Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Implementation Timeframe for an Approved Rule Change To Amend Procedure VII With Respect to the Receipt of CNS Securities and Make Other Changes, 70258-70260 [2019-27451]
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<![CDATA[
70258
Federal Register / Vol. 84, No. 245 / Friday, December 20, 2019 / Notices
Electronic Comments
• Use the Commission’s internet
comment form
(https://www.sec.gov/rules/sro.shtml);
or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
DTC–2019–012 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
jbell on DSKJLSW7X2PROD with NOTICES
All submissions should refer to File
Number SR–DTC–2019–012. 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 (https://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 DTC and on DTCC’s website
(https://dtcc.com/legal/sec-rulefilings.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–DTC–
2019–012 and should be submitted on
or before January 10, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019–27452 Filed 12–19–19; 8:45 am]
BILLING CODE 8011–01–P
19 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:30 Dec 19, 2019
Jkt 250001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87755; File No. SR–NSCC–
2019–005]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Extend the
Implementation Timeframe for an
Approved Rule Change To Amend
Procedure VII With Respect to the
Receipt of CNS Securities and Make
Other Changes
December 16, 2019.
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 December
11, 2019, 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.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The proposed rule change would
amend NSCC Rules & Procedures
(‘‘Rules’’) 5 to extend the
implementation timeframe for a rule
change (‘‘Approved Rule Change’’) that
became effective pursuant to rule filing
SR–NSCC–2019–002, as amended
(‘‘Original Rule Filing’’) 6 upon approval
by the Commission. In this regard,
pursuant to the proposed rule change,
the Rules would be amended to state
that the Approved Rule Change will be
implemented by March 6, 2020, rather
than being implemented by December 6,
2019, as stated in the Rules, as
discussed below.
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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(4).
5 Capitalized terms not defined herein are defined
in the Rules, available at https://www.dtcc.com/∼/
media/Files/Downloads/legal/rules/nscc_rules.pdf.
6 Available at https://www.dtcc.com/legal/sec-rulefilings?subsidiary=NSCC&pgs=1.
2 17
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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 proposed rule change would
amend the Rules to extend the
implementation timeframe for the
Approved Rule Change. In this regard,
pursuant to the proposed rule change,
the Rules would be amended to state
that the Approved Rule Change will be
implemented by March 6, 2020, rather
than being implemented by December 6,
2019, as stated in the Rules, as
discussed below.
(i) Background
Pursuant to the Approved Rule
Change, NSCC (i) amended Procedure
VII (CNS Accounting Operation) in the
Rules with respect to the receipt of
securities from NSCC’s Continuous Net
Settlement (‘‘CNS’’) System in order to
reflect a change in the allocation
algorithm used during the night cycle
and (ii) made certain other technical
changes to the Rules. Pursuant to the
Rules, the changes set forth in the
Approved Rule Change are to take effect
by December 6, 2019. NSCC proposes to
extend the implementation timeframe
for the Approved Rule Change to allow
additional time to facilitate finalization
of operational testing of NSCC system
changes related to the implementation
of the Approved Rule Change.
In this regard, pursuant to the
proposed rule change, NSCC proposes
to amend the Rules with respect to the
implementation timeframe setting forth
the date by which the Approved Rule
Change will become effective, as
described below.
(ii) Proposed Rule Change
Procedure VII of the Rules contains
the following legend (‘‘Original
Procedure VII Legend’’) 7 regarding the
implementation timeframe for the
Approved Rule Change.
[Changes to this Procedure VII, as amended
by File No. SR–NSCC–2019–002, are
available at dtcc.com/legal/sec-rulefilings?subsidiary=NSCC. These changes
have been approved by the Securities and
Exchange Commission but have not yet been
7 See
E:\FR\FM\20DEN1.SGM
Rules, supra note 5 at 248.
20DEN1
Federal Register / Vol. 84, No. 245 / Friday, December 20, 2019 / Notices
implemented. By December 6, 2019, these
changes will be implemented, and this
legend will automatically be removed from
this Procedure VII.]
Pursuant to the proposed rule change,
the Original Procedure VII Legend
would be deleted and replaced with the
following revised legend (‘‘Revised
Procedure VII Legend’’).
