[Federal Register Volume 84, Number 119 (Thursday, June 20, 2019)]
[Notices]
[Pages 28867-28871]
[FR Doc No: 2019-13074]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86113; File No. SR-DTC-2019-001]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend the Operational Arrangements Relating to Transfer Agent and
Trustee Notices

June 14, 2019.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 13, 2019, 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 the clearing agency. DTC filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(4)
thereunder.\4\ 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 of DTC \5\ consists of modifications to
the DTC Operational Arrangements (Necessary for Securities to Become
and Remain Eligible for DTC Services) (``OA'') \6\ in order to amend
DTC's Procedures \7\ regarding (i) the available methods for a transfer
agent \8\ or trustee \9\ to notify DTC of a change relating to ceasing
to perform or assumption of transfer agent services on behalf of an
Issuer of Securities (``Issuer'') or when the transfer agent or trustee
is changing its name or address, (ii) the deadline by which a transfer
agent must provide such a notice, (iii) the required timeframe for DTC
to make such notices from transfer agents available to Participants,
and (iv) other clarifying and technical changes, as described below.
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    \5\ Capitalized terms not defined herein are defined in the
Rules, By-Laws and Organization Certificate of DTC (the ``Rules''),
available at http://www.dtcc.com/~/media/Files/Downloads/legal/
rules/dtc_rules.pdf.
    \6\ Available at http://www.dtcc.com/~/media/Files/Downloads/
legal/issue-eligibility/eligibility/operational-arrangements.pdf.
    \7\ Pursuant to the Rules, the term ``Procedures'' means the
Procedures, service guides, and regulations of DTC adopted pursuant
to Rule 27, as amended from time to time. See Rule 1, Section 1,
supra note 5.
    \8\ Transfer agents record changes of ownership, maintain the
issuer's security holder records, cancel and issue certificates, and
distribute dividends. Because transfer agents stand between issuing
companies and security holders, efficient transfer agent operations
are critical to the successful completion of secondary trades. See
https://www.sec.gov/divisions/marketreg/mrtransfer.shtml.
(describing transfer agents and related information).
    \9\ A trustee is hired by an issuer of debt securities and is
responsible for registration, transfer and payment of the
securities.
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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, the clearing agency 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. The clearing agency 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
    The proposed rule change consists of modifications to the OA \10\
in order to amend DTC's Procedures regarding (i) the available methods
for a transfer agent or trustee to notify DTC of a change relating to
ceasing to perform or assumption of transfer agent services on behalf
of an Issuer or when the transfer agent or trustee is changing its name
or address, (ii) the deadline by which a transfer agent must provide
such a notice, (iii) the required timeframe for DTC to make such
notices from transfer agents available to Participants, and (iv) other
clarifying and technical changes, as described below.
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    \10\ Supra note 6.
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Background
    In 1995, the Securities and Exchange Commission (``Commission'')
approved a DTC rule filing (``1995 Rule Filing'') \11\ for DTC to be
designated as the ``appropriate qualified registered securities
depository'' to receive notices of transfer agent changes (``17Ad-16
Notice'') pursuant to Rule 17Ad-16 \12\ (``Rule 17Ad-16'') of the
Securities Exchange Act of 1934, as amended (``Act'').\13\ Rule 17Ad-16
is designed to address transfer delays due to unannounced transfer
agent changes, including the termination of the transfer agent services
for a particular issue and the change of the name or address of a
transfer agent.\14\ Rule 17Ad-16 requires a registered transfer agent
to send a 17Ad-16 Notice to the ``appropriate qualified registered
securities depository'' (a) on or before the later of ten calendar days
prior to the effective date of such termination or the day the transfer
agent is notified of the effective date of such termination \15\ and
(b) on or before the later of ten calendar days prior to the effective
date of a change in the transfer agent's name or address or when that
transfer agent assumes transfer agent services on behalf of an issuer
of securities.\16\
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    \11\ See Securities Exchange Act Release No. 35378 (February 15,
1995), 60 FR 9875 (February 22, 1995) (File No. SR-DTC-95-02).
    \12\ 17 CFR 240.17Ad-16. Pursuant to Rule 17Ad-16, an
``appropriate qualified registered securities depository'' shall
mean the qualified registered securities depository that the
Commission so designates by order or, in the absence of such
designation, the qualified registered securities depository that is
the largest holder of record of all qualified registered securities
depositories as of the most recent record date. 17 CFR 240.17Ad-
16(f).
    \13\ 15 U.S.C. 78q-1.
    \14\ See Securities Exchange Act Release No. 35039 (December 1,
1994), 59 FR 63656 (December 8, 1994) (File No. S7-1-92).
    \15\ 17 CFR 240.17Ad-16(a).
    \16\ 17 CFR 240.17Ad-16(b).
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    For purposes of submitting a 17Ad-16 Notice to DTC, the OA provides
that a transfer agent should (i) use the template Notice of Assumption
