Federal Register / Vol. 87, No. 131 / Monday, July 11, 2022 / Notices 41153 

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

2 17 CFR 240.19b–4. 

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

4See Securities Exchange Act Release Nos. 93563 

(November 12, 2021), 86 FR 64561 (November 18, 

2021) (SR–NYSE–2021–67) (‘‘Notice’’); 93561 

(November 12, 2021), 86 FR 64580 (November 18, 

2021) (SR–NYSEAMER–2021–43); 93564 

(November 12, 2021), 86 FR 64570 (November 18, 

2021) (SR–NYSEArca–2021–97); 93565 (November 

12, 2021), 86 FR 64556 (November 18, 2021) (SR– 

NYSECHX–2021–17); and 93567 (November 12, 

2021), 86 FR 64576 (November 18, 2021) (SR– 

NYSENAT–2021–23). Comments received on the 

Notices are available on the Commission’s website 

at: https://www.sec.gov/comments/sr-nyse-2021-67/ 

srnyse202167.htm. For ease of reference, citations to 

the Notice(s) are to the Notice for SR–NYSE–2021– 

67. 

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

6See Securities Exchange Act Release No. 93810 

(December 17, 2021), 86 FR 73026 (December 23, 

2021). 

7 15 U.S.C. 78s(b)(2). 

8See Securities Exchange Act Release No. 94899 

(May 12, 2022), 87 FR 30321 (May 18, 2022). The 

Commission designated July 16, 2022, as the date 

by which it should approve or disapprove the 

proposed rule changes. 

9 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). 

5Each term not otherwise defined herein has its 

respective meaning as set forth in the Rules, ByLaws and Organization Certificate of DTC (the 

‘‘Rules’’) and the Reorganizations Service Guide 

(the ‘‘Guide’’), available at http://www.dtcc.com/ 

legal/rules-and-procedures.aspx. 

6When an agent makes a rights offer through 

ASOP, a Participant can submit instructions to DTC 

for transmission to the agent, surrender its rights to 

the agent’s account at DTC, and have its DTC 

account debited for the associated subscription 

payment. When the underlying securities are 

distributed by the agent, DTC credits the securities 

to the account of the Participant. 

7A Participant can submit instructions to DTC for 

the exercise of payment, retainment and 

relinquishment options on put options securities for 

transmission to the agent, surrender its put 

securities to the agent’s account at DTC and have 

its DTC account credited with the payment. APUT 

allows agents to review and reconcile all the 

instructions that were made for an offer. 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: July 5, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–14635 Filed 7–8–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95196; File Nos. SR–NYSE– 

2021–67, SR–NYSEAMER–2021–43, SR– 

NYSEArca–2021–97, SR–NYSECHX–2021– 

17, SR–NYSENAT–2021–23] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC, NYSE 

American LLC, NYSE Arca, Inc., NYSE 

Chicago, Inc., and NYSE National, Inc.; 

Notice of Withdrawal of Proposed Rule 

Changes To Amend Their Respective 

Fee Schedules To Offer Colocation 

Users Wireless Connectivity to CME 

Group Data and Establish Associated 

Fees 

July 5, 2022. 

On November 3, 2021, New York 

Stock Exchange LLC (‘‘NYSE’’), NYSE 

American LLC, NYSE Arca, Inc., NYSE 

Chicago, Inc., and NYSE National, Inc. 

(collectively, the ‘‘Exchanges’’) each 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Exchange Act’’ 

