[Federal Register: July 28, 2006 (Volume 71, Number 145)]
[Notices]
[Page 42890-42891]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr28jy06-116]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54173; File Nos. SR-DTC-2006-10, SR-FICC-2006-09, and
SR-NSCC-2006-08]
Self-Regulatory Organizations; The Depository Trust Company,
Fixed Income Clearing Corporation, and National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Changes Whereby the President of Each Clearing Agency Shall Also
Serve as Its Chief Executive Officer
July 19, 2006.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on June 5, 2006, The
Depository Trust Company (``DTC'') and the National Securities Clearing
Corporation (``NSCC'') and that on June 6, 2006, the Fixed Income
Clearing Corporation (``FICC'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule changes described in
Items I, II, and III below, which items have been prepared primarily by
DTC, FICC, and NSCC. The Commission is publishing this notice to
solicit comments on the proposed rule changes from interested parties.
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\1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule changes is to provide that (1)
DTC's President shall serve as its Chief Executive Officer (``CEO'')
and (2) FICC's President shall serve as its CEO and is to make
conforming changes to NSCC's By-Laws concerning NSCC's President
serving as its CEO.\2\ The proposed rule changes also make conforming
changes throughout so that the By-Laws of DTC, FICC, and NSCC are
uniform.
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\2\ NSCC's By-Laws currently provide that the President shall
serve as NSCC's CEO. NSCC's proposed rule change makes conforming
changes so that the language of NSCC's By-Laws is consistent with
the language of the By-Laws of DTC and FICC.
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, DTC, FICC, and NSCC included
statements concerning the purpose of and basis for the proposed rule
changes and discussed any comments they received on the proposed rule
changes. The text of these statements may be examined at the places
specified in Item IV below. DTC, FICC, and NSCC have prepared
summaries, set forth in sections (A), (B), and (C) below, of the most
significant aspects of these statements.\3\
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\3\ The Commission has modified the text of the summaries
prepared by DTC, FICC, and NSCC.
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A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of the proposed rule changes is (1) to amend DTC's By-
Laws so that DTC's President shall serve as its CEO \4\ and (2) to
amend FICC's By-Laws so that FICC's President shall serve as its CEO
\5\ and is to make conforming changes to NSCC's By-Laws.\6\ The
proposed rule changes also make conforming changes throughout so that
the By-Laws of DTC, FICC, and NSCC are uniform.
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\4\ DTC By-Laws Article III, Section 3.3.
\5\ FICC By-Laws Article III, Section 3.3.
\6\ NSCC By-Laws Article III, Section 3.3.
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DTC, FICC, and NSCC believe that the proposed rule changes are
consistent with the requirements of Section 17A(b)(3)(A) of the Act \7\
and the rules and regulations thereunder applicable to DTC, FICC, and
NSCC because they should better enable DTC, FICC, and NSCC to
facilitate the prompt and accurate clearance and settlement of
securities transactions.
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\7\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition
DTC, FICC, and NSCC do not believe that the proposed rule change
will have any impact on or impose any burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments relating to the proposed rule change have been
solicited or received. DTC, FICC, and NSCC will notify the Commission
of any written comments received by DTC, FICC, and NSCC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(3) \9\
thereunder because the proposed rule changes are concerned solely with
the administration of DTC, FICC, and NSCC. At any time within sixty
days of the filing of the proposed rule changes, the Commission may
summarily abrogate such rule changes 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.
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(3).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
changes are 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 e-mail to rule-comments@sec.gov. Please include
File Numbers SR-DTC-2006-10, SR-FICC-2006-09, and SR-NSCC-2006-08 on
the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Numbers SR-DTC-2006-10, SR-FICC-
[[Page 42891]]
2006-09, and SR-NSCC-2006-08. These file numbers should be included on
the subject line if e-mail is used. To help the Commission process and
review your comments more efficiently, please use only one method. The
Commission will post all comments on the Commission's Internet Web site
(http://www.sec.gov/rules/sro.shtml). Copies of the submission, all
subsequent amendments, all written statements with respect to the
proposed rule changes that are filed with the Commission, and all
written communications relating to the proposed rule changes 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 inspection and copying in the Commission's Public
Reference Section, 100 F Street, NE., Washington, DC 20549. Copies of
such filings also will be available for inspection and copying at the
principal offices of DTC, FICC, and NSCC and on DTC's Web site at
https://login.dtcc.com/dtcorg/, and on FICC's Web site at http://www.ficc.com/gov/gov.docs.jsp?NS-query
, and on NSCC's Web site at
http://www.nscc.com/legal/. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly.
All submissions should refer to File Number SR-DTC-2006-10, SR-
FICC-2006-09, and SR-NSCC-2006-08 and should be submitted on or before
August 18, 2006.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-12070 Filed 7-27-06; 8:45 am]
BILLING CODE 8010-01-P