Notice2022-11534
Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of a Proposed Rule Change To Require Applicants and Members To Maintain or Upgrade Their Network or Communications Technology
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
May 31, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 104 (Tuesday, May 31, 2022)</title>
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[Federal Register Volume 87, Number 104 (Tuesday, May 31, 2022)]
[Notices]
[Pages 32482-32485]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11534]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94975; File No. SR-DTC-2022-004]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing of a Proposed Rule Change To Require Applicants and
Members To Maintain or Upgrade Their Network or Communications
Technology
May 24, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19-4 thereunder,\2\ notice is hereby given that
on May 11, 2022, The Depository Trust Company (``DTC'') 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. 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.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change of DTC consists of modifications to Rules
\3\ to revise certain provisions in the Rules relating to the
requirement of applicants for DTC membership, Participants and
Pledgees, (collectively, ``Participants'') of DTC, to require that each
Participant upgrade its network technology, and communications
technology or protocols to meet standards that DTC shall publish from
time to time, as described in greater detail below.
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\3\ Capitalized terms not defined herein are defined in the
Rules, available at https://dtcc.com/~/media/Files/Downloads/legal/
rules/DTC_rules.pdf.
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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
DTC is proposing to adopt a requirement that each Participant
provide documentation demonstrating that the Participant's network
technology, and communication technology or protocols meet the
standards that DTC is currently requiring. The determination to require
changes or upgrades is incorporated into DTC's procedures and includes
an evaluation of the external threat landscape, threats to DTC's
technology infrastructure and information assets, industry
cybersecurity priorities, a review of the root causes of incidents, and
an evaluation of the current state of the network infrastructure as
expressed using third-party assessments. For existing Participants and
Pledgees, a new requirement is being proposed to require such
Participants to upgrade their network technology, and communication
technology or protocols within the timeframe published by DTC. The
proposed changes are described in greater detail below.
(i) Background of the Requirement
Currently, DTC does not require, either as part of its application
for membership or as an ongoing membership requirement, any level or
version for network technology, such as a web browser or other
technology, or any level or version of communications technology or
protocols, such as email encryption, secure messaging, or file
transfers, that are being used to connect to or communicate with DTC.
In the current environment, DTC maintains multiple network and
communications methods and protocols, some either obsolete or many
years older than the current standard in order to support Participants
using these older technologies, which leaves communications between DTC
and its Participants vulnerable to interception or the introduction of
unknown entries, and requires DTC to expend additional resources, both
in personnel and equipment, to maintain older communications channels.
In addition, Participant's use of older technology delays the
implementation by DTC to upgrade its internal systems, which, by doing
so, risks losing connectivity with a number of Participants. Given
DTC's critical role in the marketplace, this is a risk that needs to be
addressed.
DTC believes that it should require current network technology, and
current communication technology and protocol standards for
Participants connecting to its network. For example, The National
Institute of Standards and Technology or NIST \4\ Special Publication
800-52 revision 2, specifies servers that support government-only
applications shall be configured to use TLS \5\ 1.2 and should be
configured to use TLS 1.3 as well. These servers should not be
configured to use TLS 1.1 and shall not use TLS 1.0, SSL 3.0, or SSL
2.0.\6\ The internet Engineer Task Force (``IETF'') \7\ formally
deprecated TLS versions 1.0 and 1.1 in March of 2021, stating, ``These
versions lack support for current and recommended cryptographic
algorithms and mechanisms, and various government and industry profiles
of applications using TLS now mandate avoiding these old TLS versions.
. . . Removing support for older versions from implementations reduces
the attack surface, reduces opportunity for misconfiguration, and
streamlines library and product maintenance.'' \8\ TLS 1.0 (published
in 1999) does not support many modern, strong cipher (encryption)
suites and TLS 1.1 (published in 2006) is a security improvement over
TLS 1.0 but still does not support certain stronger cipher or
encryption suites.\9\ Another communications technology, File Transfer
Protocol (``FTP'') is considered an insecure protocol, because it
transfers user authentication data (username and password) and file
data as plain-text (not encrypted) over the network. This makes it
highly vulnerable to sniffing attacks that allow an attacker to collect
usernames and passwords from the network and inject malware into
downloads via FTP. Following the guidance from NIST and
[[Page 32483]]
other standards organizations, the proposed change would require the
use of TLS 1.2, Secure FTP (``SFTP''), along with other modern
technology and communication standards and protocols to communication
with Participants.
