Federal Register / Vol. 77, No. 37 / Friday, February 24, 2012 / Notices 11175 

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

2 17 CFR 240.19b–4. 

submitting a request or petition for 

hearing (even in instances in which the 

participant, or its counsel or 

representative, already holds an NRCissued digital ID certificate). Based upon 

this information, the Secretary will 

establish an electronic docket for the 

hearing in this proceeding if the 

Secretary has not already established an 

electronic docket. 

Information about applying for a 

digital ID certificate is available on the 

NRC’s public Web site at http://

www.nrc.gov/site-help/e-submittals/

apply-certificates.html. System 

requirements for accessing the ESubmittal server are detailed in the 

NRC’s ‘‘Guidance for Electronic 

Submission,’’ which is available on the 

NRC’s public Web site at http://

www.nrc.gov/site-help/e-submittals.

html. Participants may attempt to use 

other software not listed on the Web 

site, but should note that the NRC’s 

E-Filing system does not support 

unlisted software, and the NRC Meta 

System Help Desk will not be able to 

offer assistance in using unlisted 

software. 

If a participant is electronically 

submitting a document to the NRC in 

accordance with the E-Filing rule, the 

participant must file the document 

using the NRC’s online, Web-based 

submission form. In order to serve 

documents through the Electronic 

Information Exchange System, users 

will be required to install a Web 

browser plug-in from the NRC’s Web 

site. Further information on the Webbased submission form, including the 

installation of the Web browser plug-in, 

is available on the NRC’s public Web 

site at http://www.nrc.gov/site-help/esubmittals.html. 

Once a participant has obtained a 

digital ID certificate and a docket has 

been created, the participant can then 

submit a request for hearing or petition 

for leave to intervene. Submissions 

should be in Portable Document Format 

(PDF) in accordance with NRC guidance 

available on the NRC’s public Web site 

at http://www.nrc.gov/site-help/esubmittals.html. A filing is considered 

complete at the time the documents are 

submitted through the NRC’s E-Filing 

system. To be timely, an electronic 

filing must be submitted to the E-Filing 

system no later than 11:59 p.m. Eastern 

Time on the due date. Upon receipt of 

a transmission, the E-Filing system 

time-stamps the document and sends 

the submitter an email notice 

confirming receipt of the document. The 

E-Filing system also distributes an email 

notice that provides access to the 

document to the NRC’s Office of the 

General Counsel and any others who 

have advised the Office of the Secretary 

that they wish to participate in the 

proceeding, so that the filer need not 

serve the documents on those 

participants separately. Therefore, 

applicants and other participants (or 

their counsel or representative) must 

apply for and receive a digital ID 

certificate before a hearing request/ 

petition to intervene is filed so that they 

can obtain access to the document via 

the E-Filing system. 

A person filing electronically using 

the NRC’s adjudicatory E-Filing system 

may seek assistance by contacting the 

NRC Meta System Help Desk through 

the ‘‘Contact Us’’ link located on the 

NRC Web site at http://www.nrc.gov/

site-help/e-submittals.html, by email to 

MSHD.Resource@nrc.gov, or by a tollfree call to 1–866–672–7640. The NRC 

Meta System Help Desk is available 

between 8 a.m. and 8 p.m., Eastern 

Time, Monday through Friday, 

excluding government holidays. 

Participants who believe that they 

have a good cause for not submitting 

documents electronically must file an 

exemption request, in accordance with 

10 CFR 2.302(g), with their initial paper 

filing requesting authorization to 

continue to submit documents in paper 

format. Such filings must be submitted 

by: (1) First class mail addressed to the 

Office of the Secretary of the 

Commission, U.S. Nuclear Regulatory 

Commission, Washington, DC 20555– 

0001, Attention: Rulemaking and 

Adjudications Staff; or (2) courier, 

express mail, or expedited delivery 

service to the Office of the Secretary, 

Sixteenth Floor, One White Flint North, 

11555 Rockville Pike, Rockville, 

Maryland 20852, Attention: Rulemaking 

and Adjudications Staff. Participants 

filing a document in this manner are 

responsible for serving the document on 

all other participants. Filing is 

considered complete by first-class mail 

as of the time of deposit in the mail, or 

by courier, express mail, or expedited 

delivery service upon depositing the 

document with the provider of the 

service. A presiding officer, having 

granted an exemption request from 

using E-Filing, may require a participant 

or party to use E-Filing if the presiding 

officer subsequently determines that the 

reason for granting the exemption from 

use of E-Filing no longer exists. 

