[Federal Register Volume 78, Number 24 (Tuesday, February 5, 2013)]
[Notices]
[Pages 8179-8181]
[FR Doc No: 2013-02449]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2013-0002; Internal Agency Docket No. FEMA-B-1284]

Proposed Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: Comments are requested on proposed flood hazard
determinations, which may include additions or modifications of any
Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area
(SFHA) boundary or zone designation, or regulatory floodway on the
Flood Insurance Rate Maps (FIRMs), and where applicable, in the
supporting Flood Insurance Study (FIS) reports for the communities
listed in the table below. The purpose of this notice is to seek
general information and comment regarding the preliminary FIRM, and
where applicable, the FIS report that the Federal Emergency Management
Agency (FEMA) has provided to the affected communities. The FIRM and
FIS report are the basis of the floodplain management measures that the
community is required either to adopt or to show evidence of having in
effect in order to qualify or remain qualified for participation in the
National Flood Insurance Program (NFIP). In addition, the FIRM and FIS
report, once effective, will be used by insurance agents and others to
calculate appropriate flood insurance premium rates for new buildings
and the contents of those buildings.

DATES: Comments are to be submitted on or before May 6, 2013.

ADDRESSES: The Preliminary FIRM, and where applicable, the FIS report
for each community are available for inspection at both the online
location and the respective Community Map Repository address listed in
the tables below. Additionally, the current effective FIRM and FIS
report for each community are accessible online through the FEMA Map
Service Center at www.msc.fema.gov for comparison.
    You may submit comments, identified by Docket No. FEMA-B-1284, to
Luis Rodriguez, Chief, Engineering Management Branch, Federal Insurance
and Mitigation Administration, FEMA, 500 C Street SW., Washington, DC
20472,<PHONE_NUMBER>, or (email<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Luis Rodriguez, Chief, Engineering
Management Branch, Federal Insurance and Mitigation Administration,
FEMA, 500 C Street SW., Washington, DC 20472,<PHONE_NUMBER>, or
(email<EMAIL_ADDRESS>or visit the FEMA Map Information
eXchange (FMIX) online at www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: FEMA proposes to make flood hazard
determinations for each community listed below, in accordance with
section 110 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4104, and 44 CFR 67.4(a).
    These proposed flood hazard determinations, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities. These flood
hazard determinations are used to meet the floodplain management
requirements of the NFIP and also are used to calculate the appropriate
flood insurance premium rates for new buildings built after the FIRM
and FIS report become effective.
    The communities affected by the flood hazard determinations are
provided in the tables below. Any request for reconsideration of the
revised flood hazard information shown on the Preliminary FIRM and FIS
report that satisfies the data requirements outlined in 44 CFR 67.6(b)
is considered an appeal. Comments unrelated to the flood hazard
determinations also will be considered before the FIRM and FIS report
become effective.
    Use of a Scientific Resolution Panel (SRP) is available to
communities in support of the appeal resolution process. SRPs are
independent panels of experts in hydrology, hydraulics, and other
pertinent sciences established to review conflicting scientific and
technical data and provide recommendations for resolution. Use of the
SRP only may be exercised after FEMA and local communities have been
engaged in a collaborative consultation process for at least 60 days
without a mutually acceptable resolution of an appeal. Additional
information regarding the SRP process can be found online at http://floodsrp.org/pdfs/srp_fact_sheet.pdf.
    The watersheds and/or communities affected are listed in the tables
below. The Preliminary FIRM, and where applicable, FIS report for each

community are available for inspection at both the online location and
the respective Community Map Repository address listed in the tables.
Additionally, the current effective FIRM and FIS report for each
community are accessible online through the FEMA Map Service Center at
www.msc.fema.gov for comparison.

------------------------------------------------------------------------
                                             Community map repository
               Community                             address
------------------------------------------------------------------------
               Nye County, Nevada, and Incorporated Areas
------------------------------------------------------------------------
Maps Available for Inspection Online at: http://www.r9map.org/Pages/ProjectDetailsPage.aspx?choLoco=84&choProj=248
------------------------------------------------------------------------
Unincorporated Areas of Nye County.....  Nye County Department of
                                          Planning, 1114 Globe Mallow,
                                          P.O. Box 1531, Tonopah, NV
                                          89049.
------------------------------------------------------------------------
            City of Newport News, Virginia (Independent City)
------------------------------------------------------------------------
Maps Available for Inspection Online at: www.rampp-team.com/va.htm
------------------------------------------------------------------------
City of Newport News...................  Department of Engineering, 2400
                                          Washington Avenue, Newport
                                          News, VA 23607.
------------------------------------------------------------------------
              Clark County, Indiana, and Incorporated Areas
------------------------------------------------------------------------
Maps Available for Inspection Online at: http://www.starr-team.com/starr/RegionalWorkspaces/RegionV/ClarkCoIN/SitePages/Home.aspx
------------------------------------------------------------------------
City of Charlestown....................  City Hall, 304 Main Cross
                                          Street, Charlestown, IN 47111.
City of Jeffersonville.................  City Hall, 500 Quartermaster
                                          Court, Jeffersonville, IN
                                          47130.
Town of Borden.........................  Town Hall, 129 West Street,
                                          Borden, IN 47106.
Town of Clarksville....................  Town Hall, 2000 Broadway,
                                          Clarksville, IN 47129.
Town of Sellersburg....................  Public Works Building, 103
                                          South New Albany Avenue,
                                          Sellersburg, IN 47172.
Town of Utica..........................  Town Hall, 107 North Fourth
                                          Street, Utica, IN 47130.
Unincorporated Areas of Clark County...  Clark County Government
                                          Building, 501 East Court
                                          Avenue, Room 416,
                                          Jeffersonville, IN 47130.
------------------------------------------------------------------------
             Pulaski County, Indiana, and Incorporated Areas
------------------------------------------------------------------------
Maps Available for Inspection Online at: http://www.in.gov/dnr/water/7359.htm
------------------------------------------------------------------------
Town of Medaryville....................  Town Hall, 409 East Main
                                          Street, Medaryville, IN 47957.
Town of Monterey.......................  Town Hall, 7033 North Walnut
                                          Street, Monterey, IN 46960.
Town of Winamac........................  Municipal Offices, 120 West
                                          Main Street, Winamac, IN
                                          46996.
Unincorporated Areas of Pulaski County.  Pulaski County Building
                                          Department, 125 South
                                          Riverside Drive, Suite 150,
                                          Winamac, IN 46996.
------------------------------------------------------------------------
           Hennepin County, Minnesota, and Incorporated Areas
------------------------------------------------------------------------
Maps Available for Inspection Online at: http://www.starr-team.com/starr/RegionalWorkspaces/RegionV/HennepinCoMN/SitePages/Home.aspx
------------------------------------------------------------------------
City of Bloomington....................  Engineering Department, 1700
                                          West 98th Street, Bloomington,
                                          MN 55431.
City of Brooklyn Center................  City Hall, 6301 Shingle Creek
                                          Parkway, Brooklyn Center, MN
                                          55430.
City of Brooklyn Park..................  City Hall, 5200 85th Avenue
                                          North, Brooklyn Park, MN
                                          55443.
City of Champlin.......................  City Hall, Building Department,
                                          11955 Champlin Drive,
                                          Champlin, MN 55316.
City of Dayton.........................  City Hall, 12260 South Diamond
                                          Lake Road, Dayton, MN 55327.
City of Eden Prairie...................  City Hall, 8080 Mitchell Road,
                                          Eden Prairie, MN 55344.
City of Edina..........................  City Hall, 4801 West 50th
                                          Street, Edina, MN 55424.
City of Greenfield.....................  City Hall, 7738 Commerce
                                          Circle, Greenfield, MN 55373.
City of Hanover........................  City Hall, 11250 Northeast 5th
                                          Street, Hanover, MN 55341.
City of Hopkins........................  City Hall, Planning and Zoning
                                          Office, 1010 1st Street South,
                                          Hopkins, MN 55343.
City of Independence...................  City Hall, 1920 County Road 90,
                                          Independence, MN 55359.
City of Long Lake......................  City Hall, 450 Virginia Avenue,
                                          Long Lake, MN 55356.
City of Minneapolis....................  City Hall, Public Works Office,
                                          350 South 5th Street,
                                          Minneapolis, MN 55415.
City of Minnetonka.....................  City Hall, 14600 Minnetonka
                                          Boulevard, Minnetonka, MN
                                          55345.
City of Minnetrista....................  City Hall, 7701 County Road 110
                                          West, Minnetrista, MN 55364.
City of Orono..........................  City Hall, 2750 Kelley Parkway,
                                          Orono, MN 55356.
City of Plymouth.......................  City Hall, 3400 Plymouth
                                          Boulevard, Plymouth, MN 55447.
City of Richfield......................  City Hall, 6700 Portland
                                          Avenue, Richfield, MN 55423.
City of Rockford.......................  City Hall, 6031 Main Street,
                                          Rockford, MN 55373.
City of Rogers.........................  City Hall, 22350 South Diamond
                                          Lake Road, Rogers, MN 55374.
City of St. Bonifacius.................  City Hall, 8535 Kennedy
                                          Memorial Drive, St.
                                          Bonifacius, MN 55375.
City of St. Louis Park.................  City Hall, Community
                                          Development, 5005 Minnetonka
                                          Boulevard, St. Louis Park, MN
                                          55416.
City of Wayzata........................  City Hall, 600 Rice Street
                                          East, Wayzata, MN 55391.
------------------------------------------------------------------------

