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Page of 17 SECURITIES AND EXCHANGE COMMISSION File No SR -2013 08WASHINGTON, D C 20549Form 19b-4Flog by Natonal Secunties Clearng CorporationPursuant to Rule 190-4 under the Secunties Exchange Act of 1934

Initial Amendment * Withdrawal Section 19 b it Section 9b3l A Section 19 b; 3 rBRule

Pilot 19b-4 f 1 19b-4it i419b-4 f52 19b-4tl 5

l 19b-4 f 3 19b-4if i6Notice of proposed cnange pursuent to the Payment. Clearing and Settlement Act of 2010 Security-Based Swap Submission pursuantto the Securities Exchange Act of 1934

DescriptionProvide a brief description of tne action limit 250 characters, requirea when Initial is coeckedThe purpose of the proposed rule change is to expand the Analytic Reporting Service to peimit for increased sourcedata

Contact InformationProvide the name telephone number and e-mail address of the person on the staff of the self-regulatory organizationprepared to respond to questions arid comments on the actionFirst Name Susana Last Name GonzalezTitle Senior Associate CounselE-mail [email protected] 1813 470-2886 Fax 8131 470-2735

SignaturePursuant to the reqeirements of the Securities Exchange Act of 1934has duly caused this filing to be signed on its behalf by the undersigned thereunto duly authorized

rheDate 06/07/2013 Managing Director and General CounselBy Larry E Thompson

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SECURITIES AND EXCHANGE COMMISSIONWASHINGTON D C. 20549

For complete Form 9b-4 instructions please refer to the EFFS websiteThe self-regulatory organization must provide all required information, presented in aForm 19b-4 Information clear and comprehensible manner, to enable the public to provide meaningfulcomment on the proposal and for the Comrnisson to determine whether the proposalAdd Remove View is consistent with the Ac t and applcable ruies and regulations under the Act

The Notce section of this Form 19b-4 most comply with the guidelines for publcationExhibit Notice of Proposed Rule Change in the Federal Register as well as any requirements for electronic filing as publishedby the Commission if applicable . The Office of the Federal Register OFR offersguidance on Federal Register publication requirements in the Federal RegisterAdd Remove View Document Drafting Handbook October 1998 Revision For example. all references tothe federal securties aws must nclude the corresponding cite to the United StatesCode in a footnote All references to SEC rules must inciude the correspondng citeto the Code of Federal Regulations n a footnote All references to SecuritiesExchange Act Releases must include the release number release date. FederalRegister cite Federal Register date, end corresponding file number e.g. SR-[SRO]-xx-xx material failure to comply with these guidelines will result in the proposedrule change being deemed not properly filed. See also Rule 0-3 under the Ac t 17CFR 240 0-3

Exhibit IA- Notice of Proposed Rule The Notice section of this Form t9b-4 must comply with the gudelines for publicationChange. SecurityBased Swap Submission in the Federal Register as wet as any requirements for electronic filing as publshedor Advance Notice by Clearing Agencies by the Commission if applicable . The Office of the Federal Register OFR offersguidance on Federal Register publication requirements in the Federal RegsterDocument Drafting Handbook. October 1998 Revision For example, all references tothe federal securities laws must include the corresponding cite to the United StatesCode in a footnote All references to SEC rules must include the corresponding citeto the Code of Federal Regulations in a footnote All references to SecuritiesExchange Act Releases must include the release number, release date, FederalRegister 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 proposedrule change security-based swap submission or advance notice being deemed notproperly filed See also Rule 0 3 under the Ac t 17 CFR 240 0-3

Exhibit 2 Notices Written Comments Copies of notices, written comments, transcripts other communications. If suchTransc ripts Other ommunic ations documents cannot be filed electronically n accordance with Instruction F, they shall befiled in accordance with Instruction GAdd Remove View ioit Sent Os Pxom DocumentExhibit 3 Form, Report, or Questionnaire Copies of any form report or questionnaire that the self-regulatory organization

R v proposes to use to help implement or operate the proposed rule change. or that is emove iew refeired to by the proposed rule changeE*iibit Sen s aper Donjoient

Exhibit 4 Marked Copies The full text shall be marked, in any convenient manner to indicate additions to anddeletions from the immediately preceding filing The purpose of Exhibit 4 is to permitAdd Remove View the staff to identify mmediately the changes made from the text of the rule with whichit has been working.

