because the
warning alert for the reasons described change, and NSCC is not aware of any proposal would apply equally to all
below. problems that Members would have in Members that use DTCC Limit
Additionally, NSCC is proposing to continuing to comply with the Rules 7 Monitoring.
make technical revisions to Procedure that address DTCC Limit Monitoring (C) Clearing Agency’s Statement on
XVII (DTCC Limit Monitoring after the implementation of the Comments on the Proposed Rule
Procedure) primarily to revise the verb proposed rule change. Change Received From Members,
tense and add clarity regarding use of As stated above, the proposed Participants, or Others
the tool. technical changes are not anticipated to
have any effect on Members that use NSCC has not received any written
(ii) Issues the Proposed Rule Change Is comments relating to this proposal.
Intended To Address DTCC Limit Monitoring.
NSCC will notify the Commission of any
The proposed rule change would (vi) Description of the Proposed Rule written comments received by NSCC.
address concerns that (1) the 50% early Change
III. Date of Effectiveness of the
warning alert is set too low and, thus, In order to implement this proposed Proposed Rule Change, and Timing for
may not provide Members with useful rule change, NSCC would amend Commission Action
information for purposes of effective Section 4 of Procedure XVII (DTCC
post-trade monitoring; (2) the frequency Limit Monitoring Procedure) of the Within 45 days of the date of
of the 50% early warning alert could Rules to remove reference to the 50% publication of this notice in the Federal
have a negative impact on Member early warning alert and to make certain Register or within such longer period
responsiveness to more critical alerts; technical clarifications to language used up to 90 days (i) as the Commission may
and (3) the verb tense and certain other in the Rule, primarily by updating the designate if it finds such longer period
language in the Rule may be unclear verb tense used therein. No other to be appropriate and publishes its
and/or technically inaccurate. changes to the Rules are contemplated reasons for so finding or (ii) as to which
by this proposed rule change. the self- regulatory organization
(iii) Manner in Which the Proposed consents, the Commission will:
Rule Change Would Operate To Resolve 2. Statutory Basis (A) By order approve or disapprove
the Issues Section 17A(b)(3)(F) of the Act such proposed rule change, or
The proposed rule change would requires, in part, that the Rules be (B) institute proceedings to determine
remove the 50% early warning alert designed to promote the prompt and whether the proposed rule change
from DTCC Limit Monitoring. DTCC accurate clearance and settlement of should be disapproved.
Limit Monitoring would retain the 75% securities transactions and to protect IV. Solicitation of Comments
and 90% early warning alerts, which investors and the public interest.8
continue to provide Members with By removing the 50% early warning Interested persons are invited to
valuable notice of changes in their post- limit alert, which may not provide submit written data, views and
trade activity for purposes of effective Members with information that is useful arguments concerning the foregoing,
risk management. for purposes of post-trade monitoring, including whether the proposed rule
Additionally, the proposed rule but, rather, may distract Members from change is consistent with the Act.
change would make certain technical such information, the proposed rule Comments may be submitted by any of
changes that would clarify the Rule, change would make DTCC Limit the following methods:
primarily by updating the verb tense Monitoring a more effective tool for Electronic Comments
from future tense to present tense to Members to monitor their post-trade
reflect the present applicability of the activity and would enhance their ability • Use the Commission’s Internet
Rule and by making certain other to manage risks, facilitating the comment form (http://www.sec.gov/
technical clarifications to language used protection of investors and the public rules/sro.shtml); or
in the Rule. interest from such risks. • Send an email to rule-
Additionally, the proposed technical comments@sec.gov. Please include File
(iv) Manner in Which the Proposed Rule Number SR–NSCC–2016–001 on the
changes to the Rule, which primarily
Change Would Affect Various Persons subject line.
update the verb tense from future tense
Members that use DTCC Limit to present tense, would provide Paper Comments
Monitoring would no longer receive the additional clarity to NSCC Members and
50% early warning alert, but they would would ensure the accuracy of it [sic] • Send paper comments in triplicate
continue to receive alerts when their Rules by reflecting the current, rather to Secretary, Securities and Exchange
trading activity in each Risk Entity than the future, applicability of the Commission, 100 F Street NE.,
reaches 75% and 90% of their pre-set Washington, DC 20549.
srobinson on DSK5SPTVN1PROD with NOTICES

DTCC Limit Monitoring Rule.
trading limits. No other changes are Therefore, NSCC believes the All submissions should refer to File
proposed with respect to the proposed rule change would protect Number SR–NSCC–2016–001. This file
functioning of DTCC Limit Monitoring. investors and the public interest, number should be included on the
The proposed technical changes are consistent with the requirements of subject line if email is used. To help the
not anticipated to have any effect on Commission process and review your
Members that use DTCC Limit 7 Id. comments more efficiently, please use
Monitoring. 8 15 U.S.C. 78q–1(b)(3)(F). only one method. The Commission will

