83 FR 29150 - Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change To Introduce a Floor to the Calculation of the Fails Charges and Make Other Changes
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 121 (June 22, 2018)
Federal Register Volume 83, Issue 121 (June 22, 2018)
| Page Range | 29150-29152 | |
| FR Document | 2018-13379 |
[Federal Register Volume 83, Number 121 (Friday, June 22, 2018)] [Notices] [Pages 29150-29152] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-13379] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83457; File No. SR-FICC-2018-004] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change To Introduce a Floor to the Calculation of the Fails Charges and Make Other Changes June 18, 2018. On May 8, 2018, Fixed Income Clearing Corporation (``FICC'') filed with the Securities and Exchange Commission (``Commission'') proposed rule change SR-FICC-2018-004, 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 May 17, 2018.\3\ The Commission did not receive any comment letters on the proposed rule change. For the reasons discussed below, the Commission approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 83222 (May 11, 2018), 83 FR 23032 (May 17, 2018) (SR-FICC-2018-004) (``Notice''). --------------------------------------------------------------------------- I. Description of the Proposed Rule Change The proposed rule change would update FICC's Government Securities Division (``GSD'') Rulebook (``GSD Rules'') and FICC's Mortgage-Backed Securities Division (``MBSD'') Clearing Rules (``MBSD Rules'') \4\ to (i) introduce a floor of one percent to the calculation of the existing fails charge rules, (ii) clarify the target rate that may be used in the fails charge calculations under certain circumstances, and (iii) make certain technical changes to the fails charge provisions to ensure consistent use of defined terms.\5\ The proposed rule change would also update the MBSD Rules to clarify that a cap applies to the MBSD fails charge.\6\ Each of these proposed changes are described below. --------------------------------------------------------------------------- \4\ The GSD Rules and the MBSD Rules are available at http://www.dtcc.com/legal/rules-and-procedures. \5\ Notice, 83 FR at 23032-34. \6\ Id. --------------------------------------------------------------------------- A. Proposed One Percent Floor In a securities transaction, a settlement fail occurs when the seller does not deliver the securities to the buyer on the agreed upon settlement date. FICC states that although settlement fails are generally not treated as contractual default events, provided that the failing seller delivers the securities soon after the settlement date, persistent elevated levels of settlement fails create market inefficiencies and increase credit risk for market participants.\7\ --------------------------------------------------------------------------- \7\ See Notice, 83 FR at 23033. See also Frequently Asked Questions: TMPG Fails Charges (April 23, 2018) at 1, available at https://www.newyorkfed.org/medialibrary/microsites/tmpg/files/TMPG-Fails-Charge-FAQ-04-23-2018.pdf (``FAQ''). --------------------------------------------------------------------------- To help mitigate settlement fails, FICC maintains a fails charge in both the GSD Rules and the MBSD Rules.\8\ However, FICC states that under the current GSD Rules and MBSD Rules, the respective fails charge calculations could result in a zero charge.\9\ Specifically, under the GSD version of the current fails charge, if the federal funds target rate would rise to three percent, then the calculation of the charge would result in a zero charge.\10\ Similarly, under the MBSD version of the current fails charge, if the federal funds target rate would rise to two percent, then the calculation of the charge would result in a zero charge.\11\ To address this issue, FICC proposes to amend the GSD Rules and the MBSD Rules to add a one percent floor to the respective GSD and MBSD fails charge calculations.\12\ --------------------------------------------------------------------------- \8\ GSD Rule 11; MBSD Rule 12, supra note 4. \9\ Id.; Notice, 83 FR at 23034. \10\ Id. \11\ Id. \12\ Id. --------------------------------------------------------------------------- FICC's proposal comes in response to a recent announcement by the Treasury Market Practices Group (``TMPG''),\13\ in [[Page 29151]] which the TMPG proposed the same change to its recommended best practices to help ensure that there is always a minimum fails charge amount.