18416 Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 

19This estimate is based on the following 

calculation: (124 money market funds (121 existing 

funds + 3 new funds) that file reports on Form N– 

MFP in house x $3,900 per fund, per year) + (229 

money market funds (224 existing funds + 5 new 

funds) that file reports on Form N–MFP using a 

service provider × $9,300 per fund, per year) = 

$2,613,300. 

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

2 17 CFR 240.19b–4. 

3All capitalized terms not defined herein have 

the same definition as in the CDS Clearing Rule 

Book, Supplement or Procedures, as applicable. 

incur on average, in the aggregate, 

external annual costs of $2,613,300.19

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication by May 31, 2022. 

Please direct your written comments 

to David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549; or send an email to: PRA_

Mailbox@sec.gov. 

Dated: March 25, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06704 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94505; File No. SR–LCH 

SA–2022–003] 

Self-Regulatory Organizations; LCH 

SA; Notice of Filing of Proposed Rule 

Change Relating to the Restructuring 

Notification Process for Swaptions 

March 24, 2022. 

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 March 18, 2022, 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 prepared primarily by LCH 

SA. The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

(a) Banque Centrale de Compensation, 

which conducts business under the 

name LCH SA (‘‘LCH SA’’), is proposing 

to amend its (i) CDS Clearing 

Supplement (‘‘Supplement’’) and (ii) 

CDS Clearing Procedures (‘‘Procedures’’) 

to incorporate new terms and to make 

conforming, clarifying and clean-up 

changes to implement a delegation 

mechanism for clients of CDSClear 

clearing members which applies in the 

context of the restructuring process for 

swaptions (the ‘‘Proposed Rule 

Change’’). 

The text of the Proposed Rule Change 

has been annexed [sic] as Exhibit 5.3

The implementation of the Proposed 

Rule Change will be contingent on LCH 

SA’s receipt of all necessary regulatory 

approvals. 

(b) Not applicable. 

(c) Not applicable. 

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 these statements. 

A. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

The purpose of the Proposed Rule 

Change is to to [sic] amend the 

restructuring notification process 

applicable in respect of swaptions 

registered in a Client Account Structure. 

Currently, in the event of a restructuring 

which would be applicable to a 

component transaction of the 

underlying index transaction to which a 

set of swaptions relate, Clearing 

Members would be in charge of sending 

and receiving the relevant notices in 

respect of this restructuring and 

notifying LCH SA of any such notice 

delivered or received by no later than 

5:00 p.m. on the cut-off date. Where 

such restructuring also relate to 

swaptions registered in a Client Account 

Structure, this also implies from the 

Client that it shall first deliver the 

restructuring notice to its Clearing 

Member and its Clearing Member 

delivers the equivalent notice to the 

other Clearing Member to allow for this 

notification requirement by the relevant 

Clearing Member to LCH SA by no later 

than 5:00 p.m. on the cut-off date. 

The proposed amendments to the 

restructuring process for swaptions 

registered in a Client Account Structure 

will remove any dependency between 

the notification duties in the context of 

a restructuring. The proposed rule 

change will provide for a delegation 

mechanism whereby Clearing Members 

shall appoint their Clients as their 

Restructuring Delegation Beneficiaries 

for the purposes of sending and 

receiving the relevant notices to the 

other Clearing Member(s) or Client(s) in 

the event of a restructuring affecting the 

swaptions registered in their relevant 

Client Account Structure. The 

notification duty vis-a`-vis LCH SA 

following the sending or receiving of the 

notices will also rely on such 

Restructuring Delegation Beneficiary. 

These amendments replicate the current 

delegation legal mechanism which is 

used in the context of the exercise 

process in respect of swaptions 

registered in a Client Account Structure. 

1. Supplement 

LCH SA is proposing to modify Part 

C of the Supplement (‘‘Part C’’) to 

incorporate terms for implementing the 

delegation mechanism for the 

restructuring process and to make 

certain conforming and clean-up 

changes to improve clarity of Part C. 

Section 1.2 (Terms defined in the CDS 

Clearing Supplement) of Part C would 

be amended by adding the following 

new defined terms. 

The term ‘‘Restructuring Delegation 

Beneficiary’’ would be added to refer to 

a Client of a Clearing Member 

designated by such Clearing Member 

pursuant to new Section 5.7 (Delegation 

by Clearing Members to Clients) as being 

entitled to send and receive Credit 

Event Notices and Notices to Exercise 

Movement Option in respect of the 

relevant Swaption Restructuring Cleared 

Transactions on such Clearing Member’s 

behalf. 

