82 FR 14394 - Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To (1) Implement the Margin Proxy, (2) Modify the Calculation of the Coverage Charge in Circumstances Where the Margin Proxy Applies, and (3) Make Certain Technical Corrections

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 52 (March 20, 2017)

Page Range		14394-14394
FR Document		2017-05402

Federal Register, Volume 82 Issue 52 (Monday, March 20, 2017)

[Federal Register Volume 82, Number 52 (Monday, March 20, 2017)]
[Notices]
[Page 14394]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-05402]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80235; File No. SR-FICC-2017-001]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change To (1) Implement the Margin Proxy, (2) Modify the 
Calculation of the Coverage Charge in Circumstances Where the Margin 
Proxy Applies, and (3) Make Certain Technical Corrections

March 14, 2017.
    On February 2, 2017, Fixed Income Clearing Corporation (``FICC'') 
filed with the Securities and Exchange Commission (``Commission'') 
proposed rule change SR-FICC-2017-001 (``Proposed Rule Change'') 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ to establish a supplemental 
Value-at-Risk charge (``VaR Charge'') calculation in FICC's Government 
Securities Division (``GSD'') margin model.\3\ The proposed rule change 
was published for comment in the Federal Register on February 9, 
2017.\4\ The Commission received three comment letters to the Proposed 
Rule Change.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ On February 2, 2017, FICC also filed this proposed rule 
change as advance notice SR-FICC-2017-801 (``Advance Notice'') with 
the Commission pursuant to Section 806(e)(1) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act entitled the Payment, 
Clearing, and Settlement Supervision Act of 2010, 12 U.S.C. 
5465(e)(1), and Rule 19b-4(n)(1)(i) of the Act, 17 CFR 240.19b-
4(n)(1)(i). Notice of filing of the Advance Notice was published for 
comment in the Federal Register on March 8, 2017. Securities 
Exchange Act Release No. 80139 (March 2, 2017), 82 FR 13026 (March 
8, 2017) (SR-FICC-2017-801). The Commission shall have until April 
3, 2017 to object or not object to the Advance Notice. The proposal 
in the Proposed Rule Change and the Advance Notice shall not take 
effect until all regulatory actions required with respect to the 
proposal are completed.
    \4\ Securities Exchange Act Release No. 79958 (February 3, 
2017), 82 FR 10117 (February 9, 2017) (SR-FICC-2017-001).
    \5\ See letter from Robert E. Pooler, Chief Financial Officer, 
Ronin Capital LLC (``Ronan''), dated February 24, 2017, to Eduardo 
A. Aleman, Assistant Secretary, Commission (``Ronin Letter''); 
letter from Alan Levy, Managing Director, Industrial and Commercial 
Bank of China Financial Services LLC (``ICBCFS''), dated February 
24, 2017 (``ICBCFS Letter''); and letter from Timothy J. Cuddihy, 
Managing Director, FICC, dated March 8, 2017, to Eduardo A. Aleman, 
Assistant Secretary, Commission (``FICC Letter''), available at 
https://www.sec.gov/comments/sr-ficc-2017-001/ficc2017001.htm. Since 
the proposal contained in the Proposed Rule Change was also filed as 
an Advance Notice, Release No. 80139, supra note 3, the Commission 
is considering all public comments received on the proposal 
regardless of whether the comments are submitted to the Proposed 
Rule Change or the Advance Notice.
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    Section 19(b)(2) of the Act \6\ 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 March 26, 2017. The Commission is extending this 45-day time period.
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    \6\ 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,\7\ designates May 10, 2017 as the date by which 
the Commission shall either approve, disapprove, or institute 
proceedings to determine whether to disapprove proposed rule change SR-
FICC-2017-001.
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    \7\ Id.
    \8\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-05402 Filed 3-17-17; 8:45 am]
 BILLING CODE 8011-01-P

14394 Federal Register / Vol. 82, No. 52 / Monday, March 20, 2017 / Notices

2017.3 The Commission has received no with the Securities and Exchange The Commission is extending this 45-
comment letters on the proposal. Commission (‘‘Commission’’) proposed day time period.
Section 19(b)(2) of the Act 4 provides rule change SR–FICC–2017–001 In order to provide the Commission
that within 45 days of the publication of (‘‘Proposed Rule Change’’) pursuant to with sufficient time to consider the
notice of the filing of a proposed rule Section 19(b)(1) of the Securities Proposed Rule Change, the Commission
change, or within such longer period up Exchange Act of 1934 (‘‘Act’’),1 and finds that it is appropriate to designate
to 90 days as the Commission may Rule 19b–4 thereunder,2 to establish a a longer period within which to take
designate if it finds such longer period supplemental Value-at-Risk charge action on the Proposed Rule Change.
to be appropriate and publishes its (‘‘VaR Charge’’) calculation in FICC’s Accordingly, the Commission, pursuant
reasons for so finding or as to which the Government Securities Division to Section 19(b)(2) of the Act,7
self-regulatory organization consents, (‘‘GSD’’) margin model.3 The proposed designates May 10, 2017 as the date by
the Commission shall either approve the rule change was published for comment which the Commission shall either
proposed rule change, disapprove the in the Federal Register on February 9, approve, disapprove, or institute
proposed rule change, or institute 2017.4 The Commission received three proceedings to determine whether to
proceedings to determine whether the comment letters to the Proposed Rule disapprove proposed rule change SR–
proposed rule change should be Change.5 FICC–2017–001.
disapproved. The 45th day for this filing Section 19(b)(2) of the Act 6 provides
For the Commission, by the Division of
is March 20, 2017. that, within 45 days of the publication Trading and Markets, pursuant to delegated
The Commission is extending the 45- of notice of the filing of a proposed rule authority.8
day time period for Commission action change, or within such longer period up Robert W. Errett,
on the proposed rule change. The to 90 days as the Commission may
Deputy Secretary.
Commission finds that it is appropriate designate if it finds such longer period
to be appropriate and publishes its [FR Doc. 2017–05402 Filed 3–17–17; 8:45 am]
to designate a longer period within
which to take action on the proposed reasons for so finding, or as to which the BILLING CODE 8011–01–P

