83 FR 6653 - 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 Proposed Rule Changes To Adopt a Recovery & Wind-Down Plan and Related Rules

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 31 (February 14, 2018)

Page Range		6653-6654
FR Document		2018-02982

Federal Register, Volume 83 Issue 31 (Wednesday, February 14, 2018)

[Federal Register Volume 83, Number 31 (Wednesday, February 14, 2018)]
[Notices]
[Pages 6653-6654]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-02982]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82669; File Nos. SR-DTC-2017-021; SR-FICC-2017-021; SR-
NSCC-2017-017)


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 Proposed Rule Changes To Adopt a Recovery & Wind-Down Plan 
and Related Rules

February 8, 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 adopt a recovery and wind-down plan and 
related rules (SR-DTC-2017-021, SR-FICC-2017-021, and SR-NSCC-2017-
017), 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\ The Commission 
did not receive any comments on the Proposed Rule Changes.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 82432 (January 2, 2018), 
83 FR 884 (January 8, 2018) (SR-DTC-2017-021); Securities Exchange 
Act Release No. 82431 (January 2, 2018), 83 FR 871 (January 8, 2018) 
(SR-FICC-2017-021); Securities Exchange Act Release No. 82430 
(January 2, 2018), 83 FR 841 (January 8, 2018) (SR-NSCC-2017-017).
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notices for the Proposed Rule Changes 
is February 22, 2018.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the Proposed Rule Changes. The

[[Page 6654]]

Commission finds that it is appropriate to designate a longer period 
within which to take action on the Proposed Rule Changes so that it has 
sufficient time to consider and take action on the Proposed Rule 
Changes.
    Accordingly, pursuant to Section 19(b)(2) of the Act \5\ and for 
the reasons stated above, the Commission designates April 8, 2018 as 
the date by which the Commission shall either approve, disapprove, or 
institute proceedings to determine whether to disapprove proposed rule 
changes SR-DTC-2017-021, SR-FICC-2017-021, and SR-NSCC-2017-017.
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-02982 Filed 2-13-18; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 31 / Wednesday, February 14, 2018 / Notices 6653

(B) Clearing Agency’s Statement on Electronic Comments SECURITIES AND EXCHANGE
Burden on Competition COMMISSION
• Use the Commission’s internet
Section 17A(b)(3)(I) of the Act 15 comment form (http://www.sec.gov/ [Release No. 34–82669; File Nos. SR–DTC–
requires that the rules of a clearing rules/sro.shtml); or 2017–021; SR–FICC–2017–021; SR–NSCC–
2017–017)
agency not impose any burden on • Send an email to rule-comments@
competition not necessary or sec.gov. Please include File Number SR– Self-Regulatory Organizations; The
appropriate in furtherance of the OCC–2018–005 on the subject line. Depository Trust Company; Fixed
purposes of the Act. OCC does not Income Clearing Corporation; National
Paper Comments
believe that the proposed rule change Securities Clearing Corporation;
would have any impact or impose a • Send paper comments in triplicate Notice of Designation of Longer Period
burden on competition. Although this to Brent J. Fields, Secretary, Securities for Commission Action on Proposed
proposed rule change affects Clearing and Exchange Commission, 100 F Street Rule Changes To Adopt a Recovery &
Members, their customers, and the NE, Washington, DC 20549–1090. Wind-Down Plan and Related Rules
markets that OCC serves, OCC believes All submissions should refer to File
that the proposed rule change would not February 8, 2018.
Number SR–OCC–2018–005. This file
disadvantage or favor any particular number should be included on the On December 18, 2017, The
user of OCC’s services in relationship to subject line if email is used. To help the Depository Trust Company (‘‘DTC’’),
another user because the proposed cash Commission process and review your Fixed Income Clearing Corporation
management fee would apply equally to comments more efficiently, please use (‘‘FICC’’), and National Securities
all Clearing Members. Accordingly, OCC only one method. The Commission will Clearing Corporation (‘‘NSCC’’)
does not believe that the proposed rule post all comments on the Commission’s (collectively, ‘‘Clearing Agencies’’), each
change would have any impact or internet website (http://www.sec.gov/ filed with the Securities and Exchange
impose a burden on competition. rules/sro.shtml). Copies of the Commission (‘‘Commission’’) a
submission, all subsequent proposed rule change to adopt a
(C) Clearing Agency’s Statement on recovery and wind-down plan and
Comments on the Proposed Rule amendments, all written statements
with respect to the proposed rule related rules (SR–DTC–2017–021, SR–
Change Received From Members, FICC–2017–021, and SR–NSCC–2017–
Participants or Others change that are filed with the
Commission, and all written 017), respectively (‘‘Proposed Rule
Written comments on the proposed communications relating to the Changes’’), pursuant to Section 19(b)(1)
proposed rule change between the of the Securities Exchange Act of 1934
rule change were not and are not
Commission and any person, other than (‘‘Act’’) 1 and Rule 19b–4 thereunder.2
intended to be solicited with respect to
those that may be withheld from the The Proposed Rule Changes were
the proposed rule change and none have
public in accordance with the published for comment in the Federal
been received.
provisions of 5 U.S.C. 552, will be Register on January 8, 2018.3 The
III. Date of Effectiveness of the available for website viewing and Commission did not receive any
Proposed Rule Change and Timing for printing in the Commission’s Public comments on the Proposed Rule
Commission Action Reference Room, 100 F Street NE, Changes.
Section 19(b)(2) of the Act 4 provides
The foregoing rule change has become Washington, DC 20549, on official
that within 45 days of the publication of
effective pursuant to Section business days between the hours of
notice of the filing of a proposed rule
19(b)(3)(A)(ii) of the Act 16 and Rule 10:00 a.m. and 3:00 p.m. Copies of such
change, or within such longer period up
19b–4(f)(2) 17 thereunder. At any time filing also will be available for
to 90 days as the Commission may
within 60 days of the filing of the inspection and copying at the principal
designate if it finds such longer period
proposed rule change, the Commission office of OCC and on OCC’s website at
to be appropriate and publishes its
summarily may temporarily suspend https://www.theocc.com/about/
reasons for so finding or as to which the
publications/bylaws.jsp.
such rule change if it appears to the self-regulatory organization consents,
Commission that such action is All comments received will be posted the Commission shall either approve the
necessary or appropriate in the public without change. Persons submitting proposed rule change, disapprove the
interest, for the protection of investors, comments are cautioned that we do not proposed rule change, or institute
or otherwise in furtherance of the redact or edit personal identifying proceedings to determine whether the
purposes of the Act.18 information from comment submissions. proposed rule change should be
You should submit only information disapproved. The 45th day after
IV. Solicitation of Comments that you wish to make available publication of the notices for the
publicly. Proposed Rule Changes is February 22,
Interested persons are invited to
submit written data, views and All submissions should refer to File 2018.
arguments concerning the foregoing, Number SR–OCC–2018–005 and should The Commission is extending the 45-
including whether the proposed rule be submitted on or before March 7, day time period for Commission action
change is consistent with the Act. 2018. on the Proposed Rule Changes. The
Comments may be submitted by any of For the Commission, by the Division of
1 15 U.S.C. 78s(b)(1).
the following methods: Trading and Markets, pursuant to delegated
daltland on DSKBBV9HB2PROD with NOTICES

