75344 Federal Register / Vol. 88, No. 211 / Thursday, November 2, 2023 / Notices 

securities sold in compliance with the safe harbor 

in Rule 144A. See Petition at n.1. Moreover, the 

amendments to Rule 15c2–11 have applied to Rule 

144A equity securities since the compliance date of 

those amendments which was September 2021. 

Accordingly, this exemption does not address 

equity securities sold in compliance with the safe 

harbor in Rule 144A. 

16Accredited Investor Definition, Release No. 33– 

10824 (Aug. 26, 2020), 85 FR 64234, 64236 (Oct. 9, 

2020) (‘‘Accredited Investor Release’’) (citing Resale 

of Restricted Securities; Changes to Method of 

Determining Holding Period of Restricted Securities 

Under Rules 144 and 145, Release No. 33–6806 

(Oct. 25, 1988), 53 FR 44016 (Nov. 1, 1988)) (‘‘1988 

Rule 144A Proposing Release’’). 

17 1988 Rule 144A Proposing Release, 53 FR at 

44028. 

18 17 CFR 230.144A(a)(1) (definition of ‘‘qualified 

institutional buyer’’). 

19 17 CFR 230.144A(d)(4). 

20 Id. With respect to asset-backed securities, the 

Commission has interpreted the information 

requirement to mandate provision of ‘‘basic, 

material information concerning the structure of the 

securities and distributions thereon, the nature, 

performance and servicing of the assets supporting 

the securities, and any credit enhancement 

mechanism associated with the securities.’’ See 

Rule 144A Adopting Release, 55 FR at 17939. 

21 15 U.S.C.78mm(a). 

22 17 CFR 240.15c2–11(g). 

23 17 CFR 230.144A. 

24 15 U.S.C. 77a et seq. 

25 15 U.S.C. 78i(a), 78j(b); 17 CFR 240.10b–5. 

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). 

Because the exemption applies only to 

fixed-income securities issued in 

accordance with the requirements of 

Rule 144A, it is limited to resales of 

securities to an investor base that ‘‘can 

be conclusively assumed to be 

sophisticated,’’ 16 is able to obtain 

certain basic financial information 

concerning the issuers’ business, and 

has extensive experience in the private 

resale market for restricted securities.17

Under the requirements of Rule 144A, 

securities can be sold only to ‘‘qualified 

institutional investors’’ (or purchasers 

that the seller or a person acting on its 

behalf reasonably believes are qualified 

institutional investors), which, with the 

exception of registered dealers, must in 

the aggregate own and invest on a 

discretionary basis at least $100 million 

in securities of issuers that are not 

affiliated with such a qualified 

institutional buyer.18 Furthermore, in 

the case of issuers that do not file 

periodic reports under the Exchange Act 

or furnish home country information to 

the Commission pursuant to 17 CFR 240 

12g3–2(b), Rule 144A requires that any 

prospective purchaser of Rule 144A 

fixed-income securities has the right to 

obtain from the issuer reasonably 

current financial information (‘‘Rule 

144A information’’): 19

[A] very brief statement of the nature of the 

business of the issuer and the products and 

services it offers; and the issuer’s most recent 

balance sheet and profit and loss and 

retained earnings statements, and similar 

financial statements for such part of the two 

preceding fiscal years as the issuer has been 

in operation (the financial information 

should be audited to the extent possible).20

The availability of the Rule 144A 

information can be used by prospective 

qualified institutional buyers to make 

better informed investment decisions 

and assess potential risks in investing in 

the security. While the Rule 144A 

information that is required to be 

provided to qualified institutional 

buyers upon request is not the current 

publicly available information defined 

in paragraph (b) of Rule 15c2–11, the 

Rule 144A information serves the same 

purpose of investor protection. 

The Commission finds it is 

appropriate in the public interest, and 

consistent with the protection of 

investors, to exempt brokers and dealers 

from the requirements of Rule 15c2–11, 

with respect to Rule 144A fixed-income 

securities. 

III. Conclusion 

Accordingly, it is hereby ordered, 

pursuant to section 36(a) of the 

Exchange Act 21 and Rule 15c2–11(g) 

under the Exchange Act,22 that a broker 

or dealer is exempt from the 

requirements of Rule 15c2–11 with 

respect to a fixed-income security to be 

sold in compliance with the safe harbor 

in Rule 144A 23 under the Securities Act 

of 1933.24

This exemptive relief is subject to 

modification or revocation at any time 

by the Commission but will be in effect 

unless and until the Commission 

determines that modification or 

revocation is necessary or appropriate in 

furtherance of the purposes of the 

Exchange Act, or the relief is otherwise 

superseded by future Commission 

action such as a rulemaking addressing 

the Rule 144A safe harbor or issues 

pertaining to the fixed income markets 

more generally. 