[Changes to this Procedure VII, as
amended by File No. SR–NSCC–2019–
002, are available at dtcc.com/legal/secrule-filings?subsidiary=NSCC. These
changes have been approved by the
Securities and Exchange Commission
but have not yet been implemented. By
March 6, 2020, these changes will be
implemented, and this legend will
automatically be removed from this
Procedure VII.]
Addendum G of the Rules contains
the following legend (‘‘Original
Addendum G Legend’’) 8 regarding the
implementation timeframe for the
Approved Rule Change.
[Changes to this Addendum G, as amended
by File No. SR–NSCC–2019–002, are
available at dtcc.com/legal/sec-rulefilings?subsidiary=NSCC. These changes
have been approved by the Securities and
Exchange Commission but have not yet been
implemented. By December 6, 2019, these
changes will be implemented, and this
legend will automatically be removed from
this Addendum G.]
Pursuant to the proposed rule change,
the Original Addendum G Legend
would be deleted and replaced with the
following revised legend (‘‘Revised
Addendum G Legend’’).
[Changes to this Addendum G, as amended
by File No. SR–NSCC–2019–002, are
available at dtcc.com/legal/sec-rulefilings?subsidiary=NSCC. These changes
have been approved by the Securities and
Exchange Commission but have not yet been
implemented. By March 6, 2020, these
changes will be implemented, and this
legend will automatically be removed from
this Addendum G.]
jbell on DSKJLSW7X2PROD with NOTICES
(iii) Implementation Timeframe
The proposed rule change would
become effective upon filing with the
Commission such that the text of the
Rules would be revised to delete the
Original Procedure VII Legend and
Original Addendum G Legend and
replace them with the Revised
Procedure VII Legend and Revised
Addendum G Legend, respectively, as
discussed above.
Rules, supra note 5 at 349.
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18:30 Dec 19, 2019
Jkt 250001
(B) Clearing Agency’s Statement on
Burden on Competition
NSCC does not believe the proposed
rule change will have any impact on
competition. The proposed rule change
would extend the implementation
timeframe for the Approved Rule
Change and not affect existing
processing of securities transactions at
NSCC.
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants, or Others
Written comments relating to this
proposed rule change have not been
solicited or received. NSCC will notify
the Commission of any written
comments received by NSCC.
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)
of the Act 12 and paragraph (f) of Rule
19b–4 thereunder.13 At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
2. Statutory Basis
NSCC believes this proposal is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a registered
8 See
clearing agency. Specifically, NSCC
believes this proposal is consistent with
Section 17A(b)(3)(F) of the Act 9 for the
reason described below.
Section 17A(b)(3)(F) of the Act
requires, in part, that the Rules be
designed to promote the prompt and
accurate clearance and settlement of
securities transactions.10 NSCC believes
that by allowing additional time to
finalize operational testing of NSCC
system changes related to the
implementation of the Approved Rule
Change, the proposed rule change
would facilitate the ability of NSCC to
implement the Approved Rule Change
in a manner that minimizes the
possibility of disruptions to NSCC
systems, including the CNS System.11
Therefore, NSCC believes that the
proposed rule change to extend the
implementation timeframe, which
would allow additional time for NSCC
to complete operational testing relating
to the Approved Rule Change, would
promote the prompt and accurate
clearance and settlement of securities
transactions, consistent with Section
17A(b)(3)(F) of the Act.
9 15
U.S.C. 78q–1(b)(3)(F).
10 Id.
11 The CNS System and its operation are
described in Rule 11 (CNS System) and Procedure
VII (CNS Accounting Operation) of the Rules, supra
note 5.
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f).
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Fmt 4703
Sfmt 4703
70259
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.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NSCC–2019–005 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–2019–005. 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 (https://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
(https://dtcc.com/legal/sec-rulefilings.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–
E:\FR\FM\20DEN1.SGM
20DEN1
70260
Federal Register / Vol. 84, No. 245 / Friday, December 20, 2019 / Notices
2019–005 and should be submitted on
or before January 10, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019–27451 Filed 12–19–19; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice: 10982]
Review of the Designation as a Foreign
Terrorist Organization of al-Murabitoun
(al-Mulathamun Battalion and Other
Aliases)
Based upon a review of the
Administrative Record assembled
pursuant to Section 219(a)(4)(C) of the
Immigration and Nationality Act, as
amended (8 U.S.C. 1189(a)(4)(C))
(‘‘INA’’), and in consultation with the
Attorney General and the Secretary of
the Treasury, I conclude that the
circumstances that were the basis for the
designation of the aforementioned
organization as a Foreign Terrorist
Organization have not changed in such
a manner as to warrant revocation of the
designation and that the national
security of the United States does not
warrant a revocation of the designation.
