Notice2024-19650
Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of Proposed Rule Change To Adopt the Clearing Agency Framework for Certain Requirements on Governance and Conflicts of Interest
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 3, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 170 (Tuesday, September 3, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 170 (Tuesday, September 3, 2024)]
[Notices]
[Pages 71597-71601]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-19650]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100842; File No. SR-DTC-2024-009]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing of Proposed Rule Change To Adopt the Clearing Agency
Framework for Certain Requirements on Governance and Conflicts of
Interest
August 27, 2024.
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 August 15, 2024, The Depository Trust Company (``DTC'') 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change would adopt a new framework entitled the
``Clearing Agency Framework for Certain Requirements on Governance and
Conflicts of Interest''
[[Page 71598]]
(``Framework'') of DTC and its affiliates, Fixed Income Clearing
Corporation (``FICC'') and National Securities Clearing Corporation
(``NSCC,'' and together with DTC and FICC, the ``Clearing Agencies'').
The Framework would outline the way in which the Clearing Agencies and
their Boards of Directors (``Boards''), as applicable, comply with
certain sections of Rule 17ad-25,\3\ as described below.
---------------------------------------------------------------------------
\3\ See 17 CFR 240.17ad-25 (``Rule 17ad-25'').
---------------------------------------------------------------------------
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
Recently, the Commission adopted a new rule on governance and
conflicts of interest for registered clearing agencies, Rule 17ad-
25.\4\ The proposed rule changes would establish the Framework, which
would outline the way in which the Clearing Agencies and their Boards,
as applicable, comply with sections (g), (h), (i) and (j) of the new
rule.\5\ The proposed rule changes are discussed in more detail below.
---------------------------------------------------------------------------
\4\ See id.
\5\ See 17 CFR 240.17ad-25(g), (h), (i) and (j).
---------------------------------------------------------------------------
(i) Proposed Section 1 and Section 2 of the Framework
Proposed Section 1 of the Framework would constitute the executive
summary of the Framework. Section 1 notes, among other things, that the
Framework provides an outline for the way in which the Clearing
Agencies and their Boards comply with the requirements of Rule 17ad-
25(g), (h), (i) and (j) \6\ and that the Clearing Agencies may develop
policies, procedures and other supplemental documentation to support
execution of the Framework. The Framework states that individuals
elected to the DTCC Board of Directors are also elected to the Boards
of each of the Clearing Agencies, and that the Framework is applicable
to the directors of each of the Clearing Agencies and DTCC separately
with respect to their role on each Board.
---------------------------------------------------------------------------
\6\ See id.
---------------------------------------------------------------------------
Section 1 also notes that references in the Framework to the
Clearing Agencies and governance bodies should be read in the singular
or the plural as the context requires, and references to individual
officers or employees, management, or functional areas generally refer
to employees or functions of DTCC,\7\ acting on behalf of the relevant
Clearing Agencies.
---------------------------------------------------------------------------
\7\ The Depository Trust & Clearing Corporation (``DTCC'') is
the parent company of the Clearing Agencies.
---------------------------------------------------------------------------
Proposed Section 2 of the Framework would cover Framework ownership
and change management. The Framework would be owned and managed by an
officer, within the General Counsel's Office of DTCC, on behalf of each
Clearing Agency. Regarding change management, Section 2 would state
that changes to the Framework would be approved by either (1) the
Boards, (2) such Board committees as may be delegated authority by the
Boards from time to time pursuant to their charters, or (3) with
respect to certain changes, the General Counsel or Deputy General
Counsels of the Clearing Agencies, pursuant to authority delegated by
the Boards and with the advice and direction of the Framework owner.
Section 2 also states that the Framework would be reviewed and approved
annually by the Boards, or duly authorized committees of the Boards.
(ii) Proposed Section 3 on Rules 17ad-25(g) and (h)
Proposed Section 3 of the Framework would describe how the Clearing
Agencies comply with sections (g) and (h) of Rule 17ad-25.\8\ The
Clearing Agencies would maintain applicable policies and procedures
applicable to Board directors and management of the Clearing Agencies,
respectively. Such policies and procedures would provide that the
Clearing Agencies identify and document existing or potential conflicts
of interest in the decision-making process of the Clearing Agencies
involving directors or senior managers of the Clearing Agencies, and
mitigate or eliminate and document the mitigation or elimination of
such conflicts of interest.
