Notice2021-14802
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the FICC Government Securities Division Rulebook, FICC Mortgage-Backed Securities Division Clearing Rules, and FICC Mortgage-Backed Securities Division EPN Rules
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 13, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 131 (Tuesday, July 13, 2021)</title>
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[Federal Register Volume 86, Number 131 (Tuesday, July 13, 2021)]
[Notices]
[Pages 36822-36826]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-14802]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92340; File No. SR-FICC-2021-005]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Modify the FICC Government Securities Division Rulebook, FICC
Mortgage-Backed Securities Division Clearing Rules, and FICC Mortgage-
Backed Securities Division EPN Rules
July 7, 2021.
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 June 30, 2021, Fixed Income Clearing Corporation (``FICC'') 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 by the clearing agency. FICC filed the
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(4) thereunder.\4\ 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).
\4\ 17 CFR 240.19b-4(f)(4).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change of FICC consists of modifications to the
FICC Government Securities Division (``GSD'') Rulebook (``GSD Rules''),
the FICC Mortgage-Backed Securities Division (``MBSD'') Clearing Rules
(``MBSD Rules'') and the FICC MBSD EPN Rules (``EPN Rules,'' and
together with the GSD Rules and the MBSD Rules, the ``Rules'') \5\ in
order to (i)
[[Page 36823]]
correct or clarify the use of certain defined terms in the Rules, (ii)
make certain clarifications and corrections in the Rules, and (iii)
make certain technical changes to the Rules, each as described in more
detail below.
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\5\ Capitalized terms used herein and not defined shall have the
meanings assigned to such terms in the GSD Rules, MBSD Rules and EPN
Rules, as applicable, available at <a href="http://www.dtcc.com/legal/rules-and-procedures.aspx">http://www.dtcc.com/legal/rules-and-procedures.aspx</a>.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, the clearing agency 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. The clearing agency has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Purpose
FICC is proposing to (i) correct the use of certain defined terms
in the Rules, (ii) make certain clarifications and corrections in the
Rules, and (iii) make certain technical changes to the Rules, each as
described in more detail below.
(i) Proposal To Correct or Clarify the Use of Certain Defined Terms in
the Rules
A. Proposal To Delete Terms That Are no Longer Used in the Rules
FICC is proposing to remove the following defined terms and related
descriptions, as applicable, in the Rules:
<bullet> ``GCF Securities Account'' in GSD Rule 1 and the phrase
``and for which the Corporation establishes a GCF Securities Account''
in the defined term ``GCF Clearing Agent Bank'' in GSD Rule 1 because
these provisions relate to the interbank service of the GCF Repo
Service, which FICC does not expect to reinstitute.\6\
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\6\ In 2016, the Commission approved FICC's proposed rule change
to suspend the interbank service of the GCF Repo Service. The GCF
Repo Service has operated on both an ``interbank'' and ``intrabank''
basis. ``Interbank'' means that the two GCF Repo Participants, which
have been matched in a GCF Repo transaction, each clear at a
different clearing bank. See Securities Exchange Act Release No.
78206 (June 30, 2016), 81 FR 44388 (July 7, 2016) (SR-FICC-2016-
002).
``Intrabank'' means that the two GCF Repo Participants, which
have been matched in a GCF Repo transaction, clear at the same
clearing bank. FICC does not expect to reinstitute the interbank
service of the GCF Repo Service at this time and removed all
references to this service from the GSD Rules in 2020. See
Securities Exchange Act Release No. 88766 (April 29, 2020), 85 FR
26747 (May 5, 2020) (SR-FICC-2020-005) (``FICC Clean-Up Changes
Filing'').
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<bullet> ``and Clearing Fund Funds-Only Settlement Amount'' in the
defined term ``Opening Balance'' in GSD Rule 1 because ``Clearing Fund
Funds-Only Settlement Amount'' is no longer a defined term in the GSD
Rules.\7\
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\7\ Most of the references to the term ``Clearing Fund Funds-
Only Settlement Amount'' were deleted in the FICC Clean-Up Changes
Filing because this is an outdated Clearing Fund component and
should have been deleted when GSD moved to a VaR-based Clearing Fund
methodology. See FICC Clean-up Changes Filing, supra note 6.
