Notice2023-12661
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Make Certain Enhancements to the Gap Risk Measure and the VaR Charge
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 14, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 114 (Wednesday, June 14, 2023)</title>
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[Federal Register Volume 88, Number 114 (Wednesday, June 14, 2023)]
[Notices]
[Page 38926]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-12661]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97671; File No. SR-NSCC-2022-015]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Designation of Longer Period for Commission
Action on Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To Make Certain Enhancements to the Gap Risk
Measure and the VaR Charge
June 8, 2023.
On December 2, 2022, National Securities Clearing Corporation
(``NSCC'') filed with the Securities and Exchange Commission
(``Commission'') proposed rule change SR-NSCC-2022-015 (the ``Proposed
Rule Change'') pursuant to section 19(b)(1) of the Securities Exchange
Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The Proposed
Rule Change was published for comment in the Federal Register on
December 21, 2022,\3\ and the Commission has received one comment
regarding the changes proposed in the Proposed Rule Change.\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 96511 (Dec. 15,
2022), 87 FR 78157 (Dec. 21, 2022) (File No. SR-NSCC-2022-015)
(``Notice of Filing'').
\4\ Comments are available at <a href="https://www.sec.gov/comments/sr-nscc-2022-015/srnscc2022015.htm">https://www.sec.gov/comments/sr-nscc-2022-015/srnscc2022015.htm</a>.
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On January 24, 2023, pursuant to section 19(b)(2) of the Act,\5\
the Commission designated a longer period within which to approve,
disapprove, or institute proceedings to determine whether to approve or
disapprove the Proposed Rule Change.\6\ On March 20, 2023, the
Commission instituted proceedings, pursuant to section 19(b)(2)(B) of
the Act,\7\ to determine whether to approve or disapprove the Proposed
Rule Change.\8\
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\5\ 15 U.S.C. 78s(b)(2).
\6\ Securities Exchange Act Release No. 96740 (Jan. 24, 2023),
88 FR 5953 (Jan. 30, 2023) (SR-NSCC-2022-015).
\7\ 15 U.S.C. 78s(b)(2)(B).
\8\ Securities Exchange Act Release No. 97171 (March 20, 2023),
88 FR 17898 (March 24, 2023 (File No. SR-NSCC-2022-015).
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Section 19(b)(2) of the Act \9\ provides that proceedings to
determine whether to approve or disapprove a proposed rule change must
be concluded within 180 days of the date of publication of notice of
filing of the proposed rule change. The time for conclusion of the
proceedings may be extended for up to 60 days if the Commission
determines that a longer period is appropriate and publishes the
reasons for such determination.\10\ The 180th day after publication of
the Notice in the Federal Register is June 19, 2023.
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\9\ 15 U.S.C. 78s(b)(2).
\10\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
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The Commission is extending the period for Commission action on the
Proposed Rule Change. The Commission finds that it is appropriate to
designate a longer period within which to take action on the Proposed
Rule Change so that the Commission has sufficient time to consider the
issues raised by the Proposed Rule Change and to take action on the
Proposed Rule Change. Accordingly, pursuant to section
19(b)(2)(B)(ii)(II) of the Act,\11\ the Commission designates August
18, 2023, as the date by which the
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\11\ Id.
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Commission should either approve or disapprove the Proposed Rule
Change SR-NSCC-2022-015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-12661 Filed 6-13-23; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on June 14, 2023.
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