Notice2025-14236
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change Concerning Enhancements to the Automated Customer Account Transfer Service
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
July 29, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 143 (Tuesday, July 29, 2025)</title>
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[Federal Register Volume 90, Number 143 (Tuesday, July 29, 2025)]
[Notices]
[Pages 35740-35744]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-14236]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103542; File No. SR-NSCC-2025-011]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing of Proposed Rule Change Concerning
Enhancements to the Automated Customer Account Transfer Service
July 24, 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 July 16, 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. 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.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change consists of amendments to the NSCC Rules &
Procedures (``Rules'') to enhance the Automated Customer Account
Transfer Service (``ACATS'') account transfer process.\3\
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\3\ Capitalized terms not defined herein shall have the meaning
assigned to such terms in the NSCC 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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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 purpose of this proposed rule change is to amend the NSCC Rules
to accommodate proposed enhancements to ACATS to improve the efficiency
of the account transfer process. Specifically, the proposed rule change
would modify NSCC Rule 50 (Automated Customer Account Transfer Service)
to reflect the removal of (i) the settlement preparation stage of the
ACATS process (``Settle Prep'' or the ``Settle Prep Day'') and (ii) the
second day of the Fund/SERV[supreg] \4\ pending acknowledgement process
from the ACATS transfer process. The proposed rule change is discussed
in detail below.
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\4\ Fund/SERV is an NSCC service that serves as the U.S.
industry standard for processing and settling mutual fund, bank
collective fund and other pooled investment product transactions
between fund companies and distributors.
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Background
ACATS Overview
ACATS is a non-guaranteed service provided by NSCC that enables
Members to effect transfers of customer accounts among themselves.
ACATS complements Financial Industry Regulatory Authority (``FINRA'')
Rule 11870 regarding customer account transfers, which requires FINRA
members to use automated clearing agency customer account transfer
services and to effect customer account transfers within specified time
frames.\5\ ACATS automates and standardizes procedures for the transfer
of assets in a customer account, allowing Members to efficiently and
automatically enter, review, and generate instructions to settle
customer account transfers. The
[[Page 35741]]
timing and procedures with respect to ACATS customer account transfers
are intended to be consistent with the timing and processes set forth
in FINRA Rule 11870.
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\5\ See FINRA Rule 11870, available at <a href="http://www.finra.org/rules-guidance/rulebooks/finra-rules/11870">www.finra.org/rules-guidance/rulebooks/finra-rules/11870</a>. NSCC also permits Qualified
Securities Depositories (i.e., The Depository Trust Company
(``DTC'')) to utilize ACATS on behalf of their participants (e.g.,
DTC member banks) on a voluntary basis. See Section 1 of Rule 50,
supra note 3.
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ACATS is primarily described in Rule 50 and Procedure XVIII (ACATS
Settlement Accounting Operation) of the NSCC Rules. Pursuant to NSCC
Rule 50, an NSCC Member to whom a customer's account will be
transferred (the ``Receiving Member'') initiates the transfer by
submitting a transfer initiation request to NSCC, which contains the
customer detail information that the NSCC Member who currently has the
account (the ``Delivering Member'') requires to transfer the
account.\6\ The Delivering Member must either reject the customer
account transfer request or submit detailed customer account asset data
to NSCC.\7\ NSCC then provides a report detailing the customer account
asset data to the Receiving Member,\8\ who has one business day after
receipt of the report to review the account and: (i) accept all assets;
(ii) reject one or more assets, to the extent such a rejection is
permitted by the Receiving Member's Designated Examining Authority
(i.e., FINRA), and allow the transfer of the remaining assets; (iii)
request the Delivering Member to make adjustments to the customer
account asset list; or (iv) reject the account, to extent such a
rejection is permitted by NSCC or FINRA.\9\ Once a customer account has
been accepted by the Receiving Member, ACATS facilitates the
settlements associated with the account transfer at the appropriate
asset settling location (e.g., through NSCC's Continuous Net Settlement
system (``CNS'') for CNS-eligible securities, DTC for securities
otherwise eligible for DTC settlement services, Fund/SERV for eligible
mutual fund products, the Insurance Processing Service \10\ for
annuities, or The Options Clearing Corporation \11\ for listed
options).
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\6\ See Sections 2 and 3 of Rule 50, supra note 3.