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<bullet> the defined term ``Direct Transaction'' in MBSD Rule 1
because this defined term is no longer used in the MBSD Rules (it was
used in a previous version of the rules relating to loss allocation).
<bullet> the defined term ``Eligible Letter of Credit'' in MBSD
Rule 1 because this defined term is no longer used in the MBSD Rules
(it is no longer a required form of Clearing Fund).
<bullet> the defined term ``TBA Comparison'' from MBSD Rule 1
because this defined term is not used in the MSBD Rules and is also
duplicative (it has the same definition as the defined term ``Trade
Comparison'').
<bullet> the defined term ``GCF Collateral Excess Account'' in MBSD
Rule 1 because this is a typographical error and was inadvertently
included in the MBSD Rules. GCF Collateral Excess Account is only
relevant to the GSD Rules, not the MBSD Rules.
B. Proposal To Revise References To Reflect the Existing Defined Terms
and Related Changes
FICC is proposing to capitalize references to the following words
to reflect the existing defined terms in their respective Rules:
<bullet> ``registered clearing agencies'' in GSD Rule 36 and EPN
Article V, Rule 10
<bullet> ``clearing agency'' in EPN Article V, Rule 14
As described above, because FICC is proposing to capitalize the
references to registered clearing agencies and clearing agencies in the
EPN Rules in order to be consistent with the GSD Rules and MSBD Rules,
FICC is also proposing to add the defined terms ``Registered Clearing
Agency'' and ``Clearing Agency to EPN Article I, Rule 1 to enhance
clarity.
FICC is also proposing to revise ``Securities and Exchange
Commission'' to ``SEC'' in GSD Rule 36 to reflect the existing defined
term.
In addition, FICC is proposing to add ``EPN'' before the references
to ``Rules'' in EPN Article V, Rule 10 to reflect the existing defined
term.
C. Proposal To Revise Capitalized Terms To Reflect That They Are Not
Defined Terms
FICC is proposing to revise the references from ``Website'' to
``website'' in Section 2 of GSD Rule 3 because ``Website'' is not a
defined term.
(ii) Proposal To Make Certain Clarifications and Corrections in the
Rules
A. Remove Certain Categories Where There Is no Charge
Certain categories are included in the FICC MSBD Schedule of
Charges Broker Account Group (``Broker Schedule of Charges'') and the
FICC MSBD Schedule of Charges Dealer Account Group (``Dealer Schedule
of Charges'') of the MBSD Rules and the FICC MSBD EPN Schedule of
Charges in the EPN Rules even though there are no charges associated
with those categories.
As such, for simplicity and to enhance clarity, FICC is proposing
to remove the category entitled ``DK and Modify'' from the subsection
entitled ``Trade Processing'' under Section 1 of the Broker Schedule of
Charges of the MBSD Rules.
FICC is also proposing to remove the category entitled ``DK and
Modify'' from the subsections entitled (a) ``Trade Processing,'' (b)
``Trade-for-Trade Transactions, Specified Pool Trades, and Stipulated
Trades,'' and (c) ``Option Trades'' under Section I of the Dealer
Schedule of Charges of the MBSD Rules.
In addition, FICC is also proposing to remove certain categories
from the sections entitled ``Message Processing Fees'' and ``Pool
Substitution Cancel/Correct'' in the FICC MSBD EPN Schedule of Charges.
Specifically, FICC proposes to remove the following categories:
<bullet> ``DK Send or Receive:''
<bullet> ``Cancel Send or Receive:''
<bullet> ``Retransmission Request:''
<bullet> ``Cancel/Correct Receive:''
<bullet> ``Cancel/Correct DK Send or Receive:''
<bullet> ``Cancel/Correct Retransmission Request:''
B. Clarify the Rules Related to Notification of Rule Changes
In order to be consistent with similar provisions in the GSD Rules
and the EPN Rules and to enhance clarity, FICC is also proposing to add
``and Registered Clearing Agencies'' to MBSD Rule 27. FICC believes
this proposed change would clarify that FICC shall promptly notify
Registered Clearing Agencies in addition to Members of any proposal to
change, revise, add, or repeal any Rule.
