!!!!!!!!OMB!APPROVAL!OMB!

Number:...................3235b 0045

Expires:..... January 31, 2023

Estimated!average!burden!

hours!per!response:..............38

File!No.!SR!4 4! Page!1!of! !!!!!!!!!!!SECURITIES!AND!EXCHANGE!COMMISSION

WASHINGTON,!D.C.!!20549!

Form!19b44

Amendment!No.

Filing!by! Select!SRO

Pursuant!to!Rule!19b44!under!the!Securities!Exchange!Act!of!1934

Initial! Amendment! Withdrawal

Section!19(b)(2)! Section!19(b)(3)(A)! Section!19(b)(3)(B)

Rule

Extension!of!Time!Period!for!

Date!Expires Pilot Commission!Action! 19b44(f)(1)!!!!!!!!!!!!19b44(f)(4)

19b44(f)(2)!!!!!!!!!!!!19b44(f)(5)

19b44(f)(3)!!!!!!!!!!!!19b44(f)(6)

Notice!of!proposed!change!pursuant!to!the!Payment,!Clearing!and Security4Based!Swap!Submission!pursuant!to!the!

Settlement!Act!of!2010 Securities!Exchange!Act!of!1934

Section!806(e)(1) Section!806(e)(2) Section!3C(b)(2)

Exhibit!2!Sent!As!Paper!Document! Exhibit!3!Sent!As!Paper!Document

Description

Provide!a!brief!description!of!the!action!(limit!250!characters).

Contact-Information

Provide!the!name,!telephone!number!and!e4mail!address!of!the!person!on!the!staff!of!the!self4regulatory!organization!!

prepared!to!respond!to!questions!and!comments!on!the!action.

First!Name Last!Name

Title

E4mail

Telephone! Fax

SignaturePursuant!to!the!requirements!of!the!Securities!Exchange!Act!of!1934,!!

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Date

By

(Name)

(Title)

NOTE:!Clicking!the!button!at!right!will!digitally!sign!and!lock!this!form.!!

A!digital!signature!is!as!legally!binding!as!a!physical!signature,!and!!

once!signed,!this!form!cannot!be!changed.

Digitally!Sign!and!Lock!Form
SECURITIES!AND!EXCHANGE!COMMISSION

WASHINGTON,!D.C.!!20549!

For!complete!Form!19b44!instructions!please!refer!to!the!EFFS!website.

Form-19b84-Information The!self4regulatory!organization!must!provide!all!required!information,!presented!in!a!clear!and!!

comprehensible!manner,!to!enable!the!public!to!provide!meaningful!comment!on!the!proposal!and!for!!

the!Commission!to!determine!whether!the!proposal!is!consistent!with!the!Act!and!applicable!rules!and! Add! Remove! View regulations!under!the!Act.!!

Exhibit-1-8-Notice-of-Proposed-Rule-Change

The!Notice!section!of!this!Form!19b44!must!comply!with!the!guidelines!for!publication!in!the

)HGHUDO5HJLVWHUDVZHOODVDQ\UHTXLUHPHQWVIRUHOHFWURQLF¿OLQJDVSXEOLVKHGE\WKH&RPPLVVLRQLI

DSSOLFDEOH7KH2I¿FHRIWKH)HGHUDO5HJLVWHU2)5RIIHUVJXLGDQFHRQ)HGHUDO5HJLVWHUSXEOLFDWLRQ Add! Remove! View requirements!in!the!Federal!Register!Document!Drafting!Handbook,!October!1998!Revision.!For!example,!

all!references!to!the!federal!securities!laws!must!include!the!corresponding!cite!to!the!United!States!Code!!

in!a!footnote.!!All!references!to!SEC!rules!must!include!the!corresponding!cite!to!the!Code!of!Federal!!

Regulations!in!a!footnote.!All!references!to!Securities!Exchange!Act!Releases!must!include!the!release!

number,!release!date,!Federal!Register!cite,!)HGHUDO5HJLVWHUGDWHDQGFRUUHVSRQGLQJ¿OHQXPEHU

(e.g.,!SR4[SRO]4xx4xx).!!A!material!failure!to!comply!with!these!guidelines!will!result!in!the!proposed!rule!

FKDQJHEHLQJGHHPHGQRWSURSHUO\¿OHG6HHDOVR5XOHXQGHUWKH$FW&)5

Exhibit-1A-8-Notice-of-Proposed-RuleChange,-Security8Based-Swap-- The!Notice!section!of!this!Form!19b44!must!comply!with!the!guidelines!for!publication!in!the

Submission,-or-Advance-Notice-by- )HGHUDO5HJLVWHUDVZHOODVDQ\UHTXLUHPHQWVIRUHOHFWURQLF¿OLQJDVSXEOLVKHGE\WKH&RPPLVVLRQLI

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Clearing-Agencies requirements!in!the!Federal!Register!Document!Drafting!Handbook,!October!1998!Revision.!!For!example,!

all!references!to!the!federal!securities!laws!must!include!the!corresponding!cite!to!the!United!States!Code!!

in!a!footnote.!!All!references!to!SEC!rules!must!include!the!corresponding!cite!to!the!Code!of!Federal!

Regulations!in!a!footnote.!!All!references!to!Securities!Exchange!Act!Releases!must!include!the!release! Add! Remove! View number,!release!date,!Federal!Register!cite,!)HGHUDO5HJLVWHUGDWHDQGFRUUHVSRQGLQJ¿OHQXPEHU

(e.g.,!SR4[SRO]4xx4xx).!!A!material!failure!to!comply!with!these!guidelines!will!result!in!the!proposed!rule!

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5XOHXQGHUWKH$FW&)5

Exhibit-2-8-Notices,-Written-Comments,-

Transcripts,-Other-Communications Copies!of!notices,!written!comments,!transcripts,!other!communications.!If!such!documents!cannot!be!!

¿OHGHOHFWURQLFDOO\LQDFFRUGDQFHZLWK,QVWUXFWLRQ)WKH\VKDOOEH¿OHGLQDFFRUGDQFHZLWKInstruction!G.

Add!! Remove! View

Exhibit!Sent!As!Paper!Document

Exhibit-3-8-Form,-Report,-or-Questionnaire

Copies!of!any!form,!report,!or!questionnaire!that!the!self4regulatory!organization!proposes!to!use!to!!

help!implement!or!operate!the!proposed!rule!change,!or!that!is!referred!to!by!the!proposed!rule!change.

Add!! Remove! View

Exhibit!Sent!As!Paper!Document

Exhibit-4-8-Marked-Copies

The!full!text!shall!be!marked,!in!any!convenient!manner,!to!indicate!additions!to!and!deletions!from!the!!

LPPHGLDWHO\SUHFHGLQJ¿OLQJ7KHSXUSRVHRI([KLELWLVWRSHUPLWWKHVWDIIWRLGHQWLI\LPPHGLDWHO\WKH

changes!made!from!the!text!of!the!rule!with!which!it!has!been!working.

Add!! Remove! View

Exhibit-5-8-Proposed-Rule-Text

The!self4regulatory!organization!may!choose!to!attach!as!Exhibit!5!proposed!changes!to!rule!text!in!!

place!of!providing!it!in!Item!I!and!which!may!otherwise!be!more!easily!readable!if!provided!separately!!

from!Form!19b44.!Exhibit!5!shall!be!considered!part!of!the!proposed!rule!change.! Add! Remove! View

If!the!self4regulatory!organization!is!amending!only!part!of!the!text!of!a!lengthy!proposed!rule!change,!it! Partial-Amendment !!

