80852 Federal Register / Vol. 85, No. 240 / Monday, December 14, 2020 / Notices 

25 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(4). 

5Capitalized terms not defined herein are defined 

in the Rules, available at 

http://dtcc.com/∼/media/Files/Downloads/legal/ 

rules/nscc_rules.pdf. 

6See Securities Exchange Act Release No. 88474 

(March 25, 2020), 85 FR 17910 (March 31, 2020) 

(SR–NSCC–2020–003). 

7See Securities Exchange Act Release No. 88615 

(April 9, 2020), 85 FR 21037 (April 15, 2020) (SR– 

NSCC–2020–802). 

8See Securities Exchange Act Release No. 90367 

(November 6, 2020) 85 FR 73099 (November 16, 

2020) (SR–NSCC–2020–802). 

9 12 U.S.C. 5465(e)(1). 

10 17 CFR 240.19b–4(n)(1)(i). 

11See Securities Exchange Act Release No. 90502 

(November 24, 2020) (SR–NSCC–2020–003). 

12 15 U.S.C. 78s(b)(2). 

13Rule 1, supra note 5. 

14Procedure XV, supra note 5. 

15 15 U.S.C. 78q–1(b)(3)(F). 

Number SR–ISE–2020–40 and should be 

submitted on or before January 4, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27390 Filed 12–11–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90606; File No. SR–NSCC– 

2020–020] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change to Establish 

Implementation Date of National 

Securities Clearing Corporation’s 

Enhancements to the Haircut-Based 

Volatility Charge Applicable to Illiquid 

Securities and UITs and Making 

Certain Other Changes to Procedure 

XV 

December 8, 2020. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

7, 2020, National Securities Clearing 

Corporation (‘‘NSCC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

by the clearing agency. NSCC filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) 3 of the Act and 

subparagraph (f)(4) 4 of Rule 19b–4 

thereunder. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change consists of 

amendments to the NSCC Rules & 

Procedures (the ‘‘Rules’’) 5 in order to 

establish order to establish the 

implementation date of rule changes 

submitted pursuant to rule filing SR– 

NSCC–2020–003 (‘‘Rule Filing’’) 6 and 

advance notice SR–NSCC–2020–802 

(‘‘Advance Notice’’).7

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency 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 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

On November 6, 2020, the Securities 

and Exchange Commission (the 

‘‘Commission’’) issued a notice of no 

objection to the Advance Notice,8 which 

was filed with the Commission pursuant 

to Section 806(e)(1) of Title VIII of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act entitled the 

Payment, Clearing, and Settlement 

Supervision Act of 2010 9 and Rule 19b– 

4(n)(1)(i) of the Act.10 The Commission 

also issued an order approving the Rule 

Filing on November 24, 2020,11 which 

was filed by NSCC pursuant to Section 

19(b)(2) of the Act.12

The purpose of the Rule Filing and 

the Advance Notice is to amend the 

Rules to enhance the calculation of 

certain components of the Clearing 

Fund formula. 

NSCC is filing this proposed rule 

change to establish the rule changes 

submitted pursuant to the Rule Filing 

and the Advance Notice will be 

implemented by February 28, 2021. 

NSCC would add a legend to Rule 1 

(Definitions and Descriptions) of the 

Rules (‘‘Rule 1’’) 13 and Procedure XV 

(Clearing Fund Formula and Other 

Matters) of the Rules (‘‘Procedure 

XV’’) 14 to state that the rule changes 

submitted pursuant to the Rule Filing 

and the Advance Notice have been 

approved and not objected to, 

respectively, but are not yet 

implemented. The legends would 

provide that these rule changes would 

be implemented by February 28, 2021 

and include the file numbers of the Rule 

Filing and the Advance Notice. The 

legends would also state that when the 

rule changes are implemented, NSCC 

will announce the implementation by 

important notice and the legends would 

automatically be removed from Rule 1 

and Procedure XV. 

2. Statutory Basis 

Section 17A(b)(3)(F) of the Act 

requires, in part, that the Rules be 

designed to (i) promote the prompt and 

accurate clearance and settlement of 

securities transactions and (ii) remove 

impediments to and perfect the 

mechanism of a national system for the 

prompt and accurate clearance and 

settlement of securities transactions, 

and, in general, to protect investors and 

the public interest.15 The proposed rule 

change would establish the 

implementation date of rule changes 

described above and provide Members 

with an understanding of when these 

rule changes will begin to affect them. 