              Harris County, Texas, and Incorporated Areas
------------------------------------------------------------------------
Maps Available for Inspection Online at: http://riskmap6.com/Community.aspx?cid=350&sid=5
------------------------------------------------------------------------
City of Houston........................  Public Works and Engineering
                                          Department, 611 Walker Street,
                                          Houston, TX 77002.
City of Humble.........................  City Permit Department, 114
                                          West Higgins, Humble, TX
                                          77338.
City of Jersey Village.................  Public Works Department, 16501
                                          Jersey Drive, Jersey Village,
                                          TX 77040.
Unincorporated Areas of Harris County..  Harris County PID, A&E
                                          Division, Permit Office, 10555
                                          Northwest Freeway, Suite 120,
                                          Houston, TX 77092.
------------------------------------------------------------------------
           Rockingham County, Virginia, and Incorporated Areas
------------------------------------------------------------------------
Maps Available for Inspection Online at: www.rampp-team.com/va.htm
------------------------------------------------------------------------
Town of Bridgewater....................  Town Hall, 201 Green Street,
                                          Bridgewater, VA 22812.
Unincorporated Areas of Rockingham       Rockingham County
 County.                                  Administration Center, 20 East
                                          Gay Street, Harrisonburg, VA
                                          22802.
------------------------------------------------------------------------

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

James A. Walke,
Acting Deputy Associate Administrator for Mitigation, Department of
Homeland Security, Federal Emergency Management Agency.
[FR Doc. 2013-02449 Filed 2-4-13; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register Volume 78, Number 35 (Thursday, February 21, 2013)]
[Notices]
[Pages 12116-12117]
[FR Doc No: 2013-03964]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68925; File No. SR-NASDAQ-2012-137]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Designation of a Longer Period for Commission Action on
Proposed Rule Change, as Modified by Amendment Nos. 1 and 3 Thereto, To
Establish the Market Quality Program

February 14, 2013.
    On December 7, 2012, The NASDAQ Stock Market LLC (``Exchange'' or
``NASDAQ'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to establish the Market Quality Program (``MQP''
or ``Program'') on a pilot basis. On December 20, 2012, the Exchange
submitted Amendment No. 1 to the proposed rule change, which replaced
and superseded the proposed rule change in its entirety. The proposed
rule change, as modified by Amendment No. 1 thereto, was published for
comment in the Federal Register on December 31, 2012.\3\ The Commission
received two comment letters on the proposed rule change.\4\ On
February 7, 2013, the Exchange submitted Amendment No. 2 to the
proposed rule change. On February 8, 2013, the Exchange withdrew
Amendment No. 2 \5\ and filed Amendment No. 3 to the proposed rule
change.\6\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 68515 (Dec. 21, 2012),
77 FR 77141 (Dec. 31, 2012).
    \4\ See Letter from Rey Ramsey, President & CEO, TechNet, dated
January 22, 2013 and Letter from Daniel G. Weaver, Ph.D., Professor
of Finance, Rutgers Business School, dated January 30, 2013.
    \5\ The Exchange withdrew Amendment No. 2 due to a technical
error in the amendment.
    \6\ In Amendment No. 3, the Exchange clarified: (i) that the
Exchange may limit on a Program-wide basis the number of Exchange-
Traded Funds (``ETFs'') per MQP Company that can participate in the
MQP, and that the Exchange would not be limiting the number of
actual shares issued by an MQP Company for a particular ETF
participating in the Program; (ii) that the Exchange will provide in
the monthly public report to the Commission relating to the MQP (a)
information on the market quality of MQP Securities after they
exceed the threshold and ``graduate'' from the Program pursuant to
proposed Rule 5950(d)(1)(A), and (b) its analysis of the information
to be included in the report and its assessment of the efficacy of
the MQP; and (iii) that the Exchange will provide to the Commission
data and analyses about comparable ETFs that are listed on the
Exchange but that are not in the MQP, as well as any other MQP-
related data and analyses requested by Commission staff for the
purpose of evaluating the efficacy of the MQP. Amendment No. 3
provides clarification to the proposed rule change, and because it
does not materially affect the substance of the proposed rule
change, Amendment No. 3 does not require notice and comment. All
terms relating to the MQP that are referred to, but not defined in,
this Notice of Designation of a Longer Period for Commission Action
are defined in the proposed rule change, as amended.

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    Section 19(b)(2) of the Act \7\ provides that, within 45 days of
the publication of notice of the filing of a proposed rule change--or
within such longer period up to 90 days (i) as the Commission may
designate if it finds the longer period to be appropriate and publishes
its reasons for so finding or (ii) as to which the self-regulatory
organization consents--the Commission shall either approve the proposed
rule change, disapprove the proposed rule change, or institute
proceedings to determine whether the proposed rule change should be
disapproved. The 45th day for this filing is February 14, 2013. The
Commission is extending this 45-day period.
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    \7\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
the Commission has sufficient time to consider the proposed rule change
and the comments received. The proposed rule change would, among other
things, add new Rule 5950 to establish the Market Quality Program and
exempt the Market Quality Program from NASDAQ Rule 2460 (Payment for
Market Making).
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\8\ designates March 31, 2013, as the date by which the Commission
should either approve or disapprove or institute proceedings to
determine whether to disapprove the proposed rule change (File Number
SR-NASDAQ-2012-137).
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    \8\ Id.
    \9\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-03964 Filed 2-20-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: December 14, 2009 (Volume 74, Number 238)]
[Rules and Regulations]
[Page 66047]
[DOCID:fr14de09-9]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 510

[Docket No. FDA-2009-N-0665]

New Animal Drugs; Change of Sponsor's Name and Address

AGENCY:  Food and Drug Administration, HHS.

ACTION:  Final rule.

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SUMMARY:  The Food and Drug Administration (FDA) is amending the animal
drug regulations to reflect a change of sponsor's name from Schering-
Plough Animal Health Corp. to Intervet, Inc., and to change the
sponsor's mailing address.

DATES:  This rule is effective December 14, 2009.

FOR FURTHER INFORMATION CONTACT:  David R. Newkirk, Center for
Veterinary Medicine (HFV-100), Food and Drug Administration, 7500
Standish Pl., Rockville, MD 20855,<PHONE_NUMBER>, e-mail:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Schering-Plough Animal Health Corp., 556
Morris Ave., Summit, NJ 07901, has informed FDA of a change of name and
mailing address to Intervet, Inc., 56 Livingston Ave., Roseland, NJ
07068. Accordingly, the agency is amending the regulations in 21 CFR
510.600(c) to reflect these changes.
    This rule does not meet the definition of ``rule'' in 5 U.S.C.
804(3)(A) because it is a rule of ``particular applicability.''
Therefore, it is not subject to the congressional review requirements
in 5 U.S.C. 801-808.

List of Subjects in 21 CFR Part 510

    Administrative practice and procedure, Animal drugs, Labeling,
Reporting and recordkeeping requirements.

0
Therefore, under the Federal Food, Drug and Cosmetic Act and under
authority delegated to the Commissioner of Food and Drugs and
redelegated to the Center for Veterinary Medicine, 21 CFR part 510 is
amended as follows:

PART 510--NEW ANIMAL DRUGS

0
1. The authority citation for 21 CFR part 510 continues to read as
follows:

    Authority:  21 U.S.C. 321, 331, 351, 352, 353, 360b, 371, 379e.

0
2. In Sec.  510.600, in the table in paragraph (c)(1), remove the entry
for ``Schering-Plough Animal Health Corp.'' and alphabetically add a
new entry for ``Intervet, Inc.''; and in the table in paragraph (c)(2),
revise the entry for ``000061'' to read as follows:

Sec.  510.600   Names, addresses, and drug labeler codes of sponsors of
approved applications.

