Notice2026-07490
Self-Regulatory Organizations; CME Securities Clearing Inc.; Notice of Filing of Proposed Rule Change To Establish the CME Securities Clearing Inc. Enterprise Risk Management Framework
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
April 17, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 74 (Friday, April 17, 2026)</title>
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[Federal Register Volume 91, Number 74 (Friday, April 17, 2026)]
[Notices]
[Pages 20719-20723]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07490]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105231; File No. SR-CMESC-2026-003]
Self-Regulatory Organizations; CME Securities Clearing Inc.;
Notice of Filing of Proposed Rule Change To Establish the CME
Securities Clearing Inc. Enterprise Risk Management Framework
April 14, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on April 1, 2026, CME Securities Clearing Inc. (``CMESC'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change described in Items I, II, and III below, which
Items have been substantially prepared by CMESC. CMESC filed the
proposed rule change pursuant to Section 19(b)(2) of the Act.\3\ 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.
\3\ 15 U.S.C. 78s(b)(2).
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I. CMESC's Statement of the Terms and Substance of the Proposed Rule
Change
The proposed rule change consists of CMESC's enterprise risk
management framework (``Enterprise Risk Management Framework'' or
``ERMF'') that provides a framework and common methodology used by
CMESC to identify and manage potential events that may affect CMESC,
categorize and assess risk, define the risk governance structure and
accountability, and detail how risk is managed and reported across its
enterprise as a covered clearing agency. As described in more detail
below, the Enterprise Risk Management Framework consists of five
parts--the purpose and statement of framework, the applicability of
ERMF, governance, risk universe and ERM lifecycle. The ERMF is annexed
hereto as Exhibit 5.
II. CME's Statement of the Purpose of, and Statutory Basis for the
Proposed Rule Change
In its filing with the Commission, CMESC 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. CMESC has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.
A. CMESC's Statement of the Purpose of, and Statutory Basis for the
Proposed Rule Change
1. Purpose
Background
On December 1, 2025, the Securities and Exchange Commission
(``Commission'' or ``SEC'') issued an order (``Order'') approving
CMESC's Form CA-1 (``Application'') for registration as a clearing
agency to provide central counterparty services for transactions
involving U.S. Treasury securities, finding the Application satisfies
the requirements of the Act and rules and regulations thereunder.\4\
Specifically, the Commission determined that ``the CMESC Application
establishes a comprehensive risk management framework consistent with
Commission rules.'' \5\ The Commission's determination was based, among
others, on its review of CMESC's risk management framework (``Risk
Management Framework'' or ``RMF''), submitted as part of the
Application. The RMF provides a comprehensive risk management framework
for CMESC to identify, measure, monitor, and manage the range of risks
that arise in or are borne by the covered clearing agency, consistent
with Rule 17ad-22(e)(3).\6\ The RMF is designed to work cohesively with
the Enterprise Risk Management Framework, which identifies and assesses
the sources of risks covered by the RMF and their potential impact on
CMESC's operations and services. As described more fully below, the
Enterprise Risk Management Framework establishes an ERM program that
assists CMESC to define and implement effective risk management
capabilities described in the RMF by applying a holistic and systematic
approach. This approach identifies potential events that may affect
CMESC, monitors and manages the risks in accordance with the ``Risk
Appetite'' established by the Board and consistent with the three lines
of defense model described in the RMF, thereby providing reasonable
assurance that the risks covered by the RMF are adequately managed.
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\4\ Release No. 34-104281 (Dec. 1, 2025), 90 FR 55926 (Dec. 4,
2025), available at <a href="https://www.federalregister.gov/documents/2025/12/04/2025-21908/cme-securities-clearing-inc-order-granting-an-application-for-registration-as-a-clearing-agency">https://www.federalregister.gov/documents/2025/12/04/2025-21908/cme-securities-clearing-inc-order-granting-an-application-for-registration-as-a-clearing-agency</a>.
\5\ Id. at 55937.
\6\ 17 CFR 240.17ad-22(e)(2).
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[[Page 20720]]
The Enterprise Risk Management Framework was not included in the
Application. Therefore, CMESC is filing this proposed rule change to
establish the Enterprise Risk Management Framework.
