[Federal Register Volume 69, Number 10 (Thursday, January 15, 2004)]
[Notices]
[Pages 2373-2374]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-853]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49044; File No. SR-DTC-2003-14]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to the Filing of Service Guides

January 8, 2004.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 1, 2003, 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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[[Page 2374]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change updates DTC's Services Guide.

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

    In January 2001, DTC filed File No. SR-DTC-2001-01\3\ with the 
Commission which constituted a restatement of certain sections of the 
Participant Operating Procedures (``POP'') and Participant Terminal 
System (``PTS'') Manual of DTC. Both the POP and the PTS Manual are 
hardcopy, multi-volume manuals that, among other things, provide 
participants with procedures and information pertaining to a number of 
DTC services and describe and document functions and applications of 
DTC systems.
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    \3\ Securities Exchange Act Release No. 44719, 66 FR 44656 
(August 24, 2001).
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    In that rule filing DTC explained that both POP and the PTS Manual 
would better serve participants and other authorized users if they were 
restated together utilizing modern electronic media. As a result, DTC 
developed Services Guides to replace POP and PTS Manual documentation. 
DTC has filed Services Guides for the following DTC services: Custody, 
Deposits, Dividend, Reorganization, Settlement, and Underwriting. In 
this filing, the Participant Inquiry Notification System (``PINS'') 
function of the Services Guides is being updated to include the End of 
Month Confirmation Procedures, which previously were included in DTC's 
POP and PTS Manual, and the fines that are imposed for failure to 
confirm the month end position statement in a timely manner. No 
substantive changes are being made to the procedures of DTC.
    The Services Guide update will be implemented upon filing and will 
be available to participants and other authorized users via CD-ROM and 
the Internet at DTC's Web site.
    DTC believes that the proposed rule change is consistent with the 
requirements of Section 17A of the Act and the rules and regulations 
thereunder applicable to DTC because it will contribute to the ease of 
use of DTC's services and PTS. 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 the 
proposed rule change enhances the utilization of DTC's existing 
services.

(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

    File No. SR-DTC-2001-01 dealt with the original Services Guides 
which were developed through discussions with a number of participants. 
Because this rule filing deals with an update to the existing Services 
Guides, written comments from participants or others have not been 
solicited or received on this proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(iii) of the Act \4\ and Rule 19b-4(f)(4)\5\ promulgated 
thereunder because the proposal 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 the service. At any time 
within sixty days of the filing of the proposed 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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    \4\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \5\ 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: [email protected]. All comment letters should refer to 
File No. SR-DTC-2003-14. 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 
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. 
Copies of such filing also will be available for inspection and copying 
at the principal office of DTC and DTC's Web site at www.dtc.org/impNtc/mor/index.html. All submissions should refer to File No. SR-DTC-
2003-14 and should be submitted by February 5, 2004.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 04-853 Filed 1-14-04; 8:45 am]
BILLING CODE 8010-01-P