Notice2022-24282
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change To Amend the Clearing Agency Liquidity Risk Management Framework To Include a New Section Describing the Process by Which FICC Would Designate Uncommitted Resources as Qualifying Liquid Resources 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
November 8, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 215 (Tuesday, November 8, 2022)</title>
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[Federal Register Volume 87, Number 215 (Tuesday, November 8, 2022)]
[Notices]
[Pages 67516-67519]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24282]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96210; File No. SR-FICC-2022-008]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing of Proposed Rule Change To Amend the Clearing Agency
Liquidity Risk Management Framework To Include a New Section Describing
the Process by Which FICC Would Designate Uncommitted Resources as
Qualifying Liquid Resources and Make Other Changes
November 2, 2022.
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 October 20, 2022, 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. 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 consists of amendments to the Clearing
Agency Liquidity Risk Management Framework (``Framework'') of FICC and
its affiliates, The Depository Trust Company (``DTC'') and National
Securities Clearing Corporation (``NSCC,'' and together with FICC and
DTC, the ``Clearing Agencies'').\3\ Specifically, the proposed rule
changes would (1) add a new section describing the process by which
FICC would designate uncommitted liquidity resources as qualifying
liquid resources (``QLR''); \4\ (2) clarify that FICC may have access
to liquidity resources that are not designated as QLR; (3) delete the
stand-alone section on due diligence and testing of liquidity
providers, and instead add due diligence and testing descriptions where
each liquidity resource is described or state where testing is not
performed, as applicable; (4) clarify the description of FICC's QLR;
(5) clarify the description of NSCC's and DTC's QLR, add language to
reflect NSCC's and DTC's current due diligence and testing processes
for their committed line of credit, and make a correction to the
description of DTC's Collateral Monitor; and (6) make technical
changes, as described below.
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\3\ Capitalized terms not defined herein are defined in the DTC
Rules, By-Laws and Organization Certificate, the FICC Government
Securities Division Rulebook, the FICC Mortgage-Backed Securities
Division Clearing Rules, or the NSCC Rules & Procedures (``NSCC
Rules''), as applicable, available at <a href="http://dtcc.com/legal/rules-and-procedures">http://dtcc.com/legal/rules-and-procedures</a>.
\4\ See 17 CFR 240.17Ad-22(a)(14).
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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
The Clearing Agencies adopted the Framework \5\ to set forth the
manner in which they measure, monitor and manage the liquidity risks
that arise in or are borne by each of the Clearing Agencies, including
(i) the manner in which each Clearing Agency deploys their respective
liquidity tools to meet its settlement obligations on an ongoing and
timely basis, and (ii) each applicable Clearing Agency's use of
intraday liquidity.\6\ In this way, the Framework describes the
liquidity risk management of each of the Clearing Agencies and how the
Clearing Agencies meet the applicable requirements of Rule 17Ad-
22(e)(7) under the Act.\7\
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\5\ See Securities Exchange Act Release No. 82377 (December 21,
2017), 82 FR 61617 (December 28, 2017) (SR-DTC-2017-004; SR-NSCC-
2017-005; SR-FICC-2017-008).
\6\ See 17 CFR 240.17Ad-22(e)(7)(i), (ii), and (iv) through
(ix).
\7\ Id.
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The proposed changes to the Framework would (1) add a new section
describing the process by which FICC would designate uncommitted
liquidity resources as QLR; \8\ (2) clarify that FICC may have access
to liquidity resources that are not designated as QLR; (3) delete the
stand-alone section on due diligence and testing of liquidity
providers, and instead add due diligence and testing descriptions where
each liquidity resource is described or state where testing is not
performed, as applicable; (4) clarify the description of FICC's QLR;
(5) clarify the description of NSCC's and DTC's QLR, add language to
reflect NSCC's and DTC's current due diligence and testing processes
for their committed line of credit, and make a correction to the
description of DTC's Collateral Monitor; and (6) make technical
changes. Each of these proposed changes is described in greater detail
below.
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\8\ See 17 CFR 240.17Ad-22(a)(14).
