Notice2025-19059
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend the CNS Fails Charge in the NSCC Rules
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 30, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 187 (Tuesday, September 30, 2025)</title>
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[Federal Register Volume 90, Number 187 (Tuesday, September 30, 2025)]
[Notices]
[Pages 46977-46978]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-19059]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104094; File No. SR-NSCC-2025-013]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Designation of Longer Period for Commission
Action on Proposed Rule Change To Amend the CNS Fails Charge in the
NSCC Rules
September 26, 2025.
On September 5, 2025, National Securities Clearing Corporation
(``NSCC'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change SR-NSCC-2025-013 (``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 NSCC Rules & Procedures (``Rules'') regarding the CNS Fails Charge
that is applied when a Member fails to settle a Short Position or a
Long Position by the applicable settlement date. The Proposed Rule
Change was published for public comment in the Federal Register on
September 16, 2025.\3\ The Commission has not received comments
regarding the substance of the changes proposed in the Proposed Rule
Change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 103952 (Sept. 11, 2025),
90 FR 44735 (Sept. 16, 2025) (File No. SR-NSCC-2025-013) (``Notice
of Filing'').
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Section 19(b)(2)(i) of the Exchange Act \4\ 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.\5\ 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)
[[Page 46978]]
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.\6\
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\4\ 15 U.S.C. 78s(b)(2)(i).
\5\ 15 U.S.C. 78s(b)(2)(ii).
\6\ Id.
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The 45th day after publication of the Notice of Filing is October
31, 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,\7\ designates December 15, 2025, as the date by which the
Commission shall either approve, disapprove, or institute proceedings
to determine whether to disapprove proposed rule change SR-NSCC-2025-
013.
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\7\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-19059 Filed 9-29-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 30, 2025.
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