83 FR 48673 - Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Rules Relating to Categories of Registration and Respective Qualification Examinations Required for Members That Engage in Trading Activities on the Exchange
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 187 (September 26, 2018)
Federal Register Volume 83, Issue 187 (September 26, 2018)
| Page Range | 48673-48675 | |
| FR Document | 2018-20878 |
[Federal Register Volume 83, Number 187 (Wednesday, September 26, 2018)] [Notices] [Pages 48673-48675] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-20878] [[Page 48673]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84229; File No. SR-CboeBYX-2018-019] Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Rules Relating to Categories of Registration and Respective Qualification Examinations Required for Members That Engage in Trading Activities on the Exchange September 20, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on September 18, 2018, Cboe BYX Exchange, Inc. (``Exchange'' or ``BYX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend its rules relating to categories of registration and respective qualification examinations required for Members that engage in trading activities on the Exchange. The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange 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 Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The SEC recently approved a proposed rule change to restructure the FINRA representative-level qualification examination program.\3\ The rule change, which will become effective on October 1, 2018, restructures the examination program into a more efficient format whereby all new representative-level applicants will be required to take a general knowledge examination (the Securities Industry Essentials Examination (``SIE'')) and a tailored, specialized knowledge examination (a revised representative-level qualification examination) for their particular registered role. Individuals are not required to be associated with an Exchange or any other self-regulatory organization (``SRO'') member to be eligible to take the SIE. However, passing the SIE alone will not qualify an individual for registration with the Exchange. To be eligible for registration, an individual must also be associated with a firm, pass an appropriate qualification examination for a representative or principal and satisfy the other requirements relating to the registration process. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 81098 (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order Approving File No. SR- FINRA-2017-007). --------------------------------------------------------------------------- The SIE would assess basic product knowledge; the structure and function of the securities industry markets, regulatory agencies and their functions; and regulated and prohibited practices. In particular, the SIE will cover four major areas. The first, ``Knowledge of Capital Markets,'' focuses on topics such as types of markets and offerings, broker-dealers and depositories, and economic cycles. The second, ``Understanding Products and Their Risks,'' covers securities products at a high level as well as associated investment risks. The third, ``Understanding Trading, Customer Accounts and Prohibited Activities,'' focuses on accounts, orders, settlement and prohibited activities. The final area, ``Overview of the Regulatory Framework,'' encompasses topics such as SROs, registration requirements and specified conduct rules. It's anticipated that the SIE would include 75 scored questions plus an additional 10 unscored pretest questions. The passing score would be determined through methodologies compliant with testing industry standards used to develop examinations and set passing standards. The restructured program eliminates duplicative testing of general securities knowledge on the current representative-level qualification examinations by moving such content into the SIE. The SIE will test fundamental securities related knowledge, including knowledge of basic products, the structure and function of the securities industry, the regulatory agencies and their functions and regulated and prohibited practices, whereas the revised representative-level qualification examinations will test knowledge relevant to day-to-day activities, responsibilities and job functions of representatives. The SIE was developed in consultation with a committee of industry representatives and representatives of several other SROs. Each of the current representative-level examinations covers general securities knowledge, with the exception of the Research Analyst (Series 86 and 87) examinations. The Exchange proposes to require that effective October 1, 2018, new applicants seeking to register in a representative capacity with the Exchange must pass the SIE before their registrations can become effective. The Exchange proposes to make the requirement operative on October 1, 2018 to coincide with the effective date of FINRA's requirement. The Exchange notes that individuals who are registered as of October 1, 2018 are eligible to maintain their registrations without being subject to any additional requirements. Individuals who had been registered within the past two years prior to October 1, 2018, would also be eligible to maintain those registrations without being subject to any additional