Persons relying on this exemption are 

directed to the anti-fraud and antimanipulation provisions of the 

Exchange Act, particularly sections 9(a) 

and 10(b), and 17 CFR 240.10b–5 

thereunder.25 Responsibility for 

compliance with these and any other 

applicable provisions of the Federal 

securities laws must rest with the 

persons relying on this exemption. This 

order should not be considered a view 

with respect to any other question that 

the proposed transactions or quotations 

may raise, including, but not limited to 

the adequacy of the disclosure 

concerning, and the applicability of 

other Federal or State laws to, the 

proposed transactions or quotations. 

By the Commission. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–24245 Filed 11–1–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98814; File No. SR–NSCC– 

2023–010] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Modify the Clearing 

Agency Operational Risk Management 

Framework 

October 27, 2023. 

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 October 

20, 2023, 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) of the Act 3 and Rule 

19b–4(f)(4) thereunder.4 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 

modifications to the Clearing Agency 

Operational Risk Management 

Framework (‘‘ORM Framework’’ or 

‘‘Framework’’) of the National Securities 

Clearing Corporation (‘‘NSCC’’) and its 

affiliates The Depository Trust Company 

(‘‘DTC’’) and Fixed Income Clearing 

Corporation (‘‘FICC,’’ and together with 

NSCC and DTC, the ‘‘Clearing 

Agencies’’) in order to (i) revise 

nomenclature and process changes to 

Risk Profiles, (ii) update the ORM 

Framework to align programs, policies, 

procedures, and controls within 

Technology Risk Management (‘‘TRM’’) 

to the Cyber Risk Institute (‘‘CRI’’) 

Profile instead of the National Institute 

of Standards and Technology (‘‘NIST’’) 

standards, (iii) update recovery times for 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 211 / Thursday, November 2, 2023 / Notices 75345 

5See Securities Exchange Act Release No. 81745 

(September 28, 2017), 82 FR 46332 (October 4, 

2017) (SR–DTC–2017–014; SR–NSCC–2017–013; 

SR–FICC–2017–017) (‘‘Initial Filing’’). 

6 17 CFR 240.17Ad–22(e)(17). 

7 Id. 

8 17 CFR 240.17Ad–22(e)(17)(ii). 

9 17 CFR 240.17Ad–22(e)(17). 

10The Clearing Agencies monitor key risks, 

including Operational Risks stemming from the 

day-to day operation of the Clearing Agencies’ 

businesses and support areas (each a ‘‘Clearing 

Agency Business’’ or ‘‘Clearing Agency Support 

Area’’). 

Tier 5 non-essential functions, (iv) 

update business continuity testing 

across industry organizations, and (v) 

update the ORM Framework to reflect 

recent changes to group names and 

make other nonmaterial edits, as 

described in greater detail below. 

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 

The Clearing Agencies adopted the 

ORM Framework 5 to provide an outline 

for how each of the Clearing Agencies 

manages its operational risks. In this 

way, the Framework supports the 

Clearing Agencies’ compliance with 

Rules 17Ad–22(e)(17) of the Standards 

for Covered Clearing Agencies 

(‘‘Standards’’) under the Securities 

Exchange Act of 1934 (‘‘Act’’),6 as 

described in the Initial Filing. In 

addition to setting forth the way each of 

the Clearing Agencies addresses these 

requirements, the ORM Framework also 

contains a section titled ‘‘Framework 

Ownership and Change Management’’ 

that, among other matters, describes the 

Framework ownership and the required 

governance process for review and 

approval of changes to the Framework. 

In connection with the annual review 

and approval of the Framework by the 

Boards of Directors of each of the 

Clearing Agencies (each a ‘‘Board’’ and 

collectively, the ‘‘Boards’’), the Clearing 

Agencies are proposing to make certain 

revisions to the Framework. 