\14\ The TMPG states that its recommendation of a one percent floor is driven by the concern that market participants would discontinue their fails charge operational processes in a prolonged zero charge scenario.\15\ Adding the one percent floor would help maintain a fails charge during elevated federal funds target rate levels, and thereby help ensure that market participants do not discontinue their fails charge operational processes.\16\ --------------------------------------------------------------------------- \13\ The TMPG was formed in 2007, under the sponsorship of the Federal Reserve Bank of New York, to help address settlement fails and other issues affecting the U.S. Government debt and mortgage- backed securities markets. The Treasury Market Practices Group: Creation and Early Initiatives (August 2017) at 3, available at https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr822.pdf. The TMPG is a group of market professionals that periodically issues recommended trading practices for market participants. Id. \14\ See Press Release, Federal Reserve Bank of New York, Treasury Market Practices Group Seeks Public Comment on Proposed Updates to its Fails Charge Practice Recommendation (February 28, 2018), available at https://www.newyorkfed.org/medialibrary/Microsites/tmpg/files/PressRelease_022818. \15\ Id. \16\ Id. --------------------------------------------------------------------------- FICC states that as one of the largest participants in U.S. Government securities market, it is imperative that FICC implement the TMPG's recommendation to help maintain consistency and symmetry within the market.\17\ --------------------------------------------------------------------------- \17\ Notice, 83 FR at 23034. --------------------------------------------------------------------------- B. Federal Funds Level Target Range Clarification Pursuant to TMPG guidelines, if the Federal Open Market Committee (``FOMC'') specifies a target range in lieu of a target level, the lower limit of the target range announced by the FOMC would be used in the calculation of the fails charge.\18\ Further, if the FOMC were to terminate its policy of specifying or announcing a federal funds rate target level or range, then the rate used to calculate the fails charge would be a successor rate and source recommended by the TMPG.\19\ --------------------------------------------------------------------------- \18\ U.S. Treasury Securities: Fails Charge Trading Practice (July 13, 2016) at 3, available at https://www.newyorkfed.org/medialibrary/microsites/tmpg/files/Fails-Charge-Trading-Practice-2016-07-13.pdf (``Fails Charge Trading Practice''). \19\ Id. --------------------------------------------------------------------------- While FICC states that it would follow the TMPG guidelines in this regard,\20\ this practice is currently not stated in the fails charge rule provisions in each of the GSD Rules and the MBSD Rules. Therefore, FICC proposes to update the relevant provisions to reflect that FICC would follow this practice if those circumstances arose.\21\ Additionally, FICC proposes to add defined terms for ``FOMC'' and ``TMPG'' in each of GSD Rule 1 and MBSD Rule 1.\22\ --------------------------------------------------------------------------- \20\ Notice, 83 FR at 23034. \21\ Id. \22\ Id. --------------------------------------------------------------------------- C. Technical Changes FICC proposes to make a technical change regarding references to the federal funds rate in the fails charge calculation in both the GSD Rules and the MBSD Rules. Specifically, FICC would replace current term ``Target Fed funds target rate'' in Section 14 of GSD Rule 11 and the current term ``fed funds target rate'' in MBSD Rule 12 with the new term ``target level for the federal funds rate,'' which is the term used by the TMPG in its guidance.\23\ FICC states that this non- substantive change would enhance clarity across the GSD Rules and MBSD Rules and enhance consistency with the TMPG guidance.