[Federal Register Volume 79, Number 161 (Wednesday, August 20, 2014)]
[Notices]
[Pages 49307-49308]
[FR Doc No: 2014-19777]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9915-43-ORD]

Office of Research and Development; Ambient Air Monitoring
Reference and Equivalent Methods: Designation of One New Reference
Method for PM10

AGENCY: Environmental Protection Agency.

ACTION: Notice of designation of a new reference method for monitoring
ambient air quality.

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SUMMARY: Notice is hereby given that the Environmental Protection
Agency (EPA) has designated, in accordance with 40 CFR Part 53, a new
reference method for measuring concentrations of PM10 in the
ambient air.

FOR FURTHER INFORMATION CONTACT: Robert Vanderpool, Human Exposure and
Atmospheric Sciences Division (MD-D205-03), National Exposure Research
Laboratory, U.S. EPA, Research Triangle Park, North Carolina 27711.
Email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In accordance with regulations at 40 CFR
Part 53, the EPA evaluates various methods for monitoring the
concentrations of those ambient air pollutants for which EPA has
established National Ambient Air Quality Standards (NAAQSs), as set
forth in 40 CFR Part 50. Monitoring methods that are determined to meet
specific requirements for adequacy are designated by the EPA as either
reference methods or equivalent methods (as applicable), thereby
permitting their use under 40 CFR Part 58 by States and other agencies
for determining compliance with the NAAQSs.
    The EPA hereby announces the designation of a new reference method
for measuring pollutant concentrations of particulate matter as
PM10 in the ambient air. This designation is made under the
provisions of 40 CFR Part 53, as amended on August 31, 2011(76 FR
54326-54341).
    The new reference method for PM10 is a manual monitoring
method based on a particular, commercially available PM10
sampler, as specified in appendix J 40 CFR part 50. The newly
designated reference method is identified as follows:

    RFPS-0714-216, ``Tisch Environmental Model TE-Wilbur10
PM10 Low-Volume Air Particulate Sampler,'' configured as
a PM10 reference method, with firmware version 1.70 or
later and a TE-PM10-D PM10 size-selective
inlet, as specified in 40 CFR 50 Appendix L Figs. L-2 thru L-19, and
operated for 24 sample periods at a flow rate of 16.67 L/min, using
47 mm PTFE membrane filter media, and in accordance with the Tisch
Environmental Model TE-Wilbur10 PM10 Low-Volume Air
Particulate Sampler instruction manual and with the requirements and
sample collection filters as specified in 40 CFR Part 50, Appendix
J.

    The application for reference method determination for the
PM10 method was received by the Office of Research and
Development on May 28, 2014. This monitor is commercially available
from the applicant, Tisch Environmental,

Inc., 145 S. Miami Avenue, Village of Cleves, OH 45002.
    Test monitors representative of this method have been tested in
accordance with the applicable test procedures specified in 40 CFR Part
53, as amended on August 31, 2011. After reviewing the results of those
tests and other information submitted in the application, EPA has
determined, in accordance with Part 53, that this method should be
designated as a reference method. The information in the application
will be kept on file, either at EPA's National Exposure Research
Laboratory, Research Triangle Park, North Carolina 27711 or in an
approved archive storage facility, and will be available for inspection
(with advance notice) to the extent consistent with 40 CFR Part 2
(EPA's regulations implementing the Freedom of Information Act).
    As a designated reference method, this method is acceptable for use
by states and other air monitoring agencies under the requirements of
40 CFR Part 58, Ambient Air Quality Surveillance. For such purposes,
the method must be used in strict accordance with the operation or
instruction manual associated with the method and subject to any
specifications and limitations (e.g., configuration or operational
settings) specified in the applicable designated method description
(see the identification of the method above).
    Use of the method also should be in general accordance with the
guidance and recommendations of applicable sections of the ``Quality
Assurance Handbook for Air Pollution Measurement Systems, Volume I,''
EPA/600/R-94/038a and ``Quality Assurance Handbook for Air Pollution
Measurement Systems, Volume II, Ambient Air Quality Monitoring
Program'' EPA-454/B-08-003, December, 2008. Provisions concerning
modification of such methods by users are specified under Section 2.8
(Modifications of Methods by Users) of Appendix C to 40 CFR Part 58.
    Consistent or repeated noncompliance should be reported to:
Director, Human Exposure and Atmospheric Sciences Division (MD-E205-
01), National Exposure Research Laboratory, U.S. Environmental
Protection Agency, Research Triangle Park, North Carolina 27711.
    Designation of this new reference method is intended to assist the
States in establishing and operating their air quality surveillance
systems under 40 CFR Part 58. Questions concerning the commercial
availability or technical aspects of the method should be directed to
the applicant.

