[Federal Register: August 18, 2008 (Volume 73, Number 160)]
[Notices]
[Page 48259-48260]
[DOCID:fr18au08-103]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58343; File No. SR-DTC-2008-06]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing of Proposed Rule Change as Amended To Modify End of
Day Settlement Procedures Relating to Settlement Acknowledgement Cut-
off Time Frames for Settling Banks

August 12, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on June 19, 2008, The
Depository Trust Company (``DTC'') filed with the Securities and
Exchange Commission (``Commission'') and on August 7, 2008, amended 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 as amended
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

    DTC is seeking to modify its end of day settlement procedures
relating to settlement acknowledgement cut-off timeframes for Settling
Banks.\2\
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    \2\ The term ``Settling Bank'' means a Participant, which is a
bank or trust company, subject to supervision or regulation pursuant
to Federal or State banking laws, and a party to an effective
Settling Bank Agreement.
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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.\3\
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    \3\ 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
    DTC's End-of-Day Settlement Processing controls and coordinates the
settling of Participant accounts and Settling Bank accounts on DTC's
systems. The settlement process occurs through the Fedwire system and
is initiated when DTC posts final figures for Participants and Settling
Banks. Although the actual settlement process begins with the posting
of the final settlement figures at approximately 3:45 pm each day,\4\
DTC operates a settlement system that provides Participants and
Settling Banks with online reports throughout the processing day. These
reports reflect gross debits, gross credits, and the net debit or
credit for each Participant, and a net-net figure for each Settling
Bank. Settling Banks, which settle for themselves, may also settle for
other Participants. Currently, cut-off for Settling Banks to
acknowledge their net-net settlement balance or to refuse to settle for
a specific Participant is the later of 4:30 pm or 30 minutes after net-
net settlement balances are first made

available by DTC.\5\ Any Participant for which a Settling Bank has
refused to settle must make arrangement for any payment due DTC.
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    \4\ All times are Eastern Standard Time.
    \5\ The end-of-day net-net figure is the net of all
participants' net balances after cross endorsement with the National
Securities Clearing Corporation for which a Settling Bank settles,
including its own accounts.
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    Once the Settling Bank acknowledgement process has been completed,
DTC utilizes the Federal Reserve Bank's National Settlement Service
(``NSS'') to effect end-of-day cash settlement.
    DTC is proposing that the cut-off time for Settling Banks to
acknowledge their settlement balance be the later of 4:15 pm or 30
minutes after DTC has posted final net-net settlement balances. DTC is
proposing this change to enable DTC to be in a position to release the
credit amount due Participants at an earlier time. Since DTC provides
each Settling Bank with online reports throughout the processing day,
which reflect gross debits, gross credits, and the net debit or credit
for each Participant and a net-net figure for the Settling Bank, DTC
believes that this earlier cut-off time should not cause any undo
burden. In the event that a Settling Bank is experiencing difficulty in
identifying customer cash flows or has another extenuating circumstance
and as a result needs more time to acknowledge settlement, that
Settling Bank would have to notify the Settlement department of its
request for additional time prior to 4:15 pm.
    DTC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \6\ and the rules and
regulations thereunder applicable to DTC because it should promote the
prompt and accurate clearance and settlement of securities transactions
by enabling DTC to send the NSS file to the Federal Reserve Bank of New
York earlier in the day thus completing settlement earlier.
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    \6\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization'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) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others

    Written comments relating to the proposed rule change have been
received and addressed by amendment to the proposed rule change. DTC
will notify the Commission if it receives additional comments.

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

    Within thirty-five days of the date of publication of this notice
in the Federal Register or within such longer period (i) as the
Commission may designate up to ninety days of such date if it finds
such longer period to be appropriate and publishes its reasons for so
finding or (ii) as to which the self-regulatory organization consents,
the Commission will:
    (A) By order approve such proposed rule change or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-DTC-2008-06 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-DTC-2008-06. 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,
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 inspection and
copying in the Commission's Public Reference Section, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of DTC and on DTC's Web
site at http://www.dtcc.com/downloads/legal/rule_filings/2008/dtc/
2008-06.pdf. 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-
2008-06 and should be submitted on or before September 8, 2008.

    For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-19028 Filed 8-15-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 79, Number 56 (Monday, March 24, 2014)]
[Notices]
[Page 16072]
[FR Doc No: 2014-06466]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Federal Register Citation of Previous Announcement: [79 FR 15163,
March 18, 2014]

STATUS: Closed Meeting.

PLACE: 100 F Street NE., Washington, DC.

DATE AND TIME OF PREVIOUSLY ANNOUNCED MEETING: March 20, 2014 at 2:00
p.m.

CHANGE IN THE MEETING: Additional Item.
    The following matter will also be considered during the 2:00 p.m.
Closed Meeting scheduled for Thursday, March 20: An adjudicatory
matter.
    The General Counsel of the Commission, or her designee, has
certified that, in her opinion, one or more of the exemptions as set
forth in 5 U.S.C. 552b(c)(2) and (6) and 17 CFR 200.402(a)(2) and (6),
permit consideration of the scheduled matter at the Closed Meeting.
    Commissioner Piwowar, as duty officer, voted to consider the item
listed for the Closed Meeting in closed session, and determined that no
earlier notice thereof was possible.
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items. For further information and to
ascertain what, if any, matters have been added, deleted or postponed,
please contact the Office of the Secretary at<PHONE_NUMBER>.

    Dated: March 19, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-06466 Filed 3-20-14; 11:15 am]
BILLING CODE 8011-01-P