Federal Register / Vol. 87, No. 67 / Thursday, April 7, 2022 / Notices 20481 

12 15 U.S.C. 78s(b)(3)(A)(iii). 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6)(iii). 

16For purposes only of accelerating the operative 

date of this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 17 15 U.S.C. 78s(b)(2)(B). 

18 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(4). 

temporary period for these temporary 

rules to end on the earlier of a full 

reopening of the Trading Floor facilities 

to DMMs or after the Exchange closes on 

July 31, 2022. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 12 and Rule 

19b–4(f)(6) thereunder.13 Because the 

proposed rule change does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 14 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),15 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. 

The Commission believes that waiver 

of the operative delay is consistent with 

the protection of investors and the 

public interest because it will allow the 

rules discussed above to remain in effect 

during the temporary period during 

which the Trading Floor has not yet 

been reopened in full to DMMs because 

of health precautions related to the 

Covid-19 pandemic. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.16

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 17 of the Act to 

determine whether the proposed rule 

change should be approved or 

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– 

NYSE–2022–18 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–NYSE–2022–18. 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 the Exchange. 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–NYSE–2022–18 and should 

be submitted on or before April 28, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–07343 Filed 4–6–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94577; File No. SR–NSCC– 

2022–002] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Make Certain Changes 

to Rule 52 to Support Processing of 

Interval Fund Repurchase Orders, 

Remove Underwriting Tender Offer 

Provisions and Make Certain Other 

Clarifications 

April 1, 2022. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on March 24, 

2022, National Securities Clearing 

Corporation (‘‘NSCC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

by the clearing agency. NSCC filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) 3 of the Act and 

subparagraph (f)(4) 4 of Rule 19b–4 

thereunder. 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) The proposed rule change of 

National Securities Clearing Corporation 

(‘‘NSCC’’) is annexed hereto as Exhibit 


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20482 Federal Register / Vol. 87, No. 67 / Thursday, April 7, 2022 / Notices 

5Capitalized terms not defined herein are defined 

in the Rules, available at https://dtcc.com/∼/media/ 

Files/Downloads/legal/rules/nscc_rules.pdf. 

6Rule 52, id. 

7For purposes of this filing, ‘‘NSCC Members’’ 

shall mean Members and Limited Members. 

8 17 CFR 270.23c–3. 

9Fund/SERV Eligible Fund is defined as a fund 

or other pooled investment entity included in the 

list for which provision is made in Section 1.(c) of 

Rule 3. Definition of Fund/SERV Eligible Fund, 

Rule 1, supra note 5. 

10See Part A of Rule 52, supra note 5. 

11Part A, Section 2 of Rule 52, supra note 5. 

12The Investment Company Institute is a trade 

association representing mutual funds, exchangetraded funds, closed-end funds and unit investment 

trusts. See https://www.ici.org. The members of the 

IFTF include fund companies offering interval 

funds, intermediaries, services providers and The 

Depository Trust & Clearing Corporation, NSCC’s 

holding company. 

13See Interval Funds: Operational Challenges and 

the Industry’s Way Forward (ici.org) and Consider 

This: Interval Fund Operational Practices (ici.org). 

14See Part A, Section 4 of Rule 52, supra note 5. 15See Part A, Section 8 of Rule 52, supra note 5. 16See Part A, Section 4 of Rule 52, supra note 5. 

Confirmation Deadline is not a defined term in the 

Rules and is being defined in this filing for ease of 

reference. 

5 and consists of modifications to Rule 

52 of the NSCC’s Rules & Procedures 

(the ‘‘Rules’’) 5 to (i) make certain 

changes to support processing of 

interval fund repurchase orders, (ii) 

remove the underwriting/tender offer 

provisions which are no longer in use 

and (iii) re-number Rule 52 and make 

certain other clarifications. The 

proposed changes are described in 

greater detail below. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency 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. The 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The proposed rule change consists of 

modifications to Rule 52 of the Rules 6

to (i) make certain changes to support 

processing of interval fund repurchase 

orders, (ii) remove the underwriting/ 

tender offer provisions which are no 

longer in use and (iii) re-number Rule 

52 and make certain other clarifications. 