    Dated: August 12, 2014.
Jennifer Orme-Zavaleta,
Director, National Exposure Research Laboratory.
[FR Doc. 2014-19777 Filed 8-19-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: July 10, 2008 (Volume 73, Number 133)]
[Notices]
[Page 39759-39764]
[DOCID:fr10jy08-118]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58100; File No. SR-NSCC-2006-17]

Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing of Proposed Rule Change as Modified by
Amendment No. 1 To Reorganize Membership Rules and Procedures

July 3, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 13, 2006, the
National Securities Clearing Corporation (``NSCC'') filed with the
Securities and Exchange Commission (``Commission'') and on January 31,
2008, amended the proposed rule change as described in Items I, II, and
III below, which items have been prepared by NSCC. 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

    NSCC is seeking to reorganize its Rules and Procedures (``Rules'')
related to membership standards and membership requirements to conform
them to current practice and to harmonize them with similar rules of
NSCC's affiliate, the Fixed Income Clearing Corporation (``FICC'').\2\
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    \2\ Both NSCC and FICC's Government Securities Division
(``GSD'') share a number of common participants, and both act as
central counterparties with respect to certain transactions
submitted by participants. Harmonization of NSCC and FICC Rules is
an ongoing process, and additional NSCC and FICC rule filings will
follow.
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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, NSCC 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. NSCC 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 NSCC.
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A Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    Over the years, NSCC has created a variety of membership classes,
each with different initial and continuing membership requirements.
These requirements are currently scattered throughout NSCC's Rules.
With the objective of promoting greater transparency, NSCC proposes to
reorganize and restructure its Rules related to member types, the
membership application process, and the ongoing requirements of NSCC
members in a form that it believes will make them more readily located
and understood by applicants and members alike.
    To accomplish this, NSCC proposes to revise and restructure Rule 2
(currently called ``Members'' but would be renamed ``Members and
Limited Members'') to create a new Rule 2A (to be called ``Initial
Membership Requirements'') and to create a new Rule 2B (to be called
``Ongoing Membership Requirements and Monitoring''). Current provisions
and

