Notice2023-19840
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Recovery and Wind-Down Plan
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
September 14, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 177 (Thursday, September 14, 2023)</title>
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[Federal Register Volume 88, Number 177 (Thursday, September 14, 2023)]
[Notices]
[Pages 63180-63184]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-19840]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98328; File No. SR-NSCC-2023-008]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend the Recovery and Wind-Down Plan
September 8, 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 September 1, 2023, National Securities Clearing Corporation
(``NSCC'') 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.
NSCC filed the proposed rule change pursuant to section 19(b)(3)(A)
[[Page 63181]]
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 consists of amendments to the Recovery and
Wind-down Plan to reflect business and product developments that have
taken place since the time it was last amended, and make certain
changes to improve the clarity of the Plan and make other updates and
technical revisions, as described in greater detail below.\5\
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\5\ Capitalized terms not defined herein are defined in the
Rules and Procedures of NSCC (the ``Rules''), available at
www.dtcc.com/~/media/Files/Downloads/legal/rules/nscc_rules.pdf, or
in the Recovery & Wind-down Plan of NSCC (the ``R&W Plan'' or
``Plan'').
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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
Executive Summary
The R&W Plan was adopted in August 2018 \6\ and is maintained by
NSCC for compliance with Rule 17Ad-22(e)(3)(ii) under the Act.\7\ This
section of the Act requires registered clearing agencies to, in short,
establish, implement and maintain plans for the recovery and orderly
wind-down of the covered clearing agency necessitated by credit losses,
liquidity shortfalls, losses from general business risk, or any other
losses. The Plan is intended to be used by the Board and NSCC
management in the event NSCC encounters scenarios that could
potentially prevent it from being able to provide its critical services
to the marketplace as a going concern.
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\6\ See Securities Exchange Act Release Nos. 83974 (Aug. 28,
2018), 83 FR 44988 (Sep. 4, 2018), (SR-NSCC-2017-017); and 83955
(Aug. 27, 2018), 83 FR 44340 (Aug. 30, 2018) (SR-NSCC-2017-805).
\7\ 17 CFR 240.17Ad-22(e)(3)(ii). NSCC is a ``covered clearing
agency'' as defined in Rule 17Ad-22(a)(5) under the Act and must
comply with paragraph (e) of Rule 17Ad-22.
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The R&W Plan is comprised of two primary sections: (i) the
``Recovery Plan,'' that sets out the tools and strategies to enable
NSCC to recover, in the event it experiences losses that exceed its
prefunded resources, and (ii) the ``Wind-down Plan,'' that describes
the tools and strategies to be used to conduct an orderly wind-down of
NSCC's business in a manner designed to permit the continuation of
NSCC's critical services in the event that its recovery efforts are not
successful.
The purpose of the rule proposal is to amend the R&W Plan to
reflect business and product developments that have taken place since
the time it was last amended,\8\ make certain changes to improve the
clarity of the Plan and make other updates and technical revisions.
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\8\ See Securities Exchange Act Release No. 91428 (Mar. 29,
2021), 86 FR 17440 Apr. 2, 2021 (SR-NSCC-2021-004).
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NSCC believes that by helping to ensure that the R&W Plan reflects
current business and product developments, providing additional
clarity, and making necessary grammatical corrections, that the
proposed rule change would help it continue to maintain the Plan in a
manner that supports the continuity of NSCC's critical services and
enables its Members and Limited Members to maintain access to NSCC's
services through the transfer of its membership in the event NSCC
defaults or the Wind-down Plan is ever triggered by the Board.
Background
The R&W Plan is managed by the Office of Recovery & Resolution
Planning (referred to in the Plan as the ``R&R Team'') of NSCC's parent
company, the Depository Trust & Clearing Corporation (``DTCC''),\9\ on
behalf of NSCC, with review and oversight by the DTCC Management
Committee and the Board. In accordance with the SEC's Approval Order
covering the Plan,\10\ the Board, or such committees as may be
delegated authority by the Board from time to time, is required to
review and approve the R&W Plan biennially and would also review and
approve any changes that are proposed to the R&W Plan outside of the
biennial review. NSCC completed its most recent biennial review in
2022. The proposed rule change reflects amendments proposed to the
Plans resulting from that review, which are described in greater detail
below. None of the proposed changes modify NSCC's general objectives
and approach with respect to its recovery and wind-down strategy as set
forth under the current Plan.
