Federal Register / Vol. 86, No. 112 / Monday, June 14, 2021 / Notices 31543 

1See Notice of Filing of a National Market System 

Plan Regarding Consolidated Equity Market Data, 

Securities Exchange Act Release No. 90096 (Oct. 6, 

2020), 85 FR 64565 (Oct. 13, 2020) (File No. 4–757) 

(‘‘Notice’’). Comments received in response to the 

Notice can be found on the Commission’s website 

at https://www.sec.gov/comments/4-757/4-757.htm. 

2See Order Instituting Proceedings to Determine 

Whether to Approve or Disapprove a National 

Market System Plan Regarding Consolidated Equity 

Market Data, Securities Exchange Act Release No. 

90885 (Jan. 11, 2021), 86 FR 4142 (Jan. 15, 2021) 

(File No. 4–757). 

3See 17 CFR 242.608(b)(2)(i). 

4See Securities Exchange Act Release No. 91504 

(Apr. 8, 2021), 85 FR 19667 (Apr. 14, 2021) (File 

No. 4–757). 

5See 17 CFR 242.608(b)(2)(ii). 

6 Id. 

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)(6). 

5Each capitalized term not otherwise defined 

herein has its respective meaning as set forth in the 

Rules, By-Laws and Organization Certificate of The 

Depository Trust Company (the ‘‘DTC Rules’’), 

available at http://www.dtcc.com/legal/rules-andprocedures.aspx, and the DTC Corporate Actions 

Distributions Service Guide (‘‘Distributions 

Guide’’), available at http://www.dtcc.com/∼/ 

media/Files/Downloads/legal/service-guides/ 

Service%20Guide%20Distributions.pdf. 

6Pursuant 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. 

7See 26 CFR 1.1446(f)–4, available at https://

www.law.cornell.edu/cfr/text/26/1.1446(f)-4. 

Dated: June 10, 2021. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2021–12565 Filed 6–10–21; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92130; File No. 4–757] 

Joint Industry Plan; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

National Market System Plan 

Regarding Consolidated Equity Market 

Data 

June 9, 2021. 

On August 11, 2020, Cboe BYX 

Exchange, Inc., Cboe BZX Exchange, 

Inc., Cboe EDGA Exchange, Inc., Cboe 

EDGX Exchange, Inc., Cboe Exchange, 

Inc., Investors Exchange LLC, Long 

Term Stock Exchange, Inc., MEMX LLC, 

Nasdaq BX, Inc., Nasdaq ISE, LLC, 

Nasdaq PHLX LLC, Nasdaq Stock 

Market LLC, New York Stock Exchange 

LLC, NYSE American LLC, NYSE Arca, 

Inc., NYSE Chicago, Inc., NYSE 

National, Inc., and Financial Industry 

Regulatory Authority, Inc. filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed new single 

national market system plan governing 

the public dissemination of real-time 

consolidated equity market data for 

national market system stocks (the ‘‘CT 

Plan’’). The proposed CT Plan was 

published for comment in the Federal 

Register on October 13, 2020.1

On January 11, 2021, the Commission 

instituted proceedings to determine 

whether to approve or disapprove the 

CT Plan.2 On April 8, 2021, pursuant to 

Rule 608(b)(2)(i) of Regulation NMS,3

the Commission extended the period 

within which to conclude proceedings 

regarding the proposed CT Plan to 240 

days from the date of publication of the 

Notice.4

Rule 608(b)(2)(ii) of Regulation NMS 

provides that the time for conclusion of 

proceedings to determine whether a 

national market system plan or 

proposed amendment should be 

disapproved may be extended for an 

additional period up to 60 days (up to 

300 days from the date of notice 

publication) if the Commission 

determines that a longer period is 

appropriate and publishes the reasons 

for such determination or the plan 

participants consent to the longer 

period.5 The 240th day after publication 

of the Notice for the proposed CT Plan 

is June 10, 2021. The Commission is 

extending this 240-day period. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to conclude proceedings 

regarding the proposed CT Plan so that 

it has sufficient time to consider the 

complex and important issues raised by 

proposed CT Plan and the extensive 

public comments received. Accordingly, 

pursuant to Rule 608(b)(2)(ii) of 

Regulation NMS,6 the Commission 

designates August 9, 2021, as the date 

by which the Commission shall 

conclude the proceedings to determine 

whether to approve or disapprove the 

proposed CT Plan (File No. 4–757). 