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

a proposed rule change to amend their 

respective fee schedules for colocation 

services to offer wireless connectivity to 

CME Group, Inc. (‘‘CME Group’’) market 

data (‘‘CME Group Data’’) and establish 

associated fees. Each proposed rule 

change was immediately effective upon 

filing with the Commission pursuant to 

Section 19(b)(3)(A) of the Act.3 The 

proposed rule changes were published 

for comment in the Federal Register on 

November 18, 2021.4

On December 17, 2021, the Division 

of Trading and Markets, acting on behalf 

of the Commission by delegated 

authority, issued an order instituting 

proceedings under Section 19(b)(2)(B) of 

the Act 5 to determine whether to 

approve or disapprove the proposed 

rule changes.6 On May 12, 2022, 

pursuant to Section 19(b)(2) of the Act,7

the Commission designated a longer 

period for Commission action on the 

proceedings to determine whether to 

approve or disapprove the proposed 

rule changes.8

On June 30, 2022, the Exchanges 

withdrew their respective proposed rule 

changes (File Nos. SR–NYSE–2021–67, 

SR–NYSEAMER–2021–43, SR– 

NYSEArca–2021–97, SR–NYSECHX– 

2021–17, SR–NYSENAT–2021–23). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–14636 Filed 7–8–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95197; File No. SR–DTC– 

2022–007] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Amend 

the Reorganizations Service Guide 

July 5, 2022. 

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 June 28, 

2022, 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 5 consists of 

amendments to the Guide to provide 

Participants with the option to submit 

voluntary reorganizations instructions 

via Application Program Interface 

(‘‘API’’) and ISO 20022 real-time 

messaging (collectively, ‘‘Automated 

Instruction Messaging’’) for Automated 

Subscription Offer Program (‘‘ASOP’’)- 

eligible offers (each, an ‘‘ASOP Offer’’) 6

and for Automated Puts System 

(‘‘APUT’’)-eligible offers (each, an 

‘‘APUT Offer’’),7 and to make technical 

and ministerial changes to the Guide, as 

discussed more fully 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 purpose of the proposed rule 

change is to amend the Guide to provide 

Participants with the option to submit 

voluntary reorganizations instructions 

via Automated Instruction Messaging 

for ASOP Offers and APUT Offers, and 

to make technical and ministerial 


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41154 Federal Register / Vol. 87, No. 131 / Monday, July 11, 2022 / Notices 

8PTS (Participant Terminal System) and PBS 

(Participant Browser System) are user interfaces for 

DTC settlement and asset services functions. PTS is 

mainframe-based, and PBS is web-based with a 

mainframe back-end. Participants may use either 

PTS or PBS, as they are functionally equivalent. 

PSOP and Rights Subscriptions are functions of PTS 

and PBS, respectively, that are currently used by 

Participants to submit instructions, submit protects, 

submit cover of protects, submit cover of protects 

on behalf of another Participant, and submit 

withdrawals on various subscription events through 

ASOP. PUTS and Put Bond Options are functions 

of PTS and PBS, respectively, that are currently 

used by Participants to exercise put options. 

9The process is substantially similar for APUT 

Offers. 

10See Guide, supra note 5, at 12. See also 

Securities Exchange Act Release No. 92339 (July 7, 

2021), 86 FR 36810 (July 13, 2021) (SR–DTC–2021– 

010) (‘‘ATOP Automated Messaging Filing’’). 

11The ATOP Automated Messaging Filing also 

provided for certain API functionality for ATOP 

Offers. However, DTC has not yet implemented this 

API functionality. Pursuant to the proposed rule 

change, the implementation of API functionality for 

ATOP Offers (as described in the ATOP Automated 

Messaging Filing) would be implemented at the 

same time as the implementation of API 

functionality for ASOP Offers and APUT Offers in 

Q3 of 2022. This proposed rule change does not 

apply to the following ATOP actions: (1) 

Withdrawal/Cancellation and (2) Submitting a 

Cover of Protect on Behalf of Another Participant, 

nor (3) to the ASOP action of Submitting a Cover 

of Protect on Behalf of Another Participant. DTC 

anticipates that Automated Instruction Messaging 

for these actions would be available in Q4 of 2022/ 

Q1 of 2023, subject to regulatory approval. 

12See ClaimConnect Service Guide, p.8, available 

at http://www.dtcc.com/legal/rules-andprocedures.aspx. 

changes to the Guide, as discussed more 

fully below. 