The term ‘‘Swaption Restructuring 

CCM Client Notice would be added to 

make a cross reference to its definition 

as set out in Mandatory Provision 7.3 

(Duty to Deliver Swaption Restructuring 

CCM Client Notice) in Appendix VIII to 

Part C. 


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Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 18417 

The existing term ‘‘Exercise 

Delegation Beneficiary’’ would be 

amended for clarification purpose as the 

current reference to ‘‘The’’ Client seems 

to imply that only a single Client of a 

Clearing Member could be appointed as 

an Exercise Delegation Beneficiary 

irrespective of whether the Clearing 

Member is acting on behalf of other 

Clients and therefore this reference will 

be replaced by ‘‘A’’ Client for the sake 

of clarity. 

Because of the new Section 5.7 

(Delegation by Clearing Members to 

Clients) added to Part C, any crossreferences to Sections 5 following this 

new Section 5.7 should be renumbered. 

Therefore the cross-references in the 

definitions of ‘‘Swaption Restructuring 

Clearing Member Notice’’ and 

‘‘Swaption Restructuring Clearing 

Member Notice Deadline’’ would be 

updated accordingly. 

A new sub-paragraph (ii) would be 

added to Section 1.7 (c) (Application to 

FCM/BD Clearing Members) to provide 

that, notwithstanding an FCM/BD 

Clearing Member acting as agent for the 

account of an FCM/BD Client with 

respect to Index Swaption Cleared 

Transactions, an FCM/BD Clearing 

Member shall designate its FCM/BD 

Client to send and receive the relevant 

restructuring notices on its behalf as its 

Restructuring Delegation Beneficiary in 

accordance with the relevant provisions 

of Part C. As a result, the current 

equivalent paragraph (c) in respect of 

the exercise process has been 

renumbered as a sub-paragraph (i). 

Section 5 (Restructuring) of Part C 

would be amended to add new 

provisions to implement this delegation 

mechanism for the restructuring process 

involving swaptions registered in a 

Client Account Structure. 

Sections 5.1, 5.3, 5.5 and 5.6 of Part 

C would be amended by adding 

references to the new defined term of 

Restructuring Delegation Beneficiary 

where needed. 

An additional paragraph would be 

added at the end of Section 5.1 to 

provide for the express consent from the 

Clearing Member on the disclosure of its 

information needed for the purpose of 

the restructuring process. 

A new Section 5.7 (Delegation by 

Clearing Members to Clients) is 

proposed to be added in order to 

provide for the legal mechanism of 

delegation which will apply for Clients 

and will replicate the equivalent 

provisions of Section 6.4 (Delegation by 

Clearing Members to Clients) applicable 

in respect of the exercise process. 

Specifically, Section 5.7 would provide 

that, with respect to the sending of the 

relevant notices for Swaption 

Restructuring Cleared Transactions of a 

Swaption Restructuring Matched Pair 

which are Client Cleared Transactions, 

Clearing Members shall designate their 

relevant Clients to act on their behalf 

and such designation will take effect as 

soon as reasonably practicable following 

receipt by LCH SA of duly completed 

and signed Delegation Forms. The 

Client so designated will be the 

Restructuring Delegation Beneficiary. 

Such designation may be withdrawn 

provided that there is no Swaption 

Restructuring Cleared Transaction 

registered in the relevant Client Account 

Structure. Where a Clearing Member 

designates its Client in accordance with 

new Section 5.7, any delivery or receipt 

of a restructuring notice by the 

designated Client will be deemed to 

constitute the delivery or receipt of a 

valid restructuring notice by its Clearing 

Member. Similarly, any reference in Part 

C to a restructuring notice delivered or 

received by a designated Client will be 

interpreted as delivery or receipt by a 

Clearing Member. 

Because of the insertion of this new 

Section 5.7 (Delegation by Clearing 

Members to Clients) in Part C, the 

following Sections 5 would be 

renumbered and any cross-reference in 

Part C to the renumbered Sections 

would be amended accordingly. 

Section 5.8 (Swaption Restructuring 

Clearing Member Notices) of Part C 

would be amended to include the 

appropriate references to the Client 

designated as a Restructuring Delegation 

Beneficiary which will notify LCH SA of 

the delivery or receipt of the relevant 

restructuring notices on behalf of its 

Clearing Member in order that LCH SA 

may give effect to the relevant 

restructuring notices exchanged 

between the parties to a Swaption 

Restructuring Cleared Transaction. 