In addition, currently, GSD Rule 36 states that FICC would notify
all
[[Page 36824]]
Members and registered clearing agencies of any rule change proposals,
and MBSD Rule 27 states that FICC would notify all Members of any rule
change proposals. Similarly, EPN Article V, Rule 10 states that FICC
would notify all EPN Users and registered clearing agencies of any rule
change proposals by posting the proposal on the FICC website.
As a clearing agency registered with the Commission, the Act
provides a clear framework under which FICC's Rules are adopted and
enforced. Under the rule change process, generally, before a proposed
rule change may take effect, (i) the change and an explanatory
statement must be filed with the Commission and posted by FICC on the
FICC website, (ii) notice of the filing and the substantive terms or
description of the change must be published by the Commission in the
Federal Register for public review and comment, and (iii) the
Commission must approve the change (or the change must otherwise be
permitted to take effect). FICC's Rules are filed with and reviewed by
the Commission. As a clearing agency registered under Section 17A of
the Act,\8\ a self-regulatory organization subject to Section 19 of the
Act,\9\ and a systemically important financial market utility under
Title VIII of Dodd-Frank Wall Street Reform and Consumer Protection Act
of 2010 (``Dodd-Frank''),\10\ FICC is required to follow: (1) A
specified process \11\ whenever it proposes a new rule or a change or
amendment to its Rules and (2) a specified process \12\ whenever it
proposes to make a change to its rules, procedures or operations that
could materially affect the nature or level of risks presented by FICC.
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\8\ 15 U.S.C. 78q-1.
\9\ 15 U.S.C. 78s.
\10\ 12 U.S.C. 5465(e)(1).
\11\ This process is set forth in Section 19(b) of the Act and
Rule 19b-4 thereunder. 15 U.S.C. 78s(b) and 17 CFR 240.19b-4.
\12\ This process is set forth in Section 806(e) of Dodd-Frank
and Rule 19b-4 thereunder. 12 U.S.C. 5465(e) and 17 CFR 240.19b-4.
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These rule change processes provide notice to Members and provide
an opportunity for those parties to comment on such changes. Rule 19b-4
under the Act requires that FICC post any rule change proposals on its
website within two business days after the filing of a proposed rule
change,\13\ post any rule changes that are approved by the Commission
within two business days after it has been notified of the Commission's
approval \14\ and post any rule change within two business days of the
Commission's notice of such proposed change for rule changes that are
effective upon filing.\15\ FICC complies--and will continue to comply--
with such notice requirements which it believes are adequate.
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\13\ 17 CFR 240.19b-4(l).
\14\ 17 CFR 240.19b-4(m)(2).
\15\ Id.
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C. Clarify Certain Provisions Regarding Notice to Interested Persons in
the Rules
FICC is proposing to revise certain provisions regarding notice to
Interested Persons in GSD Rule 45, MBSD Rule 35 and EPN Article V, Rule
16. Specifically, in the second paragraph of Section 1 of GSD Rule 45,
second paragraph of MSBD Rule 35, and EPN Article V, Rule 16, FICC
proposes to revise ``delivered'' to ``sufficiently served,'' so the
provision would state that FICC would deem a notice sufficiently served
once such notice is posted to the website to be consistent with the
other provisions in the first paragraph of Section 1 and Section 2 of
GSD Rule 45, the first paragraph of Section 1 and Section 2 of MBSD
Rule 35, and the first paragraph of EPN Article V, Rule 16.
FICC would also revise GSD Rule 45, MBSD Rule 35, and EPN Article
V, Rule 16 to state that it is the responsibility of the Interested
Persons to retrieve notices daily from FICC's website.
FICC would also add a provision to EPN Article V, Rule 16 to state
that any notice from an Interested Person to FICC shall be sufficiently
served on FICC if the notice is in writing and is delivered, mailed, or
transmitted by facsimile machine to FICC at its principal place of
business, Attention: Secretary, or such other place as FICC designates
in order to be consistent with Section 2 of GSD Rule 45 and Section 2
of MBSD Rule 35. This new provision would also state that any such
notice to FICC shall be deemed to have been given when received.