Such proposed changes would 

include (i) revise nomenclature and 

process changes to Risk Profiles, (ii) 

updating the ORM Framework to align 

programs, policies, procedures, and 

controls within Technology Risk 

Management (‘‘TRM’’) to the Cyber Risk 

Institute (‘‘CRI’’) Profile instead of the 

National Institute of Standards and 

Technology (‘‘NIST’’) standards, (iii) 

updating the recovery times for Tier 5 

equating to non-essential functions, (iv) 

updating business continuity testing 

across industry organizations, and (v) 

updating the ORM Framework to reflect 

recent changes to group names and 

making other nonmaterial edits. The 

proposed changes are described in 

greater detail below. 

i. Proposed Amendments To Revise 

Nomenclature and Process Changes to 

Risk Profiles 

Section 4.2 of the ORM Framework 

describes the risk profiles, which are 

tools used by the Clearing Agencies to 

monitor and document inherent risks 

and residual risks to support an overall 

assessment of the applicable Clearing 

Agency business’ or Clearing Agency 

support area. The proposed changes 

would update the Framework to reflect 

recent developments to the name of the 

tools used by the Clearing Agency. The 

proposed changes would also reflect 

updates to Clearing Agency processes 

and other matters described in the 

Framework. These proposed changes do 

not substantively impact how the 

Clearing Agencies manage operational 

risk in compliance with the 

requirements of Rule 17Ad–22(e)(17) 

under the Act.7

The proposed changes would update 

the Framework by removing references 

to risk profiles and replacing them with 

Risk Assessments and Quarterly 

Business Monitoring. These proposed 

changes reflect the Clearing Agencies 

bifurcation of the prior Risk Profile 

process into an assessment and a 

metrics review component, each with 

differing cadences for publication. 

Specifically Risk Assessments are 

prepared at least annually, and 

Quarterly Business Monitoring is 

generally prepared quarterly and not 

less than semi-annually. 

ii. Proposed Amendments To Align to 

the Cyber Risk Institute Profile 

Section 5 of the Framework describes 

the role of TRM in establishing 

appropriate programs, policies, 

procedures, and controls with respect to 

the Clearing Agencies’ information 

technology risks to help management 

ensure that systems have a high degree 

of security, resiliency, operational 

reliability, and adequate, scalable 

capacity, as required by Rule 17Ad– 

22(e)(17)(ii) under the Act.8 The 

Clearing Agencies previously aligned 

their technology risks management 

practices to the NIST standards, which 

are recognized information technology 

standards that have been used by TRM 

in support of executing such 

responsibilities. TRM shifted from 

reliance only on NIST standards to 

instead align their risk management 

practices with the standards of CRI, 

which is a global standard for cyber risk 

assessment and are based on the NIST 

Cyber Security Framework (‘‘NIST 

SCF’’). NIST CSF has five core 

functions, while the CRI standards have 

those same five core functions plus two 

additional core functions. This shift 

would allow the Clearing Agencies to 

continue maintaining compliance with 

Rule 17Ad–22(e)(17) under the Act.9

Therefore, the Clearing Agencies are 

proposing to amend Section 5 of the 

Framework to remove reference to NIST 

standards and replace them with the 

CRI Profile to reflect its existing 

practice. 

iii. Proposed Amendments To Update 

Recovery Time of Tier 5 Operations 

Section 6 of the Framework describes 

how the Clearing Agencies have 

established and maintain business 

continuity plans to address events that 

may pose a significant risk of disrupting 

their operations. The Framework 

describes how the business continuity 

process for each Clearing Agency 

Business and Clearing Agency Support 

Area 10 is ranked within a range of tiers, 

from 0 to 5. The range of tiers is based 

on criticality to each applicable Clearing 

Agency’s operations (each a ‘‘Tier’’), 

where Tier 0 equates to critical 

operations or support of such operations 

for which virtually no downtime is 

permitted, and Tier 5 equates to nonessential operations or support of such 

operations for which recovery times of 

greater than five days is permitted. The 

Clearing Agencies are proposing a 

change to the Tier 5 recovery time from 

greater than five days to greater than 

fifteen days. The greater than fifteen 

days better represents the actual 

recovery time for the underlying 

product and service functions. 

To reflect this change in the 

Framework, the Clearing Agencies are 

proposing to amend Section 6 of the 

Framework to replace the number five, 

with fifteen, as it relates to recovery 

times for Tier 5 and align with Clearing 

Agency current practice. 


khammond on DSKJM1Z7X2PROD with NOTICES
75346 Federal Register / Vol. 88, No. 211 / Thursday, November 2, 2023 / Notices 

11 17 CFR 240.17Ad–22(e)(17). 

12 15 U.S.C. 78s(b)(3)(F). 

13 17 CFR 240.17Ad–22(e)(17)(ii) and (iii). 

14 15 U.S.C. 78s(b)(3)(F). 

