30318 Federal Register / Vol. 87, No. 96 / Wednesday, May 18, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3Capitalized terms used but not defined herein 

have the meanings specified in the Rule Book, 

Clearing Supplement, or Procedures, as applicable. 

4Self-Regulatory Organizations; LCH SA; Notice 

of Filing of Proposed Rule Change to Relating to the 

Restructuring Notification Process for Swaptions, 

Exchange Act Release No. 94505 (March 24, 2022); 

87 FR 18416 (March 30, 2022) (SR–LCH SA–2022– 

003) (‘‘Notice’’). 

APPLICANTS: First Eagle Alternative 

Capital BDC, Inc., First Eagle Credit 

Opportunities Fund, First Eagle 

Investment Management, LLC, First 

Eagle Alternative Credit, LLC, First 

Eagle Alternative Credit EU, LLC, First 

Eagle Credit Opportunities Fund SPV, 

LLC, First Eagle Alternative Capital 

Holdings, Inc., First Eagle Direct 

Lending Fund I, LP, First Eagle Direct 

Lending Fund I (EE), LP, First Eagle 

Direct Lending Fund I (Parallel), LP, 

First Eagle DL Fund I Aggregator LLC, 

NewStar Arlington Senior Loan Program 

LLC, First Eagle Berkeley Fund CLO 

LLC, First Eagle Commercial Loan 

Funding 2016–1 LLC, First Eagle 

Commercial Loan Originator I LLC, 

NewStar Fairfield Fund CLO Ltd., First 

Eagle Warehouse Funding I LLC, First 

Eagle Dartmouth Holding LLC, First 

Eagle Direct Lending Fund III LLC, First 

Eagle Direct Lending Co-Invest III (E) 

LLC, First Eagle Direct Lending CoInvest III LLC, First Eagle Direct 

Lending Fund III (A) LLC, First Eagle 

Direct Lending Fund IV, LLC, First 

Eagle Direct Lending Levered Fund IV, 

LLC, First Eagle Direct Lending IV CoInvest, LLC, First Eagle Direct Lending 

Levered Fund IV SPV, LLC, Lake Shore 

MM CLO I Ltd., Lake Shore MM CLO II 

Ltd., Lake Shore MM CLO III LLC, Lake 

Shore MM CLO IV LLC, First Eagle 

Direct Lending V–A, LLC, First Eagle 

Direct Lending V–B, LLC, First Eagle 

Direct Lending V–B SPV, LLC, First 

Eagle Direct Lending V–C SCSP, South 

Shore V LLC, South Shore VI LLC, Wind 

River 2014–3K CLO Ltd., Wind River 

2016–1K CLO Ltd., Wind River 2013–1 

CLO Ltd., Wind River 2013–2 CLO Ltd., 

Wind River 2014–1 CLO Ltd., Wind 

River 2014–2 CLO Ltd., Wind River 

2014–3 CLO Ltd., Wind River 2015–1 

CLO Ltd., Wind River 2016–2 CLO Ltd., 

Wind River 2017–1 CLO Ltd., Wind 

River 2017–3 CLO Ltd., Wind River 

2017–4 CLO Ltd., Wind River 2018–1 

CLO Ltd., Wind River 2018–2 CLO Ltd., 

Wind River 2018–3 CLO Ltd., Wind 

River 2019–1 CLO Ltd., Wind River 

2019–2 CLO Ltd., Wind River 2019–3 

CLO Ltd., Wind River 2020–1 CLO Ltd., 

Wind River 2021–1 CLO Ltd., Wind 

River 2021–2 CLO Ltd., Wind River 

2021–3 CLO Ltd., Wind River 2021–4 

CLO Ltd., Bighorn III, Ltd., Bighorn IV, 

Ltd., Bighorn VI, Ltd., Bighorn VII, Ltd., 

Bighorn VIII, Ltd., Bighorn X, Ltd., 

NewStar Commercial Loan Funding 

2017–1 LLC, First Eagle Clarendon Fund 

CLO LLC, NewStar Exeter Fund CLO 

LLC, Arch Street CLO, Ltd., First Eagle 

BSL CLO 2019–1 Ltd., Hull Street CLO, 

Ltd., Longfellow Place CLO, Ltd., 

Staniford Street CLO, Ltd., First Eagle 

Strategic Funding, LLC. 

