81 FR 61271 - Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change to Describe the Blackout Period Exposure Charge That May Be Imposed on GCF Repo Participants

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 172 (September 6, 2016)

Page Range		61271-61271
FR Document		2016-21255

Federal Register, Volume 81 Issue 172 (Tuesday, September 6, 2016)

[Federal Register Volume 81, Number 172 (Tuesday, September 6, 2016)]
[Notices]
[Page 61271]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-21255]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78720; File No. SR-FICC-2016-003]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change to Describe the Blackout Period Exposure Charge 
That May Be Imposed on GCF Repo Participants

August 30, 2016.
    On July 12, 2016, the Fixed Income Clearing Corporation (``FICC'') 
filed with the Securities and Exchange Commission (``Commission'') 
proposed rule change SR-FICC-2016-003 pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder.\2\ The proposed rule change was published for comment in 
the Federal Register on July 21, 2016.\3\ To date, the Commission has 
not received comments on 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. 34-78347 (July 15, 
2016), 81 FR 47466 (July 21, 2016) (SR-FICC-2016-003).
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    Section 19(b)(2) of the Act \4\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding, or as to which the self-regulatory organization 
consents, 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. The 
45th day after publication of the notice for this proposed rule change 
is September 4, 2016. The Commission is extending this 45-day time 
period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    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. Accordingly, the Commission, pursuant to section 
19(b)(2) of the Act,\5\ designates October 19, 2016 as the date by 
which the Commission shall either approve or disapprove or institute 
proceedings to determine whether to disapprove the proposed rule change 
(File No. SR-FICC-2016-003).
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-21255 Filed 9-2-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 172 / Tuesday, September 6, 2016 / Notices 61271

shares from a Fund of Funds, and to SECURITIES AND EXCHANGE For the Commission, by the Division of
engage in the accompanying in-kind COMMISSION Trading and Markets, pursuant to delegated
authority.6
transactions with the Fund of Funds.3
The purchase of Creation Units by a Robert W. Errett,
[Release No. 34–78720; File No. SR–FICC–
Fund of Funds directly from a Fund will Deputy Secretary.
2016–003]
be accomplished in accordance with the [FR Doc. 2016–21255 Filed 9–2–16; 8:45 am]
policies of the Fund of Funds and will Self-Regulatory Organizations; Fixed BILLING CODE 8011–01–P

