82 FR 31384 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Further Describe and Codify Existing Practices Relating to the Bond Haircut
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 128 (July 6, 2017)
Federal Register Volume 82, Issue 128 (July 6, 2017)
| Page Range | 31384-31386 | |
| FR Document | 2017-14141 |
[Federal Register Volume 82, Number 128 (Thursday, July 6, 2017)] [Notices] [Pages 31384-31386] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-14141] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81044; File No. SR-NSCC-2017-009] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Further Describe and Codify Existing Practices Relating to the Bond Haircut June 29, 2017. Pursuant toSection 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 23, 2017, National Securities Clearing Corporation (``NSCC'') 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 the clearing agency. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \73\ 17 CFR 200.30-3(a)(12). \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change consists of amendments to NSCC's Rules & Procedures (``Rules'') \3\ in order to (1) provide additional transparency in the Rules with respect to the existing methodology for calculating margin on Members' Net Unsettled Positions and Net Balance Order Unsettled Positions (for purposes of this filing, referred to collectively herein as ``Net Unsettled Positions'') in corporate and municipal bonds (``Bond Haircut''), which are excluded from the parametric volatility component of the margin calculation (``VaR Charge''); and (2) codify NSCC's existing practice of applying the Bond Haircut to all corporate and municipal bonds without discretion, as described below. --------------------------------------------------------------------------- \3\ Terms not defined herein are defined in the Rules, available at www.dtcc.com/~/media/Files/Downloads/legal/rules/nscc_rules.pdf. --------------------------------------------------------------------------- II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the clearing agency 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. The clearing agency 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 Proposal Overview The proposed rule change would provide additional transparency in the Rules with respect to the calculation and the application of the Bond Haircut. NSCC currently excludes Net Unsettled Positions in corporate and municipal bonds from its parametric VaR calculation and instead charges a Bond Haircut, which is calculated by multiplying the absolute value of the Net Unsettled Positions in each security by a percentage that is no less than two percent. NSCC is proposing to enhance the description of the Bond Haircut in Procedure XV to provide more detail regarding the determination of the applied percentage, and to codify NSCC's existing practice of applying the Bond Haircut to all corporate and municipal bonds without discretion. The Required Deposit and the Bond Haircut A primary objective of NSCC's Clearing Fund is to have on deposit from each applicable Member assets sufficient to satisfy losses that may otherwise be incurred by NSCC as the result of the default of the Member and the resultant close out of that Member's unsettled positions under NSCC's trade guaranty. Each Member's Clearing Fund required deposit is calculated daily pursuant to a formula set forth in Procedure XV of the Rules designed to provide sufficient funds to cover this risk of loss. The Clearing Fund formula accounts for a variety of risk factors through the application of a number of charges, each described in Procedure XV. The VaR Charge is a core component of this formula and is designed to calculate the amount of money that may be lost on a portfolio over a given period of time assumed necessary to liquidate [[Page 31385]] the portfolio, within a given level of confidence. Pursuant to Procedure XV, NSCC may currently exclude from this calculation Net Unsettled Positions in classes of securities whose volatility is amenable to generally accepted statistical analysis only in a complex manner, including corporate and municipal bonds. NSCC believes the Bond Haircut is a more appropriate measure of the risk presented to NSCC by its Members' positions in corporate and municipal bonds than the VaR Charge because the volatility of these securities is generally amenable to statistical analysis only in a complex manner. Because NSCC believes the Bond Haircut is more effective in capturing the risks presented by corporate and municipal bonds, in addition to adding more detail to Procedure XV regarding the calculation of the Bond Haircut, NSCC is also proposing to codify its existing practice by removing reference to discretion in application of the Bond Haircut to these securities. a. Corporate Bonds In order to calculate the Bond Haircut for positions in corporate bonds, NSCC first categorizes corporate bonds into security groups according to the bonds' remaining time to maturity and credit rating. NSCC then aligns each security group against a Merrill Lynch bond index.