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GENERAL INSTRUCTIONS FOR FORM 19b-41

A. Use of the Form 

This form shall be used for all self-regulatory organization filings of proposed rule 

changes pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) (except 

filings with respect to proposed rule changes by self-regulatory organizations submitted pursuant 

to Section 19(b)(7)2 of the Act), security-based swap submissions, and advance notices. 

National securities exchanges, registered securities associations, registered clearing agencies, and 

the Municipal Securities Rulemaking Board are self-regulatory organizations for purposes of this 

form. All proposed rule changes (except filings with respect to proposed rule changes by selfregulatory organizations submitted pursuant to Section 19(b)(7) of the Act) shall be filed in an 

electronic format through the Electronic Form 19b-4 Filing System (“EFFS”), a secure website 

operated by the Commission. All security-based swap submissions and advance notices shall be 

filed by submitting Form 19b-4 to a dedicated email address, SBSwapsSubmissions@sec.gov for 

security-based swap submissions and AdvanceNoticeFilings@sec.gov for advance notices. An 

electronic version of Form 19b-4 is available in EFFS. A PDF version of the Form is also 

available on SEC website. 

B. Need for Careful Preparation of the Completed Form, Including Exhibits 

This form, including the exhibits, is intended to elicit information necessary for the 

public to provide meaningful comment on the proposed rule change, security-based swap 

submission, or advance notice and for the Commission to determine whether the proposed rule 

change, security-based swap submission, or advance notice is consistent with the requirements of 

 

1

 Effective June 10, 2013. 

2

 Because Section 19(b)(7)(C) of the Act states that filings abrogated pursuant to this 

Section should be re-filed pursuant to paragraph (b)(1) of Section 19 of the Act, SROs are 

required to file electronically such proposed rule changes in accordance with this form. 
the Act and the rules and regulations thereunder or the Payment, Clearing and Settlement 

Supervision Act and the rules and regulations thereunder, in each case as applicable to the selfregulatory organization and in accordance with the requirements for each type of filing. The 

self-regulatory organization must provide all the information called for by the form, including 

the exhibits, and must present the information in a clear and comprehensible manner. 

The proposed rule change, security-based swap submission, or advance notice shall be 

considered filed on the date on which the Commission receives the proposed rule change, 

security-based swap submission, or advance notice if the filing complies with all requirements of 

this form. Any filing that does not comply with the requirements of this form may be returned to 

the self-regulatory organization. Any filing so returned shall for all purposes be deemed not to 

have been filed with the Commission. See also Rule 0-3 under the Act (17 CFR 240.0-3).

C. Documents Comprising the Completed Form 

The completed form filed with the Commission shall consist of the Form 19b-4 Page 1, 

numbers and captions for all items, responses to all items, and exhibits required in Item 11. In 

responding to an item, the completed form may omit the text of the item as contained herein if 

the response is prepared to indicate to the reader the coverage of the item without the reader 

having to refer to the text of the item or its instructions. Each filing shall be marked on the Form 

19b-4 with the initials of the self-regulatory organization, the four-digit year, and the number of 

the filing for the year (e.g., SRO-YYYY-XX). If the SRO is filing Exhibits 2 or 3 via paper, the 

exhibits must be filed within 5 calendar days of the electronic submission of all other required 

documents. 

D. Amendments 

If information on this form is or becomes inaccurate before the Commission takes action 

on the proposed rule change or the security-based swap submission, or prior to the expiration of 
the statutory review period with respect to advance notices (as determined in accordance with 

Section 806(e) of the Payment, Clearing and Settlement Supervision Act), the self-regulatory 

organization shall correct any such inaccuracy. Amendments shall be filed as specified in 

Instruction F. 

Amendments to a filing shall include the Form 19b-4 Page 1 marked to number 

consecutively the amendments, numbers and captions for each amended item, amended response 

to the item, and required exhibits. The amended response to Item 3 shall explain the purpose of 

the amendment and, if the amendment changes the purpose of or basis for the proposed rule 

change, security-based swap submission, or advance notice, the amended response shall also 

provide a revised purpose and basis statement. Exhibit 1 or Exhibit 1A, as applicable, shall be 

re-filed if there is a material change from the immediately preceding filing in the language of the 

proposed rule change or in the information provided relating to the proposed rule change, 

security-based swap submission, or advance notice. 

If the amendment alters the text of an existing rule, the amendment shall include the text 

of the existing rule, marked in the manner described in Item 1(a) using brackets to indicate words 

to be deleted from the existing rule and underscoring to indicate words to be added. The purpose 

of this marking requirement is to maintain a current copy of how the text of the existing rule is 

being changed.

If the amendment alters the text of the proposed rule change as it appeared in the 

immediately preceding filing (even if the proposed rule change does not alter the text of an 

existing rule), the amendment shall include, as Exhibit 4, the entire text of the rule as altered. 

This full text shall be marked, in any convenient manner, to indicate additions to and deletions 
from the immediately preceding filing. The purpose of Exhibit 4 is to permit the staff to identify 

immediately the changes made from the text of the rule with which it has been working.

If the self-regulatory organization is amending only part of the text of a lengthy proposed 

rule change, it may, with the Commission’s permission, file only those portions of the text of the 

proposed rule change in which changes are being made if the filing (i.e., partial amendment) is 

clearly understandable on its face. Such partial amendment shall be clearly identified and 

marked to show deletions and additions. 

If, after the Form 19b-4 is filed but before the Commission takes final action on it, the 

self-regulatory organization receives or prepares any correspondence or other communications 

reduced to writing (including comment letters) to and from such self-regulatory organization 

concerning the proposed rule change, security-based swap submission, or advance notice, the 

communications shall be filed as Exhibit 2. If information in the communication makes the 

filing inaccurate, the filing shall be amended to correct the inaccuracy. If such communications 

cannot be filed electronically in accordance with Instruction F, the communications shall be filed 

in accordance with Instruction G.

E. Completion of Action by the Self-Regulatory Organization on the Proposed Rule Change 

The Commission will not approve a proposed rule change or make a determination 

regarding a security-based swap submission or raise no objection to an advance notice before the 

self-regulatory organization has completed all action required to be taken under its constitution, 

articles of incorporation, bylaws, rules, or instruments corresponding thereto (excluding action 

specified in any such instrument with respect to (i) compliance with the procedures of the Act or 

(ii) the formal filing of amendments pursuant to state law). 
F. Signature and Filing of the Completed Form 

All proposed rule changes, amendments, extensions, and withdrawals of proposed rule 

changes shall be filed through the EFFS. All security-based swap submissions, advance notices, 

and amendments, extensions, and withdrawals of security-based swap submissions and advance 

notices shall be filed to a dedicated email address established by the Commission, 

SBSwapsSubmissions@sec.gov for security-based swap submissions and 

AdvanceNoticeFilings@sec.gov for advance notices. In order to file Form 19b-4 through EFFS, 

self-regulatory organizations must request access to the SEC’s External Application Server by 

completing a request for an external account user ID and password. Initial requests will be 

received by contacting the Trading and Markets Administrator located on our website 

(http://www.sec.gov). An e-mail will be sent to the requestor that will provide a link to a secure 

website where basic profile information will be requested. 

