83 FR 12999 - Self-Regulatory Organizations; The Depository Trust Company; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Adopt a Recovery & Wind-Down Plan and Related Rules
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 58 (March 26, 2018)
Federal Register Volume 83, Issue 58 (March 26, 2018)
| Page Range | 12999-13001 | |
| FR Document | 2018-06018 |
[Federal Register Volume 83, Number 58 (Monday, March 26, 2018)] [Notices] [Pages 12999-13001] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-06018] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82912; File No. SR-DTC-2017-021] Self-Regulatory Organizations; The Depository Trust Company; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Adopt a Recovery & Wind-Down Plan and Related Rules March 20, 2018. I. Introduction On December 18, 2017, The Depository Trust Company (``DTC'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ proposed rule change SR-DTC-2017-021 to adopt a recovery and wind-down plan and related rules (``Proposed Rule Change'').\3\ The Proposed Rule Change was published for comment in the Federal Register on January 8, 2018.\4\ The Commission did not receive any comments on the Proposed Rule Change. On February 8, 2018, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act,\5\ the Commission designated a longer period within which to approve, disapprove, or institute proceedings to determine whether to approve or disapprove the Proposed Rule Change.\6\ This order institutes proceedings, pursuant to Section 19(b)(2)(B) of the Act,\7\ to determine whether to approve or disapprove the Proposed Rule Change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ On December 18, 2017, DTC filed this proposal as an advance notice (SR-DTC-2017-803) with the Commission pursuant to Section 806(e)(1) of the Payment, Clearing, and Settlement Supervision Act of 2010 (``Clearing Supervision Act'') and Rule 19b-4(n)(1)(i) of the Act (``Advance Notice''). On January 24, 2018, the Commission extended the review period of the Advance Notice for an additional 60 days pursuant to Section 806(e)(1)(H) of the Clearing Supervision Act. See 12 U.S.C. 5465(e)(1); 17 CFR 240.19b-4(n)(1)(i); 12 U.S.C. 5465(e)(1)(H); and Securities Exchange Act Release No. 82579 (January 24, 2018), 83 FR 4310 (January 30, 2018) (SR-DTC-2017-803). \4\ Securities Exchange Act Release No. 82432 (January 2, 2018), 83 FR 884 (January 8, 2018) (SR-DTC-2017-021) (``Notice''). \5\ 15 U.S.C. 78s(b)(2)(A)(ii)(I). \6\ Securities Exchange Act Release No. 82669 (February 8, 2018), 83 FR 6653 (February 14, 2018) (SR-DTC-2017-021; SR-FICC- 2017-021; SR-NSCC-2017-017). \7\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- II. Summary of the Proposed Rule Change As described in the Notice,\8\ DTC proposes to adopt a Recovery & Wind-down Plan (``R&W Plan'') and two proposed rules that would facilitate the implementation of the R&W Plan: (i) Proposed Rule 32(A) (Wind-down of the Corporation) (``Wind-down Rule''), and (ii) proposed Rule 38 (Market Disruption and Force Majeure) (``Force Majeure Rule''). --------------------------------------------------------------------------- \8\ The description of the Proposed Rule Change is based on the statements prepared by DTC in the Notice. See Notice, supra note 4. Capitalized terms used herein and not otherwise defined herein are defined in the Rules, By-Laws and Organization Certificate of DTC, available at http://www.dtcc.com/legal/rules-and-procedures.aspx. --------------------------------------------------------------------------- DTC states that the R&W Plan is intended to be used by DTC's Board of Directors and management in the event that DTC encounters scenarios that could potentially prevent it from being able to provide its critical services as a going concern.\9\ The R&W Plan would be structured to provide a roadmap, define the strategy, and identify the tools available to DTC to either (i) recover, in the event it experiences losses that exceed its resources or (ii) wind-down its business in a manner designed to permit its critical services to continue in the event that such recovery efforts are not successful.\10\ The R&W Plan would include tools that are provided for in DTC's existing rules, policies, procedures, and contractual arrangements,\11\ as well as the proposed Wind-down Rule and the proposed Force Majeure Rule.\12\ --------------------------------------------------------------------------- \9\ See Notice, supra note 4, at 885. \10\ Id. at 886. \11\ Contractual arrangements include, for example, DTC's existing committed or pre-arranged liquidity arrangements. \12\ See Notice, supra note 4, at 885. --------------------------------------------------------------------------- DTC states that the proposed Wind-down Rule and the proposed Force Majeure Rule are designed to (i) facilitate the implementation of the R&W Plan when necessary; (ii) provide Participants with transparency around critical provisions of the R&W Plan that relate to their rights, responsibilities, and obligations; and (iii) provide DTC [[Page 13000]] with the legal basis to implement the provisions of the R&W Plan that concern the proposed Wind-down Rule and the proposed Force Majeure Rule, when necessary.