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Federal Register / Vol. 73, No.

74 / Wednesday, April 16, 2008 / Notices 20727

believes that waiving the 30-day Room, on official business days between Information Dissemination System
operative delay is consistent with the the hours of 10 a.m. and 3 p.m. Copies (‘‘NIIDS’’) for municipal securities.
protection of investors and the public of such filing also will be available for NIIDS is an automated system
interest.11 The Commission hereby inspection and copying at the principal developed by DTC at the request of the
grants the Exchange’s request and office of CBOE. All comments received Securities Industry and Financial
designates the proposal as operative will be posted without change; the Markets Association (‘‘SIFMA’’) 4 in
upon filing. Commission does not edit personal order to improve the mechanism for
At any time within 60 days of the identifying information from disseminating new issue information
filing of the proposed rule change, the submissions. You should submit only regarding municipal securities.
Commission may summarily abrogate information that you wish to make
such rule change if it appears to the II. Self-Regulatory Organization’s
available publicly. All submissions
Commission that such action is Statement of the Purpose of, and
should refer to File Number SR–CBOE–
necessary or appropriate in the public Statutory Basis for, the Proposed Rule
2008–37 and should be submitted on or
interest, for the protection of investors, Change
before May 7, 2008.
or otherwise in furtherance of the In its filing with the Commission,
For the Commission, by the Division of
purposes of the Act. Trading and Markets, pursuant to delegated DTC included statements concerning
authority.12 the purpose of and basis for the
IV. Solicitation of Comments proposed rule change and discussed any
Florence E. Harmon,
Interested persons are invited to comments it received on the proposed
Deputy Secretary.
submit written data, views, and rule change. The text of these statements
arguments concerning the foregoing, [FR Doc. E8–8129 Filed 4–15–08; 8:45 am]
may be examined at the places specified
BILLING CODE 8010–01–P
including whether the proposed rule in Item IV below. DTC has prepared
change is consistent with the Act. summaries, set forth in sections (A), (B),
Comments may be submitted by any of and (C) below, of the most significant
SECURITIES AND EXCHANGE
the following methods: aspects of these statements.5
COMMISSION
Electronic Comments (A) Self-Regulatory Organization’s
[Release No. 34–57647; File No. SR–DTC–
• Use the Commission’s Internet 2007–10] Statement of the Purpose of, and
comment form (http://www.sec.gov/ Statutory Basis for, the Proposed Rule
rules/sro.shtml); or Self-Regulatory Organizations; The Change
• Send an e-mail to rule- Depository Trust Company; Notice of Currently, Municipal Securities
comments@sec.gov. Please include File Filing of Amended Proposed Rule Rulemaking Board (‘‘MSRB’’) Rule G–14
No. SR–CBOE–2008–37 on the subject Change to Implement the New Issue generally requires municipal securities
line. Information Dissemination Service for dealers to report municipal securities
Municipal Securities transactions to the MSRB within 15
Paper Comments
April 10, 2008. minutes of the time of the trade.6 Inter-
• Send paper comments in triplicate dealer trades eligible for comparison by
to Nancy M. Morris, Secretary, Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 a clearing agency are required to be
Securities and Exchange Commission, submitted through NSCC’s Real Time
Station Place, 100 F Street, NE., (‘‘Act’’) 1 and Rule 19b–4 thereunder 2
notice is hereby given that on August Trade Matching System (‘‘RTTM’’)
Washington, DC 20549–1090. within the time frame in Rule G–14.
All submissions should refer to File 16, 2007, The Depository Trust
Company (‘‘DTC’’) filed with the These trades are subsequently reported
Number SR–CBOE–2008–37. This file to the MSRB by NSCC. NSCC requires
number should be included on the Securities and Exchange Commission
(‘‘Commission’’) and on September 12, certain securities information in order to
subject line if e-mail is used. To help the process and report transactions
Commission process and review your 2007, March 3, 2008, and April 9, 2008,
amended the proposed rule change involving those securities. Therefore, it
comments more efficiently, please use is necessary that dealers trading newly
only one method. The Commission will described in Items I, II, and III below,
which items have been prepared issued municipal securities have the
post all comments on the Commission’s securities information needed for trade
primarily by DTC. The Commission
Internet Web site (http://www.sec.gov/ submission by the time the trade
previously published notice of the
rules/sro.shtml). Copies of the reporting is required.
proposed rule change on October 3,
submission, all subsequent Pursuant to current practice in the
2007 and March 24, 2008.3 The
amendments, all written statements municipal securities market, each
Commission is publishing this notice to
with respect to the proposed rule information vendor works separately to
solicit comments on the proposed rule
change that are filed with the obtain information from offering
change, as amended, from interested
Commission, and all written documents and underwriters. Each
parties.
communications relating to the information vendor’s success depends
proposed rule change between the I. Self-Regulatory Organization’s in large part upon the voluntary
Commission and any person, other than Statement of the Terms of Substance of cooperation of the underwriters. It is not
those that may be withheld from the the Proposed Rule Change unusual for information vendors to have
public in accordance with the The proposed rule change seeks inconsistent information or for some
provisions of 5 U.S.C. 552, will be approval to implement the New Issue information vendors to receive
available for inspection and copying in information before others.
the Commission’s Public Reference 12 17 CFR 200.30–3(a)(12).
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1 15 4 The request originated from The Bond Market