---------------------------------------------------------------------------
\8\ See 17 CFR 240.17ad-25(g) and (h).
---------------------------------------------------------------------------
Regarding the directors, the Framework would describe that
directors are required to exercise their powers in good faith and in
the best interests of the Clearing Agencies, rather than their own
interests or the interests of another entity or person. Directors have
a duty to each Clearing Agency that applies separately. A conflict of
interest is present whenever the interests of the Clearing Agencies
compete with the interests of a director, the director's employer, or
any other party with which a director is associated, or otherwise
whenever a director's corporate or personal interests could be viewed
as affecting his or her objectivity or independent judgment in
fulfilling the director's duties to the Clearing Agencies.
The Framework would state that directors are required to document
and inform the Corporate Secretary of the Clearing Agencies promptly of
the existence of any relationship or interest that reasonably could
affect the independent judgment or decision-making of the director. The
Framework would provide that the Corporate Secretary would escalate any
disclosure to the General Counsel for evaluation. If such disclosure is
deemed to be an actual conflict of interest, the General Counsel would
notify the Non-Executive Chairman of the Board and discuss how such
conflict can be mitigated or eliminated. In certain cases, it may be
advisable for the involved director to recuse himself/herself from any
discussion or vote related to the matter. In other cases, where the
conflict is limited or indirect, the Non-Executive Chairman in
consultation with the General Counsel may determine that the conflict
should be disclosed to the full Board of Directors, but in light of
such disclosure to the Board, recusal of the director is unnecessary.
Further, there may be cases where a conflict is so significant or
pervasive that the director would be unable to continue to serve on the
Boards. In such instances, the Non-Executive Chairman and General
Counsel would discuss with the Governance Committee. Any measures taken
to address a conflict of interest would be documented by the Corporate
Secretary's Office.
Regarding senior management, the Framework would state that all
staff, including senior managers, must avoid activities or
relationships that might affect objectivity in business decisions
throughout employment with the Clearing Agencies. Staff, including
senior managers, are required to disclose a relationship or interest
that reasonably could affect objectivity in business decisions for
review and determination on the appropriate course of action. A course
of action for a conflict of interest could include actions such as
recusal of the staff member from the particular matter, such as a
vendor selection process or disallowing a staff member from being on
the board of directors of a Clearing Agency vendor or
[[Page 71599]]
client. The course of action will be documented.
(iii) Proposed Section 4 on Rule 17ad-25(i)
Proposed Section 4 of the Framework would describe how the Clearing
Agencies comply with section (i) of Rule 17ad-25.\9\ The Clearing
Agencies would adopt the definition of ``service provider for core
services'' from Rule 17ad-25(a),\10\ which is ``any person that,
through a written service provider agreement for services provided to
or on behalf of the registered clearing agency, on an ongoing basis,
directly supports the delivery of clearance or settlement functionality
or any other purposes material to the business of the registered
clearing agency.'' Additionally, the Clearing Agencies would identify
service providers for core services and manage risks related to
agreements with such service providers. Specifically, senior management
would be required to: (1) evaluate and document the risks related to
agreements with service providers for core services, including under
changes to circumstances and potential disruptions, and whether the
risks can be managed in a manner consistent with the Clearing Agencies'
risk management framework; and (2) perform ongoing monitoring of the
relationship and report to the Boards for their evaluation of any
action taken by senior management to remedy significant deterioration
in performance or address changing risks or material issues identified
through such monitoring, or if the risk or material issues identified
cannot be remedied, assess and document weaknesses or deficiencies in
the relationship with the service provider for core services for
submission to the Board.
---------------------------------------------------------------------------
\9\ See 17 CFR 240.17ad-25(i).
\10\ See 17 CFR 240.17ad-25(a).