\13\ --------------------------------------------------------------------------- \13\ Id. --------------------------------------------------------------------------- As an overview, the R&W Plan would provide, among other matters, (i) an overview of the business of DTC and its parent, The Depository Trust & Clearing Corporation (``DTCC''); (ii) an analysis of DTC's intercompany arrangements and critical links to other financial market infrastructures; (iii) a description of DTC's services, and the criteria used to determine which services are considered critical; (iv) a description of the DTC and DTCC governance structure; (v) a description of the governance around the overall recovery and wind-down program; (vi) a discussion of tools available to DTC to mitigate credit/market \14\ and liquidity risks, including recovery indicators and triggers, and the governance around management of a stress event along a ``Crisis Continuum'' timeline; (vii) a discussion of potential non-default losses and the resources available to DTC to address such losses, including recovery triggers and tools to mitigate such losses; \15\ (viii) an analysis of the recovery tools' characteristics, including how they are comprehensive, effective, and transparent, how the tools provide appropriate incentives to Participants to, among other things, control and monitor the risks they may present to DTC, and how DTC seeks to minimize the negative consequences of executing its recovery tools; and (ix) the framework and approach for the orderly wind-down and transfer of DTC's business,\16\ including an estimate of the time and costs to effect a recovery or orderly wind-down of DTC.\17\ --------------------------------------------------------------------------- \14\ DTC states that for DTC, credit risk and market risk are closely related because DTC monitors credit exposures from Participants through risk management controls that are part of its market risk management strategy. Id. at 888 n.22. \15\ As described in more detail in the Notice, this section of the R&W Plan would describe the proposed Force Majeure Rule, which would govern how DTC would address extraordinary events that may occur outside its control. See Notice, supra note 4, at 894. The proposed Force Majeure Rule would identify the events or circumstances that would be considered a ``Market Disruption Event,'' including, for example, events that lead to the suspension or limitation of trading or banking in the markets in which DTC operates, or the unavailability or failure of any material payment, bank transfer, wire or securities settlement systems. Id. Under the proposed Force Majeure Rule, during the pendency of a Market Disruption Event, DTC would be entitled to (i) suspend the provision of any or all services, and (ii) take, or refrain from taking, or require its Participants and Pledgees to take, or refrain from taking, any actions it considers appropriate to address, alleviate, or mitigate the event and facilitate the continuation of DTC's services as may be practicable. Id. \16\ This section of the R&W Plan would refer to the proposed Wind-down Rule. \17\ See Notice, supra note 4, at 885. --------------------------------------------------------------------------- The framework and approach for orderly wind-down would provide (i) for the transfer of DTC's business, assets, securities inventory, and membership to another legal entity; (ii) that DTC would effectuate the transfer in connection with proceedings under Chapter 11 of the U.S. Bankruptcy Code; \18\ and (iii) that after effectuating this transfer, DTC would liquidate any remaining assets in an orderly manner in bankruptcy proceedings.\19\ DTC states that it believes that the proposed transfer approach to a wind-down would meet its objectives of (i) assuring that DTC's critical services will be available to the market as long as there are Participants in good standing, and (ii) minimizing disruption to the operations of Participants and financial markets generally that might be caused by DTC's failure.\20\ --------------------------------------------------------------------------- \18\ 11 U.S.C. 101 et seq. \19\ See Notice, supra note 4, at 890. \20\ Id. at 890-91. --------------------------------------------------------------------------- III. Proceedings To Determine Whether To Approve or Disapprove the Proposed Rule Change and Grounds for Disapproval Under Consideration The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act \21\ to determine whether the Proposed Rule Change should be approved or disapproved. Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the Proposed Rule Change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to comment on the Proposed Rule Change, and provide the Commission with arguments to support the Commission's analysis as to whether to approve or disapprove the Proposed Rule Change. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- Pursuant to Section 19(b)(2)(B) of the Act,\22\ the Commission is providing notice of the grounds for disapproval under consideration. The Commission is instituting proceedings to allow for additional analysis of, and input from commenters with respect to, the Proposed Rule Change's consistency with Section 17A of the Act,\23\ and the rules thereunder, including the following provisions: --------------------------------------------------------------------------- \22\ Id. \23\ 15 U.S.C. 78q-1. ---------------------------------------------------------------------------Section 17A(b)(3)(F) of the Act,\24\ which requires, among other things, that the rules of a clearing agency, such as DTC, must be designed to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible and to protect investors and the public interest; and --------------------------------------------------------------------------- \24\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- Rule 17Ad-22(e)(3)(ii) under the Act,\25\ which requires a covered clearing agency,\26\ such as DTC, to, among other things, establish, implement, maintain and enforce written policies and procedures reasonably designed to, as applicable, maintain a sound risk management framework for comprehensively managing legal, credit, liquidity, operational, general business, investment, custody, and other risks that arise in or are borne by DTC, which includes plans for the recovery and orderly wind-down of DTC necessitated by credit losses, liquidity shortfalls, losses from general business risk, or any other losses. --------------------------------------------------------------------------- \25\ 17 CFR 240.17Ad-22(e)(3)(ii). \26\ See 17 CFR 240.17Ad-22(a)(5) for the definition of a covered clearing agency. --------------------------------------------------------------------------- IV. Procedure: Request for Written Comments The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the Proposed Rule Change. In particular, the Commission invites the written views of interested persons concerning whether the Proposed Rule Change is consistent with Section 17A(b)(3)(F) of the Act,\27\ Rule 17Ad-22(e)(3)(ii) under the Act,\28\ or any other provision of the Act, or the rules and regulations thereunder. Although there do not appear to be any issues relevant to approval or disapproval that would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b-4(g) under the Act,\29\ any request for an opportunity to make an oral presentation.\30\ --------------------------------------------------------------------------- \27\ 15 U.S.C. 78q-1(b)(3)(F). \28\ 17 CFR 240.17Ad-22(e)(3)(ii). \29\ 17 CFR 240.19b-4(g). \30\ Section 19(b)(2) of the Act grants to the Commission flexibility to determine what type of proceeding--either oral or notice and opportunity for written comments--is appropriate for consideration of a particular proposal by a self-regulatory organization. See Securities Act Amendments of 1975, Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). --------------------------------------------------------------------------- Interested persons are invited to submit written data, views, and arguments regarding whether the Proposed Rule Change should be approved or disapproved by April 16, [[Page 13001]] 2018. Any person who wishes to file a rebuttal to any other person's submission must file that rebuttal by April 30, 2018. The Commission asks that commenters address the sufficiency of DTC's statements in support of the Proposed Rule Change, which are set forth in the Notice,\31\ in addition to any other comments they may wish to submit about the Proposed Rule Change. --------------------------------------------------------------------------- \31\ See Notice, supra note 4. --------------------------------------------------------------------------- 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-DTC-2017-021 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-DTC-2017-021. 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 website (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 website 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 website (http://dtcc.com/legal/sec-rule-filings.aspx). All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-DTC-2017-021 and should be submitted on or before April 16, 2018. Rebuttal comments should be submitted by April 30, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\32\ --------------------------------------------------------------------------- \32\ 17 CFR 200.30-3(a)(57). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-06018 Filed 3-23-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 58 / Monday, March 26, 2018 / Notices 12999
arguments regarding whether the information that you wish to make period within which to approve,
Proposed Rule Change should be available publicly. All submissions disapprove, or institute proceedings to
approved or disapproved by April 16, should refer to File Number SR–FICC– determine whether to approve or
2018. Any person who wishes to file a 2017–021 and should be submitted on disapprove the Proposed Rule Change.6
rebuttal to any other person’s or before April 16, 2018. Rebuttal This order institutes proceedings,
submission must file that rebuttal by comments should be submitted by April pursuant to Section 19(b)(2)(B) of the
April 30, 2018. 30, 2018. Act,7 to determine whether to approve
The Commission asks that For the Commission, by the Division of or disapprove the Proposed Rule
commenters address the sufficiency of Trading and Markets, pursuant to delegated Change.