rule text will be moved from existing rules and addenda and will be
relocated within these newly structured rules. Certain provisions will
be modified where necessary and, where possible, harmonized with
analogous provisions of GSD's rules. Additionally, NSCC proposes to add
certain descriptive text to its Rules with regard to the current
membership application process and with regard to the voluntary
membership retirement process (i.e., NSCC text which codifies the
current process of evaluating applicants and the current process by
which an existing member may voluntarily retire from participation in
NSCC's services).
1. Membership Types--Members and Limited Members
    NSCC's Rule 2 (currently titled ``Members'') provides that an
applicant may apply to become a member that uses all of NSCC's services
or a member that uses certain limited services.
    In restructuring and revising Rule 2, NSCC seeks to clearly,
concisely, and in one location, set forth each membership type
differentiating between members that may generally, unless otherwise
limited by NSCC, access all services made available by NSCC, (often
referred to as ``full service Members'') and those member types that
may utilize NSCC's systems and services only on a limited basis
(``Limited Members''). Limited Members would include the following:
Fund Members, Insurance Carrier/Retirement Services Members, Municipal
Comparison Only Members, Mutual Fund/Insurance Services Members, Data
Services Only Members, Non-Clearing Members (which would be renamed
``Commission Billing Members''), Settling Bank Only Members, and Third
Party Administrator Members. This change is intended to be cosmetic
only, and other than logically grouping member types, would not alter
in any way each member's existing rights and obligations.
    Additionally, NSCC would add text to Rule 2 making it clear that no
full service Member or Limited Member may submit or confirm any
transaction, charge, request, instruction, or transmission through
NSCC's services, or otherwise utilize NSCC's services, in contravention
of any law, rule, regulation, or statute.
2. Consolidation of Membership Standards and Requirements Within the
Rules
    The membership qualifications, financial standards, and operational
requirements for each member type are currently set forth in separate
rules and addenda, which are spread throughout NSCC's Rules.\4\
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    \4\ ``Members'' qualifications, standards, and requirements are
located in Rule 2 and in Addendum B. ``Mutual Fund/Insurance
Services Members,'' also defined to be ``Members,'' qualifications,
standards, and requirements are located in Rule 2 and in Addendum B.
``Fund Members'' qualifications, standards, and requirements are
located in Rule 51 and Addendum I. ``Insurance Carrier/Retirement
Services Members'' qualifications, standards, and requirements are
located in Rule 56 and in Addendum Q. ``Third Party Administrator
Members'' qualifications, standards, and requirements are located in
Rule 60 and in Addendum R. ``Data Services Only Members''
qualifications, standards, and requirements are located in Rule 31.
``Municipal Comparison Only Members'' qualifications, standards, and
requirements are located in Rule 3, Section 2. ``Non-Clearing
Members'' qualifications, standards, and requirements are located in
Rule 3, Section 2. ``Settling Bank Only Members'' qualifications,
standards, and requirements are located in Rule 54.
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    To consolidate this information, NSCC proposes to create two new
rules which would contain the content moved from membership Rules 3,
31, 51, 54, 56, and 60. Proposed Rule 2A (to be called ``Initial
Membership Requirements'') would provide information regarding initial
membership eligibility requirements for all member types and would
address the membership application and evaluation process. Proposed
