
[Federal Register Volume 81, Number 144 (Wednesday, July 27, 2016)]
[Notices]
[Page 49309]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17665]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78379; File No. SR-DTC-2016-003]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change Pursuant to Which DTC Would Impose Deposit Chills 
and Global Locks and Provide Fair Procedures to Issuers

July 21, 2016.
    On May 27, 2016, The Depository Trust Company (``DTC'') filed with 
the Securities and Exchange Commission (``Commission'') proposed rule 
change SR-DTC-2016-003 pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ to 
establish (i) the circumstances under which DTC would impose and 
release a restriction on Deposits of an Eligible Security (a ``Deposit 
Chill'') or on book-entry services for an Eligible Security (a ``Global 
Lock''); and (ii) the fair procedures for notice and an opportunity for 
the issuer of the Eligible Security (the ``Issuer'') to challenge the 
Deposit Chill or Global Lock (each, a ``Restriction''). The proposed 
rule change was published for comment in the Federal Register on June 
9, 2016.\3\ The Commission received three comment letters to the 
Proposed Rule Change.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77991 (June 3, 
2016), 81 FR 37232 (June 9, 2016) (SR-DTC-2016-003).
    \4\ See letters from Charles V. Rossi, Chairman, The Securities 
Transfer Association, Inc. Board Advisory Committee, dated June 30, 
2016, to Brent J. Fields, Secretary, Commission; Dorian Deyet, dated 
June 30, 2016 (two submissions).
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding, or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is July 24, 2016. The Commission is extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the comments received on the 
proposed rule change. Accordingly, the Commission, pursuant to Section 
19(b)(2) of the Act,\6\ designates September 7, 2016 as the date by 
which the Commission shall either approve or disapprove or institute 
proceedings to determine whether to disapprove the proposed rule change 
(File No. SR-DTC-2016-003).
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    \6\ Id.

    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)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-17665 Filed 7-26-16; 8:45 am]
 BILLING CODE 8011-01-P