---------------------------------------------------------------------------
Further, the Boards of the Clearing Agencies would: (1) review and
approve the procedures described in the previous paragraph; (2) review
and approve any agreement that would establish a relationship with a
service provider for core services along with the required risk
evaluation prepared by senior management; and (3) evaluate any action
taken by senior management to remedy significant deterioration in
performance or address changing risks or material issues identified
through senior management's monitoring of service providers for core
services.
Importantly, consistent with the definition from Rule 17ad-25(a),
service providers for core services to the Clearing Agencies can be
external service providers or intercompany affiliates (i.e., DTCC or
one of its subsidiaries). As a general matter, the Clearing Agencies
employ a proportionate and risk-based approach adapted to the distinct
characteristics and risks presented by these two different categories
of service providers.\11\ One core distinction is that the Clearing
Agencies and their affiliate service providers are all held accountable
via enterprise-wide risk management systems, processes, and controls
administered under a common governance arrangement (i.e., one holding
company). Moreover, this common governance arrangement and the related
systems, processes, and controls are based upon and largely derived
from the stringent legal and regulatory compliance standards applicable
to the Clearing Agencies. Therefore, the Clearing Agencies and their
affiliates are all held directly accountable by a common governance
arrangement to a set of performance level and risk management standards
based upon the Clearing Agencies' requirements, which is administered
via enterprise-wide systems, processes, and internal controls. In
contrast, because external service providers are not subject to the
same governance arrangements and standards that ensure accountability
for intercompany affiliates, the Clearing Agencies must use different
mechanisms (e.g., negotiating and enforcing express contractual terms)
to ensure a comparable degree of risk management and monitoring. Given
this fundamental difference in accountability mechanisms, the Clearing
Agencies therefore rely upon a dedicated third party risk management
function to manage and monitor external relationship risks separately
from the internal functions described above applied for affiliated
service provider relationships.
---------------------------------------------------------------------------
\11\ The concept of proportional treatment of affiliated and
unaffiliated third party service providers is well-documented in
risk management guidance for financial institutions. See, for
example, the Financial Stability Board's guidance on Enhancing
Third-Party Risk Management and Oversight: A toolkit for financial
institutions and financial authorities available at <a href="https://www.fsb.org/wp-content/uploads/P041223-1.pdf">https://www.fsb.org/wp-content/uploads/P041223-1.pdf</a>.
---------------------------------------------------------------------------
(iv) Proposed Section 5 on Rule 17ad-25(j)
Proposed Section 5 of the Framework would state that in support of
their compliance with Rule 17ad-25(j),\12\ the Clearing Agencies have
established various advisory councils (``Advisory Councils'') made up
of representatives of the Clearing Agencies' participants and other
relevant stakeholders. In order to ensure appropriate stakeholders are
consulted for different types of material developments at the Clearing
Agencies, the Clearing Agencies have established a joint Advisory
Council to consider material developments in risk management across the
Clearing Agencies and separate business-line specific Advisory Councils
to consider material developments in operations. The Clearing Agencies
may also use other mechanisms, such as ad hoc group meetings of
Clearing Agency participants and other relevant stakeholders, to assist
the Boards of the Clearing Agencies in meeting their obligations under
Rule 17ad-25(j).
---------------------------------------------------------------------------
\12\ See 17 CFR 240.17ad-25(j).
---------------------------------------------------------------------------
The Framework would state further that the Advisory Councils and
the ad hoc mechanisms assist the Boards of the Clearing Agencies in
their obligation to solicit, consider, and document their consideration
of the views of participants and other relevant stakeholders of the
Clearing Agencies regarding material developments in their respective
risk management and operations on a recurring basis. Specifically,
senior management of the Clearing Agencies would bring material
developments in the Clearing Agencies' risk management and operations
to the Advisory Councils (or ad hoc mechanisms) for their
consideration. Senior management would document the views of the
stakeholders participating in these Advisory Councils and mechanisms on
such developments. Senior management would then escalate the views on
material developments in the Clearing Agencies risk management and
operations to the Boards for their consideration.
