Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action and Longer Period for Comment on Proposed Rule Change To Modify the Calculation of the MBSD VaR Floor To Incorporate a Minimum Margin Amount, 86591-86592 [2020-28892]

Download as PDF Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices 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 after publication of the notice for this proposed rule change is December 31, 2020. The Commission is extending this 45-day time period. 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 proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates February 14, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–BX–2020– 032). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2020–28894 Filed 12–29–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90785] Acknowledgement of Receipt of Notice of Registration as a National Securities Exchange Pursuant to Section 6(g) of the Securities Exchange Act of 1934 by the Minneapolis Grain Exchange, LLC than security futures products or futures on exempted securities or groups or indexes of securities or options thereon that have been authorized under Section 2(a)(1)(C) of the CEA.3 Rule 6a–4 under the Exchange Act 4 requires that such an exchange submit written notice of registration to the Commission on Form 1–N.5 Under Exchange Act Section 6(g)(2)(B), an exchange’s registration as a national securities exchange becomes effective contemporaneously with the submission of the written notice on Form 1–N.6 On December 11, 2020, the Minneapolis Grain Exchange, LLC (‘‘MGEX’’) filed a Form 1–N with the Commission.7 Pursuant to Section 6(g)(3) of the Exchange Act,8 the Commission hereby acknowledges receipt of the Form 1–N submitted by MGEX. Copies of the Form 1–N, including all exhibits, are available in the Commission’s Public Reference Room. For questions regarding this Release, please contact David Dimitrious, Senior Special Counsel, at (202) 551–5131, Michou Nguyen, Special Counsel, at (202) 551–7768, or Eli Kozminsky, Attorney-Adviser, at (202) 551–7695; Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2020–28810 Filed 12–29–20; 8:45 am] BILLING CODE 8011–01–P December 22, 2020. Section 6(g) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’) 1 provides that an exchange that lists or trades security futures products may register as a national securities exchange solely for the purposes of trading security futures products by filing a written notice with the Securities and Exchange Commission (‘‘Commission’’) if: (1) The exchange is a board of trade, as that term is defined by the Commodity Exchange Act (‘‘CEA’’),2 that has been designated a contract market by the Commodity Futures Trading Commission (‘‘CFTC’’) and such designation is not suspended by order of the CFTC; and (2) such exchange does not serve as a market place for transactions in securities other 5 Id. 6 17 CFR 200.30–3(a)(31). U.S.C. 78f(g). 2 7 U.S.C. 1a(2). 1 15 VerDate Sep<11>2014 17:47 Dec 29, 2020 Jkt 253001 37 U.S.C. 2(a)(1)(C). CFR 240.6a–4. 5 Under Rule 202.3(b)(3) of the Commission’s Informal and Other Procedures, upon receipt of a Form 1–N, the Division of Market Regulation (now the Division of Trading and Markets) examines the notice to determine whether all necessary information has been supplied and whether all other required documents have been furnished in proper form. 17 CFR 202.3(b)(3). 6 15 U.S.C. 78f(g)(2)(B). 7 This Form 1–N is being filed by MGEX in connection with a Commission exemptive order issued under Section 36 of the Exchange Act. See Securities Exchange Act Release No. 90510 (November 20, 2020), 85 FR 77297 (December 1, 2020) (‘‘Exemptive Order’’). The Exemptive Order relates to listing and trading contracts for sale for future delivery on the SPIKES Index on MGEX consistent with the terms and conditions set forth in the order. 8 15 U.S.C. 78f(g)(3). 9 17 CFR 200.30–3(a)(75). 4 17 PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 86591 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90794; File No. SR–FICC– 2020–017] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action and Longer Period for Comment on Proposed Rule Change To Modify the Calculation of the MBSD VaR Floor To Incorporate a Minimum Margin Amount December 23, 2020. On November 20, 2020, Fixed Income Clearing Corporation (‘‘FICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 proposed rule change SR–FICC–2020–017 to introduce a new ‘‘Minimum Margin Amount’’ to complement the existing VaR Floor calculation.3 The proposed rule change was published for comment in the Federal Register on December 10, 2020.4 As of December 23, 2020, the Commission has received five comment letters to the proposed rule change.5 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 On November 27, 2020, FICC also filed the proposal contained in the proposed rule change as advance notice SR–FICC–2020–804 with the Commission pursuant to Section 806(e)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act entitled the Payment, Clearing, and Settlement Supervision Act of 2010 (‘‘Clearing Supervision Act’’), 12 U.S.C. 5465(e)(1), and Rule 19b–4(n)(1)(i) of the Act, 17 CFR 240.19b–4(n)(1)(i). 4 Securities Exchange Act Release No. 90568 (December 4, 2020), 85 FR 79541 (December 10, 2020) (SR–FICC–2020–017) (‘‘Notice’’). 