1450 Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 

35 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)(2). 

5Each term not otherwise defined herein has the 

respective meaning set forth in DTC’s rules (the 

‘‘Rules’’). 

6 DTC TaxReliefSM is a service mark of DTC. 

7As applicable, the existing maximum fee and/or 

surcharge per final election as set forth in the Fee 

Schedule would continue to remain in effect for 

Canadian securities. Current fees for non-Canadian 

securities would remain unchanged. 

8U.S. Branches utilize this service for tax 

reporting purposes only rather than full tax 

withholding. However, imposition of the monthly 

minimum charge is necessary in light of associated 

costs incurred by DTC in this regard. 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rulecomments@sec.gov. Please include File 

Number SR–NYSEMKT–2014–113 on 

the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEMKT–2014–113. 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 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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing will also be available for 

inspection and copying at the NYSE’s 

principal office and on its Internet Web 

site at www.nyse.com. 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– 

NYSEMKT–2014–113 and should be 

submitted on or before January 30, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.35

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00132 Filed 1–8–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73982; File No. SR–DTC– 

2014–13] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Fees Charged for Tax Services 

January 5, 2015. 

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

Securities Exchange Act of 1934 (‘‘Act’’) 

and Rule 19b–4 2 thereunder, notice is 

hereby given that on December 23, 2014, 

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 DTC. DTC filed 

the proposed rule change pursuant to 

Section 19(b)(3)(A) 3 of the Act and Rule 

19b–4(f)(2) 4 thereunder. The proposed 

rule change 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. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change consists of 

amendments to the DTC Fee Schedule 

(‘‘Fee Schedule’’) in order to adjust 

certain fees related to DTC’s tax 

services, as more fully described 

below.5

II. Clearing Agency’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. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

Pursuant to the proposed rule change 

DTC would revise certain fees for the: (i) 

DTC TaxReliefSM Service,6 and (ii) DTC 

U.S. Tax Withholding Service, as more 

fully described below. 

DTC TaxReliefSM Service Fee Increase 

The DTC TaxReliefSM Service enables 

investors to preclude overwithhholding 

on income payments in various foreign 

jurisdictions. The current fee structure 

for this service is not aligned with the 

costs to DTC of providing this service as 

it relates to processing of Canadian 

securities due to associated volumes 

and the resources necessary for such 

processing. 

Therefore, to better align fees with the 

costs associated with delivering this 

aspect of this service to Participants, 

DTC proposes to increase the fee per 

final election (including post-payable) 

processed for foreign withholding tax 

relief for Canadian securities from 

0.625% of tax relief secured to 0.700% 

of tax relief secured, with the minimum 

fee per final election increased from 

$32.00 to $38.00.7

U.S. Tax Withholding Service 

The U.S. Tax Withholding Service 

provides for withholding of U.S. tax on 

payments to foreign Participants of DTC. 

As applicable law has become 

increasingly complex, the cost of DTC’s 

offering of this service is not aligned 

with fees charged. Accordingly, 

pursuant to the proposed change, to 

better align the Fee Schedule with the 

costs associated with providing this 

service to Participants, DTC would 

amend the Fee Schedule for the U.S. 

Tax Withholding Service as follows: 

1. The fee charged for withholding 

instructions per each Elective Dividend 

Service (‘‘EDS’’) election for a 

transaction processed by the U.S. Tax 

Withholding Service would increase 

from $1.80 to $2.50. 

2. The monthly fee per account would 

increase from $150 to $250. 

3. DTC would begin charging U.S. 

branches of foreign banks (‘‘U.S. 

Branches’’) the above monthly fee of 

$250 per account. Currently U.S. 

Branches are not charged the monthly 

fee for this service.8

4. The annual minimum fee charged 

to Participants for use of the U.S. Tax 

Withholding Service would increase 

from $5,000 to $7,500. For example, if 

an account is charged $7,000 in fees for 


rljohnson on DSK3VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 1451 

9 15 U.S.C. 78q–1(b)(3)(D). 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f). 

12 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

use of the service during a calendar 

year, then the account would be charged 

an additional $500 to reach the annual 

minimum amount of $7,500. However, 

the existing annual minimum charge 

does not apply to U.S. Branches and this 

would remain the case. In addition, the 

Fee Schedule would be clarified to 

reflect that this fee does not apply to 

U.S. Branches. 

The fee changes set forth above would 

be incorporated into the Fee Schedule 

which is available at www.dtcc.com. 

Implementation Date 

The proposed fee changes would take 

effect on January 2, 2015. 

2. Statutory Basis 

The proposed rule change would 

align DTC’s fees for the services 

described above with the costs of 

delivering applicable services, and the 

charges would apply equally in 

accordance with Participants’ use of 

DTC services. Therefore, DTC believes 

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)(D) of the Act,9 which requires 

that DTC’s Rules provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

Participants. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC does not believe that the 

proposed rule change would have any 

impact, or impose any burden, on 

competition. 

(C) Clearing Agency’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 yet been 

solicited or received. DTC will notify 

the Commission of any written 

comments received by DTC. 

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) 10 of the Act and paragraph 

(f) of Rule 19b–4 11 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–2014–13 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC, 20549–1090. 

All submissions should refer to File 

Number SR–DTC–2014–13. 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 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 

10:00 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 Web site 

at http://dtcc.com/legal/sec-rulefilings.aspx. 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–DTC– 

2014–13 and should be submitted on or 

before January 30, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00128 Filed 1–8–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73981; File No. SR–CME– 

2014–58] 

Self-Regulatory Organizations; 

Chicago Mercantile Exchange Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Extend a Fee Waiver 

Program for Certain OTC FX ClearedOnly Products 

January 5, 2015. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

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

thereunder,2 notice is hereby given that 

on December 22, 2014, Chicago 

Mercantile Exchange Inc. (‘‘CME’’) 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 CME. 

CME filed the proposal pursuant to 

Section 19(b)(3)(A)(ii) of the Act,3 and 

Rule 19b–4(f)(2) 4 thereunder, 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 

CME is proposing to extend an 

existing fee waiver program supporting 

certain CME cleared-only over-thecounter (‘‘OTC’’) foreign exchange 

(‘‘FX’’) products through December 31, 

2015. 

The text of the proposed rule change 

is below. Italicized text indicates 

additions; bracketed text indicates 

deletions. 

* * * * * 


rljohnson on DSK3VPTVN1PROD with NOTICES