Notice2025-04508
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of 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
March 19, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 52 (Wednesday, March 19, 2025)</title>
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[Federal Register Volume 90, Number 52 (Wednesday, March 19, 2025)]
[Notices]
[Pages 12844-12845]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-04508]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102654; File No. SR-NSCC-2025-002]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend the Clearing Agency Risk Management Framework
March 13, 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 March 10, 2025, 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. NSCC filed the
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(4) 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)(4).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change of National Securities Clearing
Corporation
[[Page 12845]]
(``NSCC'') as provided in Exhibit 5 amends the Clearing Agency Risk
Management Framework (``Risk Management Framework'' or ``Framework'')
of NSCC and its affiliates, The Depository Trust Company (``DTC'') and
Fixed Income Clearing Corporation (``FICC,'' and together with NSCC,
the ``CCPs'' and the CCPs together with DTC, the ``Clearing
Agencies''). Specifically, the proposed rule change would amend the
Risk Management Framework to make changes to clarify and update the
Framework. The proposed changes would update and clarify (a) the
quarterly review escalation process, (b) the annual review process as
it relates to ``done-away'' clearing activity, (c) removal of
references to Systemic Risk Council, and (d) other immaterial changes
for clarification purposes.
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/NSCC?file_number=SR-NSCC-2025-002">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/NSCC?file_number=SR-NSCC-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.\5\ 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-NSCC-2025-002">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-NSCC-2025-002</a>) or by
sending an email to <a href="/cdn-cgi/l/email-protection#582a2d343d753b3735353d362c2b182b3d3b763f372e"><span class="__cf_email__" data-cfemail="582a2d343d753b3735353d362c2b182b3d3b763f372e">[email protected]</span></a>. Please include file number
SR-NSCC-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-NSCC-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-NSCC-2025-002">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-NSCC-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-NSCC-2025-002 and should be
submitted on or before April 9, 2025.
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\5\ 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.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-04508 Filed 3-18-25; 8:45 am]
BILLING CODE 8011-01-P
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