Notice2023-11615
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Clearing Agency Investment Policy
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
June 1, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 105 (Thursday, June 1, 2023)</title>
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[Federal Register Volume 88, Number 105 (Thursday, June 1, 2023)]
[Notices]
[Pages 35957-35961]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-11615]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97596; File No. SR-FICC-2023-006]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Clearing Agency Investment Policy
May 25, 2023.
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 May 17, 2023, 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 amends the Clearing Agency Investment
Policy (``Investment Policy'', or ``Policy'') of FICC and its
affiliates, The Depository Trust Company (``DTC'') and National
Securities Clearing Corporation (``NSCC,'' and together with DTC, the
``Clearing Agencies''). Specifically, the proposed rule change would
amend the Investment Policy to (1) clarify obligations regarding the
separation and segregation of funds deposited to a Clearing Agency's
Participants Fund or Clearing Fund; \5\ (2) clarify roles and
responsibilities related to credit reviews and setting investment
limits; (3) update allowable investments for the respective Clearing
Funds of NSCC and FICC and other investable funds; (4) include
approvals required for longer term bank deposits and reverse repurchase
investments; (5) remove descriptions of hedge transactions; and (6)
make technical corrections and revisions to clarify and simplify
statements in the Investment Policy, as described in greater detail
below.
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\5\ The respective Clearing Funds of NSCC and FICC, and the DTC
Participants Fund are described in the Rules & Procedures of NSCC
(``NSCC Rules''), the DTC Rules, By-laws and Organization
Certificate (``DTC Rules''), the Clearing Rules of the Mortgage-
Backed Securities Division of FICC (``MBSD Rules'') or the Rulebook
of the Government Securities Division of FICC (``GSD Rules''),
respectively, available at <a href="http://dtcc.com/legal/rules-and-procedures">http://dtcc.com/legal/rules-and-procedures</a>. See Rule 4 (Clearing Fund) of the NSCC Rules, Rule 4
(Participants Fund and Participants Investment) of the DTC Rules,
Rule 4 (Clearing Fund and Loss Allocation) of the GSD Rules and Rule
4 (Clearing Fund and Loss Allocation) of the MBSD Rules.
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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 are proposing to revise the Investment
Policy, which was adopted in December 2016 \6\ and is maintained in
compliance with Rule 17Ad-22(e)(16) under the Act.\7\ The proposed
changes to the Investment Policy would (i) clarify obligations
regarding the separation and segregation of funds deposited to a
Clearing Agency's Participants Fund or Clearing Fund, (ii) clarify
roles and responsibilities related to credit reviews and setting
investment limits, (iii) update allowable investments for the
respective Clearing Funds of NSCC and FICC and other investable funds,
(iv) include approvals required for longer term bank deposit and
reverse repurchase investments, (v) remove descriptions of hedge
transactions, and (vi) make technical corrections and revisions to
clarify and simplify statements in the Investment Policy, as described
in greater detail below.
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\6\ See Securities Exchange Act Release No. 79528 (December 12,
2016), 81 FR 91232 (December 16, 2016) (SR-DTC-2016-007, SR-FICC-
2016-005, SR-NSCC-2016-003).
\7\ 17 CFR 240.17Ad-22(e)(16).
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Overview of the Investment Policy
The Investment Policy governs the management, custody and
investment of cash deposited to the respective Clearing Funds of NSCC
and FICC,\8\ the DTC Participants Fund,\9\ the proprietary liquid net
assets (cash and cash equivalents) of the Clearing Agencies, and other
funds held by the Clearing Agencies pursuant to their respective rules.
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\8\ Supra note 5.
\9\ Id.
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The Investment Policy identifies the guiding principles for
investments and defines the roles and responsibilities of DTCC staff in
administering the Investment Policy pursuant to those principles. The
Investment Policy is co-owned by DTCC's Treasury group (``Treasury'')
and the Counterparty Credit Risk team (``CCR'') within DTCC's Group
Chief Risk Office (``GCRO''). Treasury is responsible for identifying
potential counterparties to investment transactions, establishing, and
managing investment relationships with approved investment
counterparties, and making and monitoring all investment transactions
with respect to the Clearing Agencies. CCR is responsible for
conducting a credit review of any potential counterparty, updating
those reviews on
[[Page 35958]]
a quarterly basis, and establishing an investment limit for each
counterparty. CCR is also responsible for ongoing monitoring of
counterparties and recommending changes to investment limits when
appropriate.
