83_FR_30917 83 FR 30791 - Self-Regulatory Organizations; The Depository Trust Company; Fixed Income Clearing Corporation; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Amend the Loss Allocation Rules and Make Other Changes

83 FR 30791 - Self-Regulatory Organizations; The Depository Trust Company; Fixed Income Clearing Corporation; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Amend the Loss Allocation Rules and Make Other Changes

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 126 (June 29, 2018)

Page Range30791-30792
FR Document2018-13975

Federal Register, Volume 83 Issue 126 (Friday, June 29, 2018) 
[Federal Register Volume 83, Number 126 (Friday, June 29, 2018)]
[Notices]
[Pages 30791-30792]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-13975]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83510; File Nos. SR-DTC-2017-022; SR-FICC-2017-022; SR-
NSCC-2017-018]


Self-Regulatory Organizations; The Depository Trust Company; 
Fixed Income Clearing Corporation; National Securities Clearing 
Corporation; Notice of Designation of Longer Period for Commission 
Action on Proceedings To Determine Whether To Approve or Disapprove 
Proposed Rule Changes To Amend the Loss Allocation Rules and Make Other 
Changes

June 25, 2018.
    On December 18, 2017, The Depository Trust Company (``DTC''), Fixed 
Income Clearing Corporation (``FICC''), and National Securities 
Clearing Corporation (``NSCC'') (collectively, ``Clearing Agencies''), 
each filed with the Securities and Exchange Commission (``Commission'') 
a proposed rule change to amend the loss allocation rules and make 
other changes (SR-DTC-2017-022, SR-FICC-2017-022, and SR-NSCC-2017-
018), respectively (``Proposed Rule Changes''), pursuant to Section 
19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 
19b-4 thereunder.\2\ The Proposed Rule Changes were published for 
comment in the Federal Register on January 8, 2018.\3\ On February 8, 
2018, the Commission designated a longer period within which to 
approve, disapprove, or institute proceedings to determine whether to 
approve or disapprove the Proposed Rule Changes.\4\ On March 20, 2018, 
the Commission instituted proceedings pursuant to Section 19(b)(2)(B) 
of the Act \5\ to determine whether to approve or disapprove the 
Proposed Rule Changes.\6\ 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. On December 18, 2018, the Clearing 
Agencies each filed these proposals as advance notices (SR-DTC-2017-
804, SR-FICC-2017-806, SR-NSCC-2017-806) with the Commission 
pursuant to Section 806(e)(1) of the Payment, Clearing, and 
Settlement Supervision Act of 2010 (``Clearing Supervision Act'') 
and Rule 19b-4(n)(1)(i) of the Act (``Advance Notices''). On January 
30, 2018, the Commission published in the Federal Register notices 
of filing of the Advance Notices. These notices also extended the 
review periods for the Advance Notices pursuant to Section 
806(e)(1)(H) of the Clearing Supervision Act. (12 U.S.C. 
5465(e)(1)(H).) See Securities Exchange Act Release Nos. 82582 
(January 24, 2018), 83 FR 4297 (January 30, 2018) (SR-DTC-2017-804); 
82583 (January 24, 2018), 83 FR 4358 (January 30, 2018) (SR-FICC-
2017-806); 82584 (January 24, 2018), 83 FR 4377 (January 30, 2018) 
(SR-NSCC-2017-806). On April 10, 2018, the Commission required 
further information for consideration of the Advance Notices, 
pursuant to Section 806(e)(1)(D) of the Clearing Supervision Act, 
which provided the Commission with a renewed 60-day review period 
beginning on the date that the information requested is received by 
the Commission. (12 U.S.C. 5465(e)(1)(D).) As of the date of this 
release, the Commission has not yet received the requested 
information.
    \3\ Securities Exchange Act Release Nos. 82426 (January 2, 
2018), 83 FR 913 (January 8, 2018) (SR-DTC-2017-022); 82427 (January 
2, 2018), 83 FR 854 (January 8, 2018) (SR-FICC-2017-022); 82428 
(January 2, 2018), 83 FR 897 (January 8, 2018) (SR-NSCC-2017-018).
    \4\ Securities Exchange Act Release No. 82670 (February 8, 
2018), 83 FR 6626 (February 14, 2018) (SR-DTC-2017-022; SR-FICC-
2017-022; SR-NSCC-2017-018).
    \5\ 15 U.S.C. 78s(b)(2)(B).
    \6\ Securities Exchange Act Release Nos. 82914 (March 20, 2018), 
83 FR 12978 (March 26, 2018) (SR-DTC-2017-022); 82909 (March 20, 
2018), 83 FR 12990 (March 26, 2018) (SR-FICC-2017-022); 82910 (March 
20, 2018), 83 FR 12968 (March 26, 2018) (SR-NSCC-2017-018).
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    Section 19(b)(2) of the Act \7\ provides that proceedings to 
determine whether to approve or disapprove a proposed rule change must 
be concluded within 180 days of the date of publication of notice of 
filing of the proposed rule change. The time for conclusion of the 
proceedings may be extended for up to 60 days if the Commission 
determines that a longer period is appropriate and publishes the 
reasons for such determination.\8\ The 180th day for the Proposed Rule 
Changes is July 7, 2018.
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
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    The Commission is extending the 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 the Commission has sufficient time to consider the 
issues raised by the Proposed Rule Changes and to take action on the 
Proposed Rule Changes. The proposal shall not take effect until all 
regulatory actions required with respect to the proposal are 
completed.\9\
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    \9\ See supra note 2.
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    Accordingly, pursuant to Section 19(b)(2)(B)(ii)(II) of the Act 
\10\ and for the reasons stated above, the Commission designates 
September 5, 2018, as the date by which the Commission should either 
approve or disapprove proposed rule changes SR-DTC-2017-022, SR-FICC-
2017-022, and SR-NSCC-2017-018.
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    \10\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).


