Federal Register / Vol. 86, No. 114 / Wednesday, June 16, 2021 / Notices 32079 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Self-Regulatory Organizations; LCH SA; Notice 

of Filing of Proposed Rule Change Relating to the 

Clearing of Single-Name Credit Default Swaps by 

U.S. Customers, Exchange Act Release No. 34– 

91676 (April 26, 2021); 86 FR 23445 (May 3, 2021) 

(SR–LCH SA–2021–001). 

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

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

1 12 U.S.C. 5465(e)(1). 

2 17 CFR 240.19b–4(n)(1)(i). 

3 15 U.S.C. 78a et seq. 

4Securities Exchange Act Release No. 90834 

(December 31, 2020), 86 FR 584 (January 6, 2021) 

(File No. SR–FICC–2020–804) (‘‘Notice of Filing’’). 

FICC also filed a related proposed rule change with 

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

Exchange Act and Rule 19b–4 thereunder. 15 U.S.C. 

78s(b)(1) and 17 CFR 240.19b-4, respectively. FICC 

seeks approval of the proposed changes to its rules 

necessary to implement the Advance Notice (the 

‘‘Proposed Rule Change’’). The Proposed Rule 

Change was published in the Federal Register on 

December 10, 2020. Securities Exchange Act 

Release No. 90568 (December 4, 2020), 85 FR 79541 

(December 10, 2020) (SR–FICC–2020–017). On 

December 30, 2020, the Commission published a 

notice designating a longer period of time for 

Commission action and a longer period for public 

comment on the Proposed Rule Change. Securities 

Exchange Act Release No. 90794 (December 23, 

2020), 85 FR 86591 (December 30, 2020) (SR–FICC– 

2020–017). On February 16, 2021, the Commission 

published an order instituting proceedings to 

determine whether to approve or disapprove the 

Proposed Rule Change. Securities Exchange Act 

Release No. 91092 (February 9, 2021), 86 FR 91092 

(February 16, 2021) (SR–FICC–2020–017). 

5Pursuant to Section 806(e)(1)(H) of the Act, the 

Commission may extend the review period of an 

advance notice for an additional 60 days, if the 

changes proposed in the advance notice raise novel 

or complex issues, subject to the Commission 

providing the FMU with prompt written notice of 

the extension. 12 U.S.C. 5465(e)(1)(H); see also 

Notice of Filing, supra note 4 at 590 (explaining the 

Commission’s rationale for determining that the 

proposed changes in the Advance Notice raised 

novel and complex issues because (1) the proposed 

changes to FICC’s margin model are a direct 

response by FICC to address the unique 

circumstances that occurred during the pandemicrelated market volatility in March and April 2020, 

and (2) the proposed changes potentially could 

impact the mortgage market). 

6 17 CFR 200.30–3(a)(93). 

7 12 U.S.C. 5465(e)(1)(D). 

8See 12 U.S.C. 5465(e)(1)(E)(ii) and (G)(ii); see 

Memorandum from the Office of Clearance and 

Settlement, Division of Trading and Markets, titled 

‘‘Commission’s Request for Additional 

Information,’’ available at https://www.sec.gov/ 

comments/sr-ficc-2020-804/srficc2020804-8490035- 

229981.pdf. 

9Comments on the Advance Notice are available 

at https://www.sec.gov/comments/sr-ficc-2020-804/ 

srficc2020804.htm. Comments on the Proposed 

Continued 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12592 Filed 6–15–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92142; File No. SR–LCH 

SA 2021–001] 

Self-Regulatory Organizations; LCH 

SA; Notice of Designation of Longer 

Period for Commission Action on 

Proposed Rule Change Relating to the 

Clearing of Single-Name Credit Default 

Swaps by U.S. Customers 

June 10, 2021. 

On April 13, 2021, 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 (‘‘Act’’) 1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to amend its rules to allow LCH 

SA to offer clearing services in respect 

of single-name credit default swaps that 

are security-based swaps submitted by 

Clearing Members on behalf of their 

U.S. Clients for clearing by LCH SA. The 

proposed rule change was published for 

comment in the Federal Register on 

May 3, 2021.3 To date, the Commission 

has not received comments on the 

proposed rule change. 

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

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day from the 

publication of notice of filing of this 

proposed rule change is June 17, 2021. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. The 

Commission finds it is appropriate to 

designate a longer period within which 

to take action on the proposed rule 

change so that it has sufficient time to 

consider LCH SA’s proposed rule 

change. 

Accordingly, pursuant to Section 

19(b)(2) 5 of the Act, and for the reasons 

discussed above, the Commission 

designates August 1, 2021, as the date 

by which the Commission should either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–LCH SA–2021–001). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12588 Filed 6–15–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92145; File No. SR–FICC– 

2020–804] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

No Objection To Advance Notice To 

Modify the Calculation of the MBSD 

VaR Floor To Incorporate a Minimum 

Margin Amount 

June 10, 2021. 

On November 27, 2020, Fixed Income 

Clearing Corporation (‘‘FICC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) advance 

notice SR–FICC–2020–804 (‘‘Advance 

Notice’’) pursuant to Section 806(e)(1) of 

Title VIII of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act, 

entitled Payment, Clearing and 

Settlement Supervision Act of 2010 

(‘‘Clearing Supervision Act’’),1 and Rule 

19b–4(n)(1)(i) 2 under the Securities 

Exchange Act of 1934 (‘‘Exchange 

Act’’).3 In the Advance Notice, FICC 

proposes to add a minimum margin 

amount calculation to its margin 

methodology to enhance FICC’s margin 

collections as needed in response to 

periods of extreme market volatility, as 

described more fully below. The 

Advance Notice was published for 

public comment in the Federal Register 

on January 6, 2021.4 Upon publication 

of the Notice of Filing, the Commission 

extended the review period of the 

Advance Notice for an additional 60 

days because the Commission 

determined that the Advance Notice 

raised novel and complex issues.5 On 

March 12, 2021, the Commission, by the 

Division of Trading and Markets, 

pursuant to delegated authority,6

requested additional information from 

FICC pursuant to Section 806(e)(1)(D) of 

the Act.7 The request for information 

tolled the Commission’s period of 

review of the Advance Notice until 60 

days from the date of the Commission’s 

receipt of the information requested 

from FICC, absent an additional 

information request.8

The Commission has received 

comments on the changes proposed in 

the Advance Notice.9 In addition, the 


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