Documents submitted in adjudicatory 

proceedings will appear in the NRC’s 

electronic hearing docket which is 

available to the public at http://

ehd1.nrc.gov/ehd/, unless excluded 

pursuant to an order of the Commission, 

or the presiding officer. Participants are 

requested not to include personal 

privacy information, such as social 

security numbers, home addresses, or 

home phone numbers in their filings, 

unless an NRC regulation or other law 

requires submission of such 

information. With respect to 

copyrighted works, except for limited 

excerpts that serve the purpose of the 

adjudicatory filings and would 

constitute a Fair Use application, 

participants are requested not to include 

copyrighted materials in their 

submission. 

IV. Document Availability 

Detailed information about the license 

renewal process can be found on the 

NRC’s Web site at http://www.nrc.gov/

reactors/operating/licensing/ 

renewal.html. Copies of the application 

to renew the operating license for 

Callaway are available for public 

inspection at the NRC’s PDR, located at 

One White Flint North, 11555 Rockville 

Pike (first floor), Rockville, MD 20852– 

2738, and on the NRC’s Web site at 

http://www.nrc.gov/reactors/operating/

licensing/renewal/applications.html, 

while the application is under review. 

The NRC staff has verified that a copy 

of the license renewal application is 

also available to local residents near 

Callaway, at the Callaway County Public 

Library, 710 Court St., Fulton, MO 

65251. 

Dated at Rockville, Maryland, this 16th day 

of February, 2012. 

For the Nuclear Regulatory Commission. 

Mark S. Delligatti, 

Acting Deputy Director, Division of License 

Renewal, Office of Nuclear Reactor 

Regulation. 

[FR Doc. 2012–4309 Filed 2–23–12; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66413; File No. SR–DTC– 

2012–01] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Automate 

the ‘‘Full Call’’ Notification Process 

Relating to Money Market Instruments 

and Reduce the Time Frame Within 

Which Notices Are Required To Be 

Submitted 

February 16, 2012. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 2 thereunder 


srobinson on DSK4SPTVN1PROD with NOTICES
11176 Federal Register / Vol. 77, No. 37 / Friday, February 24, 2012 / Notices 

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

4 17 CFR 240.19b–4(f)(4). 

5 DTC is also making an unrelated change to its 

settlement processing schedule for The Options 

Clearing Corporation (‘‘OCC’’) services in response 

to a request from OCC. 

6The SIFMA MMI Committee includes MMI 

dealers and IPAs. 

7 DTC, in consultation with the industry, agreed 

that these process changes for MMIs would only 

apply to full calls. A partial call undergoes a 

different process using a ‘‘lottery’’ mechanism that 

requires more time for the holders to elect their 

option and for operational processing. Given the 

additional time constraints, it was agreed that DTC 

would shorten the window only for full calls. 

8See DTC Important Notice B#2287 dated 

December 2, 1997 in which DTC made changes to 

OCC’s cutoffs. 

notice is hereby given that on February 

8, 2012, 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 primarily by DTC. 

DTC filed the proposed rule change 

pursuant to Section 19(b)(3)(A) 3 of the 

Act and Rule 19b–4(f)(4) 4 thereunder so 

that the proposed rule change was 

effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change would 

automate the ‘‘full call’’ notification 

process relating to Money Market 

Instruments (‘‘MMIs’’) and would 

reduce the time frame within which 

such notices are required to be 

submitted to DTC.5

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

DTC included statements concerning 

the purpose of and basis for the 

proposed rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. DTC has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. DTC requires that an issuer or its 

agent notify DTC in a timely manner in 

the event of a full or partial redemption 

of outstanding debt securities. 

