Notice2024-29631
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change To Amend the Clearing Agency Investment Policy
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
December 17, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 242 (Tuesday, December 17, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 242 (Tuesday, December 17, 2024)]
[Notices]
[Pages 102211-102214]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-29631]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101885; File No. SR-NSCC-2024-010]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing of Proposed Rule Change To Amend the
Clearing Agency Investment Policy
December 11, 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 December 3, 2024, National Securities Clearing Corporation
(``NSCC'') 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 consists of amendments to the Clearing
Agency Investment Policy (``Investment Policy'', or ``Policy'') of NSCC
and its affiliates, Fixed Income Clearing Corporation (``FICC'') and
The Depository Trust Company (``DTC,'' and together with NSCC and FICC,
the ``Clearing Agencies'') \3\ and would facilitate changes to the FICC
Government Securities Division Rulebook (``GSD Rules'') that will be
implemented by FICC.\4\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 79528 (Dec. 12,
2016), 81 FR 91232 (Dec. 16, 2016) (SR-DTC-2016-007, SR-FICC-2016-
005, SR-NSCC-2016-003).
\4\ See Securities Exchange Act Release No. 101695 (Nov. 21,
2024), 89 FR 93763 (Nov. 27, 2024) (SR-FICC-2024-007) (``Account
Segregation Filing''). The changes proposed in the Account
Segregation Filing are expected to be implemented by no later than
March 31, 2025, on a date to be announced by an Important Notice
posted to FICC's website. Terms not defined herein are defined in
the GSD Rules, available at www.dtcc.com/~/media/Files/Downloads/
legal/rules/ficc_gov_rules.pdf.
---------------------------------------------------------------------------
Specifically, as described in greater detail in the Account
Segregation Filing, FICC will implement changes to the GSD Rules that
will, among other things, provide for FICC to (1) hold margin collected
with respect to the proprietary transactions of a Netting Member
separately and independently from the margin collected with respect to
transactions that a Netting Member submits to FICC on behalf of
indirect participants, (2) legally segregate certain margin collected
with respect to indirect participant transactions from the margin for a
Netting Member's proprietary transactions (as well as those of other
indirect participants), and (3) limit investments of certain margin
collected with respect to indirect participant transactions to only
U.S. Treasuries with a maturity date of one year or less. The Clearing
Agencies are proposing to amend the Policy to facilitate implementation
of these changes and would also make other clean-up changes to the
Policy, as described in greater detail below.
The changes that were proposed in the Account Segregation Filing
and the changes proposed to the Investment Policy herein are
collectively designed to comply with certain requirements of Rule 17ad-
22(e)(6)(i) under the Act,\5\ and to ensure that FICC has appropriate
rules to satisfy certain conditions of Note H to Rule 15c3-3a under the
Act for a broker-dealer to record a debit in the customer and broker-
dealer proprietary account reserve formulas.\6\
---------------------------------------------------------------------------
\5\ 17 CFR 240.17ad-22(e)(6)(i). See Securities Exchange Act
Release No. 99149 (Dec. 13, 2023), 89 FR 2714 (Jan. 16, 2024)
(``Adopting Release,'' and the rules adopted therein referred to
herein as ``Treasury Clearing Rules'').
\6\ 17 CFR 240.15c3-3a, Note H. See id.
---------------------------------------------------------------------------
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
The Investment Policy governs the management, custody and
investment of cash deposited to the respective NSCC and FICC Clearing
Funds, and the DTC Participants Fund,\7\ the proprietary liquid net
assets (cash and cash equivalents) of the Clearing Agencies, and other
funds held by the Clearing Agencies pursuant to their respective rules.
In doing this, the Investment Policy identifies the guiding principles
for investments and defines the roles and responsibilities of DTCC \8\
staff in administering the Investment Policy pursuant to those
principles. The guiding principles for investments set forth in Section
3 of the Investment Policy address, among other things, how
[[Page 102212]]
the Clearing Agencies segregate and separately hold cash deposited to
the NSCC Clearing Fund, the Clearing Fund of FICC's Government
Securities Division (``GSD''), the Clearing Fund of FICC's Mortgage-
Backed Securities Division (``MBSD'') and the DTC Participants Fund.