By the Commission. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12439 Filed 6–11–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting; Cancellation 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 86 FR 30342, June 7, 

2021. 

PREVIOUSLY ANNOUNCED TIME AND DATE OF

THE MEETING: Thursday, June 10, 2021 at 

2:00 p.m. 

CHANGES IN THE MEETING: The Closed 

Meeting scheduled for Thursday, June 

10, 2021 at 2:00 p.m., has been 

cancelled. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Dated: June 10, 2021. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2021–12509 Filed 6–10–21; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92125; File No. SR–DTC– 

2021–008] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Amend 

the Distributions Guide To 

Accommodate Participants’ Tax 

Reporting and Withholding Obligations 

June 8, 2021. 

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 1, 

2021, The Depository Trust Company 

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

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I and II below, which Items 

have been primarily 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)(6) 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 would 

amend the Procedures 6 set forth in the 

Distributions Guide to accommodate 

Participants’ tax reporting and 

withholding obligations under Section 

1.1446(f)–4 (‘‘IRS Regulation’’) 7 of the 

final regulations of the Internal Revenue 

Service (‘‘IRS’’), by setting forth DTC’s 

proposed Procedure relating to 

distribution of certain Participant tax 

forms and related information to DTC’s 

Participants, in accordance with the IRS 


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31544 Federal Register / Vol. 86, No. 112 / Monday, June 14, 2021 / Notices 

8 Distribution Events covered by Announcements 

include cash dividends, interest, principal, capital 

gains, sale of rights on American depositary 

receipts, return of capital, dividend with option, 

stock splits, stock dividends, automatic dividend 

reinvestments, spinoffs, rights distributions, pay in 

kind, and liquidation. See Distributions Guide, 

supra note 5 at 12. 

9See Distributions Guide, supra note 5 at 9. 

10See DTC Disclosure Framework for Covered 

Clearing Agencies and Financial Market 

Infrastructures, available at https://www.dtcc.com/ 

-/media/Files/Downloads/legal/policy-andcompliance/DTC_Disclosure_Framework.pdf at 9. 

11See Distributions Guide, supra note 5. 

12See Distributions Guide, supra note 5 at 25. 

13See IRS Form W–9, available at https://

www.irs.gov/pub/irs-pdf/fw9.pdf. 

14See IRS. ‘‘About Instructions for the Requester 

of Forms W–8 BEN, W–8 BEN–E, W–8 ECI, W–8 

EXP, and W–8 IMY’’, available at https://

www.irs.gov/forms-pubs/about-form-w-8. 

15See Distributions Guide, supra note 5 at 25. 

16 Id. 

17 Id. 

18See 26 CFR 1.1446(f)–4, supra note 7. 

19 Id. 

20 Id. 

21See IRS 2021 Publication 515, available at 

https://www.irs.gov/pub/irs-pdf/p515.pdf at 46–47. 

Regulation, as described in greater detail 

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 would 

amend the Procedures set forth in the 

Distributions Guide to accommodate 

Participants’ tax reporting and 

withholding obligations under the IRS 

Regulation. In this regard, the proposed 

rule change would set forth DTC’s 

Procedure relating to distribution of 

certain Participant tax forms and related 

information to DTC’s Participants, in 

accordance with the IRS Regulation, as 

discussed below. 

(a) Distributions Service 

The Distributions Service includes the 

announcement, collection, allocation 

and reporting by DTC, on behalf of its 

Participants, of dividend, interest and 

principal payments for Eligible 

Securities held by Participants at DTC. 

