Notice2024-15677
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Add Paperless Replacements and Producer Authorization Service Offerings to I&RS and Make Certain Clarification Changes 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 17, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 137 (Wednesday, July 17, 2024)</title>
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[Federal Register Volume 89, Number 137 (Wednesday, July 17, 2024)]
[Notices]
[Pages 58205-58209]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-15677]
[[Page 58205]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100507; File No. SR-NSCC-2024-005]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Add Paperless Replacements and Producer Authorization
Service Offerings to I&RS and Make Certain Clarification Changes in the
Rules
July 11, 2024.
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 July 3, 2024, 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\
Rule 19b-4(f)(2) \4\ and Rule 19b-4(f)(4) thereunder.\5\ 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
The proposed rule change consists of modifications to Insurance &
Retirement Services (``I&RS'') in order to (i) provide for two new
service offerings relating to replacements of insurance contracts and
producer authorizations, and related fees for each new service
offering, (ii) update the descriptions of I&RS service offerings and
certain defined terms in Rule 57 and Addendum A of NSCC's Rules &
Procedures (``Rules''). and (iii) make other clarification changes, as
described in greater detail below.\6\
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\6\ Terms not defined herein are defined in the Rules, available
at <a href="http://www.dtcc.com/legal/rules-and-procedures">www.dtcc.com/legal/rules-and-procedures</a>.
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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 consists of modifications to the Rules in
order to (i) provide for two new service offerings relating to
replacements of insurance contracts and producer authorizations, and
related fees for each new service offering, (ii) update the
descriptions of I&RS offerings and certain defined terms in Rule 57 and
Addendum A, and (iii) make other clarification changes, as described in
greater detail below.
The objectives and expected impacts of the proposed rule change to
I&RS Members \7\ would be to make available two new optional service
offerings that would provide more efficient methods for I&RS Members to
choose to transmit, view and retrieve I&RS Data and improve Members'
understanding of the Rules relating to I&RS.
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\7\ I&RS Members include (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'').
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The proposed new service offerings discussed below were developed
at the request of and in consultation with industry participants, and
the proposed fees for such service offerings were designed to pay for
the costs of developing and maintaining such offerings in a manner that
would fulfill the requirements expected from industry participants
consistent with NSCC's cost-based plus markup fee model.\8\ Based on
financial projections of development and maintenance costs and
anticipated participation by I&RS Members, it is anticipated that the
costs and revenues would result in a slight increase in the overall
operating margin percentage of I&RS. NSCC anticipates recouping the
costs of building the service offerings within approximately two years
of implementing the fees.
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\8\ NSCC has in place procedures to control costs and to
regularly review pricing levels against costs of operation. NSCC's
fees are cost-based plus a markup as approved by its Board of
Directors. This markup is applied to recover development costs and
operating expenses and to accumulate capital sufficient to meet
regulatory and economic requirements. See NSCC Disclosure Framework
for Covered Clearing Agencies and Financial Market Infrastructures,
available at <a href="http://www.dtcc.com/-/media/Files/Downloads/legal/policy-and-compliance/NSCC_Disclosure_Framework.pdf">www.dtcc.com/-/media/Files/Downloads/legal/policy-and-compliance/NSCC_Disclosure_Framework.pdf</a>, at 124.
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I&RS Services
I&RS allows I&RS Members to transmit I&RS Data \9\ among each
other, including data relating to annuity and life insurance policy
applications and premiums, licensing and appointments, commission
payments, reporting of client positions and valuations, asset pricing,
financial activity reporting and annuity customer account transfers.
I&RS also allows certain I&RS Members to settle payments relating to
I&RS Eligible Products. NSCC does not act as a central counterparty
with respect to I&RS and I&RS are not guaranteed by NSCC.
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\9\ ``I&RS Data'' means data and information relating to I&RS
Eligible Products. See Rule 57, supra note 6. ``I&RS Eligible
Product'' means an insurance product or a retirement or other
benefit plan or program included in the list for which provision is
made in Section 1.(d) of Rule 3 of the Rules. See definition of I&RS
Eligible Product, Rule 1, supra note 6.
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Paperless Replacements Processing (RPL)
NSCC is proposing to establish a new service offering intended to
support the transmission of I&RS Data regarding the transfer, exchange
or replacement of existing insurance or annuity contracts (``Paperless
Replacements''). Clients of I&RS Members holding insurance or annuity
contracts replace existing contracts with new contracts from time to
time. These replacements involve transfer of asset forms such as 1035
forms \10\ and other such forms or documents to document the requests
and the authorization for a replacement. Currently, for Carriers, there
is no centralized automated process for replacements and such
replacements are a manual process involving exchanging paperwork often
between different Carriers using facsimile, mail, email or other means.