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i. Proposed Amendments To Add a New Section Describing the Process by
Which FICC Would Designate Uncommitted Liquidity Resources as QLR
The Clearing Agencies would add a new section to the Framework that
pertains specifically to FICC's designation of uncommitted liquidity
resources as QLR pursuant to the requirements of Rule 17Ad-
22(a)(14)(ii)(B) under the Act.\9\ FICC does not at this time have
uncommitted liquidity resources designated as QLR; however, the
proposed new section would allow FICC to have such QLR to the extent
the requirements of Rule 17Ad-22(a)(14)(ii)(B) are followed.
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\9\ 17 CFR 240.17Ad-22(a)(14)(ii)(B).
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In addition, and consistent with its existing processes, FICC would
consider whether any uncommitted liquidity resources, including those
that are designated as QLR, would require a proposed rule change with
the Commission pursuant to Section 19(b)(1) of the Act,\10\ and the
rules thereunder, or an 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,\11\ and the rules thereunder.
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\10\ 15 U.S.C. 78s(b)(1).
\11\ 12 U.S.C. 5465(e)(1).
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The proposed new section would explain that, in order to designate
an uncommitted liquidity resource as a QLR, FICC would first identify
the properties of each financing arrangement, including the underlying
collateral and the liquidity providers. Based on the nature of the
liquidity resource, FICC would then determine the nature of the
rigorous analysis that is appropriate for that resource and
[[Page 67517]]
would conduct that analysis at least annually.
The proposed new section to the Framework would also state that,
following completion of that analysis, both (1) the components of that
analysis and (2) the results of that analysis, would be presented to
the Board Risk Committee on at least on an annual basis. When
considering whether to designate the uncommitted resource as a QLR, the
Board Risk Committee would determine if the uncommitted liquid resource
is highly reliable under extreme but plausible market conditions
consistent with Rule 17Ad-22(a)(14)(ii)(B) under the Act.\12\
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\12\ 17 CFR 240.17Ad-22(a)(14)(ii)(B). Examples of the type of
information that the Board Risk Committee could rely on in order to
determine whether it would be appropriate to designate the proposed
uncommitted resource as a QLR would include whether (i) FICC has
identified securities that may be pledged pursuant to the proposed
financing arrangement and that such securities are reasonably likely
to be readily available for pledging and acceptable as collateral;
(ii) FICC has reviewed the terms of the proposed financing
arrangement to confirm such terms are current, appropriate and not
expected to restrict FICC's use of the proposed financing
arrangement; (iii) FICC has completed due diligence of each
liquidity provider as required by Rule 17Ad-22(e)(7)(iv) under the
Act; and (iv) FICC has developed procedures to test the proposed
financing arrangement at least annually to confirm the liquidity
providers are operationally able to perform their commitments and
are familiar with the drawdown process, consistent with the
requirements of Rule 17Ad-22(e)(7)(v) under the Act. 17 CFR
240.17Ad-22(e)(7)(iv) and (v). In addition, FICC would include in
the analysis presented to the Board Risk Committee recommendations
and analyses of an independent third party that the proposed
resource is highly reliable in extreme but plausible market
conditions.
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ii. Proposed Amendments To Clarify That FICC May Have Access to
Liquidity Resources That are not Designated as QLR
The proposed changes to the Framework would also make clear that
FICC may have access to liquidity resources that are not designated as
QLR. At this time, FICC maintains uncommitted master repurchase
agreements (``MRAs'') that can be utilized to finance via the repo
market the securities in FICC's Clearing Funds and those purchased on
behalf of a defaulting Member to raise funds. While not designated as
QLR, amounts available under the MRAs may be utilized as liquidity
resources in the event of a Member default. The proposed rule change
states that on a weekly basis, a study to estimate the depth of the
repo market under prevailing market conditions as well as a sample
stress scenario to assess potential available liquidity in the event of
default of the largest Member would be performed.
In addition, the proposed rule changes provide that, at least
annually, FICC would conduct counterparty due diligence reviews that
would assess each non-QLR liquidity provider's ability to provide
liquidity to FICC under current market conditions and would provide a
summary of these reviews to the Board Risk Committee.\13\ The proposed
rule change also states that FICC would test any non-QLR annually with
the respective liquidity providers to confirm that such liquidity
providers are operationally able to perform their commitments and are
familiar with the applicable process.
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\13\ Such due diligence includes reviews of, for example,
relevant member financial metrics, results of operational testing,
and relevant market data applicable to the type of securities being
financed.
