Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Extension of Review Period of Advance Notice, as Modified by Amendment No. 1, To Institute Supplemental Liquidity Deposits to Its Clearing Fund Designed to Increase Liquidity Resources To Meet Its Liquidity Needs, 31616 [2013-12404]

Download as PDF 31616 Federal Register / Vol. 78, No. 101 / Friday, May 24, 2013 / Notices Institution and settlement of administrative proceedings; Consideration of amicus participation; An adjudicatory matter; and Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551–5400. Dated: May 22, 2013. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–12629 Filed 5–22–13; 4:15 pm] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–69605; File No. SR–NSCC– 2013–802] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Extension of Review Period of Advance Notice, as Modified by Amendment No. 1, To Institute Supplemental Liquidity Deposits to Its Clearing Fund Designed to Increase Liquidity Resources To Meet Its Liquidity Needs May 20, 2013. On March 21, 2013, National Securities Clearing Corporation (‘‘NSCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) advance notice SR–NSCC–2013–802 (‘‘Advance Notice’’) 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) 2 thereunder.3 On April 19, 2013, NSCC filed with the 1 12 U.S.C. 5465(e)(1). CFR 240.19b–4(n)(1)(i). 3 NSCC also filed the proposal contained in the Advance Notice as a proposed rule change (File No. SR–NSCC–2013–02) under Section 19(b)(1) of the Securities and Exchange Act of 1934 (‘‘Exchange Act’’) and Rule 19b–4 thereunder. Release No. 34– 69313 (Apr. 4, 2013), 78 FR 21487 (Apr. 10, 2013). Pursuant to Section 19(b)(2) of the Exchange Act, generally, not later than 45 days after the date of publication of the proposed rule change in the Federal Register or such longer period up to 90 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination or the self-regulatory organization consents, the Commission will either: (i) by order approve or disapprove the proposed rule change, or (ii) institute proceedings to determine whether the proposed rule change should be disapproved. 17 U.S.C. 78s(b)(2)(A). See Release No. 34–69313 (Apr. 4, 2013), 78 FR 21487 (Apr. 10, 2013). The proposal shall not take effect until all regulatory actions required with respect to the proposal are completed. mstockstill on DSK4VPTVN1PROD with NOTICES 2 17 VerDate Mar<15>2010 21:14 May 23, 2013 Jkt 229001 Commission Amendment No. 1 to the Advance Notice.4 The Advance Notice, as modified by Amendment No. 1, was published for comment in the Federal Register on May 1, 2013.5 As of May 14, 2013, the Commission has received eight comment letters on the proposal contained in the Advance Notice and its related proposed rule change.6 Additionally, on March 19, 2013, prior to filing the Advance Notice, NSCC received a comment letter on the proposal directly from an NSCC member.7 Section 806(e)(1)(G) of the Clearing Supervision Act provides that NSCC may implement the changes if it has not received an objection to the proposed changes within 60 days of the later of (i) the date that the Commission receives the advance notice or (ii) the date that any additional information requested by the Commission is received,8 unless extended as described below. 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.9 Here, as the Commission has not requested any additional information, the date that is 60 days after NSCC filed the Advance Notice with the Commission is May 20, 2013. However, the Commission finds it appropriate to extend the review period of the Advance Notice, as modified by Amendment No. 1, for an additional 60 days under Section 806(e)(1)(H) of the Clearing Supervision Act.10 The Commission finds the Advance Notice, as modified by Amendment No. 1, both novel and complex because it proposes a rule change that is particularly detailed, intricate, multifaceted, and is 4 See Release No. 34–69451 (Apr. 25, 2013), 78 FR 25496 (May 1, 2013). 5 Id. 6 See Comments Received on File Nos. SR– NSCC–2013–802 (https://sec.gov/comments/sr-nscc2013-802/nscc2013802.shtml) and SR–NSCC–2013– 02 (https://sec.gov/comments/sr-nscc-2013-02/ nscc201302.shtml). Since the proposal contained in the Advance Notice was also filed as a proposed rule change, see Release No. 34–69313, supra note 3, the Commission is considering all public comments received on the proposal regardless of whether the comments are submitted to the Advance Notice or the proposed rule change. 7 See Exhibit 2 to File No. SR–NSCC–2013–802 (https://sec.gov/rules/sro/nscc/2013/34-69451ex2.pdf). 8 See 12 U.S.C. 5465(e)(1)(G). 9 See 12 U.S.C. 5465(e)(1)(H). 10 Id. PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 the first of its kind for a registered clearing agency. Accordingly, the Commission, pursuant to Section 806(e)(1)(H) of the Clearing Supervision Act,11 extends the review period for an additional 60 days so that the Commission shall have until July 19, 2013 to issue an objection or non-objection to the Advance Notice, as modified by Amendment No. 1 (File No. SR–NSCC–2013–802). By the Commission. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–12404 Filed 5–23–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–69611; File No. SR– NASDAQ–2013–077] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 4751(f)(15) May 20, 2013. 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 10, 2013, The NASDAQ Stock Market LLC (‘‘NASDAQ’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change NASDAQ proposes to amend Rule 4751(f)(15). The text of the proposed rule change is below. Proposed deletions are in brackets; new language is italicized. * * * * * 4751. Definitions The following definitions apply to the Rule 4600 and 4750 Series for the trading of securities listed on Nasdaq or a national securities exchange other than Nasdaq. (a)–(e) No change. (f) The term ‘‘Order Type’’ shall mean the unique processing prescribed for 11 Id. 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. E:\FR\FM\24MYN1.SGM 24MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 78, Number 101 (Friday, May 24, 2013)]
[Notices]
[Page 31616]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-12404]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69605; File No. SR-NSCC-2013-802]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Extension of Review Period of Advance Notice, as 
Modified by Amendment No. 1, To Institute Supplemental Liquidity 
Deposits to Its Clearing Fund Designed to Increase Liquidity Resources 
To Meet Its Liquidity Needs