2 17 CFR 240.19b–4.
authority.19
3 Securities Exchange Act Release No. 82432
15 15 U.S.C. 78q–1(b)(3)(I). Eduardo A. Aleman,
(January 2, 2018), 83 FR 884 (January 8, 2018) (SR–
16 15 U.S.C. 78s(b)(3)(A)(ii). Assistant Secretary. DTC–2017–021); Securities Exchange Act Release
17 17 CFR 240.19b–4(f)(2). No. 82431 (January 2, 2018), 83 FR 871 (January 8,
[FR Doc. 2018–02972 Filed 2–13–18; 8:45 am]
18 Notwithstanding its immediate effectiveness, 2018) (SR–FICC–2017–021); Securities Exchange
BILLING CODE 8011–01–P
implementation of this rule change will be delayed Act Release No. 82430 (January 2, 2018), 83 FR 841
until this change is deemed certified under CFTC (January 8, 2018) (SR–NSCC–2017–017).
Rule 40.6. 19 17 CFR 200.30–3(a)(12). 4 15 U.S.C. 78s(b)(2).

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6654 Federal Register / Vol. 83, No. 31 / Wednesday, February 14, 2018 / Notices

Commission finds that it is appropriate changes and corrections.3 The GSD Executive Director and update the
to designate a longer period within Rules and the MBSD Rules would also related powers and duties, and (6) make
which to take action on the Proposed be amended to incorporate by reference other changes related to certain powers
Rule Changes so that it has sufficient the By-Laws and the Restated Certificate and duties of the Board and various
time to consider and take action on the of Incorporation.4 officers, including Managing Directors,
Proposed Rule Changes. the Vice Chairman of the Corporation,
II. Clearing Agency’s Statement of the
Accordingly, pursuant to Section the Treasurer and the Assistant
Purpose of, and Statutory Basis for, the
19(b)(2) of the Act 5 and for the reasons Treasurer, as described in greater detail
Proposed Rule Change
stated above, the Commission below. FICC is proposing to make these
designates April 8, 2018 as the date by In its filing with the Commission, the changes to the By-Laws so that the By-
which the Commission shall either clearing agency included statements Laws remain consistent and accurate
approve, disapprove, or institute concerning the purpose of and basis for and FICC’s governance documents
proceedings to determine whether to the proposed rule change and discussed accurately reflect its management and
disapprove proposed rule changes SR– any comments it received on the organizational structure and the
DTC–2017–021, SR–FICC–2017–021, proposed rule change. The text of these responsibilities within the purview of
and SR–NSCC–2017–017. statements may be examined at the certain roles. FICC believes these
places specified in Item IV below. The changes would facilitate the efficient
For the Commission, by the Division of
Trading and Markets, pursuant to delegated clearing agency has prepared governance and operation of FICC.
authority.6 summaries, set forth in sections A, B, The GSD Rules and MBSD Rules
Eduardo A. Aleman, and C below, of the most significant would also be amended to incorporate
aspects of such statements. by reference the Restated Certificate of
Assistant Secretary.
(A) Clearing Agency’s Statement of the Incorporation and the By-Laws, as
[FR Doc. 2018–02982 Filed 2–13–18; 8:45 am]
Purpose of, and Statutory Basis for, the further described below. The current
BILLING CODE 8011–01–P
Proposed Rule Change Certificate of Incorporation would be
restated to streamline this document,
1. Purpose which FICC believes would enhance
SECURITIES AND EXCHANGE
COMMISSION In FICC’s review of the By-Laws, FICC clarity and transparency. The following
has identified and is proposing the describes the proposed changes to the
[Release No. 34–82672; File No. SR–FICC– following changes to the By-Laws: (i) By-Laws, the Certificate of
2018–002] Revising certain Board and designated Incorporation, the GSD Rules, and the
officer titles or offices and updating the MBSD Rules.
Self-Regulatory Organizations; Fixed related powers and duties, (ii) revising
Income Clearing Corporation; Notice of Proposed Changes to the By-Laws 5
