Notice2022-14396
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Decommission the Insurance Profile Service, Adjust Fees for Insurance Information Exchange Service and Make Certain Other Corrections in the Rules
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 7, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 129 (Thursday, July 7, 2022)</title>
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[Federal Register Volume 87, Number 129 (Thursday, July 7, 2022)]
[Notices]
[Pages 40567-40571]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-14396]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95188; File No. SR-NSCC-2022-008]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change To Decommission the Insurance Profile Service, Adjust Fees
for Insurance Information Exchange Service and Make Certain Other
Corrections in the Rules
June 30, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 23, 2022, National Securities Clearing Corporation (``NSCC'')
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 the clearing agency. NSCC filed the
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
subparagraphs (f)(2) \4\ and (f)(4) \5\ of Rule 19b-4 thereunder. 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)(2).
\5\ 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
(a) The proposed rule change of NSCC is annexed [sic] hereto as
Exhibit 5 and consists of modifications to Rule 57 and Addendum A of
NSCC's Rules & Procedures (``Rules'') in order to (i) decommission the
Insurance Profile service, (ii) adjust the fees for the Insurance
Information Exchange service (``IIEX'') to (a) provide for fees for
product data that is being moved from Insurance Profile to IIEX and (b)
adjust certain fees for service providers and (iii) make certain other
corrections to the Rules, as described below.\6\
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\6\ Capitalized terms used herein and not otherwise defined
shall have the meaning assigned to such terms in the Rules,
available at http://dtcc.com/~/media/Files/Downloads/legal/rules/
nscc_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, the clearing agency 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. The clearing agency 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
NSCC is proposing to move the processing of certain product data
that is currently being processed through Insurance Profile to IIEX and
decommission Insurance Profile. Following the proposed changes, product
data that is currently being processed through Insurance Profile will
be processed through IIEX. The fees for the use of IIEX for processing
of such product data will be moved to IIEX in Addendum A of the Rules
but will remain the same as the fees currently charged for the
processing of such product data through Insurance Profile.
NSCC is also proposing to remove fees for service providers using
IIEX for policy data and proposing to add fees for service providers
using IIEX for product data.
Finally, NSCC is proposing to correct incorrect references to
``IPS'' and ``IPS Data'' in the Rules.
The proposed changes would not have a substantial impact on I&RS
Members (as defined below). I&RS Members would use IIEX rather than
Insurance Profile to process product data, but the fees for processing
such product data would not change. Following the proposed changes,
service providers would be charged for processing product data using
IIEX but would not be charged for processing policy data through IIEX.
(a) Background
Insurance and Retirement Processing Services (``I&RS'') provides
for transmission of I&RS Data,\7\ including annuity and life insurance
policy applications and premiums, licensing and appointments, fees and
expenses, commission payments, reporting of client positions and
valuations, asset pricing, financial activity reporting and annuity
customer account transfers. Entities that use I&RS services include
[[Page 40568]]
(i) insurance companies that are Insurance Carrier/Retirement Services
Members (``Carriers''); and (ii) Carriers' intermediaries, such as
broker-dealers, banks and insurance agencies, that are Members, Mutual
Fund/Insurance Services Members and Data Services Only Members that
distribute participating Carriers' insurance products (collectively,
``Distributors,'' and, together with ``Carriers,'' collectively
referred to herein as ``I&RS Members''). The aim of I&RS is to automate
and provide seamless end-to-end communication between Carriers,
Distributors and their service providers for the sale, processing and
money settlement of insurance and annuity products nationwide.
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\7\ I&RS Data is data and information relating to I&RS Eligible
Products. Section 1.(a) of Rule 57, supra note 6. An ``I&RS Eligible
Product'' means insurance products, retirement or other benefit
plans or programs that are identified by NSCC as eligible for
processing through its I&RS. See Definition of I&RS Eligible
Product, Rule 1 and Section 1.(d) of Rule 3, id.