A duly authorized officer of the self-regulatory organization shall electronically sign the 

completed Form 19b-4 as indicated on Page 1 of the Form. In addition, a duly authorized officer 

of the self-regulatory organization shall manually sign one copy of the completed Form 19b-4, 

and the manually signed signature page shall be maintained pursuant to Section 17 of the Act. A 

registered clearing agency for which the Commission is not the appropriate regulatory agency 

also shall file with its appropriate regulatory agency three copies of the form, one of which shall 

be manually signed, including exhibits. A clearing agency that also is a designated clearing 

agency shall file with the Board of Governors of the Federal Reserve System (“Federal 

Reserve”) three copies of any form containing an advance notice, one of which shall be manually 

signed, including exhibits; provided, however, that this requirement may be satisfied instead by 

providing the copies to the Federal Reserve in an electronic format as permitted by the Federal 

Reserve. The Municipal Securities Rulemaking Board also shall file copies of the form, 
including exhibits, with the Federal Reserve, the Comptroller of the Currency, and the Federal 

Deposit Insurance Corporation. 

G. Procedures for Submission of Paper Documents for Exhibits 2 and 3 

To the extent that Exhibits 2 and 3 cannot be filed electronically in accordance with 

Instruction F, four copies of Exhibits 2 and 3 shall be filed with the Division of Trading and 

Markets, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. 

Page 1 of the electronic Form 19b-4 shall accompany paper submissions of Exhibits 2 and 3. If 

the SRO is filing Exhibits 2 and 3 via paper, they must be filed within five calendar days of the 

electronic filing of all other required documents. 

H. Withdrawals of Proposed Rule Changes, Security-based Swap Submissions or Advance 

Notices 

If a self-regulatory organization determines to withdraw a proposed rule change, securitybased swap submission, or advance notice, it must complete Page 1 of the Form 19b-4 and 

indicate by selecting the appropriate check box to withdraw the filing.

I. Procedures for Granting an Extension of Time for Commission Final Action

After the Commission publishes notice of a proposed rule change or security-based swap 

submission, if a self-regulatory organization wishes to grant the Commission an extension of the 

time to take final action as specified in Section 19(b)(2) or Section 3C, the self-regulatory 

organization shall indicate on the Form 19b-4 Page 1 the granting of said extension as well as the 

date the extension expires.

Information to Be Included in the Completed Form (“Form 19b-4 Information”)

1. Text of the Proposed Rule Change 

(a) Include the text of the proposed rule change, security-based swap submission, or 

advance notice. Text of the proposed rule change should be included either in Exhibit 5 or 
Exhibit 1 (or Exhibit 1A in the filing of a clearing agency). Changes in, additions to, or deletions 

from, any existing rule shall be set forth with brackets used to indicate words to be deleted and 

underscoring used to indicate words to be added. 

If any form, report, or questionnaire is 

(i) proposed to be used in connection with the implementation or operation of the 

proposed rule change, security-based swap submission, or advance notice, or 

(ii) prescribed or referred to in the proposed rule change, security-based swap 

submission, or advance notice, then the form, report, or questionnaire must be attached to and 

shall be considered as part of the proposed rule change, security-based swap submission, or 

advance notice. If completion of the form, report, or questionnaire is voluntary or is required 

pursuant to an existing rule of the self-regulatory organization, then the form, report, or 

questionnaire, together with a statement identifying any existing rule that requires completion of 

the form, report, or questionnaire, shall be attached as Exhibit 3. If the form, report, or 

questionnaire cannot be filed electronically in accordance with Instruction F, the documents shall 

be filed in accordance with Instruction G.

(b) If the self-regulatory organization reasonably expects that the proposed rule 

change, security-based swap submission, or advance notice will have any direct effect, or 

significant indirect effect, on the application of any other rule of the self-regulatory organization, 

set forth the designation or title of any such rule and describe the anticipated effect of the 

proposed rule change, security-based swap submission, or advance notice on the application of 

such other rule. 

(c) Include the file numbers for prior filings with respect to any existing rule 

specified in response to Item 1(b).
2. Procedures of the Self-Regulatory Organization 

Describe action on the proposed rule change, security-based swap submission, or advance 

notice taken by the members or board of directors or other governing body of the self-regulatory 

organization. See Instruction E. 

3. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

Provide a statement of the purpose of the proposed rule change and its basis under the 

Act and the rules and regulations thereunder applicable to the self-regulatory organization. With 

respect to proposed rule changes filed pursuant to Section 19(b)(1) of the Act, except for 

proposed rule changes that have been abrogated pursuant to Section 19(b)(7)(C) of the Act, the 

statement should be sufficiently detailed and specific to support a finding that the proposed rule 

change is consistent with the requirements of the Act and the rules and regulations thereunder 

applicable to the self-regulatory organization. With respect to proposed rule changes filed 

pursuant to Section 19(b)(1) of the Act that have been abrogated pursuant to Section 19(b)(7)(C) 

of the Act, the statement should be sufficiently detailed and specific to support a finding under 

Section 19(b)(7)(D) of the Act that the proposed rule change does not unduly burden competition 

or efficiency, does not conflict with the securities laws, and is not inconsistent with the public 

interest or the protection of investors. At a minimum, the statement should: 

(a) Describe the reasons for adopting the proposed rule change, any problems the 

proposed rule change is intended to address, the manner in which the proposed rule change will 

operate to resolve those problems, the manner in which the proposed rule change will affect 

various persons (e.g., brokers, dealers, issuers, and investors), and any significant problems 

known to the self-regulatory organization that persons affected are likely to have in complying 

with the proposed rule change; and 
(b) Explain why the proposed rule change is consistent with the requirements of the 

Act and the rules and regulations thereunder applicable to the self-regulatory organization. A 

mere assertion that the proposed rule change is consistent with those requirements is not 

sufficient. With respect to a proposed rule change filed pursuant to Section 19(b)(1) of the Act 

that has been abrogated pursuant to Section 19(b)(7)(C) of the Act, explain why the proposed 

rule change does not unduly burden competition or efficiency, does not conflict with the 

securities laws, and is not inconsistent with the public interest and the protection of investors, in 

accordance with Section 19(b)(7)(D) of the Act. A mere assertion that the proposed rule change 

satisfies these requirements is not sufficient. In the case of a registered clearing agency, also 

explain how the proposed rule change will be implemented consistently with the safeguarding of 

securities and funds in its custody or control or for which it is responsible. Certain limitations 

that the Act imposes on self-regulatory organizations are summarized in the notes that follow. 

Failure to describe and justify the proposed rule change in the manner described above 

may result in the Commission not having sufficient information to make an affirmative finding 

that the proposed rule change is consistent with the Act and the rules and regulations issued 

thereunder that are applicable to the self-regulatory organization. 

NOTE 1. National Securities Exchanges and Registered Securities Associations. 

