80 FR 27833 - Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Rules of the Government Securities Division and the Mortgage-Backed Securities Division Regarding the Default of Fixed Income Clearing Corporation
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 93 (May 14, 2015)
Federal Register Volume 80, Issue 93 (May 14, 2015)
| Page Range | 27833-27834 | |
| FR Document | 2015-11590 |
[Federal Register Volume 80, Number 93 (Thursday, May 14, 2015)] [Notices] [Pages 27833-27834] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-11590] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74908; File No. SR-FICC-2015-001] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Rules of the Government Securities Division and the Mortgage-Backed Securities Division Regarding the Default of Fixed Income Clearing Corporation May 8, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that, on April 24, 2015, The Fixed Income Clearing Corporation (``FICC'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by FICC. FICC filed the proposed rule change pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(1) \4\ thereunder, so that the proposal was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the rule change from interested parties. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(1). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change is a clarification of the meaning of clause (b)(i) of Rule 22B of the Government Securities Division (``GSD'') of Fixed Income Clearing Corporation (``FICC'' or the ``Corporation'') and the meaning of clause (b)(i) of Rule 17A of the Mortgage-Backed Securities Division (``MBSD'') of FICC (together the ``Corporation Default Rules''). This clarification does not require a change to the text of the rules of GSD (the ``GSD Rules'') or the text of the rules of MBSD (the ``MBSD Rules''). II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, FICC 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. FICC has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. (A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (1) Purpose It has come to the attention of FICC that, although the texts of the Corporation Default Rules are clear, the narrative description of the rule changes to the Corporation Default Rules recently implemented by FICC in its rule filing SR-FICC-2014-09 \5\ could be construed as ambiguous as to the relationship between the 7 calendar day grace period applicable under clause (b)(i) of the Corporation Default Rules and FICC's authority to suspend its rules under GSD Rule 42 (Suspension of Rules) and MBSD Rule 33 (Suspension of Rules in Emergency Circumstances), as applicable. By this proposed rule change, FICC is clarifying that the 7 calendar day grace period applicable under clause (b)(i) of GSD Rule 22B cannot be extended by application of any GSD Rule, including GSD Rule 42 (Suspension of Rules), and that the 7 calendar day grace period applicable under clause (b)(i) of MBSD Rule 17A cannot be extended by application of any MBSD Rule, including MBSD Rule 33 (Suspension of Rules in Emergency Circumstances). --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 73682 (November 25, 2014), 79 FR 71481 (December 2, 2014) (File No. SR-FICC-2014-09). --------------------------------------------------------------------------- (2) Statutory Basis The proposed rule change is consistent with Section 17A(b)(3)(F) \6\ of the Act and the rules and regulations promulgated thereunder because it will promote the prompt and accurate clearance and settlement of securities transactions in that it will provide clarity to FICC members regarding their rights and obligations and the rights and obligations of the Corporation under clause (b)(i) of the Corporation Default Rules. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- [[Page 27834]] (B) Clearing Agency's Statement on Burden on Competition FICC does not believe that the proposed rule change will have any impact, or impose any burden, on competition because it relates to a clarification of the meaning of the Corporation Default Rules that would apply equally to all FICC members. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed rule change have not been solicited or received. FICC will notify the Commission of any written comments received by FICC. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing change has become effective pursuant to Section 19(b)(3)(A) of the Act and paragraph (f)(1) of Rule 19b-4 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-FICC-2015-001 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-FICC-2015-001. 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 of submission. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Section, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of FICC and on FICC's Web site at http://www.dtcc.com/legal/sec-rule-filings.aspx. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-FICC-2015-001 and should be submitted on or before June 4, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-11590 Filed 5-13-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 93 / Thursday, May 14, 2015 / Notices 27833
to determine whether the proposed rule For the Commission, by the Division of II. Clearing Agency’s Statement of the
should be approved or disapproved. Trading and Markets, pursuant to delegated Purpose of, and Statutory Basis for, the
authority.31 Proposed Rule Change
IV. Solicitation of Comments Robert W. Errett,
Deputy Secretary. In its filing with the Commission,
Interested persons are invited to FICC included statements concerning
submit written data, views, and [FR Doc. 2015–11604 Filed 5–13–15; 8:45 am]
the purpose of and basis for the
arguments concerning the foregoing, BILLING CODE 8011–01–P
proposed rule change and discussed any
including whether the proposed rule comments it received on the proposed
change is consistent with the Act. rule change. The text of these statements
Comments may be submitted by any of SECURITIES AND EXCHANGE
COMMISSION may be examined at the places specified
the following methods: in Item IV below. FICC has prepared
Electronic Comments [Release No. 34–74908; File No. SR–FICC– summaries, set forth in sections A, B
2015–001] and C below, of the most significant
• Use the Commission’s Internet aspects of such statements.
