[Federal Register Volume 89, Number 185 (Tuesday, September 24, 2024)]
[Notices]
[Pages 77949-77950]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-21753]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101081; File No. SR-FICC-2024-005]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change, as Modified by Partial Amendment No. 1, To Modify the GSD 
Rules To Facilitate Access to Clearance and Settlement of All Eligible 
Secondary Market Transactions in U.S. Treasury Securities

September 18, 2024.
    On March 11, 2024, Fixed Income Clearing Corporation (``FICC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-FICC-2024-005 pursuant to Section 19(b) of the 
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4 
\2\ thereunder to modify FICC's Government Securities Division 
(``GSD'') Rulebook (``GSD Rules'') to facilitate access to clearance 
and settlement services of all eligible secondary market transactions 
in U.S. Treasury securities.\3\ On March 19, 2024, FICC filed Partial 
Amendment No. 1 to make clarifications and corrections \4\ to the 
proposed rule change. The proposed rule change, as modified by Partial 
Amendment No. 1, is referred to herein as the ``Proposed Rule Change.'' 
The Proposed Rule Change was published for public comment in the 
Federal Register on

[[Page 77950]]

March 27, 2024.\5\ The Commission has received comments regarding the 
substance of the changes proposed in the Proposed Rule Change.\6\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Notice of Filing infra note 5, at 89 FR 21363.
    \4\ Partial Amendment No. 1 made clarifications and corrections 
to the description of the proposed rule change and Exhibit 5. 
Specifically, as originally filed, the description of the proposed 
rule change made a reference to an incorrect section of the GSD 
Rules. Partial Amendment No. 1 corrects that reference. 
Additionally, as originally filed, the description of the proposed 
rule change and Exhibit 5 contained inconsistent references 
regarding whether FICC or its Board would be responsible for 
approving membership applications and related membership matters. 
Partial Amendment No. 1 clarifies and corrects those references.
    \5\ Securities Exchange Act Release No. 99817 (March 21, 2024), 
89 FR 21362 (March 27, 2024) (File No. SR-FICC-2024-005) (``Notice 
of Filing'').
    \6\ Comments on the Proposed Rule Change are available at 
https://www.sec.gov/comments/sr-ficc-2024-005/srficc2024005.htm.
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    On May 1, 2024, pursuant to Section 19(b)(2) of the Exchange 
Act,\7\ 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.\8\ On June 27, 2024, 
pursuant to Section 19(b)(2)(B) of the Exchange Act,\9\ the Commission 
instituted proceedings to determine whether to approve or disapprove 
the Proposed Rule Change.\10\
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ Securities Exchange Act Release No. 100031 (Apr. 25, 2024), 
89 FR 35269 (May 1, 2024) (File No. SR-FICC-2024-005).
    \9\ 15 U.S.C. 78s(b)(2)(B).
    \10\ Securities Exchange Act Release No. 100399 (Jun. 21, 2024), 
89 FR 53681 (Jun. 27, 2024) (File No. SR-FICC-2024-005).
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    Section 19(b)(2) of the Exchange Act \11\ 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.\12\ The 180th day after publication of 
the Notice in the Federal Register is September 23, 2024.
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    \11\ 15 U.S.C. 78s(b)(2).
    \12\ 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,\13\ the Commission designates 
November 22, 2024, as the date by which the Commission should either 
approve or disapprove the Proposed Rule Change SR-FICC-2024-005.
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    \13\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(57).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21753 Filed 9-23-24; 8:45 am]
BILLING CODE 8011-01-P