Rule 2B (to be called ``Ongoing Membership Requirements and
Monitoring'') would contain provisions regarding the continuing
requirements of members. For ease of reference, NSCC also proposes to
relocate and consolidate the detailed membership qualifications,
financial standards, and operational requirements for all membership
types into Addendum B (to be renamed ``Qualifications and Standards of
Financial Responsibility, Operational Capability and Business
History''). The content NSCC is seeking to reorganize into Addendum B
is currently spread throughout Addenda B, I, Q, and R.
    Accordingly, NSCC would delete current membership related Rules 3
(specifically, Sections 2, 5, and 6), 31, 51, 54, 56, and 60. In
addition, NSCC would delete Addenda I, Q, and R.
3. Use of the Terms ``Members'' and ``Settling Members'' Throughout the
Rules
    Currently, an applicant that agrees to limit its use of NSCC's
services to those specified by NSCC (i.e., Mutual Fund Services and/or
Insurance and Retirement Services) is called a ``Mutual Fund/Insurance
Services Member.'' Thus when the term ``Member'' is used within NSCC's
Rules, it may apply to a full service Member (which may generally use
all NSCC services), a Mutual Fund/Insurance Services Member (which may
only utilize the Mutual Fund and Insurance and Retirement Processing
Services), or to both, depending upon the context. Additionally, NSCC's
Rules make reference to ``Settling Members,'' which may apply to a full
service Member, a Mutual Fund/Insurance Services Member, a Non-Clearing
Member, or all three member types. It is only in further understanding
the Rules or in the context of a term's use that one may determine to
which member type a Rule may apply.\5\ Accordingly, NSCC proposes to
modify all references to ``Settling Member'' and to ``Member'' within
each NSCC Rule to clearly indicate to which member type a rule is
applicable. Definitions associated with these terms (contained in Rule
1) would be modified and the term ``Settling Member'' would be deleted
from NSCC's Rules.
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    \5\ For example, as a Mutual Fund/Insurance Services Member may
not participate in the Continuous Net Settlement Service (``CNS''),
any reference to ``Members'' within Rule 11 (``CNS'') would not
apply to Mutual Fund/Insurance Services Members. Any reference to
``Settling Member'' within Rule 17 (``Fine Payments'') would apply
to all full service Members, Mutual Fund/Insurance Services Members,
and Non-Clearing Members (which NSCC proposes to rename ``Commission
Billing Members'').
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4. Rule 15 (``Financial Responsibility and Operational Capability'')
    Rule 15 contains, among other things, the continuing requirements
of members with regard to reports to be timely filed on an ongoing
basis (e.g., annual audited financial statements, Financial and
Operational Combined Uniform Single (``FOCUS'') Reports, etc.) and
notifications that members are required to timely make to NSCC
regarding any failure to maintain their membership qualifications and
standards, including notifications of certain material changes in
business, ownership, or control. NSCC proposes to move these ongoing
reporting requirements into proposed Rule 2B. Rule 15 would then be
renamed ``Assurances of Financial Responsibility and Operational
Capability.''
    In Section 2.A. (``Reports and Information'') of proposed Rule 2B,
NSCC seeks to add text clarifying that unless specifically set forth
within the Rule, the time periods established for remitting reports and
data to NSCC are set forth in the form of notices posted on NSCC's Web
site and that each member is required to retrieve all notices from
NSCC's Web site daily.
    In Section 2.B. (``Notification of Changes in Condition'') of
proposed Rule 2B, NSCC seeks to change the