15 Id. 16 Id. 

iv. Proposed Amendments To Update 

the Description of Business Continuity 

Testing 

As mentioned above, Section 6 of the 

Framework describes how the Clearing 

Agencies manage business continuity 

risks. The Clearing Agencies are 

proposing changes to the Framework to 

describe their management of these risks 

more accurately. Specifically, the 

Clearing Agencies are proposing 

changes to better reflect their 

administration of industry testing, 

which is one of the preventive measures 

the Clearing Agencies may take with 

respect to business continuity risk 

management. The proposed changes 

would reflect the breadth of industry 

participants used for such industry 

exercises conducted by the Clearing 

Agencies instead of only the Securities 

Industry and Financial Markets 

Association (SIFMA) and the Financial 

Services Authority. The proposed rule 

change is not intended to reflect a 

material change to the industry testing 

done by the Clearing Agencies, but 

rather, would more accurately reflect 

the possible scope of any such testing. 

Therefore, the Clearing Agencies are 

proposing to amend the last bullet of 

Section 6 of the Framework to remove 

reference to SIFMA and the Financial 

Services Authority and include a more 

comprehensive description of industry 

testing currently conducted to manage 

its business continuity risks. 

v. Proposed Amendments To Update 

Organizational Name Changes and Make 

Other Nonmaterial Edits 

Finally, the Framework is owned and 

managed by an officer within the 

Operational Risk Management Group 

within the Group Chief Risk Office of 

DTCC. While the role and 

responsibilities of the Operational Risk 

Management Group have not changed, 

the proposed changes would update the 

Framework to reflect a change in the 

name of the group. The Operational Risk 

Management Group is now referred to as 

Operational Risk. This proposed change 

would reflect a recent organizational 

name change. 

The proposed rule change would 

make additional immaterial edits to the 

Framework that do not alter how the 

Clearing Agencies comply with the 

applicable requirements of Rule 17Ad– 

22(e)(17) under the Act.11

2. Statutory Basis 

The Clearing Agencies believe that the 

proposed changes are consistent with 

Section 17A(b)(3)(F) of the Act 12 and 

Rule 17Ad–22(e)(17)(ii) and (iii) 

promulgated under the Act,13 for the 

reasons described below. 

The Clearing Agencies believe that the 

proposed changes are consistent with 

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

requires, in part, that the rules of a 

registered clearing agency be designed 

to promote the prompt and accurate 

clearance and settlement of securities 

transactions, and to assure the 

safeguarding of securities and funds 

which are in the custody or control of 

the clearing agency or for which it is 

responsible, for the reasons described 

below.14 The proposed changes to (i) 

revise nomenclature and process 

changes to Risk Profiles, (ii) update the 

ORM Framework to align programs, 

policies, procedures, and controls 

within Technology Risk Management 

(‘‘TRM’’) to the Cyber Risk Institute 

(‘‘CRI’’) Profile instead of the National 

Institute of Standards and Technology 

(‘‘NIST’’) standards, (iii) update the 

recovery times for Tier 5 equating to 

non-essential functions, (iv) update 

business continuity testing across 

industry organizations, and (v) update 

the ORM Framework to reflect recent 

changes to group names and making 

other nonmaterial edits would update 

and clarify the Framework and would 

make it more comprehensive in how it 

describes the methods and tools 

currently used by the Clearing Agencies 

to manage operational risks and 

therefore comply with Section 

17A(b)(3)(F) of the Act.15 By creating 

clearer, updated and more 

comprehensive descriptions, the 

Clearing Agencies believe the proposed 

changes would make the ORM 

Framework more effective in providing 

an overview of the important risk 

management activities described 

therein. 

The risk management functions 

described in the ORM Framework allow 

the Clearing Agencies to continue the 

prompt and accurate clearance and 

settlement of securities and can 

continue to assure the safeguarding of 

securities and funds which are in their 

custody or control or for which they are 

responsible notwithstanding the default 

of a member of an affiliated family. The 

proposed changes to (1) to revise 

nomenclature and process changes to 

risk profiles, (2) shift to the CRI 

standards, and (3) broaden the 

description of industry testing to 

capture the breadth of industry 

participants available to engage in such 

testing within the ORM Framework 

reflect the tools used by Clearing 

Agencies to assess inherent and residual 

risks; reliance by the Clearing Agencies 

on reliable global sources related to its 

information technology standards and 

diverse sources for industry testing. 

Identifying and mitigating plausible 

sources of operational risks both 

internal and external, information 

technology and business continuity, 

outlined in the above-referenced 

proposed changes, facilitates the 

Clearing Agencies’ ability to continue 

the prompt and accurate clearance and 

settlement of securities transactions and 

assure the safeguarding of securities and 

funds which are in their custody or 

control or for which they are 

responsible. Therefore, the Clearing 

Agencies believe the proposed changes 

are consistent with the requirements of 

Section 17A(b)(3)(F) of the Act.16

Rule 17Ad–22(e)(17) under the Act 

requires, in part, that each covered 

clearing agency establish, implement, 

maintain and enforce written policies 

and procedures reasonably designed to 

manage the covered clearing agency’s 

operational risks by (ii) ensuring that 

systems have a high degree of security, 

resiliency, operational reliability, and 

adequate, scalable capacity; and (iii) 

establishing and maintaining business 

continuity plans in order to address 

events that may pose a significant risk 

of disrupting their operations. 

