[Federal Register Volume 88, Number 238 (Wednesday, December 13, 2023)]
[Notices]
[Pages 86389-86392]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-27272]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99109; File No. SR-LCH SA-2023-008]


Self-Regulatory Organizations; LCH SA; Notice of Filing of 
Proposed Rule Change, as Modified by Partial Amendment No. 1, Relating 
to Recovery and Resolution

December 7, 2023.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice 
is hereby given that on November 24, 2023, Banque Centrale de 
Compensation, which conducts business under the name LCH SA (``LCH 
SA''), filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change described in Items I, II and 
III below, which Items have been primarily prepared by LCH SA. On 
December 5, 2023, LCH SA filed Partial Amendment No. 1 to the proposed 
rule change to make certain changes to the Exhibit 5 to File No. LCH 
SA-2023-008.\3\ The Commission is publishing this notice to solicit 
comments on the proposed rule change, as modified by Partial Amendment 
No. 1, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Partial Amendment No. 1 updates the pagination throughout 
Exhibit 5 to File No. LCH SA-2023-008 and the Table of Contents in 
Exhibit 5 to File No. LCH SA-2023-008 to reflect the revised 
pagination. Partial Amendment No. 1 would also remove two references 
to field codes in Chapter 1 of Exhibit 5 to File No. LCH SA-2023-
008.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    LCH SA is proposing to amend its CDS Clearing Rule Book (``Rule 
Book'') \4\ to make conforming changes necessary to implement certain 
provisions of Regulation (EU) 2021/23 of the European Parliament and of 
the Council of 16 December 2020 on a framework for the recovery and 
resolution of central counterparties (``CCP Recovery and Resolution 
Regulation'') that are applicable to central counterparties (``CCPs'') 
authorized under the European Markets Infrastructure Regulation 
(``EMIR'') \5\ (the ``Proposed Rule Change'').
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    \4\ LCH SA's CDS Clearing Rule Book can be found on LCH SA's 
public website: https://www.lch.com/system/files/media_root/CDSClear%20Rule_Book_11.05.2022.pdf.
    \5\ Regulation (EU) No 648/2012 of the European Parliament and 
of the Council of 4 July 2012 on OTC derivatives, central 
counterparties and trade reporting.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, LCH SA 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. LCH SA 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
    LCH SA is proposing to amend the Rule Book to comply with certain 
requirements of the CCP Recovery and Resolution Regulation.
    Pursuant to Article 9(6) of the CCP Recovery and Resolution 
Regulation, CCPs are required to provide in their rules that they may 
deviate from their recovery plan measures and, in such circumstances, 
they shall notify their competent authority designated in accordance 
with EMIR.\6\
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    \6\ Article 9(6) of Regulation (EU) 2021/23 of the European 
Parliament and of the Council of 16 December 2020 on a framework for 
the recovery and resolution of central counterparties. http://data.europa.eu/eli/reg/2021/23/oj.
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    Pursuant to Article 9(14) of the CCP Recovery and Resolution 
Regulation, following a default event in respect of a clearing member, 
each CCP shall use an additional amount of its pre-funded dedicated own 
resources (the ``second skin-in-the-game'') prior to the requirement of 
non-defaulting clearing members to make a contribution in cash to the 
CCP up to at least each clearing member's contribution to the default 
fund. This amount is additional to the prefunded dedicated own 
resources required in accordance with EMIR (the ``first skin-in-the-
game'') which will be used by the CCP before the use of each non-
defaulting clearing member's initial contribution to the default 
fund.\7\ On 25 November 2022, the European Commission adopted a 
delegated act specifying the methodology for calculation and 
maintenance of the second skin-in-the-game to be used in accordance 
with Article 9(14) of the CCP Recovery and Resolution Regulation (the 
``Commission Delegated Regulation'').\8\
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    \7\ Article 9(14) of Regulation (EU) 2021/23 of the European 
Parliament and of the Council of 16 December 2020 on a framework for 
the recovery and resolution of central counterparties. http://data.europa.eu/eli/reg/2021/23/oj.
    \8\ Commission Delegated Regulation (EU) 2023/840 of 25 November 
2022 supplementing Regulation (EU) 2021/23 of the European 
Parliament and of the Council with regard to regulatory technical 
standards specifying the methodology for calculation and maintenance 
of the additional amount of pre-funded dedicated own resources to be 
used in accordance with Article 9(14) of that Regulation. http://data.europa.eu/eli/reg_del/2023/840/oj.
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    LCH SA is proposing to make the following conforming changes to its 
Rule Book for the purposes of complying with the above-mentioned 
requirements of the CCP Recovery and Resolution Regulation, as 
complemented by the Commission Delegated Regulation in respect of the 
second skin-in-the-game.
    Article 1.1.1 of the Rule Book (Terms defined in the CDS Clearing 
Rule Book) will be amended to include the definition of ``CCP Recovery 
and Resolution Regulation'' which will mean Regulation (EU) 2021/23 of 
the European Parliament and of the Council of 16 December 2020 on a 
framework for the recovery and resolution of central counterparties.
    LCH SA maintains a recovery plan that provides for certain measures 
to be