FILING DATES: The application was filed 

on March 31, 2022, and amended on 

April 29, 2022. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on, June 7, 2022, and 

should be accompanied by proof of 

service on applicants, in the form of an 

affidavit or, for lawyers, a certificate of 

service. Pursuant to rule 0–5 under the 

Act, hearing requests should state the 

nature of the writer’s interest, any facts 

bearing upon the desirability of a 

hearing on the matter, the reason for the 

request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary at 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

David Blass, Esq. at David.Blass@

stblaw.com, Rajib Chanda at 

Rajib.Chanda@stblaw.com and 

Christopher Healey at 

Christopher.Healey@stblaw.com. 

FOR FURTHER INFORMATION CONTACT: 

Kieran G. Brown, Senior Counsel, or 

Terri Jordan, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ first amended and restated 

application, dated April 29, 2022, which 

may be obtained via the Commission’s 

website by searching for the file number 

at the top of this document, or for an 

Applicant using the Company name 

search field, on the SEC’s EDGAR 

system. The SEC’s EDGAR system may 

be searched at, http://www.sec.gov/ 

edgar/searchedgar/legacy/ 

companysearch.html. You may also call 

the SEC’s Public Reference Room at 

(202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10696 Filed 5–17–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94898; File No. SR–LCH 

SA–2022–003] 

Self-Regulatory Organizations; LCH 

SA; Order Approving Proposed Rule 

Change Relating to the Restructuring 

Notification Process for Swaptions 

May 12, 2022. 

I. Introduction 

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’’), 

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

Securities Exchange Act of 1934 (the 

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

proposed rule change to amend its CDS 

Clearing Supplement (the ‘‘Clearing 

Supplement’’) and certain CDS Clearing 

Procedures (the ‘‘Procedures’’).3 The 

proposed rule change was published for 

comment in the Federal Register on 

March 30, 2022.4 The Commission did 

not receive comments regarding the 

proposed rule change. For the reasons 

discussed below, the Commission is 

approving the proposed rule change. 

II. Description of the Proposed Rule 

Change 

As detailed below, the amendments to 

the Clearing Supplement and the 

Procedures would (A) establish a new 

delegation requirement for Clearing 

Members in the case of a restructuring 

affecting an option to purchase Index 

CDS (an ‘‘Index Swaption’’); (B) limit 

LCH’s liability to Clearing Members in 

light of this new requirement; (C) 

update certain provisions related to the 

exercise of Index Swaptions; (D) require 

Clearing Members and Clients consent 

to disclosure of their contact 

information in connection with the 

restructuring or exercise of Index 

Swaptions; and (E) correct 

typographical errors. 

A. New Delegation Requirement 

The proposed rule change would 

require that Clearing Members delegate 

to their Clients the authority to send and 

receive certain notices on their behalf. 

This new requirement would apply to a 


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Federal Register / Vol. 87, No. 96 / Wednesday, May 18, 2022 / Notices 30319 

5See Self-Regulatory Organizations; LCH SA; 

Order Approving Proposed Rule Change Relating to 

Implementation of Electronic Exercise Platform 

(Oct. 11, 2018), Exchange Act Release No. 84410 

(Oct. 17, 2018) (SR–LCH SA–2018–004). 

6The proposed rule change would make a similar 

change to Section 6.4, which specifies when a 

Clearing Member may withdraw a delegation 

related to exercise of Index Swaptions. 

Client’s cleared transaction in an Index 

Swaption where the underlying Index 

CDS is being restructured due to an 

event affecting one of its reference 

entities. Generally, this delegation 

requirement would mirror the 

delegation mechanism that currently 

applies to Clients in exercising their 

Index Swaptions.5

To establish this new requirement, the 

proposed rule change would amend Part 

C of the Clearing Supplement and 

Appendix VIII thereto. Part C sets out 

the terms applicable to a cleared Index 

Swaption transaction between a 

Clearing Member and LCH SA, while 

Appendix VIII sets out the terms 

applicable to the corresponding Index 

Swaption transaction between that 

Clearing Member and its Client. For 

example, the proposed rule change 

would add to Part C new defined terms, 

such as Restructuring Delegation 

Beneficiary (which would mean a Client 

designated by a Clearing Member to 

send and receive Credit Event Notices 

and Notices to Exercise Movement 

Option on its behalf). The proposed rule 

change similarly would revise existing 

defined terms, revise existing references 

to conform to new defined terms or 

changes in existing defined terms, and 

revise existing references to take into 

account the re-numbering of sections. 

