32482 Federal Register / Vol. 87, No. 104 / Tuesday, May 31, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3Capitalized terms not defined herein are defined 

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

Files/Downloads/legal/rules/DTC_rules.pdf. 

4The National Institute of Standards and 

Technology (‘‘NIST’’) is part of the U.S. Department 

of Commerce. 

5Transport Layer Security (‘‘TLS’’), the successor 

of the now-deprecated Secure Sockets Layer 

(‘‘SSL’’), is a cryptographic protocol designed to 

provide communications security over a computer 

network. 

6A government-only application is an application 

where the intended users are exclusively 

government employees or contractors working on 

behalf of the government. The full NIST publication 

is available at https://nvlpubs.nist.gov/nistpubs/ 

SpecialPublications/NIST.SP.800-52r2.pdf. 

7The internet Engineering Task Force (‘‘IETF’’) is 

an open standards organization, which develops 

and promotes voluntary internet standards, in 

particular the technical standards that comprise the 

internet protocol suite (TCP/IP). 

8https://datatracker.ietf.org/doc/rfc8996/. 

9 Id. 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: May 26, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–11737 Filed 5–26–22; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94975; File No. SR–DTC– 

2022–004] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing of a Proposed Rule Change To 

Require Applicants and Members To 

Maintain or Upgrade Their Network or 

Communications Technology 

May 24, 2022. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on May 11, 

2022, The Depository Trust Company 

(‘‘DTC’’) 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. 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 

The proposed rule change of DTC 

consists of modifications to Rules 3 to 

revise certain provisions in the Rules 

relating to the requirement of applicants 

for DTC membership, Participants and 

Pledgees, (collectively, ‘‘Participants’’) 

of DTC, to require that each Participant 

upgrade its network technology, and 

communications technology or 

protocols to meet standards that DTC 

shall publish from time to time, as 

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 

DTC is proposing to adopt a 

requirement that each Participant 

provide documentation demonstrating 

that the Participant’s network 

technology, and communication 

technology or protocols meet the 

standards that DTC is currently 

requiring. The determination to require 

changes or upgrades is incorporated into 

DTC’s procedures and includes an 

evaluation of the external threat 

landscape, threats to DTC’s technology 

infrastructure and information assets, 

industry cybersecurity priorities, a 

review of the root causes of incidents, 

and an evaluation of the current state of 

the network infrastructure as expressed 

using third-party assessments. For 

existing Participants and Pledgees, a 

new requirement is being proposed to 

require such Participants to upgrade 

their network technology, and 

communication technology or protocols 

within the timeframe published by DTC. 

The proposed changes are described in 

greater detail below. 

(i) Background of the Requirement 

Currently, DTC does not require, 

either as part of its application for 

membership or as an ongoing 

membership requirement, any level or 

version for network technology, such as 

a web browser or other technology, or 

any level or version of communications 

technology or protocols, such as email 

encryption, secure messaging, or file 

transfers, that are being used to connect 

to or communicate with DTC. In the 

current environment, DTC maintains 

multiple network and communications 

methods and protocols, some either 

obsolete or many years older than the 

current standard in order to support 

Participants using these older 

technologies, which leaves 

communications between DTC and its 

Participants vulnerable to interception 

or the introduction of unknown entries, 

and requires DTC to expend additional 

resources, both in personnel and 

equipment, to maintain older 

communications channels. In addition, 

Participant’s use of older technology 

delays the implementation by DTC to 

upgrade its internal systems, which, by 

doing so, risks losing connectivity with 

a number of Participants. Given DTC’s 

critical role in the marketplace, this is 

a risk that needs to be addressed. 

DTC believes that it should require 

current network technology, and current 

communication technology and protocol 

standards for Participants connecting to 

its network. For example, The National 

Institute of Standards and Technology 

or NIST4 Special Publication 800–52 

revision 2, specifies servers that support 

government-only applications shall be 

configured to use TLS 5 1.2 and should 

be configured to use TLS 1.3 as well. 