[[Page 86390]]

taken in the case of a default or non-default event, with the goal to 
restore its financial resources to continue providing critical 
functions in all relevant scenarios. The recovery plan includes certain 
quantitative and qualitative indicators based on LCH SA's risk profile. 
These indicators are used to identify the circumstances under which LCH 
SA may take measures in its recovery plan. LCH SA is proposing to add a 
new Article 2.4.4 entitled ``Recovery'' to implement the requirement of 
article 9(6) of the CCP Recovery and Resolution Regulation. This 
Article 2.4.4 will provide that pursuant to article 9(6) of the CCP 
Recovery and Resolution Regulation where, in order to achieve the goals 
of its recovery process, LCH SA proposes to: (a) take measures provided 
for in its recovery plan despite the fact that the relevant indicators 
have not been met; or (b) refrain from taking measures provided for in 
their recovery plan despite the fact that the relevant indicators have 
been met, such proposal shall be submitted to its board of directors 
for approval and any decision taken by the board of directors of LCH SA 
in this connection and its justification shall be notified to the 
Autorit[eacute] de contr[ocirc]le prudentiel et de resolution 
(``ACPR'') without delay. The Proposed Rule Change would provide LCH SA 
with the flexibility to achieve its goal to restore financial resources 
in order to continue providing critical functions in all relevant 
scenarios identified in its recovery plan. For example, despite 
relevant recovery plan indicators being met, LCH SA may, in 
consultation with the Board of Directors, determine that certain 
measures provided for in its recovery plan may cause significant 
adverse effects to the financial system or will otherwise be 
ineffective given the facts and circumstances.
    The default waterfall provisions in Article 4.3.3.1 of the Rule 
Book will be amended to include a reference to the second skin-in-the-
game as a resource to be used to cover the losses resulting from the 
implementation of the CDS Default Management Process. In accordance 
with the requirement of Article 9(14) of the CCP Recovery and 
Resolution Regulation, the second skin-in-the-game will be added 
immediately before the collateral deposited by the non-defaulting 
clearing members as an additional contribution to the CDS Default Fund 
in a dedicated sub-paragraph (vi). Amended sub-paragraph (vi) will also 
provide that in accordance with Article 9(14) of the CCP Recovery and 
Resolution Regulation and Article 1 of the Commission Delegated 
Regulation, the LCH SA additional dedicated own resources, as 
determined from time to time will be (a) up to the amount of such 
dedicated own resources allocated to the CDS Default Fund in proportion 
to the size of the CDS Default Fund; and (b) in the case of an Event of 
Default occurring after a previous Event of Default but before LCH SA 
has reinstated such dedicated own resources in accordance with Article 
3(2) of the Commission Delegated Regulation, up to the residual amount 
of such dedicated own resources in the CDS Default Fund. Consequently, 
the sub-paragraphs following sub-paragraph (vi) will be renumbered 
accordingly.
    In the penultimate paragraph of Article 4.3.3.1, LCH SA is 
proposing to clarify that the application of the LCH SA Contribution 
shall mean the application of an amount that LCH SA shall bear for its 
own account up to the amount of the LCH SA Contribution and the LCH SA 
additional dedicated own resources which shall mean an amount that LCH 
SA shall bear for its own account up to the amount of the dedicated own 
resources allocated to the CDS Default Fund.
    Additionally, Clause 7.5 (Application of any recoveries) of 
Appendix 1 to the Rule Book is proposed to be amended for consistency 
purposes by adding a reference to the LCH SA dedicated own resources 
allocated to the CDS Default Fund referred to in sub-paragraph (vi) of 
Article 4.3.3.1, in addition to the current reference to the other 
resources of Article 4.3.3.1 referenced in this Clause 7.5.
    Finally, LCH SA is proposing to modify Article 1.1.1 (Terms defined 
in the CDS Clearing Rule Book) to incorporate the defined term of 
``ACPR'' to refer to one of the national competent authorities of LCH 
SA, the Autorit[eacute] de Contr[ocirc]le Prudentiel et de 
R[eacute]solution and any successor organization. Consequently, any 
reference to this competent authority in the Rule Book will be replaced 
by the new defined term of ``ACPR''.
2. Statutory Basis
    LCH SA believes that the Proposed Rule Change is consistent with 
the requirements of Section 17A of the Exchange Act \9\ and the 
regulations thereunder applicable to LCH SA. Section 17A(b)(3)(F) of 
the Act \10\ requires, in part, that the rules of LCH SA be designed to 
protect investors and the public interest.
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    \9\ 15 U.S.C. 78q-1.
    \10\ 15 U.S.C. 78q-1(b)(3)(F).
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    The Proposed Rule Change is designed to enhance LCH SA's ability to 
achieve the goals of its recovery process by amending the Rule Book to 
provide greater flexibility for LCH SA to carry out its recovery plan. 
The Proposed Rule would amend the Rule Book to add a new Article 2.4.4 
that states LCH SA may (1) take measures provided for in its recovery 
plan despite the fact that the relevant indicators (of the recovery 
plan) have not been met, or (2) refrain from taking measures provided 
for in its recovery plan despite the fact that the relevant indicators 
have been met. The Proposed Rule would also amend the Rule Book to 
state that should LCH SA take such measures provided for in its 
recovery plan despite the fact that the relevant indicators have not 
been met or refrain from taking such measures provided for in its 
recovery plan despite the fact that the relevant indicators have been 
met, the LCH SA Board of Directors would be required to approve such a 
decision. Furthermore, the Proposed Rule would amend the Rule Book to 
state that LCH SA will notify the ACPR of its decision and rationale 
for taking such measures. The amendment to the Rule Book to add new 
Article 2.4.4 is designed to provide LCH SA greater flexibility to 
utilize discretion in executing certain measures of its recovery plan. 
LCH SA's recovery plan is intended, in part, to address default and/or 
non-default losses to continue to provide critical functions to its 
clearing members. To that end, LCH SA has established various 
indicators that identify the circumstances under which certain measures 
contained in the recovery plan are to be executed. These indicators may 
be quantitative or qualitative, or a combination of both and are 
monitored and reviewed on a periodic basis. A quantitative indicator 
may include a default event causing a liquidity shortfall and a 
qualitative indicator may include a loss resulting from a cyber-attack 
which results in a discontinuity of critical services. A significant 
change to LCH SA risk profile, with a potential impact on scenarios or 
indicators may trigger a review between periodic reviews (which could 
be driven by new products or services, identification of a new scenario 
due to an emerging risk or in the context of incident management for 
instance) or new regulatory requirement. LCH SA may require flexibility 
in the measures that it takes or refrains from taking without being in 
violation of its own rules. The amendment to the Rule Book to add