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I&RS Data can be categorized generally into three types of data:
product data, policy data and producer data. Product data is general
public data relating to products that are being issued by Carriers,
such as fees and expenses for specific policies and commission schedule
data \8\ relating to the products. Policy data is data relating to
specific insurance and annuity policies that have been issued to
clients based on those products, such as the names and identifying
information of the parties to the contract (i.e., owner, insured,
beneficiary), policy value, certain features of the policies that were
issued, the names of the licensed agents that are authorized to sell
such policies (i.e., the ``producers'') and the type of policy (e.g.,
annuity, life insurance policy, etc.). Producer data is information
relating to the producers that are authorized to sell the products such
as which producers have been appointed to sell particular products and
where the producers are licensed to sell the products.
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\8\ Carriers disclose commissions that are paid to producers for
sales of particular products. The commissions are disclosed in
commission schedules that list the particular products and
commissions that are associated with the products.
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(b) Insurance Profile/IIEX
Insurance Profile was launched in 2017 to enable annuities
Distributors to access fee, expense and commission schedule data (``Fee
Data'') from Carriers which is product data.\9\ The service is a data
repository that allows I&RS Members to access and exchange Fee Data.
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\9\ See Securities Exchange Act Release No. 80404 (April 7,
2017), 82 FR 17916 (April 13, 2017) (SR-NSCC-2017-003) (``Insurance
Profile Filing''). See also Rule 57, Section 10, supra note 6.
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IIEX was launched in 2020 to enable I&RS Members and service
providers to access and exchange I&RS Data.\10\ IIEX is also a data
repository but was built on a different platform than Insurance Profile
and was not limited to processing Fee Data.\11\ In addition, IIEX was
built to be accessible by an Application Programming Interface
(``API'') specifically for use with IIEX and is available to service
providers.\12\ Although the Rules provide that IIEX is available to
transmit, view and retrieve I&RS Data, currently IIEX has been used
only to process I&RS Data that is policy data.
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\10\ See Securities Exchange Act Release No. 90092 (October 5,
2020), 85 FR 64182 (October 9, 2020) (SR-NSCC-2020-017) (``IIEX
Filing''). See also Rule 57, Section 11, supra note 6.
\11\ Id.
\12\ Id.
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NSCC would like to use the IIEX platform to process the Fee Data
that is currently being processed through Insurance Profile because it
is inefficient to continue to have two data repositories. IIEX is a
newer platform that is API-enabled. NSCC believes that consolidating
the data repository services onto one platform will be more efficient
because I&RS Members will only need to sign into one platform rather
than two. Using IIEX alone rather than continuing to use Insurance
Profile would create a better user experience, take advantage of newer
and better technology, such as the API-enabled platform and updated
user interfaces that enhance the user experience by, among other
things, offering a single-entry point into upgraded, standardized data
screens and client flexibility in determining level of authorization to
access. In addition, IIEX has been designed to include an architecture
modernization by developing reusable components to be used across I&RS
applications. Discontinuing Insurance Profile would also eliminate
unnecessary regression and other system testing that is required if
Insurance Profile maintained as a separate platform.
Once the Fee Data is processed through IIEX, the Insurance Profile
platform would no longer be used to process data. Therefore, NSCC is
proposing to decommission Insurance Profile. NSCC would process all Fee
Data on the IIEX platform beginning on June 30, 2022. NSCC would not
change the fees that it is currently charging I&RS Members to access
and exchange the Fee Data through Insurance Profile once such data is
moved to the IIEX platform. NSCC would provide updates to I&RS Members
on the timing of the proposed changes by Important Notice.
(c) IIEX and Service Providers
IIEX was developed to allow service providers that were authorized
by I&RS Members to access IIEX through APIs.\13\ Addendum A provides a
fee schedule for service providers that use IIEX and Rule 57 provides
that service providers that gain access to IIEX will be required to
enter into an agreement which will include an agreement to pay the fees
set forth in the Rules.\14\ Since the inception of IIEX, however, no
services providers have agreed to sign up for IIEX and pay the fees.
NSCC would like to encourage service providers to access IIEX because
NSCC believes that when service providers use this IIEX, more I&RS
Members would also use the service as counterparties to those service
providers. Therefore, NSCC is proposing to remove the fees for service
providers to use IIEX for transmitting policy data that is currently
processed through IIEX.
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\13\ Id.
\14\ See Section IV.H.2.j of Addendum A of the Rules and Rule
57, Section 11, supra note 6.
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Currently, the Fee Data that is accessible through Insurance
Profile is only available to I&RS Members and not to service providers.