(i) Automated Instruction Messaging 

A. Background 

When an issuer or agent announces an 

ASOP Offer, it communicates the details 

of the offer to DTC, which announces 

the ASOP Offer to its Participants in 

accordance with the Guide and 

applicable Rules. Participants then relay 

the information to their clients, which, 

in turn, relay the information to their 

clients, and so forth, down to the 

investor level. For example, the ASOP 

Offer information flows from the issuer/ 

agent to DTC, DTC to Participant, 

Participant to Investor Manager client, 

Investment Manager to its investor 

clients. Each level of the chain solicits 

and compiles instructions from its 

clients and submits the instructions 

back up the chain, until the instructions 

reach the Participant level. Each 

Participant compiles and aggregates all 

instructions received from its clients 

and submits the instructions to DTC 

through the PTS PSOP or PBS Rights 

Subscriptions functions via 

nonautomated key entry.8 The whole 

process needs to be completed before 

the expiration date and time of the 

ASOP Offer.9

There are certain potential risks and 

costs associated with manual 

processing, particularly in connection 

with voluntary reorganizations 

instructions. Nonautomated input may 

increase the likelihood of errors, which 

can result in rejected instructions or 

erroneous elections. Rejected 

instructions and erroneous elections can 

delay the submission of the instructions 

for voluntary offers, which typically 

have to be submitted within a short 

timeframe. Further, because information 

about a voluntary offer and the 

compilation and transmission of 

instructions flows across different 

market segments, the lack of automation 

and standardization can also lead to 

errors along the chain. 

Therefore, DTC is proposing to 

provide Participants with the ability to 

use Automated Instruction Messaging 

via ISO 20022 messages and API 

functionality for ASOP Offers and 

APUT Offers. 

The functionality for the submission 

of instructions through standardized 

ISO 20022 messaging already exists at 

DTC. Currently, Participants have the 

option to submit instructions using ISO 

20022 messaging for Automated Tender 

Offer Program (‘‘ATOP’’)-eligible 

voluntary reorganizations offers (each, 

an ‘‘ATOP Offer’’).10 ISO 20022 is a 

standard that provides the financial 

industry with a common language to 

capture business transactions and 

associated message flows. The benefits 

offered by ISO 20022 include, but are 

not limited to: (i) greater straight 

through processing by utilizing a data 

model that conforms to market practice 

and (ii) improved accuracy and less 

processing risk due to enhanced data 

elements. 

DTC already offers API functionality 

for the submission of certain 

instructions to DTC.11 For example, 

Participants can currently engage with 

the DTC ClaimConnect service via 

APIs.12 APIs enable the flow of 

information between computer 

applications and provide Participants 

the ability to easily access and evaluate 

customer data as well as provide 

Participants with callable endpoints for 

deleting data resources and for reading 

and updating data resource values. 

Stated another way, APIs provides 

enhanced flexibility for Participants, 

making the process of accessing from, 

and transmitting information to, DTC 

and its downstream customers more 

efficient. The flexibility of APIs and its 

use of modern programming languages 

provide benefits that include, but are 

not limited to: (i) less frequent 

maintenance, (ii) client development 

and implementation can be quicker to 

market, and (iii) more efficient 

integration channels. 

B. Automated Instruction Messaging 

Pursuant to the proposed rule change, 

Automated Instruction Messaging 

would be available for the following 

actions for ASOP Offers: (i) Accepting 

an ASOP-Eligible Offer, (ii) Accepting 

an ASOP-Eligible Offer via Notice of 

Guaranteed Delivery, and (iii) 

Submitting a Cover of Protect. 

Automated Instruction Messaging 

would also be available for the 

following action for APUT Offers: 

Accepting an APUT-Eligible Offer. 

Automated Instruction Messaging for 

the ASOP Offers and APUT Offers 

would consist of (i) Automated 

Instruction Messages for the input of 

instructions and (ii) Automated 

Response Messages for feedback and 

status output with respect to submitted 

instructions. The ISO 20022 Corporate 

Action Instruction (CAIN) message and 

the API POST function are Automated 

Instruction Messages. The ISO 20022 

Corporate Action Instruction Status 

Advice (CAIS) message and the API GET 

function are Automated Response 

Messages. 