Currently, DTC requires that an MMI 

Issuing/Paying Agent (‘‘IPA’’) send DTC 

full call information by email to DTC’s 

redemption processing area no later 

than the close of business on the 

business day before or if possible two 

business days before the Publication 

Date, which except as otherwise noted 

in DTC’s Operational Arrangements 

(‘‘OA’’), is no fewer than 30 calendar 

days or more than 60 calendar days 

prior to the Redemption Date. 

In April 2011, members of the 

Securities Industry and Financial 

Markets Association Money Market 

Committee (‘‘SIFMA MMI Committee’’) 

sent a written request to DTC regarding 

the ‘‘full call’’ notification process for 

MMIs.6 The SIFMA MMI Committee 

requested that DTC reevaluate its 

procedures regarding notification time 

frames for processing certain 

transactions in MMIs (‘‘Request’’).7 The 

financial services industry, and the 

money market sector in particular, is 

responding to various significant 

regulatory changes including, the Basel 

III capital directives (‘‘Basel III’’). In 

particular, the industry is concerned 

that the anticipated implementation of a 

Liquidity Coverage Ratio under Basel III 

will have significant consequences on 

the cost of short-term funds for major 

international banks and that the 

commercial paper market will need to 

adapt to these changes. DTC was 

advised that the ability to issue callable 

commercial paper with very short notice 

periods would be beneficial to banks in 

managing the new Liquidity Coverage 

Ratio. The industry has indicated that 

affected banks may shift a significant 

percentage of commercial paper 

issuances into a callable format over 

time. 

DTC has reviewed its current 

processes and has determined that it is 

feasible to automate its processes as 

they relate to the SIFMA MMI Request. 

In so doing, DTC would reduce 

operational risk in the processing of 

MMI full call notices and at the same 

time would support the Request. In 

order to facilitate this automation, DTC 

will create a function that will provide 

IPAs with the ability and option to 

input MMI full call information directly 

into DTC’s systems through an input 

screen in the Settlement Web or through 

an automated message format. The 

announcement information will be 

available through the existing Reorg 

Inquiry for Participants (‘‘RIPS’’) 

function on DTC’s Participant Terminal 

System (‘‘PTS’’) and as an intraday file 

to which Participants will be able to 

subscribe. The information will also be 

included in end of day redemption 

output files. As a result of this 

automation, DTC will be able to reduce 

the notification time frame on full call 

MMIs so that effective April 26, 2012, 

DTC will modify the timing of a full call 

announcement so that IPAs have the 

option to send notification to DTC up 

until noon on the day before the 

maturity date for those IPAs that use the 

full call automation input mechanism. 

Additionally, at the request of the 

Options Clearing Corporation (‘‘OCC’’), 

DTC is making unrelated updates to its 

Settlement Service Guide in order to 

make changes to certain OCC cutoff 

times. These two cutoffs were originally 

established to allow OCC as Pledgee (as 

defined in the DTC rules and 

procedures) sufficient time to receive 

and input Participant release requests to 

the OCC internal system and then to 

create and send approved releases back 

to DTC. When first introduced, this was 

a manual process. In 1997, DTC 

extended the cutoffs to the current times 

to reflect automation in OCC’s process.8

OCC has now requested that DTC 

extend the cutoffs further in order to 

allow Participants additional time to 

process their release requests since the 

current process is no longer manual and 

is instead a ‘‘real-time’’ messaging 

between DTC and OCC. Effective upon 

the date of this filing, DTC will extend 

the OCC cutoffs described above to 

6:15 pm. 

2. The proposed rule change is 

consistent with the requirements of the 

Act, the rules and regulations 

thereunder, and the CPSS/IOSCO 

Recommendations for Securities 

Settlement Systems applicable to DTC. 

The proposed rule changes modify 

existing DTC services in order to make 

the redemption announcement process, 

as it relates to MMIs, and the processing 

of pledge releases through the OCC, 

more efficient. As such, these are 

changes to existing services, which will 

not adversely affect the safeguarding of 

securities and funds in DTC’s control or 

custody and which will not significantly 

affect the rights or obligations of the 

clearing agency or persons using the 

service. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

DTC does not believe that the 

proposed rule change will have any 

impact or impose any burden on 

competition. 


srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 37 / Friday, February 24, 2012 / Notices 11177 

9 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. 66077 

(January 3, 2012), 77 FR 829 (‘‘Notice’’). 