* * * * *
    (c) * * *
    (1) * * *

------------------------------------------------------------------------
            Firm name and address                  Drug labeler code
------------------------------------------------------------------------
                                * * * * *
------------------------------------------------------------------------
Intervet, Inc., 56 Livingston Ave.,           000061
 Roseland, NJ 07068
------------------------------------------------------------------------
                                * * * * *
------------------------------------------------------------------------

    (2) * * *

------------------------------------------------------------------------
     Drug labeler code                  Firm name and address
------------------------------------------------------------------------
                                * * * * *
------------------------------------------------------------------------
000061                       Intervet, Inc., 56 Livingston Ave.,
                              Roseland, NJ 07068
------------------------------------------------------------------------
                                * * * * *
------------------------------------------------------------------------

    Dated: December 8, 2009.
Bernadette Dunham,
Director, Center for Veterinary Medicine.
[FR Doc. E9-29627 Filed 12-11-09; 8:45 am]

BILLING CODE 4160-01-S


[Federal Register Volume 87, Number 100 (Tuesday, May 24, 2022)]
[Notices]
[Page 31588]
[FR Doc No: 2022-11086]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34588; File No. 812-15168]

Stone Point Credit Corporation, et al.

May 18, 2022.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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    Notice of application for an order under sections 17(d) and 57(i)
of the Investment Company Act of 1940 (the ``Act'') and rule 17d-1
under the Act to permit certain joint transactions otherwise prohibited
by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under the Act.

SUMMARY OF APPLICATION:  Applicants request an order to permit certain
business development companies and closed-end management investment
companies to co-invest in portfolio companies with each other and with
certain affiliated investment entities.

APPLICANTS:  Stone Point Credit Corporation, Stone Point Credit Adviser
LLC, Stone Point Capital LLC, SPC Capital Markets LLC, SPC Financing
Company LLC, SPC Opportunities Fund, L.P., SPC Opportunities Parallel
Fund, L.P., SPC Opportunities Feeder Fund, L.P., SPC Opportunities
Parallel Feeder Fund, L.P., SPC Opps Professionals Fund, L.P., SPC
Wilson Point, L.P., SPC Opps Wilson Point, L.P., Overland Point, L.P.,
SPC Opps Overland Point, L.P., SPC Oyster Point, L.P., SPC Pacific
Point, L.P., SPC Pacific Point II, L.P., SPC Pacific Point-A, L.P., SPC
Pacific Point II-A, L.P., SPC Opps Fund Holdings I, L.P., SPC Opps Fund
Holdings II, L.P., SPC Opps 1903 Holdings LLC, Almond Point, L.P. and
SPC Opps Holdings S.a.R.L.

FILING DATES:  The application was filed on October 1, 2020, and
amended on February 11, 2021, July 6, 2021, and May 5, 2022.

HEARING OR NOTIFICATION OF HEARING:  An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing on any application by emailing
the SEC's Secretary at [email protected] and serving the
Applicants with a copy of the request by email, if an email address is
listed for the relevant Applicant below, or personally or by mail, if a
physical address is listed for the relevant Applicant below. Hearing
requests should be received by the Commission by 5:30 p.m. on June 13,
2022, and should be accompanied by proof of service on Applicants, in
the form of an affidavit or, for lawyers, a certificate of service.
Pursuant to rule 0-5 under the Act, hearing requests should state the
nature of the writer's interest, any facts bearing upon the
desirability of a hearing on the matter, the reason for the request,
and the issues contested. Persons who wish to be notified of a hearing
may request notification by emailing the SEC's Secretary at [email protected].

ADDRESSES:  The Commission: [email protected]. Applicants:
William J. Bielefeld, Esq. at [email protected].

FOR FURTHER INFORMATION CONTACT:  Jean E. Minarick, Senior Counsel, or
Kaitlin C. Bottock, Branch Chief, at<PHONE_NUMBER> (Division of
Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: For Applicants' representations, legal
analysis, and conditions, please refer to Applicants' third amended and
restated application, dated May 5, 2022, which may be obtained via the
Commission's website by searching for the file number at the top of
this document, or for an Applicant, using the Company name search field
on the SEC's EDGAR system.
    The SEC's EDGAR system may be searched at http://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You may also call the SEC's
Public Reference Room at<PHONE_NUMBER>.

    For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-11086 Filed 5-23-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 126 (Thursday, June 30, 2016)]
[Notices]
[Pages 42762-42766]
[FR Doc No: 2016-15457]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78153; File No. SR-NYSE-2016-22]

Self-Regulatory Organizations; New York Stock Exchange LLC; Order
Granting Approval of a Proposed Rule Change, as Modified by Amendment
Nos. 5 and 6, To Adopt Initial and Continued Listing Standards for the
Listing of Equity Investment Tracking Stocks and Adopt Listing Fees
Specific to Equity Investment Tracking Stocks

June 24, 2016.

I. Introduction

    On April 7, 2016, the New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to adopt initial and continued listing standards
for the listing of Equity Investment Tracking Stocks and to adopt fees
for Equity Investment Tracking Stocks. The proposed rule change was
published for comment in the Federal Register on April 27, 2016.\3\ On
April 20, 2016, the Exchange filed Amendment No. 1 to the proposed rule
change, which superseded the original filing in its entirety.\4\ On May
17, 2016, the Exchange filed Amendment No. 5 to the proposal, which
superseded the filing, as amended by Amendment No. 1. Amendment No. 5
was published for comment in the Federal Register on

May 23, 2016.\5\ On June 6, 2016, pursuant to Section 19(b)(2) of the
Act,\6\ the Commission designated a longer period within which to
either approve the proposed rule change, disapprove the proposed rule
change, or institute proceedings to determine whether to disapprove the
proposed rule change.\7\ On June 23, 2016, the Exchange filed Amendment
No. 6 to the proposed rule change.\8\ The Commission received no
comments on the proposed rule change, in response to either the
original publication of the proposal in the Federal Register \9\ or to
the subsequent publication of the proposal as modified by Amendment No.
5.\10\ This order grants approval of the proposed rule change, as
modified by Amendment Nos. 5 and 6.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77674 (April 21,
2016), 81 FR 24919 (April 27, 2016) (``Notice'').
    \4\ On May 13, 2016, the Exchange submitted and withdrew
Amendment No. 2 to the proposed rule change. On May 13, 2016, the
Exchange filed Amendment No. 3 to the proposed rule change, and on
May 16, 2016 the Exchange withdrew Amendment No. 3 to the proposed
rule change. On May 16, 2016 the Exchange submitted Amendment No. 4
to the proposal, and on May 17, 2016, the Exchange withdrew
Amendment No. 4 to the proposed rule change.
    \5\ See Securities Exchange Act Release No. 77850 (May 17,
2016), 81 FR 32360 (May 23, 2016) (``Notice of Amendment No. 5'').
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See Securities Exchange Act Release No. 77996 (June 6,
2016), 81 FR 37659 (June 10, 2016). The Commission designated July
26, 2016 as the date by which it should approve, disapprove, or
institute proceedings to determine whether to disapprove the
proposed rule change.
    \8\ In Amendment No. 6, the Exchange clarified the proposed rule
change by deleting a representation that its existing surveillance
procedures are generally adequate to properly monitor the trading of
Equity Investment Tracking Stocks. The Commission notes that, as
discussed further below, the Exchange will adopt enhanced
surveillance procedures to enable it to monitor Equity Investment
Tracking Stocks alongside the securities whose value they track.
Additionally, the Exchange addressed a provision in proposed Section
102.07 that provides that the Exchange will not list an Equity
Investment Tracking Stock if, at the time of the proposed listing,
the issuer of the equity tracked by the Equity Investment Tracking
Stock has been deemed below compliance with the Exchange's listing
standards. The Exchange clarified that, for purposes of this
provision, a company will be deemed to be below compliance if it has
been identified as being below compliance for purposes of Sections
802.02 or 802.03 of the Listed Company Manual and subject to the
procedures set forth in those rules. Amendment No. 6 is available at
the Exchange's Web site and at http://www.sec.gov/rules/sro/nyse.shtml. Because Amendment No. 6 is a technical amendment that
does not alter the substance of the proposed rule change, it is not
subject to notice and comment.
    \9\ See Notice, supra note 3.
    \10\ See Notice of Amendment No. 5, supra note 5.
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II. Description of the Proposed Rule Change

A. Listing Standards

    The Exchange proposed to adopt initial and continued listing
standards for the listing of Equity Investment Tracking Stocks.
Proposed new Section 102.07 of the NYSE Listed Company Manual
(``Manual'') defines an Equity Investment Tracking Stock as a class of
common equity securities that tracks on an unleveraged basis the
performance of an investment by the issuer in the common equity
securities of a single other company listed on the Exchange. An Equity
Investment Tracking Stock may track multiple classes of common equity
securities of a single issuer, so long as all of those classes have
identical economic rights and at least one of those classes is listed
on the Exchange.\11\
---------------------------------------------------------------------------