requirements, provided they register within two years from the date of their last registration. However, with respect to an individual who is not registered on the effective date of the proposed rule change but was registered within the past two years prior to the effective date of the proposed rule change, the individual's SIE status in the CRD system would be administratively terminated if such individual does not register with the Exchange within four years from the date of the individual's last registration. The Exchange also notes that consistent with Interpretation and Policy .01(b) of Rule 2.5, the Exchange will consider waivers of the SIE alone or the SIE and the representative or principal-level examination(s) for Members who are [[Page 48674]] seeking registration in a representative- or principal-level registration category.\4\ --------------------------------------------------------------------------- \4\ Pursuant to a Regulatory Services Agreement between FINRA and the Exchange, FINRA provides the Exchange certain exam waiver services in responding to exam waiver requests from Exchange Members. --------------------------------------------------------------------------- Lastly, the Exchange proposes to eliminate references in its rules to alternative foreign examination modules, along with specific references to the Series 17, 37 and 38 examinations. Particularly, the Exchange notes that FINRA recently announced it was eliminating the United Kingdom Securities Representative and the Canadian Securities Representative registration categories, along with the respective associated exams (i.e., Series 17, Series 37 and Series 38).\5\ FINRA also stated that it intended to provide individuals who are associated persons of firms and who hold foreign registrations an alternative, more flexible, process to obtain an Exchange representative-level registration.\6\ The Exchange believes that there is sufficient overlap between the SIE and foreign qualification requirements to permit them to act as exemptions to the SIE. As such, the Exchange proposes to provide that individuals who are in good standing as representatives with the Financial Conduct Authority in the United Kingdom or with a Canadian stock exchange or securities regulator would be exempt from the requirement to pass the SIE, and thus would be required only to pass a specialized knowledge examination to register with the Exchange as a representative. The proposed approach would provide individuals with a United Kingdom or Canadian qualification more flexibility to obtain an Exchange representative-level registration. The Exchange notes that FINRA has adopted a similar rule.\7\ --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 81098 (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order Approving File No. SR- FINRA-2017-007). \6\ Id. \7\ Id. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\8\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \9\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \10\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). \10\ Id. --------------------------------------------------------------------------- The Exchange believes that the proposed rule change will improve the efficiency of the Exchange's examination requirements, without compromising the qualification standards, by eliminating duplicative testing of general securities knowledge on examinations. FINRA has indicated that the SIE was developed in an effort to adopt an examination that would assess basic product knowledge; the structure and function of the securities industry markets, regulatory agencies and their functions; and regulated and prohibited practices. The Exchange also notes that the introduction of the SIE and expansion of the pool of individuals who are eligible to take the SIE, has the potential of enhancing the pool of prospective securities industry professionals by introducing them to securities laws, rules and regulations and appropriate conduct before they join the industry in a registered capacity. Lastly, the Exchange notes adopting the SIE requirement is consistent with the requirement recently adopted by FINRA.\11\ --------------------------------------------------------------------------- \11\ See Securities Exchange Act Release No. 81098 (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order Approving File No. SR- FINRA-2017-007). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the proposed rule change, which harmonizes its rules with recent rule changes adopted by FINRA and which is being filed in conjunction with similar filings by the other national securities exchanges, will reduce the regulatory burden placed on market participants engaged in trading activities across different markets. The Exchange believes that the harmonization of these registration requirements across the various markets will reduce burdens on competition by removing impediments to participation in the national market system and promoting competition among participants across the multiple national securities exchanges. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b- 4(f)(6) thereunder. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative for 30 days from the date of filing. However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative on October 1, 2018 to coincide with the effective date of FINRA's proposed rule change on which the proposal is based.