NSCC would like to also provide service providers with access to IIEX
to process this Fee Data as well. Product data is more general than
policy data, which is limited to specific clients, and NSCC believes
that service providers would be more likely to pay for the use of IIEX
for such product data. Therefore, NSCC is proposing to require that
service providers that use IIEX for product data pay the current fees
for such service, including for the Fee Data that will be moved from
Insurance Profile to be processed through IIEX.
(d) IIEX Product Data
NSCC is proposing to identify the different categories for policy
data and product data in the fee schedule in Addendum A of the Rules.
Fees for processing the Fee Data, which is being moved from Insurance
Profile to be processed through IIEX, would be placed under the product
data category and fees for processing the existing policy data that is
currently being processed through IIEX would be placed under the policy
data category.
(e) I&RS and I&RS Data
In the IIEX Filing, NSCC also amended the Rules to change the name
of I&RS from Insurance and Retirement Processing Services to Insurance
& Retirement Services in order to reflect the conventional use of the
name of the service.\15\ To reflect the name change, NSCC also changed
defined terms relating to the service from ``IPS'' to ``I&RS'' and from
``IPS Data'' to ``I&RS
[[Page 40569]]
Data''.\16\ Rule 58 still contains an incorrect use of the defined
terms IPS and IPS Data.\17\ Therefore, NSCC is proposing to correct the
use of the defined terms ``IPS'' and ``IPS Data'' in Rule 58 to
``I&RS'' and ``I&RS Data'', respectively.
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\15\ See IIEX Filing, supra note 10.
\16\ Id.
\17\ See Section 2.(f) of Rule 58, supra note 6.
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(f) Proposed Rule Changes
(1) Remove Insurance Profile
NSCC is proposing to remove Insurance Profile from Section 10 of
Rule 57 and remove references to the fees for Insurance Profile from
Section IV.H.2.i of Addendum A. NSCC would renumber Section 11 of Rule
57 and Section IV.H.2.j of Addendum A to reflect the deletion of
Section 10 of Rule 57 and Section IV.H.2.i of Addendum A.
(2) Adjust Fees for IIEX
NSCC is proposing to move the fees for processing Fee Data
currently in Insurance Profile to IIEX in proposed Section IV.H.2.i of
Addendum A. NSCC would also add different categories of data in
proposed Section IV.H.2.i of Addendum A with separate fees for policy
data which would include the current IIEX fees, and product data which
would include the fees currently in Insurance Profile with respect to
Fee Data that would be moved to IIEX. With respect to the product data,
NSCC would also add service providers to the list of entities that
would have access in the proposed Section IV.H.2.i of Addendum A.
To reflect that NSCC would stop charging fees for service providers
to access policy data, as described above, but provide fees for service
providers to access product data, NSCC would change proposed Section 10
of Rule 57 to provide that the agreements with the service providers
will include an agreement to pay the fees set forth in the Rules for
product data for which service providers are required to pay a fee as
set forth in the Rules. NSCC would also remove the fees for policy data
for service providers in new proposed Section IV.H.2.i of Addendum A.
(3) Correct Defined Terms
NSCC is proposing to correct two references of ``IPS Data'' to
``I&RS Data'' and one reference of ``IPS'' to ``I&RS'' in Section 2.(f)
of Rule 58 to reflect the correct defined terms.
(g) Expected Member/NSCC Impact
The proposed changes would not have a substantial impact on I&RS
Members. I&RS Members would use IIEX rather than Insurance Profile to
process product data. IIEX would include the IIEX API which is not
currently available for Insurance Profile. The fees for processing such
product data would not change. Following the changes, service providers
would be charged the same fees as I&RS Members for processing product
data using IIEX but would not be charged for processing policy data
through IIEX.
The changes to use the correct terms ``I&RS'' and ``I&RS Data''
would have no impact on the I&RS Members except to enhance clarity and
transparency of the Rules.
(h) Implementation Timeline
NSCC would implement the removal of the fees for service providers
for policy data in IIEX and the corrections to the defined terms in
Rule 58 upon filing of the proposed rule changes.