[[Page 30792]]


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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13975 Filed 6-28-18; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices 30791 All submissions should refer to File SECURITIES AND EXCHANGE designated a longer period within which Number SR–CBOE–2018–046. This file COMMISSION to approve, disapprove, or institute number should be included on the [Release No. 34–83510; File Nos. SR–DTC– proceedings to determine whether to subject line if email is used. To help the 2017–022; SR–FICC–2017–022; SR–NSCC– approve or disapprove the Proposed Commission process and review your 2017–018] Rule Changes.4 On March 20, 2018, the comments more efficiently, please use Commission instituted proceedings only one method. The Commission will Self-Regulatory Organizations; The pursuant to Section 19(b)(2)(B) of the post all comments on the Commission’s Depository Trust Company; Fixed Act 5 to determine whether to approve internet website (http://www.sec.gov/ Income Clearing Corporation; National or disapprove the Proposed Rule rules/sro.shtml). Copies of the Securities Clearing Corporation; Changes.6 The Commission did not submission, all subsequent Notice of Designation of Longer Period receive any comments on the Proposed amendments, all written statements for Commission Action on Rule Changes. Proceedings To Determine Whether To with respect to the proposed rule Section 19(b)(2) of the Act 7 provides Approve or Disapprove Proposed Rule change that are filed with the that proceedings to determine whether Changes To Amend the Loss Commission, and all written Allocation Rules and Make Other to approve or disapprove a proposed communications relating to the Changes rule change must be concluded within proposed rule change between the 180 days of the date of publication of Commission and any person, other than June 25, 2018. notice of filing of the proposed rule those that may be withheld from the On December 18, 2017, The change. The time for conclusion of the public in accordance with the Depository Trust Company (‘‘DTC’’), proceedings may be extended for up to provisions of 5 U.S.C. 552, will be Fixed Income Clearing Corporation 60 days if the Commission determines available for website viewing and (‘‘FICC’’), and National Securities Clearing Corporation (‘‘NSCC’’) that a longer period is appropriate and printing in the Commission’s Public publishes the reasons for such Reference Room, 100 F Street NE, (collectively, ‘‘Clearing Agencies’’), each filed with the Securities and Exchange determination.8 The 180th day for the Washington, DC 20549, on official Proposed Rule Changes is July 7, 2018. Commission (‘‘Commission’’) a business days between the hours of proposed rule change to amend the loss The Commission is extending the 10:00 a.m. and 3:00 p.m. Copies of the allocation rules and make other changes period for Commission action on the filing also will be available for (SR–DTC–2017–022, SR–FICC–2017– Proposed Rule Changes. The inspection and copying at the principal 022, and SR–NSCC–2017–018), Commission finds that it is appropriate office of the Exchange. All comments respectively (‘‘Proposed Rule Changes’’), to designate a longer period within received will be posted without change. pursuant to Section 19(b)(1) of the which to take action on the Proposed Persons submitting comments are Securities Exchange Act of 1934 Rule Changes so that the Commission cautioned that we do not redact or edit (‘‘Act’’) 1 and Rule 