Federal Register / Vol. 66, No. 245 / Thursday, December 20, 2001 / Notices 65767

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

2The Commission has modified the text of the

summaries prepared by EMCC.

3Pursuant to a separate plan for the integration

of EMCC with DTCC, it is contemplated that EMCC

will become an operating subsidiary of DTCC at the

same time that GSCC and MBSCC become operating

subsidiaries of DTCC. However, the transaction

involving GSCC and MBSCC is not contingent on

the transaction involving EMCC and vice versa.

Securities Exchange Act Release No. 44987 (Oct. 25,

2001), 66 FR 55218 (Nov. 1, 2001). NSCC and DTC

are currently wholly-owned subsidiaries of DTCC.

4Because of the current functional integration of

operations of GSCC and MBSCC, the integration of

GSCC with DTCC is contingent upon the successful

integration of MBSCC with DTCC and vice versa.

Securities Exchange Act Release Nos. 44989 (Oct.

25, 2001), 66 FR 55220 (Nov. 1, 2001) and 44988

(Oct. 25, 2001), 66 FR 55222 (Nov. 1, 2001).

5After the completion of the integration, EMCC,

MBSCC, and GSCC shall each be subsidiaries of

DTCC, and a single group of individuals shall serve

as directors of each of the Synergy Companies.

Following the integration, EMCC will continue to

exist as a separate registered clearing agency.

EMCC’s retained earnings existing at the time of (or

as of the end of the last full calendar month

preceding) the integration of EMCC with DTCC will,

as a matter of DTCC policy, be dedicated to

supporting the business of EMCC. EMCC will be

managed and operated so as to be appropriately

capitalized for its activities as a clearing agency.

6Similarly, the integration plan attempts to

insulate GSSC and MBSCC from the risks of

EMCC’s business. Securities Exchange Act Release

Nos. 45155 (Dec. 14, 2001) (SR–GSCC–2001–14);

45153 (Dec. 14, 2001) (SR–MBSCC–2001–04). See

also Securities Exchange Act Release Nos. 42013

(Oct. 15, 1999), 64 FR 57168 (Oct. 22, 1999) (SR–

DTC–99–11) and 42014 (Oct. 15, 1999), 64 FR

57171 (Oct. 22, 1999) (SR–NSCC–99–07) (DTC an

NSCC have adopted rules similar to this proposed

rule as part of their 1999 integration with DTCC.)

urged to contact the above named

individual one or two working days

prior to the meeting to be advised of any

potential changes to the agenda, etc.,

that may have occurred.

Dated: December 14, 2001.

Sher Bahadur,

Associate Director for Technical Support.

[FR Doc. 01–31329 Filed 12–19–01; 8:45 am]

BILLING CODE 7590–01–P

U.S. COMMISSION ON OCEAN POLICY

Public Meeting

AGENCY: U.S. Commission on Ocean

Policy.

ACTION: Notice.

SUMMARY: The U.S. Commission on

Ocean Policy will hold its first regional

meeting, the Commission’s third public

meeting, to hear and discuss issues of

concern to the Southeastern Region of

the United States, covering the coastal

area from Delaware to Georgia.

DATES: Meetings will be held Tuesday

and Wednesday, January 15 and 16,

2002 from 9 a.m. to 5 p.m., both days.

ADDRESSES: The meeting location is the

Physician’s Auditorium, College of

Charleston, 66 George Street,

Charleston, SC, 29424.

FOR FURTHER INFORMATION CONTACT: Mr.

Terry Schaff, U.S. Commission on

Ocean Policy, 1120 20th Street, NW,

Washington, DC, 20036, 202–418–3442,

tschaff@nsf.gov.

SUPPLEMENTARY INFORMATION: This

meeting is being held pursuant to

requirements under the Oceans Act of

2000 (Public Law 106–256, section

3(e)(1)(E)). The agenda will include

presentations by invited speakers

representing local and regional

government agencies and nongovernmental organizations, comments

from the public and any required

administrative discussions and

executive sessions. Invited speakers and

members of the public are requested to

submit their statements for the record

electronically by January 10, 2002 to the

meeting Point of Contact. Additional

meeting information, including a draft

agenda, will be posted as available on

the Commission’s web site at http://

www.oceancommission.gov.

Dated: December 14, 2001.

Admiral James D. Watkins USN (ret.)

Chairman, U.S. Commission on Ocean Policy.

[FR Doc. 01–31325 Filed 12–19–01; 8:45 am]

BILLING CODE 6820–WM–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–45154; File No. SR–EMCC–

2001–04]

Self-Regulatory Organizations;

Emerging Markets Clearing

Corporation; Notice of Filing of

Proposed Rule Change Relating to

Liability of Affiliated Entities

December 14, 2001.

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

Securities Exchange Act of 1934,1 notice

is hereby given that on October 29,

2001, the Emerging Markets Clearing

Corporation (‘‘EMCC’’) 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 EMCC. 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

EMCC proposes to amend its rules in

order to limit its liability with respect to

affiliated entities. Specifically, EMCC

proposes to add a section to its rules

that states that, except as otherwise

provided by written agreement between

EMCC and such other entity, (1) EMCC

shall not be liable for any obligations of

such other entity and its clearing fund

and other assets shall not be available to

such other entity and (2) such other

entity shall not be liable for any

obligations of EMCC and any assets of

such other entity shall not be available

to EMCC.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

EMCC 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 the statements

may be examined at the places specified

in Item IV below. EMCC 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

The proposed rule change addresses

liability issues that may arise after the

completion of the integration of EMCC,3

the Government Securities Clearing

Corporation (‘‘GSCC’’), and the MBS

Clearing Corporation (‘‘MBSCC’’) 4 with

The Depository Trust and Clearing

Corporation (‘‘DTCC’’). For purposes of

this notice, DTCC, GSCC, MBSCC,

EMCC, The Depository Trust Company

(‘‘DTC’’), and National Securities

Clearing Corporation (‘‘NSCC’’) are

collectively referred to as the ‘‘Synergy

Companies.’’ 5

An important aspect of the integration

plan is to insulate EMCC, its members,

and its clearing fund from the risks and

obligations that may arise from the

activities of the other Synergy

Companies.6 The proposed rule change

will specifically add a new EMCC Rule

9 Section 1 rules that states that EMCC

will not be liable for the obligations of

any other entity or member of any other

entity and that such other entity or

member of such other entity shall not be

liable for any obligations of EMCC.

EMCC believes that the proposed rule

change is consistent with the