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SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D C 20549 Form 19b-4

File No

SR -2013

08

Flog by

Natonal Secunties Clearng Corporation

Pursuant to Rule 190-4 under the Secunties Exchange Act of 1934 Initial
*

Amendment

Withdrawal

Section 19(b)it

Section 1 19(b 3l(A)

Section 19(b;(3)rB)

E
Pilot

El

El fl El

l
Rule 19b-4(f)(1) 19b-4(f52)
19b-4(f)(3)

El

fl

fj 19b-4it(i4) j 19b-4tl(5)
19b-4if)i6)

Notice of proposed cnange pursuent to the Payment. Clearing and Settlement Act of 2010

Security-Based Swap Submission pursuant to the Securities Exchange Act of 1934

El
11
Description
Provide a brief description of tne action (limit 250 characters, requirea when Initial is coecked The purpose of the proposed rule change is to expand the Analytic Reporting Service to peimit for increased source data

Contact Information
Provide the name telephone number and e-mail address of the person on the staff of the self-regulatory organization prepared to respond to questions arid comments on the action

First Name

Susana

Last Name

Gonzalez

Title

Senior Associate Counsel

*

E-mail

sgonzalez@dtcc.com
1813) 470-2886 Fax (8131 470-2735

telephone

Signature
Pursuant to the reqeirements of the Securities Exchange Act of
1934

has duly caused this filing to be signed on its behalf by the undersigned thereunto duly authorized

rhe Date
By

06/07/2013
Larry E Thompson

Managing Director and General Counsel

rEQB 3/cen4 -re ocr-on ci c-t 55 34 ia/p s ri ar-n ices 5- s 1-5-or S .34/c. Scaire s as eqa iy e.rrerrg as a plEas ca ar-curs a-3 once s cr50 3n ucrr-r can-rot us uhaged

Persona Not Validated

1356725050802

SECURITIES AND EXCHANGE COMMISSION WASHINGTON D C. 20549 For complete Form 1 9b-4 instructions please refer to the EFFS website

Form 19b-4 Information

Add Remove

View

The self-regulatory organization must provide all required information, presented in a clear and comprehensible manner, to enable the public to provide meaningful comment on the proposal and for the Comrnisson to determine whether the proposal is consistent with the Act and applcable ruies and regulations under the Act

Exhibit 1

Notice of Proposed Rule Change

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Remove

View

The Notce section of this Form 19b-4 most comply with the guidelines for publcation in the Federal Register as well as any requirements for electronic filing as published by the Commission (if applicable). The Office of the Federal Register (OFR) offers guidance on Federal Register publication requirements in the Federal Register Document Drafting Handbook October 1998 Revision For example. all references to the federal securties aws must nclude the corresponding cite to the United States Code in a footnote All references to SEC rules must inciude the correspondng cite to the Code of Federal Regulations n a footnote All references to Securities Exchange Act Releases must include the release number release date. Federal Register cite Federal Register date, end corresponding file number (e.g. SR-[SRO] -xx-xx) A material failure to comply with these guidelines will result in the proposed rule change being deemed not properly filed. See also Rule 0-3 under the Act (17 CFR 240 0-3) The Notice section of this Form t9b-4 must comply with the gudelines for publication in the Federal Register as wet as any requirements for electronic filing as publshed by the Commission (if applicable). The Office of the Federal Register )OFR offers guidance on Federal Register publication requirements in the Federal Regster Document Drafting Handbook. October 1998 Revision For example, all references to the federal securities laws must include the corresponding cite to the United States Code in a footnote All references to SEC rules must include the corresponding cite to the Code of Federal Regulations in a footnote All references to Securities Exchange Act Releases must include the release number, release date, Federal Register cte Federal Register date and corresponding file number (e g SR-)SRO] -xx-xs) A material failure to comply with these guidelines will result in the proposed rule change security-based swap submission or advance notice being deemed not properly filed See also Rule 0-3 under the Act (17 CFR 240 0-3)
,

Exhibit IA- Notice of Proposed Rule Change. Security-Based Swap Submission, or Advance Notice by Clearing Agencies

Exhibit 2

Notices, Written Comments,

Transcripts, Other Communications Add Remove View

Copies of notices, written comments, transcripts other communications. If such documents cannot be filed electronically n accordance with Instruction F, they shall be filed in accordance with Instruction G

