SEC Division of Trading and Markets no-action letter: DPC Data Inc.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
DIVISION OF
TRADING AND MARKETS
June 10, 2009
Mr. Peter J. Schmitt
CEO
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07024
Re: NRMSIR Status of DPC Data Inc.
Dear Mr. Schmitt:
By letter dated June 23, 1997, the staff of the Division of Market Regulation (n/k/a Division of Trading and Markets) recognized DPC Data Inc. (“DPC”) as a Nationally Recognized Municipal Securities Information Repository (“NRMSIR”) pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934. The staff of the Division stated to DPC that it would not recommend that the Commission take enforcement action under Rule 15c2-12 of the Act if brokers, dealers and municipal securities dealers who underwrite offerings (“Participating Underwriters”) for which the final official statements are available from DPC cease to provide copies of such final official statements 25 days after the close of the underwriting period. Moreover, the staff of the Division stated that it would not recommend that the Commission take enforcement action against a Participating Underwriter pursuant to Rule 15c2-12(b)(5)(i), if the Participating Underwriter reasonably determines that DPC is included in the list of NRMSIRs to which an issuer of municipal securities or an obligated person has undertaken to provide the disclosure information required under the Rule. As stated in the letter, the no-action position was subject to modification or revocation at any time the Division determined that such action was necessary or appropriate. The Securities and Exchange Commission recently adopted amendments to Rule 15c2-12 under the Securities Exchange Act of 19341 that, among other things, “direct[ed] Commission staff to withdraw all ‘no action’ letters recognizing existing NRMSIRs as of 12 midnight (ET) of the day preceding the effective date of the amendments to Rule

1
Securities Exchange Act Release No. 59062 (Dec. 5, 2008), 73 FR 76104 (Dec. 15, 2008), available at: http://www.sec.gov/rules/final/2008/34-59062.pdf (“Adopting Release”).

Mr. Peter J. Schmitt
15c2-12.”2
The effective date of the amendments is July 1, 2009.3 Therefore, the “no action” letter from Robert L.D. Colby, Deputy Director, Division of Market Regulation, Securities and Exchange Commission, to Peter J. Schmitt, DPC Data Inc., dated June 23, 1997 is withdrawn as of 12:00 midnight (ET) on June 30, 2009. Commencing at that time, DPC Data Inc. shall cease to be designated as a NRMSIR. Should you have any questions in this regard, please do not hesitate to contact me. Thank you for your interest and participation in the municipal securities market and cooperation with this matter. Sincerely,

Martha Mahan Haines
Assistant Director and Chief, Office of
Municipal Securities
2
See Adopting Release, at 76119.
3
See Adopting Release, at 76104.