FICC’s statements in support of the authority.36
Proposed Rule Change, which are set II. Summary of the Proposed Rule
Eduardo A. Aleman, Change
forth in the Notice,35 in addition to any Assistant Secretary.
other comments they may wish to As described in the Notice,8 DTC
[FR Doc. 2018–06019 Filed 3–23–18; 8:45 am]
submit about the Proposed Rule Change. proposes to adopt a Recovery & Wind-
BILLING CODE 8011–01–P down Plan (‘‘R&W Plan’’) and two
Comments may be submitted by any
of the following methods: proposed rules that would facilitate the
implementation of the R&W Plan: (i)
Electronic Comments SECURITIES AND EXCHANGE Proposed Rule 32(A) (Wind-down of the
• Use the Commission’s internet COMMISSION Corporation) (‘‘Wind-down Rule’’), and
comment form (http://www.sec.gov/ [Release No. 34–82912; File No. SR–DTC– (ii) proposed Rule 38 (Market
rules/sro.shtml); or 2017–021] Disruption and Force Majeure) (‘‘Force
• Send an email to rule-comments@ Majeure Rule’’).
sec.gov. Please include File Number SR– Self-Regulatory Organizations; The DTC states that the R&W Plan is
FICC–2017–021 on the subject line. Depository Trust Company; Order intended to be used by DTC’s Board of
Instituting Proceedings To Determine Directors and management in the event
Paper Comments
Whether To Approve or Disapprove a that DTC encounters scenarios that
• Send paper comments in triplicate Proposed Rule Change To Adopt a could potentially prevent it from being
to Secretary, Securities and Exchange Recovery & Wind-Down Plan and able to provide its critical services as a
Commission, 100 F Street NE, Related Rules going concern.9 The R&W Plan would
Washington, DC 20549–1090. be structured to provide a roadmap,
All submissions should refer to File March 20, 2018.
define the strategy, and identify the
Number SR–FICC–2017–021. This file I. Introduction tools available to DTC to either (i)
number should be included on the recover, in the event it experiences
On December 18, 2017, The
subject line if email is used. To help the losses that exceed its resources or (ii)
Depository Trust Company (‘‘DTC’’)
Commission process and review your wind-down its business in a manner
filed with the Securities and Exchange
comments more efficiently, please use designed to permit its critical services to
Commission (‘‘Commission’’), pursuant
only one method. The Commission will continue in the event that such recovery
to Section 19(b)(1) of the Securities
post all comments on the Commission’s efforts are not successful.10 The R&W
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
internet website (http://www.sec.gov/ Plan would include tools that are
19b–4 thereunder,2 proposed rule
rules/sro.shtml). Copies of the provided for in DTC’s existing rules,
change SR–DTC–2017–021 to adopt a
submission, all subsequent policies, procedures, and contractual
recovery and wind-down plan and
amendments, all written statements arrangements,11 as well as the proposed
related rules (‘‘Proposed Rule
with respect to the Proposed Rule Wind-down Rule and the proposed
Change’’).3 The Proposed Rule Change
Change that are filed with the Force Majeure Rule.12
was published for comment in the
Commission, and all written DTC states that the proposed Wind-
Federal Register on January 8, 2018.4
communications relating to the down Rule and the proposed Force
The Commission did not receive any
Proposed Rule Change between the Majeure Rule are designed to (i)
comments on the Proposed Rule
Commission and any person, other than facilitate the implementation of the
Change. On February 8, 2018, pursuant
those that may be withheld from the R&W Plan when necessary; (ii) provide
to Section 19(b)(2)(A)(ii)(I) of the Act,5
public in accordance with the Participants with transparency around
the Commission designated a longer critical provisions of the R&W Plan that
provisions of 5 U.S.C. 552, will be
available for website viewing and 36 17
relate to their rights, responsibilities,
CFR 200.30–3(a)(57).
printing in the Commission’s Public 1 15 U.S.C. 78s(b)(1).
and obligations; and (iii) provide DTC
Reference Room, 100 F Street NE, 2 17 CFR 240.19b–4.
Washington, DC 20549 on official 3 On December 18, 2017, DTC filed this proposal
6 Securities Exchange Act Release No. 82669
business days between the hours of as an advance notice (SR–DTC–2017–803) with the (February 8, 2018), 83 FR 6653 (February 14, 2018)
Commission pursuant to Section 806(e)(1) of the (SR–DTC–2017–021; SR–FICC–2017–021; SR–
10:00 a.m. and 3:00 p.m. Copies of the NSCC–2017–017).
