Document ID: SEC-2022-0216-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: National Securities Clearing Corp.
Posted Date: 2022-02-11T05:00Z

[Federal Register Volume 87, Number 29 (Friday, February 11, 2022)]
[Notices]
[Pages 8062-8063]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-02912]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94168; File No. SR-NSCC-2021-010]

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Designation of Longer Period for Commission 
Action on Proceedings To Determine Whether To Approve or Disapprove a 
Proposed Rule Change To Establish the Securities Financing Transaction 
Clearing Service and Make Other Changes

February 7, 2022.
    On July 22, 2021, National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') proposed rule change SR-NSCC-2021-010 (``Proposed Rule 
Change'') pursuant to Section 19(b)(1) of the Securities Exchange Act 
of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The Proposed Rule 
Change was published for comment in the Federal Register on August 12, 
2021.\3\ The Commission received comment letters on the Proposed Rule 
Change.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 92570 (August 5, 2021), 
86 FR 44482 (August 12, 2021) (SR-NSCC-2021-010) (``Notice''). NSCC 
also filed the proposal contained in the Proposed Rule Change as 
advance notice SR-NSCC-2021-803 (``Advance Notice'') with the 
Commission pursuant to Section 806(e)(1) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act entitled the Payment, 
Clearing, and Settlement Supervision Act of 2010 (``Clearing 
Supervision Act''). 12 U.S.C. 5465(e)(1); 17 CFR 240.19b-4(n)(1)(i). 
Notice of filing of the Advance Notice was published for comment in 
the Federal Register on August 12, 2021. Securities Exchange Act 
Release No. 92568 (August 5, 2021), 86 FR 44530 (August 12, 2021) 
(SR-NSCC-2021-803). The proposal contained in the Proposed Rule 
Change and the Advance Notice shall not take effect until all 
regulatory actions required with respect to the proposal are 
completed.
    \4\ Comment letters are available at https://www.sec.gov/comments/sr-nscc-2021-010/srnscc2021010.htm.
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    On September 2, 2021, pursuant to Section 19(b)(2) of the Act,\5\ 
the Commission designated a longer period within which to approve, 
disapprove, or institute proceedings to determine whether to approve or 
disapprove the Proposed Rule Change.\6\ On November 5, 2021, the 
Commission instituted proceedings pursuant to Section 19(b)(2)(B) of 
the Act,\7\ to determine whether to approve or disapprove the

[[Page 8063]]

Proposed Rule Change.\8\ The Commission has received additional comment 
letters on the Proposed Rule Change.\9\
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    \5\ 15 U.S.C. 78s(b)(2).
    \6\ Securities Exchange Act Release No. 92860 (September 2, 
2021), 86 Fed. Reg. 50569 (September 9, 2021) (SR-NSCC-2021-010).
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ Securities Exchange Act Release No. 93532 (November 5, 
2021), 86 FR 62851 (November 12, 2021) (SR-NSCC-2021-010).
    \9\ See supra note 4.
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    Section 19(b)(2) of the Act \10\ provides that proceedings to 
determine whether to approve or disapprove a proposed rule change must 
be concluded within 180 days of the date of publication of notice of 
filing of the proposed rule change. The time for conclusion of the 
proceedings may be extended for up to 60 days if the Commission 
determines that a longer period is appropriate and publishes the 
reasons for such determination.\11\ The 180th day after publication of 
the Notice in the Federal Register is February 8, 2022.
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
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    The Commission is extending the period for Commission action on the 
Proposed Rule Change. The Commission finds that it is appropriate to 
designate a longer period within which to take action on the Proposed 
Rule Change so that the Commission has sufficient time to consider the 
issues raised by the Proposed Rule Change and to take action on the 
Proposed Rule Change. Accordingly, pursuant to Section 
19(b)(2)(B)(ii)(II) of the Act,\12\ the Commission designates April 8, 
2022, as the date by which the Commission should either approve or 
disapprove the Proposed Rule Change SR-NSCC-2021-010.
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    \12\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-02912 Filed 2-10-22; 8:45 am]
BILLING CODE 8011-01-P