The Investment Policy also identifies sources of funds that may be
invested, and the permitted investments of those funds, including the
authority required to make such investments and the parameters of, and
limitations on, each type of investment. Finally, the Investment Policy
defines the approval authority required to exceed established
investment limits. As stated above, the activities and processes
carried out pursuant to the Investment Policy, and the governance set
forth therein, support the Clearing Agencies' compliance with the
requirements of Rule 17Ad-22(e)(16).\10\
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\10\ 17 CFR 240.17Ad-22(e)(16).
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Proposed Revisions to the Investment Policy
The Investment Policy is reviewed and approved by the Boards
annually. In connection with the most recent annual review of the
Investment Policy, the Clearing Agencies have decided to propose
certain revisions and updates. These proposed revisions, described in
greater detail below, are designed to update the Investment Policy to
reflect current practices and to help ensure that it continues to
operate as intended.
(i) Proposed Change Regarding the Separation and Segregation of Funds
Section 3.2 of the Policy addresses the Clearing Agencies' approach
to segregation of deposits to their respective Participants or Clearing
Funds. The Policy currently states that deposits to the Participants
Fund and Clearing Funds must not be commingled with each other or with
general corporate funds of the Clearing Agencies. The Clearing
Agencies' intention in using this approach is to ensure these funds are
not commingled on the Clearing Agencies' books and records but is not
intended to restrict the Clearing Agencies from depositing those
amounts in the same deposit accounts, for example at their cash deposit
accounts at the Federal Reserve Bank of New York (``FRBNY''). In short,
the Clearing Agencies have subaccounts on their books and records to
reflect the segregation of various funds, but each Clearing Agency only
has one account at the FRBNY where Clearing Funds and Participant Fund
are held with Clearing Agency general corporate funds.
For example, deposits to NSCC's Clearing Fund currently can be
deposited into the same bank deposit account as NSCC's general
corporate funds, so long as these amounts are separated on NSCC's books
and records and are not deposited into the same bank account as the DTC
Participant Fund or either of the FICC Clearing Funds. Additionally,
because GSD and MBSD are divisions of FICC, and FICC, like NSCC and
DTC, has only one cash deposit account at the FRBNY, the proposed
change also makes clear that the GSD Clearing Fund and MBSD Clearing
Fund may be commingled in the same bank deposit account so long as they
are segregated on FICC's books and records. Lastly, the proposed change
clarifies that the Clearing Agencies' approach to segregation of funds
applies not only to the relationship between a Clearing Agency's
general corporate funds and its Participants Fund or Clearing Fund but
to all investable funds of a Clearing Agency.
Therefore, the Clearing Agencies are proposing to clarify that,
although deposits to a Clearing Agencies' Participant Fund or Clearing
Fund must be segregated on each respective Clearing Agency's books and
records from each other and from their respective general corporate
funds, these amounts may be deposited in the same bank deposit account
as other investable funds of that Clearing Agency. The proposed
clarification is consistent with the Clearing Agencies' existing
practices and would not significantly affect the rights or obligations
of the Clearing Agencies or their participants. This proposed change
would clarify the Investment Policy and reflect the Clearing Agencies
current practices regarding Clearing Agencies' separation and
segregation of funds.
(ii) Proposed Change To Clarify Roles and Responsibilities of CCR and
Treasury
Section 4 of the Policy outlines the roles and responsibilities of
Treasury and CCR in conducting credit reviews and setting investment
limits of counterparties. The proposed changes include clarification of
these roles and responsibilities to improve the transparency of the
Investment Policy to the DTCC staff who adhere to its provisions. The
proposed changes to Section 4.2would add the requirement that Treasury
state the intended type of investment relationship with a counterparty
when it requests that CCR perform a credit review of an investment
counterparty. The proposed changes would also clarify that the
governance of an investment counterparty credit review depends on
whether the proposed counterparty is a participant of a Clearing
Agency. Counterparties that are not participants must be approved by a
Managing Director of CCR and counterparties that are participants are
reviewed using a risk-based criteria based on the participants'
membership level.
An additional proposed change to Section 4.2 would remove the
requirement that a Managing Director of GCRO approve counterparty
investment limits. This proposed change would clarify that CCR is
responsible for setting the aggregate investment limits assigned to a
counterparty in connection with the credit reviews for that
counterparty.