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\9\ DTCC operates on a shared service model with respect to NSCC
and its other affiliated clearing agencies, Fixed Income Clearing
Corporation (``FICC'') and The Depository Trust Company (``DTC'').
Most corporate functions are established and managed on an
enterprise-wide basis pursuant to intercompany agreements under
which it is generally DTCC that provides relevant services to NSCC,
FICC and DTC (collectively, the ``Clearing Agencies'').
\10\ Supra note 6.
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A. Proposed Amendments to the R&W Plan
NSCC is proposing the changes to the following sections of the Plan
based upon business updates and product developments that have occurred
since the Plan was last amended.\11\
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\11\ Supra note 8.
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Section 2.2 (NSCC Guaranteed Services Summary) describes those
services in which NSCC in its role as a clearing agency and a central
counterparty, provides clearing, netting, and settlement service and a
guarantee of completion for broker-to-broker equity, corporate and
municipal debt, exchange-traded products and unit investment trust
transactions executed on exchanges and other trading venues in the U.S.
NSCC proposes to update this section to add a description of a new
service, the Securities Financing Transaction (``SFT'') clearing
service, which was approved by the Commission in 2022.\12\ The SFT
service is a central clearing and settlement infrastructure for
overnight borrows and loans of equity securities (collectively,
securities financing transactions or ``SFTs''). The SFT clearing
service supports the central clearing of clients' SFTs intermediated by
Sponsoring Members or Agent Clearing Members as well as the central
clearing of SFTs between NSCC full-service Members. The SFT clearing
service also allows lenders and borrowers to submit pre-established
bilaterally-settled SFTs for clearing.
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\12\ See Securities Exchange Act Release No. 95011 (May 31,
2022), 87 FR 34339 (Jun. 6, 2022) (SR-NSCC-2022-003) (Order
Approving Proposed Rule Change to Introduce Central Clearing for
Securities Financing Transaction Clearing Service). NSCC also filed
the proposal as advance notice SR-NSCC-2022-801. See Securities
Exchange Act Release No. 94998 (May 27, 2022), 87 FR 33528 (Jun. 2,
2022) (SR-NSCC-2022-801) (Notice of No Objection to Advance Notice
to Introduce Central Clearing for Securities Financing Transaction
Clearing Service). (Securities Exchange Release No. 34-95011 (May
31, 2022), 87 FR 34339 (Jun. 6, 2022) (SR-NSCC-2022-003).
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Section 2.4 (Intercompany Arrangements) describes how corporate
support services are provided to NSCC
[[Page 63182]]
from DTCC and DTCC's other subsidiaries, through intercompany
agreements under a shared services model. This section includes a
table, (Facilities, Table 2-B), that lists each of the DTCC facilities
utilized by the Clearing Agencies and indicates whether the facility is
owned or leased. NSCC proposes to update this table to add Washington
DC, London, UK, and McLean, Virginia as additional DTCC facility
locations.
Section 2.5 (FMI Links) \13\ describes some of the key financial
market infrastructures (``FMIs''), both domestic and foreign, that NSCC
has identified as critical ``links.'' \14\ As set out in this section
of the Plan, the inventory of NSCC's links is maintained by DTCC's
Systemic Risk Office (``SRO'') and the SRO has set forth a set of
practices and protocols for managing and reviewing the various risks
and controls associated with clearing agency links. Based on a change
to the SRO Clearing Agency Links-Risk Review Procedures, the proposal
would clarify that in addition to approval by the Chief Systemic Risk
Officer, the inventory of clearing agency links is also subject to the
approval of a Deputy General Counsel of the General Counsel's Office.