Under Sections 6 and 15A of the Act, rules of a national securities exchange or registered 

securities association may not permit unfair discrimination between customers, issuers, brokers, 

or dealers, and may not regulate, by virtue of any authority conferred by the Act, matters not 

related to the purposes of the Act or the administration of the self-regulatory organization. Rules 

of a registered securities association may not fix minimum profits or impose any schedule of or 

fix rates of commissions, allowances, discounts, or other fees to be charged by its members.
Under Section 11A(c)(5) of the Act, a national securities exchange or registered 

securities association may not limit or condition the participation of any member in any 

registered clearing agency. 

NOTE 2. Registered Clearing Agencies. Under Section 17A of the Act, rules of a 

registered clearing agency may not permit unfair discrimination in the admission of participants 

or among participants in the use of the clearing agency, may not regulate, by virtue of any 

authority conferred by the Act, matters not related to the purposes of Section 17A of the Act or 

the administration of the clearing agency, and may not impose any schedule of prices, or fix rates 

or other fees, for services rendered by its participants. 

NOTE 3. Municipal Securities Rulemaking Board. Under Section 15B of the Act, rules 

of the Municipal Securities Rulemaking Board may not permit unfair discrimination between 

customers, issuers, municipal securities brokers, or municipal securities dealers, may not fix 

minimum profits, or impose any schedule or fix rates of commissions, allowances, discounts, or 

other fees to be charged by municipal securities brokers or municipal securities dealers, and may 

not regulate, by virtue of any authority conferred by the Act, matters not related to the purposes 

of the Act with respect to municipal securities or the administration of the Municipal Securities 

Rulemaking Board.

4. Self-Regulatory Organization's Statement on Burden on Competition 

State whether the proposed rule change will have an impact on competition and, if so, 

(i) state whether the proposed rule change will impose any burden on competition or whether it 

will relieve any burden on, or otherwise promote, competition and (ii) specify the particular 

categories of persons and kinds of businesses on which any burden will be imposed and the ways 

in which the proposed rule change will affect them. If the proposed rule change amends an 

existing rule, state whether that existing rule, as amended by the proposed rule change, will 
impose any burden on competition. If any impact on competition is not believed to be a 

significant burden on competition, explain why. Explain why any burden on competition is 

necessary or appropriate in furtherance of the purposes of the Act. In providing those 

explanations, set forth and respond in detail to written comments as to any significant impact or 

burden on competition perceived by any person who has made comments on the proposed rule 

change to the self-regulatory organization. A mere assertion that the proposed rule change 

satisfies these requirements is not sufficient. The statement concerning burdens on competition 

should be sufficiently detailed and specific to support a Commission finding that the proposed 

rule change does not impose any unnecessary or inappropriate burden on competition. Failure to 

describe and justify the proposed rule change in the manner described above may result in the 

Commission not having sufficient information to make an affirmative finding that the proposed 

rule change is consistent with the Act and the rules and regulations issued thereunder that are 

applicable to the self-regulatory organization.

5. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change 

Received from Members, Participants, or Others

If written comments were received (whether or not comments were solicited) from 

members of or participants in the self-regulatory organization or others, summarize the substance 

of all such comments received and respond in detail to any significant issues that those 

comments raised about the proposed rule change. If an issue is summarized and responded to in 

detail under Item 3 or Item 4, that response need not be duplicated if appropriate cross-reference 

is made to the place where the response can be found. If comments were not or are not to be 

solicited, so state.
6. Extension of Time Period for Commission Action

If the proposed rule change is subject to Commission approval, state whether the selfregulatory organization consents to an extension of the time period specified in Section 19(b)(2) 

or Section 19(b)(7)(D) of the Act and the duration of the extension, if any, to which the selfregulatory organization consents. 

7. Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for Accelerated 

Effectiveness Pursuant to Section 19(b)(2) or Section 19(b)(7)(D) 

(a) If the proposed rule change is to take, or to be put into, effect, pursuant to Section 

19(b)(3), state whether the filing is made pursuant to paragraph (A) or (B) thereof. 

(b) In the case of paragraph (A) of Section 19(b)(3), designate that the proposed rule 

change:

(i) is a stated policy, practice, or interpretation with respect to the meaning, 

administration, or enforcement of an existing rule, 

(ii) establishes or changes a due, fee, or other charge,

(iii) is concerned solely with the administration of the self-regulatory organization, 

(iv) effects a change in an existing service of a registered clearing agency that either 

(A)(1) does not adversely affect the safeguarding of securities or funds in the custody or control 

of the clearing agency or for which it is responsible and (2) does not significantly affect the 

respective rights or obligations of the clearing agency or persons using the service or (B)(1) 

primarily affects the clearing operations of the clearing agency with respect to products that are 

not securities, including futures that are not security futures, swaps that are not security-based 

swaps or mixed swaps, and forwards that are not security forwards and (2) either (a) does not 

significantly affect any securities clearing operations of the clearing agency or any rights or 

obligations of the clearing agency with respect to securities clearing or persons using such 
securities-clearing service, or (b) does significantly affect any securities clearing operations of 

the clearing agency or the rights or obligations of the clearing agency with respect to securities 

clearing or persons using such securities-clearing service, but is necessary to maintain fair and 

orderly markets for products that are not securities, including futures that are not security futures, 

swaps that are not securities-based swaps or mixed swaps, and forwards that are not security 

forwards, and set forth the basis on which such designation is made, including, in the case of the 

fair and orderly markets provision, the following: (i) why the proposed rule change is necessary 

to maintain fair and orderly markets for products that are not securities, including futures that are 

not security futures, swaps that are not security-based swaps or mixed swaps, and forwards that 

are not security forwards; (ii) why the proposed rule change cannot achieve this goal unless it 

takes effect immediately; (iii) the nature and the extent of the effect upon the relevant markets if 

the proposed rule change were not implemented immediately; (iv) whether the proposed rule 

change is temporary or permanent; (v) how the proposed rule change significantly affects any 

securities clearing operations of the clearing agency or any rights or obligations of the clearing 

agency with respect to securities clearing or persons using such securities-clearing service; and 

(vi) why the proposed rule change would have no adverse effect on maintaining fair and orderly 

markets for securities, 

(v) effects a change in an existing order-entry or trading system of a self-regulatory 

organization that (A) does not significantly affect the protection of investors or the public 

interest; (B) does not impose any significant burden on competition; and (C) does not have the 

effect of limiting the access to or availability of the system, or

(vi) effects a change that (A) does not significantly affect the protection of investors 

or the public interest; (B) does not impose any significant burden on competition; and (C) by its 
terms, does not become operative for 30 days after the date of the filing, or such shorter time as 

the Commission may designate if consistent with the protection of investors and the public 

interest; provided that the self-regulatory organization has given the Commission written notice 

of its intent to file the proposed rule change, along with a brief description and text of the 

proposed rule change, at least five business days prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the Commission. If it is requested that the 

proposed rule change become operative in less than 30 days, provide a statement explaining why 

the Commission should shorten this time period. 

(c) In the case of paragraph (B) of Section 19(b)(3), set forth the basis upon which 

the Commission should, in the view of the self-regulatory organization, determine that the 

protection of investors, the maintenance of fair and orderly markets, or the safeguarding of 

securities and funds requires that the proposed rule change should be put into effect summarily 

by the Commission.

