
[Federal Register Volume 77, Number 228 (Tuesday, November 27, 2012)]
[Notices]
[Pages 70865-70866]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-28681]



[[Page 70865]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68269; File No. SR-NSCC-2012-09]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Modify Addendum A (Fee Structure) of Its Rules and 
Procedures Relating to Fund/SERV[supreg] Fees

November 20, 2012.
    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 November 14, 2012, 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 primarily by NSCC. NSCC 
filed the proposal pursuant to Section 19(b)(3)(A)(ii) of the Act \3\ 
and Rule 19b-4(f)(2) \4\ thereunder so that the proposal was effective 
upon filing with the Commission. 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)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change modifies Addendum A (NSCC's Fee Structure) 
of NSCC's Rules relating to Fund/SERV[supreg] fees.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NSCC 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. NSCC prepared summaries, set forth in sections (A), (B) 
and (C) below, of the most significant aspects of such statements.

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    NSCC's Fund/SERV[supreg] is the industry standard for processing 
and settling mutual fund transactions. Through automated, standardized 
formats and a centralized platform, fund companies, banks and trust 
companies, third-party administrators, broker/dealers and other 
distribution firms can complete order entry--purchases, exchanges and 
redemptions--as well as confirmations, registrations and money 
settlement.
    Recently, there has been a growing trend in the mutual fund 
industry toward omnibus processing, a practice where distribution firms 
bundle multiple client transactions into aggregated orders. As a result 
of this aggregation, the average number of daily trades processed 
through Fund/SERV[supreg] has declined. NSCC expects the trend toward 
omnibus processing to continue into the foreseeable future. 
Accordingly, NSCC is increasing the Fund/SERV transaction fee from 
$0.06 per transaction to $0.07 per transaction to align the fees 
associated with Fund/SERV with the cost of delivering this service. 
This increase will be implemented on January 1, 2013.
    NSCC believes the proposed rule change is consistent with the 
requirements of the Act and the rules and regulations issued thereunder 
applicable to NSCC because it updates NSCC's fee schedule and provides 
for the equitable allocation of fees among NSCC's members.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change will have any 
impact or impose any burden on competition.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants or Others

    Written comments relating to the proposed rule change have not been 
solicited or received. NSCC will notify the Commission of any written 
comments received by NSCC.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing proposed rule change has become effective upon filing 
pursuant to Section 19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) 
\6\ thereunder because it establishes fees charged by NSCC on any 
person. The implementation date for this proposed rule change will be 
January 1, 2013.
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    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \6\ 17 CFR 240.19b-4(f)(2).
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    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.

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

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml) or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-NSCC-2012-09 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NSCC-2012-09. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). 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 Web site 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 such filings will also be available 
for inspection and copying at the principal office of NSCC and NSCC's 
Web site: http://www.dtcc.com/downloads/legal/

[[Page 70866]]

rule--filings/2012/nscc/SR-NSCC-2012-09.pdf.
    All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly. All submissions should refer to File Number SR-NSCC-2012-09 
and should be submitted on or before December 18, 2012.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-28681 Filed 11-26-12; 8:45 am]
BILLING CODE 8011-01-P