*hioit Sent Os Pxom Document

LI
Exhibit 3
dd
-

Form, Report, or Questionnaire

R emove

v,iew

Copies of any form, report or questionnaire that the self-regulatory organization proposes to use to help implement or operate the proposed rule change. or that is refeired to by the proposed rule change

E*iibit Sen 1 s aper Donjoient

LI
Exhibit 4 Add
-

Marked Copies
View

Remove

The full text shall be marked, in any convenient manner to indicate additions to and deletions from the immediately preceding filing The purpose of Exhibit 4 is to permit the staff to identify mmediately the changes made from the text of the rule with which it has been working. The self-regulatory organization may choose to attach as Exhibit 5 proposed changes to rule text in place of providing It in Item I and which may otherwise be more easily readable if provided separately from Form 19b-4 Exhibit S shall he considered part of the proposed ule change

Exhibit 5
Add

Proposed Rule Text

Remove

view

Partial Amendment

If the self-regulatory organzstion is amending Only part of the text of a lengthy proposed rule change 4 may, with the Commissions permission tile only those portions of the test of the proposed rule change in which changes are being made if the filing li.e partial amendment> is clearty understandable on its face. Such partial amendment shall be clearly identifed and marked to show deletions and additions.

Page 3 of 17

1.

Text of the Proposed Rule Change

The proposed rule change is annexed hereto as Exhibit 5 and consists of (a) amendments to Rule 57 of the Rules & Procedures (Rules) of National Securities Clearing Corporation (NSCC) with respect to enhancements to the Analytic Reporting Service of the Insurance and Retirement Processing Services (I&RS). (b) (c) 2. Not applicable. Not applicable.

Procedures of the Self-Regulatory Organization

The proposed rule change has been approved by the appropriate management of NSCC pursuant to delegated authority from NSCCs Board of Directors. NSCCs Board of Directors has not taken, and is not required to take, action on the proposed rule change. 3. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change

(i) Background. On December 10, 2010, NSCC filed with the Securities (a) and Exchange Commission (Commission) proposed rule change SR-NSCC-2010-18 to add a new I&RS service called the Analytic Reporting Service (Service). In that filing, NSCC described how the Service aggregates transaction data to produce monthly reports relating to the insurance industry markets (such reports, collectively, Analytics Data). To create Analytics Data, a data feed from I&RSs Financial Activity Reporting (FAR) service is transmitted to the Service on a periodic basis. FAR is an NSCC I&RS service that provides I&RS members the ability to transmit insurance transaction data and information between themselves. 1&RS members submitting transaction data through FAR can only do so where the counterparty to such transaction is also an I&RS member. By accessing and applying the FAR data feed, the Service uses as its source data actual transaction information, rather than survey results, which gives subscribers of the Service a more efficient, cost effective and timely benchmarking and other relevant information mechanism, than other similar aggregating services. However, because the Services source data is currently limited solely to transaction data transmitted through FAR, the benefits of the Service cannot be applied to other data sources. Subscribers of the Service, and prospective subscribers, have requested that NSCC enhance the Service to allow for submission of additional source data in order that the Service may provide a more complete view of subscribers own business and of the insurance industry generally. (ii) The proposed rule change. The proposed rule change will expand the Service to pennit for increased source data. Under the proposed rule change, I&RS members may submit their transaction data to NSCC, even where the counterparty to a transaction is not an existing l&RS member, and the proposed rule change will also permit for submission of transaction data by parties that are not existing members of NSCC. Under the proposed rule change, in addition to transactions submitted through FAR, the Service
Release No. 34-63604 (December 23, 2010), 75 FR 82115 (December 29, 2010).

