Document ID: SEC-2020-0046-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: National Securities Clearing Corp.
Posted Date: 2020-01-14T05:00Z

[Federal Register Volume 85, Number 9 (Tuesday, January 14, 2020)]
[Notices]
[Pages 2187-2191]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00367]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87912; File No. SR-NSCC-2019-802]

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing of Advance Notice To Issue Term Debt as 
Part of Its Liquidity Risk Management

January 8, 2020.
    Pursuant to Section 806(e)(1) of Title VIII of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act entitled the Payment, 
Clearing, and Settlement Supervision Act of 2010 (``Clearing 
Supervision Act'') \1\ and Rule 19b-4(n)(1)(i) under the Securities 
Exchange Act of 1934 (``Act''),\2\ notice is hereby given that on 
December 13, 2019, National Securities Clearing Corporation (``NSCC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
advance notice SR-NSCC-2019-802 (``Advance Notice'') as described in 
Items I, II and III below, which Items have been prepared by the 
clearing agency. The Commission is publishing this notice to solicit 
comments on the Advance Notice from interested persons.
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    \1\ 12 U.S.C. 5465(e)(1).
    \2\ 17 CFR 240.19b-4(n)(1)(i).
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I. Clearing Agency's Statement of the Terms of Substance of the Advance 
Notice

    This Advance Notice is filed by NSCC in connection with a proposal 
to raise additional prefunded liquidity resources through the periodic 
issuance and private placement of term debt (``Debt Issuance''). The 
proceeds from the Debt Issuance would supplement NSCC's existing 
default liquidity risk management resources. The proposed changes are 
described in greater detail below.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Advance Notice

    In its filing with the Commission, NSCC included statements 
concerning the purpose of and basis for the Advance Notice and 
discussed any comments it received on the Advance Notice. The text of 
these statements may be examined at the places specified in Item IV 
below. NSCC has prepared summaries, set forth in sections A and B 
below, of the most significant aspects of such statements.

(A) Clearing Agency's Statement on Comments on the Advance Notice 
Received From Members, Participants, or Others

    Written comments on the Advance Notice have not been solicited or 
received. NSCC will notify the Commission of any written comments 
received by NSCC.

(B) Advance Notice Filed Pursuant to Section 806(e) of the Clearing 
Supervision Act

Description of Proposed Change
    NSCC is proposing to raise additional prefunded liquidity through 
the periodic issuance and private placement of term debt to qualified 
institutional investors in an aggregate amount not to exceed $10 
billion, as described in

[[Page 2188]]

