82 FR 27093 - Self-Regulatory Organizations; The Depository Trust Company; National Securities Clearing Corporation; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Changes, as Modified by Amendments No. 1, To Adopt the Clearing Agency Policy on Capital Requirements and the Clearing Agency Capital Replenishment Plan

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 112 (June 13, 2017)

Page Range		27093-27094
FR Document		2017-12155

Federal Register, Volume 82 Issue 112 (Tuesday, June 13, 2017)

[Federal Register Volume 82, Number 112 (Tuesday, June 13, 2017)]
[Notices]
[Pages 27093-27094]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-12155]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80878; File Nos. SR-DTC-2017-003, SR-NSCC-2017-004, SR-
FICC-2017-007]


Self-Regulatory Organizations; The Depository Trust Company; 
National Securities Clearing Corporation; Fixed Income Clearing 
Corporation; Notice of Designation of Longer Period for Commission 
Action on Proposed Rule Changes, as Modified by Amendments No. 1, To 
Adopt the Clearing Agency Policy on Capital Requirements and the 
Clearing Agency Capital Replenishment Plan

June 7, 2017.
    On April 6, 2017, The Depository Trust Company (``DTC''), National 
Securities Clearing Corporation (``NSCC''), and Fixed Income Clearing

[[Page 27094]]

Corporation (``FICC,'' and together with DTC and NSCC, the ``Clearing 
Agencies''), filed with the Securities and Exchange Commission 
(``Commission'') proposed rule changes SR-DTC-2017-003, SR-NSCC-2017-
004, SR-FICC-2017-007, respectively, pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder.\2\ On April 13, 2017, the Clearing Agencies filed 
Amendments No. 1 to the proposed rule changes, which made technical 
corrections to the page numbers and the Table of Contents in the 
Exhibit 5s. The proposed rule changes, as modified by Amendments No. 1 
(hereinafter, ``Proposed Rule Changes''), were published for comment in 
the Federal Register on April 25, 2017.\3\ The Commission did not 
receive any comments on the Proposed Rule Changes.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 80491 (April 19, 2017), 
82 FR 19127 (April 25, 2017) (SR-DTC-2017-003, SR-NSCC-2017-004, SR-
FICC-2017-007).
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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 the Proposed Rule Changes 
is June 9, 2017.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the Proposed Rule Changes. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the Proposed Rule Changes so that it has sufficient time to consider 
and take action on the Proposed Rule Changes.
    Accordingly, pursuant to Section 19(b)(2) of the Act \5\ and for 
the reasons stated above, the Commission designates July 24, 2017 as 
the date by which the Commission shall either approve, disapprove, or 
institute proceedings to determine whether to disapprove proposed rule 
changes SR-DTC-2017-003, SR-NSCC-2017-004, and SR-FICC-2017-007.
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    \5\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).

    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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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-12155 Filed 6-12-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 112 / Tuesday, June 13, 2017 / Notices 27093