be based on the NAVs of the Funds. Income Clearing Corporation; Notice of
Designation of a Longer Period for
9. Section 6(c) of the Act permits the Commission Action on Proposed Rule SECURITIES AND EXCHANGE
Commission to exempt any persons or Change to Describe the Blackout COMMISSION
transactions from any provision of the Period Exposure Charge That May Be [Release No. 34–78710; File No. 601–01]
Act if such exemption is necessary or Imposed on GCF Repo Participants
appropriate in the public interest and Euroclear Bank SA/NV; Notice of Filing
consistent with the protection of August 30, 2016. of Application To Modify an Existing
investors and the purposes fairly On July 12, 2016, the Fixed Income Exemption From Clearing Agency
intended by the policy and provisions of Clearing Corporation (‘‘FICC’’) filed Registration
the Act. Section 12(d)(1)(J) of the Act with the Securities and Exchange
provides that the Commission may Commission (‘‘Commission’’) proposed August 29, 2016
exempt any person, security, or rule change SR–FICC–2016–003 I. Introduction
transaction, or any class or classes of pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 On May 9, 2016, Euroclear Bank SA/
persons, securities, or transactions, from NV (‘‘EB’’) filed with the Securities and
any provision of section 12(d)(1) if the (‘‘Act’’) 1 and Rule 19b–4 thereunder.2
The proposed rule change was Exchange Commission (‘‘Commission’’)
exemption is consistent with the public an application on Form CA–1 requesting
interest and the protection of investors. published for comment in the Federal
to modify an existing exemption 1
Section 17(b) of the Act authorizes the Register on July 21, 2016.3 To date, the
(‘‘Existing Exemption’’) from clearing
Commission has not received comments
Commission to grant an order agency registration (‘‘Modification
on the proposed rule change.
permitting a transaction otherwise Application’’) 2 pursuant to Section
Section 19(b)(2) of the Act 4 provides 17A 3 of the Securities Exchange Act of
prohibited by section 17(a) if it finds
that, within 45 days of the publication 1934 (‘‘Exchange Act’’) and Rule
that (a) the terms of the proposed of notice of the filing of a proposed rule
transaction are fair and reasonable and 17Ab2–1 thereunder.4 Subject to certain
change, or within such longer period up limitations and conditions, the Existing
do not involve overreaching on the part to 90 days as the Commission may
of any person concerned; (b) the Exemption enables EB as operator of the
designate if it finds such longer period Euroclear System 5 to perform the
proposed transaction is consistent with to be appropriate and publishes its
the policies of each registered functions of a clearing agency with
reasons for so finding, or as to which the respect to transactions involving certain
investment company involved; and (c) self-regulatory organization consents, U.S. government securities (‘‘U.S.
the proposed transaction is consistent the Commission shall either approve the Government Securities’’) 6 for its U.S.
with the general purposes of the Act. proposed rule change, disapprove the
For the Commission, by the Division of proposed rule change, or institute 6 17 CFR 200.30–3(a)(31).
Investment Management, under delegated proceedings to determine whether the 1 See Self-Regulatory Organizations; Morgan
authority. proposed rule change should be Guaranty Trust Company of New York, Brussels
disapproved. The 45th day after Office, as Operator of the Euroclear System; Order
Robert W. Errett, Approving Application for Exemption From
publication of the notice for this Registration as a Clearing Agency, Exchange Act
Deputy Secretary.
proposed rule change is September 4, Release No. 39643 (Feb. 11, 1998), 63 FR 8232 (Feb.
[FR Doc. 2016–21246 Filed 9–2–16; 8:45 am] 2016. The Commission is extending this 18, 1998) (‘‘Original Exemption Order’’); and Self-
Regulatory Organizations; Morgan Guaranty Trust
BILLING CODE 8011–01–P 45-day time period. Company, Brussels Office, as Operator of the
In order to provide the Commission Euroclear System and Euroclear Bank, S.A.; Order
with sufficient time to consider the Approving Application to Modify an Existing
proposed rule change, the Commission Exemption From Clearing Agency Registration,
Exchange Act Release No. 43775 (Dec. 28, 2000), 66
finds that it is appropriate to designate FR 819 (Jan. 4, 2001) (‘‘2001 Exemption
a longer period within which to take Modification Order’’) (together the Existing
action on the proposed rule change. Exemption).
2 The descriptions set forth in this notice
Accordingly, the Commission, pursuant
regarding the structure and operations of EB have
to section 19(b)(2) of the Act,5 been largely derived from information contained in
designates October 19, 2016 as the date EB’s amended Form CA–1 application and publicly
by which the Commission shall either available sources. The redacted Modification
Application and non-confidential exhibits thereto
approve or disapprove or institute are available on the Commission’s Web site.
3 The requested relief would apply to direct sales
proceedings to determine whether to 3 15 U.S.C. 78q–1.

of shares in Creation Units by a Fund to a Fund of
disapprove the proposed rule change 4 17 CFR 240.17Ab2–1.

(File No. SR–FICC–2016–003). 5 ‘‘Euroclear System’’ means the securities
mstockstill on DSK3G9T082PROD with NOTICES

Funds and redemptions of those shares. Applicants,
moreover, are not seeking relief from section 17(a) settlement system that has been operated by EB or
its predecessor since 1968 and the assets, means,
for, and the requested relief will not apply to, 1 15 U.S.C. 78s(b)(1).
and rights related to such services. All services
transactions where a Fund could be deemed an 2 17 CFR 240.19b–4. performed by EB that relate to securities settlement
Affiliated Person, or a Second-Tier Affiliate, of a 3 Securities Exchange Act Release No. 34–78347
and custody are part of the Euroclear System. See
Fund of Funds because an Adviser or an entity (July 15, 2016), 81 FR 47466 (July 21, 2016) (SR– Modification Application, Exhibit S–1 at 1.
controlling, controlled by or under common control FICC–2016–003). 6 As used herein, the term ‘‘U.S. Government
with an Adviser provides investment advisory 4 15 U.S.C. 78s(b)(2).
Securities’’ has the same meaning as the term
services to that Fund of Funds. 5 Id. Continued

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Document Created: 2018-02-09 12:04:26
Document Modified: 2018-02-09 12:04:26

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		81 FR 61271