Notice2022-15002
Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of Immediate Effectiveness of a Proposed Rule Change To Amend the DTC Distributions Guide To Enhance the Tax Event Announcements Feature of the Distributions Service and Make Related Clarifying Changes
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 14, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 134 (Thursday, July 14, 2022)</title>
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[Federal Register Volume 87, Number 134 (Thursday, July 14, 2022)]
[Notices]
[Pages 42243-42247]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15002]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95231; File No. SR-DTC-2022-008]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing of Immediate Effectiveness of a Proposed Rule Change
To Amend the DTC Distributions Guide To Enhance the Tax Event
Announcements Feature of the Distributions Service and Make Related
Clarifying Changes
July 8, 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 30, 2022, 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 the clearing agency. DTC filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(4)
thereunder.\4\ 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 would amend the Procedures \5\ set forth
in the Distributions Guide to accommodate Participants' tax reporting
and withholding obligations, by setting forth a proposed enhancement to
DTC's Procedure for the Tax Events Announcements feature (``Tax Event
Announcements'') of DTC's Distributions Service,\6\ as described
below.\7\
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\5\ Pursuant to the DTC Rules, the term ``Procedures'' means the
Procedures, service guides, and regulations of DTC adopted pursuant
to Rule 27, as amended from time to time. See Rule 1, Section 1,
infra note 7. DTC's Procedures are filed with the Commission. They
are binding on DTC and each Participant in the same manner that they
are bound by the DTC Rules. See Rule 27, infra note 7.
\6\ Tax Event Announcements provides Participants with
information-only announcements regarding taxable events that may
give rise to information and/or withholding obligations which occur
even in the absence of an actual distribution of dividend and
interest payments (``Tax Events''). See Distributions Guide, infra
note 7, at 14.
\7\ Each capitalized term not otherwise defined herein has its
respective meaning as set forth in the Rules, By-Laws and
Organization Certificate of The Depository Trust Company (``DTC
Rules''), available at <a href="http://www.dtcc.com/legal/rules-and-procedures.aspx">http://www.dtcc.com/legal/rules-and-procedures.aspx</a>, and the DTC Corporate Actions Distributions Service
Guide (``Distributions Guide''), available at https://www.dtcc.com/
~/media/Files/Downloads/legal/service-guides/Service-Guide-
Distributions.pdf.
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Announcements
The Distributions Service includes the announcement, collection,
allocation and reporting by DTC, on behalf of its Participants, of
dividend, interest and principal payments for Eligible Securities held
by Participants at DTC (``Announcements''). This centralized processing
provides efficiency for Participants for their receipt of (i) payment
information and (ii) payments on distributions covered by Announcements
(``Distribution Event'') \8\ from multiple issuers and agents.
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\8\ Distribution Events covered by Announcements include cash
dividends, interest, principal, capital gains, sale of rights on
American depositary receipts, return of capital, dividend with
option, stock splits, stock dividends, automatic dividend
reinvestments, spinoffs, rights distributions, pay in kind, and
liquidation. See Distributions Guide, supra note 7, at 12.
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DTC also provides a Participant holding a Security in its DTC
account with Tax Events Announcements for distributions subject to
Sections 305(c) and 871(m) of the Internal Revenue Code (``Code'').\9\
The proposed rule change would enhance Tax Event Announcements by
adding a new type of Tax Event to be referred to as a ``1042-S
Classification,'' as more fully described below.
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\9\ See Distributions Guide, supra note 7, at 14-15. See also
Securities Exchange Act Release No. 81871 (October 13, 2017), 82 FR
48734 (October 19, 2017) (SR-DTC-2017-018) and Securities Exchange
Act Release No. 87729 (December 12, 2019), 84 FR 69424 (December 18,
2019) (SR-DTC-2019-011).
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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
The proposed rule change would amend the Procedures \10\ set forth
in the Distributions Guide to accommodate Participants' tax reporting
and withholding obligations, by setting forth a proposed enhancement to
DTC's Procedure for the Tax Events Announcements feature (``Tax Event
Announcements'') of DTC's Distributions Service,\11\ as described
below.
