Notice2026-07646
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 17Ad-27
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 20, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 75 (Monday, April 20, 2026)</title>
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[Federal Register Volume 91, Number 75 (Monday, April 20, 2026)]
[Notices]
[Pages 21041-21042]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07646]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0799]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Rule 17Ad-27
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (SEC or ``Commission'') is soliciting comments on the
proposed collection of information provided for in Rule 17Ad-27 as
applied to entities that provide matching services that are exempt from
registration as a clearing agency.\1\
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\1\ See 15 U.S.C. 78c(a)(23)(A) (defining a ``clearing agency''
as, among other things: [A]ny person who acts as an intermediary in
making payments or deliveries or both in connection with
transactions in securities or who provides facilities for comparison
of data respecting the terms of settlement of securities
transactions, to reduce the number of settlements of securities
transactions, or for the allocation of securities settlement
responsibilities.)
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As part of the final set of rules to achieve a further shortening
of the standard settlement cycle for securities transactions from two
business days after the transaction date to one business day following
the transaction date, Rule 17Ad-27 requires exempt entities that
perform matching services to facilitate the settlement of securities
transactions (referred to as a ``central matching service provider'' or
``CMSP'') to establish, implement, maintain and enforce policies and
procedures reasonably designed to facilitate straight-through
processing for transactions involving broker-dealers and their
customers.\2\ CMSPs electronically facilitate communication among a
broker-dealer, an institutional investor or its investment adviser, and
the institutional investor's custodian to reach agreement on the
details of a securities trade. CMSPs emerged as a result of efforts by
market participants to develop a more efficient and automated matching
process that are an important resource for advancing the straight-
through processing of the settlement of institutional trades.
Currently, one CMSP operates under the exemption from registration as a
clearing agency to perform matching services.\3\
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\2\ See 17 CFR 240.17Ad-27; Exchange Act Release No. 96930 (Feb.
15, 2023) 88 FR 13872 (Mar. 6, 2023) (``Rule 17Ad-27 Adopting
Release''); see also Exchange Act Release No. 94196 (Feb. 9, 2022),
87 FR 10436 (Feb. 24, 2022) (``Rule 17Ad-27 Proposing Release'').
\3\ See Exchange Act Release No 34-44188 (Apr. 17, 2001), 66 FR
20494 (Apr. 23, 2001) (providing an exemption from registration as a
clearing agency to DTCC ITP Matching US LLC, formerly known as
Global Joint Ventures Matching Services US, LLC).
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Rule 17Ad-27 also requires a CMSP to submit every twelve months to
the Commission a report that describes the following:
[cir] A summary of its policies and procedures reasonably designed
to facilitate straight-through processing, current as of the last day
of the twelve-month period covered by the report;
[cir] A qualitative description of its progress in facilitating
straight-through processing during the twelve-month period covered by
the report;
[cir] A quantitative presentation of data that includes: (i) the
total number of trades submitted to the clearing agency for processing;
(ii) the total number of allocations submitted to the clearing agency;
(iii) the total number of confirmations submitted to the clearing
agency, as well as the total number of confirmations cancelled by a
user; (iv) the percentage of confirmations submitted to the clearing
agency that are affirmed on trade date, specifying to the extent
practicable the relevant timeframe in which the affirmation is
processed on trade date; (v) the percentage of allocations and
confirmations submitted to the clearing agency that are matched and
automatically confirmed through the clearing agency's services; and
(vi) metrics concerning the use of manual and automated processes by
the clearing agency's users with respect to its services that may be
used to assess progress in facilitating straight-through processing;
and
[cir] A qualitative description of the actions it intends to take
to facilitate straight-through processing during the twelve-month
period that follows the period covered by the report.\4\
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\4\ Rule 17Ad-28(b)(3), 17 CFR 240.17Ad-27(b)(3).
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In addition, data sets provided pursuant to Rule 17Ad-27 must be:
(i) organized on a month-by-month basis, beginning with January of each
year, for the twelve months covered by the report; (ii) separated,
where applicable, between the use of central matching and electronic
trade confirmation services offered by the clearing agency; (iii)
separated, as appropriate, by asset class; (iv) separated by type of
user; and (v) presented on an anonymized and aggregated basis.\5\
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\5\ Id. at (b)(4).
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Ongoing burdens imposed by Rule 17Ad-27 on a respondent CMSP are as
follows: (i) ongoing monitoring and compliance activities with respect
to the written policies and procedures required by the proposed rule;
and (ii) ongoing documentation activities with respect to the required
annual report. The Commission estimates that the ongoing activities
required by Rule 17Ad-27 imposes an aggregate annual burden on a
respondent CMSP of 37 hours, and 37 hours total for the industry.\6\
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\6\ This figure was calculated as follows: (Compliance Attorney
for 24 hours + Computer Operations Manager for 10 hours) = 34 hours.
The Commission estimates that the Inline XBRL requirement would
require respondent CMSPs to incur three additional ongoing burden
hours to apply and review Inline XBRL tags, as follows: (Compliance
Attorney for 3 hours) = 3 hours. Taken together, the total ongoing
burden is 37 hours (34 hours + 3 hours = 37 hours).
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An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic collection techniques or other forms of information
technology.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#b8e8d9c8ddcacfd7cad3eadddccddbccd1d7d6f9dbccf8cbdddb96dfd7ce"><span class="__cf_email__" data-cfemail="431322332631342c31281126273620372a2c2d022037033026206d242c35">[email protected]</span></a> by June 22, 2026. There will be a second
opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
[[Page 21042]]
Dated: April 16, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07646 Filed 4-17-26; 8:45 am]
BILLING CODE 8011-01-P
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