[Federal Register: March 25, 2004 (Volume 69, Number 58)]
[Notices]
[Page 15419-15420]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25mr04-116]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-49446; File No. SR-DTC-2004-02]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Termination of the Global Corporate Action Hub as a DTC
Service
March 18, 2004.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on March 15, 2004, The
Depository Trust Company (``DTC'') 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
primarily by DTC. The Commission is publishing this notice to solicit
comments on the proposed rule change 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 proposed rule change would allow DTC to terminate the Global
Corporate Action Hub (``GCAH'') as a DTC service.
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 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. DTC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\2\
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\2\ The Commission has modified the text of the summaries
prepared by DTC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
On April 18, 2002, the Commission issued an order approving DTC's
implementation of GCAH.\3\ Since that time, however, DTC has not
offered the service and has determined not to offer the service in the
future. The purpose of the proposed rule change is to terminate GCAH as
a DTC service offering. For purposes of efficiency and enhanced
customer service, Global Asset Solutions LLC, a wholly-owned subsidiary
of The Depository Trust & Clearing Corporation which offers services
similar in nature to GCAH, will be offering the service under the name
``Global Corporate Action Messaging Service.''
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\3\ Securities Exchange Act Release No. 45780 (April 18, 2002),
67 FR 20562 (April 25, 2002) [File No. SR-DTC-2001-04] (order
approving DTC's implementation of GCAH).
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The proposed rule change is consistent with the requirements of
Section 17A(b)(3)(F) of the Act \4\ and the rules and regulations
thereunder applicable to DTC because it will allow for more efficient
allocation of DTC's resources. The proposed rule change will be
implemented consistently with the safeguarding of securities and funds
in DTC's custody or control or for which it is responsible since DTC
has never offered GCAH.
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\4\ 15 U.S.C. 78q-1(b)(3)(F).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
DTC perceives no adverse impact on competition by reason of the
proposed rule change.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
Written comments from DTC participants or others have not been
solicited or received on the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change will take effect upon filing pursuant to
Section
[[Page 15420]]
19(b)(3)(A)(iii) of the Act \5\ and Rule 19b-4(f)(4)\6\ thereunder
because the proposed rule effects a change in an existing service of
DTC that (i) does not adversely affect the safeguarding of securities
or funds in the custody or control of DTC or for which it is
responsible and (ii) does not significantly affect the respective
rights or obligations of DTC or persons using GCAH because DTC has
never offered GCAH. At any time within sixty days of the filing of such
rule change, the Commission may summarily abrogate 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.
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\5\ 15 U.S.C. 78s(b)(3)(A)(iii).
\6\ 17 CFR 240.19b-4(f)(4).
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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
change is consistent with the Act. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549-0609.
Comments may also be submitted electronically at the following e-mail
address: rule-comments@sec.gov. All comment letters should refer to
File No. SR-DTC-2004-02. This file number should be included on the
subject line if e-mail is used. To help the Commission process and
review your comments more efficiently, comments should be sent in
either hardcopy or by e-mail but not by both methods. 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 inspection and copying in the Commission's
Public Reference Section, 450 Fifth Street, NW, Washington, DC 20549-
0609. Copies of such filing also will be available for inspection and
copying at the principal office of DTC. Copies of the proposed rule
change and all subsequent amendments are also available at http://www.dtc.org.
All submissions should refer to File No. SR-DTC-2004-02 and should be
submitted by April 15, 2004.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-6707 Filed 3-24-04; 8:45 am]
BILLING CODE 8010-01-P