19b–4 thereunder.2 has sufficient time to consider the issues personal identifying information from The Proposed Rule Changes were raised by the Proposed Rule Changes comment submissions. You should published for comment in the Federal and to take action on the Proposed Rule submit only information that you wish Register on January 8, 2018.3 On February 8, 2018, the Commission Changes. The proposal shall not take to make available publicly. All effect until all regulatory actions submissions should refer to File 1 15 U.S.C. 78s(b)(1). required with respect to the proposal are Number SR–CBOE–2018–046 and 2 17 CFR 240.19b–4. On December 18, 2018, the completed.9 should be submitted on or before July Clearing Agencies each filed these proposals as 20, 2018. advance notices (SR–DTC–2017–804, SR–FICC– Accordingly, pursuant to Section 2017–806, SR–NSCC–2017–806) with the 19(b)(2)(B)(ii)(II) of the Act 10 and for the For the Commission, by the Division of Commission pursuant to Section 806(e)(1) of the reasons stated above, the Commission Trading and Markets, pursuant to delegated Payment, Clearing, and Settlement Supervision Act authority.16 of 2010 (‘‘Clearing Supervision Act’’) and Rule 19b– designates September 5, 2018, as the 4(n)(1)(i) of the Act (‘‘Advance Notices’’). On date by which the Commission should Eduardo A. Aleman, January 30, 2018, the Commission published in the either approve or disapprove proposed Assistant Secretary. Federal Register notices of filing of the Advance rule changes SR–DTC–2017–022, SR– [FR Doc. 2018–13978 Filed 6–28–18; 8:45 am] Notices. These notices also extended the review periods for the Advance Notices pursuant to FICC–2017–022, and SR–NSCC–2017– BILLING CODE 8011–01–P Section 806(e)(1)(H) of the Clearing Supervision 018. Act. (12 U.S.C. 5465(e)(1)(H).) See Securities Exchange Act Release Nos. 82582 (January 24, 2018), 83 FR 4297 (January 30, 2018) (SR–DTC– 2017–804); 82583 (January 24, 2018), 83 FR 4358 (January 30, 2018) (SR–FICC–2017–806); 82584 4 Securities Exchange Act Release No. 82670 (January 24, 2018), 83 FR 4377 (January 30, 2018) (SR–NSCC–2017–806). On April 10, 2018, the (February 8, 2018), 83 FR 6626 (February 14, 2018) Commission required further information for (SR–DTC–2017–022; SR–FICC–2017–022; SR– consideration of the Advance Notices, pursuant to NSCC–2017–018). Section 806(e)(1)(D) of the Clearing Supervision 5 15 U.S.C. 78s(b)(2)(B). Act, which provided the Commission with a 6 Securities Exchange Act Release Nos. 82914 renewed 60-day review period beginning on the date that the information requested is received by (March 20, 2018), 83 FR 12978 (March 26, 2018) sradovich on DSK3GMQ082PROD with NOTICES the Commission. (12 U.S.C. 5465(e)(1)(D).) As of the (SR–DTC–2017–022); 82909 (March 20, 2018), 83 date of this release, the Commission has not yet FR 12990 (March 26, 2018) (SR–FICC–2017–022); received the requested information. 82910 (March 20, 2018), 83 FR 12968 (March 26, 3 Securities Exchange Act Release Nos. 82426 2018) (SR–NSCC–2017–018). (January 2, 2018), 83 FR 913 (January 8, 2018) (SR– 7 15 U.S.C. 78s(b)(2). DTC–2017–022); 82427 (January 2, 2018), 83 FR 854 8 15 U.S.C. 78s(b)(2)(B)(ii)(II). (January 8, 2018) (SR–FICC–2017–022); 82428 9 See supra note 2. (January 2, 2018), 83 FR 897 (January 8, 2018) (SR– 16 17 CFR 200.30–3(a)(12). NSCC–2017–018). 10 15 U.S.C. 78s(b)(2)(B)(ii)(II). VerDate Sep<11>2014 17:58 Jun 28, 2018 Jkt 244001 PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 E:\FR\FM\29JNN1.SGM 29JNN1