greater detail below. The proceeds of the Debt Issuance would 
supplement NSCC's existing default liquidity resources, which also 
include, for example, the proceeds of the issuance and private 
placement of short-term, unsecured notes in the form of commercial 
paper and extendable notes (``Commercial Paper Program'') \3\ and cash 
that would be obtained by drawing upon NSCC's committed 364-day credit 
facility with a consortium of banks (``Line of Credit'').\4\
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    \3\ See Securities Exchange Act Release Nos. 75730 (August 19, 
2015), 80 FR 51638 (August 25, 2015) (File No. SR-NSCC-2015-802); 
82676 (February 9, 2018), 83 FR 6912 (February 15, 2018) (File No. 
SR-NSCC-2017-807).
    \4\ See Securities Exchange Act Release No. 80605 (May 5, 2017), 
82 FR 21850 (May 10, 2017) (File Nos. SR-DTC-2017-802; SR-NSCC-2017-
802).
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    NSCC, along with its affiliates, The Depository Trust Company 
(``DTC'') and Fixed Income Clearing Corporation (``FICC,'' and, 
together with NSCC and DTC, the ``Clearing Agencies''), maintain a 
Clearing Agency Liquidity Risk Management Framework (``Framework''), 
which sets forth the manner in which NSCC measures, monitors and 
manages the liquidity risks that arise in or are borne by it.\5\ NSCC 
periodically measures its liquidity needs pursuant to the Framework.\6\ 
NSCC's default liquidity resources collectively provide NSCC with 
liquidity to complete end-of-day settlement in the event of the default 
of a Member.\7\ The proposed Debt Issuance would supplement its 
existing default liquidity resources and provide NSCC with an 
additional resource it may draw from to meet its future liquidity 
needs, as measured pursuant to the Framework.\8\
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    \5\ See Securities Exchange Act Release Nos. 82377 (December 21, 
2017), 82 FR 61617 (December 28, 2017) (File Nos. SR-DTC-2017-004; 
SR-FICC-2017-008; SR-NSCC-2017-005). Following approval of this 
proposal, the Clearing Agencies would file a proposed rule change to 
amend the Framework to include the proceeds of the Debt Issuance as 
an additional qualifying liquidity resource of NSCC.
    \6\ Id.
    \7\ Terms not defined herein are defined in NSCC's Rules and 
Procedures (``Rules'') available at http://www.dtcc.com/~/media/
Files/Downloads/legal/rules/nscc_rules.pdf. The events that 
constitute a Member default are specified in Rule 46 (Restrictions 
on Access to Services) of the Rules, which provides that NSCC's 
Board of Directors may suspend a Member or prohibit or limit a 
Member's access to NSCC's services in enumerated circumstances; this 
includes default in delivering funds or securities to NSCC, or a 
Member's experiencing such financial or operational difficulties 
that NSCC determines, in its discretion, that restriction on access 
to services is necessary for its protection and for the protection 
of its membership. Id.
    \8\ Supra note 5.
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    By supplementing NSCC's existing default liquidity resources, the 
proposal would mitigate risks to NSCC that it is unable to secure 
default liquidity resources in an amount necessary to meet its 
liquidity needs. For example, the proposal would help mitigate the 
risks that investor demand for the short-term notes issued under the 
Commercial Paper Program weakens, or that NSCC is unable to renew its 
Line of Credit at the targeted amount.
    Terms of the Debt Issuance. NSCC would engage a trustee and 
underwriting banks to issue the term debt to qualified institutional 
investors through a private placement and offering in reliance on an 
exemption from registration under Section 4(a)(2) of the Securities Act 
of 1933.\9\ NSCC would be party to certain transaction documents in 
connection with each issuance and private placement, including an 
indenture with the trustee and purchase agreements. The purchase 
agreements would each be based on the standard form of dealer agreement 
for similar debt issuances, which is published by the Securities 
Industry and Financial Markets Association. The material terms and 
conditions of the Debt Issuance are summarized below.
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    \9\ 15 U.S.C. 77d(a)(2).
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    NSCC is proposing to issue up to an aggregate amount of $10 billion 
