Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 18409 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 93857 

(December 22, 2021), 86 FR 74130 (December 29, 

2021) (SR–FICC–2021–009) (‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

5Securities Exchange Act Release No. 94066 

(January 26, 2022), 87 FR 5523 (February 1, 2022) 

(SR–FICC–2021–009). 

6 15 U.S.C. 78s(b)(2)(B). 

7The description of the Proposed Rule Change is 

based on the statements prepared by FICC in the 

Notice. See Notice, supra note 3. Capitalized terms 

used herein and not otherwise defined herein are 

defined in the Rules, available at https://

www.dtcc.com/legal/rules-and-procedures. 

8 15 U.S.C. 78s(b)(2)(B). 

9 Id. 

10 15 U.S.C. 78q–1. 

11 15 U.S.C. 78q–1(b)(3)(F). 

12 15 U.S.C. 78q–1(b)(3)(I). 

13 17 CFR 240.17Ad–22(e)(18). 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NASDAQ–2022–020, and 

should be submitted on or before April 

20, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06511 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94497; File No. SR–FICC– 

2021–009] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Order 

Instituting Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change To Enhance 

Capital Requirements and Make Other 

Changes 

March 23, 2022. 

I. Introduction 

On December 13, 2021, Fixed Income 

Clearing Corporation (‘‘FICC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–FICC–2021–009 (the 

‘‘Proposed Rule Change’’) pursuant to 

Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder.2 The Proposed Rule 

Change was published for comment in 

the Federal Register on December 29, 

2021,3 and the Commission received no 

comment letters regarding the changes 

proposed in the Proposed Rule Change. 

On January 26, 2022, pursuant to 

Section 19(b)(2) of the 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.5 This order 

institutes proceedings, pursuant to 

Section 19(b)(2)(B) of the Act,6 to 

determine whether to approve or 

disapprove the Proposed Rule Change. 

II. Summary of the Proposed Rule 

Change 

As described in the Notice, FICC 

proposes to amend the Government 

Securities Division (‘‘GSD’’) Rulebook 

(the ‘‘GSD Rules’’) and the MortgageBacked Securities Division (‘‘MBSD’’) 

Clearing Rules (the ‘‘MBSD Rules,’’ and 

together with the GSD Rules, the 

‘‘Rules’’) of FICC in order to (1) revise 

its capital requirements for GSD 

members and MBSD members 

(collectively, ‘‘members’’), (2) 

streamline its two credit risk monitoring 

systems, Watch List and enhanced 

surveillance list, and (3) make certain 

other clarifying, technical, and 

supplementary changes to implement 

items (1) and (2).7

First, FICC proposes to revise various 

aspects of its capital requirements for 

several types of members. FICC 

proposes to increase minimum capital 

requirements for certain members. FICC 

also proposes to revise how it measures 

certain members’ capital by 

incorporating common equity tier 1 

capital and the standards established in 

the capital adequacy rules and 

regulations of the Federal Deposit 

Insurance Corporation. FICC would 

revise the reporting requirements 

concerning the capital requirements for 

certain members. In addition, for certain 

types of members who currently do not 

have specific amounts for their 

minimum capital requirements, the 

proposal would establish such a 

requirement. 

Second, FICC proposes to revise its 

Watch List and enhanced surveillance 

list, which are both currently used to 

identify participants who would receive 

additional or enhanced credit risk 

monitoring. FICC proposes to revise its 

Watch List and delete its enhanced 

surveillance list. FICC also proposes to 

clarify that members on the Watch List 

are reported to FICC’s management 

committees and regularly reviewed by 

FICC’s senior management. 

Third, FICC proposes to (1) revise or 

add headings and sub-headings and 

renumbering sections as appropriate, (2) 

revise defined terms and add 

appropriate defined terms to facilitate 

the proposed changes, (3) rearrange and 

consolidate paragraphs to promote 

readability, (4) fix typographical and 

other errors, and (5) other changes in 

order to improve the accessibility and 

transparency of the Rules. 

III. Proceedings To Determine Whether 

To Approve or Disapprove the 

Proposed Rule Change and Grounds for 

Disapproval Under Consideration 

The Commission is instituting 

proceedings pursuant to Section 

19(b)(2)(B) of the Act 8 to determine 

whether the Proposed Rule Change 

should be approved or disapproved. 