NOTE. The Commission has the power under Section 19(b)(3)(C) of the Act summarily 

to temporarily suspend within sixty days of its filing any proposed rule change which has taken 

effect upon filing pursuant to Section 19(b)(3)(A) of the Act or was put into effect summarily by 

the Commission pursuant to Section 19(b)(3)(B) of the Act. In exercising its summary power 

under Section 19(b)(3)(B), the Commission is required to make one of the findings described 

above but may not have a full opportunity to make a determination that the proposed rule change 

otherwise is consistent with the requirements of the Act and the rules and regulations thereunder. 

The Commission will generally exercise its summary power under Section 19(b)(3)(B) on 

condition that the proposed rule change to be declared effective summarily shall also be subject 

to the filing procedures of Section 19(b)(1) of the Act, for approval pursuant to Section 19(b)(2). 
Accordingly, in most cases, a summary order under Section 19(b)(3)(B) shall be effective until 

such time as the Commission enters an order, pursuant to Section 19(b)(2)(A) of the Exchange 

Act, to approve such proposed rule change or, depending on the circumstances, until such time as 

the Commission summarily temporarily suspends the rule change pursuant to Section 

19(b)(3)(C) or, alternatively, until such time as the Commission, at the conclusion of proceedings 

to determine whether to approve or disapprove the proposed rule change, enters an order, 

pursuant to Section 19(b)(2)(B), approving or disapproving such proposed rule change. 

Similarly, the Commission requires that any proposed rule change which has taken effect upon 

filing pursuant to paragraph (B)(II) of Rule 19b-4(f)(4)(ii) shall also be subject to the filing 

procedures of Section 19(b)(1) of the Act, for approval pursuant to Section 19(b)(2) of the Act. 

Accordingly, such rule change shall be effective until such time as the Commission enters an 

order, pursuant to Section 19(b)(2)(A) of the Exchange Act, to approve such proposed rule 

change or, depending on the circumstances, until such time as the Commission summarily 

temporarily suspends the rule change pursuant to Section 19(b)(3)(C) or, alternatively, until such 

time as the Commission, at the conclusion of proceedings to determine whether to approve or 

disapprove the proposed rule change, enters an order, pursuant to Section 19(b)(2)(B), approving 

or disapproving such proposed rule change. 

(d) If accelerated effectiveness pursuant to Section 19(b)(2) or Section 19(b)(7)(D) of 

the Act is requested, provide a statement explaining why there is good cause for the Commission 

to accelerate effectiveness.

8. Proposed Rule Change Based on Rules of Another Self-Regulatory Organization or of the 

Commission

State whether the proposed rule change is based on a rule either of another self-regulatory 

organization or of the Commission, and, if so, identify the rule and explain any differences 
between the proposed rule change and that rule, as the filing self-regulatory organization 

understands it. In explaining any such differences, give particular attention to differences 

between the conduct required to comply with the proposed rule change and that required to 

comply with the other rule. 

9. Security-Based Swap Submissions Filed Pursuant to Section 3C of the Act 

(a) A clearing agency shall submit to the Commission on this Form 19b-4, a securitybased swap submission for any security-based swap, or any group, category, type or class of 

security-based swaps that the clearing agency plans to accept for clearing. 

(b) The clearing agency shall include in the security-based swap submission a 

statement that includes, but is not limited to: 

(i) How the security-based swap submission is consistent with Section 17A of the 

Act (15 U.S.C. 78q-1); 

(ii) Information that will assist the Commission in the quantitative and qualitative 

assessment of the factors specified in Section 3C of the Act (15 U.S.C. 78c-3), including, but not 

limited to:

(A) The existence of significant outstanding notional exposures, trading liquidity and 

adequate pricing data;

(B) The availability of a rule framework, capacity, operational expertise and 

resources, and credit support infrastructure to clear the contract on terms that are consistent with 

the material terms and trading conventions on which the contract is then traded; 

(C) The effect on the mitigation of systemic risk, taking into account the size of the 

market for such contract and the resources of the clearing agency available to clear the contract;

(D) The effect on competition, including appropriate fees and charges applied to 

clearing; and
(E) The existence of reasonable legal certainty in the event of the insolvency of the 

relevant clearing agency or one or more of its clearing members with regard to the treatment of 

customer and security-based swap counterparty positions, funds, and property; 

(iii) A description of how the rules of the clearing agency prescribe that all securitybased swaps submitted to the clearing agency with the same terms and conditions are 

economically equivalent within the clearing agency and may be offset with each other within the 

clearing agency, as applicable to the security-based swaps described in the security-based swap 

submission; and 

(iv) A description of how the rules of the clearing agency provide for nondiscriminatory clearing of a security-based swap executed bilaterally or on or through the rules 

of an unaffiliated national securities exchange or security-based swap execution facility, as 

applicable to the security-based swaps described in the security-based swap submission. 

NOTE. In connection with the factor specified in Item 9(b)(ii)(A) above, the statement 

describing the existence of outstanding notional exposures, trading liquidity and adequate pricing 

data could address pricing sources, models and procedures demonstrating an ability to obtain 

price data to measure credit exposures in a timely and accurate manner, as well as measures of 

historical market liquidity and trading activity, and expected market liquidity and trading activity 

if the security-based swap is required to be cleared (including information on the sources of such 

measures). With respect to the factor specified in Item 9(b)(ii)(B) above, the statement 

describing the availability of a rule framework could include a discussion of the rules, policies or 

procedures applicable to the clearing of the relevant security-based swap. Additionally, the 

discussion of credit support infrastructure specified in Item 9(b)(ii)(B) above could include the 

methods to address and communicate requests for, and posting of, collateral. With respect to the 
factor specified in Item 9(b)(ii)(C) above, the discussion of systemic risk could include a 

statement on the clearing agency’s risk management procedures including, among other things, 

the measurement and monitoring of credit exposures, initial and variation margin methodology, 

methodologies for stress testing and back testing, settlement procedures and default management 

procedures. With respect to the factor specified in Item 9(b)(ii)(D) above, the discussion of fees 

and charges could address any volume incentive programs that may apply or impact the fees and 

charges. With respect to the factor specified in Item 9(b)(ii)(E) above, the discussion of legal 

certainty in the event of an insolvency could address segregation of accounts and all other 

customer protection measures under insolvency. 

In describing the security-based swap (or group, category, type or class of security-based 

swaps) referenced in the security-based swap submission, the clearing agency could discuss the 

relevant product specifications, including copies of any standardized legal documentation, 

generally accepted contract terms, standard practices for managing and communicating any life 

cycle events associated with the security-based swap and related adjustments, and the manner in 

which the information contained in the confirmation of the security-based swap trade is 

transmitted. The clearing agency also could discuss its financial and operational capacity to 

provide clearing services to all customers potentially subject to the clearing requirements as 

applicable to the particular security-based swap. Finally, the clearing agency could include an 

analysis of the effect of a clearing requirement on the market for the group, category, type, or 

class of security-based swaps, both domestically and globally, including the potential effect on 

market liquidity, trading activity, use of security-based swaps by direct and indirect market 

participants and any potential market disruption or benefits. This analysis could include whether 

the members of the clearing agency are operationally and financially capable of absorbing 
clearing business (including indirect access market participants) that may result from a 

determination that the security-based swap (or group, category, type or class of security-based 

swaps) is required to be cleared.

(c) A clearing agency shall submit security-based swaps to the Commission for 

review by group, category, type or class of security-based swaps, to the extent reasonable and 

practicable to do so. 