reporting requirements of certain member types with respect to
providing NSCC with written notice of events that would effect a change
in control of the member or that could have a material impact on the
member's business and/or financial condition. Historically, this
provision applied to full service Members (i.e., those Members for
which certain activity is guaranteed at a fixed point in the clearance
and settlement process) as well as Mutual Fund/Insurance Services
Members, Fund Members, and Insurance Carrier/Retirement Services
Members (i.e., those member types whose activity is limited to use of
non-guaranteed services). NSCC has determined that this notification
provision should apply solely to full service Members.
    Additionally, NSCC seeks to delete the current requirement that a
Non-Clearing Member (to be renamed ``Commission Billing Member'')
provide NSCC with written and oral notice if it is no longer in
compliance with any of the relevant qualifications and standards for
membership. Non-Clearing Members participate in NSCC solely for the
purpose of paying and receiving broker commissions and file
transmissions related to the service are sent to NSCC directly from
either the New York Stock Exchange or the American Stock Exchange. As
there are no NSCC financial or operational requirements applicable to
this member type and the participation of the member is coordinated
between NSCC and the member's Exchange, the current requirement is not
necessary.
5. Rule 1 (``Definitions and Descriptions'')
    NSCC proposes the following with respect to terms defined within
Rule 1:
Board of Directors
    The current definition would be modified to make clear that the
term ``Board of Directors'' means the Board of Directors of NSCC, or a
committee thereof, acting on delegated authority.
Commission Billing Member
    NSCC proposes to rename Non-Clearing Members ``Commission Billing
Members'' to better reflect the nature of their participation in NSCC's
services. Non-Clearing Members utilize NSCC's Commission Settlement
Service solely for the payment and collection of commissions.
Limited Member
    The proposed term ``Limited Member'' would mean a Person whose use
of NSCC's services is limited to those services specified by NSCC.
Person
    The proposed term ``Person'' would mean a partnership, corporation,
limited liability corporation, or other organization, entity, or
individual.
Registered Broker-Dealer
    The term ``Registered Broker-Dealer'' (currently defined in Rule 2
as ``a broker or dealer registered under the Securities Exchange Act of
1934, as amended'') would be moved to Rule 1.
Settling Member
    The term ``Settling Member'' would be deleted from NSCC's Rules.
Each member type encompassed by this term would be specifically named
within NSCC's Rules.
    Other conforming technical changes to Rule 1 are being proposed to
accommodate the restructuring of the Rules.
6. Rule 2A (``Initial Membership Requirements'') Applicant Operational
Testing Requirements
    Under NSCC's Rules, certain applicants as determined by NSCC must
demonstrate that they will be able to satisfactorily communicate with
NSCC. These applicants conduct system/operational tests with NSCC. NSCC
proposes to add new text to its rules (Rule 2A, Section 1.C.
(``Application Documents'')) to make clear NSCC's current requirement
with regard to applicant testing.
Member's Agreement
    NSCC's Rules currently provide that members sign and deliver to
NSCC a member's agreement. The applicable provisions of each type of
member's agreement have historically been set forth in the Rule that
applies to that member type (e.g., a Fund Member's agreement provisions
are contained in Rule 51, a full service Member's provisions are
contained in Rule 2, a Third Party Administrator Member's provisions
are contained in Rule 60). Regardless of member type, each member
agreement has certain standard provisions that generally apply to all
members (e.g., the only services the member may use are those that are
permitted by NSCC, that the member will abide by NSCC's Rules and be
bound by all provisions of the Rules, etc.) and certain other
provisions that are unique to particular member types (e.g., Fund
Members have a unique provision with regard to NSCC's inspection of
their books and records).
    NSCC proposes Rule 2A, Section 1.E. (``Membership and Other
Agreements'') that would contain the main member agreement provisions
for all member types, as well as address the requirements with regard
to any other agreements.
Third Party Administrator (``TPA'') ACH Agreements
    NSCC's Rules currently state that TPA Members (non-settling
members) must provide NSCC with an agreement for preauthorized payments
(an ``ACH'' agreement) so that NSCC may collect monthly charges
pursuant to Rule 26 (``Bills Rendered''). To accommodate payment
methods other than ACH (i.e., ``e-payment'' using a credit card or bank
account), NSCC proposes to replace the specific TPA ACH requirement
within its Rules with more generic text.
7. Rule 2B (``Ongoing Membership Requirements and Monitoring'') Reports
and Information
Annual Audited Financial Statements
    NSCC's Rules currently state that a member whose membership is
contingent upon a guarantee of a third party must provide a copy of the
annual audited financial statements of the guarantor. If such
statements for the member or its guarantor are not available, NSCC may
accept at its sole discretion consolidated financial statements
prepared at the level of the parent of the member or guarantor. NSCC is
modifying this text to make clear that it may accept consolidated
financial statements or financial information prepared at the level of
the parent of such entity.\6\
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    \6\ NSCC also seeks to correct a typographical error in Rule 2B,
Section 2.A.(a) in that ``each'' guarantor should read ``such''
guarantor.
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Call Reports
    NSCC is proposing Rule 2B, Section 2.A.(c) with regard to Call
Reports filed with NSCC by members that are banks or trust companies.
To the extent that such information is not contained within the Call
Report or the member is a bank or trust company that is not required to
file a Call Report, such member would be required to provide NSCC with
information containing each of its capital levels and ratios.
Supplemental and Quarterly Financial Statements Filed With The National
Association of Insurance Commissioners (``NAIC'')
    NSCC proposes to delete the current Rule 15 requirement that
Insurance Companies provide NSCC with copies of their supplemental and
quarterly financial statements filed with the NAIC or the Insurance
Company's regulatory authority. Currently, NSCC receives annual audited
financial statements and

