[Federal Register Volume 75, Number 173 (Wednesday, September 8, 2010)]
[Notices]
[Pages 54681-54682]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-22349]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62794; File No. SR-NSCC-2010-08]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend Rules Relating to Authority To Suspend or Waive
NSCC Rules and Procedures
August 30, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 23, 2010, the
National Securities Clearing Corporation (``NSCC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change described in Items I, II, and III below, which items have been
prepared primarily by NSCC.\2\ NSCC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(3) thereunder so
that the proposed rule change was effective upon filing with the
Commission.\3\ 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).
\2\ The text of the proposed rule change is attached as Exhibit
5 to NSCC's filing and is available at http://www.dtcc.com/downloands/legal/rule_filings/2010/nscc/2010-08.pdf.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b-4(f)(3).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change will amend NSCC rules to provide that any
officer having a rank of Managing Director or higher is authorized to
suspend or waive NSCC rules and procedures.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NSCC 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. NSCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\4\
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\4\ The Commission has modified the text of the summaries
prepared by NSCC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The proposed rule change amends Rule 22 of the NSCC's Rules and
Procedures \5\ to state that the rules and procedures of NSCC may be
suspended or waived by any officer having a rank of Managing Director
or higher. Prior to the proposed amendment, Rule 22 provided such
authority to officers having a rank of Vice President or higher.\6\
This proposed rule change will also harmonize NSCC's rules with those
of FICC's (``FICC'') Government Securities Division and Mortgage-Backed
Securities Division, and with those of The Depository Trust Company
(``DTC'') as such rules relate to the authority to suspend or waive
rules.\7\
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\5\ NSCC's rules are available at http://www.dtcc.com/legal/rules_proc/dtc_rules.pdf.
\6\ Managing Director is a more senior level of officer than
that of Vice President.
\7\ On August 20, 2010, FICC filed and on August 23, 2010, DTC
filed similar rule changes. Securities Exchange Act Release No.
62796 (August 30, 2010) [SR-FICC-2010-06] and 62795 (August 30,
2010) [File No. SR-DTC-2010-11] respectively.
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NSCC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act\8\ and the rules and regulations
thereunder that are applicable to NSCC because the proposed rule will
require a more senior level of management to authorize a suspension or
waiver of the NSCC rules under the proposed rule change, thereby
ensuring more equitable compliance with NSCC's rules and procedures.
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\8\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
(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. NSCC will notify the Commission of any written
comments received by the 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 \9\ and Rule 19b-4(f)(3) \10\
thereunder because it is concerned solely with the administration of
NSCC. At any time within sixty days of the filing of such 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.
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\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 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
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 e-mail to [email protected]. Please include
File Number SR-NSCC-2010-08 on the subject line.
[[Page 54682]]
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NSCC-2010-08. 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,
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 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 Section, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filings also will be available for
inspection and copying at the principal office of NSCC and on NSCC's
Web site, http://www.dtcc.com. 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-2010-08 and should be submitted on or before
September 29, 2010.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-22349 Filed 9-7-10; 8:45 am]
BILLING CODE 8010-01-P