Payment, Clearing, and Settlement Supervision Act
filing also will be available for of 2010 (‘‘Clearing Supervision Act’’) and Rule 19b–
7 15 U.S.C. 78s(b)(2)(B).
inspection and copying at the principal 4(n)(1)(i) of the Act (‘‘Advance Notice’’). On January 8 The description of the Proposed Rule Change is
office of FICC and on DTCC’s website 24, 2018, the Commission extended the review based on the statements prepared by DTC in the
period of the Advance Notice for an additional 60 Notice. See Notice, supra note 4. Capitalized terms
(http://dtcc.com/legal/sec-rule- used herein and not otherwise defined herein are
days pursuant to Section 806(e)(1)(H) of the
sradovich on DSK3GMQ082PROD with NOTICES
filings.aspx). All comments received Clearing Supervision Act. See 12 U.S.C. 5465(e)(1); defined in the Rules, By-Laws and Organization
will be posted without change. Persons 17 CFR 240.19b–4(n)(1)(i); 12 U.S.C. 5465(e)(1)(H); Certificate of DTC, available at http://
submitting comments are cautioned that and Securities Exchange Act Release No. 82579 www.dtcc.com/legal/rules-and-procedures.aspx.
9 See Notice, supra note 4, at 885.
we do not redact or edit personal (January 24, 2018), 83 FR 4310 (January 30, 2018)
(SR–DTC–2017–803). 10 Id. at 886.
identifying information from comment 4 Securities Exchange Act Release No. 82432 11 Contractual arrangements include, for example,
submissions. You should submit only (January 2, 2018), 83 FR 884 (January 8, 2018) (SR– DTC’s existing committed or pre-arranged liquidity
DTC–2017–021) (‘‘Notice’’). arrangements.
35 See Notice, supra note 4. 5 15 U.S.C. 78s(b)(2)(A)(ii)(I). 12 See Notice, supra note 4, at 885.
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![Federal Register / Vol. 83, No. 58 / Monday, March 26, 2018 / Notices 13001
2018. Any person who wishes to file a 2017–021 and should be submitted on utilizes 18 drivers. (Appl. 3, Ex. 1,
rebuttal to any other person’s or before April 16, 2018. Rebuttal Motor Carrier Identification Report.) 1
submission must file that rebuttal by comments should be submitted by April C&H is also a federally-registered
April 30, 2018. 30, 2018. motor carrier of passengers (MC–
The Commission asks that For the Commission, by the Division of
114957). In providing its passenger
commenters address the sufficiency of Trading and Markets, pursuant to delegated services to the public, C&H utilizes 18–
DTC’s statements in support of the authority.32 20 passenger vehicles and 22 drivers.
Proposed Rule Change, which are set Eduardo A. Aleman, (Appl. 3, Ex. 2, FMCSA Safety
forth in the Notice,31 in addition to any Measurement System Data.) The stock
Assistant Secretary.
other comments they may wish to in C&H is owned by members of the
[FR Doc. 2018–06018 Filed 3–23–18; 8:45 am]
submit about the Proposed Rule Change. Cullens family: George L. Cullens, Sr.;
Comments may be submitted by any BILLING CODE 8011–01–P
George L. Cullens, Jr.; Edna F. Cullens;
of the following methods: and Jerri J. Cullens. (Appl. 3, Ex. 3,
Electronic Comments Signatures and Certifications.) 2
SURFACE TRANSPORTATION BOARD TranSouth states that, under the
• Use the Commission’s internet proposed transaction, all of the
comment form (http://www.sec.gov/ [Docket No. MCF 21081] outstanding stock in C&H would be
rules/sro.shtml); or acquired by Larry Ferguson. According
• Send an email to rule-comments@ Larry Ferguson d/b/a Transouth to TranSouth, the parties have signed a
sec.gov. Please include File Number SR– Motorcoach, LLC—Acquisition of Letter of Intent, deposited earnest
DTC–2017–021 on the subject line. Control—C & H Bus Lines, Inc. money, and drafted and signed a Stock
Paper Comments Purchase Agreement. TranSouth further
AGENCY: Surface Transportation Board. states that final closing will occur upon
• Send paper comments in triplicate ACTION:Notice tentatively approving interim or final Board approval.3
to Secretary, Securities and Exchange and authorizing finance transaction. Under 49 U.S.C. 14303(b), the Board
Commission, 100 F Street NE, must approve and authorize a
Washington, DC 20549–1090. SUMMARY: On February 27, 2018, Larry transaction that it finds consistent with
All submissions should refer to File Ferguson d/b/a TranSouth Motorcoach, the public interest, taking into
Number SR–DTC–2017–021. This file LLC (TranSouth) filed an application to consideration at least: (1) The effect of
number should be included on the acquire C & H Bus Lines, Inc. (C&H). the proposed transaction on the
subject line if email is used. To help the TranSouth and C&H are each federally adequacy of transportation to the public;
Commission process and review your registered, passenger motor carriers (2) the total fixed charges that result;
comments more efficiently, please use incorporated and registered in Georgia. and (3) the interest of affected carrier
only one method. The Commission will The Board is tentatively approving and employees. TranSouth has submitted
post all comments on the Commission’s authorizing the transaction and, if no the information required by 49 CFR
internet website (http://www.sec.gov/ opposing comments are timely filed, 1182.2, including information to
rules/sro.shtml). Copies of the this notice will be the final Board demonstrate that the proposed
submission, all subsequent action. Persons wishing to oppose the transaction is consistent with the public
amendments, all written statements application must follow Board rules. interest under 49 U.S.C. 14303(b) and a
with respect to the Proposed Rule DATES: Comments must be filed by May statement, pursuant to 49 U.S.C.