The proposed rule changes also define ``material developments'' in
the Clearing Agencies' risk management and operations as including
developments that would significantly affect the risk and/or
operational profile of a Clearing Agency and/or would significantly
affect the rights and obligations of relevant stakeholders. Providing
information on such material developments would enable stakeholders to
identify and evaluate the risk, fees and other significant costs they
incur by participating or otherwise interacting with a Clearing Agency.
``Material developments'' in the Clearing Agencies' risk management and
operations would cover areas such as financial risk management, margin
methodologies, cyber and operational resiliency, default management,
fee structures, the introduction of new cleared products and services,
access models, and the design and functioning of the processes and
technology systems
[[Page 71600]]
that support the infrastructure of the Clearing Agencies and the way
that participants and other relevant stakeholders connect to such
systems.
(v) Implementation Timeframe
Subject to approval by the Commission, the Clearing Agencies would
implement the proposed rule changes on December 5, 2024.
2. Statutory Basis
The Clearing Agencies believe that the proposed changes are
consistent with Section 17A(b)(3)(F) of the Act \13\ for the reasons
described below. 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, safeguard the securities and funds which are in the
custody or control of the clearing agency or for which it is
responsible, and foster cooperation and coordination with persons
engaged in the clearance and settlement of securities transactions.\14\
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78q-1(b)(3)(F).
\14\ Id.
---------------------------------------------------------------------------
The proposed rule changes would address potential conflicts of
interest, as described more fully in Item II(A)1(ii) above. The
proposed rule changes would help ensure that the Clearing Agencies are
able to identify potential conflicts of interest at the senior
management and Board level and subject such conflicts to a uniform
process of review, mitigation or elimination, and documentation. In
addition, the proposed changes would address the situation where the
Clearing Agencies may not have access to information necessary to
identify a potential conflict of interest by requiring that a director
be required to document and inform the Clearing Agencies promptly of
the existence of any relationship or interest that reasonably could
affect the independent judgment or decision-making of the director. The
Clearing Agencies believe that including the foregoing requirements in
the Framework would help ensure the integrity of the governance
processes of the Clearing Agencies and thereby promote the prompt and
accurate clearance and settlement of securities transactions and
safeguard the securities and funds which are in the custody or control
of the Clearing Agencies or for which they are responsible, consistent
with Section 17A(b)(3)(F) of the Act.\15\
---------------------------------------------------------------------------
\15\ Id.
---------------------------------------------------------------------------
The proposed rule changes would also address risks presented by
service providers for core services, as described more fully in Item
II(A)1(iii) above. The proposed rule changes in this regard would
require senior management of the Clearing Agencies to manage the risks
presented by evaluating and documenting such risks, including under
changes to circumstances and potential disruptions, among other things.
The proposed rule changes would also provide for Board oversight of
senior management regarding the management of risks presented by
service providers for core services. These requirements for both senior
management and the Boards would help prevent situations where a service
provider for core services does not perform its obligations and
therefore help prevent undermining the Clearing Agencies' sound risk
management and operational resiliency. The Clearing Agencies believe
that by helping to maintain their sound risk management and operational
resiliency, the proposed rule changes would promote the prompt and
accurate clearance and settlement of securities transactions and
safeguard the securities and funds which are in the custody or control
of the Clearing Agencies or for which they are responsible, consistent
with Section 17A(b)(3)(F) of the Act.\16\
---------------------------------------------------------------------------
\16\ Id.
---------------------------------------------------------------------------
The proposed changes would also address the obligation of the
Boards to solicit and consider viewpoints of participants and other
relevant stakeholders, as described more fully in Item II(A)1(iv)
above. The proposed rule changes in this regard would require the
Boards to solicit, consider and document their consideration of
participant and relevant stakeholder viewpoints regarding material
developments in their risk management and operations on a recurring
basis. Obtaining viewpoints from participants and relevant stakeholders
on material developments in the Clearing Agencies' risk management and
operations would help optimize the Clearing Agencies' decisions, rules
and procedures because it could provide the Clearing Agencies with a
wider breadth of useful information as they make developments in these
key areas. The Clearing Agencies believe that because the proposed rule
changes could lead to better decisions, rules and procedures in these
key areas, the proposed rule changes would promote the prompt and
accurate clearance and settlement of securities transactions and foster
cooperation and coordination with persons engaged in the clearance and
settlement of securities transactions, consistent with the requirements
of Section 17A(b)(3)(F) of the Act.\17\
---------------------------------------------------------------------------
\17\ Id.