In addition, the Clearing Agencies are proposing changes to Section
4.2 to specify the management of the quarterly credit reviews and
changes to counterparty investment limits. The Policy currently states
that CCR will notify Treasury if an investment counterparty's external
credit rating is downgraded, if CCR believes an investment
counterparty's investment limit should change, or if an investment
transaction should be terminated. The purpose of this procedure is to
quickly capture any changes to an investment counterparty's credit
rating that may affect the Clearing Agencies' exposure to such
counterparty and, therefore, require change to the allowable investment
limit applicable to that counterparty under the Policy. The proposed
changes to this Section would clarify that CCR only notifies Treasury
if an investment counterparty's external credit ratings fall below the
minimum ratings in the Policy or requires a change to that
counterparties' investment limit. The proposed changes would also
clarify that CCR may advise Treasury if it is appropriate to set a
counterparty's investment limit lower than the investment limits
provided within the Policy or to terminate an investment transaction.
These proposed changes would clarify that either of these investment
limit changes require approval by a Managing Director of GCRO.
The proposed changes are consistent with the Clearing Agencies'
existing practices and would not significantly affect the rights or
obligations of the Clearing Agencies or their participants.
(iii) Proposed Change To Update Allowable Investments and Investment
Limits
The Clearing Agencies are proposing to amend the table of allowable
investments in Section 6 of the Policy to reflect their current
investment practice of only investing the Clearing
[[Page 35959]]
Funds of NSCC and FICC; NSCC's Fully Paid-For Account, DTC Short
Position Cash, Corporate Actions Payments and Principal & Interest
Payments; and GSD Forward Margin in bank deposits. The table identifies
the sources of investable funds that are invested by the Clearing
Agencies, and groups these sources of funds into separate categories.
The Policy currently permits the Clearing Agencies to invest the
investable funds listed above in multiple types of investment vehicles,
for example reverse repurchase agreements. The Clearing Agencies
believe that it is prudent investment practice to limit the investment
of these funds to only bank deposits and have, in practice, already
limited such investments accordingly. The proposed changes to this
table would also delete footnotes that include information that is no
longer necessary given this change in investment practice.
Two proposed changes to Section 6.2.1 of the Policy would conform
the Investment Policy to current practice. First, this section
currently states that the DTC Participant Fund may only be invested in
demand deposit, savings or checking accounts that provide same day
access to funds. The Clearing Agencies would update this section to
make clear that these criteria also applies to investment of the NSCC
and FICC Clearing Funds. Finally, the proposed changes would include
adding ``unless an exception has been granted pursuant to Section 4.2
of this Policy'' following the requirement for approved bank
counterparty minimum external credit ratings, for clarification
purposes in terms of the interplay of the various sections in the
Policy.
(iv) Proposed Change To Include Approvals Required for Longer Term
Transactions
The Clearing Agencies are proposing to amend the Policy to describe
the approval requirements for investments in bank deposits and reverse
repurchase agreements with a term maturity longer than overnight. The
Policy is currently silent as to the approval process for these longer-
term transactions. The proposed changes would describe the requirement
that CCR approve such longer-term transactions and would align the
parameters around establishing investment limits for such transactions
to the guidelines provided in Section 6.2.1 of the Policy, for longer
term bank deposit investments, and Section 6.2.2, for reverse
repurchase agreements, unless an exception has been granted pursuant to
Section 4.2 of the Policy.
The proposed changes would also describe the requirement that CCR
assess the creditworthiness of a counterparty when determining term to
maturity for such longer-term transactions requested by Treasury. These
proposed changes would improve the Investment Policy by clearly
describing the approval process for these types of investments.
(v) Proposed Change To Remove Reference to Hedge Transactions
The proposed changes would remove references to the Clearing
Agencies' process involving hedge transactions from the Policy. Section
6.2.6 of the Policy currently describes allowable hedge transactions,
limitations on hedge transaction maturity dates and value amounts, and
the approval process for hedge transactions. The proposed changes would
remove this section from the Policy because hedging activity is
different from investment activity. Additionally, hedging activity is
conducted using only general corporate funds of the Clearing Agencies,
thereby posing very little risk to the Clearing Agencies' Clearing Fund
or Participant Fund. Therefore, the Clearing Agencies believe it is
appropriate to establish a stand-alone internal hedging policy
reflecting the processes, procedures and philosophy regarding hedge
transactions that is currently captured in this Investment Policy. Such
internal hedging policy would provide greater detail and clarity
related to the current hedging practices of the Clearing Agency.
