Federal Register / Vol. 83, No. 148 / Wednesday, August 1, 2018 / Notices 37541 

16 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(4). 

5Capitalized terms not defined herein are defined 

in the Rules, By-Laws and Organization Certificate 

of DTC (the ‘‘Rules’’), available at www.dtcc.com/ 

∼/media/Files/Downloads/legal/rules/dtc_rules.pdf, 

and the DTC Operational Arrangements for 

Securities to Become and Remain Eligible for DTC 

Services (‘‘OA’’), available at http://www.dtcc.com/ 

∼/media/Files/Downloads/legal/issue-eligibility/ 

eligibility/operational-arrangements.pdf. 

6Available at http://www.dtcc.com/∼/media/ 

Files/Downloads/legal/service-guides/UnderwritingService-Guide.pdf. The Underwriting Guide and the 

OA constitute Procedures of DTC. Pursuant to the 

Rules, the term ‘‘Procedures’’ means the 

Procedures, service guides, and regulations of DTC 

adopted pursuant to Rule 27, as amended from time 

to time. See Rule 1, Section 1, supra note 5. DTC’s 

Procedures are filed with the Commission. They are 

binding on DTC and each Participant in the same 

manner as they are bound by the Rules. See Rule 

27, supra note 5. The OA is also binding on each 

Issuer and Agent of an Eligible Security. See OA at 

5, supra note 5. DTC also maintains service guides 

that constitute Procedures relating to other services 

it offers, including the ‘‘Canadian-Link Service 

Guide,’’ ‘‘Custody Service Guide’’ (defined below as 

‘‘Custody Guide’’), ‘‘Deposits Service Guide,’’ 

‘‘Distributions Service Guide,’’ ‘‘Redemptions 

Service Guide,’’ ‘‘Reorganizations Service Guide’’ 

and ‘‘Settlement Service Guide.’’ Available at 

http://www.dtcc.com/legal/rules-andprocedures?subsidiary=DTC&pgs=1. 

7 Generally, Eligible Securities must have been 

issued in a transaction: (i) Registered with the 

Commission pursuant to the Securities Act; (ii) 

exempt from registration pursuant to a Securities 

Act exemption without transfer or ownership 

restrictions; or (iii) pursuant to Rule 144A, 17 CFR 

230.144A, or Regulation S, 17 CFR 230.901– 

230.905, under the Securities Act. See OA, supra 

note 5 at 2–3. 

8See OA, supra note 5 at 1–2. 

9 Id. 

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–MSRB–2018–06. 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 the MSRB. 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–MSRB–2018–06 and should 

be submitted on or before August 22, 

2018. 

For the Commission, pursuant to delegated 

authority.16

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2018–16419 Filed 7–31–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83712; File No. SR–DTC– 

2018–004] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Make 

Clarifying Changes and Updates to the 

DTC Underwriting Service Guide 

July 26, 2018. 

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 July 20, 

2018, The Depository Trust Company 

(‘‘DTC’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I, II and III below, which Items 

have been prepared by the clearing 

agency. DTC filed the proposed rule 

change pursuant to Section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(4) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change of DTC5

consists of modifications to the DTC 

Underwriting Service Guide 

(‘‘Underwriting Guide’’) 6 to (i) promote 

consistency with respect to processes 

and requirements described in other 

Procedures that are related to those set 

forth in the Underwriting Guide, (ii) 

make clarifying and technical changes 

and (iii) provide enhanced readability 

and transparency for users of DTC’s 

underwriting service (‘‘Underwriting 

Service’’), as described below. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The proposed rule change consists of 

proposed modifications to the 

Underwriting Guide to (i) promote 

consistency with respect to processes 

and requirements described in other 

Procedures that are related to those set 

forth in the Underwriting Guide, (ii) 

make clarifying and technical changes 

and (iii) provide enhanced readability 

and transparency for users of DTC’s 

Underwriting Service, as described 

below. 