NSCC would implement the removal of Insurance Profile and movement
of the fees from Insurance Profile to IIEX on June 30, 2022. As
proposed, a legend would be added to Rule 57 and Addendum A stating
there are changes that became effective upon filing with the Commission
but have not yet been implemented. The proposed legend also would
include June 30, 2022, as the date on which such changes would be
implemented and the file number of this proposal, and state that, once
this proposal is implemented, the legend would automatically be removed
from Rule 57 and Addendum A.
2. Statutory Basis
NSCC believes that the proposal is consistent with the requirements
of the Act and the rules and regulations thereunder applicable to a
registered clearing agency. In particular, NSCC believes that the
proposed rule changes are consistent with Sections 17A(b)(3)(F) and (D)
of the Act \18\ and Rule 17Ad-22(e)(21) promulgated under the Act.\19\
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\18\ 15 U.S.C. 78q-1(b)(3)(F) and (D).
\19\ 17 CFR 240.17Ad-22(e)(21).
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Section 17A(b)(3)(F) of the Act,\20\ requires, in part, that the
Rules be designed to promote the prompt and accurate clearance and
settlement of securities transactions. The proposed changes to move the
Fee Data from Insurance Profile to IIEX is consistent with this
provision because such changes would enhance the ability of NSCC
Members to access such data by using a more effective and user-friendly
platform and by having access to APIs. In addition, NSCC believes that
consolidating the data repository services onto one platform will be
more efficient because I&RS Members will only need to sign into one
platform rather than two. Also, removing the fees for service providers
to access policy data and providing access to service providers for
product data is expected to incentivize the use of IIEX by service
providers which would have the effect of increasing the use by I&RS
Members that are counterparties to the service providers. Providing a
more efficient and streamlined process with respect to accessing such
Fee Data and incentivizing the use of IIEX by service providers would
promote the prompt and accurate clearance and settlement of securities
transactions by NSCC, consistent with Section 17A(b)(3)(F) of the
Act.\21\
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\20\ 15 U.S.C. 78q-1(b)(3)(F).
\21\ Id.
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Removing Insurance Profile from the Rules, adding the categories
for policy data and product data and correcting the defined terms
``IPS'' and ``IPS Data'' to ``I&RS'' and ``I&RS Data'', respectively,
are also consistent with 17A(b)(3)(F) of the Act.\22\ Each of the
proposed changes would enhance clarity and transparency for
participants with respect to services offered by NSCC allowing I&RS
Members to have a better understanding of the Rules relating to I&RS.
Having clear and accurate Rules would help I&RS Members to better
understand their rights and obligations regarding NSCC's services. NSCC
believes that when I&RS Members better understand their rights and
obligations regarding NSCC's services, they can act in accordance with
the Rules. NSCC believes that better enabling I&RS Members to comply
with the Rules would promote the prompt and accurate clearance and
settlement of securities transactions by NSCC consistent with Section
17A(b)(3)(F) of the Act.\23\
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\22\ Id.
\23\ Id.
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Section 17A(b)(3)(D) of the Act \24\ requires that the Rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its participants. NSCC believes that the proposed
rule change to remove the fees for service providers to access policy
data and to provide access to service providers to product data, and to
add fees for such access, are consistent with this provision of the
Act. NSCC believes the removal of fees for policy data would
incentivize use of I&RS by services providers for policy data, which is
not currently being utilized by service providers, and encourage use by
I&RS Members. NSCC also believes that service providers are more likely
access product data and to pay for such
[[Page 40570]]
product data, which is more general than policy data and could be used
by service providers across multiple I&RS Member counterparties.
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\24\ 15 U.S.C. 78q-1(b)(3)(D).
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NSCC believes the proposed changes to the fees are equitable
because they would apply uniformly to all service providers that
utilize the services and would not impact the fees being paid by I&RS
Members. NSCC believes the proposed changes are reasonable because the
fees that would be charged to service providers for product data would
be the same fees that are being charged to I&RS Members that access
such product data through I&RS, which are designed to align with the
cost of delivering the feature.\25\ NSCC believes that removing fees
for access to policy data is reasonable because it would incentivize
the use of I&RS by service providers for such policy data which would
be beneficial to the I&RS Members that are counterparties of such
service providers. Therefore, by establishing fees that align with the
cost of delivery of this feature and allocating those fees equitably
among the subscribing users, including service providers, the proposed
rule change would provide for the equitable allocation of reasonable
dues, fees and other charges among its participants consistent with the
requirements of Section 17A(b)(3)(D) of the Act.\26\
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\25\ See Insurance Profile Filing, supra note 9.