or Termination of Transfer Agent Services Form 17Ad-16 (``17Ad-16
Change Form'') designated for this purpose that is made available by
DTC on DTCC's website,\17\ and (ii) send the completed form, signed by
the transfer agent, in a portable document format to a designated email
address,\18\ by the effective date of the change being reported on the
form.\19\
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    \17\ Available at http://dtcc.com/matching-settlement-and-asset-services/agent-services/dtc-eligible-agent.
    \18\ The address designated for this purpose is
<EMAIL_ADDRESS>See OA, supra note 6, at 17.
    \19\ OA, supra note 6, at 17.
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    The OA also provides that in the event of a change in trustee with
respect to an issue of Securities, DTC requires that the new and prior
trustee update the trustee information previously provided to DTC by
the trustee for the issue using the 17Ad-16 Change Form and sending the
form, signed by the trustee, in portable document format, to a
designated email address.\20\
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    \20\ OA, supra note 6, at 18.
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    Once received, DTC would make the form submitted by the transfer
agent or trustee available to its Participants by posting it to DTC's
Legal Notice System (``LENS'').\21\
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    \21\ LENS enables Participants to choose from a menu on a secure
interface with DTC certain notices received by DTC which they order.
The Commission issued an order approving LENS on June 12, 1991. See
Securities Exchange Act Release No. 29291 (June 12, 1991), 56 FR
28190 (June 19, 1991) (File No. SR-DTC-91-08). LENS was originally
accessible through the DTC Participant Terminal System (``PTS'').
Id. DTC subsequently implemented a web-based LENS interface. See
Securities Exchange Act Release No. 43964 (February 14, 2001), 66 FR
11190 (February 22, 2001) (SR-DTC-00-18). The LENS PTS function was
retired effective August 27, 2010, and Participants may access LENS
via the web-based functionality mentioned above. See Securities
Exchange Act Release No. 62686 (August 10, 2010), 75 FR 50032
(August 16, 2010) (SR-DTC-2010-10).
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Proposed Rule Change
Electronic Submission of 17Ad-16 Change Forms
    Pursuant to the proposed rule change, to facilitate the reduction
of costs and administrative burdens associated with the processing of
transfer agent and trustee notices, DTC would modify the OA to allow
transfer agents and trustees to provide the applicable notices
electronically through a designated link on the DTCC website,\22\ as
described below. In this regard, the proposed method would allow for
the submission of a notice that follows the template of the 17Ad-16
Change Form that is electronically signed \23\ and submitted by the
transfer agent or trustee, as applicable, using the designated link.
The OA would still allow for submission of such notices via email, as
described above. However, DTC believes that also allowing for a wholly-
electronic method for the completion, signing and submission of the
17Ad-16 Change Form would reduce costs and administrative burdens for
transfer agents and trustees by eliminating the manual processing
otherwise entailed with an email submission.\24\
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    \22\ Supra note 17.
    \23\ Pursuant to Rule 26, DTC may, at its option, in lieu of
relying on an original signature, rely on a signature as if it were
(and the signature shall be considered and have the same effect as)
a valid and binding signature in the following circumstances: If
such signature is transmitted, recorded or stored by an electronic,
optical, or similar means (including but not limited to telecopy,
imaging, xeroxing, electronic mail, electronic data interchange,
telegram or telex). Rule 26, supra note 5.
    \24\ The manual processing that may be necessary for a transfer
agent or trustee to make an email submission of a notice, which
would be eliminated by instead using the proposed electronic method
to submit the form, includes the transfer agent or trustee printing,
completing, manually signing the notice and converting it to the
portable document format currently required by the OA.
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Notification Timeframe for Transfer Agents To Provide Notices
    The OA currently states that a transfer agent should notify DTC of
the transfer agent's termination of services for an Issuer by the
effective date and does not provide a deadline for notifications to DTC
of other events that are reportable by the transfer agent to DTC
pursuant to Rule 17Ad-16. Pursuant to the proposed rule change, in
order to harmonize the timeframe stated in the OA in this regard with
the requirements of Rule 17Ad-16,\25\ discussed above, DTC would amend
the OA to require that a transfer agent must notify DTC when
terminating or assuming transfer agent services on behalf of an Issuer,
or when the transfer agent is changing its name or address, before the
later of (a) 10 calendar days prior to the effective date or (b) in the
case of a termination or assumption, the date the transfer agent is (1)
notified of the effective date, or (2) becomes aware of, the
termination or assumption date, as applicable.
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    \25\ 17 CFR 240.17Ad-16(a).
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    DTC believes that the proposed amendment to the timeframes for
transfer agents to provide 17Ad-16 Notices, as set forth above, would
promote the prompt and accurate clearance and settlement of securities
by facilitating DTC's ability to distribute to its Participants via
LENS, a transfer