These servers should not be configured 

to use TLS 1.1 and shall not use TLS 

1.0, SSL 3.0, or SSL 2.0.6 The internet 

Engineer Task Force (‘‘IETF’’) 7 formally 

deprecated TLS versions 1.0 and 1.1 in 

March of 2021, stating, ‘‘These versions 

lack support for current and 

recommended cryptographic algorithms 

and mechanisms, and various 

government and industry profiles of 

applications using TLS now mandate 

avoiding these old TLS versions. . . . 

Removing support for older versions 

from implementations reduces the 

attack surface, reduces opportunity for 

misconfiguration, and streamlines 

library and product maintenance.’’ 8

TLS 1.0 (published in 1999) does not 

support many modern, strong cipher 

(encryption) suites and TLS 1.1 

(published in 2006) is a security 

improvement over TLS 1.0 but still does 

not support certain stronger cipher or 

encryption suites.9 Another 

communications technology, File 

Transfer Protocol (‘‘FTP’’) is considered 

an insecure protocol, because it 

transfers user authentication data 

(username and password) and file data 

as plain-text (not encrypted) over the 

network. This makes it highly 

vulnerable to sniffing attacks that allow 

an attacker to collect usernames and 

passwords from the network and inject 

malware into downloads via FTP. 

Following the guidance from NIST and 


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Federal Register / Vol. 87, No. 104 / Tuesday, May 31, 2022 / Notices 32483 

10 15 U.S.C. 78a et seq. 

11 15 U.S.C. 78q–1(b)(3)(F). 

12 17 CFR 240.17Ad–22(e)(17), (e)(21), (e)(23). 

13 15 U.S.C. 78q–1(b)(3)(F). 14 Id. 

other standards organizations, the 

proposed change would require the use 

of TLS 1.2, Secure FTP (‘‘SFTP’’), along 

with other modern technology and 

communication standards and protocols 

to communication with Participants. 

(ii) Proposed Rule Changes 

To implement the proposed changes 

DTC would revise Rule 2, Section 11 to 

add the requirement that applicants for 

membership confirm their network 

technology, and communications 

technology and protocols to be at the 

levels specified by DTC, as part of their 

application. Rule 2, Section 11 would 

also be amended to add the requirement 

that each Participant or Pledgee 

maintain or upgrade their network 

technology, or communications 

technology, or protocols on the systems 

that connect to DTC to the version being 

required and within the time periods as 

provided through the Important Notice 

mechanism on the DTC website. Rule 21 

would be updated to provide that a 

Participant or Pledgee who fails to 

perform the upgrade to their network 

technology, or communications 

technology, or protocols and in the 

required timeframe would be subject to 

the disciplinary sanctions as specified 

in the Rules. 

(iii) Implementation Timeframe and 

Notification Requirements 

In order to provide Participants and 

Pledgees adequate time to complete a 

required network technology, or 

communications technology or protocol 

upgrade, the time for a Participant or 

Pledgee to complete a required upgrade 

shall be set forth in the form of a notice 

posted on DTC’s website, with the 

timeline determined for the due date of 

any upgrade. DTC maintains a security 

policy and control standards that 

include a review of industry, vendor 

and U.S. Government best practice 

guidelines and timelines for security 

reviews which are used to determine 

whether an upgrade may be required. 

Due dates for an upgrade shall be 

published on the website based on 

DTC’s reasonable estimates of the 

complexity or potential cost of an 

upgrade, an estimate of potential 

licensing fees, an estimate of the 

resources that may be needed to support 

an upgrade, or the urgency to remediate 

published vulnerabilities. 

Applicants to become a Participant or 

Pledgee shall be required to test 

connectivity to DTC using the current 

network technology or communications 

technology or protocols with their 

application for membership upon the 

effective date of the proposal. 

2. Statutory Basis 

DTC believes that the proposal is 

consistent with the requirements of the 

Act 10 and the rules and regulations 

thereunder applicable to a registered 

clearing agency. In particular, DTC 

believes that the proposed rule changes 

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

of the Act,11 and Rules 17Ad– 

22(e)(17)(i) and (ii), (21), (23) 12, 

promulgated under the Act as discussed 

below. 