The Investment Policy also identifies sources of funds that may be
invested, and the permitted investments of those funds, including the
authority required to make such investments and the parameters of, and
limitations on, each type of investment.
---------------------------------------------------------------------------
\7\ The respective Clearing Funds of NSCC, FICC's GSD and FICC's
MBSD, and the DTC Participants Fund are described further in the
Rules & Procedures of NSCC (``NSCC Rules''), the DTC Rules, By-laws
and Organization Certificate (``DTC Rules''), the Clearing Rules of
the Mortgage-Backed Securities Division of FICC (``MBSD Rules'') or
the GSD Rules, respectively, available at <a href="http://dtcc.com/legal/rules-and-procedures">http://dtcc.com/legal/rules-and-procedures</a>. See Rule 4 (Clearing Fund) of the NSCC Rules,
Rule 4 (Participants Fund and Participants Investment) of the DTC
Rules, Rule 4 (Clearing Fund and Loss Allocation) of the GSD Rules,
and Rule 4 (Clearing Fund and Loss Allocation) of the MBSD Rules.
\8\ The Depository Trust & Clearing Corporation (``DTCC'') is
the parent company of the Clearing Agencies.
---------------------------------------------------------------------------
The Commission recently adopted amendments to Rule 17ad-22(e)(6)(i)
under the Act that are applicable to FICC as a covered clearing agency
that provides, through GSD, central counterparty services for
transactions in U.S. Treasury securities.\9\ These amendments require,
among other things, that FICC hold margin from a direct participant for
its proprietary transactions separately and independently from the
margin calculated and collected for the transactions of an indirect
participant that relies on the services provided by the direct
participant to access FICC's payment, clearing, or settlement
facilities.\10\
---------------------------------------------------------------------------
\9\ 17 CFR 240.17ad-22(e)(6)(i).
\10\ Id.
---------------------------------------------------------------------------
In the Treasury Clearing Rules, the Commission also amended its
customer protection rule (``Rule 15c3-3'') \11\ and the reserve
formulas thereunder (``Rule 15c3-3a''),\12\ to permit broker-dealers to
include margin required and on deposit at FICC as a debit item in the
reserve formula under certain conditions. One of the conditions for the
relief is that the margin be collected in accordance with the GSD Rules
that impose certain requirements, which include, among other things,
that FICC (i) only invest cash margin in U.S. Treasuries with a
maturity of one year or less, and (ii) must hold the margin itself or
at an account of a Federal Reserve Bank or an FDIC-insured bank, which
account must be segregated from any other account of FICC or any other
person at a U.S. Federal Reserve Bank or FDIC-insured bank and used
exclusively to hold customer assets to meet the current margin
requirements of FICC resulting from positions in U.S. Treasury
securities of the customers of the broker-dealer members of FICC.\13\
---------------------------------------------------------------------------
\11\ 17 CFR 240.15c3-3.
\12\ 17 CFR 240.15c3-3a.
\13\ Id.
---------------------------------------------------------------------------
In the Account Segregation Filing, FICC proposed changes to the GSD
Rules to comply with the requirements of the Treasury Clearing Rules.
Such changes are expected to be implemented in the GSD Rules by no
later than March 31, 2025 and will, among other things, (1) provide for
FICC to calculate, collect, and hold margin for the proprietary
transactions of a Netting Member separately and independently from the
margin for transactions that the Netting Member submits to FICC on
behalf of indirect participants, and (2) allow Netting Members to elect
for margin for indirect participant transactions to be calculated on a
gross basis (i.e., an indirect participant-by-indirect participant
basis) and legally segregated from the margin for the Netting Member's
proprietary transactions (as well as those of other indirect
participants).\14\
---------------------------------------------------------------------------
\14\ Supra note 4.