in term debt, with an expected average amount issued and outstanding at 
any time of approximately $2-3 billion, as necessitated by liquidity 
needs. While, at the time of this filing, NSCC's current liquidity 
needs would not require it to issue up to an aggregate amount of $10 
billion, NSCC believes that is advisable to authorize up to this 
aggregate amount in order to help manage its potential future liquidity 
needs and the potential risk that it is not able to obtain the 
requisite amounts from its other sources of default liquidity.
    NSCC estimates that each issuance would be in an amount between 
approximately $250 million and $1.5 billion, with an initial issuance 
expected to be approximately $1 billion.\10\ NSCC believes an initial 
issuance should be at an amount that would attract the attention of 
potential investors. Therefore, NSCC believes that approximately $1 
billion would be an appropriate amount for the initial issuance for 
this reason.
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    \10\ If market conditions at the time of the inaugural issuance 
are favorable, NSCC may issue an initial aggregate amount of more 
than $1 billion.
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    The term debt would be represented by unsecured, unsubordinated and 
non-convertible medium-term and long-term global notes held in the name 
of The Depository Trust Company (``DTC''), or its nominee, Cede & Co. 
The notes would be issued and transferred only through the book-entry 
system of DTC. The term debt would be interest bearing at either fixed 
or floating interest rates that are set at market rates customary for 
such type of debt and reflective of the creditworthiness of NSCC.
    NSCC expects the average maturity of the term debt issued under the 
Debt Issuance would range between two and ten years, which are the 
typical lengths of medium- and long-term debt. NSCC already issues 
short-term debt through the Commercial Paper Program,\11\ and NSCC does 
not believe maturities over ten years would be suitable as debt with 
longer maturities are generally more expensive to issue and may present 
higher risks related to interest rates. NSCC would time each debt 
issuance and stagger maturity dates of each issuance in order to ladder 
the maturities. NSCC would have the ability to make use of optional 
features to call any of the issued term debt, in whole or in part, at 
any time prior to the maturity date of that debt. The issued term debt 
may also contain renewable terms.
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    \11\ Supra note 3.
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    NSCC would hold the proceeds from the Debt Issuance in either its 
cash deposit account at the Federal Reserve Bank of New York 
(``FRBNY'') or in accounts at other creditworthy financial institutions 
in accordance with the Clearing Agency Investment Policy.\12\ These 
amounts would be available to draw to complete settlement as needed.
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    \12\ See Securities Exchange Act Release Nos. 79528 (December 
12, 2016), 81 FR 91232 (December 16, 2016) (File Nos. SR-DTC-2016-
007, SR-FICC-2016-005, SR-NSCC-2016-003); 84949 (December 21, 2018), 
83 FR 67779 (December 31, 2018) (File Nos. SR-DTC-2018-012, SR-FICC-
2018-014, SR-NSCC-2018-013). Following notice of no-objection by the 
Commission of this proposal, the Clearing Agencies would file a 
proposed rule change to amend the Clearing Agency Investment Policy 
to include the proceeds of the Debt Issuance as default liquidity 
funds, within the definition of ``Investable Funds,'' as such term 
is defined therein, and provide that such amounts would be held in 
bank deposits at eligible commercial banks or at NSCC's cash deposit 
account at the FRBNY.
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    NSCC Liquidity Risk Management. As a central counterparty 
(``CCP''), NSCC occupies an important role in the securities settlement 
system by interposing itself between counterparties to financial 
transactions, thereby reducing the risk faced by its Members and 
contributing to global financial stability. NSCC's liquidity risk 
management plays an integral part in NSCC's ability to perform its role 
as a CCP. If a Member defaults, as a CCP, NSCC will need to complete 
settlement of guaranteed transactions on the failing Member's behalf 
from the date of default through the remainder of the settlement cycle 
(currently two days for securities

