[Federal Register Volume 69, Number 58 (Thursday, March 25, 2004)]
[Notices]
[Pages 15419-15420]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-6707]


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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: [email protected]. 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 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