Further, the proposed removal of references to hedging activity would
improve the Investment Policy in clarifying and focusing its purpose.
(vi) Proposed Change To Make Technical Corrections and Revisions
Finally, the proposed changes would make technical corrections to
statements in the Investment Policy, delete irrelevant processes, and
add clarifying words or sentences throughout the Policy. These changes
are (1) change the word ``Subject'' to ``Pursuant'' in the footnote to
the table in Section 5 and delete the second footnote, (2) change the
heading of subparagraph 6.2.4 from Reverse Repurchase Agreements
(Reverse Repos) to Money Market Mutual Funds (MMMFs) as the content of
the subparagraph discusses MMMFs instead of Reverse Repos, (3) change
the word ``percent'' as it relates to a counterparty's shareholders'
equity capital in Section 6.2.1 to ``multiple'' for consistency with
the use of the word multiple in the corresponding table, (4) remove
reference to Hold-in custody Reverse Repos in Section 6.2.2 as the
Clearing Agencies do not engage in such transactions, (5) change
numeric representations in the table in 6.2.1 for consistency
throughout the Policy, (6) delete any footnotes made inaccurate or
unnecessary by the other proposed changes to the Policy, and (7) add
the word ``amount'' in front of the words ``by 30%'' in Section 7.1 for
clarification purposes. These changes are not substantive changes to
the Clearing Agencies' investment practices.
2. Statutory Basis
The Clearing Agencies believe that the proposed rule changes are
consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a registered clearing agency.\11\
In particular, the Clearing Agencies believe that the proposed
modifications to the Investment Policy are consistent with Section
17A(b)(3)(F) of the Act \12\ and Rule 17Ad22(e)(16) under the Act,\13\
for the reasons described below.
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\11\ 17 CFR 240.17Ad-22(e)(16).
\12\ 15 U.S.C. 78q-1(b)(3)(F).
\13\ 17 CFR 240.17Ad-22(e)(16).
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Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of the Clearing Agencies be designed to assure the safeguarding of
securities and funds that are in the custody or control of each of the
Clearing Agencies or for which they are responsible.\14\ The investment
guidelines and governance procedures set forth in the Investment Policy
are designed to safeguard funds that are in the custody or control of
the Clearing Agencies or for which they are responsible. Such
protections include, for example, following a prudent and conservative
investment philosophy that places the highest priority on maximizing
liquidity and risk avoidance. The Clearing Agencies believe the
proposed change to reflect the Clearing Agencies' current investment
practice to only invest NSCC and FICC Clearing Funds, Fully Paid-For
Account, Short Position Cash, Corporate Actions Payments, Principal &
Interest Payments, and GSD Forward Margin in bank deposits would allow
it to adhere to these guidelines by maximizing liquidity and minimizing
the risk posed by other, potentially longer term, investments.
Therefore, the Clearing Agencies believe the proposed change would
allow the Clearing Agencies to continue to invest pursuant to the
Investment Policy in a prudent and conservative manner that assures the
safeguarding of securities and funds that are in their custody and
control, or for which they are responsible.
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\14\ 15 U.S.C. 78q-1(b)(3)(F).
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Section 17A(b)(3)(F) of the Act also requires, in part, that the
rules of the
[[Page 35960]]
Clearing Agencies be designed to foster cooperation and coordination
with persons engaged in the clearance and settlement of securities
transactions.\15\ The proposed changes to (1) clarify obligations
regarding the separation and segregation of funds deposited to a
Clearing Agency's Participants Fund or Clearing Funds; (2) clarify
roles and responsibilities related to credit reviews and setting
investment limits; (3) remove descriptions of hedge transactions; and
(4) make technical corrections and revisions to clarify and simplify
statements in the Investment Policy would help clarify the
administration of the procedures outlined in the Policy and therefore
aid in the cooperation and coordination between the DTCC staff who
adhere to its provisions.
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\15\ Id.