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\4\ The National Institute of Standards and Technology
(``NIST'') is part of the U.S. Department of Commerce.
\5\ Transport Layer Security (``TLS''), the successor of the
now-deprecated Secure Sockets Layer (``SSL''), is a cryptographic
protocol designed to provide communications security over a computer
network.
\6\ A government-only application is an application where the
intended users are exclusively government employees or contractors
working on behalf of the government. The full NIST publication is
available at <a href="https://nvlpubs.nist.gov/nistpubs/SpecialPublications/NIST.SP.800-52r2.pdf">https://nvlpubs.nist.gov/nistpubs/SpecialPublications/NIST.SP.800-52r2.pdf</a>.
\7\ The internet Engineering Task Force (``IETF'') is an open
standards organization, which develops and promotes voluntary
internet standards, in particular the technical standards that
comprise the internet protocol suite (TCP/IP).
\8\ <a href="https://datatracker.ietf.org/doc/rfc8996/">https://datatracker.ietf.org/doc/rfc8996/</a>.
\9\ Id.
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(ii) Proposed Rule Changes
To implement the proposed changes DTC would revise Rule 2, Section
11 to add the requirement that applicants for membership confirm their
network technology, and communications technology and protocols to be
at the levels specified by DTC, as part of their application. Rule 2,
Section 11 would also be amended to add the requirement that each
Participant or Pledgee maintain or upgrade their network technology, or
communications technology, or protocols on the systems that connect to
DTC to the version being required and within the time periods as
provided through the Important Notice mechanism on the DTC website.
Rule 21 would be updated to provide that a Participant or Pledgee who
fails to perform the upgrade to their network technology, or
communications technology, or protocols and in the required timeframe
would be subject to the disciplinary sanctions as specified in the
Rules.
(iii) Implementation Timeframe and Notification Requirements
In order to provide Participants and Pledgees adequate time to
complete a required network technology, or communications technology or
protocol upgrade, the time for a Participant or Pledgee to complete a
required upgrade shall be set forth in the form of a notice posted on
DTC's website, with the timeline determined for the due date of any
upgrade. DTC maintains a security policy and control standards that
include a review of industry, vendor and U.S. Government best practice
guidelines and timelines for security reviews which are used to
determine whether an upgrade may be required. Due dates for an upgrade
shall be published on the website based on DTC's reasonable estimates
of the complexity or potential cost of an upgrade, an estimate of
potential licensing fees, an estimate of the resources that may be
needed to support an upgrade, or the urgency to remediate published
vulnerabilities.
Applicants to become a Participant or Pledgee shall be required to
test connectivity to DTC using the current network technology or
communications technology or protocols with their application for
membership upon the effective date of the proposal.
2. Statutory Basis
DTC believes that the proposal is consistent with the requirements
of the Act \10\ and the rules and regulations thereunder applicable to
a registered clearing agency. In particular, DTC believes that the
proposed rule changes is consistent with Section 17A(b)(3)(F) of the
Act,\11\ and Rules 17Ad-22(e)(17)(i) and (ii), (21), (23) \12\,
promulgated under the Act as discussed below.
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\10\ 15 U.S.C. 78a et seq.
\11\ 15 U.S.C. 78q-1(b)(3)(F).
\12\ 17 CFR 240.17Ad-22(e)(17), (e)(21), (e)(23).
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Section 17A(b)(3)(F)
Section 17A(b)(3)(F) of the Act \13\ requires, in part, that the
Rules be designed to promote the prompt and accurate clearance and
settlement of securities transactions, to assure the safeguarding of
securities and funds which are in the custody or control of DTC or for
which it is responsible and to remove impediments to and perfect the
mechanism of a national system for the prompt and accurate clearance
and settlement of securities transactions.
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\13\ 15 U.S.C. 78q-1(b)(3)(F).