agent's notification made by it pursuant to Rule 17Ad-16 prior to the
effective date, to the extent the notice is timely provided by the
transfer agent, thus reducing the potential for transfer delays due to
unannounced transfer agent changes.
Posting 17Ad-16 Notices to LENS
    The 1995 Rule Filing stated that DTC would make 17Ad-16 Notices
available to Participants via LENS no later than the Business Day \26\
following DTC's receipt of such notice from the transfer agent.\27\
Rule 17Ad-16 states that a qualified registered securities depository
that receives notice pursuant to the requirements noted above, ``shall
deliver a copy of such notices to its own participants within 24
hours.'' \28\
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    \26\ Pursuant to Rule 1, the term Business Day means any day on
which DTC is open for business. Rule 1, supra note 5.
    \27\ See supra note 11.
    \28\ 17 CFR 240.17Ad-16(d)(1).
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    In order to provide enhanced transparency with regard to the
timeframe for DTC to post notices consistent with 1995 Rule Filing, and
reflecting the underlying requirement of Rule 17Ad-16 in this regard,
DTC would add text to the OA to clarify that DTC would make each 17Ad-
16 Notice available to Participants within 24 hours of DTC's receipt of
a 17Ad-16 Notice from the transfer agent, not including weekends and
holidays (i.e., non-Business Days). For example, if DTC receives a
17Ad-16 Notice through the designated email or electronic methods
described above at 6:00 p.m. Eastern Time (``ET'') on a Monday (that is
not a holiday), DTC would make the 17Ad-16 Notice available for viewing
by Participants on LENS no later than 5:59 p.m. ET on Tuesday. For
weekends, if DTC receives a notice at or after 6:00 p.m. ET on a
Friday, DTC would make the 17Ad-16 Notice available for viewing by
Participants on LENS no later than 5:59 p.m. ET on Monday.
Proposed Changes to the Text of the OA
    Pursuant to the proposed rule change, DTC would amend Section II
(B)(4) of the OA to (i) provide for the electronic submission of
applicable notices/forms by transfer agents, as described above, (ii)
amend the OA to require that a transfer agent must notify DTC when
terminating or assuming transfer agent services on behalf of an Issuer,
or when the transfer agent is changing its name or address, before the
later of (a) 10 calendar days prior to the effective date or (b) the
date the transfer agent is (1) notified of the effective date, or (2),
in the case of a termination or assumption, becomes aware of, the
termination or assumption date, as applicable, and (iii) add a new
subsection (f) that would state that DTC would make each 17Ad-16 Notice
available to Participants within 24 hours of DTC's receipt of a 17Ad-16
Notice from the transfer agent, not including weekends and holidays
(i.e., non-Business Days), as described above. The text would also
include an example illustrating the timeline pursuant to which the
notices would be made available on LENS that is consistent with the
example provided under ``Posting 17Ad-16 Notices to LENS'' above.
    The proposed rule change would also amend the text of Section II
(B)(4) of the OA to (i) correct a typographical error where the Act is
not referred to by its full name, (ii) allow transfer agents to submit
the 17Ad-16 Change Form in Word format, (iii) update the information
that should be included on transfer agent notices to include the agent
name, address, contact name, contact phone, contact email, and agent
number, (iv) add a defined term for 17Ad-16 Notices, (v) note that
notices sent to DTC, as described above, will be made available to
Participants for viewing on LENS, (vi) modify text in two places that
refer to the requirements of Rule 17Ad-16 to conform the OA text to the
terminology in the rule regarding a transfer agent ``ceasing to
perform'' \29\ services on behalf of an issuer rather than referring to
the transfer agent ``terminating'' such services as currently stated in
the OA, (vii) conform the title of the 17Ad-16 Change Form as set forth