---------------------------------------------------------------------------
The proposed changes to the Investment Policy would facilitate the
implementation of the changes that will be made to the GSD Rules
pursuant to the Account Segregation Filing, as described in greater
detail below.
i. Separately Holding Indirect Participant Margin
First, the proposed changes to the Investment Policy would
facilitate the implementation of the changes to the GSD Rules that will
require FICC to calculate, collect, and hold margin for the proprietary
transactions of a GSD Netting Member separately and independently from
margin collected with respect to transactions that a Netting Member
submits to FICC on behalf of indirect participants.
The proposed changes to the Policy would do this by first amending
Section 2 to include a definition of Indirect Participants Clearing
Fund Deposits to mean ``the total amount deposited in the GSD Clearing
Fund to support activity in Agent Clearing Member Omnibus Accounts and
Sponsoring Member Omnibus Accounts, other than Segregated Indirect
Participants Accounts, as such terms are defined in the FICC Government
Securities Division (``GSD'') Rulebook (``GSD Rules'').'' Next, the
proposed changes would amend Section 3.2 (Section 3 describes the
guiding principles that underpin the Policy) regarding the separation
and segregation of cash deposits to the NSCC, GSD and MBSD Clearing
Funds, and the DTC Participants Fund. Within this section, the proposed
changes would specify that Indirect Participants Clearing Fund Deposits
shall be held separately and independently on FICC's books and records
from all other deposits to the GSD Clearing Fund.
In connection with this change, the proposed changes to the Policy
would also amend Section 5, which describes investable funds that are
invested by the Clearing Agencies pursuant to the Policy. The changes
to this section would provide that Indirect Participants Clearing Fund
Deposits are included in the GSD Clearing Fund. This proposed change
would clarify that these funds are considered investable funds under
the Policy, to be invested similarly to other cash deposits to the GSD
Clearing Fund.
ii. Legally Segregating and Limiting Investments of Segregated Customer
Margin
Second, the proposed changes to the Investment Policy would
facilitate implementation of the changes that will be made to the GSD
Rules pursuant to the Account Segregation Filing that will require FICC
to legally segregate certain Indirect Participants Clearing Fund
Deposits that have been designated by GSD Netting Members for such
segregation (``Segregated Customer Margin''), and to hold and invest
such funds in a manner that meets the conditions set forth in the
Commission's amendments to Rule 15c3-3 and Rule 15c3-3a.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 240.15c3-3 and 15c3-3a.
---------------------------------------------------------------------------
The GSD Rules will describe the manner in which FICC will meet the
requirements of Rule 15c3-3 and Rule 15c3-3a with respect to Segregated
Customer Margin. The standards that FICC must adhere to in holding,
investing and legally segregating Segregated Customer Margin are
critical to its Netting Members' ability to obtain certain relief with
respect to these funds. Therefore, the Clearing Agencies believe it is
appropriate for these provisions to be described publicly in the GSD
Rules, which are published to the DTCC website.\16\
---------------------------------------------------------------------------
\16\ Supra note 7.
---------------------------------------------------------------------------
While the manner in which FICC would hold and invest Segregated
Customer Margin will primarily be described in the GSD Rules, the
proposed changes would incorporate Segregated Customer Margin into the
Investment Policy such that the general governance and investment
philosophy underpinning the Policy, described in Section 3.1 as ``a
prudent and conservative investment philosophy that places highest
priority on maximizing liquidity and risk avoidance,'' would apply to
these funds.
The proposed changes would amend Section 2 to include a definition
of Segregated Customer Margin as having ``the meaning given such term
in the
[[Page 102213]]
GSD Rules.'' The proposed changes would also amend Section 3.2 to
include a separate statement that refers to the provisions of the GSD
Rules, specifically, but not limited to, Section 1a of GSD Rule 4,
which would, following implementation of the changes that were proposed
by the Account Segregation Filing, address how FICC would segregate and
hold Segregated Customer Margin in compliance with the applicable
conditions set forth in Rule 15c3-3 and Rule 15c3-3a.