D. Remove Certain Redundant or Unnecessary Provisions for Clarity
FICC is proposing to remove the second paragraph in GSD Rule 2A,
Section 3 that states that FICC shall retain the right to deny
membership to an applicant if FICC becomes aware of any factor or
circumstance about the applicant or its Controlling Management which
may impact the suitability of that particular applicant as a Member of
FICC because it is redundant.
In addition, FICC proposes to remove ``or any Committee thereof''
from GSD Rule 47 and MBSD Rule 37 because it is redundant. In addition,
FICC proposes to remove ``, or any committee of the Board,'' in EPN
Article V, Rule 1 because it is also redundant. The definition of
``Board of Directors'' currently includes committees.
Furthermore, for simplicity and because it is unnecessary, FICC
proposes to remove the word ``all'' before ``EPN Users'' in EPN Article
V, Rule 10.
E. Clarify the Provision Relating to a Special Charge in the GSD Rules
The fourth paragraph in Section 1b(a) of GSD Rule 4 describes a
special charge. FICC is proposing to revise the phrase ``additional
amount'' to ``additional payment'' in this paragraph. To enhance
transparency and clarity, FICC would also revise the provision to state
that FICC may charge (and not just calculate) an additional payment (a
``special charge'') applicable to a Margin Portfolio as determined by
FICC from time to time in view of market conditions and other financial
and operational capabilities of the Member, and FICC would make any
such determination based on such factors as FICC determines to be
appropriate from time to time. This revised provision would be moved
from the fourth paragraph to a new subsection (viii) in Section 1b(a)
of GSD Rule 4 preceded by the word ``plus.''
F. Certain Clarifications and Corrections to GSD Rule 22C
FICC is proposing to make certain clarifications to GSD Rule 22C
which describes FICC's interpretation in relation to the Federal
Deposit Insurance Corporation Improvement Act of 1991 (``FDICIA'').
FICC proposes to correct the title of GSD Rule 22C by adding the
word ``Improvement'' after ``Corporation.''
FICC would revise ``Netting Members'' to ``Members'' in GSD Rule
22C to clarify that the transactions of Members other than Netting
Members may be Novated to FICC. Such Members may therefore have net
claims against FICC under the GSD Rules, and FICC may have net claims
against such Members under the GSD Rules. In each such case, both the
Members and FICC intend FDICIA's clearing organization netting
provisions to apply.
In addition, FICC is proposing to add ``or used'' after ``defined''
in GSD Rule 22C to clarify that some terms discussed in GSD Rule 22C
are used in FDICIA but either are not defined at all or not defined in
FDICIA.
FICC is also proposing to add ``or delivery'' in the third and
fourth paragraph since the term ``payment'' as used in FDICIA includes
a ``noncash
[[Page 36825]]
payment,'' \16\ and it is FICC's and each Member's intent that both the
cash payment and security delivery entitlements and obligations of FICC
and each Member be subject to FDICIA's clearing organization netting
provisions.
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\16\ See 12 U.S.C. 4402(15).
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FICC is also proposing to add ``and each Cross-Margining
Arrangement and associated agreement and guaranty'' in the last
paragraph of GSD Rule 22C to clarify the intent of FICC and each Member
that the Cross-Margining Arrangements and associated agreements and
guaranties are within the scope of Section 404(h) of FDICIA and
therefore subject to its protections for ``any security agreement or
arrangement or other credit enhancement related to one or more netting
contracts'' between clearing organization members.
FICC would correct references to this Rule 22C. Specifically, FICC
would revise references from ``this Rule 22C'' to ``Rule 22B'' because
Rule 22B (not Rule 22C) provides for the exercise of netting and close-
out rights that FICC and its Members intend to be within the scope of
FDICIA's protections.
FICC is also proposing to remove the reference to GSD to reflect
the fact that FICC, not GSD, is a ``clearing organization'' within the
meaning of FDICIA.
FICC would also revise the last sentence in GSD Rule 22C to clarify
that the netting provided for under Rules 22A and 22B falls within the
scope of the general netting protections of Section 404(a) of FDICIA.