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DTC believes that the proposed rule change requiring Participants
to meet DTC's standards for network technology, or communications
technology or protocols is consistent with this provision of the Act.
By conditioning an entity's application to DTC on its use of DTC's
current network technology and communications technology or protocols,
DTC should be better enabled to reduce the cyber risks of
electronically connecting to entities by reducing the risks of
communication interception. Accordingly, the proposed requirement would
allow DTC to reduce both DTC's and its Participant's exposure to
interception or the introduction of malware while communicating between
the entities. Intercepting communications or the introduction of
malware or altered data could potentially compromise DTC's ability to
promptly and accurately settle securities transactions and safeguard
securities funds. The proposal is designed to mitigate those risks and
thereby promote the prompt and accurate clearance and settlement of
securities transactions, to assure the safeguarding of securities and
funds which are in the custody or control of DTC or for which it is
responsible and to remove impediments to and perfect the mechanism of a
national system for the prompt and accurate clearance and settlement of
securities transactions. Providing a clear and consistent standard at
the current level of network and communication security and technology
would allow Participants to better understand their obligations with
respect to such technology and communication requirements and providing
a uniform obligation for Participants with respect to such
requirements. As such, DTC believes the proposed rule change is
consistent with Section 17A(b)(3)(F) of the Act.\14\
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\14\ Id.
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17Ad 22(e)(21)(iv)
In addition, the proposed rule change is designed to be consistent
with Rule 17Ad 22(e)(21)(iv) promulgated under the Act. Rule 17Ad-
22(e)(21)(iv) requires DTC to, inter alia, establish, implement,
maintain and enforce written policies and procedures reasonably
designed to be efficient and effective in meeting the requirements of
its Participants and the markets it serves with regard to the use of
network technology and communication technologies or protocols. The
proposed rule change would enhance DTC's security through the use of
current network technology, or communication technology or protocols,
and would allow DTC to reduce its and its Participants' exposure to
interception or the introduction of malware while communicating between
the entities. This would eliminate the current use of multiple
generations of network technology and communications technology and
protocols, including ones that NIST no longer permits for use on
government systems due to their insecurity. The proposed rule would
require, after appropriate notice to Participants, future network
technology and communication or protocol upgrades as technology and
threats evolve to maintain secure connectivity.
Therefore, by the reviewing and updating the efficiency and
effectiveness of Participants' use of network technology and
communication technology or protocols and procedures, DTC believes the
proposed change is consistent with the requirements of Rule 17Ad-
22(e)(21)(iv), promulgated under the Act.
Rule 17Ad-22(e)(17)(i)
DTC believes the proposed change is designed to reduce the
following risks: (1) The risk of the communications between DTC and its
Participants being intercepted or introducing malware or other unknown
harmful elements into DTC's network that could cause harm to DTC; (2)
the risk that a cyberattack or other unknown harmful elements could be
introduced from a Participant that
[[Page 32484]]
could cause harm to other Participants.\15\
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\15\ 17 CFR 240.17Ad-22(e)(17).
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In addition, the proposed rule change is designed to be consistent
with Rule 17Ad-22(e)(17)(i) promulgated under the Act,\16\ which
requires DTC to establish, implement, maintain and enforce written
policies and procedures reasonably designed to manage the covered
clearing agency's operational risks by identifying plausible sources of
operational risk, both internal and external, and mitigating their
impact through the use of appropriate systems, policies, procedures,
and controls.
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\16\ 17 CFR 240.17Ad-22(e)(17)(i).
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The use of old, obsolete, or insecure network technology or
communications technologies or protocols, including communications
between DTC and its Participants that are unencrypted, allowing for
potential interception or making the communication highly vulnerable to
sniffing attacks that allow an attacker to collect usernames and
passwords from the network and inject malware, are examples of
plausible sources of operational risks that DTC seeks to reduce. By
requiring all Participants, after appropriate notice, to upgrade their
network technology or communications technology or protocols to current
standards, DTC seeks to enhance the security of its systems and the
communications between it and its Participants.
Because the proposed changes would help identify and manage such
operational risks, DTC believes that it is consistent with the
requirements of Rule 17Ad-22(e)(17)(i), promulgated under the Act.\17\
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\17\ Id.