Institution of proceedings is appropriate 

at this time in view of the legal and 

policy issues raised by the Proposed 

Rule Change. Institution of proceedings 

does not indicate that the Commission 

has reached any conclusions with 

respect to any of the issues involved. 

Rather, the Commission seeks and 

encourages interested persons to 

comment on the Proposed Rule Change, 

providing the Commission with 

arguments to support the Commission’s 

analysis as to whether to approve or 

disapprove the Proposed Rule Change. 

Pursuant to Section 19(b)(2)(B) of the 

Act,9 the Commission is providing 

notice of the grounds for disapproval 

under consideration. The Commission is 

instituting proceedings to allow for 

additional analysis of, and input from 

commenters with respect to, the 

Proposed Rule Change’s consistency 

with Section 17A of the Act,10 and the 

rules thereunder, including the 

following provisions: 

• Section 17A(b)(3)(F) of the Act,11

which requires, among other things, that 

the rules of a clearing agency must be 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions, to assure the 

safeguarding of securities and funds 

which are in the custody or control of 

the clearing agency or for which it is 

responsible, and to protect investors and 

the public interest; 

• Section 17A(b)(3)(I) of the Act,12

which requires that the rules of a 

clearing agency do not impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act; 

• Rule 17Ad–22(e)(18) under the 

Act,13 which requires that a covered 

clearing agency establish, implement, 

maintain, and enforce written policies 

and procedures reasonably designed to 

establish objective, risk-based, and 

publicly disclosed criteria for 

participation, which permit fair and 


khammond on DSKJM1Z7X2PROD with NOTICES
18410 Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 18 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 94144 

(February 3, 2022), 87 FR 7519. 4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

open access by direct and, where 

relevant, indirect participants and other 

financial market utilities, require 

participants to have sufficient financial 

resources and robust operational 

capacity to meet obligations arising from 

participation in the clearing agency, and 

monitor compliance with such 

participation requirements on an 

ongoing basis. 

IV. Procedure: Request for Written 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

Proposed Rule Change. In particular, the 

Commission invites the written views of 

interested persons concerning whether 

the Proposed Rule Change is consistent 

with Section 17A(b)(3)(F) of the Act,14

Section 17A(b)(3)(I) of the Act,15 Rule 

17Ad–22(e)(18) under the Act,16 or any 

other provision of the Act, or the rules 

and regulations thereunder. Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

Proposed Rule Change should be 

approved or disapproved by April 20, 

2022. Any person who wishes to file a 

rebuttal to any other person’s 

submission must file that rebuttal by 

May 4, 2022. The Commission asks that 

commenters address the sufficiency of 

FICC’s statements in support of the 

Proposed Rule Change, which are set 

forth in the Notice,17 in addition to any 

other comments they may wish to 

submit about the Proposed Rule Change. Comments may be submitted by any 

of the following methods: 

Electronic Comments 

• 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– 

FICC–2021–009 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–FICC–2021–009. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of FICC and on DTCC’s website 

(http://dtcc.com/legal/sec-rulefilings.aspx). All comments received 

will be posted without change. Persons 

submitting comments are cautioned that 

we do not redact or edit personal 

identifying information from comment 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–FICC– 

2021–009 and should be submitted on 

or before April 20, 2022. Rebuttal 

comments should be submitted by May 

4, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06515 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94496; File No. SR– 

CboeEDGX–2022–004] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Codify Certain 

Practices and Requirements Related to 

the Exchange’s Port Message Rate 

Thresholds 

March 23, 2022. 

On January 21, 2022, Cboe EDGX 

Exchange, Inc. (‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’),1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to codify certain practices and 

requirements related to the Exchange’s 

port message rate thresholds. The 

proposed rule change was published for 

comment in the Federal Register on 

February 9, 2022.3 The Commission has 

received no comment letters on the 

proposed rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is March 26, 2022. 

The Commission is extending this 45- 

day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates May 10, 2022 as the date by 

which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–CboeEDGX–2022–004). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06514 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 


khammond on DSKJM1Z7X2PROD with NOTICES