G. Other Clarifications and Corrections to the MBSD Rules
To enhance transparency, FICC is proposing to clarify the defined
term ``Settlement Price'' in MBSD Rule 1 to add a case that occurs in
current practice. Specifically, FICC proposes to revise subsection (b)
to add unallocated TBAs that go through the process for determining the
TBA Reprice Transaction Adjustment Payment.
FICC is also proposing correct the defined term ``Settlement
Value'' in MBSD Rule 1 to reflect current practice by (i) removing the
references to a Trade-for-Trade Transaction, an SBO-Destined Trade, a
Stipulated Trade, and a SBON Trade because only Pool Deliver
Obligations, Pool Receive Obligations, and Specified Pool Trades
include interest, and (ii) adding a new paragraph for Trade-for-Trade
Transactions, an SBO-Destined Trade, a Stipulated Trade, and an SBON
Trade that would state that with respect to these types of trades,
Settlement Value would mean the amount in dollars equal to the Par
Amount of each Eligible Security that comprises these trades multiplied
by the Settlement Price.
FICC is also proposing to add ``and SBON Trades'' to the definition
of ``TBA Obligations'' and remove ``, with respect to'' and
``settlement obligations generated by the Trade Comparison System'' in
MSBD Rule 1 to correct an omission and reflect current practice.
FICC would also clarify that the term settlement date in MSBD Rule
8, Section 2B refers to the SIFMA settlement date because the Expanded
Pool Netting process only occurs four times a month (during the SIFMA
settlement cycle).
In addition, FICC is proposing to add the phrase ``for purposes of
this Rule 8, hereinafter referred to'' before the defined term ``ExP
Day'' in MSBD Rule 8, Section 2B to enhance clarity.
FICC would also add the following cash-only settlement amounts
``Miscellaneous Adjustment Amount from TBA Clearing (MIS),''
``Miscellaneous Adjustment Amount from Pool Netting (MSC),'' and
``Miscellaneous Adjustment from EPN (MSE)'' to MSBD Rule 11, Section 7.
MSBD Rule 11, Section 7 describes the computation of the Cash Balance
for each applicable account. Furthermore, FICC would add the defined
term ``Miscellaneous Adjustment Amount'' to MSBD Rule 1, and such
definition would be consistent with the definition for the same term in
the GSD Rules.
FICC is proposing to add ``Date'' after ``Trade'' under Processing
Fees of Section I of the Broker Schedule of Charges and under
Processing Fees of Section I of the Dealer Schedule of Charges to
enhance clarity.
H. Other Clarifications and Corrections to the EPN Rules
To enhance clarity and to be consistent with GSD Rule 44 and MBSD
Rule 34, FICC is proposing to revise EPN Article V, Rule 1. Currently,
EPN Article V, Rule 1 states that except where action by the Board of
Directors, or any committee of the Board, is specifically required by
the By-Laws or the EPN Rules, FICC may act by its President, any
Managing Director or any Executive Director or by such person, as may
be designated from time to time by the Board of Directors. FICC
proposes to revise EPN Article V, Rule 1 to state that where action by
the Board of Directors is required by the EPN Rules, FICC may act, to
the fullest extent permitted by law, by the Chairman of the Board, by
its President, any Managing Director or any Executive Director or by
such person or persons, whether or not employed by FICC, as may be
designated from time to time by the Board of Directors.
FICC also proposes to correct EPN Article II, Rule 2, Section 3.
Specifically, FICC proposes to revise that the Message Summary Report
lists the summary totals of each message type by EPN Eligible Security
and Participant. This report lists the summary totals of each message
type (not list the contents of each message).
FICC also proposes to clarify EPN Article III, Rule 1, Section 2 by
removing subsection (a) because FICC does not review an applicant's
financial ability, and FICC does not collect financials for EPN Users.
To enhance clarity, FICC proposes to revise the reference from
``Greater than 10 accounts'' to ``11 Accounts and over'' under the
section entitled ``Account Maintenance Fees'' in the FICC MSBD EPN
Schedule of Charges.