\24\ --------------------------------------------------------------------------- \23\ Id. \24\ Id. --------------------------------------------------------------------------- FICC also proposes to amend certain terms in the fails charge provisions of both the GSD Rules and MBSD Rules in order to use defined terms and to enhance clarity and consistency within the rules. Specifically, in GSD Rule 11, Section 14, and in MBSD Rule 12, FICC would replace the term ``Fedwire'' with the defined term ``FedWire.'' \25\ In MBSD Rule 12, FICC would replace each reference to the terms ``pool delivery obligation'' and ``pool deliver obligation'' with the defined term ``Pool Deliver Obligation.'' \26\ In MBSD Rule 12, FICC would capitalize the word ``contractual'' in the term ``contractual Settlement Date.'' \27\ Finally, FICC would replace the term ``business day'' with the capitalized and defined term ``Business Day.'' \28\ --------------------------------------------------------------------------- \25\ Id. \26\ Id. \27\ Id. \28\ Id. --------------------------------------------------------------------------- D. MBSD Fails Charge Cap Clarification While the GSD Rules expressly set forth the fails charge cap (i.e., three percent per annum), the MBSD Rules currently do not.\29\ The MBSD fails charge cap follows the same convention as the GSD fails charge cap, which is the percentage that is applied to the target federal funds rate.\30\ For MBSD, this cap is two percent per annum.\31\ FICC proposes to clarify the MBSD fails charge provision by adding language regarding the two percent per annum cap on the fails charge.\32\ --------------------------------------------------------------------------- \29\ GSD Rule 11; MBSD Rule 12, supra note 4. \30\ Id. \31\ MBSD Rule 12, supra note 4. \32\ Notice, 83 FR at 23034. --------------------------------------------------------------------------- E. Implementation Timeframe FICC proposes to implement the proposed changes on July 2, 2018.\33\ FICC states that it would announce such implementation date by Important Notice.\34\ --------------------------------------------------------------------------- \33\ Id. \34\ Id. --------------------------------------------------------------------------- II. Discussion and Commission Findings Section 19(b)(2)(C) of the Act directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and rules and regulations thereunder applicable to such organization.\35\ The Commission believes the proposal is consistent with Act, specifically Section 17A(b)(3)(F) of the Act \36\ and Rule 17Ad-22(e)(23)(ii) \37\ under the Act. --------------------------------------------------------------------------- \35\ 15 U.S.C. 78s(b)(2)(C). \36\ 15 U.S.C. 78q-1(b)(3)(F). \37\ 17 CFR 240.17Ad-22(e)(23)(ii). --------------------------------------------------------------------------- A. Section 17A(b)(3)(F) of the Act Section 17A(b)(3)(F) of the Act requires, in part, that the rules of a clearing agency, such as FICC, be designed to promote the prompt and accurate clearance and settlement of securities transactions.\38\ --------------------------------------------------------------------------- \38\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- As discussed above, the proposed rule change would update both the GSD Rules and the MBSD Rules of FICC to add a one percent floor to the respective GSD and MBSD fails charge calculations. In the absence of such a floor, during periods of elevated target levels for the federal funds rate, the current GSD and MBSD fails charge calculations could result in a zero charge to a seller that fails to deliver securities to a buyer promptly. As discussed above, persistent elevated levels of settlement fails can create market inefficiencies and increase credit risk for market participants, which could negatively affect the prompt and accurate clearance and settlement of securities transactions. Fails charges are designed to address such negative effects by encouraging market participants to complete their securities settlement obligations promptly. FICC's proposal to implement a one percent floor to the fails charge calculations would advance FICC's efforts to discourage settlement fails by ensuring that the fails charge calculation would not produce a zero charge, particularly during periods of elevated target levels for the federal funds rate. In turn, ensuring that the respective [[Page 29152]] GSD and MBSD fails charge calculations do not produce a zero charge would encourage market participants to maintain their fails charge operational processes. Accordingly, the Commission finds that the proposed rule change is designed to help ensure that settlement in the applicable markets covered by FICC's processes occurs on a timely basis, and thereby promotes the prompt and accurate clearance and settlement of securities transactions, consistent with Section 17A(b)(3)(F) of the Act.