Document ID: SEC-2015-0037-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Fixed Income Clearing Corp.; National Securities Clearing Corp.; Depository Trust Co.
Posted Date: 2015-01-07T05:00Z

[Federal Register Volume 80, Number 4 (Wednesday, January 7, 2015)]
[Notices]
[Pages 918-919]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-30973]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73975; File Nos. SR-FICC-2014-810; SR-NSCC-2014-811; 
SR-DTC-2014-812]

Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
National Securities Clearing Corporation; The Depository Trust Company; 
Notice of Extension of Review Period of Advance Notices, as Amended, To 
Amend and Restate the Third Amended and Restated Shareholders 
Agreement, Dated as of December 7, 2005

December 31, 2014.
    On November 5, 2014, Fixed Income Clearing Corporation (``FICC''), 
National Securities Clearing Corporation (``NSCC''), and The Depository 
Trust Company (``DTC,'' together with FICC and NSCC, ``Operating 
Subsidiaries'') filed with the Securities and Exchange Commission 
(``Commission'') advance notices SR-FICC-2014-810, SR-NSCC-2014-811 and 
SR-DTC-2014-812 (``Advance Notices''), pursuant to section 806(e)(1) of 
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 (``Exchange Act'').\2\ On November 17, 
2014, the Operating Subsidiaries each filed Amendments No. 1 to the 
Advance Notices.\3\ On November 17, 2014, FICC withdrew Amendment No. 1 
and filed Amendment No. 2 to advance notice SR-FICC-2014-810.\4\ The 
Advance Notices were published for comment in the Federal Register on 
December 11, 2014.\5\ As of December 31, 2014, the Commission had not 
received any comment letters on the proposal contained in the Advance 
Notices.
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    \1\ 12 U.S.C. 5465(e)(1).
    \2\ 17 CFR 240.19b-4(n)(1)(i).
    \3\ NSCC and DTC filed Amendment Nos. 1 to provide additional 
description of the changes proposed in advance notices SR-NSCC-2014-
811 and SR-DTC-2014-812, respectively.
    \4\ FICC withdrew Amendment No. 1 to advance notice SR-FICC-
2014-810 due to an error in filing the amendment. FICC filed 
Amendment No. 2 to advance notice SR-FICC-2014-810 in order to 
provide additional description of the changes proposed in the 
advance notice.
    \5\ See Release No. 34-73755 (Dec. 5, 2014), 79 FR 73665 (Dec. 
11, 2014).
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    Section 806(e)(1)(G) of the Clearing Supervision Act provides that 
the Operating Subsidiaries may implement the changes proposed in the 
Advance Notices if they have not received an objection to the proposed 
changes within 60 days of the later of (i) the date that the Commission 
receives the Advance Notices or (ii) the date that any

[[Page 919]]

additional information requested by the Commission is received,\6\ 
unless extended as described below.
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    \6\ See 12 U.S.C. 5465(e)(1)(G).
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    Pursuant to section 806(e)(1)(H) of the Clearing Supervision Act, 
the Commission may extend the review period of an advance notice for an 
additional 60 days, if the changes proposed in the advance notice raise 
novel or complex issues, subject to the Commission providing the 
clearing agency with prompt written notice of the extension.\7\
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    \7\ See 12 U.S.C. 5465(e)(1)(H).
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    Here, as the Commission has not requested any additional 
information, the date that is 60 days after the Operating Subsidiaries 
filed the Advance Notices with the Commission is January 4, 2015. 
However, the Commission finds it appropriate to extend the review 
period of the Advance Notices, as amended, for an additional 60 days 
under section 806(e)(1)(H) of the Clearing Supervision Act.\8\ The 
Commission finds the Advance Notices, as amended, are both novel and 
complex because the material aspects of the proposed amendments to the 
Shareholders Agreement are substantial, a first for the Clearing 
Agencies, and are interrelated with other regulatory aspects of the 
Clearing Agencies.
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    \8\ Id.
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    Accordingly, the Commission, pursuant to 806(e)(1)(H) of the 
Clearing Supervision Act,\9\ extends the review period for an 
additional 60 days so that the Commission shall have until March 5, 
2015 to issue an objection or non-objection to the Advance Notices, as 
amended (File Nos. SR-FICC-2014-810, SR-NSCC-2014-811, and SR-DTC-2014-
812).
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    \9\ Id.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2014-30973 Filed 1-6-15; 8:45 am]
BILLING CODE 8011-01-P