53368 Federal Register / Vol. 75, No. 168 / Tuesday, August 31, 2010 / Notices 

14 15 U.S.C. 78f(b). 

15 15 U.S.C. 78f(b)(4). 

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

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

effective upon filing, the Exchange has 

designated this proposal to be operative 

for trades settling on or after September 

1, 2010. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with Section 6(b) of the Act 14

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 15 in 

particular, in that it is an equitable 

allocation of reasonable fees and other 

charges among Exchange members and 

other persons using its facilities. 

The Exchange believes that the 

increase to the NOM Routing Fee is both 

equitable and reasonable because the 

Exchange is seeking to recoup the costs 

incurred by the Exchange to route 

Customer and Professional orders to 

NOM on behalf of its members. 

The Exchange believes that it is both 

equitable and reasonable to lower the 

Monthly Cap. By lowering the Monthly 

Cap, the Exchange believes a greater 

number of ROTs and Specialists will 

benefit from such a Monthly Cap. 

Finally, the Exchange believes that 

clarifying the applicability of the rebates 

for adding liquidity in an electronic 

auction is equitable and reasonable 

because it clearly states when the rebate 

is applicable to certain transactions. 

Currently, Customers, Professionals and 

Directed Participants do not receive 

rebates for adding liquidity in an 

electronic auction. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

No written comments were either 

solicited or 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)(ii) of the Act.16 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. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

whether the proposed rule should be 

approved or disapproved. 

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 

Number SR–Phlx–2010–117 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–Phlx–2010–117. 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 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 the principal office of the 

Exchange. 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 No. SR–Phlx–2010– 

117 and should be submitted on or 

before September 21, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–21631 Filed 8–30–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62767; File No. SR–FICC– 

2010–04] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing of Proposed Rule Change To 

Provide Clarity With Respect to the 

Close Out Netting of the Government 

Securities Division in the Event of the 

Fixed Income Clearing Corporation’s 

Default or Insolvency 

August 26, 2010. 

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 August 

12, 2010, the Fixed Income Clearing 

Corporation (‘‘FICC’’) 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 

primarily by FICC. 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 purpose of the proposed rule 

change is to provide clarity with respect 

to the close out netting of the 

Government Securities Division (‘‘GSD’’) 

in the event of FICC’s default or 

insolvency. 

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 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 75, No. 168 / Tuesday, August 31, 2010 / Notices 53369 

3The Commission has modified the text of the 

summaries prepared by FICC. 

4The specific language of the proposed provision 

can be found at http://www.dtcc.com/downloads/ 

legal/rule_filings/2010/ficc/2010-04.pdf. 

5 15 U.S.C. 78q–1. 

6The Commission has previously approved a 

similar provision for another clearing agency for the 

same purpose of providing such clearing agency’s 

members with the needed clarity. Securities 

Exchange Act Release No. 34–56069 (July 13, 2007), 

72 FR 39869 (July 20, 2007). 7 17 CFR 200.30–3(a)(12). 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.3

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

FICC is proposing to add a provision 

to the rules of GSD to make explicit the 

close out netting that would be applied 

to obligations between FICC and its 

members in the event that FICC 

becomes insolvent or defaults in its 

obligations to its members.4

FICC has been approached by some of 

its dealer members that have requested 

that FICC add a provision to the rules 

of GSD to make explicit the close out 

netting of obligations between FICC and 

its members in the event that FICC 

becomes insolvent or defaults in its 

obligations to its members. Such 

members have stated that the proposed 

rule change will provide clarity in their 

application of balance sheet netting to 

their positions with FICC under U.S. 

GAAP in accordance with the criteria 

specified in the Financial Accounting 

Standards Board’s Interpretation No. 39, 

Offsetting of Amounts Related to 

Certain Contracts (FIN 39). The 

members have stated further that the 

proposed rule change would allow them 

to comply with Basel Accord Standards 

relating to netting. Specifically, firms 

are able to calculate their capital 

requirements on the basis of their net 

credit exposure where they have legally 

enforceable netting arrangements with 

their counterparties, which includes a 

close out netting provision in the event 

of the default of a counterparty (in this 

case, the division of FICC acting as a 

CCP). 

FICC believes the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act 5

and the rules and regulations 

thereunder applicable to FICC because 

the proposed rule change would provide 

FICC members with clarity in the 

calculation of their capital requirements 

with respect to their net credit exposure 

where members have legally enforceable 

netting arrangements with their 

counterparties. Moreover, other clearing 

agencies have similar provisions in their 

rules for the same purpose.6

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

FICC does not believe that the 

proposed rule change would impose any 

burden on competition. 

(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 been 

solicited or received. FICC will notify 

the Commission of any written 

comments received by FICC. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: (A) by 

order approve or disapprove the 

proposed rule change or (B) institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. 

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 

rule-comments@sec.gov. Please include 

File Number SR–FICC–2010–04 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–FICC–2010–04. 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 Web site viewing and 

printing in the Commission’s Public 

Reference Section, 100 F Street, NE., 

Washington, DC 20549–1090, on official 

business days between the hours of 10 

am and 3 p.m. Copies of such filings 

will also be available for inspection and 

copying at the principal office of FICC 

and on FICC’s Web site at http:// 

www.dtcc.com/downloads/legal/ 

rule_filings/2010/ficc/2010-04.pdf. 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–FICC–2010–04 and should 

be submitted on or before September 21, 

2010. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–21678 Filed 8–30–10; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF TRANSPORTATION 

National Highway Traffic Safety 

Administration 

Reports, Forms, and Recordkeeping 

Requirements Agency Information 

Collection Activity Under OMB Review 

AGENCY: National Highway Traffic 

Safety Administration (NHTSA), U.S. 

Department of Transportation (DOT). 

ACTION: Notice. 

SUMMARY: In compliance with the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3501 et seq.), this notice 

announces that the Information 

Collection Request (ICR) abstracted 

below has been forwarded to the Office 

of Management and Budget (OMB) for 

review and comment. The ICR describes 

the nature of the information collection 

and the expected burden. The Federal 

Register Notice with a 60-day comment 


srobinson on DSKHWCL6B1PROD with NOTICES