Self-Regulatory Organizations; The Depository Trust Company; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Enhance Capital Requirements and Make Other Changes, 18451-18453 [2022-06513]
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Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
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:
khammond on DSKJM1Z7X2PROD with 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–
CBOE–2022–012 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–2022–012. 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 the Exchange. 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–CBOE–2022–012 and
should be submitted on or before April
20, 2022.
VerDate Sep<11>2014
17:14 Mar 29, 2022
Jkt 256001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.54
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–06635 Filed 3–29–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94503; File No. SR–OCC–
2022–001]
Self-Regulatory Organizations; the
Options Clearing Corporation; Notice
of Designation of Longer Period for
Commission Action on Proposed Rule
Change Concerning the Options
Clearing Corporation’s Margin
Methodology for Incorporating
Variations in Implied Volatility
March 24, 2022.
On January 24, 2022, the Options
Clearing Corporation (‘‘OCC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change SR–OCC–2022–
001 (‘‘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
change quantitative models related to
certain volatility products.3 The
Proposed Rule Change was published
for public comment in the Federal
Register on February 11, 2022.4 The
Commission received a comment
regarding the Proposed Rule Change.5
Section 19(b)(2)(i) of the Exchange
Act 6 provides that, within 45 days of
the publication of notice of the filing of
a proposed rule change, the Commission
shall either approve the proposed rule
change, disapprove the proposed rule
change, or institute proceedings to
determine whether the proposed rule
54 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Notice of Filing infra note 4, at 87 FR 8072.
4 Securities Exchange Act Release No. 94165 (Feb.
7, 2022), 87 FR 8072 (Feb. 11, 2022) (File No. SR–
OCC–2022–001) (‘‘Notice of Filing’’). OCC also filed
a related advance notice (SR–OCC–2022–801)
(‘‘Advance Notice’’) with the Commission pursuant
to Section 806(e)(1) of Title VIII of the Dodd-Frank
Wall Street Reform and Consumer Protection Act,
entitled the Payment, Clearing, and Settlement
Supervision Act of 2010 and Rule 19b–4(n)(1)(i)
under the Exchange Act. 12 U.S.C. 5465(e)(1). 15
U.S.C. 78s(b)(1) and 17 CFR 240.19b–4,
respectively. The Advance Notice was published in
the Federal Register on February 11, 2022.
Securities Exchange Act Release No. 94166 (Feb. 7,
2022), 87 FR 8063 (Feb. 11, 2022) (File No. SR–
OCC–2022–801).
5 The comment on the Proposed Rule Change is
available at https://www.sec.gov/comments/sr-occ2022-001/srocc2022001.htm.
6 15 U.S.C. 78s(b)(2)(i).
1 15
PO 00000
Frm 00102
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18451
change should be disapproved unless
the Commission extends the period
within which it must act as provided in
Section 19(b)(2)(ii) of the Exchange
Act.7 Section 19(b)(2)(ii) of the
Exchange Act allows the Commission to
designate a longer period for review (up
to 90 days from the publication of notice
of the filing of a proposed rule change)
if the Commission finds such longer
period to be appropriate and publishes
its reasons for so finding, or as to which
the self-regulatory organization
consents.8
The 45th day after publication of the
Notice of Filing is March 28, 2022. In
order to provide the Commission with
sufficient time to consider 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 and therefore
is extending this 45-day time period.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the
Exchange Act,9 designates May 12, 2022
as the date by which the Commission
shall either approve, disapprove, or
institute proceedings to determine
whether to disapprove proposed rule
change SR–OCC–2022–001.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–06626 Filed 3–29–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94495; File No. SR–DTC–
2021–017]
Self-Regulatory Organizations; The
Depository Trust Company; Order
Instituting Proceedings To Determine
Whether To Approve or Disapprove a
Proposed Rule Change To Enhance
Capital Requirements and Make Other
Changes
March 23, 2022.
I. Introduction
On December 13, 2021, The
Depository Trust Company (‘‘DTC’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) proposed
rule change SR–DTC–2021–017 (the
‘‘Proposed Rule Change’’) pursuant to
Section 19(b)(1) of the Securities
7 15
U.S.C. 78 s(b)(2)(ii).
8 Id.
9 Id.
10 17
E:\FR\FM\30MRN1.SGM
CFR 200.30–3(a)(31).
30MRN1
18452
Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder.2 The Proposed Rule
Change was published for comment in
the Federal Register on December 29,
2021,3 and the Commission received no
comment letters regarding the changes
proposed in the Proposed Rule Change.
On January 26, 2022, pursuant to
Section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to approve, disapprove, or
institute proceedings to determine
whether to approve or disapprove the
Proposed Rule Change.5 This order
institutes proceedings, pursuant to
Section 19(b)(2)(B) of the Act,6 to
determine whether to approve or
disapprove the Proposed Rule Change.
II. Summary of the Proposed Rule
Change
As described in the Notice, DTC
proposes to amend its Rules, By-Laws
and Organization Certificate (‘‘Rules’’)
in order to (1) revise the capital
requirements applicable to its
participants, (2) streamline its two
credit risk monitoring systems, Watch
List and enhanced surveillance list, and
(3) make certain other clarifying,
technical, and supplementary changes
to implement items (1) and (2).7
First, DTC proposes to revise various
aspects of its capital requirements for
several types of participants. DTC
proposes to increase minimum capital
requirements for certain participants.