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Additionally, the proposed change to provide approval requirements
for investments in bank deposits and reverse repurchase agreements with
a term maturity longer than overnight would improve the effectiveness
of the Investment Policy and allow the Clearing Agencies to administer
the Investment Policy in alignment with the investment guidelines and
governance procedures set forth therein. Specifically, the Investment
Policy sets forth guiding principles for the investment of funds, which
include adherence to a prudent and conservative investment philosophy
that places the highest priority on maximizing liquidity and avoiding
risk. The guiding principles of the Investment Policy also address the
process for evaluating the credit ratings of counterparties and setting
investment limits. Given that such guidelines and governance procedures
are designed to safeguard funds that are in the custody or control of
the Clearing Agencies or for which they are responsible, the Clearing
Agencies believe the proposed changes are consistent with the
requirements of Section 17A(b)(3)(F) of the Act.\16\
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\16\ Id.
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Rule 17Ad-22(e)(16) under the Act requires, in part, the Clearing
Agencies to establish, implement, maintain and enforce written policies
and procedures reasonably designed to safeguard the Clearing Agencies'
own and their participants' assets, minimize the risk of loss and delay
in access to these assets, and invest such assets in instruments with
minimal credit, market, and liquidity risks.\17\ The Clearing Agencies
believe that the Investment Policy, as amended by the proposed changes,
follows a prudent and conservative investment philosophy, placing the
highest priority on maximizing liquidity and avoiding risk of loss, by
setting appropriate investment practices and creating clear guidelines.
As originally implemented, the Investment Policy was designed to meet
the requirements of Rule 17Ad-22(e)(16) under the Act.\18\
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\17\ 17 CFR 240.17Ad-22(e)(16).
\18\ Id.
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For the reasons stated above, the Clearing Agencies believe that
the proposed revisions to (1) clarify obligations regarding the
separation and segregation of funds deposited to a Clearing Agency's
Participants Fund or Clearing Funds; (2) update allowable investments
for the Clearing Agencies' respective Clearing Funds and other
investable funds; and (3) include approvals required for longer term
bank deposits and reverse repo investments would both strengthen the
risk management objectives of the Investment Policy and improve the
clarity of the Policy and, therefore, make the Investment Policy more
effective in governing the management, custody, and investment of funds
of and held by the Clearing Agencies. In this way, these proposed
changes would better allow the Clearing Agencies to maintain this
document in a way that is designed to meet the requirements of Rule
17Ad-22(e)(16).\19\ Therefore, the Clearing Agencies believe these
proposed revisions would be consistent with the requirements of Rule
17Ad-22(e)(16) under the Act.\20\
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\19\ Id.
\20\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
Each of the Clearing Agencies believes that none of the proposed
revisions to the Investment Policy would have any impact, or impose any
burden, on competition. The Investment Policy applies equally to the
allowable investments of the Clearing Agencies, including the FICC and
NSCC Clearing Funds and DTC Participants Fund deposits, and establishes
a uniform policy at the Clearing Agencies. The proposed changes to the
Investment Policy would not affect any changes on the fundamental
purpose or operation of this document and, as such, would also not have
any impact, or impose any burden, on competition.
(B) 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. 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-submitcomments">https://www.sec.gov/regulatory-actions/how-to-submitcomments</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#afdbddcecbc6c1c8cec1cbc2ceddc4cadbdcefdccacc81c8c0d9"><span class="__cf_email__" data-cfemail="2f5b5d4e4b4641484e414b424e5d444a5b5c6f5c4a4c01484059">[email protected]</span></a> or 202-
551-5777.
FICC reserve the right not to respond to any comments received.
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) \21\ of the Act and paragraph (f) \22\ 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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\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 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#abd9dec7ce86c8c4c6c6cec5dfd8ebd8cec885ccc4dd"><span class="__cf_email__" data-cfemail="047671686129676b6969616a7077447761672a636b72">[email protected]</span></a>. Please include
File Number SR-FICC-2023-006 on the subject line.
[[Page 35961]]
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-2023-006. 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>). Do not include personal
identifiable information in submissions; you should submit only
information that you wish to make available publicly. We may redact in
part or withhold entirely from publication submitted material that is
obscene or subject to copyright protection. All submissions should
refer to File Number SR-FICC-2023-006 and should be submitted on or
before June 22, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-11615 Filed 5-31-23; 8:45 am]
BILLING CODE 8011-01-P
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