\4\ Each bond index is chosen to provide a valuation proxy for computing the appropriate margin for securities categorized into that group. NSCC calculates a haircut rate applicable to each security group based on historical returns of the aligned Merrill Lynch bond index in the specified look-back period and a predetermined calibration percentile. NSCC is proposing to clarify in Procedure XV that the look- back period shall be no shorter than 10 years. Currently, the look-back period is from 1995 to present day.\5\ The haircut rate for each security group is recalculated periodically, based on a predetermined frequency. While NSCC is proposing to clarify in Procedure XV that such recalculation shall occur at least annually, currently the recalculation is performed on a daily basis.\6\ --------------------------------------------------------------------------- \4\ Bond indices are widely used to measure the risk of particular classes of corporate bonds. By aligning each security group to a Merrill Lynch bond index, NSCC is able to use widely accepted historical pricing information as a valuation proxy for each security group to correlate with the actual risk coverage for the particular attributes of the bonds. Using these reliable pricing proxies permits NSCC to conduct loss estimation associated with clearing these securities in a less complex statistical manner, while achieving the desired coverage target. \5\ NSCC regularly reviews whether its margining methodology is achieving the desired risk mitigation objectives. In connection with such review, NSCC has determined to make technical enhancements to the calculation of the Bond Haircut as applied to positions in corporate bonds, including an adjustment to this look-back period. Such enhancements shall be proposed pursuant to a separate advance notice filing, to be filed pursuant to Section 806(e)(1) of the Payment, Clearing, and Settlement Supervision Act of 2010. 12 U.S.C. 5465(e)(1). \6\ NSCC has also determined that the frequency of re- calibration of the haircut rates should be adjusted, and will propose to change this frequency pursuant to an advance notice filing. Id. --------------------------------------------------------------------------- Further, NSCC determines the appropriate specified look-back period and predetermined calibration percentile, which shall not be less than 99 percent, in order to account for the particularized risk characteristics of corporate bonds, including market, liquidity and idiosyncratic risk (i.e., the volatility of a particular issue compared to the volatility of the index). b. Municipal Bonds The Bond Haircut for positions in municipal bonds is calculated at the CUSIP level. In order to account for price and valuation volatility, NSCC has set a tenor-based haircut schedule that applies according to the remaining time to maturity for separate categories of municipal bonds. Currently, NSCC applies this schedule to six separate categories of municipal bonds. For municipal bonds rated BBB+ or lower and for non-rated bonds, an additional factor is applied based on the applicable municipal sector. If a municipal bond is not mapped to any particular sector, the highest numerical municipal factor is applied to positions in that bond. NSCC reviews and re-assigns, as necessary, the risk factors assigned to each municipal sector no less frequently than annually. This additional factor is added to lower rated municipal bonds because variable risk factors exist between municipal sectors. In addition to the risk associated with time-to-maturity, municipal bonds may also pose credit risk depending upon the bonds' assigned credit rating. The added sector-based factor, applicable to lower-rated municipal bonds, is designed to compensate for this additional credit risk. Therefore, NSCC believes the Bond Haircut as applied to municipal bonds is also an appropriate measure for the risk presented by these positions. Proposed Changes to Procedure XV In order to make the proposed changes, NSCC would exclude Net Unsettled Positions in corporate and municipal bonds from Procedure XV, Sections I.(A)(1)(a)(ii) and (2)(a)(ii). These Sections of Procedure XV would continue to provide NSCC with discretion to exclude certain securities, as described therein and other than corporate and municipal bonds, from its VaR margin calculation and instead apply a haircut- based margin charge. NSCC would add new Sections I.(A)(1)(a)(iii) and (2)(a)(iii) to Procedure XV to include more transparency around the determination of the Bond Haircut and to make clear that the Bond Haircut shall apply to all Net Unsettled Positions in corporate and municipal bonds, in lieu of a VaR Charge, and would not be subject to NSCC's discretion. 2. Statutory Basis Section 17A(b)(3)(F) of the Act, requires, in part, that the Rules promote the prompt and accurate clearance and settlement of securities transactions.\7\ The proposed rule change with respect to the Bond Haircut would provide additional transparency in the Rules regarding the calculation and application of the Bond Haircut, and would codify NSCC's practice to apply the Bond Haircut to all positions in corporate and municipal bonds without discretion. The proposed changes would ensure that the Rules remain transparent, accurate and clear, which would enable all stakeholders to readily understand their rights and obligations in connection with NSCC's clearance and settlement of securities transactions. Therefore, NSCC believes that the proposed rule changes would promote the prompt and accurate clearance and settlement of securities transactions, consistent with Section 17A(b)(3)(F) of the Act.