Document ID: SEC-2023-0577-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: National Securities Clearing Corp.
Posted Date: 2023-06-01T04:00Z

[Federal Register Volume 88, Number 105 (Thursday, June 1, 2023)]
[Notices]
[Pages 35945-35949]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-11616]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97597; File No. SR-NSCC-2023-005]

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Amend the Clearing Agency Investment Policy

May 25, 2023.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on May 17, 2023, National Securities Clearing Corporation (``NSCC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II and III below, which 
Items have been prepared by the clearing agency. NSCC filed the 
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and 
Rule 19b-4(f)(4) thereunder.\4\ The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4).
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change amends the Clearing Agency Investment 
Policy (``Investment Policy'', or ``Policy'') of NSCC and its 
affiliates, The Depository Trust Company (``DTC'') and Fixed Income 
Clearing Corporation (``FICC,'' and together with DTC, the ``Clearing 
Agencies''). Specifically, the proposed rule change would amend the 
Investment Policy to (1) clarify obligations regarding the separation 
and segregation of funds deposited to a Clearing Agency's Participants 
Fund or Clearing Fund; \5\ (2) clarify roles and responsibilities 
related to credit reviews and setting investment limits; (3) update 
allowable investments for the respective Clearing Funds of NSCC and 
FICC and other investable funds; (4) include approvals required for 
longer term bank deposits and reverse repurchase investments; (5) 
remove descriptions of hedge transactions; and (6) make technical 
corrections and revisions to clarify and simplify statements in the 
Investment Policy, as described in greater detail below.
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    \5\ The respective Clearing Funds of NSCC and FICC, and the DTC 
Participants Fund are described in the Rules & Procedures of NSCC 
(``NSCC Rules''), the DTC Rules, By-laws and Organization 
Certificate (``DTC Rules''), the Clearing Rules of the Mortgage-
Backed Securities Division of FICC (``MBSD Rules'') or the Rulebook 
of the Government Securities Division of FICC (``GSD Rules''), 
respectively, available at http://dtcc.com/legal/rules-and-procedures. See Rule 4 (Clearing Fund) of the NSCC Rules, Rule 4 
(Participants Fund and Participants Investment) of the DTC Rules, 
Rule 4 (Clearing Fund and Loss Allocation) of the GSD Rules and Rule 
4 (Clearing Fund and Loss Allocation) of the MBSD Rules.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

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

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    The Clearing Agencies are proposing to revise the Investment 
Policy, which was adopted in December 2016 \6\ and is maintained in 
compliance with Rule 17Ad-22(e)(16) under the Act.\7\ The proposed 
changes to the Investment Policy would (i) clarify obligations 
regarding the separation and segregation of funds deposited to a 
Clearing Agency's Participants Fund or Clearing Fund, (ii) clarify 
roles and responsibilities related to credit reviews and setting 
investment limits, (iii) update allowable investments for the 
respective Clearing Funds of NSCC and FICC and other investable funds, 
(iv) include approvals required for longer term bank deposit and 
reverse repurchase investments, (v) remove descriptions of hedge 
transactions, and (vi) make technical corrections and revisions to 
clarify and simplify statements in the Investment Policy, as described 
in greater detail below.
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    \6\ See Securities Exchange Act Release No. 79528 (December 12, 
2016), 81 FR 91232 (December 16, 2016) (SR-DTC-2016-007, SR-FICC-
2016-005, SR-NSCC-2016-003).
    \7\ 17 CFR 240.17Ad-22(e)(16).
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Overview of the Investment Policy
    The Investment Policy governs the management, custody and 
investment of cash deposited to the respective Clearing Funds of NSCC 
and FICC,\8\ the DTC Participants Fund,\9\ the proprietary liquid net 
assets (cash and cash equivalents) of the Clearing Agencies, and other 
funds held by the Clearing Agencies pursuant to their respective rules.
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    \8\ Supra note 5.
    \9\ Id.
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    The Investment Policy identifies the guiding principles for 
investments and defines the roles and responsibilities of DTCC staff in 
administering the Investment Policy pursuant to those principles. The 
Investment Policy is co-owned by DTCC's Treasury group (``Treasury'') 
and the Counterparty Credit Risk team (``CCR'') within DTCC's Group 
Chief Risk Office (``GCRO''). Treasury is responsible for identifying 
potential counterparties to investment transactions, establishing, and 
managing investment relationships with approved investment 
counterparties, and making and monitoring all investment transactions 
with respect to the Clearing Agencies. CCR is responsible for 
conducting a credit review of any potential counterparty, updating 
those reviews on