The proposed changes are described in 

greater detail below. 

(i) Interval Fund Repurchase Orders 

NSCC is proposing to enhance Rule 

52 to support processing of future-dated 

interval fund repurchase orders by 

allowing NSCC Members 7 to submit 

orders prior to the day the order is 

intended to take place (‘‘Trade Date’’). 

Interval Funds 

Interval funds are closed-end funds 

that periodically offer to repurchase 

shares from their shareholders in 

compliance with Rule 23c–3 under the 

Investment Company Act of 1940.8

Interval funds make periodic offers to 

buy back shares from shareholders as 

disclosed in the fund’s prospectus and 

annual shareholder reports. Each offer 

will specify the repurchase period (start 

and end dates) during which the fund 

will accept shareholder repurchase 

requests to sell their shares back to the 

fund. The repurchase occurs on the last 

day of the repurchase period, or a later 

specified Trade Date. 

Fund/SERV® Order Processing 

NSCC Members can submit interval 

fund repurchase orders on behalf of 

shareholders to the Fund Members 

using Fund/SERV. Fund/SERV is an 

NSCC service described in Rule 52 that 

provides for processing and settling of 

Fund/SERV Eligible Funds,9 which 

include certain mutual fund, bank 

collective fund and other pooled 

investment product transactions 

between fund companies, including 

interval funds, and their distributors.10

Currently, Fund/SERV does not allow 

NSCC Members to submit interval fund 

repurchase orders prior to the Trade 

Date. Fund/SERV currently allows 

NSCC Members to submit repurchase 

orders for interval funds that are Fund/ 

SERV Eligible Funds by submitting a 

repurchase order on the Trade Date, or 

to the extent established by each Fund 

Member, any day thereafter (referred to 

as ‘‘As-Of’’ orders).11

In 2018, the Broker Dealer Advisory 

Committee of the Investment Company 

Institute formed an Interval Funds Task 

Force (‘‘IFTF’’) 12 to explore 

opportunities to improve interval fund 

operational efficiencies and reduce 

operating risk. The IFTF memorialized 

the operational challenges of interval 

funds in a series of whitepapers.13 One 

of the challenges that the IFTF 

identified with respect to interval funds 

was the inability of funds to submit 

repurchase orders prior to the Trade 

Date through Fund/SERV. 

Since NSCC Members are unable to 

submit the repurchase orders through 

Fund/SERV until the Trade Date, they 

must currently track all of the 

repurchase orders manually on their 

books until the applicable Trade Date. 

There is operational risk involved with 

holding these orders, rather than 

delivering them when received, 

including a risk that the NSCC Member 

holding the order fails to submit the 

order on the Trade Date. Likewise, 

interval fund providers would like to be 

informed of these orders as soon as 

possible, to help them understand 

liquidity demands and anticipate 

whether they may need to prorate 

repurchase activity and to provide more 

time to correct an order if it contains 

incorrect information. Therefore, there 

is an appreciable benefit to interval 

funds, shareholders, and intermediaries 

to improve the straight through 

processing capabilities for interval fund 

repurchases through Fund/SERV. NSCC 

is proposing to allow NSCC Members to 

submit orders prior to the Trade Date to 

support submission of interval fund 

repurchase orders. Such orders would 

be submitted prior to the Trade Date but 

dated as of the Trade Date. 

NSCC is also proposing to amend the 

Rules to provide for an acknowledgment 

process by NSCC Members relating to 

interval fund repurchase orders. 

Currently, the Rules provide that NSCC 

Members may only confirm or reject 

orders 14 or accept, confirm or reject 

corrections of orders.15 In order to 

provide NSCC Members confidence that 

their repurchase orders have been 

received, NSCC is proposing to allow 

NSCC Members that receive interval 

fund repurchase orders to acknowledge 

orders and corrections relating to 

interval fund repurchase orders, in 

addition to confirming and rejecting 

such orders or corrections. 