4Amendment No. 1 made a technical correction 

to the Exhibit 3. Amendment No. 1 is not subject 

to notice and comment because it is technical in 

nature and does not materially alter the substance 

of the proposed rule change or raise any novel 

regulatory issues. 

5FLEX options are flexible exchange-traded 

index, equity, or currency option contracts that 

provide investors the ability to customize basic 

option features including size, expiration date, 

exercise style, and certain exercise prices. FLEX 

index options may have expiration dates within five 

years. See Exchange Rules 1079 and 1101A. 

6LEAPS or Long Term Equity Anticipation 

Securities are long term options that generally 

expire from twelve to thirty-nine months from the 

time they are listed. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments relating to the 

proposed rule change have not yet 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 was filed 

pursuant to Section 19(b)(3)(A) of the 

Act and paragraph (f)(4) of Rule 19b–4 

and therefore, became effective on 

filing. At any time within sixty days of 

the filing of such 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 rulecomments@sec.gov. Please include File 

Number SR–DTC–2012–01 on the 

subject line. 

Paper comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–DTC–2012–01. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 

10 a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at DTC’s principal office and on 

DTC’s Web site at www.dtc.org. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. 

All submissions should refer to File 

Number SR–DTC–2012–01 and should 

be submitted on or before March 16, 

2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–4279 Filed 2–23–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66420; File No. SR–Phlx2011–179] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Order 

Granting Approval of a Proposed Rule 

Change, as Modified by Amendment 

No. 1 Thereto, Relating to the Listing 

and Trading of MSCI EM Index Options 

February 17, 2012. 

I. Introduction 

On December 21, 2011, NASDAQ 

OMX PHLX LLC (the ‘‘Exchange’’ or 

‘‘Phlx’’) filed with the Securities and 

Exchange Commission (the 

‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend certain of its rules to provide for 

the listing and trading of options on the 

MSCI EM Index. The proposed rule 

change was published for comment in 

the Federal Register on January 6, 

2012.3 On January 11, 2012, the 

Exchange filed Amendment No. 1 to the 

proposed rule change.4 The Commission 

received no comment letters on the 

proposed rule change. This order 

approves the proposed rule change, as 

modified by Amendment No. 1 thereto. 

II. Description 

The proposed rule change would 

amend Phlx Rules 1079 (FLEX Index, 

Equity and Currency Options), 1009A 

(Designation of the Index) and 1101A 

(Terms of Option Contracts) to list and 

trade P.M. cash-settled, European-style 

options, including FLEX 5 options and 

LEAPS,6 on the MSCI EM Index, which 

is described below. The proposal would 

also create new Phlx Rule 1108A, 

entitled ‘‘MSCI EM Index,’’ which 

would provide additional detailed 

information pertaining to the index as 

required by the licensor including, but 

not limited to, liability and other 

representations on the part of MSCI Inc. 

(‘‘MSCI’’), which maintains the index. 

As described by the Exchange, the 

MSCI EM Index is a free float-adjusted 

market capitalization index consisting 

of large and midcap component 

securities from countries classified by 

MSCI as ‘‘emerging markets,’’ and is 

designed to measure equity market 

performance of emerging markets. The 

index consists of component securities 

from the following 21 emerging market 

countries: Brazil, Chile, China, 

Colombia, Czech Republic, Egypt, 

Hungary, India, Indonesia, Korea, 

Malaysia, Mexico, Morocco, Peru, 

Philippines, Poland, Russia, South 

Africa, Taiwan, Thailand, and Turkey. 

As further described by the Exchange, 

the MSCI EM Index is calculated in U.S. 

Dollars on a real time basis from the 

open of the first market on which the 

components are traded to the close of 

the last market on which the 

components are traded. The level of the 

index reflects the free float-adjusted 

market value of the component stocks 

relative to a particular base date, and the 

methodology used to calculate the value 

of the index is similar to the 

methodology used to calculate the value 

of other well-known marketVerDate Mar<15>2010 18:34 Feb 23, 2012 Jkt 226001 PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 E:\FR\FM\24FEN1.SGM 24FEN1

srobinson on DSK4SPTVN1PROD with NOTICES