Section 17A(b)(3)(F) 

Section 17A(b)(3)(F) of the Act 13

requires, in part, that the Rules 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 

DTC or for which it is responsible and 

to remove impediments to and perfect 

the mechanism of a national system for 

the prompt and accurate clearance and 

settlement of securities transactions. 

DTC believes that the proposed rule 

change requiring Participants to meet 

DTC’s standards for network 

technology, or communications 

technology or protocols is consistent 

with this provision of the Act. By 

conditioning an entity’s application to 

DTC on its use of DTC’s current network 

technology and communications 

technology or protocols, DTC should be 

better enabled to reduce the cyber risks 

of electronically connecting to entities 

by reducing the risks of communication 

interception. Accordingly, the proposed 

requirement would allow DTC to reduce 

both DTC’s and its Participant’s 

exposure to interception or the 

introduction of malware while 

communicating between the entities. 

Intercepting communications or the 

introduction of malware or altered data 

could potentially compromise DTC’s 

ability to promptly and accurately settle 

securities transactions and safeguard 

securities funds. The proposal is 

designed to mitigate those risks and 

thereby 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 

DTC or for which it is responsible and 

to remove impediments to and perfect 

the mechanism of a national system for 

the prompt and accurate clearance and 

settlement of securities transactions. 

Providing a clear and consistent 

standard at the current level of network 

and communication security and 

technology would allow Participants to 

better understand their obligations with 

respect to such technology and 

communication requirements and 

providing a uniform obligation for 

Participants with respect to such 

requirements. As such, DTC believes the 

proposed rule change is consistent with 

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

17Ad 22(e)(21)(iv) 

In addition, the proposed rule change 

is designed to be consistent with Rule 

17Ad 22(e)(21)(iv) promulgated under 

the Act. Rule 17Ad–22(e)(21)(iv) 

requires DTC 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 

with regard to the use of network 

technology and communication 

technologies or protocols. The proposed 

rule change would enhance DTC’s 

security through the use of current 

network technology, or communication 

technology or protocols, and would 

allow DTC to reduce its and its 

Participants’ exposure to interception or 

the introduction of malware while 

communicating between the entities. 

This would eliminate the current use of 

multiple generations of network 

technology and communications 

technology and protocols, including 

ones that NIST no longer permits for use 

on government systems due to their 

insecurity. The proposed rule would 

require, after appropriate notice to 

Participants, future network technology 

and communication or protocol 

upgrades as technology and threats 

evolve to maintain secure connectivity. 

Therefore, by the reviewing and 

updating the efficiency and 

effectiveness of Participants’ use of 

network technology and communication 

technology or protocols and procedures, 

DTC believes the proposed change is 

consistent with the requirements of Rule 

17Ad–22(e)(21)(iv), promulgated under 

the Act. 

Rule 17Ad–22(e)(17)(i) 

DTC believes the proposed change is 

designed to reduce the following risks: 

(1) The risk of the communications 

between DTC and its Participants being 

intercepted or introducing malware or 

other unknown harmful elements into 

DTC’s network that could cause harm to 

DTC; (2) the risk that a cyberattack or 

other unknown harmful elements could 

be introduced from a Participant that 


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32484 Federal Register / Vol. 87, No. 104 / Tuesday, May 31, 2022 / Notices 

15 17 CFR 240.17Ad–22(e)(17). 

16 17 CFR 240.17Ad–22(e)(17)(i). 

17 Id. 

18 17 CFR 240.17Ad–22(e)(17)(ii). 

19 Id. 

20 17 CFR 240.17Ad–22(e)(22). 

21https://datatracker.ietf.org/doc/rfc8996/. 

22 17 CFR 240.17Ad–22(e)(22). 

23 17 CFR 240.17Ad–23(e)(i), (ii), and (iv). 

24 Id. 

25 15 U.S.C. 78q–1(b)(3)(I). 

26 15 U.S.C. 78q–1(b)(3)(F). 

27 17 CFR 240.17Ad–22(e)(1), (e)(17), (e)(21), 

(e)(22) and (e)(23). 