The Framework would be amended to 

update the description of the Clearing 

Agencies’ information technology and 

business continuity procedures. The 

proposed changes to revise 

nomenclature and process changes to 

Risk Profiles including the bifurcation 

of Risk Profiles process and 

identification of applicable governance 

processes assist the Clearing Agencies in 

effectively managing their operational 

risks by identifying the plausible 

sources of operational risk, both internal 

and external, and mitigating the impact 

of those risks. The proposed change to 

shift to CRI standards, which 

encompasses the NIST standards plus 

additional metrics, is part of the 

programs, policies, procedures, and 

controls used by the Clearing Agencies 

to continue the building, 

implementation, and maintenance of 

systems that have a high degree of 

security, resiliency, operational 

reliability, and adequate, scalable 

capacity. Lastly, accurately describing 

the Clearing Agencies industry testing 

procedure in the ORM framework 

conforms with the Clearing Agencies 

compliance obligations since business 

continuity testing is one of the 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 211 / Thursday, November 2, 2023 / Notices 75347 

17 17 CFR 240.17Ad–22(e)(17)(ii) and (iii). 

18 Id. 

19 15 U.S.C. 78s(b)(3)(A). 

20 17 CFR 240.19b–4(f). 

21 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). 

preventive measures the Clearing 

Agencies may take with respect to 

business continuity risk management. 

As described above, these procedures 

address how the Clearing Agencies 

detect, identify, investigate, and resolve 

incidents that affect the Clearing 

Agencies’ systems. These procedures are 

designed to help address the Clearing 

Agencies’ compliance with the 

requirements of Rule 17Ad–22(e)(17)(ii) 

and (iii) under the Act.17 Therefore, the 

Clearing Agencies believe that the 

proposed rule changes to update the 

description of these procedures in the 

Risk Management Framework is 

consistent with Rule 17Ad–22(e)(17)(ii) 

and (iii).18

(B) Clearing Agency’s Statement on 

Burden on Competition 

The Clearing Agencies do not believe 

that the proposed changes to the ORM 

Framework described above would have 

any impact, or impose any burden, on 

competition. The proposed changes 

would enhance the Framework by 

providing additional clarity and 

accuracy concerning the Clearing 

Agencies’ operational risk management 

processes. The proposed rule changes to 

the Framework, would not advantage, or 

disadvantage any participant or user of 

the Clearing Agencies’ services or 

unfairly inhibit access to the Clearing 

Agencies’ services. As such, the 

Clearing Agencies do not believe that 

the proposed rule changes would have 

any impact on competition. 

(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. If any written comments are 

received, they will be publicly filed as 

an Exhibit 2 to this filing, as required by 

Form 19b–4 and the General 

Instructions thereto. 

Persons submitting comments are 

cautioned that, according to Section IV 

(Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Securities and 

Exchange Commission (‘‘Commission’’) 

does not edit personal identifying 

information from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

how to submit comments, available at 

https://www.sec.gov/regulatory-actions/ 

how-to-submit comments. General 

questions regarding the rule filing 

process or logistical questions regarding 

this filing should be directed to the 

Main Office of the Commission’s 

Division of Trading and Markets at 

tradingandmarkets@sec.gov or 202– 

551–5777. 

NSCC reserves the right not to 

respond to any comments received. 

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) 19 of the Act and paragraph 

(f) 20 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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NSCC–2023–010 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–2023–010. 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 (https://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 

a.m. and 3 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 (https://

dtcc.com/legal/sec-rule-filings.aspx). Do 

not include personal identifiable 

information in submissions; you should 

submit only information that you wish 

to make available publicly. We may 

redact in part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to file number SR–NSCC–2023–010 and 

should be submitted on or before 

November 24, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2023–24179 Filed 11–1–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98813; File No. SR–FICC– 

2023–015] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify the 

Clearing Agency Operational Risk 

Management Framework 

October 27, 2023. 

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 October 

20, 2023, Fixed Income Clearing 

Corporation (‘‘FICC’’) 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. FICC filed the 

proposed rule change pursuant to 

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


khammond on DSKJM1Z7X2PROD with NOTICES