Notice2022-02912
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Establish the Securities Financing Transaction Clearing Service and Make Other Changes
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
February 11, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 29 (Friday, February 11, 2022)</title>
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[Federal Register Volume 87, Number 29 (Friday, February 11, 2022)]
[Notices]
[Pages 8062-8063]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-02912]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94168; File No. SR-NSCC-2021-010]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Designation of Longer Period for Commission
Action on Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To Establish the Securities Financing Transaction
Clearing Service and Make Other Changes
February 7, 2022.
On July 22, 2021, National Securities Clearing Corporation
(``NSCC'') filed with the Securities and Exchange Commission
(``Commission'') proposed rule change SR-NSCC-2021-010 (``Proposed Rule
Change'') pursuant to Section 19(b)(1) of the Securities Exchange Act
of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The Proposed Rule
Change was published for comment in the Federal Register on August 12,
2021.\3\ The Commission received comment letters on the Proposed Rule
Change.\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 92570 (August 5, 2021),
86 FR 44482 (August 12, 2021) (SR-NSCC-2021-010) (``Notice''). NSCC
also filed the proposal contained in the Proposed Rule Change as
advance notice SR-NSCC-2021-803 (``Advance Notice'') with the
Commission pursuant to Section 806(e)(1) of the Dodd-Frank Wall
Street Reform and Consumer Protection Act entitled the Payment,
Clearing, and Settlement Supervision Act of 2010 (``Clearing
Supervision Act''). 12 U.S.C. 5465(e)(1); 17 CFR 240.19b-4(n)(1)(i).
Notice of filing of the Advance Notice was published for comment in
the Federal Register on August 12, 2021. Securities Exchange Act
Release No. 92568 (August 5, 2021), 86 FR 44530 (August 12, 2021)
(SR-NSCC-2021-803). The proposal contained in the Proposed Rule
Change and the Advance Notice shall not take effect until all
regulatory actions required with respect to the proposal are
completed.
\4\ Comment letters are available at <a href="https://www.sec.gov/comments/sr-nscc-2021-010/srnscc2021010.htm">https://www.sec.gov/comments/sr-nscc-2021-010/srnscc2021010.htm</a>.
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On September 2, 2021, pursuant to Section 19(b)(2) of the Act,\5\
the Commission designated a longer period within which to approve,
disapprove, or institute proceedings to determine whether to approve or
disapprove the Proposed Rule Change.\6\ On November 5, 2021, the
Commission instituted proceedings pursuant to Section 19(b)(2)(B) of
the Act,\7\ to determine whether to approve or disapprove the
[[Page 8063]]
Proposed Rule Change.\8\ The Commission has received additional comment
letters on the Proposed Rule Change.\9\
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\5\ 15 U.S.C. 78s(b)(2).
\6\ Securities Exchange Act Release No. 92860 (September 2,
2021), 86 Fed. Reg. 50569 (September 9, 2021) (SR-NSCC-2021-010).
\7\ 15 U.S.C. 78s(b)(2)(B).
\8\ Securities Exchange Act Release No. 93532 (November 5,
2021), 86 FR 62851 (November 12, 2021) (SR-NSCC-2021-010).
\9\ See supra note 4.
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Section 19(b)(2) of the Act \10\ provides that proceedings to
determine whether to approve or disapprove a proposed rule change must
be concluded within 180 days of the date of publication of notice of
filing of the proposed rule change. The time for conclusion of the
proceedings may be extended for up to 60 days if the Commission
determines that a longer period is appropriate and publishes the
reasons for such determination.\11\ The 180th day after publication of
the Notice in the Federal Register is February 8, 2022.
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\10\ 15 U.S.C. 78s(b)(2).
\11\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
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The Commission is extending the period for Commission action on the
Proposed Rule Change. The Commission finds that it is appropriate to
designate a longer period within which to take action on the Proposed
Rule Change so that the Commission has sufficient time to consider the
issues raised by the Proposed Rule Change and to take action on the
Proposed Rule Change. Accordingly, pursuant to Section
19(b)(2)(B)(ii)(II) of the Act,\12\ the Commission designates April 8,
2022, as the date by which the Commission should either approve or
disapprove the Proposed Rule Change SR-NSCC-2021-010.
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\12\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-02912 Filed 2-10-22; 8:45 am]
BILLING CODE 8011-01-P
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