Document ID: SEC-2015-0367-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Depository Trust Co.
Posted Date: 2015-03-02T05:00Z

[Federal Register Volume 80, Number 40 (Monday, March 2, 2015)]
[Notices]
[Pages 11243-11244]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-04184]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74358; File No. SR-DTC-2015-01]

Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing of Proposed Rule Change To Discontinue the Prospectus 
Repository System Service

February 24, 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 February 13, 2015, 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. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change consists of a proposal to discontinue the 
Prospectus Repository System Service (``PRS'') and delete the PRS Terms 
of Use (``Terms of Use'') from DTC's Rules and Procedures (``Rules''), 
as more fully described below.\3\
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    \3\ Terms not otherwise defined herein have their respective 
meanings set forth in the Rules.
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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

[[Page 11244]]

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
    The purpose of the proposed rule change is to discontinue PRS.
    PRS was implemented in 2003 and enables DTC Participants 
(``Participants'') and DTC-authorized third parties (Participants and 
such DTC-authorized third parties, collectively referred to as 
``Users'') \4\ to access prospectuses and official statements relating 
to new issues of corporate and municipal securities (``Documents'') 
available in electronic format from a DTC-maintained Web site.\5\ Due 
to the fact that PRS currently has few Users and many of the Documents 
made available via PRS are available to the public via electronic 
sources outside of DTC, it is no longer necessary or cost-effective for 
DTC or the industry to have DTC continue to maintain PRS. Therefore, 
DTC proposes to discontinue PRS and delete the Terms of Use from the 
Rules.
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    \4\ Third-party Users of PRS include syndicate members, 
correspondent banks, paying agents, transfer agents, and certain 
legal counsel and financial advisors. Individual investors do not 
have access to PRS.
    \5\ Securities Exchange Act Release No. 47410 (February 26, 
2003); 68 FR 10558 (March 5, 2003) (SR-DTC-2002-13).
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Effective Date
    The effective date of the proposed rule change would be announced 
via a DTC Important Notice.
2. Statutory Basis
    The proposed rule change would discontinue an underutilized service 
and eliminate the associated costs to DTC of maintaining it. Therefore, 
by precluding the need for DTC to allocate resources in this regard, 
the proposed rule change is consistent with the provisions of: (i) 
Section 17A(b)(3)(F) \6\ of the Act which requires that the rules of 
the clearing agency be designed, inter alia, to promote the prompt and 
accurate clearance and settlement of securities transactions, and (ii) 
Rule 17Ad-22(d)(6) \7\ promulgated under the Act which requires, inter 
alia, that a clearing agency establish, implement, maintain and enforce 
written policies and procedures reasonably designed to, as applicable, 
be cost-effective in meeting the requirements of participants while 
maintaining safe and secure operations.
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    \6\ 15 U.S.C. 78q-1(b)(3)(F).
    \7\ 17 CFR 240.17Ad-22(d)(6).
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(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

    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 such 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 email to rule-comments@sec.gov. Please include 
File Number SR-DTC-2015-01 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-DTC-2015-01. 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 (http://dtcc.com/legal/sec-rule-filings.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-2015-01 and should be 
submitted on or before March 23, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-04184 Filed 2-27-15; 8:45 am]
BILLING CODE 8011-01-P