Notice2024-21754
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 Regarding the Separate Calculation, Collection and Holding of Margin for Proprietary Transactions and That for Indirect Participant Transactions, and 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
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]
[Page 77950]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-21754]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101082; 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 Regarding the Separate
Calculation, Collection and Holding of Margin for Proprietary
Transactions and That for Indirect Participant Transactions, and To
Address the Conditions of Note H to Rule 15c3-3a
September 18, 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 under
the Act.\3\ The Proposed Rule Change was published for public comment
in the Federal Register on March 28, 2024.\4\ The Commission has
received comments regarding the substance of the changes proposed in
the Proposed Rule Change.\5\
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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. 99149 (Dec. 13,
2023), 89 FR 2714 (Jan. 16, 2024) (S7-23-22) (``Adopting Release,''
and the rules adopted therein as ``Treasury Clearing Rules''). See
also 17 CFR 240.15c3-3a.
\4\ Securities Exchange Act Release No. 99844 (March 22, 2024),
89 FR 21586 (Mar. 28, 2024) (File No. SR-FICC-2024-007) (``Notice of
Filing''). FICC also filed a related Advance Notice with the
Commission pursuant to Section 806(e)(1) of Title VIII of the Dodd-
Frank Wall Street Reform and Consumer Protection Act, entitled the
Payment, Clearing, and Settlement Supervision Act of 2010 and Rule
19b-4(n)(1)(i) under the Exchange Act. 12 U.S.C. 5465(e)(1). 15
U.S.C. 78s(b)(1) and 17 CFR 240.19b-4, respectively. The Advance
Notice was published in the Federal Register on March 28, 2024.
Securities Exchange Act Release No. 99845 (Mar. 22, 2024), 89 FR
21603 (Mar. 28, 2024) (File No. SR-FICC-2024-802).
\5\ 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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On April 24, 2024, pursuant to Section 19(b)(2) of the Act,\6\ 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.\7\ On June 21, 2024, pursuant to
Section 19(b)(2)(B) of the Exchange Act,\8\ the Commission instituted
proceedings to determine whether to approve or disapprove the Proposed
Rule Change.\9\
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\6\ 15 U.S.C. 78s(b)(2).
\7\ Securities Exchange Act Release No. 100022 (Apr. 24, 2024),
89 FR 34289 (Apr. 30, 2024) (File No. SR-FICC-2024-007).
\8\ 15 U.S.C. 78s(b)(2)(B).
\9\ Securities Exchange Act Release No. 100401 (Jun. 21, 2024),
89 FR 53690 (Jun. 27, 2024) (File No. SR-FICC-2024-007).
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Section 19(b)(2) of the Act \10\ 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.\11\ The 180th day after publication of
the Notice in the Federal Register is September 24, 2024.
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\10\ 15 U.S.C. 78s(b)(2).
\11\ 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,\12\ the Commission designates November
23, 2024, as the date by which the Commission should either approve or
disapprove the Proposed Rule Change SR-FICC-2024-007.
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\12\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(57).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21754 Filed 9-23-24; 8:45 am]
BILLING CODE 8011-01-P
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