In addition, for purposes of completeness, the proposed rule change
would add a footnote to the table included in this section of the Plan,
(Table 2-C, Links), making clear that under SRO's Clearing Agency
Links-Risk Review Procedures, trading market links, such as equity
alternative trading systems and regulated securities exchanges are also
subject to the links risk review process; however, given the large
number of these links, they have not been separately delineated in
Table 2-C, Links.
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\13\ For purposes of consistency, under the proposed rule change
all references to ``FMI Links'' would be revised to refer to these
as ``Clearing Agency Links.''
\14\ As defined in Rule 17Ad-22(a)(8) under the Act, a link
``means, for purposes of paragraph (e)(20) of Rule 17Ad-22, a set of
contractual and operational arrangements between two or more
clearing agencies, financial market utilities, or trading markets
that connect them directly or indirectly for the purposes of
participating in settlement, cross margining, expanding their
services to additional instruments or participants, or for any other
purposes material to their business.'' 17 CFR 240.17Ad-22(a)(8).
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Section 3 (Critical Services) defines the criteria for classifying
certain of NSCC's services as ``critical,'' \15\ and identifies such
critical services and the rationale for their classification. The
identification of NSCC's critical services is important for evaluating
how the recovery tools and the wind-down strategy would facilitate and
provide for the continuation of NSCC's critical services to the markets
it serves. There is also a table (Table 3-B: NSCC Critical Services)
that lists each of the services, functions or activities that NSCC has
identified as ``critical'' based on the applicability of the criteria.
In addition, there is a table (Table 3-C: Indicative Non-Critical NSCC
Services) that identifies indicative non-critical services of NSCC,
which list is not exhaustive. The proposed rule change would clarify
the description of the Account Information Transmission (``AIT'')
service \16\ by making clear that AIT can support transmissions for the
bulk account transfer initiative, which is an industry effort to
prepare carrying broker-dealers for an emergency mass transfer of large
quantities of customer accounts and assets from a distressed broker to
a financially secure broker-dealer and that in the absence of this
service, Members/Limited Members can process and settle their
investments manually, as transaction volumes are currently low enough
to handle manually, or outside of AIP.
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\15\ The criteria that is used to identify an NSCC service or
function as critical includes consideration as to whether (1) there
is a lack of alternative providers or products; (2) failure of the
service could impact NSCC's ability to perform its central
counterparty services; (3) failure of the service could impact
NSCC's ability to perform its netting services, and, as such, the
availability of market liquidity; and (4) the service is
interconnected with other participants and processes within the U.S.
financial system (for example, with other FMIs, settlement banks,
broker-dealers, and exchanges).
\16\ As set forth in NSCC Rule 59 (Account Information
Transmission Service), AIT enables Members to transmit account
related information between themselves on an automated basis in
respect of the movement of correspondent accounts between Members,
or other material events that result in the bulk movement of
accounts between Members.
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Section 5.2.4 (Recovery Corridor and Recovery Phase) outlines the
early warning indicators to be used by NSCC to evaluate its options and
potentially prepare to enter the ``Recovery Phase,'' which phase refers
to the actions to be taken by NSCC to restore its financial resources
and avoid a wind-down of its business. This section contains
descriptions of potential stress events that could lead to recovery,
and several early warning indicators and metrics that NSCC has
established to evaluate its options and potentially prepare to enter
the Recovery Phase. These indicators, which are referred to in the
Recovery Plan as recovery corridor indicators (``Corridor Indicators''
or ``Indicator(s)''),\17\ are calibrated against NSCC's financial
resources and are designed to give NSCC the ability to replenish
financial resources, typically through business-as-usual tools applied
prior to entering the Recovery Phase. Included in this section is a
table (Table 5-A: Corridor Indicators) that identifies for each
Indicator (i) how it is measured, (ii) the basis for the evaluation of
the status of the Indicator, (iii) the type of metrics used for
determining the status of the deterioration or improvement of the
Indicator, and (iv) ``Corridor Actions & Escalation,'' which are those
steps that may be taken to improve the status of the Indicator and the
management escalations required to authorize those steps. The proposed
rule change would provide the following clarifications to Table 5-A.