This centralized processing provides 

efficiency for Participants for their 

receipt of (i) payment information and 

(ii) payments on distributions covered 

by Announcements (‘‘Distribution 

Event’’),8 from multiple issuers and 

agents.9

Also as part of the Distributions 

Service, DTC also provides tax services 

(‘‘Tax Services’’) to facilitate Participant 

compliance with tax obligations, 

including international tax regulations, 

tax treaty provisions and withholding 

tax reporting requirements, including 

Tax Event Announcements, U.S. Tax 

Withholding, Tax Relief and Tax Info 

Services relating to distributions 

processed by DTC.10 Procedures relating 

to Tax Services are set forth in the 

Distributions Guide.11

Tax Forms 

In connection with its use of the 

DTC’s services, each Participant must 

submit to DTC the applicable IRS tax 

form (‘‘Tax Form’’).12 The information 

in these forms, which includes the 

Participant’s name, federal tax 

identification number and certain 

certifications by the Participant 

facilitates DTC’s ability to provide Tax 

Services related to tax reporting and 

withholding by facilitating DTC’s ability 

to determine the status of each 

Participant (‘‘Tax Status’’) with respect 

to the type of reporting, and any rate of 

withholding, that may be required 

under federal tax regulations with 

respect to distributions. 

In this regard, Participants that are 

U.S. persons provide DTC with a valid 

IRS Form W–9 (‘‘Form W–9’’).13 Each 

non-U.S. Participant submits a valid IRS 

Form W–8,14 as applicable (‘‘Form W– 

8’’).15 The form must be (1) valid for the 

type of entity; (2) filled out completely; 

and (3) signed by an authorized 

signatory of the entity.16 U.S. branches 

of foreign banks must also submit the 

appropriate W–8 Form.17

IRS Regulation 

The IRS Regulation sets forth 

requirements relating to tax withholding 

and information reporting obligations 

on Participants with respect to the 

transfer of a publicly traded partnership 

interests.18 In addition, Section 

1.1446(f)–4(a)(5) 19 of the IRS Regulation 

provides that, when such withholding 

requirement is applicable, the U.S. 

clearing organization (e.g., DTC) may act 

as an agent for the selling Participant for 

purposes of furnishing the selling 

Participant’s Tax Form to the buying 

Participant, provided the clearing 

organization notifies the selling 

Participant and such Participant has the 

ability to opt-out. DTC understands that 

Section 1.1446(f)–4(a)(5) 20 of the IRS 

Regulation is intended to address 

concerns about the difficulty of 

Participants obtaining documentation to 

determine whether tax withholding or 

reporting applies on certain transaction 

to other Participants processed through 

DTC’s systems. In this regard, the IRS 

has issued guidance on use of the Tax 

Forms for determining a payee’s tax 

status such that a payor would be able 

to properly report of affected payments 

and apply the correct withholding 

rate.21 In accordance with the IRS 

Regulation, DTC proposes to implement 

a method to share Tax Forms and 

related information among Participants. 

Proposal 

Pursuant to the proposed rule change, 

DTC would make each Participant’s Tax 

Forms available to all Participants in 

accordance with the IRS Regulation. 

DTC would make the Tax Forms 

available for download by Participant 

on the DTC system to facilitate tax 

withholding and reporting obligations 

related to dispositions of partnership 

interests. Also, in accordance with the 

IRS Regulation, Participants would be 

able to opt-out of having their Tax 

Form(s) made available for other 

Participants to download, as described 

below. 

In this regard, beginning on or about 

August 31, 2021, Participants’ Tax 

Forms would be made available for 

download in DTC’s Corporate Actions 

Web browser (‘‘CA Web’’). Tax Forms 

would be available through the 

‘‘Instructions’’ tab on CA Web, under 

‘‘TaxInfo, Country of Investment: United 

States.’’ To find, view, and download 

another Participants’ tax form, a 

Participant would access CA Web as 

described above, and scroll to the 

relevant Participant Tax Form to 

download. 

As an interim step, to facilitate 

Participants’ ability to develop their 

internal procedures and processes to 

comply with their tax reporting and 

withholding requirements under the IRS 

Regulation, beginning on June 15, 2021, 

DTC would make available on CA Web 

tax status information (‘‘Tax Status 

Information’’). The Tax Status 

Information for each Participant would 

indicate (i) the type of Tax Form 

provided by the Participant to DTC (i.e., 

either Form W–9 or the type of Form 

W–8 provided (e.g., Form W–8 IMY, W– 

8BEN–E or W–8ECI)), and (ii) for 

Participants that provided Form W–8 

IMY, whether the Participant indicated 


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Federal Register / Vol. 86, No. 112 / Monday, June 14, 2021 / Notices 31545 

22 15 U.S.C. 78q–1(b)(3)(F). 