\14\ The waiver of the operative delay would make the Exchange's qualification requirements consistent with those of FINRA, as of October 1, 2018. Therefore, the Commission believes that the waiver of the 30-day operative delay is consistent with the protection of investors and the public interest and hereby waives the 30-day operative delay and designates the proposal operative on October 1, 2018.\15\ --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6)(iii). \14\ See supra note 3. \15\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 [[Page 48675]] 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 proposal 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 No. SR-CboeBYX-2018-019 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File No. SR-CboeBYX-2018-019. 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 website (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 website 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 the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR-CboeBYX-2018-019 and should be submitted on or before October 17, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2018-20878 Filed 9-25-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 187 / Wednesday, September 26, 2018 / Notices 48673
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s The restructured program eliminates
COMMISSION Statement of the Purpose of, and duplicative testing of general securities
Statutory Basis for, the Proposed Rule knowledge on the current
[Release No. 34–84229; File No. SR–
Change representative-level qualification
CboeBYX–2018–019] 1. Purpose examinations by moving such content
into the SIE. The SIE will test
The SEC recently approved a fundamental securities related
Self-Regulatory Organizations; Cboe
proposed rule change to restructure the
BYX Exchange, Inc.; Notice of Filing knowledge, including knowledge of
FINRA representative-level qualification
and Immediate Effectiveness of a basic products, the structure and
examination program.3 The rule change,
Proposed Rule Change To Amend Its function of the securities industry, the
which will become effective on October
Rules Relating to Categories of 1, 2018, restructures the examination regulatory agencies and their functions
Registration and Respective program into a more efficient format and regulated and prohibited practices,
Qualification Examinations Required whereby all new representative-level whereas the revised representative-level
for Members That Engage in Trading applicants will be required to take a qualification examinations will test
Activities on the Exchange general knowledge examination (the knowledge relevant to day-to-day
Securities Industry Essentials activities, responsibilities and job
September 20, 2018. functions of representatives. The SIE
Examination (‘‘SIE’’)) and a tailored,
Pursuant to Section 19(b)(1) of the specialized knowledge examination (a was developed in consultation with a
Securities Exchange Act of 1934 (the revised representative-level committee of industry representatives
‘‘Act’’),1 and Rule 19b–4 thereunder,2 qualification examination) for their and representatives of several other
notice is hereby given that on particular registered role. Individuals SROs. Each of the current
September 18, 2018, Cboe BYX are not required to be associated with an representative-level examinations
Exchange, Inc. (‘‘Exchange’’ or ‘‘BYX’’) Exchange or any other self-regulatory covers general securities knowledge,
filed with the Securities and Exchange organization (‘‘SRO’’) member to be with the exception of the Research
Commission (‘‘Commission’’) the eligible to take the SIE. However, Analyst (Series 86 and 87)
proposed rule change as described in passing the SIE alone will not qualify an examinations.
Items I and II below, which Items have individual for registration with the The Exchange proposes to require that
been prepared by the Exchange. The Exchange. To be eligible for registration, effective October 1, 2018, new
Commission is publishing this notice to an individual must also be associated applicants seeking to register in a
solicit comments on the proposed rule with a firm, pass an appropriate representative capacity with the
change from interested persons. qualification examination for a Exchange must pass the SIE before their
representative or principal and satisfy registrations can become effective. The
I. Self-Regulatory Organization’s the other requirements relating to the
Statement of the Terms of Substance of Exchange proposes to make the
registration process. requirement operative on October 1,
the Proposed Rule Change The SIE would assess basic product 2018 to coincide with the effective date
knowledge; the structure and function of FINRA’s requirement.
The Exchange filed a proposal to
of the securities industry markets,
amend its rules relating to categories of The Exchange notes that individuals
regulatory agencies and their functions;
registration and respective qualification who are registered as of October 1, 2018
and regulated and prohibited practices.
examinations required for Members that are eligible to maintain their
In particular, the SIE will cover four
engage in trading activities on the registrations without being subject to
major areas. The first, ‘‘Knowledge of
Exchange. Capital Markets,’’ focuses on topics such any additional requirements.