Background 

Eligible Securities 7 may be 

introduced into DTC as new issuances 

(‘‘New Issues’’) through the 

Underwriting Service, in connection 

with a Participant, or a correspondent 

working though a Participant’s Account, 

submitting an eligibility request.8 In 

addition to the process for New Issues, 

there are separate eligibility processes 

for (i) older issues (‘‘Older Issues’’), i.e., 

those already available in the market but 

not previously made eligible for deposit 

at DTC 9 and (ii) Eligible Securities in 


sradovich on DSK3GMQ082PROD with NOTICES
37542 Federal Register / Vol. 83, No. 148 / Wednesday, August 1, 2018 / Notices 

10 Id. at 3. 

11 Id. at 1. 

12The IPO Tracking system allows a Participant 

that is the lead underwriter of an issue to track 

certain Deliveries of equity Securities during the 

period known as the underwriting stabilization 

period (‘‘Stabilization Period’’). See Underwriting 

Guide, supra note 6 at 3. The Stabilization Period 

is the duration of time immediately after the 

Closing of an issue during which the lead manager 

of an underwriting may purchase Securities in the 

open market in order to stop a decline in the price 

of the Securities. Id. at 5. 

13See Custody Service Guide (‘‘Custody Guide’’), 

available at http://www.dtcc.com/∼/media/Files/ 

Downloads/legal/service-guides/Custody.pdf, at 17– 

18. In 2016, DTC’s Custody Service Procedures 

were revised pursuant to a rule change (‘‘Custody 

Rule Filing’’) that amended the text of the Custody 

Guide with respect to making Securities eligible for 

the Custody Service. See Securities Exchange Act 

Release No. 34–79252 (November 7, 2016), 81 FR 

79543 (November 14, 2016) (SR–DTC–2016–011). 

As described more fully below, the proposed 

change would conform the Custody Service section 

of the Underwriting Guide for consistency to the 

provisions set forth in the Custody Rule Filing. 

14The Security Holder Tracking Service 

facilitates the ability of an issuer or a third party 

administrator designated by the issuer to track the 

number of beneficial holders of an issue. See 

Underwriting Guide, supra note 6 at 22–23. 

15Supra note 5. 

16Supra note 13. 17See OA, supra note 5 at 60. 

18 Id. 19See Rule 9(A), Rule 9(B) and Rule 9(C), supra 

note 5. 20See Settlement Service Guide, available at 

http://www.dtcc.com/∼/media/Files/Downloads/ 

legal/service-guides/Settlement.pdf. 

the MMI Program.10 Other issues of 

Securities may be added through 

corporate actions with respect to 

existing Eligible Securities, including 

events such as name changes, mergers 

and spinoffs, which are also reviewed 

for continuing eligibility.11

The Underwriting Service also 

supports other DTC functions and 

services relating to the underwriting 

function, including the IPO Tracking 

system,12 eligibility processing for the 

DTC custody service (‘‘Custody 

Service’’),13 and the security holder 

tracking service (‘‘Security Holder 

Tracking Service’’).14

The proposed rule change would 

make modifications to the Underwriting 

Guide to (i) promote consistency with 

respect to processes and requirements 

described in other Procedures that are 

related to those set forth in the 

Underwriting Guide, specifically the 

OA 15 and the Custody Guide,16 (ii) 

make clarifying and technical changes 

and (iii) provide enhanced readability 

and transparency for users of DTC’s 

Underwriting Service, as described in 

the sections below. These would 

include (1) the modification of 

applicable text of the Underwriting 

Guide relating to (a) the section 

currently titled ‘‘Introduction,’’ (b) a 

section on the closing of an initial issue 

(‘‘Closing’’), (c) MMI Securities, (d) New 

Issue Eligibility, (e) Older Issues, (f) the 

Custody Service and (g) packaging 

inquires; (2) technical changes; and (3) 

the deletion of a section titled 

‘‘Processing Inquiries,’’ as described 

below. 

Proposed Changes to the Underwriting 

Guide 

Introduction/Overview Section 

The text of the Introduction section of 

the Underwriting Guide contains four 

subsections, titled, respectively, 

‘‘Overview,’’ ‘‘About Underwriting,’’ 

‘‘Preparing to Use the Products,’’ and 

‘‘Understanding Relevant Dates.’’ 

Pursuant to the proposed rule change, to 

enhance readability and improve the 

overall flow of this section, the (i) title 

of the section would be changed from 

‘‘Introduction’’ to ‘‘Overview,’’ and (ii) 

subsection titles mentioned above 

would be deleted and the four 

subsections would be consolidated into 

one section under the new ‘‘Overview’’ 

title. 

In addition, the text of the 

consolidated section would be revised 

for enhanced clarity of the description 

of the Underwriting Service and overall 

readability for Participants. 

References to the DTC Participant 

Terminal System (‘‘PTS’’) and other 

systems that Participants may use in 

connection with the Underwriting 

Service would be deleted from this 

section, because, as proposed and 

discussed below, other sections of the 

Underwriting Guide would include 

information on systems applicable to 

the aspect of the Underwriting Service 

covered by the respective sections, 

obviating the necessity of including 

such systems-related information in the 

Overview. 

