Notice2024-09218
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Modify the GSD Rules (i) Regarding the Separate Calculation, Collection and Holding of Margin for Proprietary Transactions and That for Indirect Participant Transactions, and (ii) To Address the Conditions of Note H to Rule 15c3-3a
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
April 30, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 84 (Tuesday, April 30, 2024)</title>
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[Federal Register Volume 89, Number 84 (Tuesday, April 30, 2024)]
[Notices]
[Pages 34289-34290]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-09218]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100022; File No SR-FICC-2024-007]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Designation of Longer Period for Commission Action on
Proposed Rule Change To Modify the GSD Rules (i) Regarding the Separate
Calculation, Collection and Holding of Margin for Proprietary
Transactions and That for Indirect Participant Transactions, and (ii)
To Address the Conditions of Note H to Rule 15c3-3a
April 24, 2024.
On March 14, 2024, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-FICC-2024-007 pursuant to Section 19(b) of the
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
\2\ thereunder to modify FICC's Government Securities Division
(``GSD'') Rulebook (``GSD Rules'') to calculate, collect, and hold
margin for proprietary transactions of a Netting Member separately from
margin that the Netting Member submits to FICC on behalf of indirect
participants and to address conditions of Note H to Rule 15c3-3a
<SUP>3 4</SUP> under the Act.\5\ The Proposed Rule Change was published
for public comment in the Federal Register on March 28, 2024.\6\ The
Commission has received comments
[[Page 34290]]
regarding the substance of the changes proposed in the Proposed Rule
Change.\7\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Notice of Filing infra note 5, at 89 FR 21363.
\4\ See Securities Exchange Act Release No. 99149 (Dec. 13,
2023), 89 FR 2714 (Jan. 16, 2024) (S7-23-22) (``Adopting Release,''
and the rules adopted therein). See also 17 CFR 240.15c3-3a.
\5\ See Notice of Filing infra note 6, at 89 FR 21363.
\6\ Securities Exchange Act Release No. 99844 (March 22, 2024),
89 FR 21603 (March 28, 2024) (File No. SR-FICC-2024-007) (``Notice
of Filing'').
\7\ Comments on the Proposed Rule Change are available at
<a href="https://www.sec.gov/comments/sr-ficc-2024-007/srficc2024007.htm">https://www.sec.gov/comments/sr-ficc-2024-007/srficc2024007.htm</a>.
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Section 19(b)(2)(i) of the Exchange Act \8\ provides that, within
45 days of the publication of notice of the filing of a proposed rule
change, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved unless
the Commission extends the period within which it must act as provided
in Section 19(b)(2)(ii) of the Exchange Act.\9\ Section 19(b)(2)(ii) of
the Exchange Act allows the Commission to designate a longer period for
review (up to 90 days from the publication of notice of the filing of a
proposed rule change) if the Commission finds such longer period to be
appropriate and publishes its reasons for so finding, or as to which
the self-regulatory organization consents.\10\
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\8\ 15 U.S.C. 78s(b)(2)(i).
\9\ 15 U.S.C. 78 s(b)(2)(ii).
\10\ Id.
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The 45th day after publication of the Notice of Filing is May 12,
2024. In order to provide the Commission with sufficient time to
consider 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 and therefore is extending this 45-day time
period.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Exchange Act,\11\ designates June 26, 2024, as the date by which the
Commission shall either approve, disapprove, or institute proceedings
to determine whether to disapprove proposed rule change SR-FICC-2024-
007.
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\11\ Id.
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)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-09218 Filed 4-29-24; 8:45 am]
BILLING CODE 8011-01-P
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