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\17\ The majority of the Corridor Indicators, as identified in
the Recovery Plan, relate directly to conditions that may require
NSCC to adjust its strategy for hedging and liquidating a defaulting
Member's portfolio, and any such changes would include an assessment
of the status of the Corridor Indicators.
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First, for purposes of providing additional context on the
applicable measurement, the proposed rule change would clarify the
entry for the ``Hedge Effectiveness'' Indicator \18\ set out in Table
5-A. Specifically, the language in the measurement column for this
Indicator would be revised to clarify that if the hedge effectiveness
measures are outside of the designated metrics due to certain types of
factors (e.g., mismatch in portfolio profit and loss (``P&L'') and
hedge P&L due to timing of initiating the hedge or the portfolio),
management would document the performance and only escalate to the
Board Risk Committee and Management Risk Committee if the measurement
status deteriorates in a material respect.
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\18\ Hedging is a risk management strategy that would be
employed when executing the liquidation of a defaulting Member's
portfolio to potentially help reduce the risk of loss of an existing
position.
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Second, regarding ``Commercial Paper/Extendible Notes,'' \19\ the
description of when the applicable metrics for this Indicator reflect a
deterioration would be revised to remove the specific dollar threshold
(currently, the inability to source at least $1.0 billion) and replace
it with a general statement regarding NSCC's inability to source
additional funding via issuance of commercial paper when needed. The
description of the improvement metric would be revised similarly to
remove the specific dollar threshold (currently, an ability to source
at least $2.5 billion) and replace it with a general statement of
NSCC's ability to source additional funding via issuance of commercial
paper. The dollar thresholds would be removed to provide
[[Page 63183]]
discretion and flexibility to evaluate this indicator and take actions,
as needed. Additionally, under ``Corridor Actions'' for purposes of
consistency with the language formulation used for the other
Indicators, the statement that currently reads ``If this indicator has
been triggered, and if less than 50% of overall liquidity resources are
available, NSCC would evaluate the liquidation speeds and potential
price impacts of increased liquidation speeds--particularly for large
positions,'' would be revised to remove the phrase, ``and if less than
50% of overall liquidity resources are available.''
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\19\ The Commercial Paper/Extendible Notes indicator measures
the ability of NSCC to roll-over and potentially increase issuance
of its commercial paper.
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Third, for the ``Retirements/Trade Volume Reductions''
Indicator,\20\ a clarification would be made to identify Client Account
Management and NSCC Global Business Operations as the internal groups
responsible for measurement of the applicable deterioration and
improvement Indicator metrics.
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\20\ The Retirements/Transaction Reductions indicator measures
Member terminations or curtailment of transactions that impact the
financial viability of NSCC.
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Section 5.3 (Liquidity Shortfalls) identifies tools that may be
used to address foreseeable shortfalls in NSCC's liquidity resources
following a Member default. The goal in managing NSCC's qualifying
liquidity resources is to maximize resource availability in an evolving
stress situation, to maintain flexibility in the order and use of
sources of liquidity, and to repay any third-party lenders of liquidity
in a timely manner. This section includes a table (Table 5-C) that
lists NSCC liquidity tools and resources.\21\ The proposed rule change
would make the following clarifications to Table 5-C: (i) under the
entry for the ``Unissued Commercial Paper'' liquidity resource, the
language would be revised to clarify that unissued commercial paper
capacity could be deployed, but remove the existing language that it
could be increased within 2 weeks depending on market conditions, since
this timeframe could be adjusted depending on the overall
circumstances, and (ii) under the description of the NSCC's ``Non-
Qualifying Liquid Resources,'' for the current language specifying a
one-to two week timeframe for NSCC to enter into new Master Repurchase
Agreements would be removed because more flexibility of time is needed
for NSCC to establish new agreements. Thus, the updated language would
state that ``NSCC would utilize existing Master Repurchase Agreements
or establish new Master Repurchase Agreements utilizing standard
agreements.''