term expiration months) or a total of as the Rules apply equally to all Commission process and review your
seven expiration months (one long term Exchange Members. comments more efficiently, please use
expiration month plus six additional only one method. The Commission will
C. Self-Regulatory Organization’s
long-term expiration months), and thus post all comments on the Commission’s
Statement on Comments on the
is ambiguous. Accordingly, for clarity, Internet Web site (http://www.sec.gov/
Proposed Rule Change Received From
the Exchange proposes to delete the rules/sro.shtml). Copies of the
Members, Participants, or Others
word ‘‘additional’’ from Rule 406(a). As submission, all subsequent
amended, the rule would clearly and Written comments were neither amendments, all written statements
simply provide that the Exchange may solicited nor received. with respect to the proposed rule
list up to six long-term expiration III. Date of Effectiveness of the change that are filed with the
months (i.e., that expire from twelve up Proposed Rule Change and Timing for Commission, and all written
to thirty-nine months from the time they Commission Action communications relating to the
are listed). proposed rule change between the
Because the foregoing proposed rule Commission and any person, other than
Finally, in order to further clarify the change does not: (i) Significantly affect
Rule, the Exchange is proposing to those that may be withheld from the
the protection of investors or the public public in accordance with the
amend Rule 406(a) to state that there interest; (ii) impose any significant
may be up to six (6) long-term provisions of 5 U.S.C. 552, will be
burden on competition; and (iii) become available for Web site viewing and
expiration months per option class. operative for 30 days from the date on
Thus, there is no limit to the number of printing in the Commission’s Public
which it was filed, or such shorter time Reference Room, 100 F Street NE.,
option classes for which the Exchange as the Commission may designate, it has
could list options with long-term Washington, DC 20549, on official
become effective pursuant to Section business days between the hours of
expiration months; the rule will now 19(b)(3)(A) of the Act 5 and
clearly state that there may be up to six 10:00 a.m. and 3:00 p.m. Copies of the
subparagraph (f)(6) of Rule 19b–4 filing also will be available for
long-term expiration months per class, thereunder.6
i.e., for any class(es) in which the inspection and copying at the principal
At any time within 60 days of the office of the Exchange. All comments
Exchange determines to list options filing of the proposed rule change, the
with long-term expiration months. received will be posted without change;
Commission summarily may the Commission does not edit personal
2. Statutory Basis temporarily suspend such rule change if identifying information from
it appears to the Commission that such submissions. You should submit only
MIAX believes that its proposed rule action is necessary or appropriate in the
change is consistent with Section 6(b) of information that you wish to make
public interest, for the protection of available publicly. All submissions
the Act 3 in general, and furthers the investors, or otherwise in furtherance of
objectives of Section 6(b)(5) of the Act 4 should refer to File No. SR–MIAX–
the purposes of the Act. 2017–27, and should be submitted on or
in particular, in that it is designed to
prevent fraudulent and manipulative IV. Solicitation of Comments before July 5, 2017.
acts and practices, to promote just and Interested persons are invited to For the Commission, by the Division of
equitable principles of trade, to foster submit written data, views, and Trading and Markets, pursuant to delegated
cooperation and coordination with authority.7
arguments concerning the foregoing,
persons engaged in facilitating including whether the proposed rule Eduardo A. Aleman,
transactions in securities, to remove change is consistent with the Act. Assistant Secretary.
impediments to and perfect the Comments may be submitted by any of [FR Doc. 2017–12151 Filed 6–12–17; 8:45 am]
mechanisms of a free and open market the following methods: BILLING CODE 8011–01–P
and a national market system and, in
Electronic Comments
general, to protect investors and the
public interest, by clarifying rule • Use the Commission’s Internet SECURITIES AND EXCHANGE
language associated with permitted comment form (http://www.sec.gov/ COMMISSION
listings of long term options on the rules/sro.shtml); or [Release No. 34–80878; File Nos. SR–DTC–
Exchange. • Send an email to rule-comments@ 2017–003, SR–NSCC–2017–004, SR–FICC–
sec.gov. Please include File No. SR– 2017–007]
B. Self-Regulatory Organization’s MIAX–2017–27 on the subject line.
Statement on Burden on Competition Self-Regulatory Organizations; The
Paper Comments
The Exchange does not believe that Depository Trust Company; National
• Send paper comments in triplicate Securities Clearing Corporation; Fixed
the proposed rule change will impose
to Secretary, Securities and Exchange Income Clearing Corporation; Notice of
any burden on competition that is not
Commission, 100 F Street NE., Designation of Longer Period for
necessary or appropriate in furtherance
Washington, DC 20549–1090. Commission Action on Proposed Rule
of the purposes of the Act. The
proposed rule change will have no All submissions should refer to File No. Changes, as Modified by Amendments
impact on competition as it is not SR–MIAX–2017–27. This file number No. 1, To Adopt the Clearing Agency
designed to address any competitive should be included on the subject line Policy on Capital Requirements and
issues but rather to add additional if email is used. To help the the Clearing Agency Capital
clarity to, and remedy possible conflicts Replenishment Plan
nlaroche on DSK30NT082PROD with NOTICES