\39\ --------------------------------------------------------------------------- \39\ Id. --------------------------------------------------------------------------- B. Rule 17Ad-22(e)(23)(ii) Under the Act Rule 17Ad-22(e)(23)(ii) under the Act requires each covered clearing agency \40\ to 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 the covered clearing agency.\41\ --------------------------------------------------------------------------- \40\ A ``covered clearing agency'' means, among other things, a clearing agency registered with the Commission under Section 17A of the Act (15 U.S.C. 78q-1 et seq.) that is designated systemically important by the Financial Stability Oversight Committee (``FSOC'') pursuant to the Payment, Clearing, and Settlement Supervision Act of 2010 (12 U.S.C. 5461 et seq.). See 17 CFR 240.17Ad-22(a)(5)-(6). Because FICC is a registered clearing agency with the Commission that has been designated systemically important by FSOC, FICC is a covered clearing agency. \41\ 17 CFR 240.17Ad-22(e)(23)(ii). --------------------------------------------------------------------------- As discussed above, the proposed rule change would update both the GSD Rules and the MBSD Rules to clarify the target rate that may be used in the fails charge calculations under certain circumstances and make certain technical changes to the fails charge provisions to ensure consistent use of defined terms. The proposed rule change also would update the MBSD Rules to clarify that a cap applies to the MBSD fails charge. These clarifications are designed help ensure that the GSD and MBSD fails charges are transparent and clear to market participants. Increasing transparency and clarity around these charges would help market participants better understand the operation of the fails charges, and thereby provide market participants with increased predictability and certainty regarding their obligations to FICC. Accordingly, the Commission finds that the proposed rule change would help establish, implement, and maintain FICC's rules in a manner 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 FICC, consistent with Rule 17Ad-22(e)(23)(ii) under the Act.\42\ --------------------------------------------------------------------------- \42\ Id. --------------------------------------------------------------------------- III. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act, in particular the requirements of Section 17A of the Act \43\ and the rules and regulations thereunder. --------------------------------------------------------------------------- \43\ 15 U.S.C. 78q-1. --------------------------------------------------------------------------- It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that proposed rule change SR-FICC-2018-004 be, and hereby is, approved.\44\ --------------------------------------------------------------------------- \44\ In approving the proposed rule change, the Commission considered the proposal's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\45\ --------------------------------------------------------------------------- \45\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-13379 Filed 6-21-18; 8:45 am] BILLING CODE 8011-01-P
![29150 Federal Register / Vol. 83, No. 121 / Friday, June 22, 2018 / Notices
At any time within 60 days of the filing also will be available for a floor of one percent to the calculation
filing of such proposed rule change, the inspection and copying at the principal of the existing fails charge rules, (ii)
Commission summarily may office of the Exchange. All comments clarify the target rate that may be used
temporarily suspend such rule change if received will be posted without change. in the fails charge calculations under
it appears to the Commission that such Persons submitting comments are certain circumstances, and (iii) make
action is necessary or appropriate in the cautioned that we do not redact or edit certain technical changes to the fails
public interest, for the protection of personal identifying information from charge provisions to ensure consistent
investors, or otherwise in furtherance of comment submissions. You should use of defined terms.5 The proposed
the purposes of the Act. If the submit only information that you wish rule change would also update the
Commission takes such action, the to make available publicly. All MBSD Rules to clarify that a cap applies
Commission shall institute proceedings submissions should refer to File to the MBSD fails charge.6 Each of these
under Section 19(b)(2)(B) of the Act 14 to Number SR–Phlx–2018–47, and should proposed changes are described below.
determine whether the proposed rule be submitted on or before July 13, 2018.