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\10\ Pursuant to the DTC Rules, the term ``Procedures'' means
the Procedures, service guides, and regulations of DTC adopted
pursuant to Rule 27, as amended from time to time. See Rule 1,
Section 1, supra note 7. DTC's Procedures are filed with the
Commission. They are binding on DTC and each Participant in the same
manner that they are bound by the DTC Rules. See Rule 27, supra note
7.
\11\ Tax Event Announcements provides Participants with
information-only announcements regarding taxable events that may
give rise to information and/or withholding obligations which occur
even in the absence of an actual distribution of dividend and
interest payments (``Tax Events''). See Distributions Guide, supra
note 7, at 14.
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(a) Announcements
The Distributions Service includes the announcement, collection,
allocation and reporting by DTC, on behalf of its Participants, of
dividend, interest and principal payments for Eligible Securities held
by Participants at DTC (``Announcements''). This centralized processing
provides efficiency for Participants for their receipt of (i) payment
information and (ii) payments on distributions covered by Announcements
(``Distribution
[[Page 42244]]
Event'') \12\ from multiple issuers and agents.
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\12\ Distribution Events covered by Announcements include cash
dividends, interest, principal, capital gains, sale of rights on
American depositary receipts, return of capital, dividend with
option, stock splits, stock dividends, automatic dividend
reinvestments, spinoffs, rights distributions, pay in kind, and
liquidation. See Distributions Guide, supra note 7, at 12.
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DTC also provides a Participant holding a Security in its DTC
account with Tax Events Announcements for distributions subject to
Sections 305(c) and 871(m) of the Internal Revenue Code (``Code'').\13\
The proposed rule change would enhance Tax Event Announcements by
adding a new type of Tax Event to be referred to as a ``1042-S
Classification,'' as more fully described below.
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\13\ See Distributions Guide, supra note 7, at 14-15. See also
Securities Exchange Act Release No. 81871 (October 13, 2017), 82 FR
48734 (October 19, 2017) (SR-DTC-2017-018) and Securities Exchange
Act Release No. 87729 (December 12, 2019), 84 FR 69424 (December 18,
2019) (SR-DTC-2019-011)
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Proposed New Type of Tax Event Announcement for 1042-S Classifications
Pursuant to Rule 1.1446-4(b)(4) under the Code \14\, issuers of
publicly traded partnerships \15\ that are Eligible Securities,\16\
starting with distributions on or after January 1, 2023, will be
required to provide DTC's nominee, Cede & Co., as registered holder of
the Security,\17\ with ``qualified notices'' that classify a
distribution into multiple components for tax withholding and Internal
Revenue Service Form 1042-S \18\ reporting purposes. For example, on a
$1.00 distribution, the qualified notice may state that $0.60 is
considered dividend income and $0.40 is income effectively connected
with the conduct of a trade or business in the United States. DTC would
forward to Participants such qualified notices that it receives from
issuers, as discussed below.
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\14\ 26 CFR 1.1446-4(b)(4).
\15\ 26 CFR 1.1446-4(b)(1) (providing definition of publicly
traded partnership).
\16\ Pursuant to Rule 5, Section 1 of the DTC Rules, an Eligible
Security shall only be a Security accepted by DTC, in its sole
discretion, as an Eligible Security. DTC shall accept a Security as
an Eligible Security only (a) upon a determination by DTC that it
has the operational capability and can obtain information regarding
the Security necessary to permit it to provide its services to
Participants and Pledgees when such Security is Deposited and (b)
upon such inquiry, or based upon such criteria, as DTC may, in its
sole discretion, determine from time to time. DTC Rules, Rule 5,
supra note 7. See also DTC Operational Arrangements Necessary for
Securities to Become and Remain Eligible for DTC Services (``OA''),
available at http://www.dtcc.com/~/media/Files/Downloads/legal/
issue-eligibility/eligibility/operational-arrangements.pdf, at 6-9
(setting forth DTC eligibility requirements).
