Document ID: SEC-2021-0699-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: National Securities Clearing Corp.
Posted Date: 2021-05-12T04:00Z

[Federal Register Volume 86, Number 90 (Wednesday, May 12, 2021)]
[Notices]
[Pages 26112-26113]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10054]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91788; File No. SR-NSCC-2021-002]

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Designation of Longer Period for Commission 
Action and Longer Period for Comment on Proposed Rule Change To Amend 
the Supplemental Liquidity Deposit Requirements

May 7, 2021.

I. Introduction

    On March 5, 2021, National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') proposed rule change SR-NSCC-2021-002 (the ``Proposed 
Rule Change'') pursuant to Section 19(b)(1) of the Securities Exchange 
Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder \2\ to amend its 
supplemental liquidity deposit requirements.\3\ The Proposed Rule 
Change was published for comment in the Federal Register on March 24, 
2021,\4\ and the Commission has received comments in support of the 
changes proposed therein.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Notice of Filing, infra note 4, at 86 FR 15738. On March 
5, 2021, NSCC also filed the proposals contained in the Proposed 
Rule Change as advance notice SR-NSCC-2021-801 (the ``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), and Rule 19b-
4(n)(1)(i) of the Act, 17 CFR 240.19b-4(n)(1)(i). Notice of filing 
of the Advance Notice was published in the Federal Register on March 
24, 2021. Securities Exchange Act Release No. 91347 (March 18, 
2021), 86 FR 15750 (March 24, 2021) (File No. SR-NSCC-2021-801).
    \4\ Securities Exchange Act Release No. 91350 (March 18, 2021), 
86 FR 15738 (March 24, 2021) (File No. SR-NSCC-2021-002) (``Notice 
of Filing'').
    \5\ Comments are available at https://www.sec.gov/comments/sr-nscc-2021-002/srnscc2021002.htm. To date, the comments received 
generally support the proposal.

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[[Page 26113]]

    Section 19(b)(2) of the Act \6\ 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 after publication of the notice for the proposed rule change 
is effectively May 7, 2021.
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    \6\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time 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 it has sufficient time to consider and 
take action on the proposed rule change.
    Accordingly, pursuant to Section 19(b)(2) of the Act \7\ and for 
the reasons stated above, the Commission designates June 21, 2021 as 
the date by which the Commission shall either approve, disapprove, or 
institute proceedings to determine whether to disapprove the proposed 
rule change (File No. SR-NSCC-2021-002).
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    \7\ Id.
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    The Commission also seeks to extend the comment period to help 
further inform its analysis of the proposed rule change. The comment 
period for the proposed rule change ended on April 14, 2021.\8\ As of 
May 5, 2021, the Commission has received numerous comment letters to 
the proposed rule change.\9\ The Commission is extending the comment 
period for the proposed rule change to allow interested persons 
additional time to analyze the issues and prepare their comments. 
Accordingly, the Commission designates May 31, 2021 as the date 
comments should be submitted on or before.
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    \8\ Notice of Filing, supra note 4, 86 FR at 15738.
    \9\ See supra note 5. The comments received generally support 
the proposal, although they do not generally provide substantive 
analysis of the proposal.
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    Specifically, the Commission invites interested persons to provide 
views, data, and arguments concerning the proposed rule change, 
including whether the proposed rule change is consistent with the Act 
and the applicable rules or regulations thereunder. Please note that 
comments previously received on the substance of the proposed rule 
change will be considered together with comments submitted in response 
to this notice. Therefore, while commenters are free to submit 
additional comments at this time, they need not re-submit earlier 
comments.
    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-2021-002 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-2021-002. 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 
(http://dtcc.com/legal/sec-rule-filings.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-NSCC-2021-002 and should be submitted on 
or before June 2, 2021.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(31).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-10054 Filed 5-11-21; 8:45 am]
BILLING CODE 8011-01-P