Page 4 of 17

will contain a storage data functionality that will permit I&RS members, and parties that are not existing members of NSCC, to submit transaction data directly to the Service. In connection with the proposed storage data functionality, the proposed rule change will specify that the Analytic Reporting Service is a service offering of NSCC to members on their behalf and that NSCC will not use or disclose the storage data received by NSCC other than for purposes of providing Analytics Data and other purposes permitted under applicable law. In addition, the proposed rule change will expand the data, to include all source data, which I&RS members may preclude from disclosure and attribution in connection with earnings reporting laws compliance. Similarly, the proposed rule change will permit I&RS members to prevent the attribution to them of all of their source data under the Services existing OptingOut provision. The proposed rule change will contain the following representations to be made by each I&RS member that submits storage data to NSCC: that the submitter of the storage data has the right to submit such storage data to NSCC; that either: o no third party consents are required in connection with submission to NSCC of any storage data, or o if any third party consents are required in connection with submission to NSCC of any storage data, the submitter has obtained all such third party consents; that the submitter has the right to allow NSCC to use such storage data in the creation of the Analytics Data that shall be reported to third parties; and that either: o the submitter has made the notices, and offered the rights, to individuals with regard to the submitters submission of such storage data to NSCC for use in preparing the Analytics Data that is reported to third parties, as required by applicable privacy regulations under the Gramm-Leach-Bliley Act; or o if the submitter is not the appropriate party, the submitter has ensured that the appropriate party has made the notices, and offered the rights, to individuals with regard to such submitters submission of such storage data to NSCC for use in preparing the Analytics Data that is reported to third parties, as required by applicable privacy regulations under Gramm-Leach-Bliley Act.

The proposed rule change will also contain an indemnification provision to protect NSCC from any losses it may sustain in reliance upon the above representations. The proposed rule change will specify that because the Analytics Data is based solely upon source data provided to NSCC, NSCC makes no representation or warranty that any of the Analytics Data accurately reflects past, present or future market performance, nor does NSCC guarantee the adequacy, accuracy, timeliness or completeness of any Analytics Data or its fitness for any purpose, and that NSCC will not be subject to any

Page 5 of 17

damages or liabilities whatsoever with respect to any errors, omissions or delays in any Analytics Data nor for any partys use of or reliance upon any Analytics Data. As a result of these proposed rule changes, the Service will provide more complete information to subscribers about their own businesses and business relationships, and benchmarking information about the overall market. NSCC believes that the proposed rule change is consistent with the (b) requirements of the Securities Exchange Act of 1934, as amended (the Act), 2 specifically Section 17A(b)(3)(F), and the rules and regulations thereunder applicable to NSCC, because the change will permit I&RS members of NSCC to enhance their monitoring and analysis of their businesses, and accordingly, fosters cooperation and coordination with persons engaged in the clearance and settlement of securities transactions. 4. Self-Regulatory Organizations Statement on Burden on Competition

NSCC does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change will result in more robust insurance market data, delivering a better understanding of performance relative to user peer groups and providing business decision support, which NSCC believes will enhance competition to the benefit of investors and beneficiaries. 5. Self-Regulatory Organizations Statement on Comments on the Proposed Rule Change Received from Members, Participants, or Others

Written comments relating to the proposed rule changes have not yet been solicited or received. NSCC will notify the Commission of any written comments received by NSCC. 6. Extension of Time Period for Commission Action NSCC does not consent to an extension of the time period specified in Section 19(b)(2) of the Act for Commission action. 7. Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for Accelerated Effectiveness Pursuant to Section 19(b)(2) or Section 19(b)(7)(D)

The proposed rule changes will take effect pursuant to paragraph (A) of (a) Section 19(b)(3) of the Act and is effective upon filing. (b) The proposed rule change effects changes in an existing service of NSCC that (i) does not adversely affect the safeguarding of securities or funds in the custody or control of NSCC or for which NSCC is responsible and (ii) does not significantly affect the respective rights or obligations of NSCC or persons using the service. The Service is an information service; no securities or funds are transmitted through NSCC as part of the Service. Accordingly, the proposed rule change does not adversely affect the safeguarding of securities or funds in the custody or control of NSCC or for which NSCC
2

15 U.S.C. 78q-1(b)(3)(F).

Page 6of 17

is responsible. Further, the proposed rule change does not provide any greater or lesser rights to or obligations on either NSCC or the users of the Service, as subscribing to the Service is completely voluntary and neither NSCC nor the users of the Service will he obligated to do anything more or less in comparison to their current rights and obligations. (c) (d) 8. Not applicable. Not applicable.

Proposed Rule Change Based on Rules of Another Self-Regulatory Organization or of the Commission

This proposed rule change is not based on the rules of another self-regulatory organization or of the Commission. 9. Security-Based Swap Submissions Filed Pursuant to Section 3C of the Act (a) (b) (c) (d) (e) 10. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable.

Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing and Settlement Supervision Act (a) (b) (c) (d) (e) Not applicable. Not applicable. Not applicable. Not applicable. Not applicable.

ii.

Exhibits Exhibit 1 Not applicable. Exhibit 1A Notice of proposed rule change for publication in the Federal Register. Exhibit 2 Not applicable. Exhibit 3 Not applicable. Exhibit 4 Not applicable. Exhibit 5 Text of proposed rule change.