the section describing the compensation
Filing of Proposed Rule Change To of officers and (iii) making certain A. Changes to Certain FICC Board and
Amend the By-Laws and Make Other technical changes and corrections. Designated Officer Titles or Offices and
Changes Specifically, regarding the proposed Updates to the Related Powers and
changes to the Board and designated Duties
February 8, 2018.
Pursuant to Section 19(b)(1) of the officer titles or offices and updating the FICC proposes to revise the titles or
Securities Exchange Act of 1934 related powers and duties, FICC is offices and update the related powers
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 proposing to: (1) Change the title of and duties of various designated officers
notice is hereby given that on February Chairman of the Board to Non-Executive and the Board, as further described
2, 2018, Fixed Income Clearing Chairman of the Board and update the below.
Corporation (‘‘FICC’’) filed with the related powers and duties associated
with that role due to personnel changes 1. Change the Title of Chairman of the
Securities and Exchange Commission Board to Non-Executive Chairman of the
(‘‘Commission’’) the proposed rule in FICC’s management, (2) add the office
of the Chief Executive Officer (‘‘CEO’’), Board; Update the Powers and Duties of
change as described in Items I, II and III the Non-Executive Chairman of the
below, which Items have been prepared combine the office of the President and
the office of the Chief Executive Officer Board
by the clearing agency. The Commission
is publishing this notice to solicit into one office (President and Chief FICC proposes to replace the title of
comments on the proposed rule change Executive Officer) and update the Chairman of the Board with the title
from interested persons. related powers and duties to reflect that Non-Executive Chairman of the Board
the two positions are now combined (‘‘Non-Executive Chairman of the
I. Clearing Agency’s Statement of the and are held by one individual, (3) add Board’’). This change in title reflects
Terms of Substance of the Proposed the office of the Chief Financial Officer that this position is now held by an
Rule Change (‘‘CFO’’) and delete the office of the individual who is not part of FICC’s
The proposed rule change would Comptroller, (4) delete the office of the management (i.e., a non-executive). In
amend the FICC By-Laws (‘‘By-Laws’’) Chief Operating Officer (‘‘COO’’), (5) 2016, FICC made personnel changes. As
to (i) revise titles or offices and the change the title of Vice President to part of these personnel changes, the
powers and duties of the Board of individual who was serving as
Directors (‘‘Board’’) and certain
3 The By-Laws and the Restated Certificate of Chairman of the Board and who was
Incorporation would each be incorporated by part of FICC’s management at that time
designated officers of FICC, (ii) revise
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reference into the FICC Government Securities
the section describing compensation of Division Rulebook (‘‘GSD Rules’’) and the FICC
became a non-executive. FICC believed
officers, and (iii) make certain technical Mortgage-Backed Securities Division Rulebook that it would be beneficial and desirable
(‘‘MBSD Rules’’).
4 The GSD Rules and the MBSD Rules are 5 FICC last submitted a rule filing regarding
5 15 U.S.C. 78s(b)(2). available at http://www.dtcc.com/legal/rules-and- changes to the By-Laws in 2006. See Securities
6 17 CFR 200.30–3(a)(31). procedures. The By-Laws and the Restated Exchange Act Release No. 54173 (July 19, 2006), 71
1 15 U.S.C. 78s(b)(1).
Certificate of Incorporation would be available at FR 42890 (July 28, 2006) (SR–DTC–2006–10, SR–
2 17 CFR 240.19b–4. http://www.dtcc.com/legal/rules-and-procedures. FICC–2006–09, and SR–NSCC–2006–08).

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Document Created: 2018-02-14 03:59:04
Document Modified: 2018-02-14 03:59:04

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 6653