(d) A clearing agency shall file as an amendment to this Form 19b-4 any additional 

information necessary to assess any of the factors the Commission determines to be appropriate 

in order to make a determination regarding the clearing requirement. 

(e) A security-based swap submission pursuant to Section 3C that also is required to 

be filed as a proposed rule change under Section 19(b) or an advance notice under Section 806(e) 

of the Payment, Clearing and Settlement Supervision Act shall not take effect until 

determinations are obtained under each of the other applicable statutory provisions. 

10. Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing and 

Settlement Supervision Act

(a) A designated clearing agency shall provide notice on this Form 19b-4 sixty (60) 

days in advance of any proposed change to its rules, procedures, or operations that could, as 

defined in Rule 19b-4, materially affect the nature or level of risks presented by the designated 

clearing agency.

(b) A designated clearing agency shall include in the advance notice a description of: 

(i) the nature of the change and expected effects on risks to the designated clearing 

agency, its participants, or the market; and 

(ii) how the designated clearing agency plans to manage any identified risks. 
(c) A designated clearing agency shall file as amendment to this Form 19b-4 any 

additional information that is required to be filed by the Commission as necessary to assess the 

effect the proposed change would have on the nature or level of risks associated with the 

designated clearing agency’s payment, clearing, or settlement activities and the sufficiency of 

any proposed risk management techniques. 

(d) A designated clearing agency that implements a proposed change on an 

emergency basis must file notice with the Commission on Form 19b-4 within 24 hours of 

implementing the change. In addition to the information required for advance notices, the notice 

of an emergency change shall include a description of the nature of the emergency and the reason 

the change was necessary for the designated clearing agency to continue to operate in a safe and 

sound manner. Any change implemented by a designated clearing agency on an emergency basis 

also must comply with Section 19(b) and Section 3C of the Act to the extent those sections are 

applicable.

(e) A proposed change filed pursuant to Section 806(e) that is also required to be 

filed as a proposed rule change under Section 19(b) or a security-based swap submission under 

Section 3C shall not take effect until determinations are obtained under each of the other 

applicable statutory provisions. 

11. Exhibits 

List of exhibits to be filed, as specified in Instructions C and D:

Exhibit 1. Completed Notice of Proposed Rule Change for publication in the Federal

Register. Amendments to Exhibit 1 should be filed in accordance with Instructions D and F. 

Exhibit 1A. Completed Notice of Proposed Rule Change, Security-Based Swap 

Submission, or Advance Notice filed by Clearing Agencies for publication in the Federal 

Register. Amendments to Exhibit 1A should be filed in accordance with Instructions D and F. 
Exhibit 2 (a) Copies of notices issued by the self-regulatory organization 

soliciting comment on the proposed rule change, security-based swap submission, or advance 

notice and copies of all written comments on the proposed rule change, security-based swap 

submission, or advance notice received by the self-regulatory organization (whether or not 

comments were solicited), presented in alphabetical order, together with an alphabetical listing of 

such comments. If such notices and comments cannot be filed electronically in accordance with 

Instruction F, the notices and comments shall be filed in accordance with Instruction G. 

(b) Copies of any transcript of comments on the proposed rule change, security-based 

swap submission, or advance notice made at any public meeting or, if a transcript is not 

available, a copy of the summary of comments on the proposed rule change, security-based swap 

submission, or advance notice made at such meeting. If such transcript of comments or 

summary of comments cannot be filed electronically in accordance with Instruction F, the 

transcript of comments or summary of comments shall be filed in accordance with Instruction G.

(c) If after the proposed rule change, security-based swap submission, or advance 

notice is filed but before the Commission takes final action on it, the self-regulatory organization 

prepares or receives any correspondence or other communications reduced to writing (including 

comment letters) to and from such self-regulatory organization concerning the proposed rule 

change, security-based swap submission, or advance notice, the communications shall be filed in 

accordance with Instruction F. If such communications cannot be filed electronically in 

accordance with Instruction F, the communications shall be filed in accordance with Instruction 

G.
Exhibit 3. Copies of any form, report, or questionnaire covered by Item 1(a). If such 

form, report, or questionnaire cannot be filed electronically in accordance with Instruction F, the 

form, report, or questionnaire shall be filed in accordance with Instruction G. 

Exhibit 4. For amendments to a filing, marked copies, if required by Instruction D, of 

the text of the proposed rule change as amended. 

Exhibit 5. The SRO may choose to attach as Exhibit 5 proposed changes to rule text 

in place of providing it in Item I and which may otherwise be more easily readable if provided 

separately from Form 19b-4. Exhibit 5 shall be considered part of the proposed rule change. 
SPECIFIC INSTRUCTIONS FOR EXHIBIT 1 – NOTICE OF PROPOSED RULE CHANGE 

EXHIBIT 1 

SECURITIES AND EXCHANGE COMMISSION 

[Release No. 34- ; File No. SR ] 

[Date]

Self-Regulatory Organizations; [Name of Self-Regulatory Organization]; Notice of Filing [and 

Immediate Effectiveness] of a Proposed Rule Change Relating to [brief description of subject 

matter of proposed rule change] 

______________________________________________ 

General Instructions 

A. Format Requirements 

 The notice must comply with the guidelines for publication in the Federal Register, as 

well as any requirements for electronic filing as published by the Commission (if applicable). 

For example, all references to the federal securities laws must include the corresponding cite to 

the United States Code in a footnote. All references to SEC rules must include the 

corresponding cite to the Code of Federal Regulations in a footnote. All references to Securities 

Exchange Act Releases must include the release number, release date, Federal Register cite, 

Federal Register date, and corresponding file number (e.g., SR-[SRO]-XX-XX). A material 

failure to comply with these guidelines will result in the proposed rule change being deemed not 

properly filed. See also Rule 0-3 under the Act (17 CFR 240.0-3). Leave a 1-inch margin at the 

top, bottom, and right hand side, and a 1 1/2 inch margin at the left hand side. Number all pages 

consecutively, consistent with Rule 0-3 under the Act (17 CFR 240.0-3). Double space all 

primary text and single space lists of items, quoted material when set apart from primary text, 

footnotes, and notes to tables. 
B. Need for Careful Preparation of the Notice 

The self-regulatory organization must provide all information required in the notice and 

present it in a clear and comprehensible manner. It is the responsibility of the self-regulatory 

organization to prepare Items I, II and III of the notice. The Commission cautions selfregulatory organizations to pay particular attention to assure that the notice accurately reflects 

the information provided in the Form 19b-4 it accompanies. Any filing that does not comply 

with the requirements of Form 19b-4, including the requirements applicable to the notice, may be 

returned to the self-regulatory organization. Any document so returned shall for all purposes be 

deemed not to have been filed with the Commission. See Instruction B to Form 19b-4. 

______________________________________________ 

 Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, 15 U.S.C. 78s(b)(1), 

notice is hereby given that on (date)∗, the (name of self-regulatory organization) filed with the 

Securities and Exchange Commission the proposed rule change as described in Items I, II and III 

below, which Items have been prepared by the self-regulatory organization. The Commission is 

publishing this notice to solicit comments on the proposed rule change from interested persons. 