_________

Page 7 of 17

EXBJBIT 1A SECURITIES AND EXCHANGE COMMISSION [Release No. 34[Date] Self-Regulatory Organizations; National Securities Clearing Corporation; Proposed Rule Change to expand the Analytic Reporting Service to permit for increased source data. File No. SR-NSCC-2013-08]

Pursuant to Section 19(b)( 1) of the Securities Exchange Act of 1934 (the Act), 15 U.S.C. 78s(b)(1) and Rule 19b-4, 17 CFR 240.19b-4, notice is hereby given that on National Securities Clearing Corporation (NSCC) filed with the Securities and Exchange Commission (Commission) the proposed rule change described in Items I, II and III below, which Items have been prepared by NSCC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.

I.

Clearing Agencys Statement of the Terms of Substance of the Proposed Rule Chan2e

The proposed rule change consists of amendments to Rule 57 of the Rules & Procedures (Rules) of NSCC with respect to enhancements to the Analytic Reporting Service of the insurance and Retirement Processing Services (I&RS). II.

Clearing Agencys 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 has prepared summaries, set forth in sections A, B, and C below, of the

Page 8 of 17 most significant aspects of such statements. A. Clearing Agencys Statement of the Purpose of and Statutory Basis for, the Proposed Rule Change. (i) (a) Background. On December 10, 2010, NSCC filed with the

Commission proposed rule change SR-NSCC-2010-18 to add a new I&RS service called the Analytic Reporting Service (Service). In that filing, NSCC described how the Service aggregates transaction data to produce monthly reports relating to the insurance industry markets (such reports, collectively, Analytics Data). To create Analytics Data, a data feed from I&RSs Financial Activity Reporting (FAR) service is transmitted to the Service on a periodic basis. FAR is an NSCC I&RS service that provides I&RS members the ability to transmit insurance transaction data and information between themselves. I&RS members submitting transaction data through FAR can only do so where the counterparty to such transaction is also an I&RS member. By accessing and applying the FAR data feed, the Service uses as its source data actual transaction information, rather than survey results, which gives subscribers of the Service a more efficient, cost effective and timely benchmarking and other relevant information mechanism, than other similar aggregating services. However, because the Services source data is currently limited solely to transaction data transmitted through FAR, the benefits of the Service cannot be applied to other data sources. Subscribers of the Service, and prospective subscribers, have requested that NSCC enhance the Service to allow for submission of additional source data in order that the Service may provide a more complete view of subscribers own business and of the insurance industry generally.

Release No. 34-63604 (December 23, 2010), 75 FR 82115 (December 29, 2010).

Page 9 of 17 (b) The proposed rule change. The proposed rule change will expand the Service to permit for increased source data. Under the proposed rule change, I&RS members may submit their transaction data to NSCC, even where the counterparty to a transaction is not an existing I&RS member, and the proposed rule change will also permit for submission of transaction data by parties that are not existing members of NSCC. Under the proposed rule change, in addition to transactions submitted through FAR, the Service will contain a storage data functionality that will permit I&RS members, and parties that are not existing members of NSCC, to submit transaction data directly to the Service. In connection with the proposed storage data functionality, the proposed rule change will specify that the Analytic Reporting Service is a service offering of NSCC to members on their behalf and that NSCC will not use or disclose the storage data received by NSCC other than for purposes of providing Analytics Data and other purposes permitted under applicable law. In addition, the proposed rule change will expand the data, to include all source data, which I&RS members may preclude from disclosure and attribution in connection with earnings reporting laws compliance. Similarly, the proposed rule change will permit I&RS members to prevent the attribution to them of all of their source data under the Services existing Opting-Out provision. The proposed rule change will contain the following representations to be made by each I&RS member that submits storage data to NSCC: that the submitter of the storage data has the right to submit such storage data to NSCC; that either: no third party consents are required in connection with submission to NSCC of any storage data, or if any third party consents are required in connection with submission to NSCC of any storage data, the submitter has obtained all such third party consents; that the submitter has the right to allow NSCC to use such storage data