5 See Letter from Kelli McMorrow, Head of Government Affairs, American Securities Association, dated December 18, 2020, to Vanessa Countryman, Secretary, Commission, available at https://www.sec.gov/comments/sr-ficc-2020-017/ srficc2020017.htm (‘‘ASA Letter’’); Letter from Pete Mills, Senior Vice President, Mortgage Bankers Association, dated December 17, 2020, to Jay Clayton, Chairman, Commission, available at https://www.sec.gov/comments/sr-ficc-2020-017/ srficc2020017-8155338-226778.pdf (‘‘MBA Letter’’); Letter from Christopher Killian, Managing Director, Securities Industry and Financial Markets Association, dated December 16, 2020, to Vanessa Countryman, Secretary, Commission, available at https://www.sec.gov/comments/sr-ficc-2020-017/ srficc2020017-8154310-226759.pdf (‘‘SIFMA Letter’’); Letter from Curtis Richins, President & CEO, Mortgage Capital Trading, Inc., dated December 15, 2020, to Vanessa Countryman, Secretary, Commission, available at https:// www.sec.gov/comments/sr-ficc-2020-017/ srficc2020017-8156568-226839.pdf (‘‘MCT Letter’’); and Letter from James Tabacchi, Chairman, Independent Dealer and Trader Association, dated December 10, 2020, to Vanessa Countryman, Secretary, Commission, available at https:// www.sec.gov/comments/sr-ficc-2020-017/ srficc2020017-8127766-226454.pdf (‘‘IDTA Letter’’). See comments on the proposed rule change (SR– 2 17 E:\FR\FM\30DEN1.SGM Continued 30DEN1 86592 Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices Section 19(b)(2) of the Act 6 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 after publication of the notice for the proposed rule change is January 24, 2020. The Commission is extending the 45day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider and take action on the proposed rule change. Accordingly, pursuant to Section 19(b)(2) of the Act 7 and for the reasons stated above, the Commission designates March 10, 2020 as the date by which the Commission shall either approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change (File No. SR–FICC–2020–017). The Commission also seeks to extend the comment period to help further inform its analysis of the proposed rule change. The comment period for the proposed rule change ends on December 31, 2020.8 As of December 23, 2020, the Commission has received five comment letters to the proposed rule change.9 The Commission is extending the comment period for the proposed rule change to allow interested persons additional time to analyze the issues and prepare their comments. Accordingly, the Commission designates January 29, 2021 as the date comments should be submitted on or before. Specifically, the Commission invites interested persons to provide views, data, and arguments concerning the proposed rule change, including whether the proposed rule change is consistent with the Act and the FICC–2020–017), available at https://www.sec.gov/ comments/sr-ficc-2020-017/srficc2020017.htm. Because the proposal contained in the proposed rule change was also filed as an advance notice, supra note 3, the Commission is considering all public comments received on the proposal regardless of whether the comments were submitted to the advance notice or the proposed rule change. 6 15 U.S.C. 78s(b)(2). 7 Id. 8 Notice, 85 FR at 79548. 9 See supra note 5. VerDate Sep<11>2014 17:47 Dec 29, 2020 Jkt 253001 applicable rules or regulations thereunder. Please note that comments previously received on the substance of the proposed rule change will be considered together with comments submitted in response to this notice. Therefore, while commenters are free to submit additional comments at this time, they need not re-submit earlier comments. 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– FICC–2020–017 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–FICC–2020–017. 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 FICC 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–FICC– PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 2020–017 and should be submitted on or before January 21, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2020–28892 Filed 12–29–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90797; File No. SR–OCC– 2020–014] Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule Change To Adopt the OCC Third-Party Risk Management Framework and Retire the OCC Counterparty Credit Risk Management Framework December 23, 2020. I. Introduction On November 4, 2020, the Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–OCC–2020– 014 (‘‘Proposed Rule Change’’) pursuant to Section 19(b) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’) 1 and Rule 19b–4 2 thereunder to adopt a proposed Third-Party Risk Management Framework (‘‘TPRMF’’) and retire OCC’s current Counterparty Credit Risk Management Policy (‘‘CCRMP’’).3 The Proposed Rule Change was published for public comment in the Federal Register on November 18, 2020.4 The Commission has received no comments regarding the Proposed Rule Change. This order approves the Proposed Rule Change. II. Background In 2017, OCC adopted the CCRMP, which outlines the key components of OCC’s framework for identifying, measuring, monitoring, and managing OCC’s exposures to its counterparties.5 OCC requested confidential treatment of the CCRMP when it was proposed.6 10 17 CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Notice of Filing infra note 4, 85 FR at 73582. 4 Securities Exchange Act Release No. 90406 (Nov. 12, 2020), 85 FR 73582 (Nov. 18, 2020) (File No. SR–OCC–2020–014) (‘‘Notice of Filing’’). 5 See Securities Exchange Act Release No. 82312 (Dec. 13, 2017), 82 FR 60242 (Dec. 19, 2017) (File No. SR–OCC–2017–009) (‘‘CCRMP Approval Order’’). 6 See Securities Exchange Act Release No. 81949 (Oct. 26, 2017), 82 FR 50719 (Nov. 1, 2017) (File No. SR–OCC–2017–009). 1 15 E:\FR\FM\30DEN1.SGM 30DEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 85, Number 250 (Wednesday, December 30, 2020)]
[Notices]
[Pages 86591-86592]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-28892]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90794; File No. SR-FICC-2020-017]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action and Longer 
Period for Comment on Proposed Rule Change To Modify the Calculation of 
the MBSD VaR Floor To Incorporate a Minimum Margin Amount

