[Federal Register Volume 67, Number 52 (Monday, March 18, 2002)]
[Notices]
[Pages 12070-12071]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-6339]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45540; File No. SR-DTC-2001-16]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing of Proposed Rule Change Relating to Technical Language 
Changes to Certain DTC Rules

March 12, 2002.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934

[[Page 12071]]

(``Act''),\1\ notice is hereby given that on August 31, 2001, 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 consists of technical language changes to 
DTC Rules 1, 18, 27, and 28. The language changes concern officer 
titles and the methods of amending DTC's procedures, services guides, 
and regulations.

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.

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The purpose of the proposed rule change is to modify DTC's Rules to 
eliminate references to officer titles that are obsolete and to clarify 
the method by which DTC's procedures, services guides, and regulations 
can be amended. The proposed rule change will also expand the term 
``procedures,'' as defined under Rule 1, to include service guides and 
regulations.
    Rules 18 allows certain DTC officers and directors to waive or 
suspend rules and procedures and Rule 28 allows certain officers and 
directors to act under delegated authority from the board of directors 
on behalf of DTC. The proposed rule change would delete references to 
``Executive Vice President'' and ``Senior Vice President'' as officers 
of DTC and add a reference to ``Managing Director.'' At present, Rule 
27 allows the board of directors to delegate authority to the chairman 
of the board to prescribe procedures for DTC. Under the proposed rule 
change, DTC's board also may extend this authority to any DTC officer 
referenced in the board's delegation resolution.
    The proposed rule change is consistent with section 17A of the Act 
and the rules and regulations thereunder applicable to DTC because it 
would promote the prompt and accurate clearance and settlement of 
securities transactions because it would clarify and update DTC's 
Rules.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    DTC perceives no 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 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

    Within thirty-five days of the date of publication of this notice 
in the Federal Register, or within such longer period: (i) As the 
Commission may designate up to ninety days of such date if it finds 
such longer period to be appropriate and publishes its reasons for so 
finding or (ii) as to which DTC consents, the Commission will:
    (A) By order approve such proposed rule change or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

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. 
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 Room, 450 Fifth Street, NW, Washington, 
DC 20549. Copies of such filing also will be available for inspection 
and copying at the principal office of DTC. All submissions should 
refer to File No. SR-DTC-2001-16 and should be submitted by April 8, 
2002.
    For the Commission, by the Division of Market Regulation, pursuant 
to delegated authority.\2\
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    \2\ 17 CFR 200.30-3(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-6339 Filed 3-15-02; 8:45 am]
BILLING CODE 8010-01-P