in the OA to the title which appears on DTCC's website which is
``Notice of Assumption or Termination of Transfer Agent Services Form
17Ad-16'' followed by ``also known as 17Ad-16 Change Form'' (viii)
clarify the location and name of the link where a template of the 17Ad-
16 Change Form is available,\30\ and (ix) make technical and clarifying
changes to the text for enhanced flow and readability.
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    \29\ 17 CFR 240.17Ad-16(a).
    \30\ The revised OA text would state that a template of the
Notice of Assumption or Termination of Transfer Agent Services Form
17Ad-16 can be obtained from DTCC's website at: http://dtcc.com/matching-settlement-and-asset-services/agent-services/dtc-eligible-agent and by clicking on the link titled ``Notice of Assumption or
Termination of Transfer Agent Services Form 17Ad-16.''
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    The proposed rule change would amend Section II (B)(5) to (i)
conform the title of the 17Ad-16 Change Form as set forth in the OA to
the title which appears on DTCC's website which is ``Notice of
Assumption or Termination of Transfer Agent Services Form 17Ad-16''
followed by ``also known as 17Ad-16 Change Form'' (ii) clarify the
location and name of the link where a template of the 17Ad-16 Change
Form is available,\31\ (iii) add a clarifying statement that DTC would
make notices from trustees received pursuant to this section available
for viewing by Participants on LENS, and (iv) make technical and
clarifying changes to the text for enhanced flow and readability.
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    \31\ Id.
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    The proposed rule change would also add a note to the sections
relating to posting of 17Ad-16 Notices and trustee notices (the new
Section II (B)(4)(f) and Section II (B)(5), respectively) to state that
(1) DTC does not screen the 17Ad-16 Notices for confidential
information, and (2) it is the full and sole responsibility of the
transfer agent or trustee, as applicable, submitting a 17Ad-16 Notice
to ensure that the information contained in the 17Ad-16 Notice is
correct and does not include any information that would otherwise be
deemed as confidential or material non-public information.
    The proposed rule change would revise text that indicates to the
effect that a transfer agent or trustee, as applicable, ``should'' use
or is required to use the template of the 17Ad-16 Change Form made
available by DTC to notify DTC of a change relating to a transfer agent
or trustee, as applicable, to instead state that the transfer agent or
trustee, as applicable, ``may'' use the DTC template 17Ad-16 Change
Form for this purpose. This change to the text reflects that Rule 17Ad-
16 states the information that a transfer agent should include on a
notice, but it does not mandate the use of a template of a qualified
registered securities depository.\32\
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    \32\ See 17 CFR 240.17Ad-16(a) and (b).
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    In addition, DTC would make a technical change to Sections VI
(E)(1)(a) and (b) to change the email address for Issuers and agents to
submit notices submitted to DTC in accordance with those sections from
<EMAIL_ADDRESS>to 7a361f1d1b161b141e2e1b0234150e13191f093a1e0e191954191517.\33\
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    \33\ These sections relate to the submission of consent notices
and certain legal notices respectively. Consent notices are
submitted by an issuer or agent via email to provide notices of
record dates for the purpose of facilitating the solicitation of
consents from or voting by beneficial owners of Securities. See OA,
supra note 6, at 52. The legal notices to be submitted to DTC via
email in accordance with Section VI (E)(1)(b) include notices to
security holders of bankruptcies, litigation/class actions and
defaults. Id.
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Effective Date
    The proposed rule change would become effective upon filing with
the Commission.