\7\ See Section 5 of Rule 50, supra note 3.
\8\ See Section 7 of Rule 50, supra note 3.
\9\ See Section 8 of Rule 50, supra note 3. Pursuant to FINRA
Rule 11870(d)(8), a Receiving Member may reject a transfer of
account assets in whole if the account is not in compliance with the
Receiving Member's credit policies or minimum asset requirements.
See supra note 5.
\10\ See <a href="http://www.dtcclearning.com/products-and-services/insurance-retirement-services/acats-ips.html">www.dtcclearning.com/products-and-services/insurance-retirement-services/acats-ips.html</a>.
\11\ See <a href="http://www.theocc.com">www.theocc.com</a>.
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NSCC is currently working with the industry to streamline the ACATS
process and shorten the time it takes to complete a customer account
transfer in ACATS. Specifically, ACATS is being enhanced by removing
the Settle Prep Day and the second day of the Fund/SERV pending
acknowledgement process from the ACATS transfer process, as further
described below. As a result, NSCC is proposing changes to the NSCC
Rules to conform to and accommodate these enhancements.
ACATS Timeline and Settle Prep Day
There are currently four stages of an ACATS transfer, which can
take up to five days to complete. The first stage is the ``Request
Period'' (Day 1), during which the Receiving Member initiates the
transfer. The second stage is the ``Review Period'' (Days 2-3), during
which the Delivering Member confirms the assets currently in the
account so the Receiving Member can review and determine if it will
accept or reject the account.\12\ The third stage is the settlement
preparation period (or ``Settle Prep'') (Day 4) between the review
stage and actual settlement,\13\ which provides a full day for the
Delivering Member to perform any possession and control activities to
prepare the delivery of the cash and securities (e.g., submitting
instructions for CNS exemptions and memo segregation).\14\ Finally, the
last stage is the settlement close period (``Settle Close'') (Day 5),
which is the day of settlement on which the securities and/or cash are
transferred at the applicable settling locations (e.g., CNS, DTC, Fund/
SERV).
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\12\ During this period, the account may also be referred to as
being in ``Review Status.''
\13\ During this period, the account may also be referred to as
being in ``Settle Prep Status.''
\14\ ACATS restricts any additional activities for the transfer
in Settle Prep Status.
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During this five-day period, an investor's assets remain invested
in the market; however, trading for these assets may be restricted. The
inability to trade such assets may expose the investor to additional
market risks. With the move to the T+1 settlement cycle in May
2024,\15\ there is now an opportunity to remove the Settle Prep Day
from the ACATS transfer cycle, shortening the time it takes to complete
an account transfer.
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\15\ See Securities Exchange Act Release No. 96930 (Feb. 15,
2023), 88 FR 13872 (Mar. 6, 2023) (S7-05-22) (Shortening the
Securities Transaction Settlement Cycle). See also Securities
Exchange Act Release No. 100048 (May 2, 2024), 89 FR 38929 (May 8,
2024) (SR-NSCC-2024-002).
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Previously, under the T+2 settlement cycle, daily ACATS transfer
processing completed at approximately 4:30 p.m. Eastern Time \16\ each
day, and the cutoff time for Members to submit CNS exemptions and
priority instructions to control their CNS deliveries was 6:00 p.m.\17\
In the absence of an additional processing day, this would have left
Members with only 1.5 hours to submit CNS exemptions and priority
instructions, which would not allow for sufficient time to perform
those tasks. As a result, the ACATS processing timeline included a
Settle Prep Day to allow Members sufficient time to submit their
exemptions and priority instructions in preparation for settlement.
However, as noted above, the Settle Prep Day also extended the time
period during which customers continue to have market exposure but
restricted access to trading for these assets.
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\16\ All times discussed herein are Eastern Time.
\17\ The CNS automatic delivery process occurs in two cycles:
the ``night cycle,'' which typically begins the night before
settlement date, and the ``day cycle,'' which occurs on settlement
date. NSCC employs an algorithm for each cycle to determine the
order in which Members with long allocations receive positions from
CNS. Members can submit exemptions and priority requests that
override NSCC's algorithm to control the automatic delivery of
securities from their DTC accounts or if they have special needs to
receive securities owed to them (e.g., the Member has an urgent
customer delivery). These priority requests can be submitted for the
night cycle, the day cycle, or both.