    \11\ See proposed Section 102.07 of the Manual.
---------------------------------------------------------------------------

    In order to qualify for initial listing under proposed Section
102.07, an Equity Investment Tracking Stock will be required to meet
the distribution and public float requirements currently applicable to
companies listing in connection with an initial public offering set
forth in Sections 102.01A and 102.01B of the Manual, respectively, and
the Global Market Capitalization Test set forth in Section 102.01C.
Thus, at the time of initial listing an Equity Investment Tracking
Stock will be required to: (i) Have at least 400 holders of 100 shares
or more and 1,100,000 publicly held shares available for trading, as
required under Section 102.01A; and (ii) have an aggregate market value
of publicly-held shares of $40,000,000 and a price per share of $4 at
the time of initial listing, as required under Section 102.01B.\12\ In
addition, at the time of initial listing the issuer of an Equity
Investment Tracking Stock will be required to have $200 million in
global market capitalization, as required under the Global Market
Capitalization Test in Section 102.01C.\13\
---------------------------------------------------------------------------

    \12\ See Sections 102.01A and 102.01B of the Manual.
    \13\ See Section 102.01C of the Manual. In addition, an issuer
of an Equity Investment Tracking Stock must fully comply with the
Exchange's corporate governance requirements set forth in Section
303A of the Manual, subject to applicable exemptions such as those
applicable to controlled companies. See Notice of Amendment No. 5,
supra note 5, at 32361.
---------------------------------------------------------------------------

    Pursuant to proposed Section 102.07, the Exchange will not list an
Equity Investment Tracking Stock if, at the time of the proposed
listing, the issuer of the equity tracked by the Equity Investment
Tracking Stock has been deemed below compliance with the Exchange's
listing standards. In addition, the issuer of the Equity Investment
Tracking Stock must own (directly or indirectly) at least 50% of both
the economic interest and voting power of all of the outstanding
classes of common equity securities of the issuer whose equity is
tracked by the Equity Investment Tracking Stock.\14\
---------------------------------------------------------------------------

    \14\ See proposed Section 102.07 of the Manual.
---------------------------------------------------------------------------

    Proposed Section 102.07 provides that prior to the commencement of
trading of any Equity Investment Tracking Stock, the Exchange will
distribute an Information Memorandum to its Members and Member
Organizations that includes (i) any special characteristics and risks
of trading the Equity Investment Tracking Stock, and (ii) the Exchange
Rules that will apply to the Equity Investment Tracking Stock including
Exchange Rules that require Member Organizations: (a) To use reasonable
diligence in regard to the opening and maintenance of every account, to
know (and retain) the essential facts concerning every customer and
concerning the authority of each person acting on behalf of such
customer; and (b) in recommending transactions in the Equity Investment
Tracking Stock to have a reasonable basis to believe that (1) the
recommendation is suitable for a customer given reasonable inquiry
concerning the customer's investment objectives, financial situation,
needs, and any other information known by such Member Organization, and
(2) the customer can evaluate the special characteristics, and is able
to bear the financial risks, of an investment in the Equity Investment
Tracking Stock.\15\
---------------------------------------------------------------------------

    \15\ See infra note 38.
---------------------------------------------------------------------------

    The Exchange proposed to subject Equity Investment Tracking Stocks
to the same continued listing standards under Sections 802.01A and
802.01B of the Manual as are applicable to other common stock listed on
the Exchange. Thus, an Equity Investment Tracking Stock will be
considered to be below compliance with Section 802.01A if: (i) The
number of total stockholders is less than 400; or (ii) the number of
total stockholders is less than 1,200 and the average monthly trading
volume is less than 100,000 shares (for the most recent 12 months); or
(iii) the number of publicly-held shares is less than 600,000.\16\ The
issuer of an Equity Investment Tracking Stock will be deemed to be
below compliance with Section 802.01B if its average global market
capitalization over a consecutive 30 trading-day period is less than
$50,000,000 and stockholders' equity is less than $50,000,000, and will
be subject to immediate suspension and delisting procedures if its
average global market capitalization over a consecutive 30 trading-day
period is less than $15,000,000.\17\
---------------------------------------------------------------------------

    \16\ See Section 802.01A of the Manual.
    \17\ See Section 802.01B of the Manual.
---------------------------------------------------------------------------

    In addition, the Exchange has proposed to review the continued
listing status of an Equity Investment Tracking Stock if: (i) The
listed equity security or securities whose value is tracked by the
Equity Investment Tracking Stock ceases or cease to be listed on the
Exchange; (ii) the issuer of the Equity Investment Tracking Stock owns

(directly or indirectly) less than 50% of either the economic interest
or the voting power of all of the outstanding classes of common equity
of the issuer whose equity is tracked by the Equity Investment Tracking
Stock; or (iii) the Equity Investment Tracking Stock ceases to track
the performance of the listed equity security or securities that was
tracked at the time of initial listing.\18\ In the event that any of
the foregoing conditions exists, the Exchange will determine whether
the Equity Investment Tracking Stock meets any other applicable initial
listing standard in place at that time.\19\ If the Equity Investment
Tracking Stock does not qualify for initial listing at that time under
another applicable listing standard, the issuer will not be eligible to
follow the procedures set forth in Sections 802.02 and 802.03 of the
Manual \20\ and the Exchange will immediately suspend the Equity
Investment Tracking Stock and commence delisting proceedings.\21\
Furthermore, proposed Section 802.01B of the Manual provides that
whenever trading in the equity security whose value is tracked by an
Equity Investment Tracking Stock is suspended or delisting proceedings
are commenced with respect to such security, such Equity Investment
Tracking Stock will be suspended and/or delisting proceedings will be
commenced with respect to such Equity Investment Tracking Stock at the
same time.
---------------------------------------------------------------------------

    \18\ See proposed Section 802.01B of the Manual. For avoidance
of doubt, the Commission notes that the third prong does not refer
to the situation in which the Equity Investment Tracking Stock price
diverges from the price of the equity security that it tracks, but
rather refers to the situation in which the Equity Investment
Tracking Stock no longer seeks to track the performance of the
listed equity security or securities that was tracked at initial
listing and instead seeks to track one or more other assets.
    \19\ Id.
    \20\ Sections 802.02 and 803.03 of the Manual provide companies
that have been identified as being below the Exchange's continued
listing criteria with the opportunity to provide the Exchange with a
plan of action the company has taken, or is taking, that will bring
it into conformity with continued listing standards within 18
months.
    \21\ See proposed Section 802.01B of the Manual.
---------------------------------------------------------------------------

    The Exchange proposed to amend Section 202.06(B) of the Manual to
provide that, in the event that the issuer of a common equity security
tracked by an Equity Investment Tracking Stock intends to issue a
material news release during the trading day and the Exchange
determines to halt trading of such security under Section 202.06
pending dissemination of the news, or the Exchange implements any other
required regulatory trading halt in a common equity security tracked by
an Equity Investment Tracking Stock, the Exchange will also halt
trading in the Equity Investment Tracking Stock that tracks the
performance of such security. In such a case, the Exchange will halt
trading of the Equity Investment Tracking Stock simultaneously with the
halt in the common equity security being tracked and will also
recommence trading in the two securities at the same time.\22\
---------------------------------------------------------------------------

    \22\ See Notice of Amendment No. 5, supra note 5, at 32361-62.
---------------------------------------------------------------------------

    The Exchange has represented that it will monitor activity in
Equity Investment Tracking Stocks to identify and deter any potential
improper trading activity in such securities and will adopt enhanced
surveillance procedures to enable it to monitor Equity Investment
Tracking Stocks alongside the common equity securities whose value is
tracked by such stocks.\23\ Additionally, the Exchange stated that it
will rely on its existing trading surveillances, administered by the
Exchange, or the Financial Industry Regulatory Authority (``FINRA'') on
behalf of the Exchange, which are designed to detect violations of
Exchange rules and applicable federal securities laws.\24\
---------------------------------------------------------------------------

    \23\ Id. at 32362.
    \24\ See Amendment No. 6, supra note 8. The Exchange stated that
FINRA conducts cross-market surveillances on behalf of the Exchange
pursuant to a regulatory services agreement; however, the Exchange
is responsible for FINRA's performance under this regulatory
services agreement. Id.
---------------------------------------------------------------------------