28 Id. 

could cause harm to other 

Participants.15

In addition, the proposed rule change 

is designed to be consistent with Rule 

17Ad–22(e)(17)(i) promulgated under 

the Act,16 which requires DTC to 

establish, implement, maintain and 

enforce written policies and procedures 

reasonably designed to manage the 

covered clearing agency’s operational 

risks by identifying plausible sources of 

operational risk, both internal and 

external, and mitigating their impact 

through the use of appropriate systems, 

policies, procedures, and controls. 

The use of old, obsolete, or insecure 

network technology or communications 

technologies or protocols, including 

communications between DTC and its 

Participants that are unencrypted, 

allowing for potential interception or 

making the communication highly 

vulnerable to sniffing attacks that allow 

an attacker to collect usernames and 

passwords from the network and inject 

malware, are examples of plausible 

sources of operational risks that DTC 

seeks to reduce. By requiring all 

Participants, after appropriate notice, to 

upgrade their network technology or 

communications technology or 

protocols to current standards, DTC 

seeks to enhance the security of its 

systems and the communications 

between it and its Participants. 

Because the proposed changes would 

help identify and manage such 

operational risks, DTC believes that it is 

consistent with the requirements of Rule 

17Ad–22(e)(17)(i), promulgated under 

the Act.17

Rule 17Ad–22(e)(17)(ii) 

In addition, the proposed rule change 

is designed to be consistent with Rule 

17Ad–22(e)(17)(ii) promulgated under 

the Act, which requires DTC to 

establish, implement, maintain and 

enforce written policies and procedures 

reasonably designed ensure that systems 

have a high degree of security, 

resiliency, operational reliability, and 

adequate, scalable capacity.18

The use of unencrypted network 

technology and communications 

technology or protocols can allow a 

third-party to intercept messages, insert 

malware, or change the message 

content, often without the knowledge of 

either the sender or recipient of the 

messages or files. Requiring Participants 

to upgrade their network technology 

and communications technology or 

protocols to more modern and secure 

methods, may eliminate many of the 

earlier threats. 

Therefore, by requiring Participants to 

upgrade their network technology or 

communications technology or 

protocols, DTC believes that the 

proposed change is consistent with the 

requirements of Rule 17Ad–22(e)(17)(ii), 

promulgated under the Act.19

Rule 17Ad–22(e)(22) 

In addition, the proposed rule change 

is designed to be consistent with Rule 

17Ad–22(e)(22) promulgated under the 

Act, which requires DTC to use, or at a 

minimum accommodate, relevant 

internationally accepted communication 

procedures and standards in order to 

facilitate efficient payment, clearing, 

and settlement.20

The requirement to use industry 

approved communications technology 

or protocols, including those that NIST 

specifies as acceptable for use in 

government systems is a cornerstone of 

the changes being proposed by DTC. 

The use of older, obsolete, or insecure 

network technology or communications 

technology or protocols, including those 

specified to not be used by the IETF 21

represents a risk to efficient payment, 

clearing and settlement. 

Therefore, by requiring Participants to 

upgrade their network technology or 

communications technology or 

protocols, DTC believes that the 

proposed change is consistent with the 

requirements of Rule 17Ad–22(e)(22), 

promulgated under the Act.22

Rule 17Ad–22(e)(23) 

The proposed rule change is also 

designed to be consistent with Rule 

17Ad–22(e)(23)(i), (ii) and (iv) 

promulgated under the Act, which 

requires DTC to publicly disclose all 

relevant rules and material procedures, 

provide sufficient information to enable 

Participants to identify and evaluate the 

risks, fees, potential monetary fines, and 

other material costs they incur by 

participating in the covered clearing 

agency, and to provide a comprehensive 

public disclosure that describes DTC’s 

material rules, policies, and procedures 

regarding DTC’s legal, governance, risk 

management and operating 

framework.23

Network technology, or 

communications technology or 

protocols that are being updated would 

be posted on the DTC website and 

Participants may subscribe to receive 

updates to such information as it occurs. 

