Notice2025-03513
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise the Provisions Concerning Funds-Only Settlement Amount Payments of the GSD Rules
Primary source
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Published
March 5, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 42 (Wednesday, March 5, 2025)</title>
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[Federal Register Volume 90, Number 42 (Wednesday, March 5, 2025)]
[Notices]
[Page 11343]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-03513]
[[Page 11343]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102503; File No. SR-FICC-2025-002]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Revise the Provisions Concerning Funds-Only Settlement Amount Payments
of the GSD Rules
February 27, 2025.
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 February 20, 2025, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I below, which Item has been
substantially prepared by the clearing agency. FICC filed the proposed
rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule
19b-4(f)(1) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(1).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change of FICC consists of modifications to
FICC's Government Securities Division (``GSD'') Rulebook (the ``GSD
Rules'') \5\ to revise the provisions concerning Funds-Only Settlement
Amount (``FOS'') payments, to clarify (a) the designation of FOS
payments as settlement and therefore not a collateral payment pursuant
to the GSD Rule 4, (b) the point of finality for such payments, and (c)
the discharge of obligations upon the payment or collection of a FOS
payment. FICC is also proposing to remove FICC's right to offset a FOS
payment due to a Netting Member against any increased amount to
Required Fund Deposit requested by FICC from such Netting Member.
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\5\ Capitalized terms not defined herein are defined in the GSD
Rules, available at <a href="http://www.dtcc.com/legal/rules-and-procedures">www.dtcc.com/legal/rules-and-procedures</a>.
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The proposed rule change, including the Clearing Agency's statement
of the purpose of, and statutory basis for, the proposed rule change,
is available on the Clearing Agency's website at <a href="https://www.dtcc.com/legal/sec-rule-filings">https://www.dtcc.com/legal/sec-rule-filings</a> and on the Commission's website at <a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/FICC?file_number=SR-FICC-2025-002">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/FICC?file_number=SR-FICC-2025-002</a>.
II. 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.\6\ Comments may be submitted
electronically by using the Commission's internet comment form (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-FICC-2025-002">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-FICC-2025-002</a>) or by
sending an email to <a href="/cdn-cgi/l/email-protection#a1d3d4cdc48cc2ceccccc4cfd5d2e1d2c4c28fc6ced7"><span class="__cf_email__" data-cfemail="cab8bfa6afe7a9a5a7a7afa4beb98ab9afa9e4ada5bc">[email protected]</span></a>. Please include file number
SR-FICC-2025-002 on the subject line. Alternatively, paper comments may
be sent to Secretary, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549-1090. All submissions should refer to file
number SR-FICC-2025-002. 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/national-securities-exchanges?file_number=SR-FICC-2025-002">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-FICC-2025-002</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-FICC-2025-002 and should be
submitted on or before March 26, 2025.
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\6\ 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 SRO.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-03513 Filed 3-4-25; 8:45 am]
BILLING CODE 8011-01-P
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