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\21\ Table 5-C lists the following NSCC liquidity tools: Utilize
short-settling liquidating trades, Increase the speed of portfolio
asset sales, Credit Facility, Unissued Commercial Paper, Non-
Qualifying Liquid Resources, and Uncommitted stock loan and equity
repos.
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B. Other Updates, Clarifications and Technical Revisions
NSCC is also proposing to make other updates and technical
revisions to the Plan. These technical revisions would, for example,
make grammatical corrections, update the names of certain NSCC internal
groups, and clarify the description of internal organizations, without
changing the substantive statements being revised.
For example, in Section 2.4, Table 2-A (SIFMU Legal Entity
Structure and Intercompany Agreements), for purposes of clarifying the
full scope of services provided by NSCC's affiliate, DTC, the
description of DTC's services would be revised from ``Underwriting,
Securities Processing, Corporate Actions,'' to ``Asset Services.'' Some
other examples include: (i) a revision would be made throughout the
Plan to reflect an internal name change from DTCC's ``Operational Risk
Management'' to ``Operational Risk,'' and add a new internal
organization, ``Embedded Risk Management,'' \22\ (ii) all references to
``FMI Links'' would be revised to refer to these as ``Clearing Agency
Links,'' (iii) in the table listing NSCC's liquidity tools (Table 5-C)
replacing the terms ``medium-term notes'' and ``term debt'' with
``senior debt'' to more accurately identify the instrument consistent
with how DTCC Treasury identifies these, and (iv) in the section
covering DTCC facilities, the name of the DTCC legal entity that is the
holder of the lease for the Manila location would be changed from
``DTCC'' to ``DTCC Manila.''
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\22\ The Embedded Risk Management group supports the R&R Team.
For example, they may assist in the identification of new
initiatives, processes, or product developments that may impact
NSCC's R&W Plan.
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NSCC believes the proposed updates and technical revisions would
improve the clarity and accuracy of the Plan and, therefore, would help
facilitate the execution of Plan, if necessary.
2. Statutory Basis
NSCC believes that the proposal is consistent with the requirements
of the Act and the rules and regulations thereunder applicable to a
registered clearing agency. In particular, NSCC believes that the
amendments to the R&W Plan are consistent with section 17A(b)(3)(F) of
the Act \23\ and Rule 17Ad-22(e)(3)(ii) under the Act,\24\ for the
reasons described below.
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\23\ 15 U.S.C. 78q-1(b)(3)(F).
\24\ 17 CFR 240.17Ad-22(e)(3)(ii).
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Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of NSCC be designed to promote the prompt and accurate clearance and
settlement of securities transactions. As described above, the proposed
rule change would update the R&W Plan to reflect business and product
developments and make certain technical corrections. By helping to
ensure that the R&W Plan reflects current business and product
developments, and providing additional clarity, NSCC believes that the
proposed rule change would help it continue to maintain the Plan in a
manner that supports the continuity of NSCC's critical services and
enables its Members and Limited Members to maintain access to NSCC's
services through the transfer of its membership in the event NSCC
defaults or the Wind-down Plan is ever triggered by the Board. Further,
by facilitating the continuity of its critical clearance and settlement
services, NSCC believes the Plan and the proposed rule change would
continue to promote the prompt and accurate clearance and settlement of
securities transactions. Therefore, NSCC believes the proposed
amendments to the R&W Plan are consistent with the requirements of
section 17A(b)(3)(F) of the Act.
Rule 17Ad-22(e)(3)(ii) under the Act requires NSCC to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to maintain a sound risk management framework for
comprehensively managing legal, credit, liquidity, operational, general
business, investment, custody, and other risks that arise in or are
borne by the covered clearing agency, which includes plans for the
recovery and orderly wind-down of the covered clearing agency
necessitated by credit losses, liquidity shortfalls, losses from
general business risk, or any other losses.\25\
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\25\ Id.