(iii) Proposal To Make Certain Technical Changes in the Rules
FICC is proposing to make the following technical changes in the
Rules to enhance the clarity and readability of the Rules:
A. Grammar-Related Technical Changes
FICC is proposing to make certain grammar-related technical
changes. FICC is proposing to make a conforming grammatical change in
the final paragraph of GSD Rule 22C to change ``relating'' to
``related.'' FICC is also proposing to revise ``payments'' to
``payment'' as a conforming grammatical change in GSD Rule 22C. FICC
would also remove the word ``which'' in GSD Rule 11B, Section (a) to
make a grammatical correction. FICC would add the word ``or'' as a
grammatical correction in the definition of ``Settlement Value'' in
MSBD Rule 1. FICC is also proposing to make a conforming grammatical
change to remove the comma in the definition of ``TBA Obligations'' in
MBSD Rule 1.
B. Correct Typographical Errors
FICC is proposing to revise ``An'' to ``Any'' to correct a
typographical error in the fourth paragraph of GSD Rule 22C.
C. Other Technical Changes
FICC is also proposing to make the technical changes described
below.
<bullet> conform the use of dashes in Section 2 of GSD Rule 38 and
Section 2 of MBSD Rule 29.
<bullet> revise the comma to a semi-colon in the last paragraph of
GSD Rule 22C.
<bullet> add a comma in the last sentence of GSD Rule 22C, in the
defined term ``Clearing System'' in MBSD Rule 1.
[[Page 36826]]
<bullet> add a hyphen between ``the'' and ``Market'' in the defined
term ``Off-the Market Transaction'' in MBSD Rule 1.
<bullet> correct a section reference in MSBD Rule 11, Section 7(l)
by revising the reference from Section 6 to Section 10.
<bullet> make conforming changes to MBSD Rule 11, Section 7 to
replace the comma with a semi-colon and add plus or minus after the
items described in subsections (o), (p), and (q).
<bullet> make a conforming change to EPN Article III, Rule 1,
Section 2 by revising subsections (b) and (c) to subsections (a) and
(b), respectively because FICC is proposing to remove subsection (a),
as described above.
2. Statutory Basis
Section 17A(b)(3)(F) of the Act requires, in part, that the Rules
be designed to promote the prompt and accurate clearance and settlement
of securities transactions.\17\
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\17\ 15 U.S.C. 78q-1(b)(3)(F).
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The proposed changes to (i) correct or clarify the use of certain
defined terms in the Rules, (ii) make certain clarifications and
corrections in the Rules, and (iii) make certain technical changes to
the Rules would help to ensure that the Rules are accurate and clear to
participants. When participants better understand their rights and
obligations regarding the Rules, such participants are more likely to
act in accordance with the Rules, which FICC believes would promote the
prompt and accurate clearance and settlement of securities
transactions. As such, FICC believes that the proposed changes would be
consistent with Section 17A(b)(3)(F) of the Act.\18\
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\18\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
FICC does not believe the proposed rule changes to (i) correct or
clarify the use of certain defined terms in the Rules, (ii) make
certain clarifications and corrections in the Rules, and (iii) make
certain technical changes to the Rules would impact competition. The
proposed rule changes would help to ensure that the Rules remain clear
and accurate. In addition, the changes would facilitate participants'
understanding of the Rules and their obligations thereunder. These
changes would not affect FICC's operations or the rights and
obligations of the membership. As such, FICC believes the proposed rule
changes would not have any impact on competition.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
FICC has not received or solicited any written comments relating to
this proposal. FICC will notify the Commission of any written comments
received by FICC.
III. 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) \19\ of the Act and paragraph (f) \20\ 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.
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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4(f).
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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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#6614130a034b05090b0b030812152615030548010910"><span class="__cf_email__" data-cfemail="2c5e594049014f4341414942585f6c5f494f024b435a">[email protected]</span></a>. Please include
File Number SR-FICC-2021-005 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549.
All submissions should refer to File Number SR-FICC-2021-005. 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 website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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 website 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 the filing also will be available for inspection
and copying at the principal office of FICC and on DTCC's website
(<a href="http://dtcc.com/legal/sec-rule-filings.aspx">http://dtcc.com/legal/sec-rule-filings.aspx</a>). All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-FICC-2021-005 and should be submitted on
or before August 3, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-14802 Filed 7-12-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on July 13, 2021.
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