Document ID: SEC-2020-0801-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: National Securities Clearing Corp.
Posted Date: 2020-05-21T04:00Z

[Federal Register Volume 85, Number 99 (Thursday, May 21, 2020)]
[Notices]
[Pages 31007-31008]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10930]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88885; File No. SR-NSCC-2020-003]

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Designation of Longer Period for Commission 
Action on a Proposed Rule Change To Enhance National Securities 
Clearing Corporation's Haircut-Based Volatility Charge Applicable to 
Illiquid Securities and UITs and Make Certain Other Changes to 
Procedure XV

May 15, 2020.
    On March 16, 2020, National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') proposed rule change SR-NSCC-2020-003 (``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 March 31, 
2020.\3\ The Commission has received four 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. 88474 (March 25, 2020), 
85 FR 17910 (March 31, 2020) (SR-NSCC-2020-003) (``Notice''). NSCC 
also filed the proposal contained in the Proposed Rule Change as 
advance notice SR-FICC-2020-802 (``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 April 15, 2020. Securities Exchange Act 
Release No. 88615 (April 9, 2020), 85 FR 21037 (April 15, 2020) (SR-
NSCC-2020-802). 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\ Letter from Christopher R. Doubek, CEO, Alpine Securities 
Corporation (April 21, 2020); Letter from John Busacca, Founder, 
Securities Industry Professional Association (April 23, 2020); 
Letter from Charles F. Lek, Lek Securities Corporation (April 30, 
2020); Letter from James C. Snow, President/CCO, Wilson-Davis & Co., 
Inc., all available at https://www.sec.gov/comments/sr-nscc-2020-003/srnscc2020003.htm.
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    Section 19(b)(2) of the Act \5\ 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

[[Page 31008]]

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 May 15, 2020.
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    \5\ 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 \6\ and for 
the reasons stated above, the Commission designates June 29, 2020 as 
the date by which the Commission shall either approve, disapprove, or 
institute proceedings to determine whether to disapprove proposed rule 
change SR-NSCC-2020-003.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-10930 Filed 5-20-20; 8:45 am]
BILLING CODE 8011-01-P