Voglio sapere a riguardo di…

60724

Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 2021 / Notices
C. Replace References to Vice President With Executive Director In 2018, DTC determined that the title of Vice President should be replaced by the title Executive Director. 29 DTC
is proposing to amend the Rules to replace the term Vice President, which appears in Section 3 of Rule 1
and in Rule 28, with the term Executive Director.
D. Amend the By-Laws Pursuant to the proposed rule change, DTC is proposing to amend Article V of the By-Laws to expressly provide that designees of the Board of Directors have the power to interpret the Rules of DTC.
This amendment would provide consistency across the overlapping Boards of Directors of the three DTCC
registered clearing agencies, DTC, NSCC,30 and the Fixed Income Clearing Agency FICC.31
Implementation Timeframe DTC would implement the proposed changes no earlier than thirty 30 days after the date of filing, or such shorter time as the Commission may designate.
As proposed, a legend would be added to the Rules stating there are changes that were effective upon filing but have not yet been implemented. The legend would also state that DTC would implement the proposed changes no earlier than thirty 30 days after the date of filing, or such shorter time as the Commission may designate. The proposed legend would state that the legend would automatically be removed upon the implementation of the proposed changes. DTC would announce the implementation date of the proposed changes by Important Notice posted to its website.

khammond on DSKJM1Z7X2PROD with NOTICES

2. Statutory Basis Section 17Ab3F of the Act requires, in part, that the Rules be designed to promote the prompt and accurate clearance and settlement of securities transactions.32
DTC believes that the proposed changes to amend and clarify certain notice provisions relating to proposed 29 Securities Exchange Act Release No. 82915
March 20, 2018, 83 FR 12970 March 26, 2018
SRDTC2018001.
30 NSCC Rule 47 provides, in part, The Board of Directors of the Corporation or their designees shall have the authority to interpret the Rules of the Corporation. Supra note 27.
31 Rule 47 of the Government Securities Division Rulebook of FICC FICC GSD Rules provides, in part, The Board of Directors of the Corporation or their designees shall have the authority to interpret the Rules of the Corporation. The FICC
GSD Rules are available at http www.dtcc.com/
legal/rules-and-procedures.aspx.
32 15 U.S.C. 78q1b3F.

VerDate Sep<11>2014

17:01 Nov 02, 2021

Jkt 256001

rule changes and changes to the Procedures would enhance the efficiency of DTCs process for notifying its Participants and Pledgees about changes to its Rules and Procedures. As discussed above in detail, DTC believes that Participants and Pledgees are already provided adequate notice of any rule changes, including changes to its Procedures, through the rule change process. As such, the requirements for DTC to immediately provide notice of any proposal it has made to change any Rule to provide ten Business Days notice of changes to Procedures are impractical and unnecessary and therefore can negatively impact the efficiency of the process. Specifically, because DTC is already subject toand complies withthe time periods required by the Act and Dodd Frank,33
DTC believes that self-imposed requirements to provide notice more quickly in the case of proposed rule changes or farther in advance in case of changes to Procedures than what is required by statute is unnecessary. In addition, DTC believes that the requirements are impractical because ix the requirement to immediately give notice requires DTC to coordinate an almost simultaneous submission of a proposed rule filing and notification to Participants, Pledgees, and registered clearing agencies, and y Participants, Pledgees, and registered clearing agencies would not be prejudiced by the delta between immediately and promptly; and ii the requirement to provide Participants and Pledgees notice of changes to Procedures ten Business Days in advance, especially when such parties already receive adequate notice of the changes, could cause delays in the rule filing process and/or the implementation of an amended rule and procedure.
Accordingly, DTC believes that, by removing unnecessary and impractical timing requirements for notice, the proposed rule change is designed to enhance the efficiency of DTCs notice process and implementation of the amended Rules and Procedures, thereby promoting the prompt and accurate clearance and settlement of securities transactions, as provided under such amended Rules and Procedures. As such, DTC believes that the proposed changes would be consistent with Section 17Ab3F of the Act, cited above.
DTC believes that the proposed rule change to make technical and clarifying changes, in particular i removing obsolete Rules 8 and 34, ii replacing references to Vice President with
Executive Director in Rules 1 and 28, iii amending the Bylaws to expressly provide that designees of the Board of Directors have the power to interpret the Rules, iv amending Rule 22 to enhance the transparency around, and efficiency of, the hearing process for Interested Persons, and v amend Rule 23 to align the text with a parallel NSCC Rule would enhance the clarity and transparency of the Rules. By enhancing the clarity and transparency of the Rules, the proposed rule change would allow Participants to more efficiently and effectively conduct their business in accordance with the Rules. Therefore, DTC believes that the proposed rule change is designed to promote the prompt and accurate clearance and settlement of securities transactions consistent with Section 17Ab3F of the Act, cited above.
B Clearing Agencys Statement on Burden on Competition DTC believes that the proposed rule change to amend and clarify certain notice provisions relating to proposed rule changes and changes to Procedures would not have any impact on competition. While the proposed change would impact the rights and obligations of Participants and Pledgees to receive notices more quickly in the case of proposed rule changes or farther in advance in case of changes to Procedures than what is required by statute, the impact of the proposed changes on the Participants and Pledgees would be minimal. As discussed above, DTC believes that the proposed changes to the notice provisions are removing unnecessary and impractical timing requirements for notices, and Participants and Pledgees would continue to receive adequate notice under the rule change process and continue to be treated equally with respect to such notices. As such, DTC
believes the proposed rule change to amend and clarify certain notice provisions relating to proposed rule changes and changes to Procedures would not have any impact on competition.34
DTC believes that the proposed rule change to make technical and clarifying changes described herein would not have any impact on competition because it would enhance the clarity and transparency of the Rules and therefore would not affect the rights or obligations of any party. Accordingly, DTC does not believe that the proposed rule change would have any impact on competition.35
34 15

33 See
PO 00000

supra notes 9 and 10.

Frm 00112

Fmt 4703

Sfmt 4703

U.S.C. 78q1b3I.

35 Id.

E:FRFM03NON1.SGM

03NON1