NSCC is also proposing to extend the 

confirmation deadline to accommodate 

interval fund repurchase orders that are 

submitted prior to the Trade Date. 

Currently NSCC provides that if any 

orders are not confirmed or rejected 

within a certain time period established 

by NSCC from time to time 

(‘‘Confirmation Deadline’’) such orders 

will be deleted from the system.16 NSCC 

has established that the Confirmation 

Deadline is 10 business days after the 

submission date. Since the submission 

date is currently on or after the Trade 

Date, the Confirmation Deadline is 

always at least 10 business days after 

the Trade Date. To accommodate 

repurchase orders that are submitted 

prior to the Trade Date, the 

acknowledgement process will provide 

that if an interval fund repurchase order 

with a future Trade Date is 

acknowledged prior to the Confirmation 


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17See Securities Exchange Release No. 28456 

(September 20, 1990) (SR–NSCC–90–14), 55 FR 

40028 (October 1, 1990). See also Part A, Section 

17 of Rule 52, supra note 5. 18 Id. 

19 Id. 

20See Part A, Section 11(a) of Rule 52, supra note 

5. 

21 15 U.S.C. 78q–1(b)(3)(F). 

22 17 CFR 240.17Ad–22(e)(21). 

23 15 U.S.C. 78q–1(b)(3)(F). 

24 Id. 

Deadline, the Confirmation Deadline 

will be extended to 10 business days 

after the Trade Date and the order will 

remain in the system until the extended 

Confirmation Deadline, provided the 

order was not previously confirmed or 

rejected. Therefore, as with other orders, 

the Confirmation Deadline would 

remain at least 10 business days after 

the Trade Date for such interval fund 

repurchase orders. 

(ii) Removal of Underwriting/Tender 

Offer Provisions 

In 1990 NSCC added provisions to 

Fund/SERV intended to support the 

processing of orders relating to mutual 

fund underwritings and tender offers 

(the ‘‘Underwriting/Tender Offer 

Provisions’’).17 The provisions were 

intended to provide for automated 

processing of certain processes that 

were specific to underwritings and 

tender offers.18 Previous to the addition, 

certain processes required manual 

intervention due to the extended 

settlement timeframe and ability to 

withdraw orders in underwritings and 

tender offers.19 Forms and system 

developments were made to support the 

use of Underwriting/Tender Offer 

Provisions, and certain NSCC Members 

used the underwriting/tender offer 

functionality after it was implemented. 

Over the years, however, NSCC 

Members began using the underwriting/ 

tender offer functionality less and less. 

NSCC believes that this is likely due to 

enhancements to the non-underwriting/ 

tender offer order functionality of Fund/ 

SERV that reduced the need for the 

underwriting/tender offer functionality, 

NSCC Members becoming more familiar 

with the non-underwriting/tender offer 

functionality of Fund/SERV and finding 

that the non-underwriting/tender offer 

functionality of Fund/SERV is sufficient 

to process the orders relating to 

underwritings and tender offers. NSCC 

Members have not used the 

underwriting/tender offer functionality 

for over a decade and NSCC no longer 

provides online forms to support the 

full functionality due to lack of NSCC 

Member use of the functionality and 

costs to maintain the functionality. 

Given that the interval fund repurchase 

process is similar in some respects to 

the offer process for underwritings and 

tender offers, NSCC considered 

updating the underwriting/tender offer 

functionality to support interval fund 

repurchase orders. NSCC decided, 

however, that it would be more efficient 

to update the non-underwriting/tender 

offer order functionality of Fund/SERV 

to support interval fund repurchases as 

proposed in this filing rather than to 

overhaul the Underwriting/Tender Offer 

Provisions and the underwriting/tender 

offer functionality. 