[[Page 2189]]

that settle on a regular way basis in the U.S. markets).
    As noted above, the Framework describes NSCC's liquidity risk 
management strategy to maintain sufficient liquidity resources in order 
to meet the potential funding required to settle outstanding 
transactions of a defaulting Member, or affiliated family of Members, 
in a timely manner.\13\ The Framework also addresses how NSCC meets its 
requirement to hold qualifying liquid resources, as such term is 
defined in Rule 17Ad-22(a)(14) under the Act,\14\ sufficient to meet 
its minimum liquidity resource requirement in each relevant currency 
for which it has payment obligations owed to its Members. NSCC 
considers each of its existing default liquidity resources to be 
qualifying liquid resources.\15\ These resources include: (1) The cash 
in NSCC's Clearing Fund; \16\ (2) the cash that would be obtained by 
drawing upon its Line of Credit; (3) additional cash deposits, known as 
``Supplemental Liquidity Deposits'', designed to cover the heightened 
liquidity exposure arising around monthly option expiry periods, 
required from those Members whose activity would pose the largest 
liquidity exposure to NSCC; \17\ and (4) cash proceeds from the 
Commercial Paper Program. The proceeds from the Debt Issuance would 
also be default liquidity that is considered a qualifying liquid 
resource.
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    \13\ Supra note 5.
    \14\ 17 CFR 240.17Ad-22(a)(14).
    \15\ Id.
    \16\ See Rule 4 and Procedure XV of the Rules, supra note 5.
    \17\ Supplemental Liquidity Deposits are described in Rule 4A of 
the Rules, supra note 7.
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    By providing NSCC with additional, prefunded, and readily available 
qualifying liquid resources to be used to complete end-of-day 
settlement as needed in the event of a Member default, the Debt 
Issuance would provide additional certainty, stability, and safety to 
NSCC, its Members, and the U.S. equities market that it serves as a 
CCP.
    NSCC believes the Debt Issuance may also reduce its concentration 
risk with respect to its default liquidity resources. NSCC would not 
limit the potential qualified institutional investors that purchase 
term debt and, therefore, is not able to ensure that the Debt Issuance 
would reduce concentration risk. However, the types of entities who 
typically invest in term debt include, for example, insurance 
companies, asset managers and pension funds, and these entities are 
generally not Members of NSCC or lenders under the Line of Credit. 
While these types of entities are the same types of entities that 
invest in commercial paper, the firms that invest in term debt are 
generally not the same firms that invest in commercial paper. 
Therefore, the prospective investors in the term debt are not expected 
to be the same firms that currently provide any material amount of 
default liquidity resources to NSCC either through the Commercial Paper 
Program or the Line of Credit, nor as NSCC Members.
Anticipated Effect on and Management of Risk
    NSCC's consistent ability to timely complete settlement is a key 
part of NSCC's role as a CCP and allows NSCC to mitigate counterparty 
risk within the U.S. markets. In order to sufficiently perform this key 
role in promoting market stability, it is critical that NSCC has access 
to adequate liquidity resources to enable it to complete end-of-day 
settlement, notwithstanding the default of a Member. NSCC believes that 
the overall impact of the proposed Debt Issuance on risks presented by 
NSCC would be to reduce the liquidity risks associated with NSCC's 
operation as a CCP by providing it with an additional source of 
liquidity to complete end-of-day settlement in the event of a Member 
default. NSCC further believes that a reduction in its liquidity risk 
would reduce systemic risk and would have a positive impact on the 
safety and soundness of the clearing system.
    While the proposed Debt Issuance, like any liquidity resource, 
would involve certain risks, most of these risks are standard in any 
debt issuance. One risk associated with the proposed Debt Issuance 
would be the risk that NSCC does not have sufficient funds to repay 
issued term debt when the notes mature. NSCC believes that this risk is 
extremely remote, as the proceeds of the Debt Issuance would be used 
only in the event of a Member default, and NSCC would replenish that 
cash, as it would replenish any of its liquidity resources that are 
used to facilitate settlement in the event of a Member default, with 
the proceeds of the close out of that defaulted Member's portfolio. 
This notwithstanding, in the event that proceeds from the close out are 
insufficient to fully repay a liquidity borrowing, then NSCC would look 
to its loss waterfall to repay any outstanding liquidity 
borrowings.\18\ NSCC would further mitigate this risk through the 
timing of each debt issuance and by staggering the maturity dates of 
the issued term debt in a way that would provide NSCC with time to 
complete the close out of a defaulted Member's portfolio. A second risk 
is that NSCC may be unable to issue new term debt as issued notes 
mature due to, for example, stressed markets at the time the issued 
debt matures. This risk is mitigated by the fact that NSCC maintains a 
number of different default liquidity resources, described above, and 
would not depend on the Debt Issuance as its sole source of liquidity.
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    \18\ See Rule 4 (Clearing Fund) of the Rules, supra note 7.
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    NSCC may face interest rate risk, which is the risk that the 
borrowing interest rate on issued debt is higher than the interest rate 
at which proceeds of issued debt would be invested. NSCC would mitigate 
this risk by issuing term debt at different maturities and at both 
fixed interest rates and floating interest rates. The interest rates 
for the term debt issued at floating interest rates would generally 
correlate with the rates on investments of those proceeds and would be 
expected to result in a largely stable net spread between the borrowing 
interest rate and the investment interest rate, mitigating this risk. 
For the term debt issued at a flat interest rate, NSCC would consider 
interest rate swaps as a method to mitigate interest rate risk, 
depending on market environment at that time.
    NSCC could also face a related financial risk that the expense of a 
Debt Issuance exceeds NSCC's income and negatively impacts NSCC's 
financial health or its creditworthiness. NSCC would mitigate this risk 
by evaluating the expected interest rate risk (discussed above) and 
expense of a Debt Issuance prior to issuing any debt, and if the 
financing costs for the issuance of term debt increase, such that it is 
not financially advisable to issue additional term debt, then NSCC may 
determine to use its alternative liquidity resources to meet its 
liquidity needs during those market conditions.
    NSCC believes that the significant systemic risk mitigation 
benefits of providing NSCC with additional, prefunded liquidity 
resources outweigh these risks.
Consistency With Clearing Supervision Act
    NSCC believes that that proposal would be consistent with Title 
VIII of the Clearing Supervision Act, specifically with the risk 
management objectives and principles of Section 802(b)(1), and with 
certain of the risk management standards adopted by the Commission 
pursuant to Section 805(a)(2), for the reasons described below.\19\
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    \19\ 12 U.S.C. 5464(a)(2) and (b)(1).