    The Exchange has represented that it will conduct a review of
compliance with continued listing standards of Equity Investment
Tracking Stocks and their issuers and the trading characteristics of
Equity Investment Tracking Stocks over the initial two year period that
the proposed listing standard is in operation.\25\ The Exchange has
undertaken to provide the Commission with two reports based on this
review, the first to be provided one year after the initial listing
date of the first listed Equity Investment Tracking Stock and the
second to be provided on the second anniversary of such initial listing
date.\26\ The Exchange has represented that, at a minimum, the reports
will address the relationship between the trading prices of listed
Equity Investment Tracking Stocks and those of the equity securities
whose values they track, the liquidity of the market for the two
securities, and any manipulation concerns arising in connection with
the trading of Equity Investment Tracking Stocks and the securities
whose values are being tracked.\27\ The Exchange has represented that
the reports will discuss any recommendations the Exchange may have for
enhancements to the proposed listing standard based on its review.\28\
---------------------------------------------------------------------------

    \25\ See Notice of Amendment No. 5, supra note 5, at 32362.
    \26\ Id.
    \27\ Id.
    \28\ Id.
---------------------------------------------------------------------------

B. Proposed Fees

    The Exchange proposed to amend Sections 902.02 and 902.03 of the
Manual to adopt fees relating to Equity Investment Tracking Stocks.
Specifically, the Exchange proposed to establish a fixed initial
listing fee of $100,000 (inclusive of the one-time special charge of
$50,000) \29\ the first time an issuer lists an Equity Investment
Tracking Stock that is the issuer's only class of common equity
securities listed on the Exchange.\30\ The Exchange proposed to charge
the same annual fee for Equity Investment Tracking Stocks as it charges
for an issuer's primary class of common shares, which is currently
$0.001025 per share, subject to the minimum annual fee of $52,500.\31\
The Exchange proposed to cap the total fees that may be billed in a
calendar year (``Total Maximum Fee'') to an issuer of an Equity
Investment Tracking Stock at $200,000, so long as the Equity Investment
Tracking Stock is the only class of common equity securities listed by
the issuer on the Exchange.\32\
---------------------------------------------------------------------------

    \29\ The first time that an issuer lists a class of common
shares, the issuer is subject to a one-time special charge of
$50,000. See Section 902.03.
    \30\ See proposed Section 902.03. In contrast, initial listing
fees the first time an issuer lists a class of common shares are
charged at a rate of $0.0032 per share, subject to a minimum fee of
$125,000 and a maximum fee of $250,000 (inclusive of the one-time
special charge of $50,000). See Section 902.03.
    \31\ See proposed Section 902.03.
    \32\ See proposed Section 902.02. In contrast, the Total Maximum
Fee for other listed companies is $500,000. See Section 902.02.
---------------------------------------------------------------------------

    The Exchange further proposed to amend Section 907.00 of the
Manual, which sets forth certain complimentary products and services
that are offered to certain currently and newly listed issuers.
Specifically, proposed Section 907.00 provides that the issuer of an
Equity Investment Tracking Stock that is that issuer's only class of
common equity securities listed on the Exchange will not receive the
products and services provided for under Section 907.00, with the
exception that such issuers will receive the complimentary products and
services and access to discounted third-party products and services
through the NYSE Market Access Center available to all listed issuers,
as described on the Exchange's Web site. The Exchange stated that
issuers of Equity Investment Tracking

Stocks will be eligible for tier-based complimentary products and
services set forth in Section 907.00 commencing when they have an
additional class of common equity securities listed on the
Exchange.\33\ Proposed Section 907.00 further provides that in
determining eligibility for the various service tiers under Section
907.00, the Exchange will aggregate all of the outstanding shares of
listed classes of common equity securities of a company, including all
outstanding shares of any listed Equity Investment Tracking Stock that
is not the issuer's only listed class of common equity securities.\34\
---------------------------------------------------------------------------

    \33\ See Notice of Amendment No. 5, supra note 5, at 32363.
    \34\ The Exchange's proposal also makes minor changes to the
rule text to: (i) Remove obsolete language from Sections 802.01B and
902.03, and (ii) update a Web site link included in Section 907.00.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change, as amended, is consistent with the requirements of the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\35\ In particular, the Commission finds that the
proposed rule change, as modified by Amendment Nos. 5 and 6, is
consistent with Section 6(b)(5) of the Act,\36\ in that it is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \35\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \36\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The development, implementation, and enforcement of standards
governing the initial and continued listing of securities on an
exchange are activities of critical importance to financial markets and
the investing public. Listing standards, among other things, serve as a
means for an exchange to screen issuers and to provide listed status
only to bona fide companies that have or, in the case of an initial
public offering, will have sufficient public float, investor base, and
trading interest to provide the depth and liquidity necessary to
promote fair and orderly markets. Once a security has been approved for
initial listing, maintenance criteria allow an exchange to monitor the
status and trading characteristics of that issue to ensure that fair
and orderly markets can be maintained.
    The Commission believes that the proposed quantitative and
qualitative initial and continued listing standards for Equity
Investment Tracking Stocks are consistent with the Act. These
standards, which require issuers of Equity Investment Tracking Stocks
to meet the quantitative and qualitative listing standards applicable
to other common stock listed on the Exchange, should ensure that only
substantial companies that are capable of meeting their financial
obligations and have adopted robust corporate governance procedures can
issue Equity Investment Tracking Stocks.\37\
---------------------------------------------------------------------------

    \37\ See supra notes 12-13.
---------------------------------------------------------------------------

    The listing and trading of Equity Investment Tracking Stocks on the
Exchange present unique issues by virtue of the fact that they are
designed to track the performance of another publicly traded company.
As a result, investors may expect that the trading price of an Equity
Investment Tracking Stock will be related to the trading price of the
tracked company and, as such, affected by news and information
disclosed by such company. To address these issues, the Exchange has
proposed to adopt additional requirements for the initial and continued
listing of Equity Investment Tracking Stocks that are not applicable to
other common stock listed on the Exchange.
    These proposed listing standards require, among other things, that
for the initial and continued listing of an Equity Investment Tracking
Stock, the issuer of the equity security tracked by the Equity
Investment Tracking Stock (the ``tracked stock'') must be listed on the
Exchange and in good standing. Similarly, the proposed rules provide
that whenever trading in the tracked stock is subject to a regulatory
halt, or the tracked stock is suspended or delisting proceedings are
commenced, trading in the Equity Investment Tracking Stock will also be
halted, or the Equity Investment Tracking Stock will be suspended or
delisting proceedings will be commenced, respectively.
    The Commission believes that these additional requirements should
protect investors and the public interest by assuring that pricing and
other information with respect to the tracked stock is publicly
available whenever the Equity Investment Tracking Stock is being
traded. In addition, these requirements should help assure that the
tracked stock is subject to comparable quantitative and qualitative
requirements as the Equity Investment Tracking Stock, and that the
Exchange has a listing relationship with, and direct access to
information from, the issuer of the tracked stock.
    In addition, the proposal requires that for initial and continued
listing on the Exchange an issuer of an Equity Investment Tracking
Stock must own, directly or indirectly, at least 50% of the economic
interest and voting power of all of the outstanding classes of common
equity securities of the issuer of the tracked stock. By effectively
allowing only a single Equity Investment Tracking Stock to be issued
for any tracked stock, and by requiring the issuer to be the
controlling shareholder of the tracked stock, the Commission believes
the proposal is reasonably designed to address concerns that the
proliferation of tracking stocks could lead to undue market complexity
or investor confusion.
    Further, the Exchange has proposed to distribute an Information
Memorandum prior to the commencement of trading apprising member firms
of the special characteristics and risks of the Equity Investment
Tracking Stock, as well as the Exchange's know-your-customer,
suitability, and other rules applicable thereto.\38\ The Commission
believes distribution of this Information Memorandum should help
address concerns, among others, that the complexity of an Equity
Investment Tracking Stock and its relationship with the tracked stock
could lead to investor confusion and create certain risks.
---------------------------------------------------------------------------

    \38\ See, e.g., NYSE Rules 2090 and 2111 (requiring member
organizations to, among other things, use due diligence to learn the
essential facts relative to every customer prior to trading or
recommending a transaction in an Equity Investment Tracking Stock
and have a reasonable basis to believe that a customer can evaluate
the special characteristics, and is able to bear the financial
risks, of an investment in an Equity Investment Tracking Stock).
---------------------------------------------------------------------------