[[Page 86391]]

Article 2.4.4 is designed to provide the needed flexibility to execute 
its recovery plan to address default and/or non-default losses to 
continue to provide critical functions to its clearing members.
    The Proposed Rule will also amend Article 4.3.3.1 of the Rule Book 
to include a reference to the second skin-in-the-game financial 
resource to be used to cover the losses resulting from the 
implementation of the CDS Default Management Process. The current 
default waterfall provides for LCH's contribution to the default 
losses, prior to applying a pro rata percentage of the collateral 
deposited by Non Bidders as a Contribution and prior to applying a pro 
rata Contribution amount of Collateral deposited by all other clearing 
members. The Proposed Rule will add an additional pre-funded financial 
resource to be provided by LCH SA following the pro rata Contributions 
by Non Bidders and other clearing members, and prior to any pro rata 
Additional Contribution Amounts called by LCH SA, in accordance with 
the default waterfall. The Proposed Rule will also amend the 
penultimate paragraph of Article 4.3.3.1 by clarifying the meaning of 
the LCH SA Contribution and the LCH SA additional dedicated own 
resources as applied in the default waterfall described earlier in the 
Rule Book. LCH SA is proposing other clarifying changes to Clause 7.5 
of Appendix 1 of the Rule Book by revising the last sentence of the 
first paragraph to include reference to the addition of the second 
skin-in-the-game for purposes of the application of any recoveries. The 
Proposed Rule to amend Article 4.3.3.1 of the Rule Book and conforming 
amendments to Article 7.5 of Appendix 1 are designed to provide an 
additional pre-funded financial resource by LCH SA prior to utilizing 
Additional Contribution amounts from non-defaulting clearing members. 
This additional financial resource provided by LCH SA further aligns 
the interests of LCH SA and its clearing members by ensuring LCH SA 
continues its practice of maintaining robust risk management practices 
and reduces the impact on non-defaulting clearing member financial 
resources.
    The Proposed Rule would also make non-substantive amendments to the 
Rule Book to add a new defined term in Article 1.1.1 for ``CCP Recovery 
and Resolution Regulation'' and for ``Autorit[eacute] de Contr[ocirc]le 
Prudentiel et de R[eacute]solution'' for purposes of conforming to 
other amendments to the Rule Book.
    Based on the foregoing, LCH SA believes the Proposed Rule Change is 
designed to protect investors and the public interest in a manner 
consistent with Section 17A(b)(3)(F) of the Act.\11\
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    \11\ 15 U.S.C. 78q-1(b)(3)(F).
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    LCH SA also believes the Proposed Rule Change is consistent with 
Rule 17Ad-22(e)(1),\12\ which requires LCH SA to establish, implement, 
maintain and enforce written policies and procedures reasonably 
designed to provide for a well-founded, clear, transparent, and 
enforceable legal basis for each aspect of its activities in all 
relevant jurisdictions.
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    \12\ 17 CFR 240.17Ad-22(e)(1).
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    In addition to being registered as a Clearing Agency with the SEC, 
LCH SA is authorized to offer clearing services in the European Union 
pursuant to rules established under EMIR for CCPs. As a result of the 
CCP Recovery and Resolution Regulation authorized under EMIR, LCH SA is 
required to amend its rules to remain in compliance with the adoption 
of the CCP Recovery and Resolution Regulation. Specifically, LCH SA is 
proposing to amend its Rule Book to comply with Article 9(6) \13\ and 
Article 9(14) \14\ of the CCP Recovery and Resolution Regulation. The 
Proposed Rule Change will ensure LCH SA's rules are consistent with the 
relevant laws and regulations authorized under EMIR, including the CCP 