\26\ 15 U.S.C. 78q-1(b)(3)(D).
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In addition, the proposed rule change is designed to comply with
Rule 17Ad-22(e)(21) promulgated under the Act.\27\ Rule 17Ad-22(e)(21)
under the Act requires NSCC to, inter alia, establish, implement,
maintain and enforce written policies and procedures reasonably
designed to be efficient and effective in meeting the requirements of
its participants and the markets it serves. The proposed rule change
would enhance the ability of I&RS Members to access Fee Data by
removing the Insurance Profile platform and providing a more efficient
and streamlined platform with access to an API specifically for IIEX.
In addition, removing the fees for service providers to access policy
data and providing access to service providers for product data would
incentivize the use of IIEX by service providers which NSCC believes
will have the effect of increasing the use by I&RS Members that are
counterparties to the service providers. Therefore, by establishing a
more efficient and effective process for I&RS Members and their service
providers to process I&RS Data, NSCC believes that the proposed changes
are consistent with the requirements of Rule 17Ad-22(e)(21),
promulgated under the Act.\28\
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\27\ 17 CFR 240.17Ad-22(e)(21).
\28\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
NSCC does not believe that the proposed rule changes would have an
impact on competition. The proposed changes would merely facilitate
I&RS Members access to Fee Data through the IIEX platform rather than
the Insurance Profile platform. The fees for I&RS Members to access
such information would not change. NSCC also does not believe that the
removal of fees for service providers for policy information would
burden competition because service providers are not currently using
the service or paying fees. NSCC believes that removing the fees for
service providers to access policy data and providing that service
providers may have access to product data by paying the same fees as
I&RS Members may promote competition by incentivizing service providers
to use IIEX which NSCC believes would result in more I&RS Members using
IIEX.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
NSCC has not received or solicited any written comments relating to
this proposal. If any written comments are received by NSCC, they will
be publicly filed as an Exhibit 2 to this filing, as required by Form
19b-4 and the General Instructions thereto.
Persons submitting comments are cautioned that, according to
Section IV (Solicitation of Comments) of the Exhibit 1A in the General
Instructions to Form 19b-4, the Commission does not edit personal
identifying information from comment submissions. Commenters should
submit only information that they wish to make available publicly,
including their name, email address, and any other identifying
information.
All prospective commenters should follow the Commission's
instructions on how to submit comments, available at <a href="https://www.sec.gov/regulatory-actions/how-to-submit-comments">https://www.sec.gov/regulatory-actions/how-to-submit-comments</a>. General
questions regarding the rule filing process or logistical questions
regarding this filing should be directed to the Main Office of the
Commission's Division of Trading and Markets at
<a href="/cdn-cgi/l/email-protection#7105031015181f16101f151c10031a140502310214125f161e07"><span class="__cf_email__" data-cfemail="b3c7c1d2d7daddd4d2ddd7ded2c1d8d6c7c0f3c0d6d09dd4dcc5">[email protected]</span></a> or 202-551-5777.
NSCC reserves the right not to respond to any comments received.
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) \29\ of the Act and paragraph (f) \30\ of Rule 19b-4
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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\29\ 15 U.S.C. 78s(b)(3)(A).
\30\ 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
<bullet> Use the Commission's internet comment formv(<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#cab8bfa6afe7a9a5a7a7afa4beb98ab9afa9e4ada5bc"><span class="__cf_email__" data-cfemail="a9dbdcc5cc84cac6c4c4ccc7dddae9daccca87cec6df">[email protected]</span></a>. Please include
File Number SR-NSCC-2022-008 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549.
All submissions should refer to File Number SR-NSCC-2022-008. 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 website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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 website 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
[[Page 40571]]
filing also will be available for inspection and copying at the
principal office of NSCC and on DTCC's website (<a href="https://dtcc.com/legal/sec-rule-filings.aspx">https://dtcc.com/legal/sec-rule-filings.aspx</a>). 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-NSCC-2022-008 and should be submitted on or before July 28, 2022.
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\31\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2022-14396 Filed 7-6-22; 8:45 am]
BILLING CODE 8011-01-P
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