23 Id. 

24See supra note 7. 

25 Id. 

26 15 U.S.C. 78q–1(b)(3)(I). 

on the Form W–8 IMY that it is (a) 

Qualified Intermediary, (b) nonQualified Intermediary, (c) U.S. 

Branch—Treated as a U.S. Person or (d) 

U.S. Branch—not-treated as a U.S. 

Person. 

The Tax Status Information would be 

made available in the same location on 

CA Web as the Tax Forms would be 

located, as described above. 

Pursuant to the proposed rule change, 

Participants would be able to elect to 

opt-out of having their Tax Forms and 

Tax Status Information posted to CA 

Web for other Participants to download. 

Participants would use an opt-out form 

(‘‘Opt-Out Form’’) and submit their 

elections (‘‘Opt-Out Election’’) to optout electronically to DTCC’s Account 

Administration department using a 

mechanism provided at a link to be set 

forth in the Distributions Guide. Each 

Opt-Out Election would remain in place 

indefinitely until DTC is in receipt of a 

duly authorized written notice from the 

Participant rescinding this Opt-Out 

Election. 

Text of Proposed Rule Change 

In this regard, DTC would add the 

following text to the Distributions Guide 

in the ‘‘Other Services’’ section, just 

after the subsection titled 

‘‘Undistributed Long-Term Capital 

Gains’’ and before the subsection titled 

‘‘Claims’’. 

‘‘Tax Form Repository 

Beginning on June 15, 2021, to 

facilitate Participants’ ability to comply 

with tax withholding and reporting 

regulations relating to the disposition of 

partnership interests, and in furtherance 

of DTC’s role as a ‘‘clearing 

organization’’ in accordance with 

Section 1.1446(f)–4(a)(5) of the final 

regulations of the Internal Revenue 

Service, Participant tax status 

information (‘‘Tax Status Information’’) 

from the Tax Forms of Participants shall 

be made available to Participants in the 

‘‘Instructions’’ tab of CA Web, within 

‘‘TaxInfo, Country of Investment: United 

States.’’ Tax Status Information will no 

longer be available once Tax Forms 

become available for download from CA 

Web, as described below. 

Beginning on or about August 31, 

2021, to facilitate Participants’ ability to 

comply with tax withholding and 

reporting regulations relating to the 

disposition of partnership interests, and 

in accordance with Section 1.1446(f)– 

4(a)(5) of the final regulations of the 

Internal Revenue Service, Participant 

tax forms (i.e., IRS Forms W–9 and 

W–8) (‘‘Tax Forms’’) shall be available 

for Participants to view and download. 

Tax Forms shall be available in the 

‘‘Instructions’’ tab of CA Web, within 

‘‘TaxInfo, Country of Investment: United 

States. 

Opt-Out 

Effective immediately, a Participant 

may submit an election (‘‘Opt-Out 

Election’’) to DTC to opt-out of having 

its Tax Form and Tax Status Information 

posted to CA Web, by electronically 

submitting a form (‘‘Opt-Out Form’’) 

made available by DTC for this purpose. 

The Opt-out Form, as well as the 

mechanism for completing, 

electronically signing and submitting 

the form, is available at https://

na2.docusign.net/Member/ 

PowerFormSigning.

aspx?PowerFormId=854f0396-16aa4fbb-bf67-c694274c04cf&env=na2

&acct=642629e5-740a-442a-b744- 

d7655d9a1f21&v=2.’’ Any Opt-Out 

Election will only be considered valid if 

it is (i) fully completed and 

electronically signed by an authorized 

signer of the Participant using the OptOut Form and (ii) submitted through the 

mechanism made available through this 

link. An Opt-Out Election will become 

effective as of a date designated by the 

Participant on the Opt-Out Form. For 

this purpose, a Participant may 

designate its account activation date (for 

new Participants of DTC), or a future 

date, for its Opt-Out Election to become 

effective. Each Opt-Out Election will 

remain in place indefinitely until DTC 

is in receipt of a duly authorized written 

notice from the Participant rescinding 

this Opt-Out Election. 

Please contact your Relationship 

Manager with any questions regarding 

Opt-Out Elections.’’ 

