83 FR 39481 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Provide for the Delivery of Certain Transaction Data Relating to Variable Annuity and Variable Life Insurance Subaccounts and Implement Fees Associated With This Proposed Feature
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 154 (August 9, 2018)
Federal Register Volume 83, Issue 154 (August 9, 2018)
| Page Range | 39481-39483 | |
| FR Document | 2018-17007 |
[Federal Register Volume 83, Number 154 (Thursday, August 9, 2018)] [Notices] [Pages 39481-39483] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-17007] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83774; File No. SR-NSCC-2018-005] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Provide for the Delivery of Certain Transaction Data Relating to Variable Annuity and Variable Life Insurance Subaccounts and Implement Fees Associated With This Proposed Feature August 3, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on July 26, 2018, 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. NSCC filed the proposed rule change pursuant to Section 19(b)(3)(A) \3\ of the Act and subparagraphs (f)(2) \4\ and (f)(4) \5\ of Rule 19b-4 thereunder. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(2). \5\ 17 CFR 240.19b-4(f)(4). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change consists of modifications to NSCC's Rules & Procedures (``Rules'') in order to reflect proposed enhancements to NSCC's Insurance and Retirement Processing Services (``I&RS''). The proposed rule change would enhance existing I&RS services to provide for the delivery of certain transaction data relating to variable annuity and variable life insurance subaccounts (``variable product subaccounts'') and implement fees associated with this proposed feature, as described in greater detail below.\6\ --------------------------------------------------------------------------- \6\ Capitalized terms used herein and not otherwise defined shall have the meaning assigned to such terms in, available at http://dtcc.com/~/media/Files/Downloads/legal/rules/nscc_rules.pdf. --------------------------------------------------------------------------- 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 The proposed rule change consists of modifications to the Rules in order to reflect proposed enhancements to I&RS services. The proposed rule change would enhance existing I&RS services to provide for the delivery of certain transaction data relating to variable product subaccounts and implement fees associated with this proposed feature, as described in greater detail below. (i) Variable Product Subaccounts An annuity is a contract between a holder and an insurance carrier pursuant to which the holder makes an upfront payment to an insurance carrier and the insurance carrier agrees to pay the holder periodic payments at a future date. A variable annuity is a type of annuity that allows the holder to choose from a selection of investment options, or ``subaccounts,'' within the annuity and the periodic payments paid by the insurance carrier are determined, in part, by the performance of the subaccounts selected by the holder. A variable life insurance contract operates in a similar manner. The variable life insurance carries a ``cash value'' and the purchaser can choose from a selection of investment subaccounts to invest the cash value. The subaccounts for variable [[Page 39482]] products are frequently structured to be similar to mutual funds and are managed by mutual fund asset managers. Historically asset managers have received certain information relating to the affiliated subaccounts they manage on an aggregate basis from insurance carriers rather than on an individual transactional basis with respect to each subaccount. For instance, an insurance carrier will send settlement amounts to the asset manager reflecting the aggregate amounts invested in each subaccount at any given time but will not send any individual transactional data relating to how those amounts were invested in each subaccount. As an example, if two clients each invested in a subaccount in one day and another client transfers funds from the subaccount on the same day, the insurance carrier would provide the asset manager the aggregate amount of funds remaining in the subaccount at the end of the day and will not specify that two of its clients invested in the subaccount and one client removed funds from the subaccount or any details relating to the individual transactions. Asset managers would like access to the information specific to the individual transactions for the subaccounts that they manage to get a better understanding of the business of the subaccounts. The subaccount transaction-specific information that the asset managers would like to receive with respect to each subaccount transaction includes the name of the insurance carrier, the date of the transaction, the broker- dealer named on the transaction, the individual advisor listed on the transaction, the type of transaction (e.g., new purchase, death claim, rebalance, subaccount transfer to or from the subaccount, etc.) and the amount of the transaction. Asset managers get this information, as applicable, with respect to retail mutual funds that they manage and such information is useful to indicate the investment advisors that are working with clients purchasing their subaccounts, activities between mutual funds that they manage such as transfers by clients between mutual funds that they manage, individual transaction amounts and the reason funds are being moved from or to a particular account. Such information provides asset managers with a better understanding of the accounts that they manage and the reason that clients are investing within certain products. This understanding allows asset managers to better serve clients by providing products to address their requirements. Asset managers have indicated that such transaction- specific information does not need to include individual client information with respect to the transactions, such as the identity of the underlying clients. This daily subaccount transactional information is currently included within the file that insurance carriers send to distributors as part of the I&RS Financial Activity Reporting (``FAR'') service.