Description of the Proposed Rule Change
The ERMF is organized under the following headings: (1) Purpose and
Statement of Framework; (2) Applicability; (3) Governance; (4) Risk
Universe; and (5) Enterprise Risk Management (``ERM'') Lifecycle, each
as described in more details below.
1. Purpose and Statement of Framework
The Purpose and Statement of Framework section sets forth the
purpose of the ERMF. It starts with a description of CMESC as a wholly-
owned subsidiary of CME Group Inc. and its function as a SEC-registered
covered clearing agency and then states the function and purpose of the
ERMF as a framework designed to help CMESC define and implement an
effective risk management program by applying a holistic and systematic
common methodology to identify and manage potential threats to its
operations and objectives, categorize and assess risk, define a risk
governance structure, and manage risks commensurate with the ``Risk
Appetite'' (defined below) established by the Board.
2. Applicability of the ERMF
Given the nature and purpose of the ERMF described above, the ERMF
will apply to all CMESC personnel.
3. Governance
The Governance section describes the ERMF's governance framework.
First, CMESC proposes that the ERMF itself be maintained by its
Compliance & ERM team, which supports the CMESC Chief Compliance
Officer (``CCO'') in implementing the ERMF. On at least an annual
basis, the CCO would recommend the ERMF for review to the Risk
Management Committee of CMESC (``CSRMC''), which then recommends the
ERMF to the Board for approval. Any substantive changes to the ERMF
outside of the annual review would require the CSRMC's review and
approval. If the CSRMC determines that changes to the ERMF would have a
significant impact on the risk profile of CMESC, such changes will be
recommended by the CSRMC to the Board for approval.
CMESC's Board oversees the overall risk management of CMESC, as
supported by committees of the Board and individuals with delegated
authority by the Board, including the CSRMC and certain members of the
senior management. The CSRMC provides oversight of the adequacy of
CMESC's enterprise risk management program established under the ERMF
to assist the Board in its oversight of the effectiveness of CMESC's
policies and risk management processes, consistent with the CSRMC
charter and the RMF. Additionally, the Governance section discusses the
three lines of defense model used by CMESC as a risk management tool
and control framework that defines and distinguishes staff roles and
responsibilities into three lines of defense to manage and mitigate
risks as described in the ERMF.
4. Risk Universe
The Risk Universe section describes how the ERMF would facilitate
CMESC's evaluation and monitoring of risks it may face. Specifically,
CMESC would establish the ``Risk Universe'' by aligning identified
risks with enterprise risk categories and sub-risk categories with
assigned risk owners responsible for assessing and monitoring potential
threats to CMESC and the risk impacts on CMESC's business objectives.
Within the Risk Universe, the enterprise risk categories are the
highest-level groups of risk aggregation, initially consisting of
Financial Resources, Operations, Regulatory Compliance, and Service
Provider risks. These categories represent the risk areas where the
Board must maintain oversight to ensure CMESC pursues its objectives
within a defined Risk Appetite (defined below) established by the
Board.
Within each enterprise risk category in the Risk Universe, the sub-
risk categories further classify risks into more detailed groups within
the same enterprise risk category. The sub-risks identify the specific
processes underlying each enterprise risk category. Each sub-risk
category has its own risk definition established by the Compliance &
ERM team in consultation with the relevant risk owners who are
responsible for assessing and monitoring the relevant risks and their
impact on CMESC's business objectives.
5. ERM Lifecycle
The ERM Lifecycle section discusses how the proposed ERMF would
manage the risk lifecycle components to support the accomplishments of
CMESC's strategy and objectives within the Risk Appetite (as defined
below) established by the Board. The risk lifecycle components are:
Risk Appetite, Risk Tolerance, risk assessment, risk response, and risk
monitoring and reporting.
5.1 Risk Appetite
As established by the Board, the ``Risk Appetite'' refers to the
aggregate amount of residual risk, on a broad level, CMESC is willing
to accept in a given category in pursuit of its strategic objectives
before additional action is deemed necessary to reduce the risk. Under
the proposed ERMF, CMESC would establish the Risk Appetite through the
use of five-point ``Risk Appetite Ratings'' and supporting ``Risk
Appetite Statements'' (as defined below). The proposed ERMF provides
five Risk Appetite Ratings ranging from Rating 1 as Permissive Risk
Taking to Rating 5 as Averse Risk Taking.