5 15 U.S.C. 78s(b)(3)(A).
in, the Exchange’s Rules. 6 17 June 7, 2017.
CFR 240.19b–4(f)(6). In addition, Rule 19b–
The Exchange does not believe that 4(f)(6) requires a self-regulatory organization to give On April 6, 2017, The Depository
the proposed rule changes will impose the Commission written notice of its intent to file Trust Company (‘‘DTC’’), National
any burden on intermarket competition the proposed rule change at least five business days Securities Clearing Corporation
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the (‘‘NSCC’’), and Fixed Income Clearing
3 15 U.S.C. 78f(b). Commission. The Exchange has satisfied this
4 15 U.S.C. 78f(b)(5). requirement. 7 17 CFR 200.30–3(a)(12).

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27094 Federal Register / Vol. 82, No. 112 / Tuesday, June 13, 2017 / Notices

Corporation (‘‘FICC,’’ and together with For the Commission, by the Division of self-regulatory organization consents,
DTC and NSCC, the ‘‘Clearing Trading and Markets, pursuant to delegated the Commission shall either approve the
Agencies’’), filed with the Securities and authority.6 proposed rule change, disapprove the
Exchange Commission (‘‘Commission’’) Eduardo A. Aleman, proposed rule change, or institute
proposed rule changes SR–DTC–2017– Assistant Secretary. proceedings to determine whether the
003, SR–NSCC–2017–004, SR–FICC– [FR Doc. 2017–12155 Filed 6–12–17; 8:45 am] proposed rule change should be
2017–007, respectively, pursuant to BILLING CODE 8011–01–P disapproved. The 45th day after
Section 19(b)(1) of the Securities publication of the notice for the
Exchange Act of 1934 (‘‘Act’’) 1 and Rule Proposed Rule Changes is June 9, 2017.
19b–4 thereunder.2 On April 13, 2017, SECURITIES AND EXCHANGE The Commission is extending the 45-
the Clearing Agencies filed COMMISSION day time period for Commission action
Amendments No. 1 to the proposed rule [Release No. 34–80877; File Nos. SR–DTC– on the Proposed Rule Changes. The
changes, which made technical 2017–004; SR–NSCC–2017–005; SR–FICC– Commission finds that it is appropriate
corrections to the page numbers and the 2017–008] to designate a longer period within
Table of Contents in the Exhibit 5s. The which to take action on the Proposed
proposed rule changes, as modified by Self-Regulatory Organizations; The Rule Changes so that it has sufficient
Amendments No. 1 (hereinafter, Depository Trust Company; National time to consider and take action on the
‘‘Proposed Rule Changes’’), were Securities Clearing Corporation; Fixed Proposed Rule Changes.
published for comment in the Federal Income Clearing Corporation; Notice of Accordingly, pursuant to Section
Register on April 25, 2017.3 The Designation of Longer Period for 19(b)(2) of the Act 5 and for the reasons
Commission did not receive any Commission Action on Proposed Rule stated above, the Commission
comments on the Proposed Rule Changes, as Modified by Amendments designates July 24, 2017 as the date by
Changes. No. 1, To Adopt the Clearing Agency which the Commission shall either
Liquidity Risk Management Framework approve, disapprove, or institute
Section 19(b)(2) of the Act 4 provides
June 7, 2017. proceedings to determine whether to
that within 45 days of the publication of
On April 6, 2017, The Depository disapprove proposed rule changes SR–
notice of the filing of a proposed rule
Trust Company (‘‘DTC’’), National DTC–2017–004, SR–NSCC–2017–005,
change, or within such longer period up
Securities Clearing Corporation and SR–FICC–2017–008.
to 90 days as the Commission may
designate if it finds such longer period (‘‘NSCC’’), and Fixed Income Clearing For the Commission, by the Division of
to be appropriate and publishes its Corporation (‘‘FICC,’’ and together with Trading and Markets, pursuant to delegated