[[Page 35946]]

a quarterly basis, and establishing an investment limit for each 
counterparty. CCR is also responsible for ongoing monitoring of 
counterparties and recommending changes to investment limits when 
appropriate.
    The Investment Policy also identifies sources of funds that may be 
invested, and the permitted investments of those funds, including the 
authority required to make such investments and the parameters of, and 
limitations on, each type of investment. Finally, the Investment Policy 
defines the approval authority required to exceed established 
investment limits. As stated above, the activities and processes 
carried out pursuant to the Investment Policy, and the governance set 
forth therein, support the Clearing Agencies' compliance with the 
requirements of Rule 17Ad-22(e)(16).\10\
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    \10\ 17 CFR 240.17Ad-22(e)(16).
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Proposed Revisions to the Investment Policy
    The Investment Policy is reviewed and approved by the Boards 
annually. In connection with the most recent annual review of the 
Investment Policy, the Clearing Agencies have decided to propose 
certain revisions and updates. These proposed revisions, described in 
greater detail below, are designed to update the Investment Policy to 
reflect current practices and to help ensure that it continues to 
operate as intended.
(i) Proposed Change Regarding the Separation and Segregation of Funds
    Section 3.2 of the Policy addresses the Clearing Agencies' approach 
to segregation of deposits to their respective Participants or Clearing 
Funds. The Policy currently states that deposits to the Participants 
Fund and Clearing Funds must not be commingled with each other or with 
general corporate funds of the Clearing Agencies. The Clearing 
Agencies' intention in using this approach is to ensure these funds are 
not commingled on the Clearing Agencies' books and records but is not 
intended to restrict the Clearing Agencies from depositing those 
amounts in the same deposit accounts, for example at their cash deposit 
accounts at the Federal Reserve Bank of New York (``FRBNY''). In short, 
the Clearing Agencies have subaccounts on their books and records to 
reflect the segregation of various funds, but each Clearing Agency only 
has one account at the FRBNY where Clearing Funds and Participant Fund 
are held with Clearing Agency general corporate funds.
    For example, deposits to NSCC's Clearing Fund currently can be 
deposited into the same bank deposit account as NSCC's general 
corporate funds, so long as these amounts are separated on NSCC's books 
and records and are not deposited into the same bank account as the DTC 
Participant Fund or either of the FICC Clearing Funds. Additionally, 
because GSD and MBSD are divisions of FICC, and FICC, like NSCC and 
DTC, has only one cash deposit account at the FRBNY, the proposed 
change also makes clear that the GSD Clearing Fund and MBSD Clearing 
Fund may be commingled in the same bank deposit account so long as they 
are segregated on FICC's books and records. Lastly, the proposed change 
clarifies that the Clearing Agencies' approach to segregation of funds 
applies not only to the relationship between a Clearing Agency's 
general corporate funds and its Participants Fund or Clearing Fund but 
to all investable funds of a Clearing Agency.
    Therefore, the Clearing Agencies are proposing to clarify that, 
although deposits to a Clearing Agencies' Participant Fund or Clearing 
Fund must be segregated on each respective Clearing Agency's books and 
records from each other and from their respective general corporate 
funds, these amounts may be deposited in the same bank deposit account 
as other investable funds of that Clearing Agency. The proposed 
clarification is consistent with the Clearing Agencies' existing 
practices and would not significantly affect the rights or obligations 
of the Clearing Agencies or their participants. This proposed change 
would clarify the Investment Policy and reflect the Clearing Agencies 
current practices regarding Clearing Agencies' separation and 
segregation of funds.
(ii) Proposed Change To Clarify Roles and Responsibilities of CCR and 
Treasury
    Section 4 of the Policy outlines the roles and responsibilities of 
Treasury and CCR in conducting credit reviews and setting investment 
limits of counterparties. The proposed changes include clarification of 
these roles and responsibilities to improve the transparency of the 
Investment Policy to the DTCC staff who adhere to its provisions. The 
proposed changes to Section 4.2would add the requirement that Treasury 
state the intended type of investment relationship with a counterparty 
when it requests that CCR perform a credit review of an investment 
counterparty. The proposed changes would also clarify that the 
governance of an investment counterparty credit review depends on 
whether the proposed counterparty is a participant of a Clearing 
Agency. Counterparties that are not participants must be approved by a 
Managing Director of CCR and counterparties that are participants are 
reviewed using a risk-based criteria based on the participants' 
membership level.
    An additional proposed change to Section 4.2 would remove the 
requirement that a Managing Director of GCRO approve counterparty 
investment limits. This proposed change would clarify that CCR is 
responsible for setting the aggregate investment limits assigned to a 
counterparty in connection with the credit reviews for that 
counterparty.
    In addition, the Clearing Agencies are proposing changes to Section 
4.2 to specify the management of the quarterly credit reviews and 
changes to counterparty investment limits. The Policy currently states 
that CCR will notify Treasury if an investment counterparty's external 
credit rating is downgraded, if CCR believes an investment 
counterparty's investment limit should change, or if an investment 
transaction should be terminated. The purpose of this procedure is to 
quickly capture any changes to an investment counterparty's credit 
rating that may affect the Clearing Agencies' exposure to such 
counterparty and, therefore, require change to the allowable investment 
limit applicable to that counterparty under the Policy. The proposed 
changes to this Section would clarify that CCR only notifies Treasury 
if an investment counterparty's external credit ratings fall below the 
minimum ratings in the Policy or requires a change to that 
counterparties' investment limit. The proposed changes would also 
clarify that CCR may advise Treasury if it is appropriate to set a 
counterparty's investment limit lower than the investment limits 
provided within the Policy or to terminate an investment transaction. 
These proposed changes would clarify that either of these investment 
limit changes require approval by a Managing Director of GCRO.
    The proposed changes are consistent with the Clearing Agencies' 
existing practices and would not significantly affect the rights or 
obligations of the Clearing Agencies or their participants.
(iii) Proposed Change To Update Allowable Investments and Investment 
Limits
    The Clearing Agencies are proposing to amend the table of allowable 
investments in Section 6 of the Policy to reflect their current 
investment practice of only investing the Clearing