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[[Page 2190]]

(i) Consistency With Section 805(b)(1) of the Clearing Supervision Act
    Although the Clearing Supervision Act does not specify a standard 
of review for an advance notice, its stated purpose is instructive: To 
mitigate systemic risk in the financial system and promote financial 
stability by, among other things, promoting uniform risk management 
standards for systemically important financial market utilities and 
strengthening the liquidity of systemically important financial market 
utilities.\20\
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    \20\ 12 U.S.C. 5464(b)(1).
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    NSCC believes the proposal is consistent with Section 805(b)(1) of 
the Clearing Supervision Act because it would support the mitigation of 
systemic risk in the financial system and promote financial stability 
in the event of a Member default by strengthening NSCC's liquidity. The 
proposed Debt Issuance is designed to reduce NSCC's liquidity risks by 
providing it with an additional source of liquidity to complete end-of-
day settlement in the event of a Member default. By supplementing 
NSCC's existing default liquidity resources with prefunded liquidity, 
the proposal would contribute to NSCC's goal of assuring that NSCC has 
adequate liquidity resources to meet its settlement obligations 
notwithstanding the default of any of its Members.
    In its critical role as a CCP, NSCC itself between counterparties 
to financial transactions, thereby reducing the risk faced by its 
Members and contributing to global financial stability. NSCC's 
liquidity risk management plays an integral part in NSCC's ability to 
perform its role as a CCP. Therefore, a reduction of NSCC's liquidity 
risk would be expected to also reduce systemic risk in the financial 
system and would promote financial stability by having a positive 
impact on the safety and soundness of the clearing system.
    As a result, NSCC believes the proposed Debt Issuance would be 
consistent with the objectives and principles of Section 805(b)(1) of 
the Clearing Supervision Act, which specify the promotion of robust 
risk management, promotion of safety and soundness, reduction of 
systemic risks and support of the stability of the broader financial 
system by, among other things, strengthening the liquidity of 
systemically important financial market utilities, such as NSCC.
(ii) Consistency With Rule 17Ad-22(e)(7)(i) and (ii) Under the Act
    Section 805(a)(2) of the Clearing Supervision Act authorizes the 
Commission to prescribe risk management standards for the payment, 
clearing and settlement activities of designated clearing entities, 
like NSCC, and financial institutions engaged in designated activities 
for which the Commission is the supervisory agency or the appropriate 
financial regulator.\21\ The Commission has accordingly adopted risk 
management standards under Section 805(a)(2) of the Clearing 
Supervision Act \22\ and Section 17A of the Act (``Covered Clearing 
Agency Standards'').\23\ The Covered Clearing Agency Standards require 
covered clearing agencies to establish, implement, maintain, and 
enforce written policies and procedures that are reasonably designed to 
meet certain minimum requirements for their operations and risk 
management practices on an ongoing basis.\24\
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    \21\ 12 U.S.C. 5464(a)(2).
    \22\ Id.
    \23\ 17 CFR 240.17Ad-22(e).
    \24\ Id.
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    NSCC believes that the proposed Debt Issuance is consistent with 
Rule 17Ad-22(e)(7)(i) and (ii) of the Covered Clearing Agency Standards 
for the reasons described below.\25\
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    \25\ 17 CFR 240.17Ad-22(e)(7)(i), (ii).
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    Rule 17Ad-22(e)(7)(i) under the Act requires that NSCC establish, 
implement, maintain and enforce written policies and procedures 
reasonably designed to maintain sufficient liquid resources at the 
minimum in all relevant currencies to effect same-day and, where 
appropriate, intraday and multiday settlement of payment obligations 