There will be also references to the new 

defined term of Swaption Restructuring 

CCM Client Notice to be added and 

which, pursuant to Mandatory Provision 

7.3 of Appendix VIII to Part C, will refer 

to the notice sent to LCH SA or the 

relevant Clearing Member by a 

Restructuring Delegation Beneficiary 

following receipt or delivery of a 

restructuring notice. 

Paragraph (b) of Section 8.1 (General 

Rules relating to Notices) to [sic] remove 

the reference to the occurrence of an 

Electronic Exercise Platform (‘‘EEP’’) 

Failure Event since the scope of this 

paragraph will be broader than the 

exercise process as it will include a new 

reference to a Restructuring Delegation 

Beneficiary. 

Finally, Section 13 (Exclusion of 

Liability) of Part C would be amended 

to add a new Section 13(c) replicating 

the provisions of Section 13(b) and 

specifying that LCH SA would have no 

liability to a Clearing Member which 

has delegated to a Restructuring 

Delegation Beneficiary its power to send 

or receive the relevant restructuring 

notices on its behalf for any loss, cost or 

expense arising out of any failure of 

such Restructuring Delegation 

beneficiary to perform its obligations in 

relation with such delegation or in 

connection with or arising from the 

delivery of such notices. 

Part C would be also amended to 

make the following conforming changes 

that are not related to the restructuring 

delegation. 

In Section 6.1 (Creation and 

Notification of Exercise Matched Pairs) 

of Part C, the provisions on the content 

of the Protected Exercise Matched Pair 

Report would be amended to remove 

any reference to contact details of the 

relevant parties. Indeed, since such 

contract details will be the subject of a 

separate notification by LCH SA, a new 

paragraph would be added at the end of 

sub-paragraph (ii) of Section 6.5(a) 

which would be entitled as ‘‘Access to 

the Protected Exercise Matched Pair 

Report and other information’’. As a 

result of this change, any reference to 

the Protected Exercise Matched Pair 

Report in Part C, including but not 

limited to Section 8, would be amended 

by either removing the reference to this 

report to keep general notification’s 

references or adding a reference to any 

other information which is notified by 

LCH SA for the purpose of the exercise 

process for consistency purposes. 

Similarly to the amendment made under 

Section 5.1, an additional paragraph 

will be added at the end of Section 6.1 

to require for the express consent from 

the Clearing Member on the disclosure 

of its information needed for the 

purpose of the exercise process. 

In addition, and on the basis of new 

Section 5.7, Section 6.4 would specify 

that the designation of a Client as an 

Exercise Delegation Beneficiary may be 

withdrawn provided that there is no 

Exercise Cleared Transaction registered 

in the relevant Client Account 

Structure. 

Appendix VIII (CCM Client 

Transaction Requirements) to Part C 

would be amended for the purposes of 

including references to the new 

delegation mechanism for the 

restructuring process. Any Client 

designated as a Restructuring Delegation 

Beneficiary will be in charge of sending 

and receiving the relevant restructuring 

notice for the relevant Swaption Index 

Cleared Transaction directly to the 

relevant Clearing Member or Client on 

behalf of its Clearing Member. As a 


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18418 Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 

4 15 U.S.C. 78q–1. 

5 17 CFR 240.17Ad–22. 

6 15 U.S.C. 78q–1(b)(3)(F). 

7 17 CFR 240.17Ad–22(e)(17). 

8 17 CFR 240.17Ad–22(e)(17). 

result, there will be no longer the need 

for them to send restructuring notices to 

their Clearing Members to allow them to 

send equivalent notice to the other 

Clearing Member comprised in the 

relevant Matched Pair. Mandatory 

Provision 4 will be therefore amended 

to remove the reference to the 

restructuring notices that could be sent 

by a CCM Client to its CCM in respect 

of the mirroring transaction between 

such CCM Client and CCM. 

The changes made to Section 6.1 

(Creation and Notification of Exercise 

Matched Pairs) of Part C would be 

replicated in Mandatory Provisions 5.4 

and 5.8 to remove the reference to the 

Protected Exercise Matched Pair Report 

which is too restrictive or refer to other 

notice details provided by LCH SA for 

the purposes of the exercise process. 

Mandatory Provision 5.6 would be 

amended to add a reference to the CCM 

since contact details of a CCM Client 

could be also provided by a CCM to 

LCH SA. 