comment form (http://www.sec.gov/ Self-Regulatory Organizations; Fixed
rules/sro.shtml); or Income Clearing Corporation; Notice of (A) Clearing Agency’s Statement of the
Filing and Immediate Effectiveness of Purpose of, and Statutory Basis for, the
• Send an email to rule-comments@ Proposed Rule Change
sec.gov. Please include File Number SR– Proposed Rule Change To Clarify the
Rules of the Government Securities (1) Purpose
NYSEMKT–2015–39 on the subject line.
Division and the Mortgage-Backed
Paper Comments Securities Division Regarding the It has come to the attention of FICC
Default of Fixed Income Clearing that, although the texts of the
• Send paper comments in triplicate Corporation Corporation Default Rules are clear, the
to Brent J. Fields, Secretary, Securities narrative description of the rule changes
and Exchange Commission, 100 F Street May 8, 2015.
to the Corporation Default Rules
NE., Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the recently implemented by FICC in its
Securities Exchange Act of 1934 rule filing SR–FICC–2014–09 5 could be
All submissions should refer to File (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Number SR–NYSEMKT–2015–39. This construed as ambiguous as to the
notice is hereby given that, on April 24, relationship between the 7 calendar day
file number should be included on the 2015, The Fixed Income Clearing
subject line if email is used. To help the grace period applicable under clause
Corporation (‘‘FICC’’) filed with the (b)(i) of the Corporation Default Rules
Commission process and review your Securities and Exchange Commission and FICC’s authority to suspend its
comments more efficiently, please use (‘‘Commission’’) the proposed rule rules under GSD Rule 42 (Suspension of
only one method. The Commission will change as described in Items I, II and III Rules) and MBSD Rule 33 (Suspension
post all comments on the Commission’s below, which Items have been prepared
of Rules in Emergency Circumstances),
Internet Web site (http://www.sec.gov/ by FICC. FICC filed the proposed rule
as applicable. By this proposed rule
rules/sro.shtml). Copies of the change pursuant to Section 19(b)(3)(A) 3
change, FICC is clarifying that the 7
submission, all subsequent of the Act and Rule 19b–4(f)(1) 4
calendar day grace period applicable
amendments, all written statements thereunder, so that the proposal was
under clause (b)(i) of GSD Rule 22B
with respect to the proposed rule effective upon filing with the
cannot be extended by application of
change that are filed with the Commission. The Commission is
any GSD Rule, including GSD Rule 42
Commission, and all written publishing this notice to solicit
(Suspension of Rules), and that the 7
communications relating to the comments on the rule change from
calendar day grace period applicable
proposed rule change between the interested parties.
under clause (b)(i) of MBSD Rule 17A
Commission and any person, other than I. Clearing Agency’s Statement of the cannot be extended by application of
those that may be withheld from the Terms of Substance of the Proposed any MBSD Rule, including MBSD Rule
public in accordance with the Rule Change 33 (Suspension of Rules in Emergency
provisions of 5 U.S.C. 552, will be The proposed rule change is a Circumstances).