[[Page 35947]]

Funds of NSCC and FICC; NSCC's Fully Paid-For Account, DTC Short 
Position Cash, Corporate Actions Payments and Principal & Interest 
Payments; and GSD Forward Margin in bank deposits. The table identifies 
the sources of investable funds that are invested by the Clearing 
Agencies, and groups these sources of funds into separate categories. 
The Policy currently permits the Clearing Agencies to invest the 
investable funds listed above in multiple types of investment vehicles, 
for example reverse repurchase agreements. The Clearing Agencies 
believe that it is prudent investment practice to limit the investment 
of these funds to only bank deposits and have, in practice, already 
limited such investments accordingly. The proposed changes to this 
table would also delete footnotes that include information that is no 
longer necessary given this change in investment practice.
    Two proposed changes to Section 6.2.1 of the Policy would conform 
the Investment Policy to current practice. First, this section 
currently states that the DTC Participant Fund may only be invested in 
demand deposit, savings or checking accounts that provide same day 
access to funds. The Clearing Agencies would update this section to 
make clear that these criteria also applies to investment of the NSCC 
and FICC Clearing Funds. Finally, the proposed changes would include 
adding ``unless an exception has been granted pursuant to Section 4.2 
of this Policy'' following the requirement for approved bank 
counterparty minimum external credit ratings, for clarification 
purposes in terms of the interplay of the various sections in the 
Policy.
(iv) Proposed Change To Include Approvals Required for Longer Term 
Transactions
    The Clearing Agencies are proposing to amend the Policy to describe 
the approval requirements for investments in bank deposits and reverse 
repurchase agreements with a term maturity longer than overnight. The 
Policy is currently silent as to the approval process for these longer-
term transactions. The proposed changes would describe the requirement 
that CCR approve such longer-term transactions and would align the 
parameters around establishing investment limits for such transactions 
to the guidelines provided in Section 6.2.1 of the Policy, for longer 
term bank deposit investments, and Section 6.2.2, for reverse 
repurchase agreements, unless an exception has been granted pursuant to 
Section 4.2 of the Policy.
    The proposed changes would also describe the requirement that CCR 
assess the creditworthiness of a counterparty when determining term to 
maturity for such longer-term transactions requested by Treasury. These 
proposed changes would improve the Investment Policy by clearly 
describing the approval process for these types of investments.
(v) Proposed Change To Remove Reference to Hedge Transactions
    The proposed changes would remove references to the Clearing 
Agencies' process involving hedge transactions from the Policy. Section 
6.2.6 of the Policy currently describes allowable hedge transactions, 
limitations on hedge transaction maturity dates and value amounts, and 
the approval process for hedge transactions. The proposed changes would 
remove this section from the Policy because hedging activity is 
different from investment activity. Additionally, hedging activity is 
conducted using only general corporate funds of the Clearing Agencies, 
thereby posing very little risk to the Clearing Agencies' Clearing Fund 
or Participant Fund. Therefore, the Clearing Agencies believe it is 
appropriate to establish a stand-alone internal hedging policy 
reflecting the processes, procedures and philosophy regarding hedge 
transactions that is currently captured in this Investment Policy. Such 
internal hedging policy would provide greater detail and clarity 