Change that are filed with the 10, 2018. Applicant may file a reply by 14303(g), that TranSouth and C&H
Commission, and all written May 25, 2018. If no opposing comments exceeded $2 million in gross operating
communications relating to the are filed by May 10, 2018, this notice revenues for the preceding 12-month
Proposed Rule Change between the shall be applicable on May 11, 2018. period.4
Commission and any person, other than TranSouth states that the proposed
ADDRESSES: Send an original and 10
those that may be withheld from the transaction would not have a material,
copies of any comments referring to
public in accordance with the detrimental impact on the adequacy of
Docket No. MCF 21081 to: Surface
provisions of 5 U.S.C. 552, will be transportation services to the public but
Transportation Board, 395 E Street SW,
available for website viewing and rather would improve services to the
Washington, DC 20423–0001. In
printing in the Commission’s Public public. According to TranSouth, the
addition, send one copy of comments to:
Reference Room, 100 F Street NE,
J. Hatcher Graham, J. Hatcher Graham,
Washington, DC 20549 on official 1 Concurrent with its application, TranSouth also
P.C., 303 Pheasant Ridge, Warner filed, in Docket No. MCF 21081 TA, a request under
business days between the hours of
Robins, GA 31088. 49 U.S.C. 14303(i) to operate the assets to be
10:00 a.m. and 3:00 p.m. Copies of the acquired on an interim basis pending approval of
filing also will be available for FOR FURTHER INFORMATION CONTACT:
the acquisition. The Board addresses that request in
inspection and copying at the principal Jonathon Binet at (202) 245–0368. a separate decision issued concurrently with this
office of DTC and on DTCC’s website Federal Information Relay Service decision.
(http://dtcc.com/legal/sec-rule- (FIRS) for the hearing impaired: 1–800– 2 Although not mentioned in the application, both
877–8339. TranSouth and C&H are listed as ‘‘interstate’’
filings.aspx). All comments received passenger carriers in their FMCSA registrations.
will be posted without change. Persons SUPPLEMENTARY INFORMATION: TranSouth 3 As noted in Larry Ferguson—Acquisition of
submitting comments are cautioned that is a motor carrier licensed by the Control—C & H Bus Lines, Inc., MCF 21081 TA,
Federal Motor Carrier Safety concurrently served with this decision, the Board
sradovich on DSK3GMQ082PROD with NOTICES
we do not redact or edit personal reminds TranSouth that a grant of interim approval
identifying information from comment Administration (FMCSA) (MC–465826) is temporary, and that final closing cannot occur
submissions. You should submit only that provides motor carrier passenger until final Board approval. The grant of interim
information that you wish to make services in Georgia. TranSouth is wholly approval permits TranSouth only to operate the
owned by Larry Ferguson and operates property of C&H until final Board approval.
available publicly. All submissions 4 Parties must certify that the transaction involves
should refer to File Number SR–DTC– eight to nine passenger vehicles and
carriers whose aggregate gross operating revenues
exceed $2 million, as required under 49 CFR
31 See Notice, supra note 4. 32 17 CFR 200.30–3(a)(57). 1182.2(a)(5).
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Document Created: 2018-03-24 00:59:49
Document Modified: 2018-03-24 00:59:49
| 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 | 83 FR 12999 |
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