Notice2024-21756
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend the Clearing Agency Risk Management Framework
Primary source
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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 77920]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-21756]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101084; File No. SR-NSCC-2024-003]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Designation of Longer Period for Commission
Action on Proposed Rule Change To Amend the Clearing Agency Risk
Management Framework
September 18, 2024.
On March 11, 2024, National Securities Clearing Corporation
(``NSCC'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change SR-NSCC-2024-003 (``Proposed
Rule Change'') pursuant to Section 19(b) of the Securities Exchange Act
of 1934 (``Exchange Act'') \1\ and Rule 19b-4 \2\ thereunder to amend
the Clearing Agency Risk Management Framework of NSCC and its
affiliates, The Depository Trust Company (``DTC'') and Fixed Income
Clearing Corporation (``FICC,'' and together with NSCC and DTC, the
``Clearing Agencies'') to describe how the Clearing Agencies may
solicit views of participants and other industry stakeholders, and to
provide for the annual assessment and subsequent review of FICC's
Government Securities Division access models by FICC's Board of
Directors.\3\ The Proposed Rule Change was published for public comment
in the Federal Register on March 26, 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 Notice of Filing infra note 4, at 89 FR 21091.
\4\ Securities Exchange Act Release No. 99803 (March 20, 2024),
89 FR 21091 (March 26, 2024) (File No. SR-NSCC-2024-003) (``Notice
of Filing'').
\5\ Comments on the Proposed Rule Change were received under an
affiliated filing and are available at <a href="https://www.sec.gov/comments/sr-ficc-2024-006/srficc2024006.htm">https://www.sec.gov/comments/sr-ficc-2024-006/srficc2024006.htm</a>.
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On May 8, 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. 100077 (May 8, 2024), 89
FR 42005 (May 14, 2024).
\8\ 15 U.S.C. 78s(b)(2)(B).
\9\ Securities Exchange Act Release No. 100400 (June 21, 2024),
89 FR 53674 (June 27, 2024).
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Section 19(b)(2) of the Exchange Act \10\ provides that proceedings
to determine whether to approve or deny a proposed rule change must be
concluded within 180 days of the date of a publication of the notice of
filing of the proposed rule change. The Commission may extend the time
for conclusion of such proceedings for up to 60 days 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.\11\ The 180th day after publication of the Notice for the
Proposed Rule Change is September 22, 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
21, 2024, as the date by which the Commission should either approve or
disapprove the Proposed Rule Change SR-FICC-2024-006.
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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. 2024-21756 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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