related to the current hedging practices of the Clearing Agency. 
Further, the proposed removal of references to hedging activity would 
improve the Investment Policy in clarifying and focusing its purpose.
(vi) Proposed Change To Make Technical Corrections and Revisions
    Finally, the proposed changes would make technical corrections to 
statements in the Investment Policy, delete irrelevant processes, and 
add clarifying words or sentences throughout the Policy. These changes 
are (1) change the word ``Subject'' to ``Pursuant'' in the footnote to 
the table in Section 5 and delete the second footnote, (2) change the 
heading of subparagraph 6.2.4 from Reverse Repurchase Agreements 
(Reverse Repos) to Money Market Mutual Funds (MMMFs) as the content of 
the subparagraph discusses MMMFs instead of Reverse Repos, (3) change 
the word ``percent'' as it relates to a counterparty's shareholders' 
equity capital in Section 6.2.1 to ``multiple'' for consistency with 
the use of the word multiple in the corresponding table, (4) remove 
reference to Hold-in custody Reverse Repos in Section 6.2.2 as the 
Clearing Agencies do not engage in such transactions, (5) change 
numeric representations in the table in 6.2.1 for consistency 
throughout the Policy, (6) delete any footnotes made inaccurate or 
unnecessary by the other proposed changes to the Policy, and (7) add 
the word ``amount'' in front of the words ``by 30%'' in Section 7.1 for 
clarification purposes. These changes are not substantive changes to 
the Clearing Agencies' investment practices.
2. Statutory Basis
    The Clearing Agencies believe that the proposed rule changes are 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a registered clearing agency.\11\ 
In particular, the Clearing Agencies believe that the proposed 
modifications to the Investment Policy are consistent with Section 
17A(b)(3)(F) of the Act \12\ and Rule 17Ad22(e)(16) under the Act,\13\ 
for the reasons described below.
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    \11\ 17 CFR 240.17Ad-22(e)(16).
    \12\ 15 U.S.C. 78q-1(b)(3)(F).
    \13\ 17 CFR 240.17Ad-22(e)(16).
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    Section 17A(b)(3)(F) of the Act requires, in part, that the rules 
of the Clearing Agencies be designed to assure the safeguarding of 
securities and funds that are in the custody or control of each of the 
Clearing Agencies or for which they are responsible.\14\ The investment 
guidelines and governance procedures set forth in the Investment Policy 
are designed to safeguard funds that are in the custody or control of 
the Clearing Agencies or for which they are responsible. Such 
protections include, for example, following a prudent and conservative 
investment philosophy that places the highest priority on maximizing 
liquidity and risk avoidance. The Clearing Agencies believe the 
proposed change to reflect the Clearing Agencies' current investment 
practice to only invest NSCC and FICC Clearing Funds, Fully Paid-For 
Account, Short Position Cash, Corporate Actions Payments, Principal & 
Interest Payments, and GSD Forward Margin in bank deposits would allow 
it to adhere to these guidelines by maximizing liquidity and minimizing 
the risk posed by other, potentially longer term, investments. 
Therefore, the Clearing Agencies believe the proposed change would 
allow the Clearing Agencies to continue to invest pursuant to the 
Investment Policy in a prudent and conservative manner that assures the 
safeguarding of securities and funds that are in their custody and 
control, or for which they are responsible.
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    \14\ 15 U.S.C. 78q-1(b)(3)(F).
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    Section 17A(b)(3)(F) of the Act also requires, in part, that the 
rules of the

[[Page 35948]]