The ISO 20022 Automated Instruction 

Messages and ISO 20022 Automated 

Response Messages would be available 

in Q2 of 2022 for the actions referenced 

above. The API Automated Instruction 

Messages and API Automated Response 

Messages would be available in Q3 of 

2022 for the actions referenced above. 

As noted above, automating 

instructions for ASOP Offers and APUT 

Offers would streamline the flow of 

information, reducing the costs, errors 

and risks that are associated with 

nonautomated processing. Accordingly, 

pursuant to the proposed rule change, 

DTC would provide Participants with 

the ability to automate and standardize 

the submission of instructions for ASOP 

Offers and APUT Offers through 

Automated Instruction Messaging. 

(ii) Proposed Rule Changes 

Pursuant to the proposed rule change, 

DTC is proposing to: 

1. Add references to ‘‘Automated 

Instruction Messaging’’ or ‘‘Automated 

Instruction Message,’’ as context 

requires, where other types of 

instruction input for ASOP Offers (e.g., 

PTS PSOP/PBS Rights Subscription) 

and/or for APUT Offers (e.g., PTS 

PUTS/PBS Put Option Bonds) are 

referenced. 

2. Add references to ‘‘Automated 

Response Message’’ where other types of 

responses and/or status reports relating 

to instructions on ASOP Offers (e.g., 


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Federal Register / Vol. 87, No. 131 / Monday, July 11, 2022 / Notices 41155 

PTS/PBS, CA Web or Participant Daily 

Activity Statement) are referenced. 

3. Add references to ‘‘a field within 

Automated Instruction Messaging’’ 

where a field or comments box on the 

PTS PSOP/PBS Subscriptions screen is 

referenced. 

4. Amend the Guide to reflect that 

when a Participant uses an Automated 

Instruction Message, it must check its 

Automated Response Message, in order 

to ensure that its transactions were 

properly processed and recorded, and to 

note that a Participant could 

additionally check its Participant Daily 

Activity Statement and the CA Web. 

5. Amend the Guide to reflect that 

input errors for Automated Instruction 

Messaging entries would be reported via 

Automated Response Message. 

6. In the ‘‘Automated Instruction 

Messaging’’ Section: 

a. Add an asterisk to the title and, as 

a footnote, insert the sentence ‘‘API 

functionality for the referenced ATOP, 

ASOP, and APUT actions would be 

available in Q3 of 2022.’’ 

b. Add a note that ‘‘Withdrawals for 

Puts (Survivor Options only) must be 

performed via PTS/PBS, and cannot be 

instructed via Automated Instruction 

Message.’’ 

c. Insert a list of the actions for ASOP 

Offers for which Automated Instruction 

Messaging is available, which would be: 

Accepting an ASOP-Eligible Offer, 

Accepting an ASOP-Eligible Offer via 

Notice of Guaranteed Delivery, and 

Submitting a Cover of Protect. 

d. Insert language to reflect that 

Automated Instruction Messaging 

would be available for the action 

‘‘Accepting an APUT-Eligible Offer’’ for 

APUT Offers. 

7. In the ‘‘About the Service’’ 

subsection of the ‘‘Puts’’ section, clarify 

that Participants use the Puts program 

for APUT-eligible offers, and that 

Participants can use PTS/PBS functions 

or Automated Instruction Messaging in 

connection with the Puts program. 

8. In the ‘‘Exercising Put Options’’ 

subsection of ‘‘Puts’’ section, clarify that 

Participants should use PTS PUTS/PBS 

Put Options Bonds or Automated 

Instruction Messaging for put options 

that have an offer to purchase with no 

withdrawal privilege, and that they 

should use PTS PTOP/PBS Voluntary 

Tenders and Exchanges or Automated 

Instruction Messaging for put options 

that have an offer to purchase with a 

withdrawal privilege. 