In addition to these revisions to 

defined terms and references, the 

proposed rule change would set out the 

delegation requirement in a new Section 

5.7 of Part C. This new section would 

apply to Client Cleared Transactions in 

Index Swaptions that are being 

restructured, and it would require 

Clearing Members designate their 

Clients to act on their behalf with 

respect to sending and receiving certain 

notices related to the restructuring. 

After a Clearing Member designates its 

Client, LCH SA would deem any 

delivery or receipt of a restructuring 

notice by the designated Client to 

constitute the delivery or receipt of a 

valid notice by the Clearing Member. 

LCH SA would treat any reference in the 

Clearing Supplement to a notice being 

delivered to or by a Clearing Member 

accordingly. This new section would 

generally mirror the provisions of 

current Section 6.4, which requires that 

Clearing Members designate their 

relevant Clients to act on their behalf 

with respect to exercising and 

abandoning Index Swaptions that are 

Client Cleared Transactions. A Clearing 

Member could withdraw the 

designation as long as there is no 

Swaption Restructuring Cleared 

Transaction registered in the Client 

Trade Account of the relevant Client.6

The proposed rule change would 

make similar amendments to the 

provisions found in Appendix VIII of 

Part C, which must be incorporated into 

an Index Swaption transaction between 

a Clearing Member and its Client 

(collectively, the ‘‘Mandatory 

Provisions’’). For example, the proposed 

rule change would replace current 

Mandatory Provision 7 with a new 

provision that would require a Clearing 

Member to designate its Client in 

accordance with new Section 5.7 of Part 

C discussed above. New Mandatory 

Provision 7 also would require Clients 

to deliver Credit Event Notices or 

Notices to Exercise Movement Option 

directly to its counterparty, and would 

explain what would happen if the Client 

does not provide the notification within 

the required timeframe. 

In addition to the changes to Part C 

and Appendix VIII of the Clearing 

Supplement, the proposed rule change 

would amend Section 5 of the 

Procedures to specify how Clearing 

Members would notify LCH SA of the 

delegation. The proposed rule change 

would do so by amending 5.19, which 

currently sets out the process for 

delegations related to exercise of Index 

Swaptions, so that it applies to 

delegations related to restructuring as 

well. Under amended Section 5.19, a 

Clearing Member must notify LCH SA of 

the delegation by sending a completed 

notification form, and a Clearing 

Member may withdraw the delegation 

only if no Swaption Restructuring 

Cleared Transaction is registered in the 

Client Trade Account of the relevant 

Restructuring Delegation Beneficiary. 

B. Limitation of Liability 

To complement the new delegation 

requirement, the proposed change 

would add new Section 13(c) to Part C 

of the Clearing Supplement. Under new 

Section 13(c), LCH SA would have no 

liability to a Clearing Member for any 

loss, cost or expense arising out of any 

failure of a Client to perform its 

obligations or in connection with the 

delivery of notices related to a 

restructuring. Section 13(c) would 

mirror existing Section 13(b), under 

which LCH SA has no liability to a 

Clearing Member for any loss, cost or 

expense arising out of any failure of a 

Client to perform its obligations in 

connection with a delegation of 

authority to exercise Index Swaptions. 

C. Exercise Provisions 

Unrelated to the new delegation 

requirement, the proposed rule change 

also would amend certain existing 

provisions found in Section 6 of Part C. 

Section 6 of Part C describes the process 

for exercising Index Swaptions and the 

sending and receiving of notices related 

to exercise. The purchaser of an Index 

Swaption exercises it through an 

Exercise Matched Pair, which consists 

of a buyer and seller paired by LCH SA. 

Section 6.1(a) requires that, upon the 

creation of an Exercise Matched Pair, 

LCH SA notify the buyer and seller, but 

it prohibits LCH SA from providing any 

detail with respect to their identities. 

The proposed rule change would delete 

this prohibition as duplicative in light 

of existing Section 6.1(b). That section 

dictates the circumstances in which 

LCH SA may provide the buyer and 

seller details about each other’s identity. 

LCH SA may only do so through a 

Protected Exercise Matched Pair Report, 

and it may only provide access to this 

report when there is a failure of LCH 

SA’s electronic platform for exercising 

Index Swaptions. Finally, the proposed 

rule change would add at the end of 6.1 

a new paragraph to state that a Clearing 

Member expressly consents to the 

disclosure of its information in 

accordance with this section through 

the Protected Exercise Matched Pair 

Report. 