Exhibit 5 Proposed Rule Text The self-regulatory organization may choose to attach as Exhibit 5 proposed changesto rule text in place of providing It in Item and which may otherwise be more easilyAdd Remove vi w readable if provided separately from Form 19b-4 Exhibit S shall he considered partof the proposed ule change

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

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Text of the Proposed Rule Changea) The proposed rule change is annexed hereto as Exhibit and consists ofamendments to Rule 57 of the Rules Procedures Rules) of National SecuritiesClearing Corporation NSCC) with respect to enhancements to the Analytic ReportingService of the Insurance and Retirement Processing Services I RS).b) Not applicable.c ) Not applicable.

2. Procedures of the Self-Regulatory OrganizationThe proposed rule change has been approved by the appropriate management ofNSCC pursuant to delegated authority from NSCCs Board of Directors. NSCCs Boardof Directors has not tak en and is not required to take, action on the proposed rule change.

3. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basisfor, the Proposed Rule Changea ) i) Background. On December 10 2010, NSCC filed with the Securitiesand Exchange Commission C ommission) proposed rule change SR-NSCC-2010-18to add a new I RS serv ice called the Analytic Reporting Service Service). In thatfiling NSCC described how the Service aggregates transaction data to produce monthlyreports relating to the insurance industry markets s uch reports, collectively, AnalyticsData. To crea te 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 RSservice that provides I RS members the ability to transmit insu rance transaction data andinformation between themselves. 1 RS members submitting transaction data throughFAR can only do so where the counterparty to such transaction is also an I RS member.

By accessing and applying the FAR da ta feed, the Service uses as its source data actualtransaction information, rather than su rvey results, which gives subscribers of the Servicea more efficient, cost effective and timely benchmarking and other relevant informationmechanism, than other similar aggregating services.However because the Services source data is currently limited solely totransaction data transmitted through FAR, the benefits of the Service cannot be applied toother data sources. Subscribers of the Service and prospective subscribers, haverequested that NSCC enhance the Service to allow for submission of additional sourcedata in order that the Service may provide a more complete view of subscribers ownbusiness and of the insurance industry generally .i i) The proposed rule change. The proposed ru le change will expand the Serviceto pennit for increased source data. Under the proposed rule change I RS membersmay submit their transaction data to NSCC even where the counterparty to a transactionis no t an existing l RS member, and the proposed rule change will also permit forsubmission of transaction da ta by pa rties that are no t existing members of NSCC. Underthe 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 .

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will contain a storage data functionality that will permit I RS members and partiesthat are not existing members of NSCC to submit transaction data directly to the Service.In connection with the proposed storage data functionality the proposed rulechange will specify that the Analytic Reporting Service is a service offering of NSCC tomembers 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 purposespermitted under applicable law. In addition the proposed rule change will expand thedata to include all source data which I RS members may preclude from disclosure andattribution in connection with earnings reporting laws compliance. Similarly theproposed rule change will permit I RS members to prevent the attribution to them of allof their source data under the Services existing OptingOut provision.The proposed rule change will contain the following representations to be madeby each I RS member that submits storage data to NSCC:

that the submitter of the storage data has the right to submit such storagedata to NSCC; that either:o no third party consents are required in connection with submissionto NSCC of any storage data oro if any third party consents are required in connection withsubmission to NSCC of any storage data the submitter hasobtained all such third party consents; that the submitter has the right to allow NSCC to use such storage data inthe 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 toindividuals with regard to the submitters submission of suchstorage data to NSCC for use in preparing the Analytics atathatis reported to third parties as required by applicable privacyregulations under the Gramm Leach liley Act; oro if the submitter is not the appropriate party the submitter hasensured that the appropriate party has made the notices andoffered the rights to individuals with regard to such submitterssubmission of such storage data to NSCC for use in preparing theAnalytics Data that is reported to third parties as required byapplicable privacy regulations under Gramm Leach liley Act.