This allows current or prospective 

Participants the ability to understand 

the risks and potential costs they may 

incur as a Participant, including the 

potential costs to upgrade its network 

technology or communications 

technology or protocols to the standards 

published by DTC. 

Therefore, by providing Participants 

with public and readily available access 

to the required network technology, or 

communications technology or 

protocols, DTC believes that the 

proposed change is consistent with the 

requirements of Rule 17Ad– 

22(e)(23)(i)(ii) and (iv), promulgated 

under the Act.24

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC does not believe the proposed 

changes to require Participants to have, 

or to upgrade their network technology 

or communications technology or 

protocols would have any impact, or 

impose any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act.25 Although 

the addition of the requirement to 

upgrade to current network technology 

or communications technology or 

protocols would be adding obligations 

on Participants with respect to how they 

communicate with DTC, such 

obligations would be reasonable because 

the requirements to protect client and 

customer data would allow DTC to 

reduce both its and its Participants’ 

exposure to interception or the 

introduction of malware while 

communicating between the entities. 

DTC believes that the proposed 

change described herein is necessary in 

furtherance of the purposes of Section 

17A(b)(3)(F) of the Act,26 and Rules 

17Ad–22(e)(17), (e)(21), (e)(22), and 

(e)(23).27 The proposed changes to 

require Participants to upgrade their 

network technology, and 

communications technology or 

protocols, will (i) allow DTC to protect 

it and its Participants and would 

promote the prompt and accurate 

clearance and settlement of securities 

consistent with the requirements of 

Section 17A(b)(3)(F) of the Act,28 (ii) 

identify potential operational risks from 

the use of obsolete and insecure 

network technology and 

communications technology or 

protocols consistent with Rule 17Ad– 


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Federal Register / Vol. 87, No. 104 / Tuesday, May 31, 2022 / Notices 32485 

29 17Ad–22(e)(17)(i). 30 17Ad–22(e)(17)(ii). 31 Id. 32https://www.internetsociety.org/internet/ 

history-of-the-internet/ietf-internet-society/. 33 15 U.S.C. 78q–1(b)(3)(I). 

34 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

22(e)(17)(i),29 (iii) through the 

requirement of the use of current 

network technology and 

communications technology or 

protocols, ensure that systems have a 

high degree of security, resiliency, 

operational reliability, and adequate, 

scalable capacity, consistent with Rule 

17Ad–22(e)(17)(ii),30 and (iv) through 

the use of requiring relevant 

internationally accepted communication 

procedures and standards, facilitate 

efficient payment, clearing, and 

settlement, consistent with Rules 17Ad– 

22(e)(22).31

DTC believes that the proposed 

change described herein is appropriate 

in furtherance of the Act because the 

NIST standards and frameworks 

provides a common language and 

systematic methodology for managing 

cybersecurity risk. The IETF, initially 

supported by the U.S. Government,32

develops the internet and other 

technical standards used in 

communications between devices, and 

together, these are two of the leading 

providers of standards used by 

organizations to protect data and 

interoperability. DTC maintains policies 

to review current risks and standards, 

incorporating input from industry, 

vendors, and the U.S. Government to 

determine best practice guidelines and 

timelines for security reviews. 

Therefore, DTC does not believe that 

the proposed change would impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the Act.33

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

DTC 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 SEC 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 SEC’s instructions on how to 

submit comments, available at https://

www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions 

regarding the rule filing process or 

logistical questions regarding this filing 

should be directed to the Main Office of 

the SEC’s Division of Trading and 

Markets at tradingandmarkets@sec.gov 

or 202–551–5777. 

DTC reserves the right not to respond 

to any comments received. 

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– 

DTC–2022–004 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–DTC–2022–004. 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 DTC 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–DTC– 

2022–004 and should be submitted on 

or before June 21, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–11534 Filed 5–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34- 94977; File No. SR–NSCC– 

2022–004] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of a Proposed 

Rule Change To Require Applicants 

and Members To Maintain or Upgrade 

Their Network or Communications 

Technology 

May 24, 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 May 11, 

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. The Commission 

is publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 


khammond on DSKJM1Z7X2PROD with NOTICES