annual regulatory reports from these members in order to monitor
adherence to membership requirements. The proposed change would conform
the Rules to current practice.
Securities Exchange Act Rule 15c3-1 Notification
    NSCC is proposing to add Rule 2B, Section 2.A.(g) to its Rules,
which would require that a member that has provided to the Commission
notice pursuant to paragraph (e) of Securities Exchange Act Rule 15c3-1
(``Notice Provisions Relating to Limitations on the Withdrawal of
Equity Capital'') shall notify NSCC and provide NSCC with a copy of
such notice by close of business on the day such notice is provided to
the Commission.
Operational Testing
    NSCC requires that certain ``top tier'' members participate in
periodic connectivity testing with NSCC for business recovery purposes.
NSCC now proposes to add Rule 2B, Section 3 (``Operational Testing'')
to its Rules to specifically set forth NSCC's operational testing
requirements.
Ongoing Monitoring--Surveillance Status
    Currently, the provision relating to NSCC's ongoing monitoring of
full service Members (NSCC's ``credit risk matrix'') appears in
Addendum B. NSCC proposes to move this provision into new Rule 2B.
Additionally, NSCC would replace the term ``Settling Member'' with
``Member'' as the credit risk matrix only applies to full service
``Members.''
Voluntary Retirement
    NSCC proposes to add Rule 2B, Section 5 (``Voluntary Retirement'')
to its Rules, which is the current process by which an active
participant may voluntarily retire its NSCC membership.
8. Addendum B (``Qualifications and Standards of Financial
Responsibility, Operational Capability and Business History'')
Immediate Placement on Surveillance by NSCC
    Currently, NSCC's Rules provide that applicants to become a Member,
Mutual Fund/Insurance Services Member, Fund Member, or Insurance
Carrier/Retirement Services Member may not be known to be subject to
any other action or condition the existence of which would require it
to be placed on surveillance by NSCC. In addition, the financial
requirements for certain members (full service Members and Mutual Fund/
Insurance Services Members) state that the member must have a capital
ratio or percentage that would not require the applicant to be placed
on immediate surveillance by NSCC. All applicants must meet their
minimum financial requirements, as applicable to their member type.
NSCC now seeks to delete these provisions.
    When the NSCC membership standards were developed, the NSCC credit
risk matrix was not in place. As a result of the implementation of the
credit risk matrix, it is possible that once an applicant is approved
for membership, it may be placed directly on NSCC's Watch List (i.e.,
surveillance status). As sufficient discretion to deny membership based
on financial, operational, or character issues exists in other sections
of NSCC's rules, elimination of these provisions will not diminish
NSCC's authority under its Rules to deny an applicant membership.
Fund Member Applicants Subject to Securities Exchange Act Rule 17a-11
Reporting
    NSCC proposes to delete Addendum I (``Standards of Financial
Responsibility and Operational Capability for Fund Members''), which
includes a requirement that a broker-dealer Fund Member applicant not
be subject to reporting under Securities Exchange Act Rule 17a-11
(``Notification Provisions for Broker and Dealers''). As a Fund Member,
an applicant must meet NSCC's minimum financial requirements for
membership (and, as stated above, NSCC retains sufficient discretion to
deny membership based on financial, operational, or character issues in
other sections of NSCC's Rules). Thus, NSCC has determined that this
requirement is duplicative and that its elimination will not diminish
NSCC's authority under its Rules to deny an applicant membership if it
does not meet the applicable financial standards.
Financial Responsibility--Entities That Qualify for Membership Under
the Category of ``Other'' Entity Types
    In certain instances in NSCC's membership Rules, an applicant that
does not qualify for membership under one of the specifically defined
qualification criteria established for its membership type, may apply
for membership if it has demonstrated to NSCC that its business and
capabilities are such that it could reasonably expect material benefit
from direct access to NSCC's services. NSCC's financial requirements
for such an applicant require that it meet financial stability
standards as are applied to the industry in which the applicant is
associated. As industry standards are not always well-defined and as
there may not be consensus among market participants as to what such
standards should be, NSCC is proposing to modify the financial
requirements for ``other'' applicants by requiring that such applicants
be required to satisfy such minimum standards of financial
responsibility deemed appropriate by NSCC.
Business History
    NSCC's Rules currently provide that Insurance Carrier/Retirement
Services applicants and Third Party Administrator applicants (both non-
guaranteed service members) must have an established business history
of a minimum of three years or personnel with sufficient operational
background and experience to ensure the ability of the applicant to
conduct such a business. The business history requirement for full
service Members, as well as Mutual Fund/Insurance Services Members and
Fund Members (both non-guaranteed service members) is six months, or
the member must have personnel with sufficient operational background
and experience to ensure the ability of the applicant to conduct such a
business.
    NSCC has determined that the business history requirement of
Insurance Carrier/Retirement Services and Third Party Administrator
applicants need not be any more stringent that those applied to Fund
Members and Mutual Fund/Insurance Services Members. Therefore, NSCC
proposes to change the three year requirement to six months.
Fund Members That Are Insurance Companies
    Under NSCC's Rules, an Insurance Company may apply to become a Fund
Member, however, the financial requirements for Insurance Companies is
not specifically set forth in Addendum I. Addendum I states that all
``other'' applicants shall be required to meet financial stability and
operational capability standards as are applicable to the industry in
which the applicant is associated. Historically, NSCC looked to its
Insurance Carrier/Retirement Services Member financial standards set
forth in Rule 57. NSCC proposes to clearly state Insurance Company
financial standards under its Fund Member financial requirements in
Addendum B, Section 3.
9. Rule 3 (``Lists To Be Maintained'')
    In consolidating NSCC's membership standards, NSCC proposes to move
to Rule 2 the portions of Rule 3 (specifically, Sections 2, 5, and 6)
that