``Risk Appetite Statements'' are statements aligned with CMESC's
strategic goals, industry standards and regulatory requirements to
provide guidance or parameters on the level of risk exposure CMESC is
willing to accept regarding specific enterprise risk categories and
sub-risk categories within CMESC's Risk Universe. In the proposed ERMF,
each of the enterprise risk categories (i.e., financial resources
enterprise risk, operational enterprise risk, regulatory compliance
enterprise risk, service providers enterprise risk) and their
respective sub-risk categories are rated in accordance with the Risk
Appetite Ratings described above and the corresponding Risk Appetite
Statement is established accordingly to guide CMESC's internal
strategic planning and daily decisions in order to prevent excessive
risk taking and at the same time encourage the development of risk
mitigation practices or controls.
5.2 Risk Tolerance
``Risk Tolerance'' refers to the acceptable boundary of risk that
CMESC is willing to accept in pursuit of its business objectives and to
ensure that those boundaries are not breached. Risk Tolerance is the
quantitative and tactical counterpart to Risk Appetite. The ERMF
describes how CMESC evaluates whether risks are within its Risk
Tolerance levels by monitoring key risk indicators (``KRIs''), which
are metrics used to provide an early signal of potential increasing
risk exposure, allowing CMESC's management to take corrective action to
maintain risks within the tolerance levels. The KRIs are tied to a
tiered escalation protocol for the action required, from the low level
(ongoing routine monitoring) to the medium level (escalation to the
CSRMC or the Board) and to the high level (actions that include
reporting and escalation to the Board).
[[Page 20721]]
5.3 Risk Assessment
The ERMF describes CMESC's risk assessment mechanism, which would
be used to identify, aggregate, and quantify risks and to determine the
appropriate response to mitigate, monitor, and reduce risks. This
section of the ERMF differentiates inherent risks (i.e., the level of
risk absent any controls) from residual risks (i.e., the level of risk
after accounting for compensating controls), and the different timing
of risk assessments each warrants by risk owners and senior management,
pursuant to certain defined variables. Specifically, inherent risk
assessment is performed annually, whereas residual risk assessment is
performed on a quarterly basis and is designed to ensure the internal
control environment remains responsive to emerging threats and the
residual risk profile aligns with CMESC's Risk Appetite. Residual risk
assessment requires risk owners and senior management of CMESC to
identify risks in their areas of responsibility and to implement
appropriate qualitative and quantitative measures to evaluate,
prioritize and manage risk.
CMESC uses three types of variables to assess both inherent risk
and residual risk: impact (i.e., the extent to which a risk event might
positively or negatively affect CMESC, using an impact rating scale
ranging from ``negligible'' to ``crucial'' to evaluate various impact
categories applicable to CMESC), likelihood (i.e., the estimated
probability or frequency that a given risk event will occur within a
defined timeframe, using a likelihood rating scale ranging from
``remote'' to ``almost certain'' based on historical data, trends, or
expert judgment), velocity (i.e., the time it takes for a risk event to
manifest itself). CMESC assigns a value to a risk using the equation of
Risk = Impact x Likelihood and uses velocity as a prioritization
criterion among risks with otherwise similar risk impact and likelihood
ratings.
CMESC also considers the ``risk outlook'' as part of its risk
assessment, which represents the expected forward-looking trend for the
risk over the upcoming 12-month period and is used to show increasing,
elevated, stable or decreasing risk to CMESC. Once a risk outlook has
been changed to ``increasing'', risk owners indicate that the risk
outlook for CMESC remains elevated, continues to increase, or is
decreasing. Conversely, once the risk outlook is no longer elevated,
the risk owner returns the risk outlook to ``stable'' in their risk
assessment.
The Risk Assessment section also describes control testing that
would be conducted to assess the design and effectiveness of CMESC's
internal controls and CMESC's monitoring of service providers to assess
third-party risk. Control testing results are used to determine the
effectiveness of a given control and inform the assessment of the
overall level of residual risk. An annual control testing schedule is
established using a risk-based approach, where the frequency of testing
is determined by the sum of factors essential to a control's
significance in reducing residual risk, such factors including, without
limitation, the inherent risk rating of the risk category the control
is mitigating, the extent that the control is manual or automated,
nature, critically and complexity of the control, frequency at which
the control is applied, and whether it directly fulfills a CMESC
regulatory requirement.