\7\ FAR enables insurance carriers to provide distributors with daily individual and group annuity and life insurance financial transaction information, including information relating to subaccounts. Distributors use this information, including the subaccount transactional information, to manage their client's accounts. --------------------------------------------------------------------------- \7\ Section 8 of Rule 57, supra note 6. FAR enables Insurance Carrier/Retirement Services Members to transmit IPS Data regarding financial transactions and related activity specific to an IPS Eligible Product to Members, Mutual Fund/Insurance Services Members and Data Services Only Members. Id. --------------------------------------------------------------------------- NSCC is proposing to take the transaction-specific subaccount data that it receives within the FAR files and make it available to asset managers that sign up for the feature. In connection with sending the transaction-specific subaccount data, NSCC may send the data to third party service providers who have been engaged by the asset managers to take the data from NSCC and organize it on behalf of the asset managers and/or provide a central repository pursuant to which asset managers may retrieve such information from NSCC. NSCC may enter into a contract with such service providers to ensure among other things that the data is being used as contemplated by the Rules and that there are proper safeguards to ensure data security. NSCC is proposing to charge the asset managers that sign up for the feature and gain access to the subaccount data a monthly fee of $2,500. Asset managers that are not Members or Limited Members would also be required to enter into an agreement relating to the payment of the fees and such other conditions as determined by NSCC to gain access to the subaccount data, including system requirements. (ii) Proposed Rule Changes The proposed rule change would amend Rule 57 to provide that NSCC would make available transaction-specific subaccount data to asset managers and service providers engaged by them to process the applicable data. The proposed rule change would also provide that asset managers which are not Members or Limited Members would be required to enter into such agreements with the NSCC as determined by NSCC to gain access to the subaccount data which agreements would include an agreement to pay the fees set forth in in the Rules to access the data and to set up any system requirements necessary to access the data. The proposed rule change would also provide that service providers receiving the subaccount data on behalf of asset managers would also be required to enter into such agreements as determined by the Corporation in order to gain access to such subaccount data on behalf of such asset managers to ensure the data is being sent to asset managers as contemplated in the Rules and that there are proper safeguards by the service provider to ensure data security In addition, NSCC would amend Addendum A of the NSCC Rules to include the fees for subscription for the subaccount data feature. 2. Statutory Basis Section 17A(b)(3)(F) of the Act \8\ requires, in part, that the Rules be designed to foster cooperation and coordination with persons engaged in the clearance and settlement of securities transactions. The proposed rule change would enhance insurance carriers' ability to send, and asset managers' ability to access and retrieve, daily transaction- specific subaccount data relating to the assets and funds that such asset managers manage that are within variable annuities and variable life insurance contracts. Currently, there is not a structured method of providing transaction-specific subaccount information to asset managers, and insurance carriers historically have not consistently provided such information to asset managers. The proposed rule change would allow the transaction-specific subaccount information to be shared by insurance carriers with asset managers in a standardized format. As such, NSCC believes that the proposed rule change would foster cooperation and coordination among persons engaged in the clearance and settlement of securities, consistent with the requirements of Section 17A(b)(3)(F) of the Act.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78q-1(b)(3)(F). \9\ Id. --------------------------------------------------------------------------- Section 17A(b)(3)(D) of the Act \10\ requires that the Rules provide for the equitable allocation of reasonable dues, fees, and other charges among its participants. NSCC believes that the proposed rule change to Addendum A is consistent with this provision of the Act because the proposed fees would [[Page 39483]] align with the cost of delivering the proposed subaccount data feature, and such fees would be allocated equitably among the entities that subscribe for access to the subaccount data. Specifically, the costs to NSCC for providing the feature would include building the capability to separate the subaccount data from the FAR files sent by insurance carriers, segregating such data by asset manager, drafting and negotiating agreements with asset managers relating to receiving the data and drafting and negotiating agreements with service providers who are receiving and distributing subaccount data on behalf of asset managers. NSCC believes that the costs for adding and operating the feature on behalf of asset managers would be approximately equal to the fees anticipated to be received by NSCC from the asset managers for use of this feature. In addition, such fees would be charged only to those asset managers that choose to subscribe to the feature. Therefore, by establishing fees that align with the cost of delivery of this feature and allocating those fees equitably among the subscribing asset managers, the proposed rule change would provide for the equitable allocation of reasonable dues, fees and other charges among its participants consistent with the requirements of Section 17A(b)(3)(D) of the Act.