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Under the T+1 settlement cycle, Members now have until 10:45 p.m.
to submit CNS exemptions and priority instructions.\18\ DTC's night
cycle start time has also changed from 8:15 p.m. on T+1 to 11:30 p.m.
on T. As a result of the changes to the exemption processing timelines
in T+1, Members now have sufficient time to submit exemption
instructions for settling positions for both two-day settling ACATS and
one-day settling ACATS with the same settlement date. For example, a
one-day settling CNS ACATS position from a transfer that has aged to
Settle Close can now have a CNS exemption override instruction
processed against that position for settlement in the night cycle.
Accordingly, Members have sufficient time under the new T+1 processing
timelines to submit their exemption and priority instructions prior to
settlement date, eliminating the need for the Settle Prep Day in the
ACATS process.
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\18\ Absent submission of an override instruction, Members'
regular standing instruction would be applied to both two-day and
one-day settling ACATS that create a short position.
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Mutual Fund Pending Acknowledgement Process
As described above, ACATS facilitates account transfers that may
include Fund/SERV Eligible Fund \19\ assets to be
[[Page 35742]]
transferred through NSCC's Mutual Fund Services.\20\ NSCC's Mutual Fund
Services are the industry standard for processing fund transactions,
communicating account-related information, and linking fund companies
with their network of distribution firms. The Fund/SERV service
automates purchases, registrations, redemptions and settlement of fund
transactions. Other Mutual Fund Services capabilities include
coordinating account information between funds and firms; processing
defined contribution transactions; settling commission and fee
payments; transferring accounts between firms, and assets in IRAs
between fund companies; and, through the Mutual Fund Profile Service,
providing a centralized repository for information about funds,
including information contained in a fund's prospectus. The Fund/SERV
side of the ACATS-Fund/SERV process comprises the second half of the
ACATS transfer process for mutual funds, transferring mutual fund
assets from one owner to another through the ACATS-Fund/SERV system.
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\19\ A Fund/SERV Eligible Fund is a fund or other pooled
investment entity which may be the subject of orders processed
through NSCC's Mutual Fund Service. See definition of Fund/SERV
Eligible Fund in NSCC Rule 1 (Definitions and Descriptions) and NSCC
Rule 3 (Lists to be Maintained), Section 1(c), supra note 3.
\20\ NSCC's Mutual Fund Services are described in NSCC Rule 52
(Mutual Fund Services), supra note 3.
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As described above, during the Review Period of an ACATS transfer,
the Delivering Member confirms the assets in the account to be
transferred so that the Receiving Member can review and determine if it
will accept or reject the account. If the Receiving Member accepts the
mutual fund transfer, it submits a mutual fund registration record
(``FR Record'') to ACATS before the end of the Review Period. The FR
Record is then processed by ACATS and passed to Fund/SERV, which then
passes it to the mutual fund. Once the FR Record is submitted, the
account transfer has passed from Review Status to Settle Prep
Status.\21\
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\21\ If, by the end of the review period, the Receiving Member
fails to submit an FR Record for all eligible mutual fund assets due
to be re-registered through the ACATS-Fund/SERV automatic link,
ACATS generates a default account registration on behalf of the
Receiving Member and passes it to the ACATS-Fund/SERV link.
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Currently, the mutual fund company has until 11:00 a.m. on the
second day after receipt of the fund re-registration request through
Fund/SERV to acknowledge/accept or reject the mutual fund re-
registration requests associated with an ACATS transaction. The
acknowledgement also offsets the original incentive charge applied to
the asset during the ACATS transaction.\22\ Due to the current two-day
acknowledgement process, mutual fund transfers require a Settle Prep
Day for both full and partial transfers to align with a two-day
settling process. To facilitate the inclusion of mutual funds in the
shortened ACATS cycle (i.e., the removal of the Settle Prep Day), NSCC
is eliminating the second day of the Fund/SERV pending acknowledgement
process. Under the new ACATS timeline, mutual fund companies/transfers
agents will be required to send acknowledgements on day 1 or the next
business day after receipt of the mutual fund registration request.
