[Federal Register Volume 89, Number 185 (Tuesday, September 24, 2024)]
[Notices]
[Pages 77919-77920]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-21765]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101094; File No. SR-LCH SA-2024-002]


Self-Regulatory Organizations; LCH SA; Notice of Designation of 
Longer Period for Commission Action on Proceedings To Determine Whether 
To Approve or Disapprove a Proposed Rule Change Relating to the 
CDSClear Select Membership Model

September 18, 2024.
    On March 13, 2024, 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 SR-
LCH SA-2024-002 (the ``Proposed Rule Change'') pursuant to Section 
19(b) of the Securities Exchange Act of 1934 (``Exchange Act'') \1\ and 
Rule 19b-4 \2\ thereunder to amend its CDS Clearing Rule Book and CDS 
Clearing Procedures to incorporate new terms and to make conforming, 
clarifying, and clean-up changes to implement a new model of CDSClear 
select membership. The Proposed Rule Change was published for public 
comment in the Federal Register on March 28, 2024.\3\ The Commission 
has not received comments regarding the Proposed Rule Change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Self-Regulatory Organizations; LCH SA; Notice of Filing of 
Proposed Rule Change Relating to the CDSClear Select Membership 
Model, Exchange Act Release No. 34-99847 (Mar. 22, 2024); 89 FR 
21579 (Mar. 28, 2024) (SR-LCH SA-2024-002) (``Notice'').
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    On May 9, 2024, pursuant to Section 19(b)(2) of the Exchange 
Act,\4\ the Commission designated a longer period within which to 
approve, disapprove, or institute proceedings to determine whether to 
approve or disapprove the Proposed Rule Change, until June 26, 2024.\5\ 
On June 21, 2024, the Commission instituted proceedings, pursuant to 
Section 19(b)(2)(B) of the Exchange Act,\6\ to determine whether to 
approve or disapprove the Proposed Rule Change.\7\
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ Exchange Act Release No. 100094 (May 9, 2024), 89 FR 42515 
(May 15, 2024) (File No. SR-LCH SA-2024-002).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ Securities Exchange Act Release No. 100394 (June 21, 2024), 
89 FR 53685 (June 27, 2024) (File No. SR-LCH SA-2024-002).
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    Section 19(b)(2) of the Exchange Act \8\ provides that proceedings 
to determine whether to approve or disapprove a proposed rule change 
must be concluded within 180 days of the date of publication of notice 
of filing of the proposed rule change. The time for conclusion of the 
proceedings may be extended for up to 60 days if the Commission 
determines that a longer period is appropriate and publishes the 
reasons for such determination.\9\ The 180th day after publication of 
the Notice in the Federal Register is September 24, 2024.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
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    The Commission is extending the period for Commission action on the 
Proposed Rule Change. The Commission finds that it is appropriate to 
designate a longer period within which to take action on the Proposed 
Rule Change so that the Commission has sufficient time to consider the 
issues raised by the Proposed Rule Change and to take action on the 
Proposed Rule Change. Accordingly, pursuant to Section 
19(b)(2)(B)(ii)(II) of the Exchange Act,\10\ the Commission designates 
November 23, 2024, as the date by which the Commission should either 
approve or

[[Page 77920]]

disapprove the Proposed Rule Change SR-LCH SA-2024-002.
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    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21765 Filed 9-23-24; 8:45 am]
BILLING CODE 8011-01-P