Page 10 of 17 in the creation of the Analytics Data that shall be reported to third parties; and that either: the submitter has made the notices, and offered the rights, to individuals with regard to the submitters submission of such storage data to NSCC for use in preparing the Analytics Data that is reported to third parties, as required by applicable privacy regulations under the Gramm-Leach-Bliley Act; or if the submitter is not the appropriate party, the submitter has ensured that the appropriate party has made the notices, and offered the rights, to individuals with regard to such submitters submission of such storage data to NSCC for use in preparing the Analytics Data that is reported to third parties, as required by applicable privacy regulations under Gramm-Leach-Bliley Act. The proposed rule change will also contain an indemnification provision to protect NSCC from any losses it may sustain in reliance upon the above representations. The proposed rule change will specify that because the Analytics Data is based solely upon source data provided to NSCC, NSCC makes no representation or warranty that any of the Analytics Data accurately reflects past, present or future market performance, nor does NSCC guarantee the adequacy, accuracy, timeliness or completeness of any Analytics Data or its fitness for any purpose, and that NSCC will not be subject to any damages or liabilities whatsoever with respect to any errors, omissions or delays in any Analytics Data nor for any partys use of or reliance upon any Analytics Data. As a result of these proposed nile changes, the Service will provide more complete information to subscribers about their own businesses and business relationships, and benchinarking information about the overall market. (ii) NSCC believes that the proposed rule change is consistent with the

requirements of the Securities Exchange Act of 1934, as amended (the Act), specifically Section 17A(b)(3)(F), 2 and the rules and regulations thereunder applicable to NSCC, because

15 U.S.C. 78q-1(b)(3)(F).

Page 11 of 17 the change will pennit I&RS members of NSCC to enhance their monitoring and analysis of their businesses, and accordingly, fosters cooperation and coordination with persons engaged in the clearance and settlement of securities transactions.. B. Clearing Agencys Statement on Burden on Competition.

NSCC does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change will result in more robust insurance market data, delivering a better understanding of performance relative to user peer groups and providing business decision support, which NSCC believes will enhance competition to the benefit of investors and beneficiaries. C. Clearing Agencys Statement on Comments on the Proposed Rule Change Received from Members, Participants, or Others.

Written comments relating to the proposed rule changes have not yet been solicited or received. NSCC will notify the Commission of any written comments received by NSCC Commission. P. (i) (ii) (iii) (iv) (v) E. Security-Based Swap Submissions Filed Pursuant to Section 3C of the Act. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. Advance Notices Filed Pursuant to Section 806(e) of the Payment. Clearing and Settlement Supervision Act. Not applicable. Not applicable.

(i) (ii)

Page 12 of 17 (iii) (iv) (v) ifi. Not applicable. Not applicable. Not applicable. 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) of the Act and paragraph (f) 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. W. Solicitation of Conunents

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 Commissions Internet comment fonn (http://www.sec.gov/rules/sro.shtrnl), or Send an e-mail to rnle-cornrnents@sec.gov. Please include File No. SR-NSCC-2013-08 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, D.C., 20549-1090. All submissions should refer to File Number SR-NSCC-2013-08. This file number should be included on the subject line if e-mail 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 Commissions Internet website (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

____________

Page 13 of 17

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 Commissions Public Reference Room, 100 F Street. NE, Washington, D.C. 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. 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
2013-08 and should

be submitted on or before

For the Commission, by the Division of Trading and Markets, pursuant to delegated 3 authority.

Secretary

17 CFR20030-3(a)(12).

Page 14 of 17

EXHIBIT5

NATIONAL SECURITIES CLEARING CORPORATION

RULES & PROCEDURES
TEXT OF PROPOSED RULE CHANGE Underlined and boldface text indicates new text Strikethrough and boldface indicates deleted text