Information to Be Included in the Completed Notice 

I. Self-Regulatory Organization's Statement of the Terms of Substance of the 

Proposed Rule Change 

 (Supply a brief statement of the terms of substance of the proposed rule change. If the 

proposed rule change is relatively brief, a separate statement need not be prepared, and the text 

of the proposed rule change may be inserted in lieu of the statement of the terms of substance. If 

 

∗

 To be completed by the Commission. This date will be the date on which the 

Commission receives the proposed rule change if the filing complies with all 

requirements of this form. See Instruction B to Form 19b-4. 
the proposed rule change amends an existing rule, indicate changes in the rule by brackets for 

words to be deleted and underlined for words to be added.) 

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 self-regulatory organization 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 self-regulatory organization has prepared summaries, set 

forth in sections A, B, and C below, of the most significant aspects of such statements. 

(Reproduce the headings, and summarize briefly the most significant aspects of the responses, to 

Items 3, 4, and 5 of Form 19b-4, redesignating them as A, B, and C, respectively.) 

III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission 

Action 

(If the proposed rule change is to be considered by the Commission pursuant to 

Section 19(b)(2) of the Act, the following paragraph should be used.) 

 Within 45 days of the date of publication of this notice in the Federal Register or within 

such longer period up to 90 days (i) as the Commission may designate if it finds such longer 

period to be appropriate and publishes its reasons for so finding or (ii) as to which the selfregulatory organization consents, the Commission will: 

(A) by order approve or disapprove such proposed rule change, or 

(B) institute proceedings to determine whether the proposed rule change should be 

disapproved. 
(If the proposed rule change is to take, or to be put into, effect pursuant to Section 

19(b)(3)(A) of the Act and paragraph (f)(6) of Rule 19b-4 thereunder, the following 

paragraph should be used.) 

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 and Rule 19b-4(f)(6) thereunder. 

At any time within 60 days of the filing of the proposed rule change, the Commission 

summarily may temporarily suspend such rule change if it appears to the Commission that such 

action is necessary or appropriate in the public interest, for the protection of investors, or 

otherwise in furtherance of the purposes of the Act. 

(If the proposed rule change is to take, or to be put into, effect pursuant to Section 

19(b)(3)(A) of the Act and subparagraphs (1) - (5) of paragraph (f) of Rule 19b-4 

thereunder, the following paragraph should be used.) 

The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the 

Act and paragraph (f) of Rule 19b-4 thereunder. At any time within 60 days of the filing of the 

proposed rule change, the Commission summarily may temporarily suspend such rule change if 

it appears to the Commission that such action is necessary or appropriate in the public interest, 

for the protection of investors, or otherwise in furtherance of the purposes of the Act. 
(If the proposed rule change is to be considered by the Commission pursuant to 

Section 19(b)(7)(D) of the Act, the following paragraph should be used.) 

Within 35 days of the date of publication of this notice in the Federal Register or within 

such longer period (i) as the Commission may designate up to 90 days of such date if it finds 

such longer period to be appropriate and publishes its reasons for so finding or 

(ii) as to which the self-regulatory organization consents, the Commission will: 

(A) by order approve such proposed rule change, or 

(B) after consultation with the Commodity Futures Trading Commission, institute 

proceedings to determine whether the proposed rule change should be disapproved. 

IV. Solicitation of Comments

Interested persons are invited to submit written data, views and arguments concerning the 

foregoing, including whether the proposed rule change is consistent with the Act. Comments 

may be submitted by any of the following methods: 

Electronic Comments: 

• Use the Commission's Internet comment form 

(http://www.sec.gov/rules/sro.shtml); or

• Send an e-mail to rule-comments@sec.gov. Please include File Number XX on the 

subject line.

Paper Comments:

• Send paper comments in triplicate to [Name of Secretary], Secretary, Securities and 

Exchange Commission, 100 F Street, NE, Washington, DC 20549. 

All submissions should refer to File Number XX. This file number should be included on the 

subject line if e-mail 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 am and 3:00 pm. Copies of the filing 

also will be available for inspection and copying at the principal office of the [self-regulatory 

organization]. All comments received will be posted without change; the Commission does not 

edit personal identifying information from submissions. You should submit only information 

that you wish to make available publicly. All submissions should refer to File Number XX and 

should be submitted on or before [insert date 21 days from publication in the Federal Register]. 

For the Commission, by the Division of Trading and Markets, pursuant to delegated 

authority.1

Secretary 

 1 17 CFR 200.30-3(a)(12).
SPECIFIC INSTRUCTIONS FOR EXHIBIT 1A – NOTICE OF PROPOSED RULE CHANGE, 

SECURITY-BASED SWAP SUBMISSION, OR ADVANCE NOTICE FILED BY CLEARING 

AGENCIES

EXHIBIT 1A

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34- ; File No. SR ]

[Date]

Self-Regulatory Organizations; [Name of Clearing Agency]; Proposed Rule Change, SecurityBased Swap Submission, or Advance Notice Relating to [brief description of subject matter of 

proposed rule change, security-based swap submission, or advance notice]

______________________________________________

General Instructions 

A. Format Requirements

The notice must comply with the guidelines for publication in the Federal Register, as 

well as any requirements for electronic filing as published by the Commission (if applicable). 

For example, all references to the federal securities laws must include the corresponding cite to 

the United States Code in a footnote. All references to SEC rules must include the 

corresponding cite to the Code of Federal Regulations in a footnote. All references to Securities 

Exchange Act Releases must include the release number, release date, Federal Register cite, 

Federal Register date, and corresponding file number (e.g., SR-[SRO]-XX-XX). A material 

failure to comply with these guidelines will result in the proposed rule change, security-based 

swap submission, or advance notice being deemed not properly filed. See also Rule 0-3 under 

the Act (17 CFR 240.0-3). Leave a 1-inch margin at the top, bottom, and right hand side, and a 1 

1/2 inch margin at the left hand side. Number all pages consecutively, consistent with Rule 0-3 

under the Act (17 CFR 240.0-3). Double space all primary text and single space lists of items, 

quoted material when set apart from primary text, footnotes, and notes to tables.
B. Need for Careful Preparation of the Notice

The clearing agency must provide all information required in the notice and present it in a 

clear and comprehensible manner. It is the responsibility of the clearing agency to prepare Items 

I, II and III of the notice. The Commission cautions clearing agencies to pay particular attention 

to assure that the notice accurately reflects the information provided in the Form 19b-4 it 

accompanies. Any filing that does not comply with the requirements of Form 19b-4, including 

the requirements applicable to the notice, may be returned to the clearing agency. Any document 

so returned shall for all purposes be deemed not to have been filed with the Commission. See 

Instruction B to Form 19b-4

______________________________________________

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, 15 U.S.C. 78s(b)(1) and 

Rule 19b-4, 17 CFR 240.19b-4, notice is hereby given that on (date)∗

, the (name of clearing 

agency) filed with the Securities and Exchange Commission the proposed rule change, securitybased swap submission, or advance notice as described in Items I, II and III below, which Items 

have been prepared by the clearing agency. The Commission is publishing this notice to solicit 

comments on the proposed rule change, security-based swap submission, or advance notice from 

interested persons.