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Rule 17Ad-22(e)(17)(ii)
In addition, the proposed rule change is designed to be consistent
with Rule 17Ad-22(e)(17)(ii) promulgated under the Act, which requires
DTC to establish, implement, maintain and enforce written policies and
procedures reasonably designed ensure that systems have a high degree
of security, resiliency, operational reliability, and adequate,
scalable capacity.\18\
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\18\ 17 CFR 240.17Ad-22(e)(17)(ii).
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The use of unencrypted network technology and communications
technology or protocols can allow a third-party to intercept messages,
insert malware, or change the message content, often without the
knowledge of either the sender or recipient of the messages or files.
Requiring Participants to upgrade their network technology and
communications technology or protocols to more modern and secure
methods, may eliminate many of the earlier threats.
Therefore, by requiring Participants to upgrade their network
technology or communications technology or protocols, DTC believes that
the proposed change is consistent with the requirements of Rule 17Ad-
22(e)(17)(ii), promulgated under the Act.\19\
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\19\ Id.
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Rule 17Ad-22(e)(22)
In addition, the proposed rule change is designed to be consistent
with Rule 17Ad-22(e)(22) promulgated under the Act, which requires DTC
to use, or at a minimum accommodate, relevant internationally accepted
communication procedures and standards in order to facilitate efficient
payment, clearing, and settlement.\20\
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\20\ 17 CFR 240.17Ad-22(e)(22).
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The requirement to use industry approved communications technology
or protocols, including those that NIST specifies as acceptable for use
in government systems is a cornerstone of the changes being proposed by
DTC. The use of older, obsolete, or insecure network technology or
communications technology or protocols, including those specified to
not be used by the IETF \21\ represents a risk to efficient payment,
clearing and settlement.
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\21\ <a href="https://datatracker.ietf.org/doc/rfc8996/">https://datatracker.ietf.org/doc/rfc8996/</a>.
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Therefore, by requiring Participants to upgrade their network
technology or communications technology or protocols, DTC believes that
the proposed change is consistent with the requirements of Rule 17Ad-
22(e)(22), promulgated under the Act.\22\
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\22\ 17 CFR 240.17Ad-22(e)(22).
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Rule 17Ad-22(e)(23)
The proposed rule change is also designed to be consistent with
Rule 17Ad-22(e)(23)(i), (ii) and (iv) promulgated under the Act, which
requires DTC to publicly disclose all relevant rules and material
procedures, provide sufficient information to enable Participants to
identify and evaluate the risks, fees, potential monetary fines, and
other material costs they incur by participating in the covered
clearing agency, and to provide a comprehensive public disclosure that
describes DTC's material rules, policies, and procedures regarding
DTC's legal, governance, risk management and operating framework.\23\
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\23\ 17 CFR 240.17Ad-23(e)(i), (ii), and (iv).
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Network technology, or communications technology or protocols that
are being updated would be posted on the DTC website and Participants
may subscribe to receive updates to such information as it occurs. This
allows current or prospective Participants the ability to understand
the risks and potential costs they may incur as a Participant,
including the potential costs to upgrade its network technology or
communications technology or protocols to the standards published by
DTC.
Therefore, by providing Participants with public and readily
available access to the required network technology, or communications
technology or protocols, DTC believes that the proposed change is
consistent with the requirements of Rule 17Ad-22(e)(23)(i)(ii) and
(iv), promulgated under the Act.\24\
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\24\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
DTC does not believe the proposed changes to require Participants
to have, or to upgrade their network technology or communications
technology or protocols would have any impact, or impose any burden on
competition not necessary or appropriate in furtherance of the purposes
of the Act.\25\ Although the addition of the requirement to upgrade to
current network technology or communications technology or protocols
would be adding obligations on Participants with respect to how they
communicate with DTC, such obligations would be reasonable because the
requirements to protect client and customer data would allow DTC to
reduce both its and its Participants' exposure to interception or the
introduction of malware while communicating between the entities.
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\25\ 15 U.S.C. 78q-1(b)(3)(I).