\17\ DTC holds eligible securities on behalf of Participants and
reflects the transfer of interests in those securities among
Participants by computerized book-entry. Eligible securities
deposited with DTC for book-entry transfer services are registered
in the name of its nominee, Cede & Co. (``Cede''), a New York
partnership. When the certificates are registered in the name of
Cede, DTC acquires legal title to the securities and, when DTC
credits interests in these securities to the securities accounts of
Participants, those Participants acquire a beneficial interest in
the securities. A Participant does not have a right to any
particular security; each Participant has a proportionate interest
in the fungible total inventory of the issue held by DTC. See DTC
Disclosure Framework for Covered Clearing Agencies and Financial
Market Infrastructures (December 2021), available at http://
www.dtcc.com/~/media/Files/Downloads/legal/policy-and-compliance/
DTC_Disclosure_Framework.pdf, at 9.
\18\ See Form 1042-S, available at <a href="https://www.irs.gov/pub/irs-pdf/f1042s.pdf">https://www.irs.gov/pub/irs-pdf/f1042s.pdf</a>.
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Meanwhile, other issuers may not be required to provide DTC with
classification information for Form 1042-S reporting purposes. For
example, a regulated investment company may classify a portion of a
distribution as representing interest-related dividends or as a short-
term capital gain dividend but would not be required to provide a
``qualified notice'' to DTC pursuant to Rule 1.1446-4(b)(4).\19\ This
classification information would not be reported to DTC on a
``qualified notice'' and currently could not be made available to
Participants through the facilities of DTC. Rather, to obtain the
information needed to fulfill any tax reporting obligations a
Participant or its customer may have with regard to such
classifications, DTC understands that Participants and their customers
obtain the necessary information from the respective issuers' websites
or from 3rd party vendors. Based on discussions with issuers and
Participants, DTC understands that having to obtain this information on
an individual CUSIP-by-CUSIP basis from issuers' websites or getting
this information after the distribution from a vendor, may create
inefficiencies for Participants and their customers that would be
mitigated if such information were made available in a more centralized
format.
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\19\ See supra note 14.
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To facilitate the distribution of this classification information
in a centralized format to Participants holding such Securities at DTC,
DTC proposes to create a new Tax Event ``Sub Event Type'' (i.e., the
``1042-S Classification'') with the various tax components that make up
a distribution, as more fully described below. Subject to requirements
described below, DTC would (i) receive 1042-S Classification
information that issuers voluntarily provide to DTC for this purpose
and (ii) distribute the information to Participants that hold the
applicable securities. Information that issuers are required to provide
to DTC pursuant to Rule 1.1446-4(b)(4) would also be included in the
1042-S Classification Sub Event Type.
Proposed Rule Change
Pursuant to the proposed rule change, the Distributions Guide would
be revised to reflect the addition of ``1042-S Classifications'' as a
``Sub Event Type'' under the Tax Event Announcement feature. The new
1042-S Classification would include a template to facilitate an
issuer's transmission of the distribution information that the issuer
wishes be made available to Participants through the facilities of DTC,
broken down by applicable classifications corresponding to the
applicable income codes for a Distribution Event.
The Distributions Guide would provide that an issuer that wishes to
have such 1042-S Classifications made available to Participants through
the facilities of DTC, would be required to utilize this template.
However, issuers making payments subject to Rule 1.1446-4(b)(4) under
the Internal Revenue Code may provide a ``qualified notice'' in lieu of
the template. In addition, to promote timeliness and accuracy of issuer
information, the Distributions Guide would provide that the breakdown
of the classifications must be provided to DTC prior to the record date
(``Record Date'') \20\ and should not be subject to change. The
Distributions Guide would also provide that by providing DTC with this
template, the issuer certifies that the information provided in the
template is not subject to change. However, the text would provide that
DTC will accept and distribute updated information to Participants to
the extent an issuer notifies DTC that the issuer entered an error in
the applicable template or qualified notice provided by it to DTC and
the issuer provides DTC with a corrected template or qualified notice,
as applicable. In addition, the text would provide that DTC reserves
the right not to accept classification information from issuers that do
not abide by the requirements included in the Distributions Guide.