reasons for so finding or as to which the DTC and NSCC, the ‘‘Clearing authority.6
self-regulatory organization consents, Agencies’’), filed with the Securities and Eduardo A. Aleman,
the Commission shall either approve the Exchange Commission (‘‘Commission’’) Assistant Secretary.
proposed rule change, disapprove the proposed rule changes SR–DTC–2017– [FR Doc. 2017–12154 Filed 6–12–17; 8:45 am]
proposed rule change, or institute 004, SR–NSCC–2017–005, SR–FICC– BILLING CODE 8011–01–P
proceedings to determine whether the 2017–008, respectively, pursuant to
proposed rule change should be Section 19(b)(1) of the Securities
disapproved. The 45th day after Exchange Act of 1934 (‘‘Act’’) 1 and Rule SECURITIES AND EXCHANGE
publication of the notice for the 19b–4 thereunder.2 On April 13, 2017, COMMISSION
Proposed Rule Changes is June 9, 2017. the Clearing Agencies filed
Amendments No. 1 to the proposed rule [Release No. 34–80873; File No. SR–ISE–
The Commission is extending the 45- 2017–51]
day time period for Commission action changes, which made technical
on the Proposed Rule Changes. The corrections to the page numbers and the Self-Regulatory Organizations; Nasdaq
Commission finds that it is appropriate Table of Contents in the Exhibit 5s. The ISE, LLC; Notice of Filing and
to designate a longer period within proposed rule changes, as modified by Immediate Effectiveness of Proposed
which to take action on the Proposed Amendments No. 1 (hereinafter, Rule Change To Remove Chapter 21
Rule Changes so that it has sufficient ‘‘Proposed Rule Changes’’), were From the ISE Rulebook
time to consider and take action on the published for comment in the Federal
Proposed Rule Changes. Register on April 25, 2017.3 The June 7, 2017.
Commission did not receive any Pursuant to Section 19(b)(1) of the
Accordingly, pursuant to Section comments on the Proposed Rule Securities Exchange Act of 1934
19(b)(2) of the Act 5 and for the reasons Changes. (‘‘Act’’),1 and Rule 19b–4 thereunder,2
stated above, the Commission Section 19(b)(2) of the Act 4 provides notice is hereby given that on June 5,
designates July 24, 2017 as the date by that within 45 days of the publication of 2017, Nasdaq ISE, LLC (‘‘ISE’’ or
which the Commission shall either notice of the filing of a proposed rule ‘‘Exchange’’) filed with the Securities
approve, disapprove, or institute change, or within such longer period up and Exchange Commission (‘‘SEC’’ or
proceedings to determine whether to to 90 days as the Commission may ‘‘Commission’’) the proposed rule
disapprove proposed rule changes SR– designate if it finds such longer period change as described in Items I, II, and
DTC–2017–003, SR–NSCC–2017–004, to be appropriate and publishes its III, below, which Items have been
and SR–FICC–2017–007. reasons for so finding or as to which the prepared by the Exchange. The
Commission is publishing this notice to
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1 15 U.S.C. 78s(b)(1). 6 17 CFR 200.30–3(a)(31). solicit comments on the proposed rule
2 17 CFR 240.19b–4. 1 15 U.S.C. 78s(b)(1).
3 Securities Exchange Act Release No. 80491 2 17 CFR 240.19b–4.
change from interested persons.
(April 19, 2017), 82 FR 19127 (April 25, 2017) (SR– 3 Securities Exchange Act Release No. 80489
5 15 U.S.C. 78s(b)(2).
DTC–2017–003, SR–NSCC–2017–004, SR–FICC– (April 19, 2017), 82 FR 19120 (April 25, 2017) (SR–
2017–007). DTC–2017–004, SR–NSCC–2017–005, SR–FICC– 6 17 CFR 200.30–3(a)(31).
4 15 U.S.C. 78s(b)(2). 2017–008). 1 15 U.S.C. 78s(b)(1).
5 15 U.S.C. 78s(b)(2)(A)(ii)(I). 4 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4.

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Document Created: 2017-06-13 00:22:18
Document Modified: 2017-06-13 00:22:18

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 27093