Since the Underwriting/Tender Offer 

Provisions are no longer being used by 

NSCC Members and NSCC does not 

believe that the Underwriting/Tender 

Offer Provisions will be used by NSCC 

Members in the future, NSCC is 

proposing to remove the Underwriting/ 

Tender Offer Provisions from the Rules. 

(iii) Clarifications 

In order to improve readability of 

Rule 52, NSCC is proposing to renumber and make certain other 

clarifications to Rule 52. 

Certain section numbers in Rule 52 

are reserved for future use and NSCC is 

proposing to remove those placeholders 

and renumber the existing sections. 

In addition, Part A, Section 11(a) of 

Rule 52 currently provides that certain 

orders and money only related charges 

will settle in accordance with the time 

frames as established by NSCC from 

time to time, or in such extended or 

shortened time frame as established by 

agreement of the submitting parties; 

provided, that such modified time frame 

shall be no shorter than T (the trade 

date) and longer than T+7.20 The 

provision relating to the time frame 

being no longer than T+7 is a legacy 

provision that is no longer applicable or 

necessary. Historically, NSCC’s 

technology on its platform did not allow 

for the settlement timeframe to be longer 

than T+7. Such technology restriction 

no longer exists. As such, NSCC is 

proposing to delete the provision that 

the time frame as modified by the 

submitting parties may be no longer 

than T+7. 

(iv) Proposed Rule Changes 

NSCC is proposing to amend Part A, 

Section 2 of Rule 52 to provide that 

orders may be submitted prior to the 

Trade Date to support the processing of 

interval fund repurchase orders. NSCC 

is also proposing to amend Part A, 

Sections 4 and 8 of Rule 52 to provide 

for the acknowledgment of interval fund 

repurchase orders and corrections as 

described above. 

NSCC is proposing to delete the 

Underwriting/Tender Offer Provisions 

in Part A, Section 17 of Rule 52 and 

delete a reference to Part A, Section 17 

currently in Part A, Section 16 of Rule 

52. NSCC is also proposing to delete a 

number of section number references in 

Rule 52 that are currently reserved for 

future use and renumber the existing 

section numbers to reflect the deletion 

of such section numbers and the 

deletion of the Underwriting/Tender 

Offer Provisions. NSCC is also 

proposing to delete the phrase ‘‘and no 

longer than T+7’’ in Part A, Section 

11(a) of Rule 52 as such legacy phrase 

is no longer applicable or necessary. 

(v) Implementation 

NSCC expects to implement the 

proposed rule changes on March 28, 

2022. As proposed, a legend would be 

added to Rule 52 stating there are 

changes that became effective upon 

filing with the Commission but have not 

yet been implemented. The proposed 

legend would also indicate that the 

proposed rule change would be 

implemented on March 28, 2022, 

indicate the file number of this 

proposal, and indicate that once this 

proposal is implemented the legend 

would automatically be removed. 

2. Statutory Basis 

NSCC believes that the proposal is 

consistent with the requirements of the 

Securities Exchange Act of 1934 (‘‘Act’’) 

and the rules and regulations 

thereunder applicable to a registered 

clearing agency. In particular, NSCC 

believes that the proposed rule changes 

are consistent with Section 17A(b)(3)(F) 

of the Act 21 and Rule 17Ad–22(e)(21) 

promulgated under the Act.22

Section 17A(b)(3)(F) of the Act,23

requires, in part, that the Rules be 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions. The proposed 

changes to support interval fund 

repurchase orders are consistent with 

this provision because such changes 

would enhance the ability of NSCC 

Members to process interval fund 

repurchase orders. Providing a more 

efficient and streamlined process with 

respect to placing, acknowledging and 

settling interval fund repurchase orders 

would promote the prompt and accurate 

clearance and settlement of securities 

transactions by NSCC consistent with 

Section 17A(b)(3)(F) of the Act.24

The removal of the Underwriting/ 

Tender Offer Provisions, the deletion of 

the section numbers in Rule 52 that are 

reserved for future use, the renumbering 

in Rule 52 described above and the 

removal of the phrase ‘‘and no longer 


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25 Id. 