Section 6.5 describes the actions that 

LCH SA would take when there is a 

failure of LCH SA’s electronic platform 

for exercising Index Swaptions. As 

mentioned above, where there is such a 

failure, LCH SA would provide access to 

the Protected Exercise Matched Pair 

Report. The proposed rule change 

would move from Section 6.1 to Section 

6.5 language that requires LCH SA to 

provide contact information to Index 

Swaption buyers and sellers comprised 

within an Exercise Matched Pair. As a 

result of this change, where there is a 

failure of LCH SA’s electronic platform 

for exercising Index Swaptions, LCH SA 

would provide each Clearing Member 

(or Client to whom the Clearing Member 

has delegated authority to exercise) with 

the other’s address, fax number, 

telephone number, and contact email. 

LCH SA would provide this information 

in addition to providing access to the 

Protected Exercise Matched Pair Report. 

Finally, as part of this change, the 

proposed rule change would amend 

references to the Protected Exercise 

Matched Pair Report throughout Part C. 

LCH is making this change to 

accommodate differences in how it 


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30320 Federal Register / Vol. 87, No. 96 / Wednesday, May 18, 2022 / Notices 

7 15 U.S.C. 78s(b)(2)(C). 

8 15 U.S.C. 78q–1(b)(3)(F). 

9 17 CFR 240.17Ad–22(e)(17). 

10 15 U.S.C. 78q–1(b)(3)(F). 

11 15 U.S.C. 78q–1(b)(3)(F). 

12 17 CFR 240.17Ad–22(e)(17). 

stores Clearing Members’ and Clients’ 

contact information as required by 

applicable law. 

D. Consents to Disclosure of Contact 

Information 

As part of the amendments to the 

Clearing Supplement, the proposed rule 

change also would add provisions that 

state expressly that Clearing Members 

and Clients consent to the disclosure of 

their contact information in connection 

with providing notices related to the 

restructuring of Index Swaptions and 

the exercise of Index Swaptions. These 

provisions would help to ensure that 

LCH SA is able to disclose this 

information under applicable law. 

E. Correcting Typographical Errors 

Finally, the proposed rule change 

would correct typographical errors in 

Part C of the Clearing Supplement and 

the Mandatory Provisions found in 

Appendix VIII. 

III. Discussion and Commission 

Findings 

Section 19(b)(2)(C) of the Act directs 

the Commission to approve a proposed 

rule change of a self-regulatory 

organization if it finds that such 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to such organization.7 For the 

reasons discussed below, the 

Commission finds that the proposed 

rule change is consistent with Section 

17A(b)(3)(F) of the Act 8 and Rule 

17Ad–22(e)(17) thereunder.9

A. Consistency With Section 

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

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

requires, among other things, that the 

rules of LCH SA be designed to promote 

the prompt and accurate clearance and 

settlement of securities transactions 

and, to the extent applicable, derivative 

agreements, contracts, and 

transactions.10 Based on its review of 

the record, and for the reasons 

discussed below, the Commission 

believes the proposed changes to the 

Clearing Supplement and the 

Procedures are consistent with the 

promotion of the prompt and accurate 

clearance and settlement of transactions 

at LCH SA. 

The Commission believes that the 

changes to implement the new 

delegation requirement, as discussed in 

Part II.A above, should promote the 

prompt and accurate clearance and 

settlement of Index Swaptions at LCH 

SA. Under the delegation requirement, a 

Client would send and receive notices 

related to a restructuring affecting one of 

its Index Swaptions directly, rather than 

relying on its Clearing Member. The 

Commission believes these changes 

therefore would reduce the operational 

burden on Clearing Members in clearing 

Index Swaptions for their Clients. The 

Commission believes reducing the 

operational burden on Clearing 

Members in clearing Index Swaptions 

for their Clients could in turn encourage 

more Clearing Members to offer such 

clearing service to their Clients, and 

therefore could promote the prompt and 

accurate clearance and settlement of 

Index Swaptions at LCH SA. 

For similar reasons, the Commission 

believes that the changes discussed in 

Parts II.B and II.D above should promote 

the prompt and accurate clearance and 

settlement of Index Swaptions at LCH 

SA. The Commission believes that 

limiting LCH SA’s liability in 

connection with the new delegation 

requirement should reduce the risk to 

LCH SA in relying on Clients to satisfy 

their obligations under the delegation. 

The Commission believes that doing so 

should enable LCH SA to implement the 

new delegation requirement. The 

Commission similarly believes that 

having Clearing Members and Clients 

consent to the disclosure of their contact 

information in connection with 

providing notices related to the 

restructuring of Index Swaptions should 

enable LCH SA to implement the new 

delegation requirement. The 

Commission believes such consent 

would enable LCH SA to disclose the 

contact information and that LCH SA 

may need to disclose such information 

in order for Clients to send notices 

related to a restructuring directly to 

other Clearing Members and Clients. 