9. In the ‘‘Subscription Instructions’’ 

subsection of the ‘‘About DTC’s 

Automated Subscription Offer Program 

(ASOP)’’ section, insert language to 

reflect that when a Participant is 

accepting a right offer by surrendering 

rights or by Notice of Guaranteed 

Delivery, Participants instructing via 

PTS PSOP or PBS Rights Subscriptions 

can combine up to 12 separate customer 

reference instructions, and to add that 

Participants instructing via Automated 

Instruction Messaging would be able to 

combine up to 99 separate customer 

reference instructions into one 

Automated Instruction Message. 

10. In the ‘‘Checklist for Submitting 

an Acceptance’’ subsection of the 

‘‘Accepting an ASOP-Eligible Offer’’ 

section, amend the ‘‘Note:’’ to add that 

when a Participant transmits via 

Automated Instruction Messaging, it can 

combine up to 99 separate customer 

reference instructions into one 

Automated Instruction Message. 

11. In the ‘‘Checklist for Submitting a 

Protect’’ section, insert the following 

language to address how a Participant 

needs to acknowledge the Notice of 

Guaranteed Delivery when it transmits 

an acceptance by Notice of Guaranteed 

Delivery via Automated Instruction 

Messaging: ‘‘Likewise, when you 

transmit an acceptance via Automated 

Instruction Messaging, you will be 

required to acknowledge the Notice of 

Guaranteed Delivery required by the 

offer identified by the CUSIP you 

specify in your acceptance. The message 

must contain your acknowledgement. If 

your message does not contain your 

acknowledgement, your acceptance will 

be rejected. By acknowledging the 

Notice of Guaranteed Delivery via 

Automated Instruction Messaging, you 

agree that (i) you have received, and 

will be bound by the terms of, the 

Notice of Guaranteed Delivery required 

by the offer identified in the acceptance 

and (ii) the agreement set forth in the 

preceding clause (i) may be enforced 

against you by the Offeror in such 

offer.’’ 

12. In the ‘‘Checklist for Submitting a 

Cover of Protect via PTS PSOP, or PBS 

Rights Subscriptions’’ section, insert the 

following language to address how a 

Participant needs to acknowledge the 

Subscription Form when it transmits a 

cover of protect via Automated 

Instruction Messaging: ‘‘Likewise, when 

you transmit an instruction to cover a 

protect via Automated Instruction 

Messaging, you will be required to 

acknowledge the Subscription Form 

required by the offer identified by the 

CUSIP you specify in your instruction. 

The message must contain your 

acknowledgment. If you do not submit 

your acknowledgement, your 

instruction will be rejected. By 

submitting the acknowledgment via 

Automated Instruction Messaging, you 

agree that (i) you have received, and 

will be bound by the terms of, the 

Subscription Form required by the offer 

identified in your instruction and (ii) 

the agreement set forth in the preceding 

clause (i) may be enforced against you 

by the Offeror in such offer.’’ 

13. In the ‘‘Checklist for Submitting 

Sell Instructions’’ subsection of the 

‘‘Surrendering Rights for Sale via 

ASOP’’ section, insert the following 

language to address how a Participant 

needs to acknowledge the Subscription 

Form when it transmits sell 

instructions: ‘‘Likewise, when you 

transmit sell instructions via Automated 

Instruction Messaging, you will be 

required to acknowledge the 

Subscription Form required by the offer 

identified by the CUSIP you specify in 

your acceptance. If your message does 

not contain your acknowledgment, your 

acceptance will be rejected. By 

acknowledging the Subscription Form 

via Automated Instruction Messaging, 

you agree that (i) you have received, and 

will be bound by the terms of the 

Subscription Form required by the offer 

identified in the acceptance and (ii) the 

agreement set forth in the preceding 

clause (i) may be enforced against you 

by the Offeror in such offer.’’ 

14. Add a reference to ‘‘Automated 

Instruction Messaging’’ to the following 

section headings: ‘‘Submitting a Cover 

of Protect via PTS PSOP or PBS Rights 

Subscriptions for an ASOP-Eligible 

Offer,’’ and ‘‘Checklist for Submitting a 

Cover of Protect via PTS PSOP or PBS 

Rights Subscriptions.’’ 