U.S.C. 78s(b)(1).
11 For purposes only of waiving the 30-day 2 17 CFR 240.19b–4. Association (‘‘BMA’’), which has since merged with
operative delay of this proposal, the Commission 3 Securities Exchange Act Release No. 56552 the Securities Industry Association to form SIFMA.
5 The Commission has modified the text of the
has considered the proposed rule’s impact on (September 27, 2007), 72 FR 56407 (October 3,
efficiency, competition, and capital formation. 15 2006); Securities Exchange Act Release No. 57513 summaries prepared by DTC.
U.S.C. 78c(f). (March 17, 2008), 73 FR 15548 (March 24, 2008). 6 MSRB Rule G–14 RTRS Procedures (a)(ii).

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20728 Federal Register / Vol. 73, No. 74 / Wednesday, April 16, 2008 / Notices

Consequently, critical new issue to make NIIDS for municipal securities and its affiliates shall not be liable for
information may be missing or available to participants on an optional any loss in relation to the dissemination
inaccurate in the automated trade basis in May 2008. DTC will mandate or use of NIIDS Data Elements, which
processing systems used by dealers to the use of NIIDS for municipal are provided ‘‘as is.’’ Each NIIDS User
report the initial trades in new issues. securities in September 2008, prior to will agree to indemnify and hold
This can result in late trade reports or the expiration of the MSRB Reporting harmless DTC and its affiliates from and
trade reports that must be canceled and Exemption. DTC periodically has been against any and all losses, damages,
resubmitted or amended because they informing participants of the upcoming liabilities, costs, judgments, charges,
contain inaccurate data. implementation of NIIDS and the NIIDS and expenses arising out of or relating
NIIDS is designed to improve the Data Elements through periodically
to the use of NIIDS.
process by which new issue information issued Important Notices. Only DTC
is provided by underwriters to participants or those entities specifically The MSRB would like dealers to be
information vendors by collecting authorized by a participant able to use NIIDS before requiring them
information about a new issue from (‘‘Correspondent’’) will be able to input to do so by rule.12 The MSRB has filed
underwriters in an electronic format and information into NIIDS.9 with the Commission a rule change that
making that data available immediately To commence the process, the ultimately would require underwriters
to information vendors. NIIDS is dissemination agent (‘‘Dissemination to use NIIDS in 2008 to coincide with
designed to ensure that information is Agent’’) for a new issue must input the the expiration of the Reporting
disseminated as quickly and efficiently NIIDS Data Elements thereby requesting Exemption.13 DTC intends to provide
as possible after the information is made that DTC make the information available the municipal securities industry the
available by the underwriters.7 to the industry through NIIDS. DTC will opportunity to use NIIDS commencing
To address concerns that dealers often not confirm the NIIDS Data Elements May 5, 2008. DTC intends to mandate
lack timely access to electronically but rather will act as a conduit to pass the use of NIIDS for municipal
formatted securities information along such information to data vendors. securities commencing Tuesday,
necessary to process and to report DTC anticipates the data vendors will
September 2, 2008. DTC believes that
municipal securities transactions in then disseminate the information to the
members of the municipal securities
real-time, MSRB Rule G–14 includes a industry thereby allowing dealers to
make timely reporting of their industry will be using NIIDS during the
three-hour exemption available to a period NIIDS is optional (‘‘Optional
dealer transacting ‘‘when, as, and if municipal trades. DTC will record the
name of the Dissemination Agent that Period’’) to become accustomed to using
issued’’ municipal securities if the it. This may result in Dissemination
dealer is not a syndicate manager or inputs the Data Elements and the time
such information is submitted. DTC will Agents inputting incomplete NIIDS Data
member for this issue, has not traded
begin disseminating the data when it Elements while getting acquainted with
the issue in the previous year, and the
has received authorization from the NIIDS. Therefore, no one should rely on
CUSIP number and indicative data of
the issue are not in the dealer’s Dissemination Agent through NIIDS. the accuracy of the NIIDS Data Elements
securities master file (‘‘Reporting The Dissemination Agent, by triggering during the Optional Period but rather
Exemption’’).8 The Reporting the dissemination decision flag in the should continue to use existing
Exemption will expire in 2008. In order NIIDS Data Elements, indicates the authorized sources of such information.
to prepare for the Reporting information is being sent by it and is in DTC will not charge a service fee to
Exemption’s expiration, SIFMA asked compliance with the terms and underwriters that input or receive
DTC to incorporate a centralized conditions of NIIDS. In addition, NIIDS information through NIIDS.
automated mechanism for the collection will contain the contact information for Additionally, DTC will not charge a
and dissemination on a real-time basis the Dissemination Agent that populated service fee to information vendors that
of the required information as part of the NIIDS Data Elements for a particular
will receive information for further
the planned reengineering of DTC’s issue to enable users of the data to
dissemination through NIIDS. DTC will
underwriting system. DTC built NIIDS contact it with questions or comments.
DTC is proposing to provide NIIDS to charge a connectivity fee to
to help make the collection and underwriters, service providers, and
dissemination of new issue information the industry in order to facilitate the
collection and dissemination of new information vendors that use NIIDS.
with respect to municipal securities
more efficient for the industry. issue information in relation to DTC believes that the proposed rule
An industry working group of municipal securities. Because DTC does change is consistent with the
municipal securities dealers, SIFMA not confirm the accuracy of NIIDS Data requirements of Section 17A of the
members, the MSRB, and DTC have Elements and only acts as a conduit of Act 14 and the rules and regulations
identified key data elements required the information, use of NIIDS 10 by any thereunder because the proposed
for the reporting, comparison, party, including but not limited to changes promote the prompt and
confirmation, and settlement of trades participants, correspondents, and accurate clearance and settlement of
in municipal securities (‘‘NIIDS Data vendors (‘‘NIIDS Users’’) 11 will securities transactions by streamlining
Elements’’). Initially, DTC is proposing constitute a waiver of any and all claims the collection and dissemination of new
to make NIIDS available to the direct or indirect against DTC and its issue information for municipal
municipal securities industry on an affiliates and an agreement that DTC securities throughout the industry.
optional basis to allow dealers to have 9 Participants will be required to identify an
some experience with NIIDS before the authorized party at the Correspondent with whom
12 The MSRB received comment on proposed