rule change so that it has sufficient time self-regulatory organization consents,
to consider and take action on the the Commission shall either approve the
proposed rule change, disapprove the SECURITIES AND EXCHANGE
Exchange’s proposed rule change.
proposed rule change, or institute COMMISSION
Accordingly, pursuant to Section
19(b)(2) of the Act 5 and for the reasons proceedings to determine whether the [Release No. 34–80245; File No. 265–29]
stated above, the Commission proposed rule change should be
designates May 4, 2017, as the date by disapproved. The 45th day after Equity Market Structure Advisory
which the Commission should either publication of the notice for this Committee
approve or disapprove, or institute proposed rule change is March 26, 2017.
AGENCY: Securities and Exchange
proceedings to determine whether to Commission.
1 15 U.S.C. 78s(b)(1).
disapprove, the proposed rule change
2 17 CFR 240.19b–4. ACTION: Notice of meeting.
(File No. SR–Phlx–2017–04). 3 On February 2, 2017, FICC also filed this

For the Commission, by the Division of proposed rule change as advance notice SR–FICC– SUMMARY: The Securities and Exchange
Trading and Markets, pursuant to delegated 2017–801 (‘‘Advance Notice’’) with the Commission Commission Equity Market Structure
authority.6 pursuant to Section 806(e)(1) of the Dodd-Frank Advisory Committee is providing notice
Wall Street Reform and Consumer Protection Act
Robert W. Errett, entitled the Payment, Clearing, and Settlement that it will hold a public meeting on
Deputy Secretary. Supervision Act of 2010, 12 U.S.C. 5465(e)(1), and Wednesday, April 5, 2017, in Multi-
[FR Doc. 2017–05406 Filed 3–17–17; 8:45 am] Rule 19b–4(n)(1)(i) of the Act, 17 CFR 240.19b– Purpose Room LL–006 at the
4(n)(1)(i). Notice of filing of the Advance Notice
BILLING CODE 8011–01–P was published for comment in the Federal Register
Commission’s headquarters, 100 F
on March 8, 2017. Securities Exchange Act Release Street NE., Washington, DC. The
No. 80139 (March 2, 2017), 82 FR 13026 (March 8, meeting will begin at 9:30 a.m. (EDT)
SECURITIES AND EXCHANGE 2017) (SR–FICC–2017–801). The Commission shall and will be open to the public. The
have until April 3, 2017 to object or not object to
COMMISSION the Advance Notice. The proposal in the Proposed
public portions of the meeting will be
Rule Change and the Advance Notice shall not take webcast on the Commission’s Web site
[Release No. 34–80235; File No. SR–FICC–
2017–001]
effect until all regulatory actions required with at www.sec.gov. Persons needing special
respect to the proposal are completed. accommodations to take part because of
4 Securities Exchange Act Release No. 79958
Self-Regulatory Organizations; Fixed (February 3, 2017), 82 FR 10117 (February 9, 2017)
a disability should notify the contact
Income Clearing Corporation; Notice of (SR–FICC–2017–001). person listed below. The public is
Designation of Longer Period for 5 See letter from Robert E. Pooler, Chief Financial invited to submit written statements to
Commission Action on Proposed Rule Officer, Ronin Capital LLC (‘‘Ronan’’), dated the Committee. The meeting will focus
February 24, 2017, to Eduardo A. Aleman, Assistant on potential recommendations and
Change To (1) Implement the Margin Secretary, Commission (‘‘Ronin Letter’’); letter from
Proxy, (2) Modify the Calculation of the Alan Levy, Managing Director, Industrial and updates from the four subcommittees.
Coverage Charge in Circumstances Commercial Bank of China Financial Services LLC DATES: The public meeting will be held
Where the Margin Proxy Applies, and (‘‘ICBCFS’’), dated February 24, 2017 (‘‘ICBCFS on Wednesday, April 5, 2017. Written
Letter’’); and letter from Timothy J. Cuddihy,
(3) Make Certain Technical Corrections Managing Director, FICC, dated March 8, 2017, to statements should be received on or
Eduardo A. Aleman, Assistant Secretary, before March 29, 2017.
March 14, 2017. Commission (‘‘FICC Letter’’), available at https://
sradovich on DSK3GMQ082PROD with NOTICES

ADDRESSES: The meeting will be held at
On February 2, 2017, Fixed Income www.sec.gov/comments/sr-ficc-2017-001/
Clearing Corporation (‘‘FICC’’) filed ficc2017001.htm. Since the proposal contained in the Commission’s headquarters, 100 F
the Proposed Rule Change was also filed as an Street NE., Washington, DC. Written
Advance Notice, Release No. 80139, supra note 3, statements may be submitted by any of
3 See Securities Exchange Act Release No. 79894
the Commission is considering all public comments
(January 30, 2017), 82 FR 9259. received on the proposal regardless of whether the
the following methods:
4 15 U.S.C. 78s(b)(2).
comments are submitted to the Proposed Rule
5 15 U.S.C. 78s(b)(2). Change or the Advance Notice. 7 Id.
6 17 CFR 200.30–3(a)(31). 6 15 U.S.C. 78s(b)(2). 8 17 CFR 200.30–3(a)(31).

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Document Created: 2017-03-18 01:11:27
Document Modified: 2017-03-18 01:11:27

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		82 FR 14394