with a high degree of confidence under a wide range of foreseeable 
stress scenarios that includes, but is not limited to, the default of 
the participant family that would generate the largest aggregate 
payment obligation for the covered clearing agency in extreme but 
plausible market conditions.\26\ Rule 17Ad-22(e)(7)(ii) under the Act 
requires that NSCC establish, implement, maintain and enforce written 
policies and procedures reasonably designed to hold qualifying liquid 
resources sufficient to meet the minimum liquidity resource requirement 
under Rule 17Ad-22(e)(7)(i) in each relevant currency for which NSCC 
has payment obligations owed to its Members.\27\
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    \26\ 17 CFR 240.17Ad-22(e)(7)(i).
    \27\ 17 CFR 240.17Ad-22(e)(7)(ii). For purposes of this Rule, 
``qualifying liquid resources'' are defined in Rule 17Ad-22(a)(14) 
as including, in part, cash held either at the central bank of issue 
or at creditworthy commercial banks. 17 CFR 240.17Ad-22(a)(14).
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    As described above, the proposed Debt Issuance would provide NSCC 
with an additional resource of prefunded default liquidity, which it 
would use to complete end-of-day settlement in the event of the default 
of a Member. The proceeds of the Debt Issuance would be cash held by 
NSCC at either its cash deposit account at the FRBNY or at a 
creditworthy commercial bank, pursuant to the Clearing Agency 
Investment Policy.\28\ Therefore, the proceeds of the Debt Issuance 
would be considered a qualifying liquid resource, as defined by Rule 
17Ad-22(a)(14).\29\ As such, the proposed Debt Issuance would support 
NSCC's ability to hold sufficient qualifying liquid resources to meet 
its minimum liquidity resource requirement under Rule 17Ad-
22(e)(7)(i).\30\
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    \28\ Supra note 12.
    \29\ 17 CFR 240.17Ad-22(a)(14).
    \30\ 17 CFR 240.17Ad-22(e)(7)(i).
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    For these reasons, NSCC believes the proposal would support NSCC's 
compliance with Rule 17Ad-22(e)(7)(i) and (ii) by providing it with an 
additional qualifying liquid resource.\31\
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    \31\ 17 CFR 240.17Ad-22(e)(7)(i), (ii).
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III. Date of Effectiveness of the Advance Notice, and Timing for 
Commission Action

    The proposed change may be implemented if the Commission does not 
object to the proposed change within 60 days of the later of (i) the 
date that the proposed change was filed with the Commission or (ii) the 
date that any additional information requested by the Commission is 
received. The clearing agency shall not implement the proposed change 
if the Commission has any objection to the proposed change.
    The Commission may extend the period for review by an additional 60 
days if the proposed change raises novel or complex issues, subject to 
the Commission providing the clearing agency with prompt written notice 
of the extension. A proposed change may be implemented in less than 60 
days from the date the advance notice is filed, or the date further 
information requested by the Commission is received, if the Commission 
notifies the clearing agency in writing that it does not object to the 
proposed change and authorizes the clearing agency to implement the 
proposed change on an earlier date, subject to any conditions imposed 
by the Commission.
    The clearing agency shall post notice on its website of proposed 
changes that are implemented.

[[Page 2191]]

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the Advance 
Notice is consistent with the Clearing Supervision 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 Number SR-NSCC-2019-802 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-2019-802. 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 Advance Notice that are filed with the 
Commission, and all written communications relating to the Advance 
Notice 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-2019-802 and should be submitted on 
or before January 29, 2020.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020-00367 Filed 1-13-20; 8:45 am]
BILLING CODE 8011-01-P