Also, because DTC’s Securities 

eligibility Procedures are primarily 

contained in the OA, a cross-reference 

to, and a brief description of, the OA 

would be added under the Overview 

section to promote a more 

comprehensive understanding by 

readers with respect to the DTC 

requirements to make Securities eligible 

for DTC services. Also, to reduce 

repetition between the Underwriting 

Guide and the OA, (i) a description of 

eligibility criteria for Securities would 

be deleted from this section of the 

Underwriting Guide and (ii) a table of 

requirements and relevant dates 

included in the Understanding Relevant 

Dates subsection would be deleted and, 

as discussed below, would be replaced 

with a cross-reference in the Closing 

section to the requirements and dates as 

set forth in Exhibit B17 of the OA. 

Closing 

In order to provide for enhanced 

clarity, readability and flow of the text 

in the Underwriting Guide with respect 

to Closing processing, the proposed rule 

change would (i) revise text describing 

the function of the DTC Closing area 

and (ii) consolidate the Closing section 

into one section from two subsections 

that are titled ‘‘About the Product’’ and 

‘‘How the Product Works,’’ respectively, 

and eliminate the respective titles of the 

subsections. The proposed rule change 

would also update information for 

Participants to contact the DTC Closing 

desk. 

Also, as mentioned above, to reduce 

repetition of the content of the 

Underwriting Guide versus the OA, a 

table of requirements and relevant dates 

included in the Understanding Relevant 

Dates subsection of the Introduction to 

the Underwriting Guide would be 

deleted and would be replaced with a 

cross-reference to these requirements 

and dates as set forth in Exhibit B18 of 

the OA. The cross-reference would be 

positioned at the end of the Closing 

section as the referenced information in 

the OA includes key dates that must be 

met in relation to the closing date for an 

issue. In this regard, the proposed rule 

change would also remove a reference 

in the Closing section to deadlines for 

notifications that must be made to DTC 

with respect to the processing of the 

distribution of Securities on closing 

date, because the applicable timeframes 

are covered within the Exhibit B to the 

OA, cited above. 

MMI Program 

In order to provide enhanced clarity 

and readability in the Underwriting 

Guide with respect to Procedures for 

processing eligibility requests for the 

MMI Program, the proposed rule change 

would (i) revise the text of the 

description of the MMI Program and its 

eligibility process, (ii) revise 

information relating to systems used to 

access MMI Program eligibility services 

and include a reference to DTC’s webbased underwriting application, (iii) 

remove a descriptive sentence relating 

to functionality for issuances and 

deliveries by an Issuing and Paying 

Agent (‘‘IPA’’) in the MMI Program, 

because it is not relevant to the 

eligibility process covered by the 

Underwriting Guide, but rather to 

issuances and deliveries of MMI 

Securities that are conducted through 

DTC’s settlement service in accordance 

with the Rules 19 and the Settlement 

Service Guide,20 and (iv) update a 


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Federal Register / Vol. 83, No. 148 / Wednesday, August 1, 2018 / Notices 37543 

21See OA, supra note 5 at 2. 

22Compare Custody Guide, supra note 13 at 11– 

16 (describing the Custody Service function and 

eligibility requirements), with OA, supra note 5 at 

1–9 (describing DTC’s eligibility requirements for 

Securities to be made eligible for DTC’s book-entry 

services, including New Issues and Older Issues). 

23See Custody Guide, supra note 13 at 15–16. In 

2016, DTC’s Custody Service Procedures were 

revised pursuant to the Custody Rule Filing, which 

amended the applicable text of the Custody Guide. 

See Securities Exchange Act Release No. 34–79252 

(November 7, 2016), 81 FR 79543 (November 14, 

2016) (SR–DTC–2016–011). The proposed change 

would conform the Custody Service section of the 

Underwriting Guide for consistency to the 

provisions set forth in the Custody Rule Filing. 

24See OA, supra note 5 at 15. 

25See Underwriting Guide, supra note 6 at 18– 

19. 

26See OA, supra note 5 at 1–2. 

27 15 U.S.C. 78q–1(b)(3)(F). 

reference relating to documentation that 

must be submitted in connection with 

an MMI Program eligibility request, to 

remove an outdated reference to an 

‘‘Issuer Program Eligibility Form’’ 

signed by the IPA, and instead add a list 

of required program-level details which 

would be submitted in place of the form 

in an online format through the MMI 

Program web-based application. 