    The Exchange also has represented that it will monitor activity in
Equity Investment Tracking Stocks to identify and deter any potential
improper trading activity in such securities and will adopt enhanced
surveillance procedures to enable it to monitor Equity Investment
Tracking Stocks together with the related tracked stocks. In addition,
the Exchange has agreed to conduct a review both of compliance with
continued listing standards and the trading characteristics of Equity
Investment Tracking Stocks, provide certain reports to the Commission,
and make any appropriate recommendations for enhancements to its
listing standards for Equity Investment Tracking Stocks based on this
review. The Commission believes these measures should reduce the risks
of manipulative or other

improper activity in connection with Equity Investment Tracking Stocks,
help assure compliance with the proposed listing standards, and
identify areas where such standards might need to be strengthened going
forward.
    With respect to the proposed fees, the Commission believes it is
consistent with the Act for the Exchange to exclude issuers whose only
common equity security listed on the Exchange is an Equity Investment
Tracking Stock from receiving the complimentary products and services
provided for under Section 907.00 of the Manual. The Exchange stated
that most of the services provided under Section 907.00 would be of
limited value and appeal to issuers of Equity Investment Tracking
Stocks.
    Finally, the Commission believes that the proposed listing and
annual fees for Equity Investment Tracking Stocks are an equitable
allocation of reasonable fees. The Exchange stated that it is
appropriate to charge lower fees to issuers whose only common equity
security listed on the Exchange is an Equity Investment Tracking Stock
because there are regulatory efficiencies for the Exchange when the
issuer of an Equity Investment Tracking Stock and the issuer of the
tracked stock are both listed on the Exchange. The Exchange represented
that it does not believe that the proposed fees would negatively affect
its ability to continue to adequately fund its regulatory program or
the services the Exchange provides to issuers. According to the
Exchange, these lower fees also reflect the fact that issuers whose
only listed security is an Equity Investment Tracking Stock will not
receive the complimentary products and services that other listed
issuers of equity securities are eligible for under Section 907.00 of
the Manual.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\39\ that the proposed rule change (SR-NYSE-2016-22), as modified
by Amendment Nos. 5 and 6, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \39\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\40\
---------------------------------------------------------------------------

    \40\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2016-15457 Filed 6-29-16; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: July 12, 2010 (Volume 75, Number 132)]
[Notices]
[Page 39724-39725]
[DOCID:fr12jy10-84]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Sixth Meeting--Special Committee 222: Inmarsat Aeronautical
Mobile Satellite (Route) Services

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of RTCA Special Committee 222: Inmarsat Aeronautical
Mobile Satellite (Route) Services meeting.

-----------------------------------------------------------------------

SUMMARY: The FAA is issuing this notice to advise the public of a
meeting of RTCA Special Committee 222: Inmarsat Aeronautical Mobile
Satellite (Route) Services.

DATES: The meeting will be held Tuesday, August 3, 2010 from 1:30 p.m.-
5 p.m. Eastern Daylight Time.

ADDRESSES: The meeting will be held at ARINC Building 6, Conference
Center Room 6-A1, 2551 Riva Road, Annapolis, Maryland 21401-7435. An

RSVP to Mike Rockwell (mdr@arinc.com), Chuck LaBerge
<EMAIL_ADDRESS>and Daryl McCall
<EMAIL_ADDRESS>is requested by close of business Monday, July
26, 2010.
    Dress: Business Casual.

FOR FURTHER INFORMATION CONTACT: RTCA Secretariat, 1828 L Street, NW.,
Suite 805, Washington, DC 20036; telephone<PHONE_NUMBER>; fax (202)
833-9434; Web site http://www.rtca.org.

SUPPLEMENTARY INFORMATION: Pursuant to section 10(a) (2) of the Federal
Advisory Committee Act (Pub. L. 92-463, 5 U.S.C., Appendix 2), notice
is hereby given for a Special Committee 222: Inmarsat Aeronautical
Mobile Satellite (Route) Services. The agenda will include:

Tuesday, August 3, 2010--1 p.m.

     Opening Plenary (Introductions and Opening Remarks).
     Review and Approval of SC-222/WP-043, Summary for the 5th
Meeting of Special Committee 222 held via telecom April 20, 2010.
     Review and Approval of the Agenda for the 6th Meeting of
SC-222, WP-046.
     Old Business.
     Review of/reports for the currently active Action Items
regarding SBB Safety issues per the minutes of the 5th Plenary Meeting.
     Working Papers and Discussions regarding SC-222 issues.
     Review SkyTerra submission of modifications to draft ATCt
appendix (SkyTerra).
     Status of ATCt filter development activities (Inmarsat).
     Status of Inmarsat SBB development and coordination
efforts (Inmarsat).
     Discussion on new SBB documentation approach (Inmarsat/
LaBerge).
     Additional working papers as may be provided in advance of
the meeting.

    Note: Working papers posted to the SC-222 Web Site on before
July 24 will receive first priority in review. Additional working
papers will be reviewed in the order in which they were received. To
obtain a new WP number, contact Dr. LaBerge at
<EMAIL_ADDRESS>To post a new WP to the Web site,
provide a PDF version to Mr. McCall at<EMAIL_ADDRESS>with
a copy to Dr. LaBerge.

     Additional working papers as may be provided at the
meeting.
     Other Business.
     Review of Assignments and Action Items.
     Date and Location for the 7th Meeting of SC-222.
Tentatively scheduled for October/November at RTCA.
     Adjourn (no later than 5 p.m.).
    Attendance is open to the interested public but limited to space
availability. With the approval of the chairmen, members of the public
may present oral statements at the meeting. Persons wishing to present
statements or obtain information should contact the person listed in
the FOR FURTHER INFORMATION CONTACT section. Members of the public may
present a written statement to the committee at any time.

    Issued in Washington, DC, on July 6, 2010.
Francisco Estrada C.,
RTCA Advisory Committee.
[FR Doc. 2010-16932 Filed 7-9-10; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 84, Number 177 (Thursday, September 12, 2019)]
[Notices]
[Pages 48187-48191]
[FR Doc No: 2019-19704]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86897; File No. SR-DTC-2019-007]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend the DTC Deposits Service Guide Relating to Procedures for the
Deposit of Nontransferable Securities

September 6, 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 August 30, 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)(1) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposed rule change \5\ would incorporate (a) DTC's existing
Procedures \6\ for the Deposit of Nontransferable Securities \7\ at
DTC, with certain technical and clarifying updates, as described below,
and (b) the

DTC form of Blanket Indemnification for Losses Related to Non-
Transferable Certificates Deposited with DTC (``Blanket
Indemnification'') into the DTC Deposits Service Guide \8\ (``Deposits
Guide''), with certain technical and clarifying updates, as described
below.
---------------------------------------------------------------------------

    \5\ Capitalized terms not defined herein are defined in the
Rules, By-Laws and Organization Certificate of DTC (``Rules''),
available at http://www.dtcc.com/~/media/Files/Downloads/legal/
rules/dtc_rules.pdf.
    \6\ 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, supra note 5.
    \7\ In 1992, the Commission approved a DTC rule filing (``1992
Rule Filing'') that established Procedures for the Deposit of
Nontransferable Securities at DTC. See Securities Exchange Act
Release No. 31673 (December 30, 1992), 58 FR 3046 (January 7, 1993)
(File No. SR-DTC-92-16).
    \8\ Available at http://www.dtcc.com/~/media/Files/Downloads/
legal/service-guides/Deposits.pdf.
---------------------------------------------------------------------------

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 would incorporate (a) DTC's existing
Procedures for the Deposit of Nontransferable Securities at DTC, with
certain technical and clarifying updates, as described below, and (b)
the text of the existing DTC form of Blanket Indemnification into the
Deposits Guide, with certain technical and clarifying updates, as
described below.
Background
Eligibility and Deposit of Securities at DTC
    DTC plays a critical function in the national clearance and
settlement system. It is the nation's central securities depository,
registered as a clearing agency under Section 17A of the Act,\9\ and
its deposit and book-entry transfer services help facilitate the
operation of the nation's securities markets.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(1).
    \10\ See Securities Exchange Act Release No. 20221 (September
23, 1983), 48 FR 45167 (October 3, 1983) (600-1).
---------------------------------------------------------------------------

    DTC's participants (``Participants'') are primarily broker-dealers
and banks. Participants agree to be bound by the Rules and Procedures.
DTC performs various services for Participants to promote the prompt
and accurate clearance and settlement of Securities, including
maintaining Accounts that list a Participant's Securities holding at
DTC and allowing Participants to present Securities to be made eligible
for DTC's depository and book-entry services. If a Security is accepted
by DTC as meeting DTC's eligibility requirements for services and is
Deposited with DTC for credit to the Securities Account of a
Participant, it becomes an ``Eligible Security.'' \11\ Other issues of
Securities may be added through corporate actions with respect to
Eligible Securities, including events such as name changes, mergers and
spinoffs, that are reviewed by DTC for continuing eligibility.\12\
Thereafter, Participants may Deposit shares of that Eligible Security
(``Deposited Securities'') into their respective DTC Accounts.\13\
---------------------------------------------------------------------------