 ∗ To be completed by the Commission. This date will be the date on which the 

Commission receives the proposed rule change, security-based swap submission, or 

advance notice filing if the filing complies with all requirements of this form. See 

Instruction B to Form 19b-4. 
Information to Be Included in the Completed Notice

I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule 

Change, Security-Based Swap Submission, or Advance Notice

(Supply a brief statement of the terms of substance of the proposed rule change, securitybased swap submission, or advance notice. If the proposed rule change is relatively brief, a 

separate statement need not be prepared, and the text of the proposed rule change may be 

inserted in lieu of the statement of the terms of substance. If the proposed rule change amends 

an existing rule, indicate changes in the rule by brackets for words to be deleted and underlined 

for words to be added.)

II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the 

Proposed Rule Change, Security-Based Swap Submission, or Advance Notice

In its filing with the Commission, the clearing agency included statements concerning the 

purpose of and basis for the proposed rule change, security-based swap submission, or advance 

notice and discussed any comments it received on the proposed rule change, security-based swap 

submission, or advance notice. The text of these statements may be examined at the places 

specified in Item IV below. The clearing agency has prepared summaries, set forth in sections 

A, B, and C below, of the most significant aspects of such statements. (Reproduce the headings, 

and summarize briefly the most significant aspects of the responses, to Items 3, 4, 5, 9 or 10 of 

Form 19b-4, as applicable, redesignating them as A, B, C, D or E, as applicable, respectively.)

III. Date of Effectiveness of the Proposed Rule Change, Security-Based Swap 

Submission, and Advance Notice and Timing for Commission Action

(If the proposed rule change is to be considered by the Commission pursuant to 

Section 19(b)(2) of the Act, the following paragraph should be used.)

Within 45 days of the date of publication of this notice in the Federal Register or within 

such longer period up to 90 days (i) as the Commission may designate if it finds such longer 
period to be appropriate and publishes its reasons for so finding or (ii) as to which the selfregulatory organization consents, the Commission will:

(A) by order approve or disapprove such proposed rule change, or

(B) institute proceedings to determine whether the proposed rule change should be 

disapproved.

(If the proposed rule change is to take, or to be put into, effect pursuant to Section 

19(b)(3)(A) of the Act and paragraph (f)(6) of Rule 19b-4 thereunder, the following 

paragraph should be used.)

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 and Rule 19b-4(f)(6) thereunder.

At any time within 60 days of the filing of the proposed rule change, the Commission 

summarily may temporarily suspend such rule change if it appears to the Commission that such 

action is necessary or appropriate in the public interest, for the protection of investors, or 

otherwise in furtherance of the purposes of the Act.

(If the proposed rule change is to take, or to be put into, effect pursuant to Section 

19(b)(3)(A) of the Act and subparagraphs (1) - (5) of paragraph (f) of Rule 19b-4 

thereunder, the following paragraph should be used.)

The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the 

Act and paragraph (f) of Rule 19b-4 thereunder. At any time within 60 days of the filing of the 
proposed rule change, the Commission summarily may temporarily suspend such rule change if 

it appears to the Commission that such action is necessary or appropriate in the public interest, 

for the protection of investors, or otherwise in furtherance of the purposes of the Act.

(If the proposed rule change is to be considered by the Commission pursuant to 

Section 19(b)(7)(D) of the Act, the following paragraph should be used.)

Within 35 days of the date of publication of this notice in the Federal Register or within 

such longer period (i) as the Commission may designate up to 90 days of such date if it finds 

such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which 

the self-regulatory organization consents, the Commission will:

(A) by order approve such proposed rule change, or

(B) after consultation with the Commodity Futures Trading Commission institute 

proceedings to determine whether the proposed rule change should be 

disapproved. 

(If the proposed change is filed as a security-based swap submission pursuant to 

Section 3C of the Act, the following paragraph should be used.)

Within 90 days after receiving a security-based swap submission, unless the submitting 

clearing agency agrees to an extension of time limitation, the Commission shall by order make 

its determination whether the security-based swap, or group, category, type or class of securitybased swaps, described in the security-based swap submission is required to be cleared. In 

making its determination that the clearing requirement shall apply, the Commission may include 

such terms and conditions to the requirement as the Commission determines to be appropriate in 

the public interest. 
The clearing agency shall post notice on its website of any clearing requirement that is 

implemented.

(If the proposed change is filed as an advance notice pursuant to the Payment, 

Clearing and Settlement Supervision Act, the following paragraph should be used.)

The proposed change may be implemented if the Commission does not object to the 

proposed change within 60 days of the later of (i) the date that the proposed change was filed 

with the Commission or (ii) the date that any additional information requested by the 

Commission is received. The clearing agency shall not implement the proposed change if the 

Commission has any objection to the proposed change. 

The Commission may extend period for review by an additional 60 days if the proposed 

change raises novel or complex issues, subject to the Commission or the Board of Governors of 

the Federal Reserve System providing the clearing agency with prompt written notice of the 

extension. A proposed change may be implemented in less than 60 days from the date the 

advance notice is filed, or the date further information requested by the Commission is received, 

if the Commission notifies the clearing agency in writing that it does not object to the proposed 

change and authorizes the clearing agency to implement the proposed change on an earlier date, 

subject to any conditions imposed by the Commission.

The clearing agency shall post notice on its website of proposed changes that are 

implemented.

(If the proposed change is filed following the implementation of a change on an 

emergency basis pursuant to the Payment, Clearing and Settlement Supervision Act, the 

following paragraph should be used.)
The clearing agency implemented a proposed change that otherwise would be required to 

be filed as an advance notice because the clearing agency determined that (i) an emergency 

existed and (ii) immediate implementation was necessary for the clearing agency to continue to 

provide its services in a safe and sound manner. The Commission may require modification or 

rescission of the proposed change if it finds it is not consistent with the purposes of the Payment, 

Clearing and Settlement Supervision Act or any applicable rules, orders, or standards prescribed 

under Section 805(a).

(If the proposal is submitted pursuant to more than one filing requirement, the 

clearing agency shall add the following language in addition to the language above.)

The proposal shall not take effect until all regulatory actions required with respect to the 

proposal are completed.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views and arguments concerning the 

foregoing, including whether the proposed rule change, security-based swap submission, or 

advance notice is consistent with the Act. Comments may be submitted by any of the following 

methods:

Electronic Comments:

• Use the Commission’s Internet comment form

(http://www.sec.gov/rules/sro.shtml); or

• Send an e-mail to rule-comments@sec.gov. Please include File Number XX on the 

subject line.
Paper Comments:

• Send paper comments in triplicate to [Name of Secretary], Secretary, Securities and 

Exchange Commission, 100 F Street, NE, Washington, DC 20549.

All submissions should refer to File Number XX. This file number should be included on the 

subject line if e-mail 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, 

security-based swap submission, or advance notice that are filed with the Commission, and all 

written communications relating to the proposed rule change, security-based swap submission, or 

advance notice 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 am and 3:00 pm. 

Copies of the filing also will be available for inspection and copying at the principal office of the 

[clearing agency]. All comments received will be posted without change; the Commission does 

not edit personal identifying information from submissions. You should submit only information 

that you wish to make available publicly. All submissions should refer to File Number XX and 

should be submitted on or before [insert date 21 days from publication in the Federal Register].

For the Commission, by the Division of Trading and Markets, pursuant to delegated 

authority.1

Secretary

 1 17 CFR 200.30-3(a)(12).