Document ID: SEC-2015-0840-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Depository Trust Co.
Posted Date: 2015-05-18T04:00Z

[Federal Register Volume 80, Number 95 (Monday, May 18, 2015)]
[Notices]
[Pages 28325-28327]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11868]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74926; File No. SR-DTC-2015-005]

Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Make Technical Revisions to the DTC Custody Service Guide and the DTC 
Deposits Service Guide

May 12, 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 April 30, 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. DTC filed the proposed rule change 
pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(4) \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.
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    \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)(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 technical revisions to the: 
(i) DTC Custody Service Guide (``Custody Guide'') and (ii) DTC Deposits 
Service

[[Page 28326]]

Guide (``Deposits Guide'') in order to make technical changes and 
updates.\5\
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    \5\ Each term not otherwise defined herein has the respective 
meaning set forth in DTC's rules (the ``Rules''), available at 
http://www.dtcc.com/~/media/Files/Downloads/legal/rules/
dtc_rules.pdf.
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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 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 proposed rule change would revise both of [sic] the Custody 
Guide and the Deposits Guide to make technical changes and updates to 
reflect current terminology, systems functionality, procedures and 
practices, as well as to simplify and clarify text.
    In this regard, the Custody Guide would be revised to:
    (i) Harmonize descriptions throughout regarding the eligibility of 
securities and other assets for deposit in the Custody Service, and 
update the list of items that are accepted or not accepted for deposit;
    (ii) Update references to functionality with respect to Participant 
interfaces with DTC;
    (iii) Clarify that Participants' may utilize the New York Window 
Service to facilitate physical transfers with respect to deliveries of 
securities for services offered by National Securities Clearing 
Corporation (NSCC) such as the Envelope Settlement Service (ESS) and 
the Automated Customer Account Transfer Service (ACATS);
    (iv) Remove the ``Terms and Conditions'' section provided for the 
New York Window Service which is not necessary in light of the 
indemnification provisions relating to DTC's offering of services under 
DTC Rule 6; \6\
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    \6\ See DTC Rules (Rule 6 (Services)), pp. 45-49, available at 
http://www.dtcc.com/~/media/Files/Downloads/legal/rules/
dtc_rules.pdf.
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    (v) Update text, including descriptions of processes and address 
information for the Custody Service and cross-references throughout; 
and
    (vi) Conform grammar and usage of terminology throughout.
    In addition, the Deposits Guide would be revised to:
    (i) Remove language relating to the Custody Service that is 
duplicative of the provisions in the Custody Guide;
    (ii) Clarify that provisions relating DTC's use of Participants' 
medallion guarantee stamps for purposes of the Branch Deposit Service 
also apply with respect to the Restricted Deposit Service;
    (iii) Update other text, including descriptions of processes and 
address information for the Deposits Service and cross-references 
throughout; and
    (iv) Conform grammar and usage of terminology throughout.
Implementation Date
    The proposed rule change would become effective immediately.
2. Statutory Basis
    The proposed rule change would revise the Custody Guide and the 
Deposits Guide to make technical changes and updates to reflect current 
terminology, systems functionality, procedures and practices, as well 
as simplify and clarify the texts of both guides. Therefore, DTC 
believes the proposed rule change is consistent with the requirements 
of: (i) The Act, in particular Section 17A(b)(3)(F) of the Act,\7\ 
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)(9) \8\ promulgated 
under the Act which requires, inter alia, that a clearing agency 
establish, implement, maintain and enforce written policies and 
procedures reasonably designed to identify and evaluate the risks and 
costs associated with using its services, because the proposed changes 
simplify and clarify the Guides' respective texts for the users of 
DTC's services.
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    \7\ 15 U.S.C. 78q-1(b)(3)(F).
    \8\ 17 CFR 240.17Ad-22(d)(9).
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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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) \9\ of the Act and paragraph (f) of Rule 19b-4 \10\ 
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.
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f).
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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-2015-005 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-2015-005. 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

[[Page 28327]]

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-2015-005 and should be 
submitted on or before June 8, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-11868 Filed 5-15-15; 8:45 am]
 BILLING CODE 8011-01-P