[Federal Register Volume 89, Number 185 (Tuesday, September 24, 2024)]
[Notices]
[Page 77949]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-21757]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101085; File No. SR-FICC-2024-006]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change To Amend the Clearing Agency Risk Management 
Framework

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-2024-006 (``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 the 
Clearing Agency Risk Management Framework of FICC and its affiliates, 
The Depository Trust Company (``DTC'') and National Securities Clearing 
Corporation (``NSCC,'' and together with FICC and DTC, the ``Clearing 
Agencies'') to describe how the Clearing Agencies may solicit views of 
participants and other industry stakeholders and to provide for the 
annual assessment and subsequent review of FICC's Government Securities 
Division access models by FICC's Board of Directors.\3\ The Proposed 
Rule Change was published for public comment in the Federal Register on 
March 26, 2024.\4\ The Commission has received comments regarding the 
substance of the changes proposed in the Proposed Rule Change.\5\
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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 4, at 89 FR 21068.
    \4\ Securities Exchange Act Release No. 99805 (March 20, 2024), 
89 FR 21068 (March 26, 2024) (File No. SR-FICC-2024-006) (``Notice 
of Filing'').
    \5\ Comments on the Proposed Rule Change are available at 
https://www.sec.gov/comments/sr-ficc-2024-006/srficc2024006.htm.
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    On May 8, 2024, pursuant to Section 19(b)(2) of the Act,\6\ 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.\7\ On June 21, 2024, pursuant to 
Section 19(b)(2)(B) of the Exchange Act,\8\ the Commission instituted 
proceedings to determine whether to approve or disapprove the Proposed 
Rule Change.\9\
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    \6\ 15 U.S.C. 78s(b)(2).
    \7\ Securities Exchange Act Release No. 100075 (May 8, 2024), 89 
FR 42006 (May 14, 2024).
    \8\ 15 U.S.C. 78s(b)(2)(B).
    \9\ Securities Exchange Act Release No. 100400 (June 21, 2024), 
89 FR 53674 (June 27, 2024).
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    Section 19(b)(2) of the Exchange Act \10\ provides that proceedings 
to determine whether to approve or deny a proposed rule change must be 
concluded within 180 days of the date of a publication of the notice of 
filing of the proposed rule change. The Commission may extend the time 
for conclusion of such proceedings for up to 60 days if the Commission 
finds such longer period to be appropriate and publishes its reasons 
for so finding, or as to which the self-regulatory organization 
consents.\11\ The 180th day after publication of the Notice for the 
Proposed Rule Change is September 22, 2024.
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ 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 Act,\12\ the Commission designates November 
21, 2024, as the date by which the Commission should either approve or 
disapprove the Proposed Rule Change SR-FICC-2024-006.
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    \12\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(57).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21757 Filed 9-23-24; 8:45 am]
BILLING CODE 8011-01-P