5.4 Risk Response
Risk response is the process of evaluating options and identifying
actions to enhance opportunities and reduce risks associated with the
pursuit of business objectives. Once the risk is assessed through the
risk assessment process, the risk response methodology would be used by
risk owners to facilitate the determination of the appropriate strategy
to be taken to maintain the risk within the acceptable Risk Appetite.
The ERMF discusses various risk strategies to mitigate, transfer or
accept risk, and establishes that once strategies are identified, a
four-point methodology would be used to prioritize the specific
response, ranging from no immediate response (referred to as ``park''),
to warranted appropriate response (referred to as ``prepare''), to
requiring planning and necessary changes (referred to as ``adapt'') and
to immediate attention (referred to as ``act''). If the quarterly
residual risk assessment identifies that the risk level remains within
Risk Appetite, the risk owner may indicate in the risk assessment that
the risk is accepted. If the acceptance of a risk level results in an
exceedance of Risk Appetite, the ERMF also describes the process
required to report, approval, and remediate in circumstances where the
Risk Appetite has been exceeded. Specifically, the risk owner must
submit a proposal for the Head of CMESC, Head of Risk, and the CCO for
review and approval to accept the elevated risk for a specified period.
The proposal must include a remediation plan detailing the corrective
action required to return the risk to within Risk Appetite by the
agreed timeframe. If approved, the risk acceptance proposal will be
recommended by the CCO to the CSRMC, which would then recommend to the
Board for approval.
5.5 Risk Monitoring and Reporting
Finally, the ERMF describes the risk monitoring and reporting
process to monitor the ERM program's adequacy. Risk monitoring includes
overall governance and ongoing validation efforts, such as control
testing and audit assurance performed by the second and third lines of
defense, to ensure risk taking is aligned with strategic objectives and
the established CMESC Risk Appetite.
In addition, the Compliance & ERM team facilitates a regular risk
assessment covering each of the risks in the Risk Universe and the
results of these assessments are collated in a quarterly Enterprise
Risk Profile Report (``ERPR'') to provide the senior management of
CMESC, the CSRMC and the Board a consolidated view of CMESC's current
risk profile. The ERPR is a compilation of input from risk owners
during the risk assessment process, as well as effective challenges
provided by second line functions and actions taken by management to
manage and mitigate the risks. It covers the most significant risks to
CMESC, changes in exposures since the last risk assessment, proposed
risk acceptances and exceptions, and planned activities underway to
manage and mitigate risks. Where appropriate, the Compliance & ERM team
may include commentaries that highlight certain risks to provide a
better understanding of the impact to CMESC's risk profile.
2. Statutory Basis
For the reasons set forth below, CMESC believes the proposed ERMF
is consistent with Section 17A of the Securities Exchange Act of 1934
(``Act''),\7\ Rule 17ad-22(e)(3) \8\ and Rule 17ad-22(e)(2).\9\
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\7\ 15 U.S.C. 78q-1(b)(3)(F).
\8\ 17 CFR 240.17ad-22(e)(3).
\9\ 17 CFR 240.17ad-22(e)(2).
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Consistency With Section 17A(b)(3)(F) of the Act
Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of a clearing agency be designed to promote the prompt and accurate
clearance and settlement of securities transactions, to remove
impediments to and perfect the mechanism of a national system for the
prompt and accurate clearance and settlement of securities
transactions, and, in general, to protect investors and
[[Page 20722]]
the public interest.\10\ CMESC believes that the proposed ERMF is
consistent with Section 17A(b)(3)(F) of the Act because it would
enhance CMESC's risk management by working cohesively with the Risk
Management Framework in furtherance of the goals of Section
17A(b)(3)(F). The primary purpose of the proposed ERMF is to serve as a
framework to help CMESC define and implement a risk management program
by applying a holistic and systematic common methodology to identify
and manage potential threats to its operations and objectives,
categorize and assess risk, define a risk governance structure, and
manage risks commensurate with the Risk Appetite established by the
Board. Without the ERMF and the associated enterprise risk management
program, CMESC would lack a comprehensive, top-down risk management
discipline to map out a Risk Universe, to view its risk profile
holistically rather than in isolation, and to provide reasonable
assurance that risks are managed in accordance with the Risk Appetite
established by the Board. Therefore, CMESC believes that the proposed
ERMF would support CMESC's Risk Management Framework and its overall
risk management, which, in turn, promote the prompt and accurate
clearance and settlement of securities transactions and the protection
of investors and the public interest consistent with Section
17A(b)(3)(F).\11\
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\10\ 15 U.S.C. 78q-1(b)(3)(F).
