Notices. SECURITIES AND EXCHANGE COMMISSION
445 words·~2 min read·
/register/2002/06/04/02-13872·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-45989; File No. SR-DTC-2001-16] Self-Regulatory Organizations; The Depository Trust Company; Order Granting Approval of a Proposed Rule Change Relating to Technical Language Changes to Certain DTC Rules May 28, 2002. On August 31, 2001, The Depository Trust Company (“DTC”) filed with the Securities and Exchange Commission (“Commission”) a proposed rule change (File No. SR-DTC-2001-16) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”). 1 Notice of the proposed rule change was published in the **Federal Register** on March 18, 2002. 2 No comment letters were received.
For the reasons discussed below, the Commission is granting approval of the proposed rule change. 1 15 U.S.C. 78s(b)(1). 2 Securities Exchange Act Release No. 45540 (March 12, 2002), 67 FR 12070. I. Description The proposed rule change expands the term “procedures,” as defined under Rule 1, to include service guides and regulations. The proposed rule change deletes references to “Executive Vice President” and “Senior Vice President” as officers of DTC because these titles are obsolete as no longer used at DTC and adds references to “Managing Director” to Rule 18, which allows certain DTC officers and directors to waive or suspend rules and procedures, and to Rule 28 which allows certain officers and directors to act under delegated authority from the board of directors on behalf of DTC.
Rule 27 is amended to allow the board of directors to delegate authority to any DTC officer referenced in the board's delegation resolution. II. Discussion Section 17A(b)(3)(F) 3 of the Act requires that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions. The rule change allows DTC's rules to accurately reflect its current management structure. Updating Rules 1, 18, 27, and 28 will provide the appropriate officers of DTC with the ability to carry out their responsibilities.
Therefore, the Commission finds that the rule change is consistent with DTC's obligation under Section 17A to have rules that are designed to promote the prompt and accurate clearance and settlement of securities transactions. 3 15 U.S.C. 78q-1(b)(3)(F). III. Conclusion On the basis of the foregoing, the Commission finds that the proposed rule change is consistent with the requirements of the Act and in particular Section 17A of the Act and the rules and regulations thereunder.
It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (File No. SR-DTC-2001-16) be and hereby is approved. For the Commission by the Division of Market Regulation, pursuant to delegated authority. 4 4 17 CFR 200.30-3(a)(12). Margaret H. McFarland, Deputy Secretary. [FR Doc. 02-13872 Filed 6-3-02; 8:45 am]
Connectionstraces to 3
Citation graph
cites case law
Cites 3Cited by 0 across 0 sources