Notice2024-21753
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Partial Amendment No. 1, To Modify the GSD Rules To Facilitate Access to Clearance and Settlement of All Eligible Secondary Market Transactions in U.S. Treasury Securities
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 24, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 185 (Tuesday, September 24, 2024)</title>
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[Federal Register Volume 89, Number 185 (Tuesday, September 24, 2024)]
[Notices]
[Pages 77949-77950]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-21753]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101081; File No. SR-FICC-2024-005]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Designation of Longer Period for Commission Action on
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change, as Modified by Partial Amendment No. 1, To Modify the GSD
Rules To Facilitate Access to Clearance and Settlement of All Eligible
Secondary Market Transactions in U.S. Treasury Securities
September 18, 2024.
On March 11, 2024, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-FICC-2024-005 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 facilitate access to clearance
and settlement services of all eligible secondary market transactions
in U.S. Treasury securities.\3\ On March 19, 2024, FICC filed Partial
Amendment No. 1 to make clarifications and corrections \4\ to the
proposed rule change. The proposed rule change, as modified by Partial
Amendment No. 1, is referred to herein as the ``Proposed Rule Change.''
The Proposed Rule Change was published for public comment in the
Federal Register on
[[Page 77950]]
March 27, 2024.\5\ The Commission has received comments regarding the
substance of the changes proposed in the Proposed Rule Change.\6\
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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\ Partial Amendment No. 1 made clarifications and corrections
to the description of the proposed rule change and Exhibit 5.
Specifically, as originally filed, the description of the proposed
rule change made a reference to an incorrect section of the GSD
Rules. Partial Amendment No. 1 corrects that reference.
Additionally, as originally filed, the description of the proposed
rule change and Exhibit 5 contained inconsistent references
regarding whether FICC or its Board would be responsible for
approving membership applications and related membership matters.
Partial Amendment No. 1 clarifies and corrects those references.
\5\ Securities Exchange Act Release No. 99817 (March 21, 2024),
89 FR 21362 (March 27, 2024) (File No. SR-FICC-2024-005) (``Notice
of Filing'').
\6\ Comments on the Proposed Rule Change are available at
<a href="https://www.sec.gov/comments/sr-ficc-2024-005/srficc2024005.htm">https://www.sec.gov/comments/sr-ficc-2024-005/srficc2024005.htm</a>.
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On May 1, 2024, pursuant to Section 19(b)(2) of the Exchange
Act,\7\ 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.\8\ On June 27, 2024,
pursuant to Section 19(b)(2)(B) of the Exchange Act,\9\ the Commission
instituted proceedings to determine whether to approve or disapprove
the Proposed Rule Change.\10\
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\7\ 15 U.S.C. 78s(b)(2).
\8\ Securities Exchange Act Release No. 100031 (Apr. 25, 2024),
89 FR 35269 (May 1, 2024) (File No. SR-FICC-2024-005).
\9\ 15 U.S.C. 78s(b)(2)(B).
\10\ Securities Exchange Act Release No. 100399 (Jun. 21, 2024),
89 FR 53681 (Jun. 27, 2024) (File No. SR-FICC-2024-005).
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Section 19(b)(2) of the Exchange Act \11\ 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.\12\ The 180th day after publication of
the Notice in the Federal Register is September 23, 2024.
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\11\ 15 U.S.C. 78s(b)(2).
\12\ 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 Exchange Act,\13\ the Commission designates
November 22, 2024, as the date by which the Commission should either
approve or disapprove the Proposed Rule Change SR-FICC-2024-005.
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\13\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(57).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21753 Filed 9-23-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 24, 2024.
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