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78q-1(b)(3)(D). \11\ Id. --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition NSCC does not believe that the proposed rule change would have any adverse impact, or impose any burden, on competition because the proposed rule change would add an optional feature to NSCC's services that would provide access by asset managers to transaction-specific subaccount data that is included within the FAR files. As an optional feature available for subscription, the proposed rule change would not disproportionally impact any NSCC participants. Moreover, because the proposed rule change would allow asset managers to receive transaction-specific subaccount data and use that information to better service the funds and assets within variable products, NSCC believes the proposed rule change would have a positive effect on competition among asset managers. The proposed feature would provide these firms with a method of receiving transaction-specific subaccount data similar to the information that such asset managers currently receive with respect to retail mutual funds. Receiving transaction-specific subaccount information with respect to variable products would provide asset managers a better understanding of client requirements and allow asset managers to adjust their products so that they are better suited for clients of variable annuities and variable life insurance contracts. NSCC believes this would enhance competition among asset managers by enabling each to more quickly provide competing products meeting client requirements. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others NSCC has not received or solicited 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) \12\ of the Act and subparagraphs (f)(2) \13\ and (f)(4) \14\ of Rule 19b-4 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \12\ 15 U.S.C 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(2). \14\ 17 CFR 240.19b-4(f)(4). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NSCC-2018-005 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-2018-005. 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 NSCC and on DTCC's website (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-2018-005 and should be submitted on or before August 30, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-17007 Filed 8-8-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 154 / Thursday, August 9, 2018 / Notices 39481
to ensure that fund shareholders and Affairs, Office of Management and Services (‘‘I&RS’’). The proposed rule
directors receive adequate information Budget, Room 10102, New Executive change would enhance existing I&RS
to evaluate and approve a rule 12b–1 Office Building, Washington, DC 20503, services to provide for the delivery of
plan and, thus, are necessary for or by sending an email to: Shagufta_ certain transaction data relating to
investor protection. The requirement of Ahmed@omb.eop.gov; and (ii) Pamela variable annuity and variable life
quarterly reporting to the board is Dyson, Director/Chief Information insurance subaccounts (‘‘variable
designed to ensure that the rule 12b–1 Officer, Securities and Exchange product subaccounts’’) and implement
plan continues to benefit the fund and Commission, c/o Candace Kenner, 100 F fees associated with this proposed
its shareholders. The recordkeeping Street NE, Washington, DC 20549 or feature, as described in greater detail
requirements of the rule are necessary to send an email to: PRA_Mailbox@ below.6
enable Commission staff to oversee sec.gov. Comments must be submitted to
compliance with the rule. The OMB within 30 days of this notice. II. Clearing Agency’s Statement of the
requirement that funds or their advisers Purpose of, and Statutory Basis for, the
Dated: August 3, 2018. Proposed Rule Change
implement, and fund boards approve, Eduardo A. Aleman,
policies and procedures in order to In its filing with the Commission, the
Assistant Secretary.
prevent persons charged with allocating clearing agency included statements
[FR Doc. 2018–16998 Filed 8–8–18; 8:45 am] concerning the purpose of and basis for
fund brokerage from taking distribution
BILLING CODE 8011–01–P the proposed rule change and discussed
efforts into account is designed to
ensure that funds’ selection of brokers to any comments it received on the
effect portfolio securities transactions is proposed rule change. The text of these
SECURITIES AND EXCHANGE statements may be examined at the
not influenced by considerations about
COMMISSION
the sale of fund shares. places specified in Item IV below. The
Commission staff estimates that there [Release No. 34–83774; File No. SR–NSCC– clearing agency has prepared
are approximately 7,858 fund portfolios 2018–005] summaries, set forth in sections A, B,
that have at least one share class subject and C below, of the most significant
to a rule 12b–1 plan and approximately Self-Regulatory Organizations; aspects of such statements.
323 fund families with common boards National Securities Clearing
of directors that have at least one fund Corporation; Notice of Filing and (A) Clearing Agency’s Statement of the
with a 12b–1 plan. The Commission Immediate Effectiveness of Proposed Purpose of, and Statutory Basis for, the
further estimates that the annual hour Rule Change To Provide for the Proposed Rule Change
burden for complying with the rule is Delivery of Certain Transaction Data 1. Purpose
425 hours for each fund family with a Relating to Variable Annuity and
Variable Life Insurance Subaccounts The proposed rule change consists of
portfolio that has a rule 12b–1 plan. We modifications to the Rules in order to
therefore estimate that the total hourly and Implement Fees Associated With
This Proposed Feature reflect proposed enhancements to I&RS
burden per year for all funds to comply
services. The proposed rule change
with current information collection August 3, 2018. would enhance existing I&RS services to
requirements under rule 12b–1 is Pursuant to Section 19(b)(1) of the provide for the delivery of certain
137,275 hours. Commission staff Securities Exchange Act of 1934, as transaction data relating to variable
estimates that approximately three amended (‘‘Act’’),1 and Rule 19b–4 product subaccounts and implement
funds per year prepare a proxy in thereunder,2 notice is hereby given that fees associated with this proposed
connection with the adoption or on July 26, 2018, National Securities feature, as described in greater detail
material amendment of a rule 12b–1 Clearing Corporation (‘‘NSCC’’) filed below.