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\20\ The Record Date is the date set by an issuer of a security
by which an investor must own the security in order to be eligible
to receive an upcoming distribution. See OA, supra note 16, at 26.
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The proposed text would also state that each issuer and its
affiliates, in the aggregate, may provide templates for up to, but no
more than, 12 CUSIP numbers
[[Page 42245]]
per month (``CUSIP Limit'').\21\ The number of qualified notices
provided by an issuer would not be included in the determination of the
CUSIP Limit for that issuer or its affiliates, because it is mandatory
under Rule 1.1446-4(b)(4) \22\ for issuers to deliver such notices to
DTC, as described above.
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\21\ Depending on demand for the transmittal of 1042-S
Classifications through the facilities of DTC, and general
availability of processing resources at DTC, DTC may submit a future
proposed rule change to amend the Distributions Guide to increase
the CUSIP Limit. Given this limitation, the text would note that to
the extent 1042-S Classification information applicable to a
Participant's holdings is not made available through Tax Events
Announcements, the Participant should obtain such information from
the issuer outside of DTC.
\22\ See supra note 14.
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The text of the Distributions Guide also would be updated to
clarify that ``305(c) Deemed Dividends'' and ``871(m) Dividend
Equivalent Amounts'' are Sub Event Types.
In addition, text in the Distributions Guide that describes a
``Cash Rate'' field \23\ that is included in a Tax Event Announcement
would be expanded and clarified to describe the field's contents for
each Sub Event Type. In this regard, three items would be added below
the description of Cash Rate as follows:
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\23\ The Cash Rate field is used to display the amount of a
deemed distribution or dividend equivalent payment. See
Distributions Guide, supra note 7, at 15.
<bullet> field used for the amount of the deemed distribution for sub
event type of 305(c) Deemed Dividends
<bullet> field used to provide the dividend equivalent amount for sub
event type of 871(m) Dividend Equivalent Amount
<bullet> Events with 1042-S Classifications will include multiple cash
rates with each cash rate having a corresponding income code per the
instructions for Form 1042-S, as applicable.''
Finally, DTC would add text to the Distributions Guide as it
relates to Tax Event Announcements to clarify that DTC does not
independently verify the accuracy and/or completeness of Tax Event
Announcement information it receives from issuers and agents, and that
it is the sole responsibility of each Participant to ensure the
accuracy and completeness of Tax Event Announcement information that it
uses for any purpose, including but not limited to tax withholding and
reporting.
Applicability of Tax Event Fee
As with DTC's distribution of other Tax Event information to
Participants, the distribution of 1042-S Classification information
would be subject to the ``Tax Event Announcement Fee'' of $12 per
Announcement, as set forth in the Fee Guide.\24\
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\24\ See DTC Fee Guide, available at https://www.dtcc.com/~/
media/Files/Downloads/legal/fee-guides/2022-DTC-Fee-Schedule-FINAL,
at 15.
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2. Statutory Basis
DTC believes that the proposed rule change is consistent with the
requirements of the Act, and the rules and regulations thereunder
applicable to DTC, in particular Section 17A(b)(3)(F) \25\ of the Act.
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\25\ 15 U.S.C. 78q-1(b)(3)(F).