    \11\ See Rule 5, supra note 5; DTC Operational Arrangements
(Necessary for Securities to Become and Remain Eligible for DTC
Services) (``Operational Arrangements''), Section 1, available at
http://www.dtcc.com/~/media/Files/Downloads/legal/issue-eligibility/
eligibility/operational-arrangements.pdf.
    \12\ See Operational Arrangements, Section 1, supra note 11.
    \13\ Rule 6, supra note 5.
---------------------------------------------------------------------------

    To facilitate book-entry transfers and other services that DTC
provides for its Participants, Deposited Securities are generally
registered on the books of the respective issuer (typically, in a
register maintained by a transfer agent) in DTC's nominee name, Cede &
Co. Certain Securities for which transfer services for a Security are
not available (``Nontransferable Securities''), as described below, may
also become eligible for DTC services. DTC maintains Deposited
Securities that are eligible for book-entry services in ``fungible
bulk,'' meaning that each Participant whose Securities of an issue have
been credited to its Securities Account has a pro rata interest in
DTC's entire inventory of that issue, but none of the securities on
Deposit are identifiable to or ``owned'' by any Participant.\14\
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    \14\ See Securities Exchange Act Release No. 19678 (April 15,
1983), 48 FR 17603, 17605, n.5 (April 25, 1983) (describing fungible
bulk); See also N.Y. Uniform Commercial Code (``NYUCC''), 8-503,
Off. Cmt 1 (``. . . all entitlement holders have a pro rata interest
in whatever positions in that financial asset the [financial]
intermediary holds'').
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    Security certificates are eligible for Deposit at DTC when they are
delivered to DTC in accordance with the Rules and Procedures and
pursuant to Article 8 (``Article 8'') \15\ of the NYUCC. Under Article
8, a registered owner may transfer a Securities certificate, and the
Securities the certificate represents, to a ``purchaser'' (in this
case, DTC) by means of indorsement and Delivery.\16\ DTC's Rules and
Procedures require that the indorsement be made in favor of DTC's
nominee, Cede & Co.\17\ Having thereby ``acquired'' the indorsed
Security certificate as the purchaser, DTC comes into possession of the
rights that the registered owner of the Security would have.\18\
Ordinarily, under the DTC Rules and Procedures, the indorsed
certificate is presented to the issuer or transfer agent for
registration in the name of Cede & Co., so that, in addition to
physical possession of the negotiable certificate, Cede & Co. is
reflected as the registered holder on the books and records of the
issuer maintained by its transfer agent.\19\
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    \15\ NYUCC 8-101--8-602.
    \16\ NYUCC 8-301, 8-304, 8-102 and Official Comment 11 thereto.
    \17\ Rule 6, supra note 5.
    \18\ NYUCC 8-302.
    \19\ See Deposits Guide, supra note 8 at 13.
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    In the case of Nontransferable Securities, the issuer of the
Security could not or would not cause re-registration of the Security
certificate because there is no transfer agent or for other reasons.
Circumstances that may underlie this nontransferable status of a
Security certificate may include the bankruptcy or insolvency of the
issuer, the failure of the issuer to pay fees to a transfer agent, a
final or complete liquidation of the issuer, the filing of a
certificate of dissolution, the placement of the issuer in receivership
and the revocation of the issuer's charter. In such cases, pursuant to
the 1992 Rule Filing, DTC, as the legal owner of the Nontransferable
Security (i) holds in custody the certificate indorsed to Cede & Co.
(ii) adds the amount of the Nontransferable Security represented by the
certificate to the inventory DTC holds for that issue, and (iii)
credits the position to the Securities Account of the Depositing
Participant, as described below.
1992 Rule Filing
    Prior to the establishment of Procedures implemented pursuant to
the 1992 Rule Filing (``Nontransferable Securities Procedures''), the
holding and trading of Nontransferable Securities presented issues for
Participants that would be addressed if the Nontransferable Securities
could be Deposited at DTC and eligible for book-entry services. In this
regard, failed Deliveries in Nontransferable Securities occurred
regularly and remained outstanding because of ongoing trading activity
in Nontransferable Securities where the underlying Securities were not
on Deposit and available for Delivery at DTC. Also, Participants
holding nontransferable certificates outside of DTC were burdened with
the expense of safekeeping certificates.
    The Nontransferable Securities Procedures reduce the burdens

presented by nontransferable certificates for Participants by
facilitating the Deposit of Nontransferable Securities at DTC to make
them available for book-entry Delivery, thus facilitating a reduction
of fails in ongoing trading activity in Nontransferable Securities, as
described above, and by allowing the Participants to no longer provide
their own custody services with respect to certificates for DTC-
eligible Nontransferable Securities.
    The 1992 Rule Filing also introduced a loss sharing allocation
method to be used if a certificate that represents a Nontransferable
Security is Deposited at DTC and later, most likely after the
reinstatement of transfer services and presentation of the certificate
for transfer, is found to be stolen, counterfeit, or otherwise
defective.
    The Nontransferable Securities Procedures, as implemented pursuant
to the 1992 Rule Filing are as set forth under the headings ``Deposit
Procedures'' and ``Procedures for Sharing Loss Related to Deposit of
Nontransferable Certificates,'' immediately below:
A. Deposit Procedures
    ``When DTC announces to Participants that an issue is
``nontransferable,'' DTC will change the transfer agent number on DTC's
records, which may be viewed by Participants via DTC's Participant
Terminal System, to reflect the fact that the issue is nontransferable.
Participants will be permitted to deposit their DTC-eligible
nontransferable securities by adhering to several procedures.
Specifically, Participants will be asked to:
    1. Send to their Participant Services representative a copy of the
Blanket Indemnification executed by an authorized officer. Procedures
set forth in the Indemnification will, among other things, require the
Participant to verify with the Securities Information Center (``SIC'')
that the certificate has not been reported to SIC as lost, stolen,
missing, or counterfeit; \20\
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    \20\ SIC operates the Lost & Stolen Securities Program
(``LSSP'') on behalf of the Commission. Rule 17f-1 under the Act,
governs LSSP operations. See 17 CFR 240.17f-1. LSSP consists mainly
of a database of securities that have been reported lost, stolen,
missing, or counterfeit. Securities Exchange Act Release No. 48931
(December 16, 2003), 68 FR 74390 (December 23, 2003) at 74393. This
note is provided for descriptive purposes only with respect to this
Item 1 and is not included in the Deposit Procedures.
---------------------------------------------------------------------------

    2. Use a Legal deposit ticket clearly market ``N/T.'' No more than
ten certificates may be included in each individual deposit.
Participants will also be asked not to commingle different types of
registrations on a single deposit ticket (i.e., all nominee-name and
street-name registrations will be deposited under separate tickets);
and
    3. Check the certificates for assignment to Cede & Co., New York
State tax waiver, endorsements, and other requirements, and provide the
appropriate signature guarantees.''
B. Procedures for Sharing of Loss Related to Deposit of Nontransferable
Securities
    ``DTC has developed a loss allocation method in the event that a
certificate the represents a nontransferable security is deposited at
DTC and later, most likely after the reinstatement of transfer services
and presentation of the certificate for transfer, is found to be
stolen, counterfeit or otherwise defective. If the depositing/
indemnifying participant is still in business or if DTC is holding the
participant's Participants Fund deposit in an amount sufficient to
cover the loss, DTC will first seek to charge the Participant or its
deposit. In the event, however, in which at the time that DTC becomes
aware of the loss: (1) The depositing participant has transferred the
underlying securities by book-entry; (2) the participant does not
itself cover the loss because it is not in business or for some other
reason; and (3) the participant's deposit to the Participants Fund is
insufficient to cover the loss, then the loss will be allocated as
follows:
    The loss will be shared pro rata among all participants that have a
position in such issue on the date that DTC determines that the
certificate is defective, excluding participants' positions, however,
to the extent that positions existed on the day that DTC first
announced to participants that the issue was ``nontransferable.'' For
example, if a participant already held a position of 1,000 shares in an
issue at the time that the issue was identified by DTC as being
nontransferable and then acquires 500 additional shares later, any
proportionate loss calculation would be only against the additional 500
shares and not against the 1,500 share total position. DTC will first
seek to charge the participant's Participants Fund deposit in an amount
sufficient to cover the loss. If the deposit will not cover the total
amount of the loss, DTC will then charge the participant directly for
the remaining amount. In the event, however, that the loss allocation
method as described above does not cover the total amount of the loss
related to the deposit of the nontransferable securities, DTC will then
charge the loss in accordance with its current loss allocation
scheme.''
    The Blanket Indemnification, the form that was filed as an exhibit
to the 1992 Rule Filing states the following: \21\
---------------------------------------------------------------------------