Recovery and Resolution Regulation. LCH SA also believes that the legal 
basis for the Proposed Rule Change is clear and understandable to the 
relevant authorities, participants, and participants' customers as 
proposed, and the public disclosure of the amendments to the Rule Book 
are transparent.
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    \13\ Regulation (EU) No 648/2012 of the European Parliament and 
of the Council of 4 July 2012 on OTC derivatives, central 
counterparties and trade reporting, Title III, Chapter 1, Section 1, 
Article 9 (``Recovery Plans'').
    \14\ Id.
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    Based on the foregoing, LCH SA believes the Proposed Rule Change is 
consistent with Rule 17Ad-22(e)(1).\15\
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    \15\ 17 CFR 240.17Ad-22(e)(1).
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    LCH SA also believes the Proposed Rule Change is consistent with 
Rule 17Ad-22(e)(3)(ii),\16\ which requires LCH SA to establish, 
implement, maintain and enforce written policies and procedures 
reasonably designed to maintain a sound risk management framework for 
comprehensively managing legal, credit, liquidity, operational, general 
business, investment, custody, and other risks that arise in or are 
borne by LCH SA, which include plans for the recovery and orderly wind-
down of LCH SA necessitated by credit losses, liquidity shortfalls, 
losses from general business risk, or any other losses.
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    \16\ 17 CFR 240.17Ad-22(e)(3)(ii).
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    The Proposed Rule Change would amend the Rule Book to enhance LCH 
SA's recovery plan by providing greater flexibility to execute its 
recovery plan. As previously noted, LCH SA's recovery plan is intended, 
in part, to address default and/or non-default losses to continue to 
provide critical functions to its clearing members and particular 
circumstances, including deteriorating market conditions may require 
LCH SA to deviate from executing certain measures established in its 
recovery plan. The flexibility to adapt to particular circumstances in 
order to achieve the intended goals of the recovery plan is a proactive 
risk management tool for comprehensively managing risk. In addition, 
the required review and approval by the LCH SA Board of Directors and 
subsequent notification to the ACPR provides the necessary governance 
to ensure any deviation from the plan aligns with intended goals of the 
recovery plan.
    The Proposed Rule Change would also further align the interests of 
LCH SA and its clearing members by ensuring LCH SA continues its 
practice of maintaining robust risk management practices and reduces 
the impact on non-defaulting clearing member financial resources. As 
previously noted, LCH SA is proposing to amend its Rule Book to provide 
for an additional pre-funded financial resource to be provided by LCH 
SA in the event of a CDS clearing member default. This pre-funded 
financial resource would be sized in proportion to the CDS Default Fund 
and utilized prior to Additional Contribution Amounts provided by non-
defaulting clearing members per the CDS default management waterfall. 
This amendment to the Rule Book further enhances LCH SA's recovery plan 
by adding an additional pre-funded financial resource and supports LCH 
SA's ongoing efforts to comprehensively manage risks.
    Based on the foregoing, LCH SA believes the Proposed Rule Change is 
consistent with Rule 17Ad-22(e)(3)(ii).\17\
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    \17\ Id.
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    LCH SA also believes the Proposed Rule Change is consistent with 
Rule 17Ad-22(e)(23)(i),\18\ which requires LCH SA to establish, 
implement, maintain and enforce written policies and procedures 
reasonably designed to provide for publicly disclosing all relevant 
rules and material procedures,