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Section 17A(b)(3)(F) of the Act requires, inter alia, that the
rules of the clearing agency be designed to promote the prompt and
accurate clearance and settlement of securities transactions.\26\ As
described above, the proposed rule change would update the
Distributions Guide to enhance the Distributions Service by including
the distribution of Announcements for Tax Events for Securities subject
to ``1042-S Classification'' requirements to Participants and make
certain related clarifying changes described above. By providing for
the distribution of such information, the proposed rule change would
help facilitate Participants' compliance with federal tax withholding
obligations for Eligible Securities subject to Tax Events that are on
Deposit at DTC and making use of DTC's book-entry transfer and
settlement services. This would further facilitate Participants'
ability to continue to maintain Eligible Securities subject to 1042-S
Classifications on Deposit at DTC and make use of DTC's book-entry
transfer and settlement services with respect to those Securities, in
accordance with DTC Rules requirements relating to the use of DTC
services by Participants.\27\ Therefore, by facilitating Participant's
ability to continue to use DTC's book-entry transfer and settlement
services at DTC with respect to Eligible Securities that are subject to
1042-S Classifications, the proposed rule change would promote the
prompt and accurate clearance and settlement of securities
transactions, consistent with the requirements of the Act, in
particular Section 17A(b)(3)(F) of the Act, cited above.
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\26\ Id.
\27\ In connection with their use of DTC's services,
Participants must comply with all applicable laws, including, but
not limited to, all applicable laws relating to taxation. See DTC
Rule 2, Section 8, supra note 7.
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(B) Clearing Agency's Statement on Burden on Competition
DTC believes that the proposed rule change to amend the
Distributions Guide to update fields used by DTC to report Tax Events,
as described above, could impose a burden on competition by subjecting
Participants that hold Eligible Securities that may be subject to 1042-
S Classifications to additional fees which may negatively affect such
Participant's operating costs.
DTC believes any burden on competition imposed by the proposed rule
changes would not be significant, and to the extent the proposed rule
change may impose a burden on competition, DTC believes it would be
necessary and appropriate in furtherance of the purposes of the
Act.\28\
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\28\ 15 U.S.C. 78q-1(b)(3)(I).
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DTC has discussed the proposal with Participants that hold Eligible
Securities that may be subject to 1042-S Classifications, and issuers
of those Securities, and DTC understands that Participants and their
customers obtain the necessary information from the respective issuers'
websites or from 3rd party vendors. DTC understands that having to
obtain this information on an individual CUSIP-by-CUSIP basis from
issuers' websites or getting this information after the distribution
from a vendor, creates inefficiencies and timing issues for
Participants and their customers relating to the piecemeal nature of
the retrieval of such information, that would be mitigated if such
information were made available in a more centralized format through
DTC.
DTC believes that any burden on competition imposed by the proposal
would be necessary because the proposed rule change would provide
Participants with a centralized means to timely (in relation to Record
Date) receive 1042-S Classification announcement information needed to
facilitate their compliance with tax withholding and reporting
obligations relating to payments on Eligible Securities for which
issuers provide 1042-S Classification information to DTC, as described
above.
DTC believes that any burden on competition imposed by the proposal
would be appropriate because the fees are intended to provide revenue
that is close to the costs to DTC of building and providing the
services described above. DTC believes the Tax Event Announcements
feature has a positive effect on competition among Participants because
the service allows Participants to receive applicable tax information
in a more efficient manner, thereby reducing the resources they would
need to allocate to obtain the applicable tax-related information on a
CUSIP-by-CUSIP basis through issuers
[[Page 42246]]
and 3rd party vendors. The service also provides issuers with a more
efficient method of providing Tax Event information to parties that
need to see such information in order to facilitate timely tax
withholding and reporting. DTC believes this enhances competition among
Participants by allowing parties to receive such information more
quickly and in a more streamlined manner. Based on experiences with
existing services provided through the Tax Event Announcements feature
and discussions with Participants, DTC believes that despite the Tax
Event Fee that would be charged to Participants holding affected
securities for the distribution of 1042-S Classification information,
the distribution of such information through the facilities of DTC
would provide benefits to Participants in terms of processing and
timing efficiencies that should mitigate the impact of any such fees
charged. As such, DTC believes these proposed rule changes would be
appropriate in furtherance of the purposes of the Act, as permitted by
Section 17A(b)(3)(I) of the Act.
