Notice2024-21757
Self-Regulatory Organizations; Fixed Income 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
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
<html>
<head>
<title>Federal Register, Volume 89 Issue 185 (Tuesday, September 24, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 185 (Tuesday, September 24, 2024)]
[Notices]
[Page 77949]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-21757]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101085; File No. SR-FICC-2024-006]
Self-Regulatory Organizations; Fixed Income 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, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-FICC-2024-006 (``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 FICC and its affiliates,
The Depository Trust Company (``DTC'') and National Securities Clearing
Corporation (``NSCC,'' and together with FICC 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\
---------------------------------------------------------------------------
\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 21068.
\4\ Securities Exchange Act Release No. 99805 (March 20, 2024),
89 FR 21068 (March 26, 2024) (File No. SR-FICC-2024-006) (``Notice
of Filing'').
\5\ Comments on the Proposed Rule Change 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>.
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(2).
\7\ Securities Exchange Act Release No. 100075 (May 8, 2024), 89
FR 42006 (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).
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
\11\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\12\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21757 Filed 9-23-24; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on September 24, 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.