[Federal Register Volume 67, Number 107 (Tuesday, June 4, 2002)]
[Notices]
[Page 38533]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-13872]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45989; File No. SR-DTC-2001-16]


Self-Regulatory Organizations; The Depository Trust Company; 
Order Granting Approval of a Proposed Rule Change Relating to Technical 
Language Changes to Certain DTC Rules

May 28, 2002.
    On August 31, 2001, The Depository Trust Company (``DTC'') filed 
with the Securities and Exchange Commission (``Commission'') a proposed 
rule change (File No. SR-DTC-2001-16) pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'').\1\ Notice of the 
proposed rule change was published in the Federal Register on March 18, 
2002.\2\ No comment letters were received. For the reasons discussed 
below, the Commission is granting approval of the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ Securities Exchange Act Release No. 45540 (March 12, 2002), 
67 FR 12070.
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I. Description

    The proposed rule change expands the term ``procedures,'' as 
defined under Rule 1, to include service guides and regulations. The 
proposed rule change deletes references to ``Executive Vice President'' 
and ``Senior Vice President'' as officers of DTC because these titles 
are obsolete as no longer used at DTC and adds references to ``Managing 
Director'' to Rule 18, which allows certain DTC officers and directors 
to waive or suspend rules and procedures, and to Rule 28 which allows 
certain officers and directors to act under delegated authority from 
the board of directors on behalf of DTC. Rule 27 is amended to allow 
the board of directors to delegate authority to any DTC officer 
referenced in the board's delegation resolution.

II. Discussion

    Section 17A(b)(3)(F) \3\ of the Act requires that the rules of a 
clearing agency be designed to promote the prompt and accurate 
clearance and settlement of securities transactions. The rule change 
allows DTC's rules to accurately reflect its current management 
structure. Updating Rules 1, 18, 27, and 28 will provide the 
appropriate officers of DTC with the ability to carry out their 
responsibilities. Therefore, the Commission finds that the rule change 
is consistent with DTC's obligation under Section 17A to have rules 
that are designed to promote the prompt and accurate clearance and 
settlement of securities transactions.
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    \3\ 15 U.S.C. 78q-1(b)(3)(F).
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III. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposed rule change is consistent with the requirements of the Act and 
in particular Section 17A of the Act and the rules and regulations 
thereunder.
    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change (File No. SR-DTC-2001-16) be and hereby 
is approved.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\4\
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    \4\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-13872 Filed 6-3-02; 8:45 am]
BILLING CODE 8010-01-P