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Specifically, the Recovery Plan defines the risk management
activities, stress conditions and indicators, and tools that NSCC may
use to address stress scenarios that could eventually prevent it from
being able to provide its critical services as a going concern. Through
the framework of the Crisis Continuum, the Recovery Plan addresses
measures that NSCC may take to address risks of credit losses and
liquidity shortfalls, and other losses that could arise from a
Participant default. The Recovery Plan also addresses the management of
general business risks
[[Page 63184]]
and other non-default risks that could lead to losses. The Wind-down
Plan would be triggered by a determination by the Board that recovery
efforts have not been, or are unlikely to be, successful in returning
NSCC to viability as a going concern. Once triggered, the Wind-down
Plan sets forth clear mechanisms for the transfer of NSCC's membership
and business and is designed to facilitate continued access to NSCC's
critical services and to minimize market impact of the transfer. By
establishing the framework and strategy for the execution of the
transfer and wind-down of NSCC in order to facilitate continuous access
to its critical services, the Wind-down Plan establishes a plan for the
orderly wind-down of NSCC.
As described above, the proposed rule change would update the R&W
Plan to reflect business and product developments and make certain
technical corrections. By ensuring that material provisions of the Plan
are current, clear, and technically correct, NSCC believes that the
proposed amendments are designed to support the maintenance of the Plan
for the recovery and orderly wind-down of the covered clearing agency
necessitated by credit losses, liquidity shortfalls, losses from
general business risk, or any other losses, and, as such, meets the
requirements of Rule 17Ad-22(e)(3)(ii) under the Act.\26\ Therefore,
the proposed changes would help NSCC to maintain the Plan in a way that
continues to be consistent with the requirements of Rule 17Ad-
22(e)(3)(ii).
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\26\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
NSCC does not believe that the proposed rule change would have any
impact, or impose any burden, on competition. NSCC does not anticipate
that the proposal would affect its day-to-day operations under normal
circumstances, or in the management of a typical Member default
scenario or non-default event. The R&W Plan was developed and
documented to satisfy applicable regulatory requirements, as discussed
above. The proposal is intended to enhance and update the Plan to
ensure it is clear and remains current in the event it is ever
necessary to be implemented. The proposed revisions would not affect
any changes to the overall structure or operation of the Plan or NSCC's
recovery and wind-down strategy as set forth under the current Plan. As
such, NSCC believes the proposal would not have any impact, or impose
any burden, on competition.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
NSCC has not received or solicited any written comments relating to
this proposal. If any written comments are received, NSCC will amend
this filing to publicly file such comments as an Exhibit 2 to this
filing, as required by Form 19b-4 and the General Instructions thereto.
Persons submitting written 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="http://www.sec.gov/regulatory-actions/how-to-submit-comments">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#d2a6a0b3b6bbbcb5b3bcb6bfb3a0b9b7a6a192a1b7b1fcb5bda4"><span class="__cf_email__" data-cfemail="ccb8beada8a5a2abada2a8a1adbea7a9b8bf8cbfa9afe2aba3ba">[email protected]</span></a> or 202-551-5777.
NSCC reserves the right to not 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) \27\ of the Act and paragraph (f) \28\ 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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\27\ 15 U.S.C. 78s(b)(3)(A).
\28\ 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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#d8aaadb4bdf5bbb7b5b5bdb6acab98abbdbbf6bfb7ae"><span class="__cf_email__" data-cfemail="abd9dec7ce86c8c4c6c6cec5dfd8ebd8cec885ccc4dd">[email protected]</span></a>. Please include
file number SR-NSCC-2023-008 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-NSCC-2023-008. 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="https://www.sec.gov/rules/sro.shtml">https://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
and 3 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of NSCC 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-NSCC-2023-008 and should be submitted on or
before October 5, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19840 Filed 9-13-23; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 14, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.