Page 15 of 17

RULE 57. INSURANCE AND RETIREMENT PROCESSING SERVICES

ANALYTIC REPORTING SERVICE SEC. 12. (a) The Corporation may provide a service (the Analytic Reporting Service) to enable NSCC Members or Limited Members to access aggregated information from all participating sources related to the insurance products market, including benchmarking information and league tables (such aggregated information referred to as Analytics Data)., as evidenced by the IPS Data processed through the Corporation and to The Analytic Reporting Service may provide a mechanism for comparing and benchmarking the particular NSCC Members or Limited Members IPS Data data to the Analytics Data. The Corporation may also make such information Analytics Data available to parties that are not existing NSCC Members or Limited Members. The Analytics Data produced by the Corporation shall be sourced j from the IPS Data processed through the Corporation, as well as from other data and information related to the insurance products market that is otherwise supplied to the Corporation by Members, Limited Members or other parties that are not NSCC Members or Limited Members for purposes of creating Analytics Data (such other data referred to as Storage Data). IPS Data and Storage Data are collectively referred to as Source Data with respect to Analytics Data. The Analytic Reporting Service is a service offered by the Corporation to NSCC Members and Limited Members on such Members or Limited Members behalf. The Corporation will not use or disclose the Storage Data received by the Corporation other than for purposes of providing Analytics Data and other purposes permitted under applicable law. (b) f The Analytics-Reporting Service will also permit a NSCC Member, Mutual Fund/Insurance Services Member or Insurance Carrier/Retirement Services Member to preclude the disclosure or attribution of its transactions Source Data, in order to permit compliance with the laws and regulations governing disclosure of such information prior to earnings reporting. It is ultimately the responsibility of the NSCC Member, Mutual Fund/Insurance Services Member, or Insurance Carrier/Retirement Services Member to determine whether the Analytics Reporting Service process for avoiding disclosure meets its legal requirements and to determine whether disclosure is permissible.
{-(G)

Opting-Out. For purposes of this rule, the term Opting-Out shall mean that an NSCC Member, Insurance Carrier/Retirement Service Member, or Mutual

Page 16 of 17

Fund/Insurance Services Member elects to prevent the attribution of I-P-S-Source Data to it either individually or in a readily discernible individualized manner as part of the Analytic Reporting Service. To Opt-Out, an existing NSCC Member, Insurance Carrier/Retirement Service Member, or Mutual Fund/Insurance Services Member must provide NSCC with written notice of its election within the initial ninety (90) day election period. A new NSCC Member, Insurance Carrier/Retirement Service Member, or Mutual Fund/Insurance Services Member may notify NSCC of its election to Opt-Out at any time prior to account activation. Once an NSCC Members, Insurance Carrier/Retirement Service Members, or Mutual Fund/Insurance Services Members I-P-S Source Data is included in the Analytics Reporting Service in a readily discernible or individualized manner, the NSCC Member, Insurance Carrier/Retirement Service Member, or Mutual Fund/Insurance Services Member may elect at any time to discontinue having NSCC attribute its IRS Source Data in the Analytics Reporting Service by providing NSCC with thirty (30) days written notice of its Opt-Out election. For purposes of the Analytic Reporting Service, an NSCC Member, Insurance Carrier/Retirement Service Member, or Mutual Fund/Insurance Services Member that does not elect to Opt-Out) as provided in this section, shall be deemed to have consented to the release of its IPS Source Data as part of the Analytics Data for the purposes of Rule 49. Each NSCC Member and Limited Member that elects to submit any (f) Storage Data represents to the Corporation:
(I) that it has the right to submit such Storage Data to the Corporation; that either: A no third party consents are required in connection with submission to the Corporation of any Storage Data, or B. if any third party consents are required in connection with submission to the Corporation of any Storage Data, it has obtained all such third party consents; that it has the right to allow the Corporation to use such Storage Data in the creation of the Analytics Data that shall be reported to third parties; and that either: A. it has made the notices, and offered the rights, to individuals with regard to its submission of such Storage Data to the Corporation for use in preparing Analytics Data that is reported to third parties, as required by applicable privacy regulations under the Gramm-Leach-BIiley Act; or B. if it is not the appropriate party, it has ensured that the appropriate party has made the notices, and offered the

(ii)

(iii)

(iv)

Page 17 of 17

rights, to individuals with regard to such NSCC Member or Limited Members submission of such Storage Data to the Corporation for use in preparing Analytics Data that is reported to third parties, as reguired by applicable privacy regulations under Gramm-Leach-Bliley Act. Each NSCC Member and Limited Member that elects to submit any Storage Data agrees that it shall indemnify the Corporation, and any of its employees, officers, directors, shareholders, agents, and participants who may sustain any loss, liability or expense as a result of the Corporations reliance upon such Members or Limited Members representations set forth in this Section. (g) Because Analytics Data is based solely upon Source Data provided to the Corporation, the Corporation makes no representation or warranty that any Analytics Data accurately reflects past, present or future market performance, nor does the Corporation guarantee the adequacy, accuracy, timeliness or completeness of any Analytics Data or its fitness for any purpose. The Corporation shall not be subiect to any damages or liabilities whatsoever with respect to any errors, omissions or delays in any Analytics Data nor for any partys use of or reliance upon any Analytics Data.