pertain to Municipal Comparison Only Members, Non-Clearing Members,
and/or Data Services Only Members. For purposes of clarity, the
remaining information within Rule 3 would be reorganized and reordered.
10. Addendum D (``Statement of Policy Envelope Settlement Service'')
    To more accurately reflect the scope of the information contained
within Addendum D, NSCC proposes to rename it ``Statement of Policy
Envelope Settlement Service, Mutual Fund Services, Insurance and
Retirement Processing Service and Other Services Offered by the
Corporation.''
11. Rule 38 (``Captions'')
    Mirroring FICC's Rules, NSCC proposes to add language to Rule 38 to
make clear that NSCC's Rules are governed by New York substantive law.
This language currently exists in NSCC's membership agreements only.
Rule 38 would be renamed ``Governing Law and Captions.''
12. Technical Corrections
    In 2006, NSCC submitted for immediate effectiveness proposed rule
change SR-NSCC-2006-07 which made clarifying and technical changes to
NSCC's Rules related to funds which are eligible for processing on
Fund/Serv.\7\ At that time, the membership qualifications contained
within Section 1.(viii) of Rule 31 (``Data Services Only Member'')
should have been modified to reflect the definitional change made
within Rule 1 with respect to ``TPA.'' Accordingly, NSCC is correcting
the text within its rules to eliminate the reference to ``defined
contribution plans as defined in Section 414(i) of the Internal Revenue
Code of 1986, as amended,'' and refer instead, to ``a retirement or
other benefit plan.''
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    \7\ Securities Exchange Act Release No. 54366 (August 25, 2006),
71 FR 52199.
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    In 2006, NSCC submitted for immediate effectiveness proposed rule
change SR-NSCC-2006-14 which, among other things, deleted references to
the Product Repository service as NSCC had determined not to offer the
service.\8\ At that time, any references within NSCC to ``Repository
Data'' should have been deleted. Accordingly, NSCC is seeking to delete
such references.
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    \8\ Securities Exchange Act Release No. 54921 (December 12,
2006), 71 FR 76415.
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    In 2005, the Commission approved NSCC proposed rule change SR-NSCC-
2005-01 which clarified that the operational capability that is
ordinarily focused upon by NSCC during the application process is the
ability of an applicant to appropriately communicate with NSCC, that
is, the ability to input to NSCC and to receive output from NSCC on a
timely and accurate basis.\9\ The rule change removed certain
provisions that might be interpreted to impose upon NSCC an obligation
to make determinations with respect to particular aspects of
operational capability. Instead, NSCC relies upon the requirement that
the applicant in fact be able to satisfactorily communicate with NSCC
as generally stated in the operational capability requirements
currently set forth for members in NSCC's Rules. At the time of the
filing, the provision within Rule 60 with respect to approval of TPA
Member applicants based upon an alternative operational standard should
have been deleted. Accordingly, NSCC now seeks to delete this provision
from its Rules. NSCC would continue to retain the right to examine any
aspect of an applicant's or member's business pursuant to the
provisions of Rule 15.
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    \9\ Securities Exchange Act Release No. 51600 (April 22, 2005),
70 FR 22167.
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    In 2005, the Commission approved NSCC proposed rule change SR-NSCC-
2005-14 which added Rule 64 (``DTCC Shareholders Agreement'') requiring
that full service Members of NSCC purchase shares of the common stock
of the Depository Trust & Clearing Corporation (``DTCC''), NSCC's
parent corporation, and that certain Limited Member types could
voluntarily purchase such shares.\10\ Section 5 of Rule 64 made
incorrect references to ``Members'' and should have referenced all
member types specified in Section 2 (``Members'') and Section 3 (``Fund
Members, Insurance Carrier/Retirement Services Members, Municipal
Comparison Only Members, and Mutual Fund/Insurance Services Members'')
of Rule 64. Accordingly, NSCC now seeks to correct such references.
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    \10\ Securities Exchange Act Release No. 52922 (December 7,
2005), 70 FR 74070.
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    In 2004, the Commission approved NSCC proposed rule change SR-NSCC-
2003-05 which modified NSCC's Rules to provide that notices to members
posted by NSCC via electronic format (i.e., posted on NSCC's Web site)
meet NSCC's notification obligations.\11\ At that time, Section 7 of
Rule 45 (``Notices'') was added to NSCC's Rules with an incorrect
reference to Section 3. NSCC is seeking to remove this incorrect
reference.
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    \11\ Securities Exchange Act Release No. 50085 (July 26, 2004),
69 FR 45872.
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    NSCC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \12\ and the rules and
regulations thereunder applicable to NSCC because it should assure the
safeguarding of securities and funds in NSCC's custody or control or
for which it is responsible by assisting NSCC applicants and members in
understanding, and thereby complying with, NSCC's membership standards
and requirements thereby protecting NSCC and its members from undue
risk.
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    \12\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change will 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 not been
solicited and none have been received. NSCC will notify the Commission
of any written comments it receives.