Paperless Replacements would provide for a data-only transmission
relating to such replacements between Carriers, automating the current
manual process and decreasing the administrative burden on and risk to
Carriers of processing these replacements.
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\10\ 1035 forms are forms required to process a 1035 exchange
which is an exchange made pursuant to a provision in the Internal
Revenue Service tax code allowing for a tax-free transfer of certain
insurance and annuity products.
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There also may be movement of funds associated with these
replacements. Settlement Processing for Insurance, an existing
settlement feature of I&RS supporting the settlements of payments
[[Page 58206]]
relating to I&RS Eligible Products,\11\ currently supports the
settlement of payments related to such replacements and would continue
to do so following the addition of Paperless Replacements. The
settlement feature, together with Paperless Replacements, would provide
for an automated process for processing forms and documents for
replacements of such contracts and associated funds. In order to adopt
this service offering, NSCC would amend Rule 57 to describe Paperless
Replacements, as described below.
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\11\ See subsections (k) and (l) of Section 1 of Rule 57, supra
note 6.
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NSCC would also amend Addendum A to adopt a fee for Paperless
Replacements of $1.85 per request. The fee would only be charged to the
I&RS Member submitting the replacement request.
Producer Authorization (PAR)
NSCC is proposing to establish a new feature (``Producer
Authorization'') to allow I&RS Members to confirm credentials of
insurance producers. Insurance producers are insurance agents or
brokers that are licensed by state insurance authorities to sell
insurance related products on behalf of Carriers. In the process of
selling insurance related products, Distributors must ensure that
producers they use to distribute products are licensed, appointed and
trained to sell such products in the markets the Distributors are
targeting. Carriers that issue the products maintain data reflecting
the licensing information relating to producers that are licensed to
sell their products. Currently, there is no standardized method for
Distributors to communicate with Carriers to authenticate that
producers are authorized to sell the Carriers' products in particular
markets. Producer Authorization would provide a standardized data
transmission to allow Distributors to confirm with Carriers the
credentials of insurance producers to sell specific products. NSCC
would amend Rule 57, as described below, to describe the Producer
Authorization service.
NSCC would also amend Addendum A to adopt fees for the Producer
Authorization. The fees would consist of a monthly fee, ranging from
$250 to $5,000 per month, that is based on the number of messages
received during the month. The fees would only be charged to the
Carriers receiving the Producer Authorization requests.
Clarifications to Rule 57 and Addendum A
NSCC would reorganize and clarify Rule 57 and Addendum A to more
clearly describe the existing service offerings and incorporate
descriptions for Paperless Replacements and Producer Authorization, as
described above. Rule 57 is currently organized such that Section 1 of
Rule 57 applies to all I&RS and Sections 2 through 10 of Rule 57 list
out the separate service offerings within I&RS. Some service offerings,
such as I&RS settlement, are only described in Section 1 and some
service offerings are not specifically named in Rule 57 or are
described within other named service offerings. NSCC is proposing to
reorganize the sections of Rule 57 such that each service offering is
separately listed in alphabetical order in newly numbered sections 2
through 17. The proposed list of such service offerings would include
certain service offerings that are currently described within sections
for other service offerings in the Rules. NSCC would move these
descriptions into stand-alone sections of Rule 57 to better align the
descriptions of all the service offerings with current NSCC marketing
of such service offerings.
NSCC is also proposing to update the descriptions of I&RS features
and certain defined terms in Rule 57 and Addendum A to align the Rules
with conventional descriptions used by NSCC and I&RS Members and make
other clarification changes. NSCC would update Rule 57 to ensure that
consistent defined terms are used to describe I&RS Members and I&RS
features.
NSCC is also proposing to update Rule 57 and Addendum A to add a
three-letter designation for certain service offerings and fees to
match descriptions of such service offerings and fees in current NSCC
marketing descriptions.
Proposed Rule Changes
In order to implement the proposal, NSCC would move the defined
term ``I&RS Members'', which describes all membership types that can
use I&RS, from Section 10 to Section 1(a) of Rule 57 and consistently
use the defined term throughout Rule 57 to describe all membership
types that can use I&RS. In addition, NSCC would add a definition of
``I&RS Payments'' in Section 1(a) of Rule 57 to mean payments related
to I&S Eligible Products to better describe the payments that that are
processed in I&RS.