30792 Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices For the Commission, by the Division of forth in sections A, B, and C below, of trading day following January 1, 2018.5 Trading and Markets, pursuant to delegated the most significant aspects of such Because this date has expired and the authority.11 statements. Exchange intends to continue this Eduardo A. Aleman, practice for the duration of the Penny Assistant Secretary. A. Self-Regulatory Organization’s Pilot Program, the Exchange is [FR Doc. 2018–13975 Filed 6–28–18; 8:45 am] Statement of the Purpose of, and proposing to amend the Rule to reflect BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule that such option classes will be added Change to the Penny Pilot Program on the 1. Purpose second trading day following July 1, SECURITIES AND EXCHANGE 2018. COMMISSION The Exchange is a participant in an The purpose of this provision is to [Release No. 34–83517; File No. SR– industry-wide pilot program that reflect the new date on which PEARL–2018–14] provides for the quoting and trading of replacement issues may be added to the certain option classes in penny Penny Pilot Program. Self-Regulatory Organizations; MIAX increments (the ‘‘Penny Pilot Program’’ 2. Statutory Basis PEARL, LLC; Notice of Filing and or ‘‘Program’’). The Penny Pilot Program Immediate Effectiveness of a Proposed allows the quoting and trading of certain The Exchange believes that its Rule Change To Amend Exchange option classes in minimum increments proposed rule change is consistent with Rule 510 To Extend the Penny Pilot of $0.01 for all series in such option Section 6(b) of the Act 6 in general, and Program classes with a price of less than $3.00; furthers the objectives of Section 6(b)(5) and in minimum increments of $0.05 for of the Act 7 in particular, in that it is June 25, 2018. designed to prevent fraudulent and all series in such option classes with a Pursuant to the provisions of Section price of $3.00 or higher. Options manipulative acts and practices, to 19(b)(1) of the Securities Exchange Act overlying the PowerShares QQQTM promote just and equitable principles of of 1934 (‘‘Act’’) 1 and Rule 19b–4 trade, to foster cooperation and (‘‘QQQ’’), SPDR® S&P 500® ETF thereunder,2 notice is hereby given that coordination with persons engaged in (‘‘SPY’’), and iShares® Russell 2000 on June 18, 2018, MIAX PEARL, LLC facilitating transactions in securities, to ETF (‘‘IWM’’), however, are quoted and (‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed remove impediments to and perfect the traded in minimum increments of $0.01 with the Securities and Exchange mechanisms of a free and open market for all series regardless of the price. The Commission (‘‘Commission’’) a and a national market system and, in Penny Pilot Program was initiated at the proposed rule change as described in general, to protect investors and the then existing option exchanges in Items I and II below, which Items have public interest. January 2007 3 and currently includes been prepared by the Exchange. The In particular, the proposed rule more than 300 of the most active option Commission is publishing this notice to change, which extends the Penny Pilot solicit comments on the proposed rule classes. The Penny Pilot Program is Program for six months, allows the change from interested persons. currently scheduled to expire on June Exchange to continue to participate in a 30, 2018.4 The purpose of the proposed program that has been viewed as I. Self-Regulatory Organization’s rule change is to extend the Penny Pilot beneficial to traders, investors and Statement of the Terms of Substance of Program