15. Make ministerial changes to 

correct typos and omissions and to 

enhance conformity and readability, 

including, but not limited to: 

a. Deleting footnote 1 as redundant. 

b. Adding the name of the 

corresponding PBS function where the 

equivalent PTS function is referenced. 

c. Augmenting mentions of PBS and 

PTS functions with their full technical 

names. 

d. Inserting references to the CA Web 

to correctly reflect that a Participant can 

check the CA Web, in addition to its 

Participant Daily Activity Statement and 

Automated Response Messages, to 

ensure that its transactions were 

properly processed and recorded. 

e. Inserting references to ISO 20022 

messaging and the CA Web to correctly 

reflect them as sources of ASOP Offer 

details. 

f. Inserting references to ISO 20022 

messages to reflect them as source for a 

Participant to receive information about 

its reorganization account and 

subaccount activities. 

g. Stating that Participants that 

subscribe to the ISO 20022 Instructions 

Statement Report (CAST) or Automated 

Response Messages would be able to 


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41156 Federal Register / Vol. 87, No. 131 / Monday, July 11, 2022 / Notices 

13 15 U.S.C. 78q–1(b)(3)(F). 

14 15 U.S.C. 78q–1(b)(3)(I). 

15 Id. 

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f). 18 17 CFR 200.30–3(a)(12). 

verify instructions status on the 

message. 

h. Enhancing clarity and readability. 

i. Correcting typographical errors. 

2. Statutory Basis 

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

requires, in part, that the Rules be 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions.13

The proposed rule change would 

amend the Guide to provide Participants 

with the option to use Automated 

Instruction Messaging for ASOP Offers 

and APUT Offers. As discussed above, 

the use of Automated Instruction 

Messaging for ASOP Offers and APUT 

Offers would provide greater straightthrough processing, improved accuracy, 

more efficient integration channels and 

less processing risk than nonautomated 

processing. 

DTC believes that the proposed rule 

change to amend the Guide to make 

technical and clarifying changes would 

enhance the clarity and transparency of 

the Guide. By enhancing the clarity and 

transparency of the Guide, the proposed 

rule change would allow Participants to 

more efficiently and effectively conduct 

their business in connection with 

processing reorganization events and 

associated securities transactions. 

Based on the foregoing, DTC believes 

that the proposed rule change is 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions, consistent with 

Section 17A(b)(3)(F) of the Act, cited 

above. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC believes that the proposed rule 

change to provide Participants with the 

option to use Automated Instruction 

Messaging for ASOP Offers and APUT 

Offers would not have any impact on 

competition. Because Automated 

Instruction Messaging would be an 

optional service that would be available 

to all Participants in connection with 

ASOP Offers and APUT Offers, DTC 

does not believe that the proposed rule 

change would impose a burden on 

competition.14 In addition, DTC 

believes that the proposed rule change 

to make technical and ministerial 

changes to the Guide, would not have 

any impact on competition because it 

would merely enhance the clarity of the 

procedures relating to ASOP Offers and 

APUT Offers. In light of the foregoing, 

DTC does not believe that the proposed 

rule changes would impose a burden on 

competition.15

(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. If any written comments are 

received, they would be publicly filed 

as an Exhibit 2 to this filing, as required 

by Form 19b–4 and the General 

Instructions thereto. 

Persons submitting comments are 

cautioned that, according to Section IV 

(Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

how to submit comments, available at 

https://www.sec.gov/regulatory-actions/ 

how-to-submit-comments. General 

questions regarding the rule filing 

process or logistical questions regarding 

this filing should be directed to the 

Main Office of the Commission’s 

Division of Trading and Markets at 

tradingandmarkets@sec.gov or 202– 

551–5777. 

DTC reserves the right to not respond 

to any comments received. 

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) 16 of the Act and paragraph 

(f) 17 of Rule 19b–4 thereunder. 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–2022–007 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–2022–007. 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-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– 

2022–007 and should be submitted on 

or before August 1, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–14633 Filed 7–8–22; 8:45 am] 

BILLING CODE 8011–01–P 


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