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As a conforming change, the proposed rule change would delete
language referring to MRAs as QLR. The proposed rule change would add a
sentence stating that FICC may count MRAs as QLR if the procedures for
designating them as such (as described above) are followed. As a
further conforming change, the proposed rule change would specify that
the section of the Framework regarding liquidity resources that are not
designated as QLR applies specifically to FICC.
iii. Proposed Amendments To Delete the Stand-Alone Section on Due
Diligence and Testing, and Instead Add Due Diligence and Testing
Descriptions Where Each Liquidity Resource Is Described or State Where
Testing Is Not Performed, as Applicable
The current Framework contains a stand-alone section (``Stand-Alone
Section'') on the due diligence and testing of liquidity providers that
the Clearing Agencies perform. The proposed rule changes would delete
the Stand-Alone Section and would instead add descriptions of the due
diligence and testing performed in connection with each type of
liquidity resource in the section of the Framework where each resource
is described, as further described below in subsection v. The proposed
rule changes also state where testing is not performed, where
applicable, as further described below in subsections iv. and v.
More specifically, the Stand-Alone Section currently states that
the Counterparty Credit Risk department (``CCR'') reviews the limits,
outstanding investments, and collateral held (if applicable) at each
investment counterparty. The proposed rule change would (i) restate
this language to make clear that CCR's review includes a financial
analysis of each counterparty, the Clearing Agencies' investments at
each counterparty, and any recommendations for changes in limits to
these investments and (ii) place the restated sentence in the section
of the Framework related to the specific liquidity resource that CCR is
surveilling.\14\ The Stand-Alone Section also references formal reviews
on the reliability of QLR providers and specifically ascribes certain
due diligence and review responsibilities to CCR. The proposed rule
change would describe CCR's obligations regarding liquidity providers
in the appropriate section of the Framework related to the specific
liquidity resource that CCR is surveilling. The proposed rule change
also indicates where another department, such as Treasury, is
responsible for actions that the Stand-Alone Section ascribes to CCR.
For non-QLR liquidity resources, the proposed rule change describes the
role of several departments in reviewing these resources.
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\14\ The sentence in the Stand-Alone Section that refers to a
review of each investment counterparty's deposit level at the
Federal Reserve Bank of New York would not be retained because it
reflects a drafting error (the Clearing Agencies are concerned with
their deposits at the counterparties and not the counterparties'
deposits at the Federal Reserve Bank of New York).
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Finally, the Stand-Alone Section references testing. The proposed
rule change would move the references to testing where each resource is
described in the Framework.
iv. Proposed Amendments To Clarify the Description of FICC's QLR
The proposed changes would make clear that each FICC division has
its own Clearing Fund that includes deposits of cash. The proposed
changes would also delete language regarding the ability of FICC to
borrow from the Clearing Fund as that is already covered in the rules
of each division. The proposed rule change would clarify the
description of FICC's QLR by adding language on same day access to
funds regarding deposits of Clearing Fund in creditworthy commercial
banks. The proposed changes would also clarify that the rules-based
committed Capped Contingency Liquidity Facility programs are determined
for each FICC division per the division's respective rules.
In addition, the Framework would make clear that for purposes of
making FICC Clearing Fund deposits, Members are not considered
``liquidity providers'' with reference to Rules 17Ad-22(e)(7)(iv) and
(v) under the Act.\15\
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\15\ 17 CFR 240.17Ad-22(e)(7)(iv) and (v).
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[[Page 67518]]
v. Proposed Amendments To Clarify the Description of NSCC's and DTC's
QLR, Add Language to Reflect NSCC's and DTC's Current Due Diligence and
Testing Processes for Their Committed Line of Credit, and Make a
Correction to the Description of DTC's Collateral Monitor
The proposed rule change would clarify the description of NSCC's
QLR by deleting language regarding the ability of NSCC to borrow from
the Clearing Fund as that is already covered in the NSCC Rules. In
addition, the proposed changes would replace ``medium- and long-term''
with ``senior'' (which covers both medium- and long-term) before
``unsecured notes'' in the description of NSCC's QLR in order to
simplify terminology.
The proposed changes would provide that, because the process for
collecting Supplemental Liquidity Deposits (``SLD''), pursuant to NSCC
Rule 4A,\16\ is the same process used for collecting required deposits
to the NSCC Clearing Fund, and Members are aware of such process, no
testing is required for purposes of Rule 17Ad-22(e)(7)(v) under the
Act.\17\ In addition, the proposed changes would state that NSCC
conducts Member outreach with those Members whose liquidity exposure
may require them to make SLD in the future.
