Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Notices 67987 

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

2The Commission has modified parts of these 

statements. 

3Participants may make FCP Option elections for 

the payment of (a) dividends, interest, and principal 

through the EDS function and (b) redemption and 

maturity through the RCUR function. 

4Securities Exchange Act Release Nos. 33597 

(February 8, 1994), 59 FR 7272 (February 15, 1994) 

(File No. SR–DTC–93–10) and 29144 (April 30, 

1991), 56 FR 21182 (May 7, 1991) (File No. SR–

DTC–90–09). 

5Payment in a different currency than offered 

when a security was initially issued might be 

desirable for example in the event of a change in 

tax withholding legislation subsequent to the initial 

issuance, which might make it more attractive for 

investors from a particular country to hold position 

in a security. It would in turn be helpful for such 

investors to have the ability to receive payments in 

relation to the subject security in their home 

country currency. 

47. Smithsonian Institution/National 

Gallery of Art—President. 

48. Smithsonian Institution/Woodrow 

Wilson International Center for 

Scholars—Director. 

49. Trade and Development Agency—

Director. 

50. U.S. Holocaust Memorial 

Museum—Chairperson. 

51. U.S. Interagency Council on 

Homelessness—Chairperson. 

52. U.S. Institute of Peace—

Chairperson. 

53. Vietnam Education Foundation—

Chairperson. 

54. White House Commission on the 

National Moment of Remembrance—

Chairperson. 

[FR Doc. E7–23406 Filed 11–30–07; 8:45 am] 

BILLING CODE 3110–01–P 

POSTAL REGULATORY COMMISSION 

Facility Tours 

AGENCY: Postal Regulatory Commission. 

ACTION: Notice of Commission tours. 

SUMMARY: On Tuesday, December 4, and 

Wednesday, December 5, 2007, Postal 

Regulatory Commissioners and advisory 

staff members will tour the United 

Parcel Service facility in Louisville, 

Kentucky and meet with company 

officials. The purpose of the tour is to 

observe company operations. 

DATES: December 4–5, 2007. 

FOR FURTHER INFORMATION CONTACT: Ann 

C. Fisher, Chief of Staff, Postal 

Regulatory Commission, at 202–789–

6803 or ann.fisher@prc.gov. 

Steven W. Williams, 

Secretary. 

[FR Doc. 07–5893 Filed 11–30–07; 8:45 am] 

BILLING CODE 7710–FW–M 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–56840; File No. SR–DTC–

2007–13] 

Self-Regulatory Organizations; the 

Depository Trust Company; Notice of 

Filing of a Proposed Rule Change 

Relating to the Foreign Currency 

Payment Option 

November 27, 2007. 

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

Securities Exchange Act of 1934 

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

September 26, 2007, 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. 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 

provide that DTC’s Foreign Currency 

Payment Option (‘‘FCP Option’’) may be 

used (1) in relation to securities 

denominated in U.S. dollars and (2) 

regardless of whether the terms of the 

issue originally contemplated the option 

of payment in one or more currencies. 

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.2

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

Currently, DTC offers the FCP Option 

in order for participants to elect the 

payment of dividend, interest, principal, 

redemption, or maturity payments 

either in foreign currency outside of 

DTC or in U.S. dollars within DTC with 

respect to a foreign denominated issue 

when the foreign currency option is 

included in the initial offering terms of 

the DTC-eligible issue.3

U.S. Denominated Securities 

The proposed rule change would 

clarify that the FCP Option would be 

made available with respect to U.S. 

denominated securities as well as 

foreign denominated securities. The 

method of payment (U.S. dollars within 

DTC and foreign currency outside of 

DTC) and the election process would 

remain the same. When DTC initially 

filed to implement the FCP Option, the 

issues providing for multiple currencies 

payments were foreign denominated.4

The wording inadvertently put U.S. 

denominated securities at a 

disadvantage with respect to the FCP 

Option. The proposed rule change seeks 

to clarify this unintentional result by 

allowing the FCP Option to be used 

with respect to U.S. denominated 

securities. 

Designation of Payment Option After 

Initial Issuance 

The proposed rule change would 

allow for the use of the FCP Option in 

relation to DTC-eligible securities that 

were not initially issued with the option 

of payment in multiple currencies. 

Additionally, DTC proposes that an 

issuer or its agent could use the FCP 

Option to add an additional currency to 

the payment options originally offered 

in relation to a DTC-eligible security.5 In 

such a case, the issuer or its agent 

would instruct DTC, within prescribed 

timeframes and in a form satisfactory to 

DTC to send out a notice to participants 

holding positions in the subject security 

to inform them of the payment options 

for a particular payment event. Such a 

notice would contain all necessary 

information for a participant to be able 

to elect a particular currency option. 

The method of payment (U.S. dollars 

within DTC and foreign currency 

outside of DTC) and the election process 

would remain the same. 

The proposed rule change is 

consistent with the requirements of 

Section 17A of the Act and the rules and 

regulations thereunder applicable to 

DTC because it promotes the prompt 

and accurate clearance and settlement of 

securities transactions by (1) not 

unnecessarily limiting payment options 

for U.S. denominated securities and (2) 

promoting efficiencies for payment in 

multiple currencies with respect to 

DTC-eligible securities. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

DTC perceives no impact on 

competition by reason of the proposed 

rule change. 

mstockstill on PROD1PC66 with NOTICES