The text of the proposed rule change as types of markets and offerings, Individuals who had been registered
is available at the Exchange’s website at broker-dealers and depositories, and within the past two years prior to
www.markets.cboe.com, at the principal economic cycles. The second, October 1, 2018, would also be eligible
office of the Exchange, and at the ‘‘Understanding Products and Their to maintain those registrations without
Commission’s Public Reference Room. Risks,’’ covers securities products at a being subject to any additional
high level as well as associated requirements, provided they register
II. Self-Regulatory Organization’s within two years from the date of their
investment risks. The third,
Statement of the Purpose of, and ‘‘Understanding Trading, Customer last registration. However, with respect
Statutory Basis for, the Proposed Rule Accounts and Prohibited Activities,’’ to an individual who is not registered
Change focuses on accounts, orders, settlement on the effective date of the proposed
In its filing with the Commission, the and prohibited activities. The final area, rule change but was registered within
Exchange included statements ‘‘Overview of the Regulatory the past two years prior to the effective
concerning the purpose of and basis for Framework,’’ encompasses topics such date of the proposed rule change, the
the proposed rule change and discussed as SROs, registration requirements and individual’s SIE status in the CRD
any comments it received on the specified conduct rules. It’s anticipated system would be administratively
proposed rule change. The text of these that the SIE would include 75 scored terminated if such individual does not
statements may be examined at the questions plus an additional 10 register with the Exchange within four
unscored pretest questions. The passing years from the date of the individual’s
places specified in Item IV below. The
score would be determined through
daltland on DSKBBV9HB2PROD with NOTICES
Exchange has prepared summaries, set last registration. The Exchange also
methodologies compliant with testing notes that consistent with Interpretation
forth in Sections A, B, and C below, of
industry standards used to develop and Policy .01(b) of Rule 2.5, the
the most significant parts of such
examinations and set passing standards. Exchange will consider waivers of the
statements.
SIE alone or the SIE and the
3 See Securities Exchange Act Release No. 81098
1 15 U.S.C. 78s(b)(1). (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order
representative or principal-level
2 17 CFR 240.19b–4. Approving File No. SR–FINRA–2017–007). examination(s) for Members who are
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![Federal Register / Vol. 83, No. 187 / Wednesday, September 26, 2018 / Notices 48675
investors, or otherwise in furtherance of For the Commission, by the Division of identities of and/or the number of pools
the purposes of the Act. Trading and Markets, pursuant to delegated underlying each trade are unknown at
authority.16 the time of trade execution.7 MBSD
IV. Solicitation of Comments Brent J. Fields, guidelines provide that two business
Secretary. days prior to the established settlement
Interested persons are invited to
submit written data, views and [FR Doc. 2018–20878 Filed 9–25–18; 8:45 am] date of the TBA settlement obligations,
arguments concerning the foregoing, BILLING CODE 8011–01–P the FICC MBSD clearing member
including whether the proposal is (‘‘Clearing Member’’) that has an
consistent with the Act. Comments may obligation to deliver pools for the TBA
SECURITIES AND EXCHANGE transaction (i.e., the ‘‘seller’’) must
be submitted by any of the following COMMISSION allocate the pools to be delivered.8 FICC
methods:
[Release No. 34–84236; File No. SR–FICC– states that pursuant to the MBSD Rules,
Electronic Comments 2018–006] Clearing Members may substitute an
underlying pool after it has been
• Use the Commission’s internet Self-Regulatory Organizations; Fixed allocated with respect to a pool deliver
comment form (http://www.sec.gov/ Income Clearing Corporation; Order obligation by providing instructions to
rules/sro.shtml); or Granting Approval of Proposed Rule FICC.9
• Send an email to rule-comments@ Change To Codify the Processing of CPR is the percentage of the
sec.gov. Please include File No. SR– Conditional Prepayment Rate Claims in outstanding loan balance for a pool that
CboeBYX–2018–019 on the subject line. the MBSD Rules and Make Other is expected to be repaid over a one-year
Changes period.10 A CPR claim arises when an
Paper Comments underlying TBA pool is allocated or
September 20, 2018. substituted with a pool that pays down
• Send paper comments in triplicate On July 26, 2018, Fixed Income at a faster rate (i.e., has a higher CPR)
to Secretary, Securities and Exchange Clearing Corporation (‘‘FICC’’) filed than the average pay down rate for pools
Commission, 100 F Street NE, with the U.S. Securities and Exchange of the same type as the underlying pool
Washington, DC 20549–1090. Commission (‘‘Commission’’) proposed being replaced.11 The result is that the
All submissions should refer to File No. rule change SR–FICC–2018–006 buyer is receiving a pool with less value
SR–CboeBYX–2018–019. This file pursuant to Section 19(b)(1) of the than anticipated based on the TBA
number should be included on the Securities Exchange Act of 1934 terms.
