Notice2025-18548
Self-Regulatory Organizations; The Depository Trust Company; Fixed Income Clearing Corporation; and National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes, as Modified by Amendments No. 1, Relating to a Participant System Disruption
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
September 25, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 184 (Thursday, September 25, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 184 (Thursday, September 25, 2025)]
[Notices]
[Pages 46281-46282]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18548]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104008; File Nos. SR-DTC-2025-003; SR-FICC-2025-006;
SR-NSCC-2025-003]
Self-Regulatory Organizations; The Depository Trust Company;
Fixed Income Clearing Corporation; and National Securities Clearing
Corporation; Notice of Designation of Longer Period for Commission
Action on Proceedings To Determine Whether To Approve or Disapprove
Proposed Rule Changes, as Modified by Amendments No. 1, Relating to a
Participant System Disruption
On March 14, 2025, The Depository Trust Company (``DTC''), Fixed
Income Clearing Corporation (``FICC'') and National Securities Clearing
Corporation (``NSCC,'' and together with DTC and FICC, the ``Clearing
Agencies,'' or ``Clearing Agency'' when referring to one of the three
Clearing Agencies) filed with the Securities and Exchange Commission
(``Commission'') the proposed rule changes SR-DTC-2025-003, SR-FICC-
2025-006, and SR-NSCC-2025-003 pursuant to Section 19(b) of the
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
\2\ thereunder. The proposed rule changes were published for public
comment in the Federal Register on March 27, 2025.\3\ The Commission
has received comments regarding the substance of the changes proposed
in the proposed rule changes.\4\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release Nos. 102712 (Mar. 21, 2025),
90 FR 13919 (Mar. 27, 2025) (File No. SR-DTC-2025-003) (``DTC Notice
of Filing''); 102713 (Mar. 21, 2025), 90 FR 13942 (Mar. 27, 2025)
(File No. SR-FICC-2025-006) (``FICC Notice of Filing''); and 102711
(Mar. 21, 2025), 90 FR 13926 (Mar. 27, 2025) (File No. SR-NSCC-2025-
003) (``NSCC Notice of Filing'').
\4\ Comments on the proposed rule changes are available at
<a href="https://www.sec.gov/comments/sr-dtc-2025-003/srdtc2025003.htm">https://www.sec.gov/comments/sr-dtc-2025-003/srdtc2025003.htm</a>.
---------------------------------------------------------------------------
On May 2, 2025, pursuant to Section 19(b)(2) of the Exchange
Act,\5\ the Commission designated a longer period within which to
approve, disapprove, or institute proceedings to determine whether to
approve or disapprove the proposed rule changes.\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
\6\ Securities Exchange Act Release Nos. 102981 (May 5, 2025),
90 FR 19590 (May 8, 2025) (File Nos. SR-DTC-2025-003; SR-FICC-2025-
006; SR-NSCC-2025-003).
---------------------------------------------------------------------------
On June 20, 2025, the Clearing Agencies filed an amendment to each
of the proposed rule changes (collectively defined as ``Amendment No.
1''). On June 24, 2025, the Commission instituted proceedings to
determine whether to approve or disapprove the proposed rule changes,
as modified by Amendment No. 1 (hereinafter defined as ``Proposed Rule
Changes'').\7\
---------------------------------------------------------------------------
\7\ Securities Exchange Act Release Nos. 103310 (June 24, 2025),
90 FR 27698 (June 27, 2025) (File No. SR-DTC-2025-003) (``DTC
Amendment''); 103311 (June 24, 2025), 90 FR 27712 (June 27, 2025)
(File No. SR-FICC-2025-006) (``FICC Amendment''); and 103309 (June
24, 2025), 90 FR 27717 (June 27, 2025) (File No. SR-NSCC-2025-003)
(``NSCC Amendment'').
---------------------------------------------------------------------------
Section 19(b)(2) of the Exchange Act \8\ provides that proceedings
to determine whether to approve or disapprove a proposed rule change
must be concluded within 180 days of the date of publication of notice
of filing of the proposed rule change. The time for conclusion of the
proceedings may be extended for up to 60 days if the Commission
determines that a longer period is appropriate and publishes the
reasons for such determination.\9\ The 180th day after publication of
the
[[Page 46282]]
Proposed Rule Changes in the Federal Register is September 23, 2025.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(2).
\9\ 15 U.S.C 78s(b)(2)(B)(ii)(II).
---------------------------------------------------------------------------
The Commission is extending the period for Commission action on the
Proposed Rule Changes. The Commission finds that it is appropriate to
designate a longer period within which to take action on the Proposed
Rule Changes so that the Commission has sufficient time to consider the
issues raised by Proposed Rule Changes and to take action on the
Proposed Rule Changes. Accordingly, pursuant to Section
19(b)(2)(B)(ii)(II) of the Exchange Act,\10\ the Commission designates
November 22, 2025, as the date by which the Commission should either
approve or disapprove the proposed rule changes SR-DTC-2025-003, SR-
FICC-2025-006, and SR-NSCC-2025-003.
---------------------------------------------------------------------------
\10\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18548 Filed 9-24-25; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on September 25, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.