---------------------------------------------------------------------------
(B) Clearing Agency's Statement on Burden on Competition
The Clearing Agencies believe that the proposed rule changes could
promote competition. Specifically, the Clearing Agencies believe, as
the Commission noted in its adopting release regarding the adoption of
Rule 17ad-25(g) and Rule 17ad-25(h),\18\ that the changes on conflicts
of interest described in Item II(A)1(ii) above would help promote the
integrity of the Clearing Agencies' governance arrangements by helping
to ensure the Clearing Agencies are capable of both identifying
potential conflicts and subjecting such conflicts to a uniform process
of review, mitigation or elimination and documentation. In addition,
the proposed changes would address the situation where the Clearing
Agencies may not have access to information necessary to identify a
potential conflict of interest by requiring that a director be required
to document and inform the Clearing Agencies promptly of the existence
of any relationship or interest that reasonably could affect the
independent judgment or decision-making of the director. The Clearing
Agencies believe that these changes taken as a whole serve to ensure
the equitable treatment of clearing members or other market
participants by the Clearing Agencies and therefore could promote
competition.
---------------------------------------------------------------------------
\18\ See Securities Exchange Act Release No. 98959 (Nov. 16,
2023), 88 FR 84454 (Dec. 5, 2023), at 84474.
---------------------------------------------------------------------------
The Clearing Agencies also believe that the proposed rule changes
on the management of risks presented by service providers for core
services described in Item II(A)1(iii) above could also promote
competition. The proposed rule changes in this regard would require
senior management of the Clearing Agencies to manage the risks
presented by evaluating and documenting such risks, including under
changes to circumstances and potential disruptions, among other things.
The proposed rule changes would also provide for Board oversight of
senior management regarding the management of risks presented by
service providers for core services. These requirements for both senior
management and the Boards would help prevent situations where a service
provider for core services does not perform its obligations, and
therefore help prevent undermining the Clearing Agencies' sound risk
management and
[[Page 71601]]
operational resiliency, which could also be costly for members of the
Clearing Agencies. The Clearing Agencies believe that by implementing
the proposed changes described in Item II(A)1(iii) above and thereby
helping to avoid costs that members may incur if a service provider for
core services does not meet its obligations, the proposed rule changes
could promote competition.
The Clearing Agencies also believe that the proposed changes on the
obligation of the Boards to solicit and consider viewpoints of
participants and other relevant stakeholders described in Item
II(A)1(iv) above could also promote competition. The proposed rule
changes in this regard would require the Boards to solicit, consider
and document their consideration of participant and relevant
stakeholder viewpoints regarding material developments in their risk
management and operations on a recurring basis. The Clearing Agencies
believe that the proposed rule changes could promote competition
because they would formalize a process by which multiple interested
parties (that is, participants and relevant stakeholders) would have
their viewpoints on material developments in risk management and
operations considered by the Boards, and the Boards could have useful
information on how emerging topics in these areas might impact
participants and stakeholders.
(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-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#26525447424f48414748424b47544d4352556655434508414950"><span class="__cf_email__" data-cfemail="83f7f1e2e7eaede4e2ede7eee2f1e8e6f7f0c3f0e6e0ade4ecf5">[email protected]</span></a> or 202-
551-5777.
The Clearing Agencies reserve the right not to 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="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#4133342d246c222e2c2c242f3532013224226f262e37"><span class="__cf_email__" data-cfemail="1a686f767f37797577777f746e695a697f79347d756c">[email protected]</span></a>. Please include
File Number SR-DTC-2024-009 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-DTC-2024-009. 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
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of DTC and on DTCC's
website (<a href="https://dtcc.com/legal/sec-rule-filings.aspx">https://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-DTC-2024-009 and should be submitted on
or before September 24, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------
\19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-19650 Filed 8-30-24; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on September 3, 2024.
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.