Federal Register / Vol. 74, No. 59 / Monday, March 30, 2009 / Notices 14175 

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

2 15 U.S.C. 78s(b)(3)(A)(iii). 

3 17 CFR 240.19b–4(f)(4). 

more after such period of fifteen months 

but prior to the expiration of eighteen 

months after the issuance of the 

certificate, at any time prior to the 

expiration of such eighteen month 

period, of his right to surrender his 

certificate * * * and inform the 

certificate holder of (A) the value of the 

holder’s account * * *, and (B) the 

amount to which he is entitled * * * ’’. 

Section 27(e) authorizes the 

Commission to ‘‘make rules specifying 

the method, form, and contents of the 

notice required by this subsection.’’ 

Rule 27e–1 (17 CFR 270.27e–1) under 

the Act, entitled ‘‘Requirements for 

Notice to Be Mailed to Certain 

Purchasers of Periodic Payment Plan 

Certificates Sold Subject to Section 

27(d) of the Act,’’ provides instructions 

for the delivery of the notice required by 

section 27(e). 

Rule 27e–1(f) prescribes Form N–27E– 

1 (17 CFR 274.127e–1), which sets forth 

the language the issuing registered 

investment company or its depositor or 

underwriter must use ‘‘to inform 

certificate holders of their right to 

surrender their certificates pursuant to 

Section 27(d).’’ The instructions to the 

form require that a notice containing the 

language on the form be sent to 

certificate holders on the sender’s 

letterhead. The issuer is not required to 

file with the Commission a copy of the 

Form N–27E–1 notice. 

The Form N–27E–1 notice to 

certificate holders who have missed 

certain payments is intended to 

encourage certificate holders, in light of 

the potential for further missed 

payments, to weigh the anticipated costs 

and benefits associated with continuing 

to hold their certificates. The disclosure 

assists certificate holders in making 

careful and fully informed decisions 

about whether to continue investing in 

periodic payment plan certificates. 

Effective October 27, 2006, the 

Military Personnel Financial Services 

Protection Act banned the issuance or 

sale of new periodic payment plans. 

Accordingly, the staff estimates that 

there is no longer any information 

collection burden associated with rule 

27e–1 and Form N–27E–1. For 

administrative purposes, however, we 

are requesting approval for an 

information collection burden of one 

hour per year. This estimate of burden 

hours is not derived from a 

comprehensive or necessarily even a 

representative study of the cost of the 

Commission’s rules and forms. 

Complying with the collection of 

information requirements of rule 27e–1 

is mandatory for issuers of periodic 

payment plans or their depositors or 

underwriters in the event holders of 

plan certificates miss certain payments 

within eighteen months after issuance. 

The information provided pursuant to 

rule 27e–1 will be provided to third 

parties and, therefore, will not be kept 

confidential. The Commission is seeking 

OMB approval, because an agency may 

not conduct or sponsor, and a person is 

not required to respond to, a collection 

of information unless it displays a 

currently valid control number. 

Written comments are invited on: (a) 

Whether the collection of information is 

necessary for the proper performance of 

the functions of the Commission, 

including whether the information has 

practical utility; (b) the accuracy of the 

Commission’s estimate of the burden of 

the collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

Please direct your written comments 

to Charles Boucher, Director/CIO, 

Securities and Exchange Commission, 

C/O Shirley Martinson, 6432 General 

Green Way, Alexandria, VA 22312; or 

send an e-mail to: 

PRA_Mailbox@sec.gov. 

Dated: March 24, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6964 Filed 3–27–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59622; File No. SR–FICC– 

2009–05] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Technical Modifications 

March 23, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

February 27, 2009, the Fixed Income 

Clearing Corporation (‘‘FICC’’) 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 FICC. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. FICC filed the proposed rule 

change pursuant to Section 

19(b)(3)(A)(iii) of the Act 2 and Rule 

19b–4(f)(4) thereunder 3 so that the 

proposal 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 

FICC proposes to amend the rules of 

its Government Securities Division 

(‘‘GSD’’) and Mortgage-Backed 

Securities Division (‘‘MBSD’’) in order 

to make them consistent with the rules 

of the National Securities Clearing 

Corporation (‘‘NSCC’’), an affiliated 

clearing agency. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

FICC 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. FICC 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. Payment of Fines 

Prior to this rule change, GSD Rule 

37, Section 8, provided that a member 

must pay a fine assessed by FICC within 

30 calendar days of notification that the 

fine has been assessed. There was no 

corresponding provision in MBSD’s or 

NSCC’s rules. 