MSRB mandates its use. DTC proposes DTC may interact. rules that would require underwriters of municipal
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10 Use of NIIDS shall include but not be limited securities to participate in NIIDS. See MSRB Notice
7 NIIDS is being incorporated into the update of to the population, dissemination, or processing of 2007–10 (March 5, 2007) at http://www.msrb.org.
13 Securities Exchange Act Release No. 57002
DTC’s underwriting system (‘‘UW Source’’). All NIIDS Data Elements.
applicable NIIDS Data Elements must be input into 11 Data vendors or others that wish to receive (December 20, 2007), 72 FR 73939 (December 28,
UW Source for a municipal issue to close at DTC. NIIDS Data Elements must register in advance with 2007) [File No. SR–MSRB–2007–07].
8 MSRB Rule G–14 RTRS Procedures (a)(ii)(C). DTC. 14 15 U.S.C. 78q–1.

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Federal Register / Vol. 73, No. 74 / Wednesday, April 16, 2008 / Notices 20729

(B) Self-Regulatory Organization’s rules/sro.shtml). Copies of the Economic Injury (EIDL) Loan
Statement on Burden on Competition submission, all subsequent Application Deadline Date: 01/09/2009.
DTC does not believe that the amendments, all written statements
with respect to the proposed rule ADDRESSES: Submit completed loan
proposed rule change will have any applications to: U.S. Small Business
impact or impose any burden on change that are filed with the
Commission, and all written Administration, Processing and
competition. Disbursement Center, 14925 Kingsport
communications relating to the
(C) Self-Regulatory Organization’s proposed rule change between the Road, Fort Worth, TX 76155.
Statement on Comments on the Commission and any person, other than FOR FURTHER INFORMATION CONTACT: A.
Proposed Rule Change Received From those that may be withheld from the Escobar, Office of Disaster Assistance,
Members, Participants, or Others public in accordance with the U.S. Small Business Administration,
Written comments relating to the provisions of 5 U.S.C. 552, will be 409 3rd Street, SW., Suite 6050,
proposed rule change have not been available for inspection and copying in Washington, DC 20416.
solicited or received. DTC will notify the Commission’s Public Reference
the Commission of any written Section, 100 F Street, NE., Washington, SUPPLEMENTARY INFORMATION: Notice is
comments received by DTC. DC 20549, on official business days hereby given that as a result of the
between the hours of 10 a.m. and 3 p.m. Administrator’s disaster declaration,
III. Date of Effectiveness of the Copies of such filings also will be applications for disaster loans may be
Proposed Rule Change and Timing for available for inspection and copying at filed at the address listed above or other
Commission Action the principal office of DTC and on locally announced locations.
Within thirty-five days of the date of DTC’s Web site at http://www.dtcc.com/ The following areas have been
publication of this notice in the Federal downloads/legal/rule_filings/2007/dtc/
Register or within such longer period: determined to be adversely affected by
2007-10.pdf, http://www.dtcc.com/
(i) as the Commission may designate up the disaster:
downloads/legal/rule_filings/2007/dtc/
to ninety days of such date if it finds 2007-10-amendment.pdf, http:// Primary Counties: Broward.
such longer period to be appropriate dtcc.com/downloads/legal/rule_filings/ Contiguous Counties:
and publishes its reasons for so finding 2007/dtc/2007-10-amendment2.pdf, and
or (ii) as to which the self-regulatory Florida: Collier, Hendry, Miami-Dade,
http://www.dtcc.com/downloads/legal/
organization consents, the Commission Palm Beach.
rule_filings/2007/dtc/2007-10-
will: amendment3.pdf. All comments The Interest Rates are:
(A) By order approve such proposed received will be posted without change;
rule change or the Commission does not edit personal Percent
(B) Institute proceedings to determine identifying information from
whether the proposed rule change submissions. You should submit only Homeowners with credit available
should be disapproved. elsewhere .................................. 5.500
information that you wish to make
Homeowners without credit avail-
IV. Solicitation of Comments available publicly. All submissions able elsewhere .......................... 2.750
should refer to File Number SR–DTC– Businesses with credit available
Interested persons are invited to 2007–10 and should be submitted on or
submit written data, views, and elsewhere .................................. 8.000
before May 1, 2008. Businesses & small agricultural
arguments concerning the foregoing,
including whether the proposed rule For the Commission by the Division of cooperatives without credit
Trading and Markets, pursuant to delegated available elsewhere .................. 4.000
change is consistent with the Act.
authority.15 Other (including non-profit organi-
Comments may be submitted by any of zations) with credit available
the following methods: Florence E. Harmon,
elsewhere .................................. 5.250
Deputy Secretary.
Electronic Comments Businesses and non-profit organi-
[FR Doc. E8–8130 Filed 4–15–08; 8:45 am] zations without credit available
• Use the Commission’s Internet BILLING CODE 8010–01–P elsewhere .................................. 4.000
comment form (http://www.sec.gov/
rules/sro.shtml) or
• Send an e-mail to rule- The number assigned to this disaster
SMALL BUSINESS ADMINISTRATION for physical damage is 11213 5 and for
comments@sec.gov. Please include File
Number SR–DTC–2007–10 on the [Disaster Declaration # 11213 and # 11214] economic injury is 11214 0.
subject line. The State which received an EIDL
Florida Disaster # FL–00032
Paper Comments Declaration # is Florida.
AGENCY: U.S. Small Business (Catalog of Federal Domestic Assistance
• Send paper comments in triplicate Administration.
to Nancy M. Morris, Secretary, Numbers 59002 and 59008)
ACTION: Notice.
Securities and Exchange Commission, Dated: April 9, 2008.
100 F Street, NE., Washington, DC SUMMARY: This is a notice of an Steven C. Preston,
20549–1090. Administrative declaration of a disaster Administrator.
All submissions should refer to File for the State of FLORIDA dated 04/09/ [FR Doc. E8–8162 Filed 4–15–08; 8:45 am]
Number SR–DTC–2007–10. This file 2008. BILLING CODE 8025–01–P
number should be included on the Incident: Fire.
subject line if e-mail is used. To help the Incident Period: 03/10/2008.
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Commission process and review your Effective Date: 04/09/2008.


comments more efficiently, please use Physical Loan Application Deadline
only one method. The Commission will Date: 06/09/2008.
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ 15 17 CFR 200.30–3(a)(12).

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