available for Web site viewing and clarification of the meaning of clause
printing in the Commission’s Public (2) Statutory Basis
(b)(i) of Rule 22B of the Government
Reference Room, 100 F Street NE., Securities Division (‘‘GSD’’) of Fixed The proposed rule change is
Washington, DC 20549 on official Income Clearing Corporation (‘‘FICC’’ or consistent with Section 17A(b)(3)(F) 6 of
business days between the hours of the ‘‘Corporation’’) and the meaning of the Act and the rules and regulations
10:00 a.m. and 3:00 p.m. Copies of such clause (b)(i) of Rule 17A of the promulgated thereunder because it will
filing also will be available for Mortgage-Backed Securities Division promote the prompt and accurate
inspection and copying at the principal (‘‘MBSD’’) of FICC (together the clearance and settlement of securities
office of the Exchange. All comments ‘‘Corporation Default Rules’’). This transactions in that it will provide
received will be posted without change; clarification does not require a change clarity to FICC members regarding their
the Commission does not edit personal to the text of the rules of GSD (the ‘‘GSD rights and obligations and the rights and
identifying information from Rules’’) or the text of the rules of MBSD obligations of the Corporation under
tkelley on DSK3SPTVN1PROD with NOTICES
submissions. You should submit only (the ‘‘MBSD Rules’’). clause (b)(i) of the Corporation Default
information that you wish to make Rules.
available publicly. All submissions 31 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
should refer to File Number SR– 2 17 CFR 240.19b–4.
5 See Securities Exchange Act Release No. 73682
NYSEMKT–2015–39, and should be (November 25, 2014), 79 FR 71481 (December 2,
3 15 U.S.C. 78s(b)(3)(A). 2014) (File No. SR–FICC–2014–09).
submitted on or before June 4, 2015. 4 17 CFR 240.19b–4(f)(1). 6 15 U.S.C. 78q–1(b)(3)(F).
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![27834 Federal Register / Vol. 80, No. 93 / Thursday, May 14, 2015 / Notices
(B) Clearing Agency’s Statement on amendments, all written statements administrative expansion requirements,
Burden on Competition with respect to the proposed rule and accommodate state-of-the-art
FICC does not believe that the change that are filed with the equipment upgrades. The need for the
proposed rule change will have any Commission, and all written project is to provide a replacement
impact, or impose any burden, on communications relating to the ATCT, as the existing ATCT was
competition because it relates to a proposed rule change between the constructed as part of the original
clarification of the meaning of the Commission and any person, other than terminal building, which is planned to
Corporation Default Rules that would those that may be withheld from the be demolished. A new ATCT and Base
apply equally to all FICC members. public in accordance with the Building at PIA would be able to meet
provisions of 5 U.S.C. 552, will be these needs. The FAA has prepared a
(C) Clearing Agency’s Statement on available for Web site viewing and
Comments on the Proposed Rule Draft Environmental Assessment (DEA)
printing in the Commission’s Public in conformance with the requirements
Change Received From Members, Reference Section, 100 F Street NE.,
Participants or Others of the National Environmental Policy
Washington, DC 20549, on official
Act of 1969 (NEPA) and FAA Order
Written comments relating to the business days between the hours of
proposed rule change have not been 10:00 a.m. and 3:00 p.m. Copies of such 1050.1E, Environmental Impacts:
solicited or received. FICC will notify filing also will be available for Policies and Procedures. The DEA
the Commission of any written inspection and copying at the principal analyzes the potential environmental
comments received by FICC. office of FICC and on FICC’s Web site impacts that may result from
at http://www.dtcc.com/legal/sec-rule- construction and operation of the
III. Date of Effectiveness of the proposed new ATCT and Base Building
filings.aspx. All comments received will
Proposed Rule Change and Timing for at the proposed site, as well as the no
Commission Action be posted without change; the
Commission does not edit personal action alternative (i.e., not constructing
The foregoing change has become identifying information from and operating the new ATCT).
effective pursuant to Section 19(b)(3)(A) submissions. You should submit only
of the Act and paragraph (f)(1) of Rule DATES: The FAA will accept written
information that you wish to make comments on the DEA until close of
19b–4 thereunder. At any time within available publicly.