plan. The staff further estimates that the with the Securities and Exchange
cost of each fund’s proxy is $34,849. Commission (‘‘Commission’’) the (i) Variable Product Subaccounts
Thus, the total annual cost burden of proposed rule change as described in An annuity is a contract between a
rule 12b–1 to the fund industry is Items I, II and III below, which Items holder and an insurance carrier
$104,547. have been prepared by the clearing pursuant to which the holder makes an
Estimates of average burden hours
agency. NSCC filed the proposed rule upfront payment to an insurance carrier
and costs are made solely for purposes
change pursuant to Section 19(b)(3)(A) 3 and the insurance carrier agrees to pay
of the Paperwork Reduction Act and are
of the Act and subparagraphs (f)(2) 4 and the holder periodic payments at a future
not derived from a comprehensive or
(f)(4) 5 of Rule 19b–4 thereunder. The date. A variable annuity is a type of
even representative survey or study of
Commission is publishing this notice to annuity that allows the holder to choose
the costs of Commission rules and
solicit comments on the proposed rule from a selection of investment options,
forms. The collections of information
change from interested persons. or ‘‘subaccounts,’’ within the annuity
required by Rule 12b–1 are necessary to
and the periodic payments paid by the
obtain the benefits of the rule. Notices I. Clearing Agency’s Statement of the
insurance carrier are determined, in
to the Commission will not be kept Terms of Substance of the Proposed
confidential. An agency may not part, by the performance of the
Rule Change
conduct or sponsor, and a person is not subaccounts selected by the holder. A
The proposed rule change consists of variable life insurance contract operates
required to respond to a collection of modifications to NSCC’s Rules &
information unless it displays a in a similar manner. The variable life
Procedures (‘‘Rules’’) in order to reflect insurance carries a ‘‘cash value’’ and the
sradovich on DSK3GMQ082PROD with NOTICES
currently valid OMB control number. proposed enhancements to NSCC’s
The public may view the background purchaser can choose from a selection of
Insurance and Retirement Processing investment subaccounts to invest the
documentation for this information
collection at the following website, cash value. The subaccounts for variable
1 15 U.S.C. 78s(b)(1).
www.reginfo.gov. Comments should be 2 17 CFR 240.19b–4. 6 Capitalized terms used herein and not otherwise
directed to: (i) Desk Officer for the 3 15 U.S.C. 78s(b)(3)(A).
defined shall have the meaning assigned to such
Securities and Exchange Commission, 4 17 CFR 240.19b–4(f)(2).
terms in, available at http://dtcc.com/∼/media/
Office of Information and Regulatory 5 17 CFR 240.19b–4(f)(4). Files/Downloads/legal/rules/nscc_rules.pdf.