The Commission therefore believes that 

both of these changes should facilitate 

LCH SA’s ability to implement the new 

delegation requirement, which, for the 

reasons discussed above, the 

Commission believes should promote 

the prompt and accurate clearance and 

settlement of Index Swaptions 

transactions at LCH SA. 

The Commission further believes that 

the changes related to the exercise of 

Index Swaptions, including having 

Clearing Members and Clients consent 

to the disclosure of their contact 

information in connection with 

exercise, as discussed in Parts II.C and 

II.D above, should promote the prompt 

ad accurate clearance and settlement 

Index Swaptions at LCH SA. The 

Commission believes that the changes 

described in Part II.C above would help 

to clarify the content of the Exercise 

Matched Pair Report and that having 

Clearing Members and Clients consent 

to the disclosure of their contact 

information, as described in Part II.D 

above, should enable LCH SA to provide 

contact information, including through 

the Exercise Matched Pair Report. The 

Commission believes that where there is 

a failure of LCH SA’s electronic 

platform for exercising Index 

Swaptions, Clearing Members and 

Clients could use the information in the 

Exercise Matched Pair Report, and the 

other contract information provided by 

LCH SA, to send notices related to 

exercise. The Commission therefore 

believes these changes should help to 

ensure that buyers of Index Swaptions 

are able to exercise their positions even 

where there is a failure of LCH SA’s 

electronic exercise platform. The 

Commission believes that doing so 

should promote the prompt and 

accurate clearance and settlement of 

Index Swaptions at LCH SA. 

Finally, the Commission believes that 

correcting typographical errors, as 

discussed in Part II.E above, should help 

to ensure the clarity and accuracy of the 

Clearing Supplement, and therefore 

should promote the prompt and 

accurate clearance and settlement of 

transactions using the Clearing 

Supplement. 

Therefore, the Commission finds that 

the proposed rule change is consistent 

with Section 17A(b)(3)(F) of the Act.11

B. Consistency With Rule 17Ad– 

22(e)(17) 

Rule 17Ad–22(e)(17) requires that 

LCH SA establish, implement, maintain 

and enforce written policies and 

procedures reasonably designed to 

manage its operational risks by, among 

other things, ensuring that systems have 

a high degree of operational 

reliability.12 The Commission believes 

that the new delegation requirement 

would increase the resiliency of the 

restructuring process for Index 

Swaptions. The Commission believes 

that making each Client responsible for 

sending and receiving notices related to 

exercise would delegate to Clients a 

responsibility that is currently 

concentrated in Clearing Members. Each 

Client would send and receive notices, 

rather than one Clearing Member 

bearing this responsibility for all of its 

Clients. As a result, the Commission 

believes this aspect of the proposed rule 

change should reduce the potential 

disruption that could result from a 


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13 17 CFR 240.17Ad–22(e)(17). 

14 15 U.S.C. 78q–1(b)(3)(F). 

15 17 CFR 240.17Ad–22(e)(17). 

16 15 U.S.C. 78s(b)(2). 

17 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4See Securities Exchange Act Release Nos. 93563 

(November 12, 2021), 86 FR 64561 (November 18, 

2021) (SR–NYSE–2021–67); 93561 (November 12, 

2021), 86 FR 64580 (November 18, 2021) (SR– 

NYSEAMER–2021–43); 93564 (November 12, 2021), 

86 FR 64570 (November 18, 2021) (SR–NYSEArca– 

2021–97); 93565 (November 12, 2021), 86 FR 64556 

(November 18, 2021) (SR–NYSECHX–2021–17); and 

93567 (November 12, 2021), 86 FR 64576 

(November 18, 2021) (SR–NYSENAT–2021–23) 

(collectively, the ‘‘Notices’’). 

5See Securities Exchange Act Release No. 93810 

(December 17, 2021), 86 FR 73026 (December 23, 

2021). 

6See letter dated January 13, 2022 from Jim 

Considine, Chief Financial Officer, McKay Brothers, 

LLC to Vanessa Countryman, Secretary, 

Commission and letter dated April 13, 2022 from 

Martha Redding, Associate General Counsel, 

Corporate Secretary, NYSE Group, Inc. (‘‘NYSE 

Group’’) to Vanessa Countryman, Secretary, 

Commission. All comments received by the 

Commission on the proposed rule change are 

available on the Commission’s website at: https:// 

www.sec.gov/comments/sr-nyse-2021-67/ 

srnyse202167.htm. NYSE Group filed comment 

letters on behalf of all of the Exchanges. 

