Notice2025-14448
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Modify the GSD Rulebook Relating to Default Management and Porting With Respect to Indirect Participant Activity
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 31, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 145 (Thursday, July 31, 2025)</title>
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[Federal Register Volume 90, Number 145 (Thursday, July 31, 2025)]
[Notices]
[Page 36088]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-14448]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103557; File No. SR-FICC-2025-015]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Designation of Longer Period for Commission Action on
Proposed Rule Change To Modify the GSD Rulebook Relating to Default
Management and Porting With Respect to Indirect Participant Activity
July 28, 2025.
On June 6, 2025, Fixed Income Clearing Corporation (``FICC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-FICC-2025-015 (``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 modify the
FICC's Government Securities Division (``GSD'') Rulebook (``GSD
Rules'') to incorporate rules regarding default management and rules
that facilitate porting of indirect participant activity from one
intermediary Netting Member to another. The Proposed Rule Change was
published for public comment in the Federal Register on June 23,
2025.\3\ The Commission has received comments regarding the substance
of the changes proposed in the Proposed Rule Change.\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 103282 (June 17, 2025),
90 FR 26656 (June 23, 2025) (File No. SR-FICC-2025-015) (``Notice of
Filing'').
\4\ Comments on the Proposed Rule Change are available at
<a href="https://www.sec.gov/comments/sr-ficc-2025-015/srficc2025015.htm">https://www.sec.gov/comments/sr-ficc-2025-015/srficc2025015.htm</a>.
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Section 19(b)(2)(i) of the Exchange Act \5\ provides that, within
45 days of the publication of notice of the filing of a proposed rule
change, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved unless
the Commission extends the period within which it must act as provided
in Section 19(b)(2)(ii) of the Exchange Act.\6\ Section 19(b)(2)(ii) of
the Exchange Act allows the Commission to designate a longer period for
review (up to 90 days from the publication of notice of the filing of a
proposed rule change) 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.\7\
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\5\ 15 U.S.C. 78s(b)(2)(i).
\6\ 15 U.S.C. 78 s(b)(2)(ii).
\7\ Id.
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The 45th day after publication of the Notice of Filing is August 7,
2025. In order to provide the Commission with sufficient time to
consider 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 and therefore is extending this 45-day time
period.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Exchange Act,\8\ designates September 21, 2025, as the date by which
the Commission shall either approve, disapprove, or institute
proceedings to determine whether to disapprove proposed rule change SR-
FICC-2025-015.
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\8\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-14448 Filed 7-30-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on July 31, 2025.
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