Effective Date 

The proposed rule change would be 

effective upon filing with the 

Commission. The proposed rule change 

would not become operative for 30 days 

after the date of the filing, or such 

shorter time as the Commission may 

designate if consistent with the 

protection of investors and the public 

interest. 

2. Statutory Basis 

DTC believes that the proposed rule 

change is consistent with the 

requirements of the Act, and the rules 

and regulations thereunder applicable to 

DTC, in particular Section 

17A(b)(3)(F) 22 of the Act. 

Section 17A(b)(3)(F) of the Act 23

requires, inter alia, that the rules of the 

clearing agency be designed to foster 

cooperation and coordination with 

persons engaged in the clearance and 

settlement of securities transactions. As 

described above, the proposed rule 

change would amend the Distributions 

Guide, as described above, to 

accommodate Participants’ tax reporting 

and withholding obligations relating to 

transactions subject to the IRS 

Regulation. Specifically, DTC 

understands, when a non-U.S. 

Participant Delivers a Security (acting 

on behalf of a seller) representing a 

publicly traded partnership interest to 

another Participant (acting on behalf of 

a buyer), the Participant acting on behalf 

of the buyer may be required to 

withhold tax and/or perform reporting 

to the IRS relating the proceeds realized 

by a selling non-U.S. Participant.24 DTC 

believes that the sharing of Participant 

Tax Forms and Tax Status Information 

would accommodate compliance by 

Participants with the IRS Regulation for 

such transactions for such transfers 

between them because the Tax Form 

and Tax Status Information contain 

information that would facilitate 

Participants’ ability to determine if they 

have an obligation for tax withholding 

and reporting under the IRS 

Regulation.25 Therefore, because the 

proposed rule change would 

accommodate the exchange of Tax 

Forms and Tax Status Information 

between Participants, and this would 

facilitate compliance with certain tax 

requirements for certain activity they 

transact among themselves, as described 

above, DTC believes that the proposed 

rule change would foster cooperation 

and coordination with persons engaged 

in the clearance and settlement of 

securities transactions, consistent with 

the requirements of the Act, in 

particular 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, as described above, could 

impose a burden on competition, 

because by requiring Participants to optout if they do not wish to have their Tax 

Status Information and Tax Status 

Forms shared with other Participants, a 

Participant would affirmatively need to 

submit an Opt-Out Form, which is an 

action that they do not need to perform 

today. 

To the extent the proposed rule 

change may impose a burden on 

competition, DTC believes it would be 

necessary and appropriate in 

furtherance of the purposes of the Act,26


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31546 Federal Register / Vol. 86, No. 112 / Monday, June 14, 2021 / Notices 

27Pursuant to Rule 2, Section 8, in connection 

with their use of the Corporation’s services, 

Participants must comply with all applicable laws, 

including but not limited, to all applicable laws 

relating to taxation. See Rule 2, supra note 5. 

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

29 17 CFR 240.19b–4(f)(6). 

30 Id. 

31 17 CFR 240.19b–4(f)(6)(iii). 

32 Id. 

33 DTC satisfied the five-day pre-filing 

requirement. For purposes only of waiving the 30- 

day operative delay, the Commission has 

considered the proposed rule change’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

because the proposed rule change 

would (i) accommodate Participants’ tax 

reporting and withholding obligations 

under the IRS Regulation (ii) and 

facilitate Participants’ ability to comply 

with applicable DTC Rules.27 In this 

regard, the proposed rule change would 

set forth DTC’s Procedure relating to the 

distribution of certain Participant tax 

forms and related information to DTC’s 

Participants, in accordance with the IRS 

Regulation, and DTC is not aware of an 

alternative method available to 

Participants to share Tax Forms and Tax 

Status Information among each other in 

a centralized facility as contemplated by 

the IRS Regulation. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

DTC has not solicited and does not 

intend to solicit written comments 

regarding the proposed rule change. 

DTC has not received any unsolicited 

written comments from interested 

parties. To the extent DTC receives 

written comments on the proposed rule 

change, DTC will forward such 

comments to the Commission. 