The proposed changes to the Policy would amend Section 5 to
identify Segregated Customer Margin as a source of investable funds and
to state that ``Segregated Customer Margin is described in the GSD
Rules, including, but not limited to, Section 1a of GSD Rule 4.'' The
proposed changes to Section 5 would also clarify the description of
``Participants Fund and Clearing Funds'' to make clear that Segregated
Customer Margin is not treated as general FICC Clearing Fund. Finally,
the proposed changes would include ``Segregated Customer Margin'' as a
separate category of ``Allowable Investments'' in Section 6.1, showing
that these funds may only be invested in bank deposits, including a
Federal Reserve Bank. Under Section 6.2.1, which describes limits on
bank deposit investments, the proposed changes would include a
statement that refers back to GSD Rule 4 as describing the manner in
which Segregated Customer Margin may be invested and would also provide
that higher investment limits may be applied to investments of
Segregated Customer Margin.
iii. Clean-Up Proposed Changes
The proposed changes to the Policy would replace references to the
``Management Committee'' with the ``senior most management committee,''
which accurately describes this internal governing body without
referring to it by formal name. The DTCC Management Committee is
comprised of the executive members of DTCC's management team and is the
senior most management committee in the organization. The Policy
currently requires that certain actions and authorizations described
therein be taken by a member of this body. For example, Section 4.3 of
the Policy requires that the establishment of any new investment
relationships be authorized by specified persons, which include a
member of the Management Committee.
The Management Committee has recently changed its name to the
Executive Committee. Therefore, the proposed change to replace the
formal name of this body would continue to correctly refer to the group
but would ensure that the group continues to be accurately described in
the Policy in the event of any future changes to its formal name. The
proposed changes would include a new defined term for ``senior most
management committee'' in Section 2 to provide clarity that this term
is intended to refer to the highest-level committee of DTCC. Conforming
changes would also be made to Section 4.3 (regarding authorization to
establish new investment relationships), Section 6.2.3 (regarding
authorization of investment transactions in U.S. Treasury securities),
Section 6.2.5 (regarding authorization of investment transactions in
high-grade corporate debt) and Section 7.2 (regarding authorization to
exceed investment limits).
Implementation Timeframe
The Clearing Agencies expect to implement the proposal by no later
than March 31, 2025, or such earlier date on which the changes proposed
by the Account Segregation Filing are effective.
2. Statutory Basis
The Clearing Agencies believe that the proposed changes are
consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a registered clearing agency,
particularly, Section 17A(b)(3)(F) of the Act \17\ and Rule 17ad-
22(e)(6)(i) under the Act,\18\ for the reasons described below.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78q-1(b)(3)(F).
\18\ 17 CFR 240.17ad-22(e)(6)(i).
---------------------------------------------------------------------------
Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of a registered clearing agency be designed to assure the safeguarding
of securities and funds which are in their custody or control or for
which they are responsible.\19\
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
The investment guidelines and governance procedures set forth in
the Investment Policy are designed to safeguard funds that are in the
custody or control of the Clearing Agencies or for which they are
responsible. Such protections include, for example, following a prudent
and conservative investment philosophy that places the highest priority
on maximizing liquidity and risk avoidance. The Clearing Agencies
believe the proposed changes would allow them to continue to adhere to
these guidelines by addressing the segregation, separation and
investment of Indirect Participants Clearing Fund Deposits and
Segregated Customer Margin, consistent with the changes that were
proposed in the Account Segregation Filing. The proposed changes would
reflect a prudent and conservative investment philosophy by limiting
FICC's ability to hold Segregated Customer Margin in either an account
of a Federal Reserve Bank or an FDIC-insured bank. Therefore, the
Clearing Agencies believe the proposed rule change would allow the
Clearing Agencies to continue to operate the Investment Policy pursuant
to a prudent and conservative investment philosophy that assures the
safeguarding of securities and funds that are in their custody and
control, or for which they are responsible, consistent with Section
17A(b)(3)(F) of the Act.\20\
---------------------------------------------------------------------------
\20\ Id.