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-NSCC-2006-17 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-NSCC-2006-17. 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 NSCC and on NSCC's
Web site at http://www.dtcc.com/downloads/legal/rule_filings/2006/
nscc/2006-17.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-
NSCC-2006-17 and should be submitted on or before July 31, 2008.

    For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Florence E. Harmon,
Acting Secretary.
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    \13\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-15707 Filed 7-9-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 80, Number 94 (Friday, May 15, 2015)]
[Notices]
[Pages 28035-28036]
[FR Doc No: 2015-11715]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74922; File No. SR-ICEEU-2015-009]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing of Proposed Rule Change Relating to Finance Procedures To Add
Clearstream Banking as a Triparty Collateral Service Provider

May 11, 2015.
    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 May 5, 2015, ICE Clear Europe Limited (``ICE Clear Europe'') 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 primarily prepared by ICE Clear Europe. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    ICE Clear Europe proposes amendments to its Finance Procedures in
order to facilitate the use by CDS Clearing Members of Clearstream
Banking as a triparty collateral service provider.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, ICE Clear Europe included
statements concerning the purpose of and basis for the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. ICE Clear Europe has prepared summaries,
set forth in sections A, B and C below, of the most significant aspects
of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    The purpose of the proposed rule change is to modify the Finance
Procedures to allow Clearstream Banking to serve as a triparty
collateral service provider for initial or original margin provided in
respect of all product categories, including CDS Contracts.
(Clearstream Banking currently serves as a triparty collateral service
provider solely for original margin provided in respect of F&O
Contracts).
    Specifically, paragraph 3.1 of the Finance Procedures is revised to
remove the existing restriction that Clearstream Banking may only act
as a triparty collateral service provider with respect to Original
Margin in respect of F&O Contracts. As a result of such change,
Clearstream Banking would be permitted to act as a triparty collateral
service provider for initial or original margin in respect of any
product category, including the CDS product category. (The other
currently authorized triparty collateral service provider, Euroclear
Bank, is similarly eligible to act as such for any product category.) A
correction is also made in paragraph 3.20 to provide that the specified
instruction deadlines apply to triparty collateral arrangements with
both Euroclear Bank and Clearstream Banking.
    ICE Clear Europe believes that the proposed rule change is
consistent with the requirements of Section 17A of the Act \3\ and the
regulations thereunder applicable to it. Section 17A(b)(3)(F) of the
Act \4\ requires, among other things, that the rules of a clearing
agency be designed to promote the prompt and accurate clearance and
settlement of securities transactions and, to the extent applicable,
derivative agreements, contracts, and transactions and to assure the
safeguarding of securities and funds which are in the custody or
control of the clearing agency or for which it is responsible.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78q-1.
    \4\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The proposed amendments are intended to extend the Clearing House's
existing triparty collateral service to allow optional use by Clearing
Members of Clearstream Banking as a triparty collateral service
provider with respect to initial and original margin for the CDS (and
FX) product categories, in

addition to its existing authorization for the F&O product category.
The amendments do not otherwise change the substantive terms of the
service. ICE Clear Europe views Clearstream Banking as substantially
similar to Euroclear Bank, the current service provider, from an
operational and risk perspective and otherwise in terms of the
safeguarding of funds and securities. Clearstream Banking is currently
authorized to act as a triparty collateral service provider with
respect to original margin for the F&O product category, and based on
experience in that product category ICE Clear Europe believes that use
of Clearstream Banking can be appropriately extended to the other
product categories. As a result, ICE Clear Europe believes that the
proposed rule change will not adversely affect the safeguarding of
securities or funds in the custody or control of ICE Clear Europe or
for which it is responsible, and are therefore consistent with the
requirements of Section 17A(b)(3)(F).\5\
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    \5\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule change would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
rule change will provide additional flexibility to Clearing Members by
permitting the use, on a voluntary basis, of Clearstream Banking as a
triparty collateral service provider for original or initial margin for
all product categories. The proposed rule change will otherwise not
affect the terms or conditions of any cleared contract or the standards
or requirements for participation in or use of the Clearing House.
Accordingly, the proposed rule change should not, in the Clearing
House's view, affect the availability of clearing, access to clearing
services or the costs of clearing for clearing members or other market
participants.

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 not been
solicited or received. ICE Clear Europe will notify the Commission of
any written comments received by ICE Clear Europe.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate 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 or disapprove the 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 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-ICEEU-2015-009 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-ICEEU-2015-009. 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 such filings will also be available
for inspection and copying at the principal office of ICE Clear Europe
and on ICE Clear Europe's Web site at https://www.theice.com/clear-europe/regulation. 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-
ICEEU-2015-009 and should be submitted on or before June 5, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-11715 Filed 5-14-15; 8:45 am]
 BILLING CODE 8011-01-P