A. Proposed One Percent Floor
change should be approved or For the Commission, by the Division of
disapproved. Trading and Markets, pursuant to delegated In a securities transaction, a
authority.15 settlement fail occurs when the seller
IV. Solicitation of Comments does not deliver the securities to the
Eduardo A. Aleman,
Interested persons are invited to Assistant Secretary.
buyer on the agreed upon settlement
submit written data, views, and date. FICC states that although
[FR Doc. 2018–13380 Filed 6–21–18; 8:45 am]
arguments concerning the foregoing, settlement fails are generally not treated
BILLING CODE 8011–01–P
including whether the proposed rule as contractual default events, provided
change is consistent with the Act. that the failing seller delivers the
Comments may be submitted by any of securities soon after the settlement date,
SECURITIES AND EXCHANGE
the following methods: persistent elevated levels of settlement
COMMISSION
fails create market inefficiencies and
Electronic Comments [Release No. 34–83457; File No. SR–FICC– increase credit risk for market
• Use the Commission’s internet 2018–004] participants.7
comment form (http://www.sec.gov/ To help mitigate settlement fails, FICC
Self-Regulatory Organizations; Fixed maintains a fails charge in both the GSD
rules/sro.shtml); or
• Send an email to rule-comments@ Income Clearing Corporation; Order Rules and the MBSD Rules.8 However,
sec.gov. Please include File Number SR– Approving Proposed Rule Change To FICC states that under the current GSD
Introduce a Floor to the Calculation of Rules and MBSD Rules, the respective
Phlx–2018–47 on the subject line.
the Fails Charges and Make Other fails charge calculations could result in
Paper Comments Changes a zero charge.9 Specifically, under the
• Send paper comments in triplicate June 18, 2018. GSD version of the current fails charge,
to Secretary, Securities and Exchange On May 8, 2018, Fixed Income if the federal funds target rate would
Commission, 100 F Street NE, Clearing Corporation (‘‘FICC’’) filed rise to three percent, then the
Washington, DC 20549–1090. with the Securities and Exchange calculation of the charge would result in
All submissions should refer to File Commission (‘‘Commission’’) proposed a zero charge.10 Similarly, under the
Number SR–Phlx–2018–47. This file rule change SR–FICC–2018–004, MBSD version of the current fails
number should be included on the pursuant to Section 19(b)(1) of the charge, if the federal funds target rate
subject line if email is used. To help the Securities Exchange Act of 1934 would rise to two percent, then the
Commission process and review your (‘‘Act’’) 1 and Rule 19b–4 thereunder.2 calculation of the charge would result in
comments more efficiently, please use The proposed rule change was a zero charge.11 To address this issue,
only one method. The Commission will published for comment in the Federal FICC proposes to amend the GSD Rules
post all comments on the Commission’s Register on May 17, 2018.3 The and the MBSD Rules to add a one
internet website (http://www.sec.gov/ Commission did not receive any percent floor to the respective GSD and
rules/sro.shtml). Copies of the comment letters on the proposed rule MBSD fails charge calculations.12
submission, all subsequent change. For the reasons discussed FICC’s proposal comes in response to
amendments, all written statements below, the Commission approves the a recent announcement by the Treasury
with respect to the proposed rule proposed rule change. Market Practices Group (‘‘TMPG’’),13 in
change that are filed with the
Commission, and all written I. Description of the Proposed Rule 5 Notice, 83 FR at 23032–34.
communications relating to the Change 6 Id.
7 See Notice, 83 FR at 23033. See also Frequently
proposed rule change between the The proposed rule change would Asked Questions: TMPG Fails Charges (April 23,
Commission and any person, other than update FICC’s Government Securities 2018) at 1, available at https://
those that may be withheld from the Division (‘‘GSD’’) Rulebook (‘‘GSD www.newyorkfed.org/medialibrary/microsites/
Rules’’) and FICC’s Mortgage-Backed tmpg/files/TMPG-Fails-Charge-FAQ-04-23-2018.pdf
public in accordance with the (‘‘FAQ’’).
provisions of 5 U.S.C. 552, will be Securities Division (‘‘MBSD’’) Clearing 8 GSD Rule 11; MBSD Rule 12, supra note 4.
available for website viewing and Rules (‘‘MBSD Rules’’) 4 to (i) introduce 9 Id.; Notice, 83 FR at 23034.
printing in the Commission’s Public 10 Id.