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DTC believes that the proposed change described herein is necessary
in furtherance of the purposes of Section 17A(b)(3)(F) of the Act,\26\
and Rules 17Ad-22(e)(17), (e)(21), (e)(22), and (e)(23).\27\ The
proposed changes to require Participants to upgrade their network
technology, and communications technology or protocols, will (i) allow
DTC to protect it and its Participants and would promote the prompt and
accurate clearance and settlement of securities consistent with the
requirements of Section 17A(b)(3)(F) of the Act,\28\ (ii) identify
potential operational risks from the use of obsolete and insecure
network technology and communications technology or protocols
consistent with Rule 17Ad-
[[Page 32485]]
22(e)(17)(i),\29\ (iii) through the requirement of the use of current
network technology and communications technology or protocols, ensure
that systems have a high degree of security, resiliency, operational
reliability, and adequate, scalable capacity, consistent with Rule
17Ad-22(e)(17)(ii),\30\ and (iv) through the use of requiring relevant
internationally accepted communication procedures and standards,
facilitate efficient payment, clearing, and settlement, consistent with
Rules 17Ad-22(e)(22).\31\
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\26\ 15 U.S.C. 78q-1(b)(3)(F).
\27\ 17 CFR 240.17Ad-22(e)(1), (e)(17), (e)(21), (e)(22) and
(e)(23).
\28\ Id.
\29\ 17Ad-22(e)(17)(i).
\30\ 17Ad-22(e)(17)(ii).
\31\ Id.
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DTC believes that the proposed change described herein is
appropriate in furtherance of the Act because the NIST standards and
frameworks provides a common language and systematic methodology for
managing cybersecurity risk. The IETF, initially supported by the U.S.
Government,\32\ develops the internet and other technical standards
used in communications between devices, and together, these are two of
the leading providers of standards used by organizations to protect
data and interoperability. DTC maintains policies to review current
risks and standards, incorporating input from industry, vendors, and
the U.S. Government to determine best practice guidelines and timelines
for security reviews.
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\32\ <a href="https://www.internetsociety.org/internet/history-of-the-internet/ietf-internet-society/">https://www.internetsociety.org/internet/history-of-the-internet/ietf-internet-society/</a>.
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Therefore, DTC does not believe that the proposed change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the Act.\33\
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\33\ 15 U.S.C. 78q-1(b)(3)(I).
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(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
DTC has not received or solicited any written comments relating to
this proposal. If any written comments are received, they will be
publicly filed as an Exhibit 2 to this filing, as required by Form 19b-
4 and the General Instructions thereto.
Persons submitting comments are cautioned that, according to
Section IV (Solicitation of Comments) of the Exhibit 1A in the General
Instructions to Form 19b-4, the SEC does not edit personal identifying
information from comment submissions. Commenters should submit only
information that they wish to make available publicly, including their
name, email address, and any other identifying information.
All prospective commenters should follow the SEC's instructions on
how to submit comments, available at <a href="https://www.sec.gov/regulatory-actions/how-to-submit-comments">https://www.sec.gov/regulatory-actions/how-to-submit-comments</a>. General questions regarding the rule
filing process or logistical questions regarding this filing should be
directed to the Main Office of the SEC's Division of Trading and
Markets at <a href="/cdn-cgi/l/email-protection#5125233035383f36303f353c30233a342522112234327f363e27"><span class="__cf_email__" data-cfemail="90e4e2f1f4f9fef7f1fef4fdf1e2fbf5e4e3d0e3f5f3bef7ffe6">[email protected]</span></a> or 202-551-5777.
DTC reserves the right not to respond to any comments received.
III. Date of Effectiveness of the Proposed Rule Change, and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
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#6e1c1b020b430d0103030b001a1d2e1d0b0d40090118"><span class="__cf_email__" data-cfemail="93e1e6fff6bef0fcfefef6fde7e0d3e0f6f0bdf4fce5">[email protected]</span></a>. Please include
File Number SR-DTC-2022-004 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-DTC-2022-004. 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 DTC 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-DTC-2022-004 and should be submitted on
or before June 21, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-11534 Filed 5-27-22; 8:45 am]
BILLING CODE 8011-01-P
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