\8\ --------------------------------------------------------------------------- \7\ 15 U.S.C. 78q-1(b)(3)(F). \8\ Id. --------------------------------------------------------------------------- Rule 17Ad-22(e)(23)(i) under the Act requires, in part, that NSCC establish, implement, maintain and enforce written policies and procedures reasonably designed to provide for publicly disclosing all relevant rules and material procedures.\9\ Rule 17Ad-22(e)(23)(ii) under the Act requires, in part, that NSCC establish, implement, maintain and enforce written policies and procedures reasonably designed to provide sufficient information to enable participants to identify and evaluate the risks, fees, and other material costs they incur by participating in NSCC.\10\ The proposed rule change enhances the transparency in the Rules regarding the calculation and application of the Bond Haircut and codifies NSCC's practice to apply the Bond Haircut to all positions in corporate and municipal bonds without discretion. In this way, the [[Page 31386]] proposed rule change provides for the public disclosure, through the new Procedure XV, Sections I.(A)(1)(a)(iii) and (2)(a)(iii) of the Rules, of the rules and procedures through which NSCC calculates and applies the Bond Haircut. The proposed rule change would allow NSCC to further provide its participants with sufficient information regarding the Bond Haircut to enable those participants to identify and evaluate the risks and material costs associated with the calculation and application of the Bond Haircut, which are incurred through their participation in NSCC. As such, NSCC believes the proposed rule change is consistent with Rule 17Ad-22(e)(23)(i) and (ii) under the Act.\11\ --------------------------------------------------------------------------- \9\ 17 CFR 240.17Ad-22(e)(23)(i). \10\ 17 CFR 240.17Ad-22(e)(23)(ii). \11\ 17 CFR 240.17Ad-22(e)(23)(i), (ii). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition NSCC does not believe that the proposed rule change would impact competition.\12\ The proposed rule change would increase transparency of the Rules by codifying NSCC's current practice with respect to the assessment and imposition of the Bond Haircut. As such, NSCC believes that the proposed rule change would not impact Members or have any impact on competition. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78q-1(b)(3)(I). --------------------------------------------------------------------------- (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others NSCC has not received any written comments relating to this proposal. NSCC will notify the Commission of any written comments it receives. III. Date of Effectiveness of the Proposed Rule Change, and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and paragraph (f) 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-NSCC-2017-009 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. All submissions should refer to File Number SR-NSCC-2017-009. 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. 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 Room, 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 the filing also will be available for inspection and copying at the principal office of NSCC and on DTCC's Web site (http://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-NSCC-2017-009 and should be submitted on or before July 27, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ Jill M. Peterson, Assistant Secretary. --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2017-14141 Filed 7-5-17; 8:45 am] BILLING CODE 8011-01-P
![31384 Federal Register / Vol. 82, No. 128 / Thursday, July 6, 2017 / Notices
that could be cleared and settled at For the Commission, by the Division of II. Clearing Agency’s Statement of the
MBSD, and it would remove the size Trading and Markets, pursuant to delegated Purpose of, and Statutory Basis for, the
restrictions with respect to SBO- authority.73 Proposed Rule Change
Destined Trades. Jill M. Peterson, In its filing with the Commission, the
With these changes, which were Assistant Secretary. clearing agency included statements
developed in consideration of the [FR Doc. 2017–14142 Filed 7–5–17; 8:45 am] concerning the purpose of and basis for
feedback received from MBSD Clearing BILLING CODE 8011–01–P the proposed rule change and discussed
Members,69 FICC could provide a more any comments it received on the
efficient and effective operational proposed rule change. The text of these
processes in connection with the SECURITIES AND EXCHANGE statements may be examined at the
COMMISSION places specified in Item IV below. The
clearance and settlement of MBS trades,
clearing agency has prepared
expand the scope of products cleared
[Release No. 34–81044; File No. SR–NSCC– summaries, set forth in sections A, B,
and settled by MBSD, and enable and C below, of the most significant
Clearing Members to submit such trades 2017–009]
aspects of such statements.