2. Statutory Basis
    Section 17A(b)(3)(F) \34\ of the Act requires that the rules of the
clearing agency be designed, inter alia, to promote the prompt and
accurate clearance and settlement of securities transactions. DTC
believes that the proposed rule change is consistent with this
provision of the Act because, by amending DTC's Procedures regarding
(i) the available methods for a transfer agent or trustee to notify DTC
of a change relating to ceasing to perform or assumption of transfer
agent services on behalf of an Issuer or when the transfer agent or
trustee is changing its name or address, (ii) the deadline by which a
transfer agent must provide such a notice, and (iii) the required
timeframe for DTC to make such notices from transfer agents available
to Participants, it would facilitate the prompt and accurate clearance
and settlement of securities transactions by facilitating timely and
efficient distribution of changes to information for transfer agents
and trustees to DTC and Participants, as described above, and therefore
promote the ability of DTC and Participants to interface with transfer
agents and trustees with respect to functions performed by them,
including the registration, transfer and payment of the securities.
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    \34\ 15 U.S.C. 78q-1(b)(3)(F).
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    DTC also believes that the proposed rule changes are consistent
with Section 17A(b)(3)(F), cited above, because by making technical and
clarifying changes to the text within the Procedures set forth in the
OA regarding the (i) amendment to Section II (B) of the OA to (a)
correct a typographical error where the Act is not referred to by its
full name, (b) allow transfer agents and trustees to submit the 17Ad-16
Change Form in Word format, (c) update information that should be
included on transfer agent notices to include the agent name, address,
contact name, contact phone, contact email, and agent number, (d) add a
defined term for 17Ad-16 Notices, (e) add a note that transfer agent
notices and trustee notices provided by transfer agents and trustees,
respectively, to DTC, as described above, are made available for
viewing by Participants on LENS, and (f) add a note to the sections
relating to responsibilities of transfer agents and trustees with
respect to accuracy and confidentiality considerations relating to
17Ad-16 Notices and trustee notices (Sections II (B)(4)(f) and II
(B)(5), respectively), as described above, and by (ii) providing a
change in email address for issuers and agents to submit notices
submitted to DTC in accordance with Sections VI (E)(1)(a) and (b) of
the OA, as described above, the proposed rule change would provide
enhanced transparency for transfer agents, trustees and Issuers with
respect to the Procedures relating to submission and processing of
notices that may be submitted by them, as applicable, in accordance
with the sections of the OA mentioned above. Therefore, by providing
transfer agents, trustees and Issuers with enhanced transparency with
regard to the Procedures relating to the submission and processing of
notices, and therefore facilitating the prompt posting of notices and
distribution of information on LENS to Participants related to
Securities held by the Participants, and that may be the subject of
transactions processed through the DTC system, DTC believes that the
proposed rule change would promote the prompt and accurate clearance
and settlement of securities transactions consistent with the Act.
    Rule 17Ad-16(d)(1) \35\ requires that, inter alia, the appropriate
qualified registered securities depository that receives 17Ad-16
Notices shall deliver a copy of such notices to its own participants
within 24 hours. Rule 17Ad-16(d)(2) \36\ provides that a qualified
registered securities depository may comply with its notice
requirements under Rule 17Ad-16(d)(1) \37\ by making available the
notice of all material information from the notice within 24 hours in a
manner set forth in the rules of the qualified registered securities
depository. DTC believes that the proposed rule change is consistent
with Rule 17Ad-16(d)(1) because it would amend the text of the OA, as
described above, to provide that DTC would make 17Ad-16 Notices that it
receives available to Participants via LENS within 24 hours of receipt,
not including weekends and holidays (i.e., non-Business Days).\38\ DTC
believes the proposed rule change is consistent with Rule 17Ad-16(d)(2)
because, as described above, the proposed rule change would add the
text described in the sentence immediately above to the OA, which are
Procedures filed as rules with the Commission.
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    \35\ 17 CFR 240.17Ad-16(d)(1).
    \36\ 17 CFR 240.17Ad-16(d)(2).
    \37\ 17 CFR 240.17Ad-16(d)(1).
    \38\ Supra note 26.
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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. The proposed rule change
would, (i) with respect to the proposed rule changes to amend the OA
regarding notification timeframes relating to transfer agent
notifications to DTC and the distribution of those notifications by DTC
to its Participants, merely align and clarify the text of the OA in
accordance with the applicable requirements relating to such
notifications set forth in Rule 17Ad-16 and the provisions of the 1995
Rule Filing as described above, and (ii) with respect to the addition
of an electronic method for the submission of notices by transfer
agents and trustees, merely allow for an additional means for such
notices to be submitted and not impact the existing email option, as
described above. Therefore, the proposed rule change would not 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