The proposed rule change will also contain an indemnification provision toprotect NSCC from any losses it may sustain in reliance upon the above representationsThe proposed rule change will specify that because the Analytics Data is based solelyupon source data provided to NSCC NSCC makes no representation or warranty that anyof the Analytics Data accurately reflects past present or future market performance nordoes NSCC guarantee the adequacy accuracy timeliness or completeness of anyAnalytics Data o r its fitness for any purpose and that NSCC will not be sub ject to any

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damages or liabilities whatsoever with respect to any errors, omissions or delays in anyAnalytics Data nor fo r any partys use of or reliance upon any Analytics Data.As a result of these proposed rule changes, the Service will provide morecomplete information to subscribers about their own businesses and businessrelationships, and benchmarking information about the overall market.b) NSCC believes that the proposed rule change is consistent with therequirements of the Securities Exchange Act of 1934, as amended the Act),specifically Section 17A b) 3) F), 2 and the ru les and regulations thereunder applicable toNSCC, because the change will permit I RS members of NSCC to enhance theirmonitoring and analysis of their businesses, and accordingly, fosters cooperation and

coordination with persons engaged in the clearance and settlement of securitiestransactions.4. Self Regulatory Organizations Statement on Burden on Competition

NSCC does no t believe that the proposed rule change will result in any burden oncompetition that is no t necessary or appropriate in furtherance of the purposes of the Act.The proposed rule change will result in more robust insurance market data, delivering abetter understanding of performance relative to user peer groups and providing businessdecision support, which NSCC believes will enhance competition to the benefit ofinvestors and beneficiaries.5. Self Regulatory Organizations Statement on Comments on the Proposed RuleChange Received from Members, Participants, or Others

Written comments relating to the proposed rule changes have no t yet beensolicited or received . NSCC will notify the Commission of any written commentsreceived by NSCC.6. Extension of Time Period for Commission Action

NSCC does no t consent to an extension of the t ime period specified in Section19 b) 2) of the Act for Commission action.7. Basis for Summary Effectiveness Pursuant to Section 19 b) 3) or for cceleratedEffectiveness Pursuant to Section 19 b) 2) or Section 19 b) 7) D)

a) The proposed rule changes will take effect pursuant to paragraph A) ofSection 19 b) 3) of the Act and is effective upon filing.b) The proposed rule change effects changes in an existing service of NSCCthat i) does not adversely affect the safeguarding of securities or funds in the custody orcontrol of NSCC or for which NSCC is responsible and ii) does not significantly affectthe 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 theService. Accordingly, the proposed rule change does no t adversely affect thesafeguarding of securities or funds in the custody or control of NSCC or for which NSCC 5 U.S.C. 78q-1 b 3 F .

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is responsible. Further, the proposed rule change does not provide any greater or lesserrights to or obligations on either NSCC or the users of the Service, as subscribing to theService is completely voluntary and n ith r NSCC nor the users of the Service will heobligated to do anything more or less in comparison to their current rights andobligations.c Not applicable.d Not applicable.

8. Proposed Rule Change Based on Rules of Another Self RegulatoryOrganization or of the CommissionThis proposed rule change is not based on the rules of another self regulatoryorganization or of the Commission

9. Security Based Swap Submissions Filed Pursuant to Section 3C of the Acta Not applicable.b Not applicable.c Not applicable.d Not applicable.e Not applicable.

10. Advance Notices Filed Pursuant to Section 806 e of the Payment, Clearing andSettlement Supervision Acta Not applicable.b Not applicable.c Not applicable.d Not applicable.e Not applicable.

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

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

Pursuant to Section 19 b) 1) of the Securities Exchange Act of 1934 the Act), 15U.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 ExchangeCommission 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 solicitcomments on the proposed rule change from interested persons.

I. Clearing gencys Statement of the Terms of Substance of the Proposed RuleChan2eThe proposed rule change consists of amendments to Rule 57 of the Rules

Procedures Rules) of NSCC with respect to enhancements to the Analytic ReportingService of the insurance and Retirement Processing Services I RS).