\11\ Id.
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Consistency With Rule 17ad-22(e)(3)
Rule 17ad-22(e)(3) requires, in part, that a covered clearing
agency establish, implement, maintain and enforce written policies and
procedures reasonably designed to maintain a sound risk management
framework for comprehensively managing legal, credit, liquidity,
operational, general business, investment, custody, and other risks
that arise in or are borne by the covered clearing agency, which
includes risk management policies, procedures, and systems designed to
identify, measure, monitor, and manage the range of risks that arise in
or are borne by the covered clearing agency, that are subject to review
on a specified periodic basis and approved by the board of directors
annually.\12\ The existing RMF is specifically designed to comply with
Rule 17ad-22(e)(3) and is intended to work cohesively with and be
supported by the ERMF. As stated above, the ERMF provides a
comprehensive, top-down risk management discipline and methodology to
identify, assess, and prepare for risks that may interfere with CMESC's
operations or objectives. The ERMF also provides a critical governance
framework that allows CMESC to view its risk profile holistically,
notably through clear and detailed processes outlined in the proposed
ERMF's Risk Universe and ERM Lifecycle mechanisms, and to provide
reasonable assurance that risks are managed in accordance with the
organization's Risk Appetite and business objectives. The Risk Universe
framework provides procedures for CMESC to assess certain categories of
risk, initially consisting of Financial Resources, Operations,
Regulatory Compliance, and Service Provider risks, thereby allowing
CMESC to identify, measure, monitor, and manage a range of risks. The
ERM Lifecycle framework provides procedures for CMESC to manage defined
risk lifecycle components (i.e., Risk Appetite, Risk Tolerance, risk
assessment, risk response, and risk monitoring and reporting), such as
establishing the Risk Appetite through five-point Risk Appetite
Ratings, using KRIs to measure Risk Tolerance, impact ratings for its
risk assessments and a four-point risk response methodology, and
compiling the ERPR for risk monitoring and reporting. As such, CMESC
believes that the ERMF, in conjunction with the RMF, would provide a
sound, comprehensive framework designed to identify, measure, monitor
and manage the range of risks that arise in or are borne by CMESC,
consistent with Rule 17ad-22(e)(3).
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\12\ 17 CFR 240.17ad-22(e)(3)(i).
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Consistency With Rule 17ad-22(e)(2)
In addition, the risk governance framework contained in the ERMF is
also consistent with Section 17A of the Act and the rules and
regulations thereunder, including Rule 17ad-22(e)(2), because the ERMF
would provide a clear and transparent governance framework for CMESC's
risk management practices and the maintenance of the ERMF itself. Rule
17ad-22(e)(2) requires that a covered clearing agency establish,
implement, maintain and enforce written policies and procedures
reasonably designed to provide for governance arrangements that are
clear and transparent, clearly prioritize the safety and efficiency of
the covered clearing agency, support the public interest requirements
in Section 17A of the Act, and the objectives of owners and
participants, and specify clear and direct lines of responsibility.\13\
The proposed ERMF would follow a three lines of defense model
established in the RMF and used by CMESC as a risk management tool and
control framework to define and differentiate staff roles and
responsibilities into three lines of defense to manage and mitigate
risk: CMESC's Board would oversee the overall risk management of CMESC,
as supported by committees of the Board and individuals with delegated
authority by the Board, including the CSRMC and certain members of the
senior management; the CSRMC would oversee the ERMF and CMESC's
enterprise risk management program, consistent with the RMF and the
CSRMC charter; \14\ the Compliance & ERM function would support the
CMESC CCO in implementing the proposed ERMF and provide second-line
independent oversight of the management of risks within the CMESC Risk
Universe. CMESC believes that the governance framework outlined in the
proposed ERMF would establish clear accountability for the management
of enterprise risks and enable the Compliance & ERM function to provide
the effective challenge necessary to ensure risk owners are managing
risks commensurate with the Risk Appetite.
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\13\ 17 CFR 240.17ad-22(e)(2).