    DTC has not received or solicited any written comments relating to
this proposal. 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
19(b)(3)(A) of the Act \39\ and paragraph (f) of Rule 19b-4
thereunder.\40\ 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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    \39\ 15 U.S.C. 78s(b)(3)(A).
    \40\ 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_ADDRESS>Please include
File Number SR-DTC-2019-001 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-DTC-2019-001. 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 website (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 website 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 website
(http://dtcc.com/legal/sec-rule-filings.aspx). All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-DTC-2019-001 and should be submitted on
or before July 11, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\41\
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    \41\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13074 Filed 6-19-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 122 (Wednesday, June 25, 2014)]
[Notices]
[Pages 36069-36070]
[FR Doc No: 2014-14768]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2010-N-0120]

Agency Information Collection Activities; Submission for Office
of Management and Budget Review; Comment Request; Cosmetic Labeling
Regulations

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) is announcing that a
proposed collection of information has been submitted to the Office of
Management and Budget (OMB) for review and clearance under the
Paperwork Reduction Act of 1995.

DATES: Fax written comments on the collection of information by July
25, 2014.

ADDRESSES: To ensure that comments on the information collection are
received, OMB recommends that written comments be faxed to the Office
of Information and Regulatory Affairs, OMB, Attn: FDA Desk Officer,
FAX:<PHONE_NUMBER>, or emailed to<EMAIL_ADDRESS>All
comments should be identified with the OMB control number 0910-0599.
Also include the FDA docket number found in brackets in the heading of
this document.

FOR FURTHER INFORMATION CONTACT: FDA PRA Staff, Office of Operations,
Food and Drug Administration, 8455 Colesville Rd., COLE-14526, Silver
Spring, MD 20993-0002<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In compliance with 44 U.S.C. 3507, FDA has
submitted the following proposed collection of information to OMB for
review and clearance.

Cosmetic Labeling Regulations--21 CFR Part 701 (OMB Control Number
0910-0599)--Extension

    The Federal Food, Drug, and Cosmetic Act (the FD&C Act) and the
Fair Packaging and Labeling Act (the FPLA) require that cosmetic
manufacturers, packers, and distributors disclose information about
themselves or their products on the labels or labeling of their
products. Sections 201, 301, 502, 601, 602, 603, 701, and 704 of the
FD&C Act (21 U.S.C. 321, 331, 352, 361, 362, 363, 371, and 374,
respectively) and sections 4 and 5 of the FPLA (15 U.S.C. 1453 and
1454) provide authority to FDA to regulate the labeling of cosmetic

products. Failure to comply with the requirements for cosmetic labeling
may render a cosmetic adulterated under section 601 of the FD&C Act or
misbranded under section 602 of the FD&C Act.
    FDA's cosmetic labeling regulations are published in part 701 (21
CFR part 701). Four of the cosmetic labeling regulations have
information collection provisions. Section 701.3 requires the label of
a cosmetic product to bear a declaration of the ingredients in
descending order of predominance. Section 701.11 requires the principal
display panel of a cosmetic product to bear a statement of the identity
of the product. Section 701.12 requires the label of a cosmetic product
to specify the name and place of business of the manufacturer, packer,
or distributor. Section 701.13 requires the label of a cosmetic product
to declare the net quantity of contents of the product.
    In the Federal Register of April 17, 2014 (79 FR 21766), FDA
published a 60-day notice requesting public comment on the proposed
collection of information. No comments were received.
    FDA estimates the burden of this collection of information as
follows:

                           Table 1--Estimated Annual Third Party Disclosure Burden \1\
----------------------------------------------------------------------------------------------------------------
                                                     Number of                        Average
     21 CFR Section/Activity         Number of      disclosures    Total annual     burden per      Total hours
                                    respondents   per respondent    disclosures     disclosure
----------------------------------------------------------------------------------------------------------------
701.3/Ingredients in order of              1,518              21          31,878               1          31,878
 predominance...................
701.11/Statement of identity....           1,518              24          36,432               1          36,432
701.12/Name and place of                   1,518              24          36,432               1          36,432
 business.......................
701.13/Net quantity of contents.           1,518              24          36,432               1          36,432
                                 -------------------------------------------------------------------------------
    Total.......................  ..............  ..............  ..............  ..............         141,174
----------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of
  information.

    The hour burden is the additional or incremental time that
establishments need to design and print labeling that includes the
following required elements: A declaration of ingredients in decreasing
order of predominance, a statement of the identity of the product, a
specification of the name and place of business of the establishment,
and a declaration of the net quantity of contents. These requirements
increase the time establishments need to design labels because they
increase the number of label elements that establishments must take
into account when designing labels. These requirements do not generate
any recurring burden per label because establishments must already
print and affix labels to cosmetic products as part of normal business
practices.
    The estimated annual third party disclosure is based on data
available to the Agency, our knowledge of and experience with cosmetic
labeling, and our communications with industry. We estimate there are
1,518 cosmetic product establishments in the United States. We
calculate label design costs based on stock keeping units (SKUs)
because each SKU has a unique product label. Based on data available to
the Agency and on communications with industry, we estimate that
cosmetic establishments will offer 94,800 SKUs for retail sale in 2014.
This corresponds to an average of 62 SKUs per establishment.
    One of the four provisions that we discuss in this information
collection, Sec.  701.3, applies only to cosmetic products offered for
retail sale. However, the other three provisions, Sec. Sec.  701.11,
701.12, and 701.13, apply to all cosmetic products, including non-
retail professional-use-only products. We estimate that including
professional-use-only cosmetic products increases the total number of
SKUs by 15 percent to 109,020. This corresponds to an average of 72
SKUs per establishment.
    Finally, based on the Agency's experience with other products, we
estimate that cosmetic establishments may redesign up to one-third of
SKUs per year. Therefore, we estimate that the number of disclosures
per respondent will be 21 (31,878 SKUs) for Sec.  701.3 and 24 each
(36,432 SKUs) for Sec. Sec.  701.11, 701.12, and 701.13.
    We estimate that each of the required label elements may add
approximately 1 hour to the label design process. We base this estimate
on the burden hours the Agency has previously estimated for food, drug,
and medical device labeling and on the Agency's knowledge of cosmetic
labeling. Therefore, we estimate that the total burden hours on members
of the public for this information collection are 141,174 hours per
year.

    Dated: June 19, 2014.
Leslie Kux,
Assistant Commissioner for Policy.
[FR Doc. 2014-14768 Filed 6-24-14; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 88, Number 147 (Wednesday, August 2, 2023)]
[Rules and Regulations]
[Pages 50764-50765]
[FR Doc No: 2023-16317]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2022-0216; Airspace Docket No. 19-AAL-63]
RIN 2120-AA66

Amendment of United States Area Navigation (RNAV) Route T-230;
St. Paul Island, AK

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule, delay of effective date.

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SUMMARY: This action changes the effective date of a final rule
published in the Federal Register on July 17, 2023, that amends the
United States Area Navigation (RNAV) route T-230 in the vicinity of St.
Paul Island, AK, in support of a large and comprehensive T-route
modernization project for the state of Alaska. The effective date in
the final

rule was incorrectly stated as August 10, 2023. The correct effective
date for Airspace Docket No. 19-AAL-63 is October 5, 2023.