Clearing Agencies be designed to foster cooperation and coordination 
with persons engaged in the clearance and settlement of securities 
transactions.\15\ The proposed changes to (1) clarify obligations 
regarding the separation and segregation of funds deposited to a 
Clearing Agency's Participants Fund or Clearing Funds; (2) clarify 
roles and responsibilities related to credit reviews and setting 
investment limits; (3) remove descriptions of hedge transactions; and 
(4) make technical corrections and revisions to clarify and simplify 
statements in the Investment Policy would help clarify the 
administration of the procedures outlined in the Policy and therefore 
aid in the cooperation and coordination between the DTCC staff who 
adhere to its provisions.
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    \15\ Id.
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    Additionally, the proposed change to provide approval requirements 
for investments in bank deposits and reverse repurchase agreements with 
a term maturity longer than overnight would improve the effectiveness 
of the Investment Policy and allow the Clearing Agencies to administer 
the Investment Policy in alignment with the investment guidelines and 
governance procedures set forth therein. Specifically, the Investment 
Policy sets forth guiding principles for the investment of funds, which 
include adherence to a prudent and conservative investment philosophy 
that places the highest priority on maximizing liquidity and avoiding 
risk. The guiding principles of the Investment Policy also address the 
process for evaluating the credit ratings of counterparties and setting 
investment limits. Given that such guidelines and governance procedures 
are designed to safeguard funds that are in the custody or control of 
the Clearing Agencies or for which they are responsible, the Clearing 
Agencies believe the proposed changes are consistent with the 
requirements of Section 17A(b)(3)(F) of the Act.\16\
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    \16\ Id.
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    Rule 17Ad-22(e)(16) under the Act requires, in part, the Clearing 
Agencies to establish, implement, maintain and enforce written policies 
and procedures reasonably designed to safeguard the Clearing Agencies' 
own and their participants' assets, minimize the risk of loss and delay 
in access to these assets, and invest such assets in instruments with 
minimal credit, market, and liquidity risks.\17\ The Clearing Agencies 
believe that the Investment Policy, as amended by the proposed changes, 
follows a prudent and conservative investment philosophy, placing the 
highest priority on maximizing liquidity and avoiding risk of loss, by 
setting appropriate investment practices and creating clear guidelines. 
As originally implemented, the Investment Policy was designed to meet 
the requirements of Rule 17Ad-22(e)(16) under the Act.\18\
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    \17\ 17 CFR 240.17Ad-22(e)(16).
    \18\ Id.
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    For the reasons stated above, the Clearing Agencies believe that 
the proposed revisions to (1) clarify obligations regarding the 
separation and segregation of funds deposited to a Clearing Agency's 
Participants Fund or Clearing Funds; (2) update allowable investments 
for the Clearing Agencies' respective Clearing Funds and other 
investable funds; and (3) include approvals required for longer term 
bank deposits and reverse repo investments would both strengthen the 
risk management objectives of the Investment Policy and improve the 
clarity of the Policy and, therefore, make the Investment Policy more 
effective in governing the management, custody, and investment of funds 
of and held by the Clearing Agencies. In this way, these proposed 
changes would better allow the Clearing Agencies to maintain this 
document in a way that is designed to meet the requirements of Rule 
17Ad-22(e)(16).\19\ Therefore, the Clearing Agencies believe these 
proposed revisions would be consistent with the requirements of Rule 
17Ad-22(e)(16) under the Act.\20\
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    \19\ Id.
    \20\ Id.
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(B) Clearing Agency's Statement on Burden on Competition

    Each of the Clearing Agencies believes that none of the proposed 
revisions to the Investment Policy would have any impact, or impose any 
burden, on competition. The Investment Policy applies equally to the 
allowable investments of the Clearing Agencies, including the FICC and 
NSCC Clearing Funds and DTC Participants Fund deposits, and establishes 
a uniform policy at the Clearing Agencies. The proposed changes to the 
Investment Policy would not affect any changes on the fundamental 
purpose or operation of this document and, as such, would also not have 
any impact, or impose any burden, on competition.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants, or Others

    NSCC has not received or solicited any written comments relating to 
this proposal. If any written comments are received, they will be 
publicly filed as an Exhibit 2 to this filing, as required by Form 19b-
4 and the General Instructions thereto.
    Persons submitting comments are cautioned that, according to 
Section IV (Solicitation of Comments) of the Exhibit 1A in the General 
Instructions to Form 19b-4, the Commission does not edit personal 
identifying information from comment submissions. Commenters should 
submit only information that they wish to make available publicly, 
including their name, email address, and any other identifying 
information.
    All prospective commenters should follow the Commission's 
instructions on how to submit comments, available at https://www.sec.gov/regulatory-actions/how-to-submitcomments. General questions 
regarding the rule filing process or logistical questions regarding 
this filing should be directed to the Main Office of the Commission's 
Division of Trading and Markets at [email protected] or 202-
551-5777.
    NSCC reserve the right not to respond to any comments received.

III. Date of Effectiveness of the Proposed Rule Change, and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) \21\ of the Act and paragraph (f) \22\ of Rule 19b-4 
thereunder. At any time within 60 days of the filing of the proposed 
rule change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change 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 [email protected]. Please include 
File Number SR-NSCC-2023-005 on the subject line.

[[Page 35949]]

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-2023-005. 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). Do not include personal 
identifiable information in submissions; you should submit only 
information that you wish to make available publicly. We may redact in 
part or withhold entirely from publication submitted material that is 
obscene or subject to copyright protection. All submissions should 
refer to File Number SR-NSCC-2023-005 and should be submitted on or 
before June 22, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-11616 Filed 5-31-23; 8:45 am]
BILLING CODE 8011-01-P