Knowing when the rule changes will 

begin to affect Members would enable 

them to timely fulfill their obligations to 

NSCC, which would in turn ensure 

NSCC’s processes work as intended. 

Therefore, NSCC believes that the 

proposed rule change would promote 

the prompt and accurate clearance and 

settlement of securities transactions as 

well as remove impediments to and 

perfect the mechanism of a national 

system for the prompt and accurate 

clearance and settlement of securities 

transactions, consistent with Section 

17A(b)(3)(F) of the Act cited above. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

NSCC does not believe that the 

proposed rule change to establish an 

implementation date for the rule 

changes described above would have 

any impact, or impose any burden, on 

competition because the proposed rule 

change is intended to provide additional 

clarity in the Rules with respect to when 

these rule changes would be 

implemented. As such, the proposed 

rule change would not affect the rights 

or obligations of the Members or NSCC 

other than establishing when the rule 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 85, No. 240 / Monday, December 14, 2020 / Notices 80853 

16 15 U.S.C 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f). 

18 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 89058 

(June 12, 2020), 85 FR 36918. Comments received 

on the proposed rule change are available on the 

Commission’s website at: https://www.sec.gov/ 

comments/sr-cboe-2020-051/srcboe2020051.htm. 

4 In Amendment No. 1, the Exchange: (1) 

Amended its proposal to modify the proposed 

maximum size requirement for AIM and C–AIM 

agency orders in SPX to ten contracts rather than 

a size determined by the Exchange of up to 100 

contracts, specify that this size requirement would 

apply to all agency orders in SPX, and make related 

conforming changes to its proposed rule text; and 

(2) provided additional data, justification, and 

support for its modified proposal. The full text of 

Amendment No. 1 is available on the Commission’s 

website at: https://www.sec.gov/comments/sr-cboe2020-051/srcboe2020051-7470738-221292.pdf. 

5 15 U.S.C. 78s(b)(2). 

6See Securities Exchange Act Release No. 89399, 

85 FR 46202 (July 31, 2020). The Commission 

designated September 16, 2020 as the date by which 

the Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

disapprove, the proposed rule change. 

7 15 U.S.C. 78s(b)(2)(B). 

8See Securities Exchange Act Release No. 89636, 

85 FR 53029 (August 27, 2020). 

9 15 U.S.C. 78s(b)(2). 

changes described above would begin to 

impact the Members. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received from Members, 

Participants, or Others 

NSCC has not received or solicited 

any written comments relating to this 

proposal. NSCC will notify the 

Commission of any written comments 

received by NSCC. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A) 16 of the Act and paragraph 

(f) 17 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. 

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 email to rule-comments@

sec.gov. Please include File Number SR– 

NSCC–2020–020 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–NSCC–2020–020. 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 NSCC and on DTCC’s website 

(http://dtcc.com/legal/sec-rulefilings.aspx). 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 Number SR–NSCC– 

2020–020 and should be submitted on 

or before January 4, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27396 Filed 12–11–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90594; File No. SR–CBOE– 

2020–051] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Designation 

of a Longer Period for Commission 

Action on Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change, as Modified by 

Amendment No. 1, To Amend the 

Automated Price Improvement Auction 

Rules in Connection With Agency 

Order Size Requirements 

December 8, 2020. 

On June 11, 2020, Cboe Exchange, Inc. 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change 

permitting the Exchange to impose a 

maximum size requirement for an 

agency order submitted into the 

Automated Price Improvement 

Mechanism (‘‘AIM’’) and the Complex 

Automated Price Improvement 

Mechanism (‘‘C–AIM’’) in S&P 500®

Index Options (‘‘SPX’’). The proposed 

rule change was published for comment 

in the Federal Register on June 18, 

2020.3 On July 23, 2020, the Exchange 

submitted Amendment No. 1 to the 

proposed rule change, which replaced 

and superseded the proposed rule 

change in its entirety.4 On July 27, 2020, 

pursuant to Section 19(b)(2) of the Act,5

the Commission designated a longer 

period within which to approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.6

On August 21, 2020, the Commission 

published notice of Amendment No. 1 

and instituted proceedings under 

Section 19(b)(2)(B) of the Act 7 to 

determine whether to approve or 

disapprove the proposed rule change, as 

modified by Amendment No. 1.8

Section 19(b)(2) of the Act 9 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The date of publication 

of notice of filing of the proposed rule 

change was June 18, 2020. December 15, 

2020, is 180 days from that date, and 


jbell on DSKJLSW7X2PROD with NOTICES