May 20, 2013.
    On March 21, 2013, National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') advance notice SR-NSCC-2013-802 (``Advance Notice'') 
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) \2\ thereunder.\3\ On April 19, 2013, NSCC filed with 
the Commission Amendment No. 1 to the Advance Notice.\4\ The Advance 
Notice, as modified by Amendment No. 1, was published for comment in 
the Federal Register on May 1, 2013.\5\ As of May 14, 2013, the 
Commission has received eight comment letters on the proposal contained 
in the Advance Notice and its related proposed rule change.\6\ 
Additionally, on March 19, 2013, prior to filing the Advance Notice, 
NSCC received a comment letter on the proposal directly from an NSCC 
member.\7\
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 5465(e)(1).
    \2\ 17 CFR 240.19b-4(n)(1)(i).
    \3\ NSCC also filed the proposal contained in the Advance Notice 
as a proposed rule change (File No. SR-NSCC-2013-02) under Section 
19(b)(1) of the Securities and Exchange Act of 1934 (``Exchange 
Act'') and Rule 19b-4 thereunder. Release No. 34-69313 (Apr. 4, 
2013), 78 FR 21487 (Apr. 10, 2013). Pursuant to Section 19(b)(2) of 
the Exchange Act, generally, not later than 45 days after the date 
of publication of the proposed rule change in the Federal Register 
or such longer period up to 90 days if the Commission determines 
that a longer period is appropriate and publishes the reasons for 
such determination or the self-regulatory organization consents, the 
Commission will either: (i) by order approve or disapprove the 
proposed rule change, or (ii) institute proceedings to determine 
whether the proposed rule change should be disapproved. 17 U.S.C. 
78s(b)(2)(A). See Release No. 34-69313 (Apr. 4, 2013), 78 FR 21487 
(Apr. 10, 2013). The proposal shall not take effect until all 
regulatory actions required with respect to the proposal are 
completed.
    \4\ See Release No. 34-69451 (Apr. 25, 2013), 78 FR 25496 (May 
1, 2013).
    \5\ Id.
    \6\ See Comments Received on File Nos. SR-NSCC-2013-802 (https://sec.gov/comments/sr-nscc-2013-802/nscc2013802.shtml) and SR-NSCC-
2013-02 (https://sec.gov/comments/sr-nscc-2013-02/nscc201302.shtml). 
Since the proposal contained in the Advance Notice was also filed as 
a proposed rule change, see Release No. 34-69313, supra note 3, the 
Commission is considering all public comments received on the 
proposal regardless of whether the comments are submitted to the 
Advance Notice or the proposed rule change.
    \7\ See Exhibit 2 to File No. SR-NSCC-2013-802 (https://sec.gov/rules/sro/nscc/2013/34-69451-ex2.pdf).
---------------------------------------------------------------------------

    Section 806(e)(1)(G) of the Clearing Supervision Act provides that 
NSCC may implement the changes if it has not received an objection to 
the proposed changes within 60 days of the later of (i) the date that 
the Commission receives the advance notice or (ii) the date that any 
additional information requested by the Commission is received,\8\ 
unless extended as described below.
---------------------------------------------------------------------------

    \8\ See 12 U.S.C. 5465(e)(1)(G).
---------------------------------------------------------------------------

    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.\9\
---------------------------------------------------------------------------

    \9\ See 12 U.S.C. 5465(e)(1)(H).
---------------------------------------------------------------------------

    Here, as the Commission has not requested any additional 
information, the date that is 60 days after NSCC filed the Advance 
Notice with the Commission is May 20, 2013. However, the Commission 
finds it appropriate to extend the review period of the Advance Notice, 
as modified by Amendment No. 1, for an additional 60 days under Section 
806(e)(1)(H) of the Clearing Supervision Act.\10\ The Commission finds 
the Advance Notice, as modified by Amendment No. 1, both novel and 
complex because it proposes a rule change that is particularly 
detailed, intricate, multifaceted, and is the first of its kind for a 
registered clearing agency.
---------------------------------------------------------------------------

    \10\ Id.
---------------------------------------------------------------------------

    Accordingly, the Commission, pursuant to Section 806(e)(1)(H) of 
the Clearing Supervision Act,\11\ extends the review period for an 
additional 60 days so that the Commission shall have until July 19, 
2013 to issue an objection or non-objection to the Advance Notice, as 
modified by Amendment No. 1 (File No. SR-NSCC-2013-802).
---------------------------------------------------------------------------

    \11\ Id.

    By the Commission.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-12404 Filed 5-23-13; 8:45 am]
BILLING CODE 8011-01-P

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