15 17 CFR 200.30–3(a)(12).
Reference Room, 100 F Street NE,
daltland on DSKBBV9HB2PROD with NOTICES
11 Id.
1 15 U.S.C. 78s(b)(1).
Washington, DC 20549 on official 12 Id.
2 17 CFR 240.19b–4. 13 The TMPG was formed in 2007, under the
business days between the hours of 3 See Securities Exchange Act Release No. 83222
sponsorship of the Federal Reserve Bank of New
10:00 a.m. and 3:00 p.m. Copies of such (May 11, 2018), 83 FR 23032 (May 17, 2018) (SR– York, to help address settlement fails and other
FICC–2018–004) (‘‘Notice’’). issues affecting the U.S. Government debt and
rule’s impact on efficiency, competition, and capital 4 The GSD Rules and the MBSD Rules are mortgage-backed securities markets. The Treasury
formation. See 15 U.S.C. 78c(f). available at http://www.dtcc.com/legal/rules-and- Market Practices Group: Creation and Early
14 15 U.S.C. 78s(b)(2)(B). procedures. Initiatives (August 2017) at 3, available at https://
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![29152 Federal Register / Vol. 83, No. 121 / Friday, June 22, 2018 / Notices
GSD and MBSD fails charge calculations consistent with Rule 17Ad–22(e)(23)(ii) Group registration page at: https://
do not produce a zero charge would under the Act.42 primis.phmsa.dot.gov/meetings/
encourage market participants to MtgHome.mtg?mtg=135.
III. Conclusion The meetings will not be webcast;
maintain their fails charge operational
processes. Accordingly, the Commission On the basis of the foregoing, the however, presentations will be available
finds that the proposed rule change is Commission finds that the proposal is on the meeting website and posted on
designed to help ensure that settlement consistent with the requirements of the the E-Gov website, https://
in the applicable markets covered by Act, in particular the requirements of www.regulations.gov/, under docket
FICC’s processes occurs on a timely Section 17A of the Act 43 and the rules number PHMSA–2016–0128 within 30
basis, and thereby promotes the prompt and regulations thereunder. days following the meeting.
and accurate clearance and settlement of It is therefore ordered, pursuant to Public Participation: This meeting
securities transactions, consistent with Section 19(b)(2) of the Act, that will be open to the public. Members of
Section 17A(b)(3)(F) of the Act.39 proposed rule change SR–FICC–2018– the public who attend in person will
004 be, and hereby is, approved.44 also be provided an opportunity to make
B. Rule 17Ad–22(e)(23)(ii) Under the Act a statement during the meetings.
For the Commission, by the Division of
Rule 17Ad–22(e)(23)(ii) under the Act Trading and Markets, pursuant to delegated Written comments: Persons who wish
requires each covered clearing agency 40 authority.45 to submit written comments on the
to establish, implement, maintain and Eduardo A. Aleman, meetings may submit them to the docket
enforce written policies and procedures Assistant Secretary. in the following ways:
reasonably designed to provide E-Gov website: https://
[FR Doc. 2018–13379 Filed 6–21–18; 8:45 am]
sufficient information to enable www.regulations.gov. This site allows
BILLING CODE 8011–01–P
participants to identify and evaluate the the public to enter comments on any
risks, fees, and other material costs they Federal Register notice issued by any
incur by participating in the covered agency.
clearing agency.41 DEPARTMENT OF TRANSPORTATION Fax: 1–202–493–2251.