    \21\ The footnotes shown below, with respect to the Blanket
Indemnification provisions, infra notes 22 and 23, are included for
descriptive purposes only and are not included in the form of
Blanket Indemnification.
---------------------------------------------------------------------------

    ``The undersigned (``Participant''), a participant in The
Depository Trust Company (``DTC''), intends to deposit with DTC from
time to time certain certificates (the ``Certificates'') representing
securities for which transfer services are not available (the
``Securities'').
    Participant wishes to deposit the Securities with DTC and to
receive credit for the Securities in its DTC Participant account. To
induce DTC to so credit the Securities and to make DTC's book-entry
services available for transactions in the Securities, Participant
represents, warrants, and covenants to DTC as follows:
    1. Other than the unavailability of transfer services, Participant,
after due investigation, is not aware of any impediments to transfer of
the Certificates.
    2. It is understood that DTC cannot provide its normal certificate
withdrawal services in the Securities, including CODs and W/Ts.
Participant will comply fully with applicable industry practice and
rules respecting the need for it to advise other participants to which
it makes book-entry deliveries of the Securities, if any, of this
limitation.
    3. If Participant publishes or submits for publication a quotation
for the Securities where the applicable information requirements of
Securities Exchange Act Rule 15c2-11 \22\ are not satisfied,
Participant shall not use DTC's book-entry services to effect
contemporaneous deliveries in any such Securities.
---------------------------------------------------------------------------

    \22\ See 17 CFR 240.15c2-11. Rule 15c2-11 under the Act, governs
the publication of quotations for securities in a quotation medium
other than a national securities exchange. See Securities Exchange
Act Release No. 29094 (April 17, 1991), 56 FR 19148 (1991 Adopting
Release); Securities Exchange Act Release No. 27247 (September 14,
1989), 54 FR 39194 (September 25, 1989) (1989 Proposing Release).
---------------------------------------------------------------------------

    4. The indemnification set forth in DTC Rule 2(k) \23\ shall apply
with

respect to the Securities notwithstanding the absence of transfer
services for the Securities at the time that they are first credited to
Participant's DTC account.
---------------------------------------------------------------------------

    \23\ This provision states: ``Each Security delivered for the
Participant's account to the Corporation for Deposit with the
Corporation may be transferred into the name of any nominee
designated by the Corporation or by such Custodian as the
Corporation may select, if it is Delivered to such Custodian, and
retained by the Corporation or Delivered to such Custodian as the
Corporation may select, and the Participant shall indemnify the
Corporation, and any nominee of the Corporation in the name of which
Securities credited to the Participant's Account are registered,
against all loss, liability and expense which they may sustain,
without fault on the Corporation's part, as a result of Securities
credited to the Participant's Account being registered in the name
of any such nominee, including (i) assessments, (ii) losses,
liabilities and expenses arising from claims of third parties and
from taxes and other governmental charges, and (iii) related
expenses with respect to any such Securities.'' See Rule 2, supra
note 5. Pursuant to Rule 1, the term ``Corporation'' means DTC. See
Rule 1, supra note 5.
---------------------------------------------------------------------------

    5. Participant shall inquire with SIC, and as of the date of
deposit with DTC the Certificates shall not have been reported to SIC
as lost, stolen, missing, or counterfeit.
    6. If DTC incurs any loss or liability because any of the
Certificates are counterfeit, are reported stolen, or are or become,
for any reason, not in good deliverable form, Participant agrees that
DTC may charge such loss or liability to Participant.
    7. Participant agrees that DTC may charge any future distribution
of rights, including voting rights, or other property (a
``Distribution'') involving the Securities to Participant's account if
DTC does not receive the Distribution on the Distribution date.''
Proposed Rule Change
    Pursuant to the proposed rule change, DTC would incorporate the
Nontransferable Securities Procedures, which contain two subsets of
Procedures, namely ``Deposit Procedures'' and ``Procedures for Sharing
of Loss Related to Deposit of Nontransferable Securities,'' as it was
set forth in the 1992 Rule Filing, with certain technical and
clarifying changes, as follows:
    1. The provision set forth in the first sentence of A.1. above
would be revised to replace the words ``Send to their Participant
Services representative'' with the words ``Provide DTC Account
Administration with''. This change would conform this text with DTC's
general Participant account documentation process through which DTC's
Account Administration area collects and maintains Participant Account
documentation. This provision would also be revised to (i) add the full
name of the Blanket Indemnification, as defined above, where it is
referenced in the first sentence and (ii) add ``Blanket
Indemnification'' as a defined term for the Blanket Indemnification.
    2. The provision set forth in A.2. above would be revised to
replace the sentence that states ``Use a Legal deposit ticket clearly
marked ``N/T'' with ``Use a DAM deposit ticket, whereby the certificate
details on the deposit ticket match the corresponding certificates
(e.g., CUSIP, certificate #, certificate denomination, total
quantity).'' The Legal Deposits service is a function within the
Deposits Service and is not descriptive of the method used to generate
a deposit ticket.\24\ A deposit ticket is generated using DTC's Deposit
Automation Management System (DAM) \25\ and DTC believes that using the
applicable system name would clarify for Participants the method by
which the necessary deposit ticket is generated. In addition, the
requirement to include the text ``N/T'' on a deposit ticket was
intended for the Participant to indicate that a Security is
nontransferable. Pursuant to the proposed rule change, the ``N/T''
designation would not be required to be included on a deposit ticket
because DTC's own records reflect whether a given Security that is
eligible for Deposit is nontransferable.
---------------------------------------------------------------------------

    \24\ See Deposits Guide, supra note 8 at 16.
    \25\ See Deposits Guide, supra note 8.
---------------------------------------------------------------------------

    3. The text of the Nontransferable Securities Procedures would be
revised to conform to capitalization of the term Participant as set
forth in the Deposits Guide.
    In addition, DTC would incorporate the text of the Blanket
Indemnification set forth above into the Deposits Guide. The text of
the Blanket Indemnification would be added under a new heading titled
``Blanket Indemnification for Losses Related to Non-Transferable
Certificates Deposited with DTC.'' Directly under this heading, and
just prior to the text of the Blanket Indemnification text set forth
above, the proposed rule change would include a technical change to add
the following text: ``Any application to become a Participant shall
include a blanket indemnification for losses related to non-
transferable certificates deposited with DTC in the form set forth
below:''
Effective Date
    The proposed rule change would become effective upon filing with
the Commission.
2. Statutory Basis
    Section 17A(b)(3)(F) \26\ 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 for the reasons described below. As described
above, the proposed rule change would allow Participants to more
readily understand their rights and obligations in connection with the
Deposit of Nontransferable Securities by providing enhanced
transparency for Participants by (i) adding the text of the Procedures
implemented pursuant to the 1992 Rule Filing into the Deposits Service
Guide, which is publicly available on the DTCC website, and (ii)
updating the provisions set forth in the Procedures to clearly disclose
to Participants the operation of the applicable services. By improving
the Rules in these ways and allowing Participants to more readily
understand their rights and obligations in connection with the use of
DTC's services relating to Nontransferable Securities, DTC believes
that the proposed changes would facilitate Participants use of these
services, including their ability to Deposit Nontransferable
Securities. The ability to maintain Deposits in Nontransferable
Securities would facilitate Participants' ability to Deliver Securities
by book-entry at DTC for trading activity that might otherwise result
in a failure to deliver due to the unavailability of transfer services
for the Security. Therefore, by facilitating the ability of
Participants to manage and resolve failures to deliver, DTC believes
the proposed rule change would promote the prompt and accurate
clearance and settlement of securities transactions, consistent with
Section 17(A)(b)(3)(f) of the Act.\27\
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78q-1(b)(3)(F).
    \27\ Id.
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    DTC does not believe that the proposed rule changes would have any
impact, or impose any burden, on competition. The proposed rule changes
are designed to improve Participants' understanding of their rights and
obligations with respect to the use of DTC's services relating to the
Deposit of Nontransferable Securities. These proposed changes would be
applicable to all Participants and would not alter Participants' rights
or obligations.

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

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \28\ and paragraph (f) of Rule 19b-4
thereunder.\29\ 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.
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78s(b)(3)(A).
    \29\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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-2019-007 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-2019-007. 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-2019-007 and should be submitted on
or before October 3, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
---------------------------------------------------------------------------

    \30\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-19704 Filed 9-11-19; 8:45 am]
 BILLING CODE 8011-01-P