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26274 Federal Register / Vol. 81, No. 84 / Monday, May 2, 2016 / Notices

post all comments on the Commission’s 78a et seq.). The Commission plans to representatives of the Commission, state
Internet Web site (http://www.sec.gov/ submit this existing collection of securities regulatory authorities, and the
rules/sro.shtml). Copies of the information to the Office of self-regulatory organizations to ensure
submission, all subsequent Management and Budget (‘‘OMB’’) for that ATSs are in compliance with
amendments, all written statements extension and approval. Regulation ATS as well as other
with respect to the proposed rule Regulation ATS sets forth a regulatory applicable rules and regulations.
change that are filed with the regime for ‘‘alternative trading systems’’ Without the data required by the Rule,
Commission, and all written (‘‘ATSs’’), which are entities that carry regulators would be limited in their
communications relating to the out exchange functions but which are
ability to comply with their statutory
proposed rule change between the not required to register as national
obligations, provide for the protection of
Commission and any person, other than securities exchanges under the Act. In
lieu of exchange registration, an ATS investors, and promote the maintenance
those that may be withheld from the of fair and orderly markets.
public in accordance with the can instead opt to register with the
provisions of 5 U.S.C. 552, will be Commission as a broker-dealer and, as Respondents consist of ATSs that
available for Web site viewing and a condition to not having to register as choose to register as broker-dealers and
printing in the Commission’s Public an exchange, must instead comply with comply with the requirements of
Reference Room, 100 F Street NE., Regulation ATS. Rule 303 of Regulation Regulation ATS. There are currently 84
Washington, DC 20549 on official ATS (17 CFR 242.303) describes the respondents. To comply with the record
business days between the hours of record preservation requirements for preservation requirements of Rule 303,
10:00 a.m. and 3:00 p.m. Copies of the ATSs. Rule 303 also describes how such these respondents will spend
filing also will be available for records must be maintained, what approximately 1,260 hours per year (84
inspection and copying at the principal entities may perform this function, and respondents at 15 burden hours/
office of NSCC and on DTCC’s Web site how long records must be preserved. respondent).
(http://dtcc.com/legal/sec-rule- Under Rule 303, ATSs are required to
preserve all records made pursuant to Written comments are invited on (a)
filings.aspx). All comments received
Rule 302, which includes information whether the proposed collection of
will be posted without change; the
relating to subscribers, trading information is necessary for the proper
Commission does not edit personal
identifying information from summaries, and time-sequenced order performance of the functions of the
submissions. You should submit only information. Rule 303 also requires Commission, including whether the
information that you wish to make ATSs to preserve any notices provided information shall have practical utility;
available publicly. All submissions to subscribers, including, but not (b) the accuracy of the Commission’s
should refer to File Number SR–NSCC– limited to, notices regarding the ATSs estimates of the burden of the proposed
operations and subscriber access. For an collection of information; (c) ways to
2016–001 and should be submitted on
ATS subject to the fair access enhance the quality, utility, and clarity
or before May 23, 2016.
requirements described in Rule of the information collected; and (d)
For the Commission, by the Division of 301(b)(5)(ii) of Regulation ATS, Rule
Trading and Markets, pursuant to delegated ways to minimize the burden of the
303 further requires the ATS to preserve collection of information on
authority.9 at least one copy of its standards for
Robert W. Errett, respondents, including through the use
access to trading, all documents relevant
Deputy Secretary. of automated collection techniques or
to the ATS’s decision to grant, deny, or
[FR Doc. 2016–10150 Filed 4–29–16; 8:45 am] limit access to any person, and all other other forms of information technology.
BILLING CODE 8011–01–P documents made or received by the ATS Consideration will be given to
in the course of complying with Rule comments and suggestions submitted in
301(b)(5) of Regulation ATS. For an ATS writing within 60 days of this
SECURITIES AND EXCHANGE subject to the capacity, integrity, and publication.
COMMISSION security requirements for automated An agency may not conduct or
systems under Rule 301(b)(6) of sponsor, and a person is not required to
Proposed Collection; Comment Regulation ATS, Rule 303 requires an respond to, a collection of information
Request ATS to preserve all documents made or under the PRA unless it displays a
Upon Written Request, Copies Available received by the ATS related to its currently valid OMB control number.
From: Securities and Exchange compliance, including all
correspondence, memoranda, papers, Please direct your written comments
Commission, Office of FOIA Services, to: Pamela Dyson, Director/Chief
100 F Street NE., Washington, DC books, notices, accounts, reports, test
scripts, test results, and other similar Information Officer, Securities and
20549–2736 Exchange Commission, c/o Remi Pavlik-
records. As provided in Rule 303(a)(1),
Extension: Rule 303, SEC File No. 270–450, ATSs are required to keep all of these Simon, 100 F Street NE., Washington,
OMB Control No. 3235–0505 DC 20549, or send an email to: PRA_
records, as applicable, for a period of at
Notice is hereby given that, pursuant least three years, the first two in an Mailbox@sec.gov.
to the Paperwork Reduction Act of 1995 easily accessible place. In addition, Rule Dated: April 26, 2016.
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 303 requires ATSs to preserve records of
Robert W. Errett,
Securities and Exchange Commission partnership articles, articles of
(‘‘Commission’’) is soliciting comments incorporation or charter, minute books, Deputy Secretary.
srobinson on DSK5SPTVN1PROD with NOTICES

on the existing collection of information stock certificate books, copies of reports [FR Doc. 2016–10111 Filed 4–29–16; 8:45 am]
provided for in Rule 303 (17 CFR filed pursuant to Rule 301(b)(2), and BILLING CODE 8011–01–P
242.303) of Regulation ATS (17 CFR records made pursuant to Rule 301(b)(5)
242.300 et seq.) under the Securities and for the life of the ATS.
Exchange Act of 1934 (‘‘Act’’) (15 U.S.C. The information contained in the
records required to be preserved by Rule
9 17 CFR 200.30–3(a)(12). 303 will be used by examiners and other

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Document Created: 2016-04-30 13:35:50
Document Modified: 2016-04-30 13:35:50
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		81 FR 26272