7 15 U.S.C. 78s(b)(2). 

8See supra note 4. 

9 15 U.S.C. 78s(b)(2). 

10 17 CFR 200.30–3(a)(57). 

Clearing Member’s operational failure, 

and therefore should increase the 

operational reliability of the 

restructuring process for Index 

Swaptions. 

The Commission further believes that 

the changes discussed in Parts II.C and 

II.D above should enable LCH SA to 

provide contact information, including 

through the Exercise Matched Pair 

Report, where there is a failure of LCH 

SA’s electronic exercise platform. The 

Commission therefore believes that 

these changes should help to ensure that 

buyers of Index Swaptions are able to 

exercise their positions even where 

there is a failure of LCH SA’s electronic 

exercise platform, and accordingly, 

these aspects of the proposed rule 

should increase the operational 

reliability of the exercise process for 

Index Swaptions. 

Therefore, the Commission finds that 

these aspects of the proposed rule 

change are consistent with Rule 17Ad– 

22(e)(17).13

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act, and in 

particular, with the requirements of 

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

Rule 17Ad–22(e)(17) thereunder.15

It is therefore ordered pursuant to 

Section 19(b)(2) of the Act 16 that the 

proposed rule change (SR–LCH SA– 

2022–003) be, and hereby is, 

approved.17

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10613 Filed 5–17–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94899; File Nos. SR–NYSE– 

2021–67, SR–NYSEAMER–2021–43, SR– 

NYSEArca–2021–97, SR–NYSECHX–2021– 

17, SR–NYSENAT–2021–23] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; NYSE 

American LLC, NYSE Arca, Inc., NYSE 

Chicago, Inc., and NYSE National, Inc.; 

Notice of Designation of a Longer 

Period for Commission Action on 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change To Offer Wireless 

Connectivity to CME Group Data and 

Establish Associated Fees 

May 12, 2022. 

On November 3, 2021, New York 

Stock Exchange LLC, NYSE American 

LLC, NYSE Arca, Inc., NYSE Chicago, 

Inc., and NYSE National, Inc. 

(collectively, the ‘‘Exchanges’’) each 

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 amend their respective fee 

schedules to offer wireless connectivity 

to CME Group, Inc. (‘‘CME Group’’) 

market data (‘‘CME Group Data’’) and 

establish associated fees. Each proposed 

rule change was immediately effective 

upon filing with the Commission 

pursuant to Section 19b(3)(A) of the 

Act.3 The proposed rule changes were 

published for comment in the Federal 

Register on November 18, 2021.4 On 

December 17, 2021, the Commission 

issued an order suspending the 

proposed rule changes and instituted 

proceedings to determine whether to 

approve or disapprove the proposed 

rule change.5 The Commission has 

received comment letters on the 

proposals.6

Section 19(b)(2) of the Act 7 provides 

that, after initiating proceedings, the 

Commission shall issue an order 

approving or disapproving the proposed 

rule change not later than 180 days after 

the date of publication of notice of the 

filing of the proposed rule change. The 

Commission may extend the period for 

issuing an order approving or 

disapproving the proposed rule change, 

however, by not more than 60 days if 

the Commission determines that a 

longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

changes were published for comment in 

the Federal Register on November 18, 

2021.8 The 180th day after publication 

of the Notices is May 17, 2022. The 

Commission is extending the time 

period for approving or disapproving 

the proposals for an additional 60 days. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to issue an order 

approving or disapproving the proposed 

rule changes so that it has sufficient 

time to consider the proposed rule 

changes along with the comments 

received. Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act,9

designates July 16, 2022 as the date by 

which the Commission should either 

approve or disapprove the proposed 

rule changes (File Nos. SR–NYSE–2021– 

67, SR–NYSEAMER–2021–43, SR– 

NYSEArca–2021–97, SR–NYSECHX– 

2021–17, SR–NYSENAT–2021–23). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10615 Filed 5–17–22; 8:45 am] 

BILLING CODE 8011–01–P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA–2022–0011] 

Privacy Act of 1974; Matching Program 

AGENCY: Social Security Administration 

(SSA). 

ACTION: Notice of a new matching 

program. 


lotter on DSK11XQN23PROD with NOTICES1