The current Mandatory Provision 7 is 

entirely removed from Appendix VIII as 

it applies to the delivery of notices in 

respect of the mirroring transaction 

between a CCM Client and its CCM in 

the event of restructuring, which will be 

no longer needed following the 

implementation of the proposed rule 

change. New Mandatory Provision 7 

will be entitled ‘‘Designation of CCM 

Client as a Restructuring Delegation 

Beneficiary by CCM’’ and replicates the 

equivalent provisions of Mandatory 

Provision 5 (Designation of CCM Client 

as an Exercise Delegation Beneficiary) 

subject to the necessary amendments 

linked to the restructuring process. New 

paragraph 7.1 will provide for the 

mandatory designation of a CCM Client 

as a Restructuring Delegation 

Beneficiary by its CCM in accordance 

with new Section 5.7 of Part C. New 

paragraph 7.2 will provide that neither 

the CCM nor the CCM Client shall send 

the relevant restructuring notices for the 

mirroring transaction between the CCM 

and its CCM Client but instead the CCM 

Client as the Restructuring Delegation 

Beneficiary shall send or receive the 

relevant restructuring notices for the 

corresponding CCM Client Cleared 

Transaction pursuant to Part C, such 

restructuring notices being deemed sent 

or received in respect of the relevant 

mirroring transaction. The following 

new paragraph 7.3 provides for the duty 

to deliver a Swaption Restructuring 

CCM Client Notice to LCH SA by the 

Restructuring Delegation Beneficiary. If 

such notification is not made within the 

required timeframe, LCH SA will decide 

either to give effect to the restructuring 

notices pursuant to Section 5.8(c) of Part 

C or not to give effect to the 

restructuring notices then, following 

Exercise, an amount shall be payable 

between the Clearing Members equal to 

the difference between the value of the 

Matched Buyer Contract had the 

Swaption Restructuring CCM Client 

Notice been given to LCH SA within the 

required timeframe and the value of 

such contract in the absence of such 

Swaption Restructuring CCM Client 

Notice having been given. This amount 

shall be determined and paid in 

accordance with the provisions of this 

new paragraph. New paragraph 7.4 

relates to the contact details of LCH SA 

and the CCM Client to be used for the 

purposes of delivering the relevant 

notices. Last paragraph 7.5 provides for 

a confidentiality waiver regarding the 

notice details provided by the CCM 

Client. 

Finally, the proposed amendments to 

the Supplement also contain 

typographical corrections in Sections 

3.1 and 8.1(c) of Part C and Mandatory 

Provisions 5.1 and 5.4 of Appendix VIII 

to Part C without affecting the meanings 

of such Sections or Mandatory 

Provisions. 

2. Procedures 

LCH SA also proposes to modify 

Section 5 of the Procedures to 

incorporate terms for implementing the 

new delegation mechanism for the 

purposes of the restructuring process 

applicable in respect of swaptions. 

Section 5.19.1 which currently deals 

with the delegation applicable to the 

exercise process will be amended for 

taking into account the delegation for 

the restructuring process. Consequently, 

Section 5.19.1 will be entitled 

‘‘Delegation by Clearing Members to 

Clients’’ and Section 5.19 ‘‘Delegation 

by Clearing Members to Clients and 

Electronic Exercise Platform’’. 

Pursuant to amended Section 5.19.1, 

a Clearing Member which has delegated 

to a Client the power to send and 

receive the relevant notices in the 

context of a restructuring for swaptions 

in accordance with Section 5 of Part C 

shall notify such Restructuring 

Delegation by sending the relevant form 

to LCH SA which will be defined as the 

Delegation Form as it will contain both 

Exercise Delegation and Restructuring 

Delegation. The defined term of 

‘‘Exercise Delegation Withdrawal’’ will 

be also replaced by ‘‘Delegation 

Withdrawal’’ to cover the possibility for 

withdrawing the delegation applicable 

in respect of the restructuring process 

and references to provisions of Part C 

that are equivalent to the withdrawal for 

the exercise process will be added for 

the restructuring process. 

Other amendments will be made to 

Section 5.19.1 in order to include the 

references to either the Restructuring 

Delegation Beneficiary or the 

Restructuring Delegation where 

relevant. 