I also conclude that al-Murabitoun, one
of the aliases under which this group
was designated, is the primary name for
this group and shall be used
accordingly.
Therefore, I hereby determine that the
designation of the aforementioned
organization as a Foreign Terrorist
Organization, pursuant to Section 219 of
the INA (8 U.S.C. 1189), shall be
maintained.
This determination shall be published
in the Federal Register.
Dated: December 13, 2019.
Michael R. Pompeo,
Secretary of State.
[FR Doc. 2019–27561 Filed 12–19–19; 8:45 am]
BILLING CODE 4710–AD–P
DEPARTMENT OF STATE
jbell on DSKJLSW7X2PROD with NOTICES
[Public Notice: 10983]
Review of the Designation as a Foreign
Terrorist Organization of Harakat ulJihad-i-Islami/Bangladesh (and Other
Aliases)
Based upon a review of the
Administrative Record assembled
pursuant to Section 219(a)(4)(C) of the
Immigration and Nationality Act, as
amended (8 U.S.C. 1189(a)(4)(C))
(‘‘INA’’), and in consultation with the
Attorney General and the Secretary of
the Treasury, I conclude that the
circumstances that were the basis for the
designation of the aforementioned
organization as a Foreign Terrorist
Organization have not changed in such
a manner as to warrant revocation of the
designation and that the national
security of the United States does not
warrant a revocation of the designation.
Therefore, I hereby determine that the
designation of the aforementioned
organization as a Foreign Terrorist
Organization, pursuant to Section 219 of
the INA (8 U.S.C. 1189), shall be
maintained.
This determination shall be published
in the Federal Register.
Dated: December 13, 2019.
Michael R. Pompeo,
Secretary of State.
[FR Doc. 2019–27560 Filed 12–19–19; 8:45 am]
BILLING CODE 4710–AD–P
DEPARTMENT OF STATE
[Public Notice: 10981]
Review of the Designation as a Foreign
Terrorist Organization of Ansar al-Dine
(and Other Aliases)
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:30 Dec 19, 2019
Dated: December 13, 2019.
Michael R. Pompeo,
Secretary of State.
BILLING CODE 4710–AD–P
Jkt 250001
[Public Notice: 10980]
Review of the Designation as a Foreign
Terrorist Organization of Revolutionary
People’s Liberation Party/Front (and
Other Aliases)
Based upon a review of the
Administrative Record assembled
pursuant to Section 219(a)(4)(C) of the
Immigration and Nationality Act, as
amended (8 U.S.C. 1189(a)(4)(C))
(‘‘INA’’), and in consultation with the
Attorney General and the Secretary of
the Treasury, I conclude that the
circumstances that were the basis for the
designation of the aforementioned
organization as a Foreign Terrorist
Organization have not changed in such
a manner as to warrant revocation of the
designation and that the national
security of the United States does not
warrant a revocation of the designation.
Therefore, I hereby determine that the
designation of the aforementioned
organization as a Foreign Terrorist
Organization, pursuant to Section 219 of
the INA (8 U.S.C. 1189), shall be
maintained.
This determination shall be published
in the Federal Register.
Dated: December 13, 2019.
Michael R. Pompeo,
Secretary of State.
[FR Doc. 2019–27563 Filed 12–19–19; 8:45 am]
BILLING CODE 4710–AD–P
Based upon a review of the
Administrative Record assembled
pursuant to Section 219(a)(4)(C) of the
Immigration and Nationality Act, as
amended (8 U.S.C. 1189(a)(4)(C))
(‘‘INA’’), and in consultation with the
Attorney General and the Secretary of
the Treasury, I conclude that the
circumstances that were the basis for the
designation of the aforementioned
organization as a Foreign Terrorist
Organization have not changed in such
a manner as to warrant revocation of the
designation and that the national
security of the United States does not
warrant a revocation of the designation.