in its current format through public customers and viewed as the Proposed Rule Change December 31, 2018. successful by the other options The Exchange is filing a proposal to In addition to the extension of the exchanges participating in it. amend Rule 510, Interpretations and Penny Pilot Program through December Policies .01, to extend the pilot program 31, 2018, the Exchange proposes to B. Self-Regulatory Organization’s for the quoting and trading of certain extend one other date in the Rule. Statement on Burden on Competition options in pennies. Currently, Interpretations and Policies The Exchange does not believe that The text of the proposed rule change .01 states that the Exchange will replace the proposed rule change will impose is available on the Exchange’s website at any Penny Pilot issues that have been any burden on competition that is not http://www.miaxoptions.com/rule- delisted with the next most actively necessary or appropriate in furtherance filings/pearl, at MIAX PEARL’s traded multiply listed option classes of the purposes of the Act. Specifically, principal office, and at the that are not yet included in the Penny the Exchange believes that, by extending Commission’s Public Reference Room. Pilot Program, and that the replacement the expiration of the Pilot Program, the II. Self-Regulatory Organization’s issues will be selected based on trading proposed rule change will allow for Statement of the Purpose of, and activity in the previous six months. further analysis of the Penny Pilot Statutory Basis for, the Proposed Rule Such option classes will be added to the Program and a determination of how the Change Penny Pilot Program on the second Program should be structured in the future. In doing so, the proposed rule In its filing with the Commission, the 3 See Securities Exchange Act Release Nos. 55154 change will also serve to promote Exchange included statements (January 23, 2007), 72 FR 4743 (February 1, 2007) regulatory clarity and consistency, concerning the purpose of and basis for (SR–CBOE–2006–92); 55161 (January 24, 2007), 72 thereby reducing burdens on the the proposed rule change and discussed FR 4754 (February 1, 2007) (SR–ISE–2006–62); 54886 (December 6, 2006), 71 FR 74979 (December marketplace, facilitating investor any comments it received on the 13, 2006) (SR–Phlx–2006–74); 54590 (October 12, sradovich on DSK3GMQ082PROD with NOTICES proposed rule change. The text of these 2006), 71 FR 61525 (October 18, 2006) (SR– 5 The month immediately preceding a statements may be examined at the NYSEArca–2006–73); and 54741 (November 9, replacement class’s addition to the Pilot Program places specified in Item IV below. The 2006), 71 FR 67176 (November 20, 2006) (SR– (i.e., June) is not used for purposes of the six-month Amex–2006–106). analysis. For example, a replacement added on the Exchange has prepared summaries, set 4 See Securities Exchange Act Release No. 82391 second trading day following July 1, 2018, will be (December 22, 2017), 82 FR 61622 (December 28, identified based on trading activity from December 11 17 CFR 200.30–3(a)(57). 1, 2017, through May 31, 2018. 2017) (SR–PEARL–2017–39) (extending the Penny 1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78f(b). Pilot Program from December 31, 2017 to June 30, 2 17 CFR 240.19b–4. 2018). 7 15 U.S.C. 78f(b)(5). VerDate Sep<11>2014 17:58 Jun 28, 2018 Jkt 244001 PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 E:\FR\FM\29JNN1.SGM 29JNN1


Document Created: 2018-06-29 01:13:32
Document Modified: 2018-06-29 01:13:32
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 30791 
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