December 23, 2020.
    On November 20, 2020, Fixed Income Clearing Corporation (``FICC'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ proposed rule change SR-
FICC-2020-017 to introduce a new ``Minimum Margin Amount'' to 
complement the existing VaR Floor calculation.\3\ The proposed rule 
change was published for comment in the Federal Register on December 
10, 2020.\4\ As of December 23, 2020, the Commission has received five 
comment letters to the proposed rule change.\5\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ On November 27, 2020, FICC also filed the proposal contained 
in the proposed rule change as advance notice SR-FICC-2020-804 with 
the Commission pursuant to Section 806(e)(1) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act entitled the Payment, 
Clearing, and Settlement Supervision Act of 2010 (``Clearing 
Supervision Act''), 12 U.S.C. 5465(e)(1), and Rule 19b-4(n)(1)(i) of 
the Act, 17 CFR 240.19b-4(n)(1)(i).
    \4\ Securities Exchange Act Release No. 90568 (December 4, 
2020), 85 FR 79541 (December 10, 2020) (SR-FICC-2020-017) 
(``Notice'').
    \5\ See Letter from Kelli McMorrow, Head of Government Affairs, 
American Securities Association, dated December 18, 2020, to Vanessa 
Countryman, Secretary, Commission, available at https://www.sec.gov/comments/sr-ficc-2020-017/srficc2020017.htm (``ASA Letter''); Letter 
from Pete Mills, Senior Vice President, Mortgage Bankers 
Association, dated December 17, 2020, to Jay Clayton, Chairman, 
Commission, available at https://www.sec.gov/comments/sr-ficc-2020-017/srficc2020017-8155338-226778.pdf (``MBA Letter''); Letter from 
Christopher Killian, Managing Director, Securities Industry and 
Financial Markets Association, dated December 16, 2020, to Vanessa 
Countryman, Secretary, Commission, available at https://www.sec.gov/comments/sr-ficc-2020-017/srficc2020017-8154310-226759.pdf (``SIFMA 
Letter''); Letter from Curtis Richins, President & CEO, Mortgage 
Capital Trading, Inc., dated December 15, 2020, to Vanessa 
Countryman, Secretary, Commission, available at https://www.sec.gov/comments/sr-ficc-2020-017/srficc2020017-8156568-226839.pdf (``MCT 
Letter''); and Letter from James Tabacchi, Chairman, Independent 
Dealer and Trader Association, dated December 10, 2020, to Vanessa 
Countryman, Secretary, Commission, available at https://www.sec.gov/comments/sr-ficc-2020-017/srficc2020017-8127766-226454.pdf (``IDTA 
Letter''). See comments on the proposed rule change (SR-FICC-2020-
017), available at https://www.sec.gov/comments/sr-ficc-2020-017/srficc2020017.htm. Because the proposal contained in the proposed 
rule change was also filed as an advance notice, supra note 3, the 
Commission is considering all public comments received on the 
proposal regardless of whether the comments were submitted to the 
advance notice or the proposed rule change.

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[[Page 86592]]

    Section 19(b)(2) of the Act \6\ 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 after publication of the notice for the proposed rule change 
is January 24, 2020.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider and 
take action on the proposed rule change.
    Accordingly, pursuant to Section 19(b)(2) of the Act \7\ and for 
the reasons stated above, the Commission designates March 10, 2020 as 
the date by which the Commission shall either approve, disapprove, or 
institute proceedings to determine whether to disapprove the proposed 
rule change (File No. SR-FICC-2020-017).
---------------------------------------------------------------------------

    \7\ Id.
---------------------------------------------------------------------------

    The Commission also seeks to extend the comment period to help 
further inform its analysis of the proposed rule change. The comment 
period for the proposed rule change ends on December 31, 2020.\8\ As of 
December 23, 2020, the Commission has received five comment letters to 
the proposed rule change.\9\ The Commission is extending the comment 
period for the proposed rule change to allow interested persons 
additional time to analyze the issues and prepare their comments. 
Accordingly, the Commission designates January 29, 2021 as the date 
comments should be submitted on or before.
---------------------------------------------------------------------------

    \8\ Notice, 85 FR at 79548.
    \9\ See supra note 5.
---------------------------------------------------------------------------

    Specifically, the Commission invites interested persons to provide 
views, data, and arguments concerning the proposed rule change, 
including whether the proposed rule change is consistent with the Act 
and the applicable rules or regulations thereunder. Please note that 
comments previously received on the substance of the proposed rule 
change will be considered together with comments submitted in response 
to this notice. Therefore, while commenters are free to submit 
additional comments at this time, they need not re-submit earlier 
comments.
    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-FICC-2020-017 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-FICC-2020-017. 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 FICC 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-FICC-2020-017 and should be submitted on 
or before January 21, 2021.
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2020-28892 Filed 12-29-20; 8:45 am]
BILLING CODE 8011-01-P

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