60 days of the filing of the proposed rule All submissions should refer to File business on June 29, 2015.
change, the Commission summarily may Number SR–FICC–2015–001 and should ADDRESSES: The DEA is available for
temporarily suspend such rule change if be submitted on or before June 4, 2015. public review during a 30–day public
it appears to the Commission that such comment period at the following
For the Commission, by the Division of
action is necessary or appropriate in the Trading and Markets, pursuant to delegated locations:
public interest, for the protection of authority.7
investors, or otherwise in furtherance of Robert W. Errett,
Alpha Park Public Library, 3527 Airport
the purposes of the Act. Road, Bartonville, IL 61607.
Deputy Secretary.
IV. Solicitation of Comments [FR Doc. 2015–11590 Filed 5–13–15; 8:45 am] Peoria International Airport—
Metropolitan Airport Authority of
Interested persons are invited to BILLING CODE 8011–01–P
Peoria, 6100 W. Everett McKinley
submit written data, views, and
arguments concerning the foregoing, Dirksen Parkway, Peoria, IL 61607.
including whether the proposed rule DEPARTMENT OF TRANSPORTATION Written comments on the DEA may be
change is consistent with the Act. sent to: Ms. Virginia Marcks, FAA,
Comments may be submitted by any of Federal Aviation Administration
AJW–2C15H, 2300 East Devon Ave., Des
the following methods: Plaines, IL 60018, fax 847–294–7698,
Notice of Availability of a Draft
Electronic Comments Environmental Assessment email virginia.marcks@faa.gov. Copies
of the Draft EA on compact disk may be
• Use the Commission’s Internet AGENCY: Federal Aviation obtained by contacting Ms. Virginia
comment form (http://www.sec.gov/ Administration (FAA), DOT.
rules/sro.shtml); or Marcks. Comments received on the DEA
ACTION: Notice of Availability of a Draft during the public comment period will
• Send an email to rule-comments@ Environmental Assessment (DEA) for a
sec.gov. Please include File Number SR– be addressed in the Final Environmental
Proposed Airport Traffic Control Tower Assessment.
FICC–2015–001 on the subject line. and Associated Base Building, Peoria
Paper Comments International Airport, Peoria, Illinois. FOR FURTHER INFORMATION CONTACT: Ms.
Virginia Marcks, Manager, Infrastructure
• Send paper comments in triplicate SUMMARY: The Federal Aviation
to Brent J. Fields, Secretary, Securities Engineering Center, Federal Aviation
Administration (FAA) proposes to fund, Administration, 2300 East Devon
and Exchange Commission, 100 F Street construct, and operate a new Airport
NE., Washington, DC 20549–1090. Avenue, Des Plaines, Illinois 60018.
Traffic Control Tower (ATCT) and Base Telephone number: 847–294–7494.
All submissions should refer to File Building at the General Wayne A.
Number SR–FICC–2015–001. This file Email: virginia.marcks@faa.gov.
Downing—Peoria International Airport
number should be included on the (PIA), Peoria, Illinois. The FAA’s Issued in Des Plaines, Illinois, May 8, 2015.
subject line if email is used. To help the preferred alternative is to construct the Virginia Marcks,
tkelley on DSK3SPTVN1PROD with NOTICES
Commission process and review your ATCT at a location approximately 1,000 Manager, Infrastructure Engineering Center,
comments more efficiently, please use feet east of the PIA terminal building. Federal Aviation Administration, Chicago,
only one method of submission. The The purpose of the proposed project AJW–2C15H Central Service Area.
Commission will post all comments on is to improve operational efficiency, [FR Doc. 2015–11659 Filed 5–13–15; 8:45 am]
the Commission’s Internet Web site meet existing and future operational and
BILLING CODE 4910–13–P
(http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent 7 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-15 15:33:09
Document Modified: 2015-12-15 15:33:09
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 27833 |
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