DATES: The effective date of the final rule published on July 17, 2023
(88 FR 45329) is delayed until October 5, 2023. The Director of the
Federal Register approved this incorporation by reference action under
Title 1 Code of Federal Regulations part 51, subject to the annual
revision of FAA Order JO 7400.11 and publication of conforming
amendments.

FOR FURTHER INFORMATION CONTACT: Steven Roff, Rules and Regulations
Group, Office of Policy, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Background

    The FAA published a final rule for Docket No. FAA-2022-0216 in the
Federal Register (88 FR 45329; July 17, 2023), that amended RNAV route
T-230 in the vicinity of St. Paul Island, AK. The effective date in the
final rule was incorrectly stated as August 10, 2023. The correct
effective date for Airspace Docket No. 19-AAL-63 is October 5, 2023.

Delay of Effective Date

    Accordingly, pursuant to the authority delegated to me, the
effective date of the final rule, Airspace Docket 19-AAL-63, as
published in the Federal Register on July 17, 2023 (88 FR 45329), FR
Doc. 2023-15011, is hereby delayed until October 5, 2023.

    Authority:  49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., P. 389.

    Issued in Washington, DC, on July 27, 2023.
Karen L. Chiodini,
Acting Manager, Rules and Regulations Group.
[FR Doc. 2023-16317 Filed 8-1-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: August 7, 2008 (Volume 73, Number 153)]
[Notices]
[Page 46002-46003]
[DOCID:fr07au08-57]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

 [Project No. 12725-001]

City of Quincy, IL; Notice of Intent To File License Application,
Filing of Pre-Application Document, and Approval of Use of the
Traditional Licensing Process

July 30, 2008.
    a. Type of Filing: Notice of Intent to File License Application and
Request to Use the Traditional Licensing Process.
    b. Project No.: 12725-001.
    c. Dated Filed: June 2, 2008.
    d. Submitted By: City of Quincy, Illinois.
    e. Name of Project: Lock and Dam 22 Hydroelectric Project.
    f. Location: The project would be located at the U.S. Corps of
Engineers Lock and Dam 22, on the Mississippi River in Pike County,
Illinois and Ralls County, Missouri.
    g. Filed Pursuant to: 18 CFR 5.3 of the Commission's regulations.
    h. Applicant Contact: Kenneth Cantrell, Director, Administration
Services, City of Quincy, 730 Maine Street, Quincy IL 62301, (217) 228-
4500.

    i. FERC Contact: Michael Spencer,<PHONE_NUMBER> or
<EMAIL_ADDRESS>    j. City of Quincy, Illinois filed its request to use the
Traditional Licensing Process on June 2, 2008. City of Quincy, Illinois
filed public notice of its request on July 13, 2008. In a letter dated
July 25, 2008, the Director of the Office of Energy Projects approved
City of Quincy, Illinois's request to use the Traditional Licensing
Process.
    k. With this notice, we are initiating informal consultation with:
(a) The U.S. Fish and Wildlife Service under section 7 of the
Endangered Species Act; and (b) the Virginia State Historic
Preservation Officer, as required by section 106, National Historical
Preservation Act, and the implementing regulations of the Advisory
Council on Historic Preservation at 36 CFR 800.2.
    l. City of Quincy, Illinois filed a Pre-Application Document (PAD;
including a proposed process plan and schedule) with the Commission,
pursuant to 18 CFR 5.6 of the Commission's regulations.
    m. A copy of the PAD is available for review at the Commission in
the Public Reference Room or may be viewed on the Commission's Web site
(http://www.ferc.gov), using the ``eLibrary'' link. Enter the docket
number, excluding the last three digits in the docket number field to
access the document. For assistance, contact FERC Online Support at
<EMAIL_ADDRESS>or toll free at 1-866-208-3676, or for TTY,
(202) 502-8659. A copy is also available for inspection and
reproduction at the address in paragraph h.
    Register online at http://ferc.gov/docs-filing/esubscription.asp to
be notified via e-mail of new filing and issuances related to this or
other pending projects. For assistance, contact FERC Online Support.

 Kimberly D. Bose,
Secretary.
 [FR Doc. E8-18058 Filed 8-6-08; 8:45 am]

BILLING CODE 6717-01-P