26 17 CFR 240.17Ad–22(e)(21). 

27 Id. 

28 15 U.S.C 78s(b)(3)(A). 

29 17 CFR 240.19b–4(f). 30 17 CFR 200.30–3(a)(12). 

than T+7’’ in Part A of Section 11(a) are 

also consistent with this provision 

because the proposed changes would 

enhance clarity and transparency for 

participants with respect to services 

offered by NSCC allowing NSCC 

Members to have a better understanding 

of the Rules relating to Mutual Fund 

Services. Having clear and accurate 

Rules would help NSCC Members to 

better understand their rights and 

obligations regarding NSCC’s services. 

NSCC believes that when NSCC 

Members better understand their rights 

and obligations regarding NSCC’s 

services, they can act in accordance 

with the Rules. NSCC believes that 

better enabling NSCC Members to 

comply with the Rules would promote 

the prompt and accurate clearance and 

settlement of securities transactions by 

NSCC consistent with Section 

17A(b)(3)(F) of the Act.25

In addition, the proposed rule change 

is designed to comply with Rule 17Ad 

22(e)(21) promulgated under the Act.26

Rule 17Ad–22(e)(21) under the Act 

requires NSCC to, inter alia, establish, 

implement, maintain and enforce 

written policies and procedures 

reasonably designed to be efficient and 

effective in meeting the requirements of 

its participants and the markets it 

serves. The proposed rule change would 

enhance the ability of NSCC Members to 

process interval fund repurchase orders 

providing a more efficient and 

streamlined process with respect to 

placing, acknowledging and settling 

interval fund repurchase orders. 

Therefore, by establishing a more 

efficient and effective process for NSCC 

Members to process interval fund 

repurchase orders, NSCC believes that 

the proposed change is consistent with 

the requirements of Rule 17Ad– 

22(e)(21), promulgated under the Act.27

(B) Clearing Agency’s Statement on 

Burden on Competition 

NSCC does not believe that the 

proposed changes would have an 

adverse impact, or impose a burden, on 

competition. These proposed changes 

would improve the ability of NSCC 

Members to process interval fund 

repurchase orders and enhance the 

clarity and transparency of the Rules 

and would not be adding any 

obligations on NSCC Members that are 

using NSCC’s services. As such, the 

proposed changes would not impede 

any NSCC Members from engaging in 

the services or have an adverse impact 

on any NSCC Members. Moreover, the 

proposed changes may promote 

competition because the proposed 

changes would provide NSCC Members 

a more efficient method of processing 

interval fund repurchase orders. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

NSCC has not received or solicited 

any written comments relating to this 

proposal. If any written comments are 

received, they will be publicly filed as 

an Exhibit 2 to this filing, as required by 

Form 19b–4 and the General 

Instructions thereto. 

Persons submitting comments are 

cautioned that, according to Section IV 

(Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

how to submit comments, available at 

https://www.sec.gov/regulatory-actions/ 

how-to-submit-comments. General 

questions regarding the rule filing 

process or logistical questions regarding 

this filing should be directed to the 

Main Office of the Commission’s 

Division of Trading and Markets at 

tradingandmarkets@sec.gov or 202– 

551–5777. 

NSCC reserves the right not to 

respond to any comments received. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A) 28 of the Act and paragraph 

(f) 29 of Rule 19b–4 thereunder. At any 

time within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

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– 

NSCC–2022–002 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–NSCC–2022–002. 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 NSCC and on DTCC’s website 

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

will be posted without change; the 

Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–NSCC– 

2022–002 and should be submitted on 

or before April 28, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–07344 Filed 4–6–22; 8:45 am] 

BILLING CODE 8011–01–P 


khammond on DSKJM1Z7X2PROD with NOTICES