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\16\ See supra note 3.
\17\ 17 CFR 240.17Ad-22(e)(7)(v).
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The proposed rule change would clarify the descriptions of DTC's
and NSCC's QLR by adding language on same day access to funds regarding
deposits of DTC Participants Fund and NSCC Clearing Fund in
creditworthy commercial banks. In addition, the proposed changes would
make clear that for purposes of making DTC Participants Fund deposits
and NSCC Clearing Fund deposits, DTC Participants and NSCC Members,
respectively, are not considered ``liquidity providers'' with reference
to Rules 17Ad-22(e)(7)(iv) and (v) under the Act.\18\
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\18\ 17 CFR 240.17Ad-22(e)(7)(iv) and (v).
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The proposed changes would add language to the descriptions of
DTC's and NSCC's QLR to reflect DTC's and NSCC's current practices of
conducting surveillance of bank lenders to their committed credit
facility, and testing the committed credit facility at least annually
to confirm that the lenders, agents and respective Clearing Agency are
operationally prepared to meet their obligations under the facility and
are familiar with the borrowing process.
The proposed rule change would also make a correction to the
description of DTC's Collateral Monitor. Currently, the Framework
states that the Liquidity Risk Product Unit verifies that the
Collateral Monitor will not become negative if the transaction is
processed. Because this verification is done automatically, the
proposed rule change would correct the sentence to state that DTC
performs this verification automatically.
vi. Proposed Amendments to Make Technical Changes
The proposed rule changes include certain technical changes as
follows:
<bullet> Make conforming and cross-reference changes in the
Executive Summary;
<bullet> Delete a sentence that may be confusing in that it states
that liquidity resources are maintained consistent with risk
tolerances, whereas the correct statement is that liquidity resources
are maintained consistent with Rule 17Ad-22(e)(7) under the Act,\19\
which is already stated elsewhere in the Framework;
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\19\ 17 CFR 240.17Ad-22(e)(7).
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<bullet> Make conforming and cross-reference changes in the general
section on ``Liquidity Resources;''
<bullet> Restate the first sentence in the section describing
FICC's QLR so that it reads more clearly;
<bullet> Remove cross-references and phrases referencing other
sections of the Framework where such references are no longer correct;
<bullet> Add the word ``FICC'' to the end of a sentence where it
was inadvertently deleted; and
<bullet> Renumber the last three sections of the Framework to
account for the deletion of the section on due diligence/testing.
2. Statutory Basis
The Clearing Agencies believe that the proposed changes are
consistent with Section 17A(b)(3)(F) of the Act,\20\ and Rules 17Ad-
22(e)(7) and 17Ad-22(a)(14)(ii)(B) under the Act,\21\ for the reasons
described below.
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\20\ 15 U.S.C. 78q-1(b)(3)(F).
\21\ 17 CFR 240.17Ad-22(e)(7) and 17 CFR 240.17Ad-
22(a)(14)(ii)(B).
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Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of a registered clearing agency be designed to promote the prompt and
accurate clearance and settlement of securities transactions, and to
assure the safeguarding of securities and funds which are in the
custody or control of the clearing agency or for which it is
responsible,\22\ for the reasons described below. The proposed changes
described above in Items II(A)1.i. and II(A)1.ii. would update the
Framework to (1) add a new section describing the process by which FICC
would designate uncommitted liquidity resources as QLR; \23\ and (2)
clarify that FICC may have access to liquidity resources that are not
designated as QLR. By updating the Framework to reflect these changes,
the Clearing Agencies believe the proposed rule change would make the
Framework more effective in describing FICC's liquidity risk management
procedures as they relate to FICC's liquidity resources. The proposed
rule changes would introduce clarity to the Framework through the
addition of a specific process regarding FICC's designation of
uncommitted resources as QLR and would better explain the section
regarding FICC's resources that are not QLR. Because FICC's liquidity
resources support the ability of FICC to effect timely settlement, and
because the proposed changes are designed to ensure that any
uncommitted resource that is designated as QLR would be highly reliable
in extreme but plausible market conditions and therefore also
potentially facilitate timely settlement, the Clearing Agencies believe
that the proposed changes described in Items II(A)1.i. and II(A)1.ii.
above are consistent with Section 17A(b)(3)(F) of the Act.
