Notice2025-18046
Self-Regulatory Organizations; LCH SA; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change, Concerning Updates to LCH SA's Risk Governance Framework and Collateral, Financial, Credit, Operational and Third Party Risk Policies
Primary source
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Published
September 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 179 (Thursday, September 18, 2025)</title>
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[Federal Register Volume 90, Number 179 (Thursday, September 18, 2025)]
[Notices]
[Pages 45063-45064]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18046]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103965; File No. SR-LCH SA-2025-007]
Self-Regulatory Organizations; LCH SA; Notice of Designation of
Longer Period for Commission Action on Proposed Rule Change, Concerning
Updates to LCH SA's Risk Governance Framework and Collateral,
Financial, Credit, Operational and Third Party Risk Policies
September 15, 2025.
On July 15, 2025, Banque Centrale de Compensation, which conducts
business under the name LCH SA (``LCH SA''), filed with the Securities
and Exchange Commission (the
[[Page 45064]]
``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change, LCH SA-2025-007, to submit for Commission
approval the following risk policies (the ``Risk Policies''): (i) the
Collateral Risk Policy; (ii) the Financial Resource Adequacy Policy;
(iii) the Counterparty Credit Risk Policy; (iv) the Operational Risk
Management Policy; (v) the Third Party Risk Management Policy; and (vi)
the Risk Governance Framework.\3\ The proposed rule change was
published for comment in the Federal Register on August 1, 2025.\4\ The
Commission did not receive comments regarding the proposed rule change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Notice, infra note 4, at 90 FR 36257.
\4\ Securities Exchange Act Release No. 103573 (July 29, 2025),
90 FR 36257 (Aug. 1, 2025) (File No. SR-LCH SA-2025-007)
(``Notice'').
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Section 19(b)(2) of the Exchange Act \5\ provides that, within 45
days of the publication of notice of the filing of a proposed rule
change, or within such longer period up to 90 days as the Commission
may designate if it finds such longer period to be appropriate and
publishes its reasons for so finding, or as to which the self-
regulatory organization consents, 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. The 45th day after publication of the Notice is
September 15, 2025. The Commission is extending this 45-day time
period.
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\5\ 15 U.S.C. 78s(b)(2).
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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.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Exchange Act,\6\ designates October 30, 2025, as the date by which the
Commission shall either approve, disapprove, or institute proceedings
to determine whether to disapprove the Proposed Rule Change.
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\6\ Id.
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)(31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18046 Filed 9-17-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 18, 2025.
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