Therefore, I hereby determine that the
designation of the aforementioned
organization as a Foreign Terrorist
Organization, pursuant to Section 219 of
the INA (8 U.S.C. 1189), shall be
maintained.
This determination shall be published
in the Federal Register.
[FR Doc. 2019–27562 Filed 12–19–19; 8:45 am]
14 17
DEPARTMENT OF STATE
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DEPARTMENT OF STATE
[Public Notice: 10979]
Commission on Unalienable Rights;
Notice of Open Meeting
The Commission on Unalienable
Rights (‘‘Commission’’) will meet from
1:15 until 5:30 p.m., on Friday, January
10 at the Department of State in
Washington, DC. Participants are asked
to use the 23rd Street entrance of the
Harry S. Truman Building to gain access
to the meeting. The meeting will be
directed by the Chair of the Commission
and Learned Hand Professor of Law at
Harvard Law School, Mary Ann
Glendon. The Commission serves the
U.S. government in a solely advisory
capacity and provides advice
concerning principles related to human
rights. The January 10 meeting will
focus on international legal
commitments concerning human rights
that the United States has entered since
World War II. This meeting follows the
December 11 meeting on the same topic.
This meeting is open to the public.
Entry to the building is controlled. To
E:\FR\FM\20DEN1.SGM
20DEN1
]]>Agencies
[Federal Register Volume 84, Number 245 (Friday, December 20, 2019)]
[Notices]
[Pages 70258-70260]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27451]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87755; File No. SR-NSCC-2019-005]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change To Extend the Implementation Timeframe for an Approved Rule
Change To Amend Procedure VII With Respect to the Receipt of CNS
Securities and Make Other Changes
December 16, 2019.
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 December 11, 2019, 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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change would amend NSCC Rules & Procedures
(``Rules'') \5\ to extend the implementation timeframe for a rule
change (``Approved Rule Change'') that became effective pursuant to
rule filing SR-NSCC-2019-002, as amended (``Original Rule Filing'') \6\
upon approval by the Commission. In this regard, pursuant to the
proposed rule change, the Rules would be amended to state that the
Approved Rule Change will be implemented by March 6, 2020, rather than
being implemented by December 6, 2019, as stated in the Rules, as
discussed below.
---------------------------------------------------------------------------
\5\ Capitalized terms not defined herein are defined in the
Rules, available at https://www.dtcc.com/~/media/Files/Downloads/
legal/rules/nscc_rules.pdf.
\6\ Available at https://www.dtcc.com/legal/sec-rule-filings?subsidiary=NSCC&pgs=1.
---------------------------------------------------------------------------
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 proposed rule change would amend the Rules to extend the
implementation timeframe for the Approved Rule Change. In this regard,
pursuant to the proposed rule change, the Rules would be amended to
state that the Approved Rule Change will be implemented by March 6,
2020, rather than being implemented by December 6, 2019, as stated in
the Rules, as discussed below.
(i) Background
Pursuant to the Approved Rule Change, NSCC (i) amended Procedure
VII (CNS Accounting Operation) in the Rules with respect to the receipt
of securities from NSCC's Continuous Net Settlement (``CNS'') System in
order to reflect a change in the allocation algorithm used during the
night cycle and (ii) made certain other technical changes to the Rules.
Pursuant to the Rules, the changes set forth in the Approved Rule
Change are to take effect by December 6, 2019. NSCC proposes to extend
the implementation timeframe for the Approved Rule Change to allow
additional time to facilitate finalization of operational testing of
NSCC system changes related to the implementation of the Approved Rule
Change.
In this regard, pursuant to the proposed rule change, NSCC proposes
to amend the Rules with respect to the implementation timeframe setting
forth the date by which the Approved Rule Change will become effective,
as described below.
(ii) Proposed Rule Change
Procedure VII of the Rules contains the following legend
(``Original Procedure VII Legend'') \7\ regarding the implementation
timeframe for the Approved Rule Change.
---------------------------------------------------------------------------
\7\ See Rules, supra note 5 at 248.