NSCC would also reorganize description of I&RS to align the
description of such services with conventional uses and current
marketing descriptions. Specifically, NSCC would make the following
changes:
<bullet> move the description of settlement services provided by
I&RS, currently primarily in subsections (k) and (l) of Section 1 of
Rule 57, to a new Section 16, entitled ``Settlement Processing for
Insurance (STL)'' to clarify the name of the settlement services
provided by I&RS and reflect that it is marketed as a separate service
offering.
<bullet> reorganize the descriptions of the service offerings of
I&RS in alphabetical order in Rule 57.
<bullet> add three -letter abbreviations in the title of each
service offering consistent with current conventional descriptions.
<bullet> remove the phrase ``I&RS Data regarding'' in the ACAT/
Transfers section that is being moved because the phrase is redundant.
<bullet> capitalize the word ``Premiums'' in the phrase
``Applications and premiums'' in part (b) of the Applications and
Premiums section to refer to the correct defined term ``Applications
and Premiums'' used in part (a) of that section.
<bullet> move a description of transmission of Subaccount Data,
currently in Section 8 of Rule 57 in the Financial Activity Reporting
description, to a new Section 7 and refer to that service offering as
``Financial Activity For Asset Managers (FAM)'' consistent with current
descriptions of that service offering and make a corresponding change
to the fee description of the service in Addendum A.\12\
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\12\ Transactions relating to subaccount data were added to I&RS
as part of Financial Activity Reporting in 2018 as a method for
financial managers to get access to subaccount data relating to
variable products. See Securities Exchange Act Release No. 83774
(Aug. 3, 2018), 83 FR 39481 (Aug. 9, 2018) (SR-NSCC-2018-005). That
service offering is now being marketed as ``Financial Activity for
Asset Managers.''
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<bullet> add descriptions for Paperless Replacements and Producer
Authorization consistent with the descriptions above in new Sections 12
and 14, respectively.
<bullet> remove the quotes around ``IIEX'' in the title Insurance
Information Exchange in Section 10 and add a defined term ``IIEX'' into
the body of Section 10 to conform the listing of the four-letter
abbreviation of the service in the title with listing of the
abbreviations of other services in Rule 57.
<bullet> Add a description of the Producer Management Portal (PMP)
as a separate service offering in a new Section 15 of Rule 57.\13\
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\13\ Licensing and Appointments (``LNA'') is a service offering
that allows I&RS Members to transmit data among themselves regarding
licensing and appointment authorizations and activity relating to
producers. See Section 4 of Rule 57, supra note 6. In 2014, NSCC
broadened LNA's scope to specify that LNA authorization and
activities included insurance-related training of a licensee or
appointee in connection with a new feature being added, the Producer
Management Portal. See Securities Exchange Act Release No. 72488
(June 27, 2014), 79 FR 38098 (July 3, 2014) (SR-NSCC-2014-08).
Producer Management Portal is now marketed as a separate service
offering.
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[[Page 58207]]
<bullet> Add a description of Subsequent Premiums (SUB) as a
separate service offering in a new Section 17 of Rule 57 and change the
description from ``Subsequent Activity'' to ``Subsequent Premiums'' in
Section IV.H.2.e of Addendum A consistent with current descriptions of
that service offering \14\
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\14\ Subsequent Premiums is a service offering that enables
Distributors to transmit I&RS Data to Carriers regarding subsequent
premiums. Previously, it has been part of Applications and Premiums
but is now marketed as a separate service offering as ``Subsequent
Premiums (SUB).''
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NSCC would also clarify the Rules by deleting a provision currently
in Section 3 of Rule 57 ``Applications and Premiums'' that refers to
the ability of Members and Mutual Fund/Insurance Services Member to
submit a cancel instruction. The Applications and Premiums section
currently provides that if such I&RS Members submit a cancellation
instruction prior to a time established by NSCC for such purposes, the
settlement transaction will be canceled and removed from I&RS. When
Applications and Premiums was implemented, NSCC included functionality
to allow I&RS Members to submit a cancel instruction. However, I&RS
Members never use the instruction and instead have developed functions
outside of NSCC to provide for such cancellations. I&RS Members have
not indicated plans to use the cancellation instruction and so NSCC
removed the functionality. NSCC would remove the cancellation
instruction language in Applications and Premiums to reflect that the
cancellation instruction functionality has been removed from
Applications and Premiums.