New Issue Eligibility 

The provisions governing DTC’s 

Securities eligibility processes for New 

Issues are primarily contained in the 

Rules and the OA; however the 

Underwriting Guide does contain text 

intended to provide information that 

enhances transparency for Participants 

regarding applicable Procedures. 

In order to provide enhanced clarity 

in the Underwriting Guide with respect 

to Procedures for processing eligibility 

requests for New Issues and promote 

enhanced consistency of the content of 

the Underwriting Guide with the 

provisions of the OA, the proposed rule 

change would (i) eliminate details in the 

text describing the New Issue eligibility 

Procedures and requirements that are 

repetitive or inconsistent with text 

contained in the OA, including with 

respect to (a) the documentation 

requirements for eligibility requests and 

(b) types of issues that require 

additional documentation or special 

processing, (ii) replace outdated 

references to the DTC website with a 

link to the OA for Procedures relating to 

eligibility and related requirements, and 

(iii) update references with respect to 

systems used for access to New Issuerelated services to (a) delete references 

to PTS and PTS functions and (b) add 

a reference to UW Source, because, in 

accordance with the OA, UW Source is 

the system that Participants are required 

to use to access eligibility services.21

Older Issue Eligibility 

As mentioned above, the provisions 

governing DTC’s Securities eligibility 

processes for Older Issues are primarily 

contained in the Rules and the OA; 

however the Underwriting Guide also 

contains information in this regard. 

In order to provide consistency of the 

content of the Underwriting Guide with 

the provisions of the OA, the proposed 

rule change would rename the section 

relating to Older Issues from ‘‘Older 

Issue Eligibility’’ to ‘‘Secondary Market 

(Older Issue) Eligibility’’ for clarity and 

to reflect that Older Issues are issues 

that are on the secondary market when 

they are made eligible at DTC (as 

opposed to New Issues that are the 

subject of initial offerings), and insert a 

link to the OA for Procedures relating to 

eligibility and related requirements. 

Custody Service 

In order to provide enhanced clarity 

and transparency in the Underwriting 

Guide with respect to Procedures for 

processing eligibility requests for the 

Custody Service, the proposed rule 

change would (i) change the Custody 

Service section from being a subsection 

of the Older Issue Eligibility section to 

its own section of the Underwriting 

Guide, because the Custody Service, 

while administered by the same area 

within DTC that administers eligibility 

processing for Older Issues and New 

Issues, is a separate function with 

different eligibility requirements,22 (ii) 

update the text for enhanced readability 

and consistency of content, including 

with respect to systems requirements, 

with applicable Procedures set forth in 

the Custody Guide,23 (iii) add a link to 

the Custody Guide for cross-reference 

purposes, and (iv) add a link to the 

DTCC website that provides additional 

information regarding the Custody 

Service. 

Packaging Inquiries 

The proposed rule change would 

modify the text of the section titled 

‘‘Packaging Inquiries’’ (i) for readability, 

(ii) to eliminate content that is repetitive 

of related content in the OA section 

named ‘‘Possession and Inspection,’’ 24

(iii) to add a link to the OA for 

additional information and (iv) to 

provide an updated link to the DTC 

form of letter of securities possession, 

which must be executed by a lead 

underwriter in order for DTC to process 

a distribution of an issue by book-entry 

on closing date if a Security certificate 

has not been provided to DTC within 

required timeframes.25

Processing Inquiries 

The proposed rule change would 

remove the section titled ‘‘Processing 

Inquiries’’ from the Underwriting Guide. 

This section contains information 

relating to internal processes for data 

entry and billing information that is not 

necessary to be included in a Procedure. 

In addition, this section refers to special 

forms for the processing of eligibility of 

retail certificates of deposit, unit 

investment trusts and municipal and 

corporate products, which forms are 

obsolete because eligibility requests for 

all Security types, other than Securities 

in the MMI Program, must be submitted 

through UW Source.26

Other Proposed Changes 

The proposed rule change would 

make technical changes to (i) add to the 

front of the Underwriting Guide a title 

page with DTC’s name and the title 

‘‘Underwriting Service Guide,’’ (ii) 

update (a) the address of DTC’s internet 

site and (b) the copyright date of the 

Underwriting Guide, (iii) delete 

outdated contact information within the 

‘‘Important Legal Information’’ included 

at the beginning of the Underwriting 

Guide and (iv) add a link to a user guide 

relating to the IPO Tracking system that 

is referenced in the ‘‘IPO Tracking 

System’’ section of the Underwriting 

Guide. 