(‘‘Act’’) 1 and Rule 19b–4 thereunder.2 As provided in the SIFMA
subject line if email is used. To help the
The proposed rule change was Guidelines,12 the industry currently has
Commission process and review your
published for comment in the Federal a process pursuant to which a buyer
comments more efficiently, please use
Register on August 8, 2018.3 The may make a CPR claim against the
only one method. The Commission will
Commission did not receive any seller. The CPR claim process is
post all comments on the Commission’s
comment letters on the proposed rule intended to compensate the buyer for
internet website (http://www.sec.gov/
change. For the reasons discussed the excess amount that it is paying for
rules/sro.shtml). Copies of the
below, the Commission approves the the pool being delivered.13 Pursuant to
submission, all subsequent
proposed rule change. SIFMA Guidelines, an entity is entitled
amendments, all written statements
with respect to the proposed rule I. Description of the Proposed Rule to make a CPR claim if (i) the allocation
change that are filed with the Change or substitution giving rise to the CPR
Commission, and all written claim occurred after the factor release
The proposed rule change would
communications relating to the date 14 following the scheduled
make amendments to FICC’s Mortgage-
proposed rule change between the contractual settlement date relating to
Backed Securities Division (‘‘MBSD’’)
Commission and any person, other than the trade; (ii) the pools involved in the
Clearing Rules (‘‘MBSD Rules’’) 4 in
those that may be withheld from the claim meet the criteria for fast paying
order to (i) add terms governing MBSD’s
public in accordance with the pools in accordance with SIFMA
current processing of conditional
provisions of 5 U.S.C. 552, will be Guidelines; (iii) the amount of the CPR
prepayment rate (‘‘CPR’’) claims to the
available for website viewing and claim is $10,000 or greater, or, in the
MBSD Rules, and (ii) make certain
printing in the Commission’s Public clarifications and corrections in the 7 Notice, 83 FR, at 39144.
Reference Room, 100 F Street NE, MBSD Rules, as described below.5 8 Id.
Washington, DC 20549, on official 9 Id.
business days between the hours of A. CPR Claims
10 Id.
10:00 a.m. and 3:00 p.m. Copies of the Mortgage pools 6 are often traded in 11 Notice, 83 FR, at 39144.
filing also will be available for To-Be-Announced (‘‘TBA’’) trades, 12 Available at https://www.sifma.org/resources/
inspection and copying at the principal which are trades for which the actual general/tba-market-governance/ under ‘‘Uniform
office of the Exchange. All comments Practices Manual.’’ The SIFMA Guidelines are
trading, clearing and settlement guidelines prepared
received will be posted without change. 16 17 CFR 200.30–3(a)(12).
by SIFMA intended to reflect common industry
Persons submitting comments are 1 15 U.S.C. 78s(b)(1). practices relating to confirming, comparing and
2 17 CFR 240.19b–4.
cautioned that we do not redact or edit settling mortgage-backed securities.
3 Securities Exchange Act Release No. 83767
personal identifying information from 13 Notice, 83 FR, at 39144.
(August 2, 2018), 83 FR 39143 (August 8, 2018)
daltland on DSKBBV9HB2PROD with NOTICES
14 The term ‘‘factor release date’’ means, with
comment submissions. You should (SR–FICC–2018–006) (‘‘Notice’’). respect to a pool, the date on which the Federal
submit only information that you wish 4 Available at http://www.dtcc.com/legal/rules-
National Mortgage Association (‘‘Fannie Mae’’), the
to make available publicly. All and-procedures. Federal Home Loan Mortgage Corporation (‘‘Freddie
submissions should refer to File No. 5 Notice, 83 FR, at 39144.
Mac’’) or the Government National Mortgage
6 A mortgage pool is a collection of mortgage Association (‘‘Ginnie Mae’’), as applicable, release
SR–CboeBYX–2018–019 and should be
loans or other collateral assembled by an originator the ‘‘factor’’ that represents the percentage of the
submitted on or before October 17, or master services as collateral for a mortgaged-back agency’s original balance of the pool that remains
2018. security. Id. outstanding as of such date. Id.
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Document Created: 2018-09-26 00:47:40
Document Modified: 2018-09-26 00:47:40
| 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 | 83 FR 48673 |
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