[Federal Register Volume 80, Number 52 (Wednesday, March 18, 2015)]
[Notices]
[Pages 14173-14174]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-06089]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74485; File No. SR-DTC-2015-02]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Make Technical Revisions to the DTC Settlement Service Guide

March 12, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act'') and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on March 3, 2015, 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 by DTC. DTC filed the proposed rule change 
pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(4) \4\ 
thereunder. The proposed rule change was effective upon filing with the 
Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4).
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change consists of technical amendments to the 
Settlement Service Guide (``Guide'') in order to make technical changes 
and updates to its text.\5\
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    \5\ Each term not otherwise defined herein has the respective 
meaning set forth in DTC's rules (the ``Rules'').
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II. Clearing Agency'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 such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    Pursuant to the proposed rule change the Guide would be revised to:
    (i) Refer to the ``Settlement User Interface'' rather than the 
``Settlement Web'', ``Participant Terminal System'' and ``Participant 
Browser Service'';
    (ii) update the text of the Settling Bank Processing Schedule and 
other text in the Guide to reflect that DTC end-of-day net settlement 
is processed through the National Settlement Service (NSS) of the 
Federal Reserve System, specifically, that DTC submits to the Federal 
Reserve Bank of New York a file to debit and credit Federal Reserve 
accounts of Settling Banks simultaneously;
    (iii) delete references to the ``U.S. program'' of EuroCCP (which 
has ceased to exist) as well as any references to related DTC 
processing provisions that are obsolete as a result;
    (iv) simplify and update other text, including descriptions of 
processes and timeframes, contact information for settlement processing 
and cross-references; and
    (v) conform grammar and usage throughout the Guide.
Implementation Date
    The proposed rule changes would become effective immediately.
2. Statutory Basis
    The proposed rule change would update the Guide to make technical 
changes and updates to the Guide to reflect current terminology, 
systems functionality, practices and processing timeframes, which would 
simplify and clarify the Guide's text. Therefore, DTC believes the 
proposed rule change is consistent with the requirements of: (i) The 
Act, in particular Section 17A(b)(3)(F) of the Act,\6\ which requires 
that the rules of the clearing agency be designed, inter alia, to 
promote the prompt and accurate clearance and settlement of securities 
transactions, and (ii) Rule 17Ad-22(d)(9) \7\ promulgated under the Act 
which requires, inter alia, that a clearing agency establish, 
implement, maintain and enforce written policies and procedures 
reasonably designed to identify and evaluate the risks and costs 
associated with using its services, because the proposed changes 
simplify and clarify the Guide's text for the users of DTC's services.
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    \6\ 15 U.S.C. 78q-1(b)(3)(F).
    \7\ 17 CFR 240.17Ad-22(d)(9).
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(B) Clearing Agency's Statement on Burden on Competition

    DTC does not believe that the proposed rule change would have any 
impact, or impose any burden, on competition.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants, or Others

    Written comments relating to the proposed rule change have not yet 
been solicited or received. DTC will notify the Commission of any 
written comments received by DTC.

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

    The foregoing rule change has become effective pursuant to Section

[[Page 14174]]

19(b)(3)(A) \8\ of the Act and paragraph (f) of Rule 19b-4 \9\ 
thereunder. At any time within 60 days of the filing of the proposed 
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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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f).
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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 email to [email protected]. Please include 
File Number SR-DTC-2015-02 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-DTC-2015-02. This file 
number should be included on the subject line if email 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 Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of DTC and on DTCC's 
Web site (http://dtcc.com/legal/sec-rule-filings.aspx). 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-DTC-2015-02 and should be 
submitted on or before April 8, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-06089 Filed 3-17-15; 8:45 am]
 BILLING CODE 8011-01-P