---------------------------------------------------------------------------
The proposed changes to more generally describe the senior most
management committee would ensure that the Policy remains clear and
accurate in describing the governance around important actions
described therein. By creating clearer descriptions, the Clearing
Agencies believe these proposed changes would make the Investment
Policy more effective in governing the management, custody, and
investment of funds of and held by the Clearing Agencies. The Clearing
Agencies believe the proposed changes would improve the effectiveness
of the Investment Policy and allow the Investment Policy to continue to
be administered in alignment with the investment guidelines and
governance procedures set forth therein. Given that such guidelines and
governance procedures are designed to safeguard funds which are in the
custody or control of the Clearing Agencies or for which they are
responsible, the Clearing Agencies believe the proposed changes are
consistent with Section 17A(b)(3)(F) of the Act.\21\
---------------------------------------------------------------------------
\21\ Id.
---------------------------------------------------------------------------
Rule 17ad-22(e)(6)(i) under the Act requires, in part, FICC to
establish written policies and procedures reasonably designed to
calculate, collect, and hold margin amounts from a direct participant
for its proprietary positions in Treasury securities separately and
independently from margin calculated and collected from that direct
participant in connection with U.S. Treasury securities transactions by
an indirect participant that relies on the services provided by the
direct participant to access FICC's payment, clearing, or settlement
facilities.\22\ As described above, the proposed changes would amend
Section 3.2, which describes the separation and
[[Page 102214]]
segregation of cash deposits to the NSCC, GSD and MBSD Clearing Funds,
and the DTC Participants Fund. The proposed changes would specify in
this section that Indirect Participants Clearing Fund Deposits shall be
held separately and independently on FICC's books and records from all
other deposits to the GSD Clearing Fund. Together with the changes to
be implemented to the GSD Rules pursuant to the Account Segregation
Filing, the proposed changes to the Policy would support FICC's
compliance with the requirements of Rule 17ad-22(e)(6)(i) by providing
that Indirect Participants Clearing Fund Deposits shall be held
separately and independently from margin held for GSD Netting Members'
proprietary activity.
---------------------------------------------------------------------------
\22\ 17 CFR 240.17ad-22(e)(6)(i).
---------------------------------------------------------------------------
(B) Clearing Agency's Statement on Burden on Competition
The Clearing Agencies believe that the proposed revisions to the
Investment Policy would not have any impact, or impose any burden, on
competition. The Investment Policy applies equally to allowable
investments of Clearing Fund and Participants Fund deposits, as
applicable, of each member of the Clearing Agencies, and establishes a
uniform policy at the Clearing Agencies. The proposed changes to the
Investment Policy would not effect any changes on the fundamental
purpose or operation of this document and, as such, would also not have
any impact, or impose any burden, on competition.
The Clearing Agencies do not believe the proposed rule changes to
make clean-up changes to the Policy would impact competition. These
changes would ensure the clarity and accuracy of the descriptions in
the Policy and would not affect participants' rights and obligations.
As such, the Clearing Agencies believe the proposed clean-up changes
would not have any impact on competition.
(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="http://www.sec.gov/regulatory-actions/how-to-submit-comments">www.sec.gov/regulatory-actions/how-to-submit-comments</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#daaea8bbbeb3b4bdbbb4beb7bba8b1bfaea99aa9bfb9f4bdb5ac"><span class="__cf_email__" data-cfemail="93e7e1f2f7fafdf4f2fdf7fef2e1f8f6e7e0d3e0f6f0bdf4fce5">[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-regulations/self-regulatory-organization-rulemaking">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</a>);
or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#1f6d6a737a327c7072727a716b6c5f6c7a7c31787069"><span class="__cf_email__" data-cfemail="2153544d440c424e4c4c444f5552615244420f464e57">[email protected]</span></a>. Please include
File Number SR-NSCC-2024-010 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-NSCC-2024-010. 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-regulations/self-regulatory-organization-rulemaking">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</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 a.m. and 3 p.m.
Copies of the filing also will be available for inspection and copying
at the principal office of NSCC and on DTCC's website (<a href="http://www.dtcc.com/legal/sec-rule-filings">www.dtcc.com/legal/sec-rule-filings</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-NSCC-2024-010 and should be submitted on or before January 7, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------
\23\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-29631 Filed 12-16-24; 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 December 17, 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.