in any size. Therefore, the Commission
Self-Regulatory Organizations; (A) Clearing Agency’s Statement of the
believes that the Proposed Rule Change
National Securities Clearing Purpose of, and Statutory Basis for, the
is designed to help FICC be more
Corporation; Notice of Filing and Proposed Rule Change
efficient and effective in meeting the
Immediate Effectiveness of a Proposed
requirements of its participants and the Rule Change To Further Describe and 1. Purpose
markets it serves, and in providing Codify Existing Practices Relating to Proposal Overview
clearing and settlement arrangements, the Bond Haircut
operating structure, and scope of The proposed rule change would
products cleared or settled, which is June 29, 2017. provide additional transparency in the
consistent with Rule 17Ad–22(e)(21). Rules with respect to the calculation
Pursuant toSection 19(b)(1) of the and the application of the Bond Haircut.
V. Conclusion Securities Exchange Act of 1934 NSCC currently excludes Net Unsettled
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Positions in corporate and municipal
On the basis of the foregoing, the notice is hereby given that on June 23, bonds from its parametric VaR
Commission finds that the Proposed 2017, National Securities Clearing calculation and instead charges a Bond
Rule Change is consistent with the Corporation (‘‘NSCC’’) filed with the Haircut, which is calculated by
requirements of the Act and in Securities and Exchange Commission multiplying the absolute value of the
particular with the requirements of (‘‘Commission’’) the proposed rule Net Unsettled Positions in each security
Section 17A of the Act 70 and the rules change as described in Items I, II and III by a percentage that is no less than two
and regulations promulgated below, which Items have been prepared percent.
thereunder. by the clearing agency. The Commission NSCC is proposing to enhance the
is publishing this notice to solicit description of the Bond Haircut in
It is therefore ordered, pursuant to comments on the proposed rule change Procedure XV to provide more detail
Section 19(b)(2) of the Act 71 that from interested persons. regarding the determination of the
proposed rule change SR–FICC–2017– applied percentage, and to codify
012 be, and hereby is, approved.72 I. Clearing Agency’s Statement of the
NSCC’s existing practice of applying the
Terms of Substance of the Proposed
Bond Haircut to all corporate and
Rule Change
municipal bonds without discretion.