Consistent with FICC’s project to 

harmonize its rules with those of 

affiliated clearing agencies that have 

common members, FICC proposes to 

delete GSD Rule 37, Section 8, and to 

adopt the language used in NSCC Rule 

17 by stating that fines shall be payable 

at such time and in such manner as 

determined by FICC. Initially, such fines 

will be collected through the GSD 

monthly billing process after 

notification to the member, which is 

consistent with the manner and timing 


sroberts on PROD1PC70 with NOTICES
14176 Federal Register / Vol. 74, No. 59 / Monday, March 30, 2009 / Notices 

4 15 U.S.C. 78q–1. 

5Supra note 2. 

6Supra note 3. 

7 17 CFR 200.30–3(a)(12). 

1 15 USC. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The Commission notes that NYSE Alternext US 

LLC recently changed its name to NYSE Amex LLC. 

See Securities Exchange Act Release No. 59575 

(March 13, 2009) (SR–NYSEALTR–2009–24). 

4 15 U.S.C. 78s(b)(3)(A). 

5 17 CFR 240.19b–4(f)(6). 

that MBSD and NSCC collect such fines. 

GSD members will continue to be 

entitled to contest fines pursuant to GSD 

Rule 37. 

2. Member Response to FICC Reports 

Prior to this rule change, GSD and 

MBSD members are required to report 

promptly to FICC any information 

contained in a FICC report that the 

member believes to be an error or 

discrepancy. However, GSD Rule 11, 

Section 12, and Rule 5, Section 5, place 

an additional requirement for members 

using GSD’s netting or comparison 

services to report the discrepancy no 

later than 10 calendar days after receipt 

of the report. A similar requirement is 

made with respect to MBSD members 

under MBSD Article V, Rule 4, Section 

3, which requires that the discrepancy 

be reported no later than 10 calendar 

days. NSCC’s rules require that 

discrepancies be reported by NSCC 

members promptly but do not reference 

a specific member of days. The 

proposed rule change conforms the GSD 

and MBSD rules to those of NSCC by 

deleting the specific reference to a 10- 

day requirement in favor of the general 

requirement that the member report the 

discrepancy promptly. 

In addition, FICC proposes to change 

the terminology regarding the 

definitions of ‘‘Foreign Affiliate,’’ 

‘‘Foreign Affiliate Trade,’’ ‘‘Foreign 

Netting Member,’’ and ‘‘Foreign Person’’ 

in GSD Rule 1 to incorporate the 

defined terms used in NSCC’s and The 

Depository Trust Company’s (also a 

FICC-affliliate) rules, by refering to 

‘‘Non-U.S.’’ or ‘‘Non-domestic’’ in place 

of ‘‘Foreign.’’ 

FICC believes that the proposed rule 

change is consistent with Section 17A of 

the Act 4 and the rules promulgated 

thereunder because it makes technical 

changes to clearing agency rules that 

conform with the obligations required of 

a common member. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FICC does not believe that the 

proposed rule change will have any 

impact or impose any burden on 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

FICC has not solicited or received 

written comments relating to the 

proposed rule change. FICC will notify 

the Commission of any comments it 

receives. 

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)(iii) of the Act 5 and Rule 

19b–4(f)(4) thereunder.6 At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

may summarily abrogate 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 e-mail to rulecomments@sec.gov. Please include File 

No. SR–FICC–2009–05 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC, 20549–1090. 

All submissions should refer to File No. 

SR–FICC–2009–05. This file number 

should be included on the subject line 

if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for inspection and copying in 

the Commission’s Public Reference 

Room, 100 F Street, NE., Washington DC 

20549, on official business days 

between the hours of 10 am and 3 pm. 

Copies of such filing also will be 

available for inspection and copying at 

FICC’s principal office and on FICC’s 

Web site at http://ficc.com/gov/ 

gov.docs.jsp?NS-query=#rf. 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 

submission should refer to File No. SR– 

FICC–2009–05 and should be submitted 

on or before April 20, 2009. 

For the Commission by the Division of 

Trading and Markets pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6963 Filed 3–27–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59620; File No. SR– 

NYSEALTR–2009–29] 

Self-Regulatory Organizations; NYSE 

Alternext US LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Extending the Operative 

Date of Rule 92(c)(3) From March 31, 

2009 to July 31, 2009 

March 23, 2009. 

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 March 13, 

2009, NYSE Alternext US LLC3 (‘‘NYSE 

Alternext’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Exchange filed the proposed rule change 

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

Act 4 and Rule 19b–4(f)(6) thereunder,5

which renders the proposed rule change 

effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 


sroberts on PROD1PC70 with NOTICES