NSCC would also clarify the Rules by more clearly stating which
fees are per transaction and per side. Currently, footnote 6 of
Addendum A states that unless otherwise noted, transaction fees are per
side, and both sides are charged for each item. However, in the
description of certain fees, there is also a note that fees are per
side. This note is repetitive of footnote 6, which states that all fees
are per side unless otherwise noted. In addition, certain fee
descriptions contain a note that such fees are ``per transaction'',
``per inquiry'' or ``per request'' or similar designations and such
usage is not consistent. NSCC would add in footnote 6 of Addendum A
that unless otherwise noted, all fees for I&RS are per transaction, per
side and remove the similar descriptions in each fee description where
the general designation applies for consistency.
NSCC would change the title in Section IV.H.3 of Addendum A from
``Other Service Fees'' to ``Other Transaction Fees'' to conform to the
description of transaction fees in Section IV.H.2 of Addendum A and
would change the heading ``TIER'' listed in Section IV.H.3 to ``PRICE
TIER'' to conform how those pricing tiers are described in other
marketing materials and to avoid confusion that those tiers are related
to transaction volumes. NSCC would change the three-letter designation
for Licensing and Appointments from ``L&A'' to ``LNA'' in Section
IV.H.3 of Addendum A to reflect current marketing descriptions.
NSCC would also delete a reference to ``Producer Management Portal
(per inquiry)'' currently listed under TIER 4 in Section IV.H.3 of
Addendum A. The description of the fees for Producer Management Portal
were moved from Section IV.H.3 to Section IV.H.2.h of Addendum A and
the reference to Producer Management Portal was intended to be deleted
from Section IV.H.3 in 2019 from a rule filing filed in 2018 (``2018
Filing'') \15\ but due to a clerical mistake the change was not made in
the Rules. NSCC would delete the reference from Section IV.H.3 as
contemplated by the 2018 Filing.
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\15\ See Securities Exchange Act Release No. 84771 (Dec. 10,
2018), 83 FR 64393 (Dec. 14, 2018) (SR-NSCC-2018-002).
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Implementation Timeframe
NSCC would implement the proposed changes in three phases. NSCC
would implement the clarifications to Rule 57 and Addendum A discussed
above upon filing. NSCC would adopt the Producer Authorization service
offering, associated fees and related changes to the Rules by no later
than July 31, 2024. NSCC would implement the Paperless Replacements
service offering, associated fees and related changes to the Rules by
no later than September 30, 2024.
2. Statutory Basis
Section 17A(b)(3)(F) of the Act, requires, that the Rules be
designed to, among other things, promote the prompt and accurate
clearance and settlement of securities transactions.\16\
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\16\ 15 U.S.C. 78q-1(b)(3)(F).
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The proposed addition of Paperless Replacements and Producer
Authorization service offerings would provide a standardized method to
communicate I&RS Data among I&RS Members relating to (i) replacements
of insurance and annuity contracts and related settlement of funds and
(ii) producer credentials related to specific products, each as
discussed above. The addition of Paperless Replacements discussed above
would enhance Carriers' ability to send and receive required
information relating to replacements of insurance or annuity contracts
and related settlement of funds by providing an automated data only
transmission relating to such replacements between Carriers and bring
greater efficiency to the transfer and settlement of those products as
set forth above. The addition of Producer Authorization discussed above
would enhance Distributors' ability to confirm with Carriers the
credentials of insurance producers to sell specific products by
providing a standardized method to communicate such information and
bring greater efficiency and expediency to the buying, selling and
settlement of such I&RS Eligible Products among I&RS Members. Providing
a more efficient and streamlined process with respect to transmitting
and receiving such I&RS Data would promote the prompt and accurate
clearance and settlement of securities transactions, consistent with
the requirements of Section 17A(b)(3)(F) of the Act.\17\
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\17\ Id.
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The clarifications to Rule 57 and Addendum A would enhance the
clarity and transparency of the Rules with respect to services offered
by NSCC. Specifically, these rule changes would allow I&RS Members to
have a better understanding of the Rules relating to I&RS. The use of
the defined terms ``I&RS Members'' and ``I&RS Payments'' throughout the
rules and the reorganization of Section 1 of Rule 57 and the
descriptions of the service offerings discussed above would reflect
current uses of the terms used within I&RS. Removing the language
regarding the ability of I&RS Members to submit a cancel instruction in
the Applications and Premiums section which is no longer applicable
would remove unnecessary language in the Rules. 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
[[Page 58208]]
would promote the prompt and accurate clearance and settlement of
securities transactions by NSCC consistent with the requirements of the
Act, in particular Section 17A(b)(3)(F) of the Act.\18\
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\18\ Id.