DTC does not believe that the aspect of the proposed rule change to
make certain clarifying changes to the Distributions Guide, as
described above, would have an impact on competition.\29\ Having a
clear and accurate Distributions Guide would facilitate Participants'
understanding of the Distributions Guide and provide Participants with
increased predictability and certainty regarding their obligations
regarding DTC Tax Event Announcement feature. Therefore, DTC believes
that the proposed rule change to make clarifying changes to the Rules
and the Settlement Guide would not have an impact on competition.\30\
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\29\ Id.
\30\ Id.
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DTC does not believe that the aspect of the proposed rule change to
establish the CUSIP Limit for an issuer and its affiliates to be able
to submit up to 12 templates per month, as described above, would have
any impact, or impose any burden on competition, because issuers and
their affiliates would be subject to the same CUSIP Limit for
submission of templates per month, and all Participants holding the
applicable issues would be able to receive the same aggregate amount of
notices for any issuer and its affiliates as all other Participants
holding the same issues. However, to the extent the proposed rule
change could cause a burden because certain issuers may reach the CUSIP
Limit, DTC does not believe the burden would have a significant impact
on competition because issuers that reach the CUSIP Limit in a given
month would be able to continue to make 1042-S Classification
information available outside DTC, and Participants would be able to
retrieve the information, as they do today. To the extent the proposed
rule change could cause a burden because certain issuers may have
issuances that are not subject to the CUSIP Limit because distributions
for those issues are subject to the requirements of Rule 1.1446-
4(b)(4),\31\ and therefore may be able to submit qualified notices for
more than 12 CUSIPS per month, as described above, DTC does not believe
burden would have a significant impact on competition because DTC
understands from conversations with issuers, and its own observations
of activity of issuers that may be subject to Rule 1.1446-4(b)(4),\32\
that such issuers and their affiliates would likely supply an amount of
qualified notices, if any, that is well below the amount of the CUSIP
Limit that would be established for issuers that would otherwise submit
templates that are subject to the CUSIP Limit. Also, due to their
status as publicly traded partnerships that are subject to Rule 1.1446-
4(b)(4),\33\ DTC understands that such issuers and their affiliates
would not have a need to submit templates that could cause them in the
aggregate to issue notices for 1042-Classification information that
would exceed 12 CUSIPS per month. DTC also believes any burden on
competition imposed by this exception of the CUSIP Limit would be
necessary and appropriate in furtherance of the purposes of the Act
because, as indicated above, such issuers are under a regulatory
obligation to provide qualified notices to DTC regardless of the amount
of issuances they may have that are subject to such requirements.
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\31\ See supra note 14.
\32\ See supra note 14.
\33\ See supra note 14.
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(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
DTC has not received or solicited any written comments relating to
this proposal. If any written comments are received, they would 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#fc888e9d9895929b9d9298919d8e9799888fbc8f999fd29b938a"><span class="__cf_email__" data-cfemail="06727467626f68616768626b67746d6372754675636528616970">[email protected]</span></a> or 202-551-5777.
DTC reserves the right to not 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) \34\ of the Act and paragraph (f) \35\ 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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\34\ 15 U.S.C. 78s(b)(3)(A).
\35\ 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 form (<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#a1d3d4cdc48cc2ceccccc4cfd5d2e1d2c4c28fc6ced7"><span class="__cf_email__" data-cfemail="88fafde4eda5ebe7e5e5ede6fcfbc8fbedeba6efe7fe">[email protected]</span></a>. Please include
File Number SR-DTC-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-DTC-2022-008. This file
number should be included on the
[[Page 42247]]
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 filing also will be available for inspection and copying at the
principal office of DTC and on DTCC's website (<a href="http://dtcc.com/legal/sec-rule-filings.aspx">http://dtcc.com/legal/sec-rule-filings.aspx</a>). All comments received will be posted without
change. Persons submitting comments are cautioned that we do not redact
or edit personal identifying information from comment submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-DTC-2022-008
and should be submitted on or before August 4, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
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\36\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-15002 Filed 7-13-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on July 14, 2022.
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