During outreach on the proposal by 

DTC to Participants, Participants have 

indicated to DTC that receiving Tax 

Forms and Tax Status Information 

through DTC would facilitate their 

ability to comply with their tax 

withholding obligations. DTC is not 

aware of any Participants indicating that 

they would prefer that these forms and 

information not be shared among 

Participants. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 28 and Rule 19b– 

4(f)(6) 29 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 30 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),31 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. DTC has requested that the 

Commission waive the 30-day operative 

delay under Rule 19b–4(f)(6)(iii) 32 so 

that the proposed rule change may 

become effective and operative on June 

15, 2021. DTC states that the proposal 

is intended to amend the Distributions 

Guide to allow DTC to provide tax 

information and facilitate Participants’ 

compliance with tax reporting and 

withholding obligations relating to the 

disposition of partnership interests, in 

accordance with the IRS Regulation. 

DTC further states that implementation 

of the proposed rule change within a 

shorter timeframe would facilitate 

Participants’ ability to make necessary 

adjustments to their internal processes 

and systems to timely comply with the 

IRS Regulation, and therefore facilitate 

their ability to comply with applicable 

U.S. tax reporting and withholding 

requirements on behalf of themselves 

and their customers that invest in 

partnership interests. Accordingly, DTC 

believes that the prompt 

implementation of these changes would 

be consistent with the public interest 

and the protection of investors. 

The Commission believes that 

delaying the operation of the proposed 

rule change for 30 days would impede 

DTC’s ability to begin to provide tax 

information and facilitate Participants’ 

ability to comply with tax reporting and 

withholding obligations relating to the 

disposition of partnership interests, in 

accordance with the IRS Regulation 

which will become effective on January 

1, 2022. Moreover, the Commission 

believes that the proposed rule change 

would not significantly affect the 

protection of investors or the public 

interest or impose a significant burden 

on competition because the changes are 

designed to facilitate compliance with 

the IRS regulation and do not affect the 

rights of Participants or impose any new 

costs on Participants. Accordingly, the 

Commission waives the operative delay 

and designates the proposed rule change 

as effective and operative on June 15, 

2021.33

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–2021–008 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–2021–008. 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– 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 86, No. 112 / Monday, June 14, 2021 / Notices 31547 

34 17 CFR 200.30–3(a)(12). 1Aff’d sub nom. CSX Transp., Inc. v. STB, 568 

F.3d 236 (D.C. Cir. 2009), vacated in part on reh’g, 

584 F.3d 1076 (D.C. Cir. 2009). 

2021–008 and should be submitted on 

or before July 6, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12338 Filed 6–11–21; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 11440] 

Notice of Public Meeting 

As required by the Federal Advisory 

Committee Act, Public Law 92–463, the 

Department of State gives notice of a 

meeting of the Advisory Committee on 

International Postal and Delivery 

Services. This Committee will meet 

virtually on Thursday, July 15, 2021, 

from 1:00 p.m. to 5:00 p.m. Eastern 

Time, hosted on a Webex platform, 

meeting number 199 494 5652, code 

ddMnU572653 (33668572 from phones). 

Members of the public interested in 

providing input to the meeting should 

contact Ms. Shereece Robinson, whose 

contact information is listed below (see 

the FOR FURTHER INFORMATION section of 

this notice). Individuals providing oral 

input are requested to limit their 

comments to five minutes. Requests to 

be added to the speakers list must be 

received in writing (by email) prior to 

the close of business on Thursday, July 

8, 2021; written comments from 

members of the public for distribution at 

this meeting must reach Ms. Robinson 

by email on this same date. Requests 

received after that date, including any 

requests for reasonable accommodation, 

will be considered but might not be able 

to be fulfilled. 

The agenda of the meeting will focus 

on U.S. positions on issues for the 27th 

Congress of the Universal Postal Union, 

currently scheduled for August 9–27 in 

Abidjan, Cote d’Ivoire. Issues under 

consideration at the Congress include 

modifications to the rules of procedure 

to allow hybrid (i.e., mixed virtual and 

physically present) Congresses, the 

opening of the UPU to wider postal 

sector actors, reform of the system of 

member states’ contributions, and 

interpretation of the 2019 Geneva 

accord on compensation for E-format 

items. 