As discussed above, the proposed rule Mail: Docket Management Facility;
Pipeline and Hazardous Materials U.S. Department of Transportation
change would update both the GSD
Safety Administration (DOT), 1200 New Jersey Avenue SE,
Rules and the MBSD Rules to clarify the
target rate that may be used in the fails [Docket No. PHMSA–2016–0128] West Building, Room W12–140,
charge calculations under certain Washington, DC 20590–0001.
circumstances and make certain Pipeline Safety: Meeting of the Hand Delivery: Room W12–140 on the
technical changes to the fails charge Voluntary Information-Sharing System ground level of the DOT West Building,
provisions to ensure consistent use of Working Group 1200 New Jersey Avenue SE,
defined terms. The proposed rule Washington, DC, between 9:00 a.m. and
AGENCY: Pipeline and Hazardous
change also would update the MBSD 5:00 p.m., Monday through Friday,
Materials Safety Administration
Rules to clarify that a cap applies to the except on Federal holidays.
(PHMSA), DOT. Instructions: Identify the docket
MBSD fails charge. ACTION: Notice.
These clarifications are designed help number PHMSA–2016–0128 at the
ensure that the GSD and MBSD fails SUMMARY: This notice announces a beginning of your comments. Note that
charges are transparent and clear to public meeting of the Voluntary all comments received will be posted
market participants. Increasing Information-sharing System (VIS) without change to https://
transparency and clarity around these Working Group. The VIS Working www.regulations.gov, including any
charges would help market participants Group will convene to discuss and personal information provided.
better understand the operation of the Anyone can search the electronic
identify recommendations to establish a
fails charges, and thereby provide form of all comments received into any
voluntary information-sharing system.
market participants with increased of our dockets by the name of the
DATES: The public meeting will be held individual submitting the comment (or
predictability and certainty regarding on August 23, 2018, from 8:30 a.m. to
their obligations to FICC. Accordingly, signing the comment, if submitted on
5:00 p.m. ET. Members of the public behalf of an association, business, labor
the Commission finds that the proposed who wish to attend in person should
rule change would help establish, union, etc.). Therefore, consider
register no later than August 16, 2018. reviewing DOT’s complete Privacy Act
implement, and maintain FICC’s rules Individuals requiring accommodations,
in a manner reasonably designed to Statement in the Federal Register
such as sign language interpretation or published on April 11, 2000, (65 FR
provide sufficient information to enable other ancillary aids, may notify PHMSA
participants to identify and evaluate the 19477), or view the Privacy Notice at
by August 16, 2018. For additional https://www.regulations.gov before
risks, fees, and other material costs they information, see the ADDRESSES section.
incur by participating in FICC, submitting comments.
ADDRESSES: The meeting will be held at Docket: For docket access or to read
39 Id.
the U.S. Department of Transportation, background documents or comments, go
40 A ‘‘covered clearing agency’’ means, among 1200 New Jersey Ave. SE, Washington, to https://www.regulations.gov at any
other things, a clearing agency registered with the DC 20590. The meeting agenda and time or to Room W12–140 on the
Commission under Section 17A of the Act (15 additional information will be ground level of the DOT West Building,
U.S.C. 78q–1 et seq.) that is designated systemically published on the following VIS Working 1200 New Jersey Avenue SE,
daltland on DSKBBV9HB2PROD with NOTICES
important by the Financial Stability Oversight
Committee (‘‘FSOC’’) pursuant to the Payment, Washington, DC, between 9:00 a.m. and
42 Id.
Clearing, and Settlement Supervision Act of 2010 5:00 p.m., Monday through Friday,
43 15 U.S.C. 78q–1.
(12 U.S.C. 5461 et seq.). See 17 CFR 240.17Ad– except Federal holidays.
22(a)(5)–(6). Because FICC is a registered clearing 44 In approving the proposed rule change, the If you wish to receive confirmation of
agency with the Commission that has been Commission considered the proposal’s impact on
designated systemically important by FSOC, FICC efficiency, competition, and capital formation. 15 receipt of your written comments,
is a covered clearing agency. U.S.C. 78c(f). please include a self-addressed,
41 17 CFR 240.17Ad–22(e)(23)(ii). 45 17 CFR 200.30–3(a)(12). stamped postcard with the following
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Document Created: 2018-11-06 09:50:45
Document Modified: 2018-11-06 09:50:45
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 83 FR 29150 |
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