(b) Statutory Basis 

LCH SA believes that the Proposed 

Rule Change is consistent with the 

requirements of Section 17A of the 

Securities Exchange Act of 1934 4 (the 

‘‘Act’’) and the regulations thereunder, 

including the standards under Rule 

17Ad–22.5 Section 17(A)(b)(3)(F) 6 of the 

Act requires, among other things, that 

the rules of a clearing agency be 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions and derivative 

agreements, contracts, and transactions 

and 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. As noted 

above, the Proposed Rule Change is 

designed to implement the delegation 

legal mechanism to operationally 

facilitate any required restructuring 

notification process for swaptions 

which will improve the process for 

sending and receiving of restructuring 

notices to more promptly and accurately 

reflect the restructuring status of the 

cleared option transaction in LCH 

systems. 

Further, LCH SA believes that the 

proposed changes to the Rule Book, 

Supplement and Procedures are 

consistent with requirements of Rule 

17Ad–22(e)(17).7 Rule 17Ad–22(e)(17) 

requires a covered clearing agency to 

manage operational risks by (i) 

identifying the plausible sources of 

operational risk, both internal and 

external, and mitigating their impact 

through the use of appropriate systems, 

policies, procedures, and controls; (ii) 

ensuring that systems have a high 

degree of security, resiliency, 

operational reliability, and adequate, 

scalable capacity; and (iii) establishing 

and maintaining a business continuity 

plan that addresses events posing a 

significant risk of disrupting 

operations.8

As described above, the Proposed 

Rule Change will enable LCH SA to 

more effectively manage the operational 

notification risks associated with the 

restructuring event process by providing 

an alternative solution with an 

operational delegation mechanism for 


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Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 18419 

9 17 CFR 240.17Ad–22(e)(1). 

10 15 U.S.C. 78q–1(b)(3)(F). 

11 17 CFR 240.17Ad–22(e)(17). 

12 17 CFR 240.17Ad–22(e)(1). 

13 15 U.S.C. 78q–1(b)(3)(I). 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

the restructuring notification process. 

Specifically, the current bilateral 

notification process creates plausible 

operational and legal risks if LCH SA is 

not provided in due time by its Clearing 

Member with the relevant restructuring 

notice sent by the client. To remove any 

unnecessary dependency on the 

bilateral notification process and duties 

between the Clearing Members(s) and 

client(s) in the context of a restructuring 

event for swaptions, the Proposed Rule 

Change is designed to implement a 

delegation mechanism whereby clients 

of Clearing Members shall be appointed 

as their Restructuring Delegation 

Beneficiaries for the purposes of 

sending and receiving the relevant 

notices to the other Clearing Member(s) 

or Client(s) in the event of a 

restructuring affecting the swaptions 

registered in their relevant Client 

Account Structure. 

By implementing a relevant and 

consistent delegation legal mechanism, 

the Proposed Rule Change is reducing 

potential legal risk at LCH SA and is 

therefore consistent with the 

requirements of a well-founded, clear, 

transparent, and enforceable legal 

framework of Exchange Act Rule 17Ad– 

22(e)(1).9

For the reasons stated above, LCH SA 

believes that the Proposed Rule Change 

with respect to the Supplement and 

Procedures in connection with the 

implementation of the delegation 

mechanism for the restructuring 

notification process for swaptions are 

consistent with the requirements of 

prompt and accurate clearance and 

settlement of securities transactions in 

Section 17(A)(b)(3)(F) 10 of the Act and 

the requirements of operational risk 

management in Rule 17Ad–22(e)(17) 11

and of a well-founded legal framework 

in Rule 17Ad–22(e)(1).12

B. Clearing Agency’s Statement on 

Burden on Competition 

Section 17A(b)(3)(I) of the Act 

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.13 LCH SA does not 

believe that the proposed rule change 

would impose burdens on competition 

that are not necessary or appropriate in 

furtherance of the purposes of the Act. 

Specifically, the proposed changes to 

the Supplement and Procedures would 

apply equally to all Clearing Members 

and their Clients. This would remove 

the burden on clearing brokers from 

needing the operational capacity to 

intermediate the sending and receiving 

of notices from clients, thereby 

improving the competitive landscape for 

clearing brokers wishing to support the 

clearing of options. 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: 

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– 

LCH SA–2022–003 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–LCH SA–2022–003. 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 LCH SA and on LCH SA’s 

website at: https://www.lch.com/ 

resources/rulebooks/proposed-rulechanges. 

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–LCH SA–2022–003 

and should be submitted on or before 

April 20, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06628 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94515; File No. SR–LTSE– 

2022–02] 

Self-Regulatory Organizations; LongTerm Stock Exchange, Inc.; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Related to 

Continuing Education Requirements 

March 24, 2022. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 15, 

2022, Long-Term Stock Exchange, Inc. 


khammond on DSKJM1Z7X2PROD with NOTICES