[Changes to this Procedure VII, as amended by File No. SR-NSCC-
2019-002, are available at dtcc.com/legal/sec-rule-filings?subsidiary=NSCC. These changes have been approved by the
Securities and Exchange Commission but have not yet been
[[Page 70259]]
implemented. By December 6, 2019, these changes will be implemented,
and this legend will automatically be removed from this Procedure
---------------------------------------------------------------------------
VII.]
Pursuant to the proposed rule change, the Original Procedure VII
Legend would be deleted and replaced with the following revised legend
(``Revised Procedure VII Legend'').
[Changes to this Procedure VII, as amended by File No. SR-NSCC-
2019-002, are available at dtcc.com/legal/sec-rule-filings?subsidiary=NSCC. These changes have been approved by the
Securities and Exchange Commission but have not yet been implemented.
By March 6, 2020, these changes will be implemented, and this legend
will automatically be removed from this Procedure VII.]
Addendum G of the Rules contains the following legend (``Original
Addendum G Legend'') \8\ regarding the implementation timeframe for the
Approved Rule Change.
\8\ See Rules, supra note 5 at 349.
---------------------------------------------------------------------------
[Changes to this Addendum G, as amended by File No. SR-NSCC-
2019-002, are available at dtcc.com/legal/sec-rule-filings?subsidiary=NSCC. These changes have been approved by the
Securities and Exchange Commission but have not yet been
implemented. By December 6, 2019, these changes will be implemented,
and this legend will automatically be removed from this Addendum G.]
Pursuant to the proposed rule change, the Original Addendum G
Legend would be deleted and replaced with the following revised legend
(``Revised Addendum G Legend'').
[Changes to this Addendum G, as amended by File No. SR-NSCC-
2019-002, are available at dtcc.com/legal/sec-rule-filings?subsidiary=NSCC. These changes have been approved by the
Securities and Exchange Commission but have not yet been
implemented. By March 6, 2020, these changes will be implemented,
and this legend will automatically be removed from this Addendum G.]
(iii) Implementation Timeframe
The proposed rule change would become effective upon filing with
the Commission such that the text of the Rules would be revised to
delete the Original Procedure VII Legend and Original Addendum G Legend
and replace them with the Revised Procedure VII Legend and Revised
Addendum G Legend, respectively, as discussed above.
2. Statutory Basis
NSCC believes this proposal is consistent with the requirements of
the Act and the rules and regulations thereunder applicable to a
registered clearing agency. Specifically, NSCC believes this proposal
is consistent with Section 17A(b)(3)(F) of the Act \9\ for the reason
described below.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
Section 17A(b)(3)(F) of the Act requires, in part, that the Rules
be designed to promote the prompt and accurate clearance and settlement
of securities transactions.\10\ NSCC believes that by allowing
additional time to finalize operational testing of NSCC system changes
related to the implementation of the Approved Rule Change, the proposed
rule change would facilitate the ability of NSCC to implement the
Approved Rule Change in a manner that minimizes the possibility of
disruptions to NSCC systems, including the CNS System.\11\ Therefore,
NSCC believes that the proposed rule change to extend the
implementation timeframe, which would allow additional time for NSCC to
complete operational testing relating to the Approved Rule Change,
would promote the prompt and accurate clearance and settlement of
securities transactions, consistent with Section 17A(b)(3)(F) of the
Act.
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\10\ Id.
\11\ The CNS System and its operation are described in Rule 11
(CNS System) and Procedure VII (CNS Accounting Operation) of the
Rules, supra note 5.
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(B) Clearing Agency's Statement on Burden on Competition
NSCC does not believe the proposed rule change will have any impact
on competition. The proposed rule change would extend the
implementation timeframe for the Approved Rule Change and not affect
existing processing of securities transactions at NSCC.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
Written comments relating to this proposed rule change have not
been solicited or received. NSCC will notify the Commission of any
written comments received by NSCC.
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) of the Act \12\ and paragraph (f) of Rule 19b-4
thereunder.\13\ 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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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NSCC-2019-005 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-2019-005. 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 (https://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
(https://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-
[[Page 70260]]
2019-005 and should be submitted on or before January 10, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019-27451 Filed 12-19-19; 8:45 am]
BILLING CODE 8011-01-P