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![Federal Register / Vol. 83, No. 154 / Thursday, August 9, 2018 / Notices 39483
align with the cost of delivering the respect to variable products would number should be included on the
proposed subaccount data feature, and provide asset managers a better subject line if email is used. To help the
such fees would be allocated equitably understanding of client requirements Commission process and review your
among the entities that subscribe for and allow asset managers to adjust their comments more efficiently, please use
access to the subaccount data. products so that they are better suited only one method. The Commission will
Specifically, the costs to NSCC for for clients of variable annuities and post all comments on the Commission’s
providing the feature would include variable life insurance contracts. NSCC internet website (http://www.sec.gov/
building the capability to separate the believes this would enhance rules/sro.shtml). Copies of the
subaccount data from the FAR files sent competition among asset managers by submission, all subsequent
by insurance carriers, segregating such enabling each to more quickly provide amendments, all written statements
data by asset manager, drafting and competing products meeting client with respect to the proposed rule
negotiating agreements with asset requirements. change that are filed with the
managers relating to receiving the data Commission, and all written
and drafting and negotiating agreements (C) Clearing Agency’s Statement on
communications relating to the
with service providers who are Comments on the Proposed Rule
proposed rule change between the
receiving and distributing subaccount Change Received From Members,
Commission and any person, other than
data on behalf of asset managers. NSCC Participants, or Others
those that may be withheld from the
believes that the costs for adding and NSCC has not received or solicited public in accordance with the
operating the feature on behalf of asset any written comments relating to this provisions of 5 U.S.C. 552, will be
managers would be approximately equal proposal. NSCC will notify the available for website viewing and
to the fees anticipated to be received by Commission of any written comments printing in the Commission’s Public
NSCC from the asset managers for use received by NSCC. Reference Room, 100 F Street NE,
of this feature. In addition, such fees Washington, DC 20549 on official
would be charged only to those asset III. Date of Effectiveness of the
Proposed Rule Change, and Timing for business days between the hours of
managers that choose to subscribe to the 10:00 a.m. and 3:00 p.m. Copies of the
feature. Therefore, by establishing fees Commission Action
filing also will be available for
that align with the cost of delivery of The foregoing rule change has become inspection and copying at the principal
this feature and allocating those fees effective pursuant to Section office of NSCC and on DTCC’s website
equitably among the subscribing asset 19(b)(3)(A) 12 of the Act and (http://dtcc.com/legal/sec-rule-
managers, the proposed rule change subparagraphs (f)(2) 13 and (f)(4) 14 of filings.aspx). All comments received
would provide for the equitable Rule 19b–4 thereunder. At any time will be posted without change; the
allocation of reasonable dues, fees and within 60 days of the filing of the Commission does not edit personal
other charges among its participants proposed rule change, the Commission identifying information from
consistent with the requirements of summarily may temporarily suspend submissions. You should submit only
Section 17A(b)(3)(D) of the Act.11 such rule change if it appears to the information that you wish to make
(B) Clearing Agency’s Statement on Commission that such action is available publicly. All submissions
Burden on Competition necessary or appropriate in the public should refer to File Number SR–NSCC–
interest, for the protection of investors, 2018–005 and should be submitted on
NSCC does not believe that the or otherwise in furtherance of the
proposed rule change would have any or before August 30, 2018.
purposes of the Act.
adverse impact, or impose any burden, For the Commission, by the Division of
on competition because the proposed IV. Solicitation of Comments Trading and Markets, pursuant to delegated
rule change would add an optional authority.15
Interested persons are invited to
feature to NSCC’s services that would submit written data, views and Eduardo A. Aleman,
provide access by asset managers to arguments concerning the foregoing, Assistant Secretary.
transaction-specific subaccount data including whether the proposed rule [FR Doc. 2018–17007 Filed 8–8–18; 8:45 am]
that is included within the FAR files. As change is consistent with the Act. BILLING CODE 8011–01–P
an optional feature available for Comments may be submitted by any of
subscription, the proposed rule change the following methods:
would not disproportionally impact any SECURITIES AND EXCHANGE
NSCC participants. Electronic Comments COMMISSION
Moreover, because the proposed rule • Use the Commission’s internet
change would allow asset managers to comment form (http://www.sec.gov/ Submission for OMB Review;
receive transaction-specific subaccount rules/sro.shtml); or Comment Request
data and use that information to better • Send an email to rule-comments@ Upon Written Request, Copies Available
service the funds and assets within sec.gov. Please include File Number SR– From: Securities and Exchange
variable products, NSCC believes the NSCC–2018–005 on the subject line. Commission, Office of FOIA Services,
proposed rule change would have a
Paper Comments 100 F Street NE, Washington, DC
positive effect on competition among
20549–2736
asset managers. The proposed feature • Send paper comments in triplicate
would provide these firms with a to Secretary, Securities and Exchange Extension:
Form ADV–E, SEC File No. 270–318, OMB
sradovich on DSK3GMQ082PROD with NOTICES
method of receiving transaction-specific Commission, 100 F Street NE,
Control No. 3235–0361
subaccount data similar to the Washington, DC 20549.
information that such asset managers All submissions should refer to File Notice is hereby given that, pursuant
currently receive with respect to retail Number SR–NSCC–2018–005. This file to the Paperwork Reduction Act of 1995
mutual funds. Receiving transaction- (44 U.S.C. 3501 et seq.), the Securities
specific subaccount information with 12 15 U.S.C 78s(b)(3)(A). and Exchange Commission (the
13 17 CFR 240.19b–4(f)(2).
11 Id. 14 17 CFR 240.19b–4(f)(4). 15 17 CFR 200.30–3(a)(12).
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Document Created: 2018-08-09 01:10:42
Document Modified: 2018-08-09 01:10:42
| 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 39481 |
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