FOR FURTHER INFORMATION CONTACT: 

Please contact Ms. Shereece Robinson of 

the Office of Specialized and Technical 

Agencies (IO/STA), Bureau of 

International Organization Affairs, U.S. 

Department of State, at tel. (202) 538– 

4442 or by email at RobinsonSA2@

state.gov. 

Zachary A. Parker, 

Director, Office of Directives Management, 

U.S. Department of State. 

[FR Doc. 2021–12434 Filed 6–11–21; 8:45 am] 

BILLING CODE 4710–19–P 

SURFACE TRANSPORTATION BOARD 

[Docket No. EP 682 (Sub-No. 12)] 

2020 Tax Information for Use in the 

Revenue Shortfall Allocation Method 

AGENCY: Surface Transportation Board. 

ACTION: Notice. 

SUMMARY: The Board is publishing, and 

providing the public an opportunity to 

comment on, the 2020 weighted average 

state tax rates for each Class I railroad, 

as calculated by the Association of 

American Railroads (AAR), for use in 

the Revenue Shortfall Allocation 

Method (RSAM). 

DATES: Comments are due by July 14, 

2021. If any comments opposing AAR’s 

calculation are filed, AAR’s reply will 

be due by August 3, 2021. If no 

comments are filed by July 14, 2021, 

AAR’s calculation of the 2020 weighted 

average state tax rates will be 

automatically adopted by the Board, 

effective July 15, 2021. 

ADDRESSES: Comments should be filed 

with the Surface Transportation Board 

via e-filing on the Board’s website. 

FOR FURTHER INFORMATION CONTACT: 

Nathaniel Bawcombe at (202) 245–0376. 

Assistance for the hearing impaired is 

available through the Federal Relay 

Service at (800) 877–8339. 

SUPPLEMENTARY INFORMATION: The 

RSAM figure is one of three benchmarks 

that together are used to determine the 

reasonableness of a challenged rate 

under the Board’s Simplified Standards 

for Rail Rate Cases, EP 646 (Sub-No. 1), 

slip op. at 10 (STB served Sept. 5, 

2007),1 as further revised in Simplified 

Standards for Rail Rate Cases—Taxes in 

Revenue Shortfall Allocation Method 

(Simplified Standards—Taxes in 

RSAM), EP 646 (Sub-No. 2) (STB served 

Nov. 21, 2008). RSAM is intended to 

measure the average markup that the 

railroad would need to collect from all 

of its ‘‘potentially captive traffic’’ (traffic 

with a revenue-to-variable-cost ratio 

above 180%) to earn adequate revenues 

as measured by the Board under 49 

U.S.C. 10704(a)(2) (i.e., earn a return on 

investment equal to the railroad 

industry cost of capital). Simplified 

Standards—Taxes in RSAM, EP 646 

(Sub-No. 2), slip op. at 1. In Simplified 

Standards—Taxes in RSAM, EP 646 

(Sub-No. 2), slip op. at 3, 5, the Board 

modified its RSAM formula to account 

for taxes, as the prior formula 

mistakenly compared pre-tax and aftertax revenues. In that decision, the Board 

stated that it would institute a separate 

proceeding in which Class I railroads 

would be required to submit the annual 

tax information necessary for the 

Board’s annual RSAM calculation. Id. at 

5–6. 

Pursuant to 49 CFR 1135.2, AAR is 

required to annually calculate and 

submit to the Board the weighted 

average state tax rate for each Class I 

railroad for the previous year. On May 

28, 2021, AAR filed its calculation of 

the weighted average state tax rates for 

2020, listed below for each Class I 

railroad: 

WEIGHTED AVERAGE STATE TAX RATES

Railroad 2020 

(%) 

2019 

(%) % Change 

BNSF Railway Company ............................................................................................................. 5.119 5.234 ¥0.115 

CSX Transportation, Inc .............................................................................................................. 5.101 5.097 0.004 

Grand Trunk Corporation ............................................................................................................. 8.124 8.129 ¥0.005 

The Kansas City Southern Railway Company ............................................................................ 5.139 5.711 ¥0.572 

Norfolk Southern Combined Railroad Subsidiaries ..................................................................... 5.713 5.697 0.016 

Soo Line Corporation ................................................................................................................... 8.122 8.181 ¥0.059 


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