69 FICC describes in Item 7 of its Form 19b–4
responses the extent to which the proposed changes The proposed rule change consists of The Required Deposit and the Bond
were informed by feedback from its Clearing amendments to NSCC’s Rules & Haircut
Members and various working groups over Procedures (‘‘Rules’’) 3 in order to (1)
A primary objective of NSCC’s
numerous years. Available at http://www.dtcc.com/ provide additional transparency in the
legal/sec-rule-filings. Specifically, FICC states that Clearing Fund is to have on deposit
Rules with respect to the existing
in 2015, 92 Clearing Member representatives from each applicable Member assets
methodology for calculating margin on
participated in forums held in June, and 157 sufficient to satisfy losses that may
Members’ Net Unsettled Positions and
representatives participated in forums in September otherwise be incurred by NSCC as the
Net Balance Order Unsettled Positions
and October. Id. FICC states that in 2016, 139 result of the default of the Member and
representatives participated in forums held in (for purposes of this filing, referred to
the resultant close out of that Member’s
March, 241 representatives participated in forums collectively herein as ‘‘Net Unsettled
unsettled positions under NSCC’s trade
held in August, and 121 participated in forums held Positions’’) in corporate and municipal
guaranty. Each Member’s Clearing Fund
in December. Id. Additionally, FICC states that it bonds (‘‘Bond Haircut’’), which are
held a number of conference calls with individual required deposit is calculated daily
excluded from the parametric volatility
Clearing Members to address questions and pursuant to a formula set forth in
component of the margin calculation
concerns on the subject. Id. Moreover, FICC Procedure XV of the Rules designed to
(‘‘VaR Charge’’); and (2) codify NSCC’s
explains that the Proposed Rule Change was even provide sufficient funds to cover this
the subject of a prior rule filing with the existing practice of applying the Bond
risk of loss. The Clearing Fund formula
Commission to fund the proposed changes. Id. See Haircut to all corporate and municipal
accounts for a variety of risk factors
also Exchange Act Release No. 74033 (January 12, bonds without discretion, as described
sradovich on DSK3GMQ082PROD with NOTICES
through the application of a number of
2015), 80 FR 2452 (January 16, 2015) (SR–FICC– below.
2014–12). charges, each described in Procedure
70 15 U.S.C. 78q–1.
73 17
XV.
CFR 200.30–3(a)(12). The VaR Charge is a core component
71 15 U.S.C. 78s(b)(2). 1 15
U.S.C. 78s(b)(1).
72 In approving the proposed rule change, the 2 17 CFR 240.19b–4.
of this formula and is designed to
Commission considered the proposals’ impact on 3 Terms not defined herein are defined in the calculate the amount of money that may
efficiency, competition, and capital formation. 15 Rules, available at www.dtcc.com/∼/media/Files/ be lost on a portfolio over a given period
U.S.C. 78c(f). Downloads/legal/rules/nscc_rules.pdf. of time assumed necessary to liquidate
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![31386 Federal Register / Vol. 82, No. 128 / Thursday, July 6, 2017 / Notices
proposed rule change provides for the Electronic Comments DEPARTMENT OF STATE
public disclosure, through the new
Procedure XV, Sections I.(A)(1)(a)(iii) • Use the Commission’s Internet [Public Notice 10050]
and (2)(a)(iii) of the Rules, of the rules comment form (http://www.sec.gov/
60-Day Notice of Proposed Information
and procedures through which NSCC rules/sro.shtml); or
Collection: Individual, Corporate or
calculates and applies the Bond Haircut. • Send an email to rule-comments@ Foundation, and Government Donor
The proposed rule change would allow sec.gov. Please include File Number SR– Letter Applications
NSCC to further provide its participants NSCC–2017–009 on the subject line.
with sufficient information regarding Notice of request for public
ACTION:
the Bond Haircut to enable those Paper Comments comment.
participants to identify and evaluate the
• Send paper comments in triplicate SUMMARY: The Department of State is
risks and material costs associated with
to Secretary, Securities and Exchange seeking Office of Management and
the calculation and application of the
Bond Haircut, which are incurred Commission, 100 F Street NE., Budget (OMB) approval for the
through their participation in NSCC. As Washington, DC 20549. information collection described below.
such, NSCC believes the proposed rule In accordance with the Paperwork
All submissions should refer to File Reduction Act of 1995, we are
change is consistent with Rule 17Ad– Number SR–NSCC–2017–009. This file
22(e)(23)(i) and (ii) under the Act.11 requesting comments on this collection
number should be included on the from all interested individuals and
(B) Clearing Agency’s Statement on subject line if email is used. To help the organizations. The purpose of this
Burden on Competition Commission process and review your notice is to allow 60 days for public
comments more efficiently, please use comment preceding submission of the
NSCC does not believe that the only one method. The Commission will collection to OMB.
proposed rule change would impact post all comments on the Commission’s DATES: The Department will accept
competition.12 The proposed rule Internet Web site (http://www.sec.gov/
change would increase transparency of comments from the public up to
rules/sro.shtml). Copies of the September 5, 2017.
