Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 86389 

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

2 17 CFR 240.19b–4. 

3Partial 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. 

4LCH 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. 

5Regulation (EU) No 648/2012 of the European 

Parliament and of the Council of 4 July 2012 on 

OTC derivatives, central counterparties and trade 

reporting. 

6Article 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. 7Article 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. 8Commission 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. 

4. The Secretary shall arrange for

publication of this order in the Federal 

Register. 

By the Commission. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2023–27258 Filed 12–12–23; 8:45 am] 

BILLING CODE 7710–FW–P 

RAILROAD RETIREMENT BOARD 

Sunshine Act Meetings 

TIME AND DATE: 12 p.m., December 13, 

2023. 

PLACE: 844 North Rush Street, Chicago, 

Illinois 60611. 

STATUS: Closed. 

MATTERS TO BE CONSIDERED: (1) 

Litigation Matter. 

CONTACT PERSON FOR MORE INFORMATION: 

Stephanie Hillyard, Secretary to the 

Board, Phone No. 312–751–4920. 

Dated: December 8, 2023. 

Stephanie Hillyard, 

Secretary to the Board. 

By unanimous, recorded vote of the 

Board members of the Railroad 

Retirement Board, such Board members 

determined that agency business 

required that this meeting be called with 

less than one week notice. 5 U.S.C. 

552b(e)(1). 

[FR Doc. 2023–27420 Filed 12–11–23; 11:15 am] 

BILLING CODE 7905–01–P 

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. 

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’’). 

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

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

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 


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86390 Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 

9 15 U.S.C. 78q–1. 

10 15 U.S.C. 78q–1(b)(3)(F). 

taken in the case of a default or nondefault 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 

Autorite ́ de controˆle 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 skinin-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 subparagraph (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 Autorite ́ de 

Controˆle Prudentiel et de Re ́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. 

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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 86391 

11 15 U.S.C. 78q–1(b)(3)(F). 

12 17 CFR 240.17Ad–22(e)(1). 

13Regulation (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. 

15 17 CFR 240.17Ad–22(e)(1). 

16 17 CFR 240.17Ad–22(e)(3)(ii). 

17 Id. 

18 17 CFR 240.17Ad–22(e)(23)(i). 

Article 2.4.4 is designed to provide the 

needed flexibility to execute its recovery 

plan to address default and/or nondefault 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 skinin-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 

‘‘Autorite ́ de Controˆle Prudentiel et de 

Re ́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

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. 

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. 

Based on the foregoing, LCH SA 

believes the Proposed Rule Change is 

consistent with Rule 17Ad–22(e)(1).15

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. 

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 nondefaulting 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

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, 


khammond on DSKJM1Z7X2PROD with NOTICES
86392 Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 

19 Id. 

20 15 U.S.C. 78q–1(b)(3)(I). 21 17 CFR 200.30–3(a)(12). 

including key aspects of its default rules 

and procedures. 

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

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 nondefaulting 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. 

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: 

• 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– 

LCH SA–2023–008 on the subject line. 

Paper Comments 

• 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

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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