Maintaining a two-day acknowledgement process with the removal of
Settle Prep would create a settlement misalignment for ACATS Fund/SERV
transfers (e.g., a day 2 acknowledgement without Settle Prep would be
sent the day after settlement is complete, which would be too late to
apply the incentive charge credit that offsets the original incentive
charge when a Fund/SERV acknowledgement occurs).
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\22\ ACATS applies incentive charges to all Fund/SERV eligible
assets. These charges incentivize the deliverer to deliver the asset
and allow the receiver to record the customer on its books on the
ACATS settlement date, insulating the firm from the settlement
process. As the items are acknowledged by the fund companies through
the ACATS-Fund/SERV interface, ACATS offsets the incentive charges
to reflect the acknowledgments.
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Proposed Changes
NSCC proposes to amend Rule 50 to reflect the upcoming elimination
of the Settle Prep Day and the second day of the Fund/SERV pending
acknowledgement process from the ACATS transfer process. NSCC Rule 50
and Procedure XVIII do not contain information describing the specific
number of days in the transfer process, the Settle Prep Day, or the
specific number of days in the Fund/SERV pending acknowledgement
process. However, Rule 50 does contain descriptions of the settlement
dates for certain types of transfers, and some of these descriptions
will be impacted by the removal of the Settle Prep Day and the second
day of the Fund/SERV pending acknowledgement process. NSCC therefore
proposes to amend Rule 50 so that those Rules conform with forthcoming
changes to the ACATS process.
NSCC proposes to amend Section 12.3.(ii) of Rule 50 to remove
language related to the two-day settlement timeline for certain options
and Fund/SERV assets. Section 12 of Rule 50 describes the transfer of
(i) residual credit positions; (ii) partial accounts; (iii) cash in
respect of fail positions for which delivery is unable to be completed;
and (iv) cash or securities mistakenly delivered as part of ACATS
(``Reclaims''), other than Fund/SERV Eligible Fund assets and positions
eligible for processing at another registered clearing agency (``ACAT
RCA''). Specifically, the rule states that the settlement date for all
such transfers is one business day following the day NSCC receives the
transfer request unless the request includes, among other things,
options assets which are eligible for processing at an ACAT RCA or
Fund/SERV Eligible Fund assets, whereby the settlement date for all
assets included in the transfer shall be two business days following
the day NSCC receives the transfer request. NSCC proposes to remove
this sub-paragraph from Section 12.3 of Rule 50 to reflect the
elimination of the Settle Prep Day and the second day of the Fund/SERV
pending acknowledgement process and that such transfers would now be
settled on the first business day after NSCC receives the transfer
request. NSCC would also make conforming changes to the Rule to reflect
the removal of this sub-paragraph and make a typographical correction
to the Rule.
NSCC also proposes to amend Section 13 of Rule 50 to remove a
statement concerning a two-day settlement timeline for certain
transfers containing options assets or Fund/SERV Eligible Fund assets.
Pursuant to Section 13 of Rule 50, a Receiving Member may submit a
request to a Delivering Member to initiate the transfer of a partial
customer account. For partial settlements, if the Delivering Member
submits detailed account asset data, and the transfer is not rejected
by the Receiving Member, the settlement date for the transfer request
is generally one business day after the Delivering Member has submitted
the asset account data, unless the transfer contains options assets or
Fund/SERV Eligible Fund assets, in which case the settlement date for
all assets will be two business days after the Delivering Member has
submitted the asset account data. As a result of the proposed
elimination of Settle Prep Day and the second day of the Fund/SERV
pending acknowledgement process, future transfers containing options
assets or Fund/SERV Eligible Fund assets would now settle one business
day after the Delivering Member has submitted the asset account data.
Implementation Timeframe
Subject to approval by the Commission, NSCC would implement
[[Page 35743]]
the proposed rule change on October 17, 2025.\23\
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\23\ NSCC has issued Important Notices to Members regarding the
removal of Settle Prep and the Fund/SERV Day 2 acknowledgement day
available at <a href="http://www.dtcc.com/-/media/Files/pdf/2024/7/31/a9463-24.pdf">www.dtcc.com/-/media/Files/pdf/2024/7/31/a9463-24.pdf</a>,
<a href="http://www.dtcc.com/-/media/Files/pdf/2025/3/25/a9574-25.pdf">www.dtcc.com/-/media/Files/pdf/2025/3/25/a9574-25.pdf</a>, and
<a href="http://www.dtcc.com/-/media/Files/pdf/2025/4/9/a9579.pdf">www.dtcc.com/-/media/Files/pdf/2025/4/9/a9579.pdf</a>.