II. Clearing Agencys Statement of the Purpose of, and Statutory Basis for, theProposed Rule ChangeIn 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 theproposed rule change. The text of these statements may be examined at the places specifiedin Item IV below. NSCC has prepared summaries, set forth in sections A, B, and C below, of the

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most significant aspects of such statements.A. Clearing Agencys Statement of the Purpose of and Statutory Basis for theProposed Rule Change

i) a) Background. On December 10, 2010, NSCC filed with theCommission proposed rule change SR-NSCC-2010-18 to add a new I RS service called theAnalytic Reporting Service Service). In that filing, NSCC described how the Serviceaggregates transaction data to produce monthly reports relating to the insurance industrymarkets uch reports, collectively, Analytics Data). To create Analytics Data, a data feedfrom I RSs Financial Activity Reporting FAR) service is transmitted to the Service on aperiodic basis. FAR is an NSCC I RS service that provides I RS members the ability totransmit insurance transaction data and information between themselves. I RS memberssubmitting transaction data through FAR can only do so where the counterparty to suchtransaction is also an I RS member. By accessing and applying the FAR data feed, theService uses as its source data actual transaction information, rather than survey results, whichgives subscribers of the Service a more efficient, cost effective and timely benchmarking andother relevant information mechanism than other similar aggregating services.

However, because the Services source data is currently limited solely to transactiondata transmitted through FAR, the benefits of the Service cannot be applied to other datasources. Subscribers of the Service, and prospective subscribers, have requested that NSCCenhance the Service to allow for submission of additional source data in order that the Servicemay provide a more complete view of subscribers own business and of the insurance industrygenerally.

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

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b) The proposed rule change. The proposed rule change will expandthe Service to permit for increased source data. Under the proposed rule change, I RSmembers may submit their transaction data to NSCC even where the counterparty to atransaction is no t an existing I RS member, and the proposed rule change will also permit forsubmission of transaction data by parties that are no t existing members ofNSCC Under theproposed rule change, in addition to transactions submitted through FAR, the Service willcontain a storage data functionality that will permit I RS members, and parties that are no texisting members ofNSCC to submit transaction data directly to the Service.

In connection with the proposed storage data functionality, the proposed rule changewill specify that the Analytic Reporting Service is a service offering of NSCC to members ontheir behalf and that NSCC will no t use or disclose the storage data received by S otherthan for purposes of providing Analytics Data and other purposes permitted under applicablelaw. 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 withearnings reporting laws compliance. Similarly, the proposed rule change will permit I RSmembers to prevent the attribution to them of all of their source data under the Servicesexisting Opting-Out provision.

The proposed rule change will contain the following representations to be made byeach I RS member that submits storage data to NSCC:

that the submitter of the storage data has the right to submit suchstorage data to NSCC; that either:

no third party consents are required in connection with submissionto S of any storage data, or if any third party consents are required in connection withsubmission to NSCC of any storage data, the submitter hasobtained all such third party consents; that the submitter has the right to allow NSCC to use such storage data

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in the creation of the Analytics Data that shall be reported to thirdparties; andthat either: the submitter has made the notices, and offered the rights, toindividuals with regard to the submitters submission of such

storage data to NSCC for use in preparing the Analytics Data thatis reported to third parties, as required by applicable privacyregulations under the Gramm Leach Bliley Act; or if the submitter is no t the appropriate party, the submitter hasensured that the appropriate party has made the notices, andoffered the rights, to individuals with regard to such submitterssubmission of such storage data to NSCC for use in preparing theAnalytics Data that is reported to third parties, as required byapplicable privacy regulations under Gramm Leach Bliley Act.

The proposed rule change will also contain an indemnification provision to protectNSCC from any losses it may sustain in reliance upon the above representations. Theproposed rule change will specify that because the Analytics Data is based solely upon sourcedata provided to NSCC, NSCC makes no representation or warranty that any of the AnalyticsData accurately reflects past, present or future market performance, nor does NSCC guaranteethe adequacy, accuracy, timeliness or completeness of any Analytics Data or its fitness for anypurpose, and that NSCC will no t b e subject to any damages or liabilities whatsoever withrespect to any errors, omissions or delays in any Analytics Data nor for any partys use of orreliance upon any Analytics Data.

