Document ID: SEC-2013-0281-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: National Securities Clearing Corp.
Posted Date: 2013-02-11T05:00Z

[Federal Register Volume 78, Number 28 (Monday, February 11, 2013)]
[Notices]
[Pages 9751-9752]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-02949]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68829; File No. SR-NSCC-2012-10]

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Designation of a Longer Period for Commission 
Action on Proposed Rule Change To Eliminate the Offset of Its 
Obligations With Institutional Delivery Transactions That Settle at The 
Depository Trust Company for the Purpose of Calculating Its Clearing 
Fund Under Procedure XV of Its Rules & Procedures

February 5, 2013.
    On December 17, 2012, the National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change SR-NSCC-2012-10 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

[[Page 9752]]

Register on January 4, 2013.\3\ The Commission received one comment on 
the proposal.\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. 34-68549 (Dec. 28, 
2012), 78 FR 792 (Jan. 4, 2013).
    \4\ See Comment from Lek Securities Corporation dated January 
25, 2013 (http://sec.gov/comments/sr-nscc-2012-810/nscc2012810-1.pdf).
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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 proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day from the publication of notice of the filing of this proposed 
rule change is February 18, 2013. The Commission is extending this 45-
day time period.
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    \5\ See 15 U.S.C. 78s(b)(2).
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    The proposed rule change would permit NSCC to eliminate the offset 
of NSCC obligations with institutional delivery transactions that 
settle at The Depository Trust Company for the purpose of calculating 
NSCC's clearing fund under Procedure XV of its Rules & Procedures. 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 comment received on the proposed rule 
change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates April 4, 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.
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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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-02949 Filed 2-8-13; 8:45 am]
BILLING CODE 8011-01-P