2. Statutory Basis 

Section 17A(b)(3)(F) of the Act 27

requires that the rules of the clearing 

agency be designed, inter alia, to 

promote the prompt and accurate 

clearance and settlement of securities 

transactions. DTC believes that the 

proposed rule change is consistent with 

this provision of the Act because by 

amending the text of the Underwriting 

Guide to (i) promote consistency with 

respect to processes and requirements 

described in other Procedures that are 

related to those set forth in the 

Underwriting Guide, specifically the OA 

and Custody Guide, (ii) make clarifying 

changes, (iii) provide enhanced 

readability and transparency for users of 

DTC’s Underwriting Service, and (iv) 

make other technical changes, the 

proposed rule change would provide 

Participants with an enhanced 

understanding with respect to the DTC 

Procedures relating to making Securities 

eligible for DTC services, as described 

above. Therefore, by providing 

Participants with enhanced 

understanding of DTC eligibility 

requirements and processing in this 

regard, and therefore facilitating their 

ability to request that Securities be 

made eligible for DTC services, DTC 

believes that the proposed rule change 


sradovich on DSK3GMQ082PROD with NOTICES
37544 Federal Register / Vol. 83, No. 148 / Wednesday, August 1, 2018 / Notices 

28 15 U.S.C. 78s(b)(3)(A). 

29 17 CFR 240.19b–4(f). 30 17 CFR 200.30–3(a)(12). 

1 15 U.S.C.78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 83393 

(June 7, 2018), 83 FR 27643 (‘‘Notice’’). 

4See letter to Secretary, Commission, from 

Stephen John Berger, Managing Director, 

Government and Regulatory Policy, Citadel, dated 

July 5, 2018; letter to Robert W. Errett, Deputy 

Secretary, Commission, from Theodore Bragg, Chief 

Executive Officer, Execution Access, LLC, dated 

July 3, 2018; letter to Brent J. Fields, Secretary, 

Commission, from Tyler Gellasch, Executive 

Director, The Healthy Markets Association, dated 

July 5, 2018. 

5 15 U.S.C. 78s(b)(2). 

would promote the prompt and accurate 

clearance and settlement of securities 

transactions consistent with the Act. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC does not believe that the 

proposed rule change would have any 

impact on competition. The proposed 

rule change would merely clarify and 

provide enhanced transparency with 

respect to the DTC Underwriting Service 

by amending the text of the 

Underwriting Guide (i) for enhanced 

readability, transparency and flow of 

content, (ii) to update (a) details on 

existing processes and (b) contact 

information, (iii) for enhanced 

consistency with respect to processes 

and requirements described in other 

Procedures that are related to those set 

forth in the Underwriting Guide, 

specifically the OA and Custody Guide 

and (iv) to make other technical 

changes, as described above, which 

amendments would not significantly 

affect the rights and obligations of users 

of DTC’s services, and would not 

disproportionally impact any users. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

DTC has not received or solicited any 

written comments relating to this 

proposal. DTC will notify the 

Commission of any written comments 

received by DTC. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 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. 

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 rule-comments@

sec.gov. Please include File Number SR– 

DTC–2018–004 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–2018–004. 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-rulefilings.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– 

2018–004 and should be submitted on 

or before August 22, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2018–16418 Filed 7–31–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83722; File No. SR–FINRA– 

2018–023] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Designation 

of a Longer Period for Commission 

Action on a Proposed Rule Change 

Relating to ATS Reporting of 

Transactions to TRACE in U.S. 

Treasury Securities 

July 26, 2018. 

On June 5, 2018, the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’) 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 amend FINRA 

Rule 6730 to require certain alternative 

trading systems (‘‘ATSs’’) that report 

transactions in U.S. Treasury Securities 

to the Transaction Reporting and 

Compliance Engine (‘‘TRACE’’) to 

identify non-FINRA-member subscribers 

on those transaction reports. The 

proposed rule change was published for 

comment in the Federal Register on 

June 13, 2018.3 The Commission 

received three comments regarding the 

proposed rule change.4

Section 19(b)(2) of the Act 5 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 as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or 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 July 28, 2018. 

The Commission notes that Section 

19(b)(5) of the Act requires the 

Commission to ‘‘consult with and 

consider the views of the Secretary of 


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