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2. Statutory Basis
NSCC believes that the proposed rule change is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a registered clearing agency. Section 17A(b)(3)(F) of the
Act \24\ requires that the rules of a clearing agency be designed to,
among other things, promote the prompt and accurate clearance and
settlement of securities transactions and to assure the safeguarding of
securities and funds which are in the custody or control of the
clearing agency or for which it is responsible. NSCC believes the
proposed rule change is consistent with the requirements of Section
17A(b)(3)(F) of the Act for the reasons stated below.
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\24\ 15 U.S.C. 78q-1(b)(3)(F).
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As described above, NSCC is working with the industry to remove the
Settle Prep Day and the second day of the Fund/SERV pending
acknowledgement process from the ACATS transfer process. The changes
would expedite the time it takes to complete a customer account
transfer in ACATS, reducing the amount of time that an investor's
assets would remain invested in the market without the ability for the
investor to trade such assets. While NSCC Rule 50 and Procedure XVIII
do not contain information describing the specific number of days in
the transfer process, the Settle Prep Day, or the specific number of
days in the Fund/SERV pending acknowledgement process, Rule 50 does
contain descriptions of the settlement dates for certain types of
transfers, and some of these descriptions will be impacted by the
removal of the Settle Prep Day and the second day of the Fund/SERV
pending acknowledgement process. The proposed rule change would amend
the NSCC Rules to conform to and accommodate the upcoming removal of
the Settle Prep Day and the second day of the Fund/SERV pending
acknowledgement process. As a result, NSCC believes the proposed
changes would promote the prompt and accurate settlement of ACATS
account transfers and assure the safeguarding of securities and funds
associated with such transfers. For these reasons, NSCC believes the
proposed rule change would promote the prompt and accurate clearance
and settlement of securities transactions and assure the safeguarding
of securities and funds which are in the custody or control of NSCC or
for which it is responsible in accordance with Section 17A(b)(3)(F) of
the Act.\25\
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\25\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
Section 17A(b)(3)(I) of the Act \26\ requires that the rules of the
clearing agency do not impose any burden on competition not necessary
or appropriate in furtherance of the Act. The proposed rule change is
designed to accommodate industry requests to streamline and shorten the
time it takes to complete a customer account transfer in ACATS.
Specifically, the proposed rule change would amend the NSCC Rules to
conform to and accommodate the upcoming removal of the Settle Prep Day
and the second day of the Fund/SERV pending acknowledgement process,
specifically as the Rules pertain to settlement dates for certain types
of transfers. The proposed ACATS enhancements would leverage recent
changes made to exemption and night cycle processing times in the T+1
settlement cycle, which now provide Members with sufficient time to
submit exemption instructions for settling positions for both two-day
settling ACATS and one-day settling ACATS with same settlement date
settlement cycle, more closely aligning the settlement of ACATS asset
transfers with the T+1 settlement cycle for traded assets. NSCC
therefore believes the proposed rule change would not impose any burden
on competition.
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\26\ 15 U.S.C. 78q-1(b)(3)(I).
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(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
NSCC has 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#f3878192979a9d94929d979e928198968780b3809690dd949c85"><span class="__cf_email__" data-cfemail="f88c8a999c91969f99969c95998a939d8c8bb88b9d9bd69f978e">[email protected]</span></a> or 202-551-5777.
NSCC reserves 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/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#cbb9bea7aee6a8a4a6a6aea5bfb88bb8aea8e5aca4bd"><span class="__cf_email__" data-cfemail="b4c6c1d8d199d7dbd9d9d1dac0c7f4c7d1d79ad3dbc2">[email protected]</span></a>. Please include
file number SR-NSCC-2025-011 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-2025-011. 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/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of NSCC and on DTCC's website (<a href="https://dtcc.com/legal/sec-rule-filings.aspx">https://dtcc.com/legal/sec-rule-filings.aspx</a>). Do not include personal
identifiable information in
[[Page 35744]]
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-
011 and should be submitted on or before August 19, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-14236 Filed 7-28-25; 8:45 am]
BILLING CODE 8011-01-P
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