[[Page 86392]]

including key aspects of its default rules and procedures.
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    \18\ 17 CFR 240.17Ad-22(e)(23)(i).
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    As previously noted, LCH SA is proposing to amend the CDS default 
waterfall provisions of its Rule Book by adding an additional pre-
funded financial resource to be provided by LCH SA in the event of a 
CDS clearing member default. The Proposed Rule will also amend the 
penultimate paragraph of Article 4.3.3.1 by clarifying the meaning of 
the LCH SA Contribution and the LCH SA additional dedicated own 
resources as applied in the default waterfall described earlier in the 
Rule Book. These proposed amendments to the Rule Book will publicly 
disclose key aspects of LCH SA's default rules and procedures. Based on 
the foregoing, LCH SA believes the Proposed Rule Change is consistent 
with 17Ad-22(e)(23)(i).\19\
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    \19\ Id.
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    The proposed rule change is not inconsistent with the existing 
rules of LCH SA, including any other rules proposed to be amended.

B. Clearing Agency's Statement on Burden on Competition

    Section 17A(b)(3)(I) of the Act \20\ requires that the rules of a 
clearing agency not impose any burden on competition not necessary or 
appropriate in furtherance of the purposes of the Act. LCH SA does not 
believe that the Proposed Rule Change would impose any burden on 
competition. The purpose of the Proposed Rule Change is for LCH SA to 
amend its Rule Book to make conforming changes necessary to implement 
certain provisions of the CCP Recovery and Resolution Regulation that 
are applicable to CCPs authorized under EMIR. Specifically, LCH SA is 
codifying in its Rule Book the regulatory requirements under the CCP 
Recovery and Resolution Regulation, which establish guidance on LCH 
SA's recovery process, including with respect to governance and 
notification to regulatory authorities. LCH SA is also codifying in its 
Rule Book the CCP Recovery and Resolution Regulation and Commission 
Delegated Regulation requirements with respect to the default waterfall 
that LCH SA apply the second skin-in-the-game prior to the requirement 
of non-defaulting clearing members to make a contribution to LCH SA up 
to at least each clearing member's contribution to the default fund. 
This requirement is in addition to the first skin-in-the-game, which is 
to be used by LCH SA before the use of each non-defaulting clearing 
member's initial contribution to the default fund. These amendments to 
the Rule Book, and subsequent conforming changes, would not burden any 
Clearing Members or other market participants and will be applied 
equally for all Clearing Members. LCH SA is codifying the CCP Recovery 
and Resolution Regulation and Commission Delegated Regulation, which 
are designed to further enhance risk management practices for CCPs to 
comprehensively manage risks related to a Clearing Member default. 
Therefore, LCH SA does not believe that the Proposed Rule Change would 
impose a burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act.
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    \20\ 15 U.S.C. 78q-1(b)(3)(I).
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C. Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants or Others

    Written comments relating to the Proposed Rule Change have not been 
solicited or received. LCH SA will notify the Commission of any written 
comments received by LCH SA.

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

    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 self-regulatory 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.

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:
    <bullet> Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml) or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#c5b7b0a9a0e8a6aaa8a8a0abb1b685b6a0a6eba2aab3"><span class="__cf_email__" data-cfemail="245651484109474b4949414a5057645741470a434b52">[email protected]</span></a>. Please include 
File Number SR-LCH SA-2023-008 on the subject line.

Paper Comments

    <bullet> Send paper comments in triplicate to Vanessa A. 
Countryman, Secretary, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-LCH SA-2023-008. 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 such filings will also be available for inspection 
and copying at the principal office of LCH SA and on LCH SA's website 
at http://www.lch.com/resources/rules-and-regulations/proposed-rule-changes-0.
    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-LCH SA-2023-008 and 
should be submitted on or before January 3, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-27272 Filed 12-12-23; 8:45 am]
BILLING CODE 8011-01-P


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