Document ID: SEC-2013-0988-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: National Securities Clearing Corp.
Posted Date: 2013-05-29T04:00Z

[Federal Register Volume 78, Number 103 (Wednesday, May 29, 2013)]
[Notices]
[Pages 32292-32293]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-12659]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69620; File No. SR-NSCC-2013-02]

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing Amendment No. 1 and Designation of a 
Longer Period for Commission Action on Proposed Rule Change, as 
Modified by Amendment No. 1, To Institute Supplemental Liquidity 
Deposits to Its Clearing Fund Designed To Increase Liquidity Resources 
To Meet Its Liquidity Needs

May 22, 2013.
    On March 21, 2013, National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') proposed rule change SR-NSCC-2013-02 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 April 10, 2013.\3\ As of May 17, 
2013, the Commission had received eight comment letters on the proposal 
contained in the proposed rule change and its related advance 
notice.\4\ Pursuant to Section 19(b)(1) of the Act \5\ and Rule 19b-4 
thereunder,\6\ notice is hereby given that on April 19, 2013, NSCC 
filed with the Commission Amendment No. 1 to the proposed rule change. 
Amendment No. 1 revised NSCC's original proposed rule change

[[Page 32293]]

filing to include as Exhibit 2 a written comment received by NSCC from 
National Financial Services, LLC relating to the proposed rule 
change.\7\ The Commission is publishing this notice to solicit comments 
on the proposed rule change, as modified by Amendment No. 1, from 
interested persons, and to designate a longer period for Commission 
action on the proposed rule change, as modified by Amendment No. 1.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4. NSCC also filed the proposal contained in 
the proposed rule change, as modified by Amendment No. 1, as an 
advance notice (File No. SR-NSCC-2013-802) pursuant to Section 
806(e)(1) of the Payment, Clearing, and Settlement Supervision Act 
of 2010 and Rule 19b-4(n)(1)(i) thereunder. See Release No. 34-69451 
(Apr. 25, 2013), 78 FR 25496 (May 1, 2013). On May 20, 2013, the 
Commission extended the period of review of the advance notice so 
that the Commission shall have until July 19, 2013 to issue an 
objection or non-objection to the advance notice. Release No. 34-
69605 (May 20, 2013). The proposal shall not take effect until all 
regulatory actions required with respect to the proposal are 
completed.
    \3\ Release No. 34-69313 (Apr. 4, 2013), 78 FR 21487 (Apr. 10, 
2013).
    \4\ See Comments Received on File Nos. SR-NSCC-2013-802 (http://sec.gov/comments/sr-nscc-2013-802/nscc2013802.shtml) and SR-NSCC-
2013-02 (http://sec.gov/comments/sr-nscc-2013-02/nscc201302.shtml). 
Since the proposal contained in the proposed rule change was also 
filed as an advance notice, see Release No. 34-69451, supra note 2, 
the Commission is considering all public comments received on the 
proposal regardless of whether the comments are submitted to the 
proposed rule change (File No. SR-NSCC-2013-02) or the advance 
notice (File No. SR-NSCC-2013-802).
    \5\ 15 U.S.C. 78s(b)(1).
    \6\ 17 CFR 240.19b-4.
    \7\ See Letter from National Financial Services dated Mar. 19, 
2013, available at http://sec.gov/rules/sro/nscc.shtml, File No. SR-
NSCC-2013-02, Additional Materials.
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I. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change, as modified by Amendment No. 1, 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 No. SR-NSCC-2013-02 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.
All submissions should refer to File No. SR-NSCC-2013-02. 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 Web site (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 Web site 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 such filings also will be available 
for inspection and copying at the principal office of NSCC and on 
NSCC's Web site at http://dtcc.com/legal/rule_filings/nscc/2013.php.

    All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly. All submissions should refer to File No. SR-NSCC-2013-02 and 
should be submitted on or before June 19, 2013.

II. Designation of a Longer Period for Commission Action

    Section 19(b)(2) of the Act 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.\8\ 
The 45th day from the publication of notice of the original filing of 
the proposed rule change is May 25, 2013. The Commission is extending 
this 45-day time period.
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    \8\ See 15 U.S.C. 78s(b)(2).
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    The proposed rule change would permit NSCC to require certain NSCC 
members to provide supplemental liquidity deposits to NSCC's Clearing 
Fund, in order to increase NSCC's liquidity resources to meet its 
liquidity needs. The Commission finds it appropriate to designate a 
longer period within which to take action on the proposed rule change 
so that it has sufficient time to consider the complex issues under the 
proposed rule change and the comments received to the proposed rule 
change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\9\ designates July 9, 2013 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-
NSCC-2013-02).
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    \9\ 15 U.S.C. 78s(b)(2).

    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)(12) and (31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-12659 Filed 5-28-13; 8:45 am]
BILLING CODE 8011-01-P