\14\ The CSRMC charter was reviewed and approved by the
Commission as part of CMESC's Application. See Exhibit E-2C to Form
CA-1, available at <a href="https://www.sec.gov/files/cmesc-ca-1-exhibit-e-2c-risk-management-committee-charter-12-13-24.pdf">https://www.sec.gov/files/cmesc-ca-1-exhibit-e-2c-risk-management-committee-charter-12-13-24.pdf</a>. On February 26,
2026, CMESC filed a proposed rule change SR-CMESC-2026-002 to amend
the CSRMC charter to add the oversight of the ERMF, including annual
review of the ERMF and review and approval of substantive changes to
the ERMF, and the review of the quarterly ERPR to the
responsibilities of the CSRMC. See Notice of Filing of the Proposed
Rule Change by CME Securities Clearing Inc., available at <a href="https://www.sec.gov/files/rules/sro/cmesc/2026/34-104955.pdf">https://www.sec.gov/files/rules/sro/cmesc/2026/34-104955.pdf</a>.
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In addition, CMESC believes that the governance structure around
the maintenance of the ERMF itself is also consistent with Rule 17ad-
22(e)(2). On at least an annual basis, the CCO would recommend the ERMF
to the CSRMC for review, which would then recommend the ERMF to the
Board for approval. Any substantive changes to the ERMF outside of the
annual review will also be subject to the CSRMC's review and approval.
Where the CSRMC determines that changes to the ERMF would have a
significant impact on the risk profile of CMESC, such changes must be
recommended by the CSRMC to the Board for approval. CMESC believes that
the ERMF establishes a clear and transparent governance framework for
the maintenance of the ERMF, which will in turn strengthen CMESC's
enterprise risk management and enhance the likelihood of a successful
enterprise risk management program.
[[Page 20723]]
As such, CMESC believes that the governance arrangement in the
proposed ERMF is reasonably designed to clearly prioritize the safety
and efficiency of CMESC's function and objectives, which would support
the public interest pursuant to Section 17A of the Act, and specify
clear and direct lines of responsibility for enterprise risk
management, consistent with Rule 17ad-22(e)(2).
B. CMESC's Statement on Burden on Competition
CMESC does not believe that the proposed rule change will impose
any burden on competition not necessary or appropriate in furtherance
of the purposes of the Act. The proposed rule change is designed to
improve the Rules' accuracy and clarity for Members and Users, and to
be consistent with the Act. These proposed changes would not affect
CMESC's operations that are already provided in the existing Rules and
Procedures or create additional rights and obligations of Members and
Users. As such, CMESC does not believe the proposed rule change would
have any impact on burden on competition that does not already exist
under the existing Rules and Procedures or is not necessary or
appropriate in furtherance of the purposes of the Act.
C. CMESC's Statement on Comments on the Proposed Rule Change Received
From Members, Participants, or Others
CMESC currently does not have any Members or Users and has not
received nor solicited any written comments from others related to this
proposal. CMESC has not received any unsolicited written comments from
any interested parties. If any written comments are received, they will
be publicly filed as 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="https://www.sec.gov/regulatory-actions/how-to-submit-comments">https://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#d9adabb8bdb0b7beb8b7bdb4b8abb2bcadaa99aabcbaf7beb6af"><span class="__cf_email__" data-cfemail="c5b1b7a4a1acaba2a4aba1a8a4b7aea0b1b685b6a0a6eba2aab3">[email protected]</span></a> or 222-551-5777. CMESC reserves the right to
not 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. The proposal shall not take effect until all
regulatory actions required with respect to the proposal are completed.
I. 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#4b393e272e66282426262e253f380b382e28652c243d"><span class="__cf_email__" data-cfemail="99ebecf5fcb4faf6f4f4fcf7edead9eafcfab7fef6ef">[email protected]</span></a>. Please include
file number SR-CMESC-2026-003 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-CMESC-2026-003. 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-regulations/self-regulatory-organization-rulemaking">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</a>). Copies of the
filing also will be available for inspection and copying at the
principal office of CMESC and on CMESC's website (<a href="https://www.cmegroup.com/market-regulation/rule-filings.html">https://www.cmegroup.com/market-regulation/rule-filings.html</a>). Do not include
personal identifiable information in 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-CMESC-2026-003 and should be submitted
on or before May 8, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07490 Filed 4-16-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on April 17, 2026.
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.