As a result of these proposed nile changes, the Service will provide more completeinformation to subscribers about their own businesses and business relationships, andbenchinarking information about the overall market.

ii NSCC believes that the proposed rule change is consistent with therequirements of the Securities Exchange Act of 1934, as amended the Act , specificallySection 17A b 3 F , and the rules and regulations thereunder applicable to NSCC because

2 15 U.S.C. 78q-1 b 3 F .

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the change will pennit I RS members of NS to enhance their monitoring and analysis oftheir businesses, and accordingly, fosters cooperation and coordination with persons engaged inthe 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 abetter understanding of performance relative to user peer groups and providing business

decision support which NSCC believes will enhance competition to the benefit of investorsand beneficiaries.

C. Clearing Agencys Statement on Comments on the Proposed Rule ChangeReceived from Members Participants or Others.

Written comments relating to the proposed rule changes have no t yet been solicited orreceived. NSCC will notify the Commission of any written comments received by NSCCCommission.

P. Security Based Swap Submissions Filed Pursuant to Section 3C of the Act.i) Not applicable.ii) Not applicable.iii) Not applicable.iv) Not applicable.v) Not applicable.E. Advance Notices Filed Pursuant to Section 806 e) ofthe Payment. Clearing and

Settlement Supervision Act.i) Not applicable.ii) Not applicable.

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iii Not applicable.iv Not applicable.v Not applicable.ifi. Date of Effectiveness of the Proposed Rule Change and Timing for

Commission ActionThe 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 theproposed rule change, the Commission summarily may temporarily suspend such rule change if itappears to the Commission that such action is necessary or appropriate in the public interest, for theprotection of investors, or otherwise in furtherance of the purposes of the Act.

W. Solicitation of ConunentsInterested persons are invited to submit written data, views and arguments concerning the

foregoing, including whether the proposed rule change is consistent with the Act. Commentsmay 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 [email protected]. 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 andExchange 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 reviewyour comments more efficiently, please use only one method. The Commission will post allcomments on the Commissions Internet website http://www.sec.gov/rules/sro.shtml . Copiesof the submission, all subsequent amendments, all written statements with respect to theproposed rule change that are filed with the Commission, and all written communications

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relating to the proposed rule change between the Commission and any person other than thosetha t may be withheld from the public in accordance with the provisions of 5 USC 552 will beav ailable for webs ite viewing and pr inting in the Commissions Public Reference Room100 FStreet NE WashingtonDC 205 49 on official bus iness days between the hours of 10:00 a mand 3:00 p m Copies of such filings will also be available for inspection and opyin at the principaloffi of NSCC. All comments received will be pos ted without change; the ommission does noted it persona l ident ifying information from subm ission s You should sub mit only information thatyou wish to make available publicly All subm issions sho uld refer to File Number SR NSCC213 8 and should be submitted on or before

_________________

For the Commission by the Division ofTrading and Markets pursuant to delegatedauthority.

Secretary

CFR20030-3 a 12 .

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NATIONALSECURITIESCLEARINGCORPORATIONRULES PROCEDURESTEXT OF PROPOSED RULE CHANGE

Underlined and boldface text indicates new textStrikethrough and boldface indicates deleted text

EXHI IT

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RULE 57 . INSURANCE AND RETIREMENT PROCESSING SERVICES

ANALYTIC REPORTING SERVICESEC. 12. a The Corporation may provide a service the Analytic ReportingService to enable NSCC Members or Limited Members to access aggregatedinformation from all participating sources related to the insurance productsmarket, including benchmarking information and league tables suchaggregated information referred to as Analytics Data ., as evidenced by theIPS Data processed through the Corporation and to The Analytic ReportingService may provide a mechanism for comparing and benchmarking theparticular NSCC Members or Limited Members IPS Data data to the AnalyticsData. The Corporation may also make such information Analytics Dataavailable to parties that are not existing NSCC Members or Limited Members. The Analytics Data produced by the Corporation shall be sourcedfrom the IPS Data processed through the Corporation, as well as from otherdata and information related to the insurance products market that isotherwise supplied to the Corporation by Members, Limited Members orother parties that are not NSCC Members or Limited Members for purposesof creating Analytics Data such other data referred to as Storage Data .IPS Data and Storage Data are collectively referred to as Source Datawith respect to Analytics Data.