the Rules by codifying NSCC’s current
submission, all subsequent ADDRESSES: You may submit comments
practice with respect to the assessment
amendments, all written statements by any of the following methods:
and imposition of the Bond Haircut. As
such, NSCC believes that the proposed with respect to the proposed rule • Web: Persons with access to the
rule change would not impact Members change that are filed with the Internet may comment on this notice by
or have any impact on competition. Commission, and all written going to www.Regulations.gov. You can
communications relating to the search for the document by entering
(C) Clearing Agency’s Statement on proposed rule change between the ‘‘Docket Number: DOS–2017–0027’’ in
Comments on the Proposed Rule Commission and any person, other than the Search field. Then click the
Change Received From Members, those that may be withheld from the ‘‘Comment Now’’ button and complete
Participants, or Others public in accordance with the the comment form.
provisions of 5 U.S.C. 552, will be • Email: MEDCS@state.gov.
NSCC has not received any written • Regular Mail: Send written
comments relating to this proposal. available for Web site viewing and comments to: M/EDCS Room 7427B,
NSCC will notify the Commission of any printing in the Commission’s Public 2201 C Street, Washington, DC 20520.
written comments it receives. Reference Room, 100 F Street NE., You must include the DS form
Washington, DC 20549 on official number (if applicable), information
III. Date of Effectiveness of the
business days between the hours of collection title, and the OMB control
Proposed Rule Change, and Timing for
Commission Action 10:00 a.m. and 3:00 p.m. Copies of the number in any correspondence.
filing also will be available for FOR FURTHER INFORMATION CONTACT:
The foregoing rule change has become inspection and copying at the principal Direct requests for additional
effective pursuant to Section 19(b)(3)(A) office of NSCC and on DTCC’s Web site information regarding the collection
of the Act and paragraph (f) of Rule (http://dtcc.com/legal/sec-rule- listed in this notice, including requests
19b–4 thereunder. At any time within filings.aspx). All comments received for copies of the proposed collection
60 days of the filing of the proposed rule will be posted without change; the instrument and supporting documents,
change, the Commission summarily may Commission does not edit personal to Chanel Wallace, who may be reached
temporarily suspend such rule change if identifying information from on (202) 647–7730 or at WallaceCR2@
it appears to the Commission that such submissions. You should submit only stat.gov.
action is necessary or appropriate in the information that you wish to make SUPPLEMENTARY INFORMATION:
public interest, for the protection of
available publicly. All submissions • Title of Information Collection:
investors, or otherwise in furtherance of
should refer to File Number SR–NSCC– Individual, Corporate or Foundation
the purposes of the Act.
2017–009 and should be submitted on and Government Donor Letter
IV. Solicitation of Comments or before July 27, 2017. Application.
• OMB Control Number: 1405–0218.
Interested persons are invited to For the Commission, by the Division of • Type of Request: Extension of a
submit written data, views and Trading and Markets, pursuant to delegated Currently Approved Collection.
arguments concerning the foregoing, authority.13 • Originating Office: Office of
sradovich on DSK3GMQ082PROD with NOTICES
including whether the proposed rule Jill M. Peterson, Emergencies in the Diplomatic and
change is consistent with the Act. Assistant Secretary. Consular Service (M/EDCS).
Comments may be submitted by any of [FR Doc. 2017–14141 Filed 7–5–17; 8:45 am] • Form Number: DS–4273, DS–4272
the following methods: and DS–4271.
BILLING CODE 8011–01–P
• Respondents: Individuals,
11 17 CFR 240.17Ad–22(e)(23)(i), (ii). Corporations, or Foundations that make
12 15 U.S.C. 78q–1(b)(3)(I). 13 17 CFR 200.30–3(a)(12). donations to the Department.
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Document Created: 2017-07-06 01:04:55
Document Modified: 2017-07-06 01:04:55
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 31384 |
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