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\22\ 15 U.S.C. 78q-1(b)(3)(F).
\23\ See 17 CFR 240.17Ad-22(a)(14).
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The proposed changes described in Items II(A)1.iii. through
II(A)1.vi. above would (1) delete the stand-alone section on due
diligence and testing of liquidity providers, and instead add due
diligence and testing descriptions where each liquidity resource is
described; (2) clarify the description of FICC's QLR; (3) clarify the
description of NSCC's and DTC's QLR, add language to reflect NSCC's and
DTC's current due diligence and testing processes regarding their
committed line of credit, and make a correction to the description of
DTC's Collateral Monitor; and (4) make technical changes. These
proposed changes would improve the clarity of the descriptions of
various liquidity management processes of the Clearing Agencies. The
improvement in the clarity of the descriptions of liquidity risk
management processes within the Framework would assist the Clearing
Agencies in carrying out these functions. Therefore, the Clearing
Agencies believe the proposed changes are consistent with the
requirements of Section 17A(b)(3)(F) of the Act \24\ that the rules of
a registered clearing agency be designed to promote the prompt and
accurate clearance and settlement of securities transactions, and to
assure the
[[Page 67519]]
safeguarding of securities and funds which are in the custody or
control of the clearing agency or for which it is responsible.
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\24\ 15 U.S.C. 78q-1(b)(3)(F).
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The Clearing Agencies believe that the proposed changes are
consistent with Rule 17Ad-22(e)(7) under the Act,\25\ which requires a
covered clearing agency to establish, implement, maintain and enforce
written policies and procedures reasonably designed to, as applicable,
effectively measure, monitor, and manage the liquidity risk that arises
in or is borne by the covered clearing agency, including measuring,
monitoring, and managing its settlement and funding flows on an ongoing
and timely basis, and its use of intraday liquidity by, at a minimum,
doing the requirements set forth in Rule 17Ad-22(e)(7). The proposed
rule changes described above have been designed to enhance the Clearing
Agencies' compliance with Rule 17Ad-22(e)(7) by addressing the
designation of QLR and liquidity resources that are not QLR and
providing various clarifications. By addressing the designation of QLR
and liquidity resources that are not QLR and providing various
clarifications, the proposed rule changes would reduce ambiguity and
thus assist risk management staff in the performance of their duties
associated with compliance of Rule 17Ad-22(e)(7).
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\25\ 17 CFR 240.17Ad-22(e)(7).
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In addition, the proposed changes are designed to ensure that any
uncommitted resource that is designated as QLR would be highly reliable
in extreme but plausible market conditions, in accordance with Rule
17Ad-22(a)(14)(ii)(B) under the Act.\26\
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\26\ 17 CFR 240.17Ad-22(a)(14)(ii)(B).
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(B) Clearing Agency's Statement on Burden on Competition
The Clearing Agencies do not believe the proposed rule change would
have any impact, or impose any burden, on competition. As described
above, the proposed changes would update the Framework to describe the
process by which FICC would designate uncommitted liquidity resources
as QLR, clarify that FICC may have access to liquidity resources that
are not designated as QLR, and improve the clarity of the descriptions
of the Clearing Agencies' liquidity risk management functions.
Therefore, the proposed changes relate mostly to the operation of the
Framework and/or are technical in nature. As such, the Clearing
Agencies do not believe that the proposed rule change would have any
impact on competition.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
The Clearing Agencies have 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 Commission 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 Commission'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
Commission's Division of Trading and Markets at
<a href="/cdn-cgi/l/email-protection#c5b1b7a4a1acaba2a4aba1a8a4b7aea0b1b685b6a0a6eba2aab3"><span class="__cf_email__" data-cfemail="bcc8ceddd8d5d2dbddd2d8d1ddced7d9c8cffccfd9df92dbd3ca">[email protected]</span></a> or 202-551-5777.
The Clearing Agencies reserve the right to not 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#443631282169272b2929212a3037043721276a232b32"><span class="__cf_email__" data-cfemail="2f5d5a434a024c4042424a415b5c6f5c4a4c01484059">[email protected]</span></a>. Please include
File Number SR-FICC-2022-008 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-2022-008. 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-2022-008 and should be submitted on
or before November 29, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-24282 Filed 11-7-22; 8:45 am]
BILLING CODE 8011-01-P
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