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Section 17A(b)(3)(D) of the Act \19\ requires that the Rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its participants. NSCC believes the proposed fees
for Paperless Replacements and Producer Authorization would align with
the cost of building and delivering the proposed service offerings,
consistent with this provision of the Act. NSCC believes the proposed
changes to the fees are equitable because they would apply uniformly to
all I&RS Members that utilize the service offerings. NSCC believes the
proposed changes are reasonable because they would be commensurate with
the costs of resources allocated by NSCC in developing and maintaining
the service offerings. Based on financial projections of development
and maintenance costs and anticipated participation by I&RS Members, it
is anticipated that the Paperless Replacements and Producer
Authorization costs and revenues would result in a slight increase in
the overall operating margin percentage of I&RS and allow NSCC to
recoup the costs of building the enhancements within approximately two
years of implementing the fees. Therefore, by establishing fees that
align with the cost of delivery of these service offerings and
allocating those fees equitably among the subscribing users, 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.\20\
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\19\ 15 U.S.C. 78q-1(b)(3)(D).
\20\ 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 any
adverse impact, or impose any burden, on competition.
The proposed changes to adopt the Paperless Replacements and
Producer Authorization service offerings would add optional functions
to NSCC's services to provide more efficient methods by which
subscribing Carriers and Distributors may transmit, view and retrieve
I&RS Data. Such changes would not affect services for I&RS Members that
do not subscribe to such service offerings and non-subscribing I&RS
Members would transmit, view and retrieve I&RS Data in the same manner
as they currently transmit, view and retrieve I&RS Data. The fees
proposed for each of these service offerings were designed to be
reasonable and align with the projected cost of building and operating
such service offerings and would be charged ratably based on each I&RS
Members' use of such service offerings. Therefore, the proposed changes
to implement such optional service offerings and the associated fees
would not disproportionally impact any I&RS Members, have any effect on
existing NSCC services other than to add a new method of transmitting,
viewing and retrieving I&RS Data, nor have any adverse impact on
competition.
Moreover, because the proposed rule changes would improve the
efficiency by which subscribing I&RS Members may view, transmit and
retrieve I&RS Data, the proposed rule change may have a positive effect
on competition among Carriers and Distributors. The proposed features
would provide these firms with a faster, more streamlined method of
transmitting and receiving I&RS Data, and therefore could enable I&RS
Eligible Products to be marketed more quickly. Specifically, I&RS
Members could have the ability to distribute I&RS Eligible Products
into the market to consumers more quickly because I&RS Members would
have the ability to obtain information with respect to these products
in a quicker, more efficient manner.
NSCC does not believe the clarifications to Rule 57 and Addendum A
would impact competition. Such changes would help clarify the Rules. In
addition, the changes would facilitate I&RS Members' understanding of
the Rules and their obligations thereunder. The proposed changes would
not affect NSCC's operations or the rights and obligations of the
membership. As such, NSCC believes these proposed rule changes would
not have any impact on competition.
(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, 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="http://www.sec.gov/regulatory-actions/how-to-submit-comments">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#12666073767b7c75737c767f736079776661526177713c757d64"><span class="__cf_email__" data-cfemail="2155534045484f46404f454c40534a445552615244420f464e57">[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) \21\ of the Act and paragraph (f) \22\ 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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\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 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">www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#7a080f161f57191517171f140e093a091f19541d150c"><span class="__cf_email__" data-cfemail="146661787139777b7979717a6067546771773a737b62">[email protected]</span></a>. Please include
File Number SR-NSCC-2024-005 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-2024-005. This
file number should be included on the subject line if email is used. To
help the Commission process and review your
[[Page 58209]]
comments more efficiently, please use only one method. The Commission
will post all comments on the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://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 NSCC and on DTCC's website (<a href="http://dtcc.com/legal/sec-rule-filings">dtcc.com/legal/sec-rule-filings</a>). Do not include personal identifiable information in
submissions; you should submit only information that you wish to make
available publicly. We may redact in part or withhold entirely from
publication submitted material that is obscene or subject to copyright
protection. All submissions should refer to File Number SR-NSCC-2024-
005 and should be submitted on or before August 7, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-15677 Filed 7-16-24; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on July 17, 2024.
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