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change that are filed with the a situation where a participant notifies clarity and a clear legal basis for DTC’s
Commission, and all written DTC that it intends to wind down its rights or actions taken with respect to a
communications relating to the activities and DTC determines in its wind-down participant. DTC also
proposed rule changes between the discretion that it must take special believes that the proposed rule is
Commission and any person, other than action in order to protect itself and its designed to minimize the need for rule
those that may be withheld from the participants.3 waivers.
public in accordance with the DTC believes that the proposed rule
II. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be change is consistent with the
Statement of the Purpose of, and
available for inspection and copying in requirements of the Act and the rules
Statutory Basis for, the Proposed Rule
the Commission’s Public Reference Change and regulations thereunder because it is
Room. Copies of such filing will also be designed to enhance DTC’s rules
available for inspection and copying at In its filing with the Commission, regarding DTC’s rights and the actions it
the principal office of the CHX. All DTC included statements concerning may take with respect to a wind-down
comments received will be posted the purpose of and basis for the of a participant that presents risk to
without change; the Commission does proposed rule change and discussed any DTC.
not edit personal identifying comments it received on the proposed
rule change. The text of these statements B. Self-Regulatory Organization’s
information from submissions. You
may be examined at the places specified Statement on Burden on Competition
should submit only information that
you wish to make available publicly. All in Item IV below. DTC has prepared DTC does not believe that the
submissions should refer to File No. summaries, set forth in sections (A), (B), proposed rule change would have any
SR–CHX–2006–36 and should be and (C) below, of the most significant impact or impose any burden on
submitted on or before January 10, 2007. aspects of such statements.4 competition.
For the Commission, by the Division of A. Self-Regulatory Organization’s C. Self-Regulatory Organization’s
Market Regulation, pursuant to delegated Statement of the Purpose of, and Statement on Comments on the
authority.10 Statutory Basis for, the Proposed Rule Proposed Rule Change Received From
Florence E. Harmon, Change Members, Participants, or Others
Deputy Secretary. The proposed rule change would Written comments relating to the
[FR Doc. E6–21655 Filed 12–19–06; 8:45 am] allow DTC to make a determination that proposed rule change have not yet been
BILLING CODE 8011–01–P a participant is a wind-down participant solicited or received. DTC will notify
and would set forth the conditions DTC the Commission of any written
using its discretion could place on a comments received by DTC.
SECURITIES AND EXCHANGE wind-down participant and the actions
COMMISSION DTC using its discretion could take with III. Date of Effectiveness of the
[Release No. 34–54927; File No. SR-DTC– respect to a wind-down participant to Proposed Rule Change and Timing for
2006–07] protect itself and its participants. Such Commission Action
actions would include restricting or Within 35 days of the date of
Self-Regulatory Organizations; The modifying the wind-down participant’s publication of this notice in the Federal
Depository Trust Company; Notice of use of any or all of DTC’s services and Register or within such longer period (i)
Filing of a Proposed Rule Change requiring the wind-down participant to As the Commission may designate up to
Relating to the Wind-Down of a post increased participants fund 90 days of such date if it finds such
Participant deposits. DTC would retain all of its longer period to be appropriate and
other rights set forth in its rules and publishes its reasons for so finding or
December 13, 2006.
participant agreements, including the (ii) as to which the self-regulatory
Pursuant to Section 19(b)(1) of the right to cease to act for the wind-down
Securities Exchange Act of 1934 organization consents, the Commission
participant. will:
(‘‘Act’’),1 notice is hereby given that on DTC believes that the proposed rule
March 28, 2006, The Depository Trust (A) By order approve the proposed
will ensure that it has the needed rule change or
Company (‘‘DTC’’) filed with the flexibility to appropriately manage the
Securities and Exchange Commission (B) institute proceedings to determine
risks presented by an entity in crisis that whether the proposed rule change
(‘‘Commission’’) and on September 29, remains a participant of DTC. This is
2006, amended the proposed rule should be disapproved.
particularly important to preserve
change as described in Items I, II, and orderly settlement in the marketplace IV. Solicitation of Comments
III below, which items have been and to minimize the risk of loss to DTC Interested persons are invited to
prepared primarily by DTC. The and its participants. The proposed rule submit written data, views, and
Commission is publishing this notice to summarizes in a single rule DTC’s rights arguments concerning the foregoing,
solicit comments on the proposed rule and the actions it may take in such a including whether the proposed rule
change from interested persons. situation. These rights and actions are change is consistent with the Act.
I. Self-Regulatory Organization’s either permitted elsewhere in DTC’s Comments may be submitted by any of
Statement of the Terms of Substance of rules or are permitted pursuant to DTC’s the following methods:
the Proposed Rule Change emergency authority. By summarizing
them in a single rule, however, the Electronic Comments
The proposed rule change would add
a new Rule 32, Wind Down of a
proposed rule change should provide • Use the Commission’s Internet
comment form (http://www.sec.gov/
sroberts on PROD1PC70 with NOTICES
Participant,2 to DTC’s Rules to address 3 Similar proposed rule changes have been filed
rules/sro.shtml) or
10 17CFR 200.30–3(a)(12).
by the Fixed Income Clearing Corporation [File No. • Send an e-mail to rule-
SR–FICC–2006–05] and the National Securities
1 15U.S.C. 78s(b)(1). Clearing Corporation [File No. SR–NSCC–2006–05]. comments@sec.gov. Please include File
2 The text of DTC’s proposed Rule 32 can be 4 The Commission has modified parts of these Number SR-DTC–2006–07 on the
found DTC’s Web site at http://www.dtc.org. statements. subject line.
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76398 Federal Register / Vol. 71, No. 244 / Wednesday, December 20, 2006 / Notices
at http://www.ficc.com.
3 Similar proposed rule changes have been filed
by The Depository Trust Company [File No. SR– FICC does not believe that the
DTC–2006–07] and the National Securities Clearing proposed rule change would have any
Corporation [File No. SR–NSCC–2006–05].
4 The Commission has modified parts of these
impact or impose any burden on
5 17 CFR 200.30–3(a)(12). statements. competition.
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