The Analytic Reporting Service is a service offered by theCorporation to NSCC Members and Limited Members on such Members orLimited Members behalf. The Corporation will not use or disclose theStorage Data received by the Corporation other than for purposes ofproviding Analytics Data and other purposes permitted under applicablelaw.b The Analytics-Reporting Service will also permit NSCC Member,Mutual Fund/Insurance Services Member or Insurance Carrier/RetirementServices Member to preclude the disclosure or attribution of its transactionsSource Data, in order to permit compliance with the laws and regulationsgoverning disclosure of such information prior to earnings reporting. isultimately the responsibility of the NS Member, Mutual Fund/InsuranceServices Member, or Insurance Carrier/Retirement Services Member todetermine whether the nalytics Reporting Service process for avoidingdisclosure meets its legal requirements and to determine whether disclosure ispermissible.{- G Opting-Out. Fo r purposes of this rule, the term Opting-Out shall meanthat an NSCC Member, Insurance Carrier/Retirement Service Member, or Mutual

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Fund/Insurance Services Member elects to prevent the attribution of I-P-S-SourceData to it either individually or in a readily discernible individualized manner aspart of the Analytic Reporting Service. To Opt-Out, an exist ing NSCC emberInsurance Carrier/Retirement Service Member, o r Mutual Fund/InsuranceServices Member must provide NSCC with written notice of its election within theinitial ninety 90 day election period. A new NSCC Member, InsuranceCarrier/Retirement Service Member, or Mutual Fund/Insurance Services Membermay notify NSCC of its election to Opt-Out at any time prior to accountactivation. Once an NSCC Member s , Insurance Carrier/Retirement ServiceMember s , or Mutual Fund/Insurance Services embers P S Source Data isincluded in the Analytics Reporting Service in a readily discernible orindividualized manner the NSCC Member, Insurance Carrier/Retirement ServiceMember, or Mutual Fund/Insurance Services Member may elect at any time todiscontinue having NSCC attribute its IRS Source Data in the AnalyticsReporting Service by providing NSCC with thirty 30 days written notice of itsOpt-Out election. For purposes of the Analytic Reporting Service an NSCCMember, Insurance Carrier/Retirement Service Member, or MutualFund/Insurance Services Member that does not elect to Opt-Out as provided inthis section shall be deemed to have consented to the release of its IPS SourceData as part of the Analytics Data for the purposes of Rule 49.f Each NSCC Member and Limited Member that elects to submit anyStorage Data represents to the Corporation:

I that it has the right to submit such Storage Data to theCorporation;ii that either:A no third party consents are required in connection withsubmission to the Corporation of any Storage Data orB. if any third party consents are required in connection withsubmission to the Corporation of any Storage Data it hasobtained all such third party consents;iii that it has the right to allow the Corporation to use suchStorage Data in the creation of the Analytics Data that shall bereported to third parties; andiv that either:A. it has made the notices and offered the rights toindividuals with regard to its submission of such StorageData to the Corporation for use in preparing Analytics Datathat is reported to third parties as required by applicableprivacy regulations under the Gramm Leach BIiley Act; orB. if it is not the appropriate party it has ensured that theappropriate party has made the notices and offered the

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rights to individuals with regard to such NSCC Member orLimited Members submission of such Storage Data to theCorporation for use in preparing Analytics Data that isreported to third parties as reguired by applicable privacyregulations under Gramm Leach Bliley Act.Each NSCC Member and Limited Member that elects to submit any StorageData agrees that it shall indemnify the Corporation and any of itsemployees officers directors shareholders agents and participants whomay sustain any loss liability or expense as a result of the Corporationsreliance upon such Members or Limited Members representations setforth in this Section.g Because Analytics Data is based solely upon Source Data provided tothe Corporation the Corporation makes no representation or warranty thatany Analytics Data accurately reflects past present or future marketperformance nor does the Corporation guarantee the adequacy accuracytimeliness or completeness of any Analytics Data or its fitness for anypurpose. The Corporation shall not be subiect to any damages orliabilities whatsoever with respect to any errors omissions or delays in anyAnalytics Data nor for any partys use of or reliance upon any AnalyticsData.