DTC also proposes to revise how it
measures certain participants’ capital by
incorporating common equity tier 1
capital and the standards established in
the capital adequacy rules and
regulations of the Federal Deposit
Insurance Corporation. DTC would
revise the reporting requirements
concerning the capital requirements for
certain participants. In addition, for
certain types of participants who
currently do not have specific amounts
for their minimum capital requirements,
the proposal would establish such a
requirement.
Second, DTC proposes to revise its
Watch List and enhanced surveillance
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 93854
(December 22, 2021), 86 FR 74122 (December 29,
2021) (SR–DTC–2021–017) (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 Securities Exchange Act Release No. 94067
(January 26, 2022), 87 FR 5548 (February 1, 2022)
(SR–DTC–2021–017).
6 15 U.S.C. 78s(b)(2)(B).
7 The description of the Proposed Rule Change is
based on the statements prepared by DTC in the
Notice. See Notice, supra note 3. Capitalized terms
used herein and not otherwise defined herein are
defined in the Rules, available at https://
www.dtcc.com/∼/media/Files/Downloads/legal/
rules/dtc_rules.pdf.
khammond on DSKJM1Z7X2PROD with NOTICES
2 17
VerDate Sep<11>2014
17:14 Mar 29, 2022
Jkt 256001
list, which are both currently used to
identify participants who would receive
additional or enhanced credit risk
monitoring. DTC proposes to revise its
Watch List and delete its enhanced
surveillance list. DTC also proposes to
clarify that participants on the Watch
List are reported to DTC’s management
committees and regularly reviewed by
DTC’s senior management.
Third, DTC proposes to (1) revise or
add headings and sub-headings and
renumbering sections as appropriate, (2)
delete undefined terms and add
appropriate defined terms to facilitate
the proposed changes, (3) consolidate
paragraphs to promote readability, (4)
fix typographical and other errors, and
(5) other changes in order to improve
the accessibility and transparency of the
Rules.
III. Proceedings To Determine Whether
To Approve or Disapprove the
Proposed Rule Change and Grounds for
Disapproval Under Consideration
The Commission is instituting
proceedings pursuant to Section
19(b)(2)(B) of the Act 8 to determine
whether the Proposed Rule Change
should be approved or disapproved.
Institution of proceedings is appropriate
at this time in view of the legal and
policy issues raised by the Proposed
Rule Change. Institution of proceedings
does not indicate that the Commission
has reached any conclusions with
respect to any of the issues involved.
Rather, the Commission seeks and
encourages interested persons to
comment on the Proposed Rule Change,
providing the Commission with
arguments to support the Commission’s
analysis as to whether to approve or
disapprove the Proposed Rule Change.
Pursuant to Section 19(b)(2)(B) of the
Act,9 the Commission is providing
notice of the grounds for disapproval
under consideration. The Commission is
instituting proceedings to allow for
additional analysis of, and input from
commenters with respect to, the
Proposed Rule Change’s consistency
with Section 17A of the Act,10 and the
rules thereunder, including the
following provisions:
• Section 17A(b)(3)(F) of the Act,11
which requires, among other things, that
the rules of a clearing agency must be
designed to promote the prompt and
accurate clearance and settlement of
securities transactions, to assure the
safeguarding of securities and funds
which are in the custody or control of
the clearing agency or for which it is
responsible, and to protect investors and
the public interest;
• Section 17A(b)(3)(I) of the Act,12
which requires that the rules of a
clearing agency do not impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act;
• Rule 17Ad–22(e)(18) under the
Act,13 which requires that a covered
clearing agency establish, implement,
maintain, and enforce written policies
and procedures reasonably designed to
establish objective, risk-based, and
publicly disclosed criteria for
participation, which permit fair and
open access by direct and, where
relevant, indirect participants and other
financial market utilities, require
participants to have sufficient financial
resources and robust operational
capacity to meet obligations arising from
participation in the clearing agency, and
monitor compliance with such
participation requirements on an
ongoing basis.
IV. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the issues
identified above, as well as any other
concerns they may have with the
Proposed Rule Change. In particular, the
Commission invites the written views of
interested persons concerning whether
the Proposed Rule Change is consistent
with Section 17A(b)(3)(F) of the Act,14
Section 17A(b)(3)(I) of the Act,15 Rule
17Ad–22(e)(18) under the Act,16 or any
other provision of the Act, or the rules
and regulations thereunder.
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
Proposed Rule Change should be
approved or disapproved by April 20,
2022. Any person who wishes to file a
rebuttal to any other person’s
submission must file that rebuttal by
May 4, 2022.
The Commission asks that
commenters address the sufficiency of
DTC’s statements in support of the
Proposed Rule Change, which are set
forth in the Notice,17 in addition to any
other comments they may wish to
submit about the Proposed Rule Change.
Comments may be submitted by any
of the following methods:
12 15
U.S.C. 78q–1(b)(3)(I).
CFR 240.17Ad–22(e)(18).
14 15 U.S.C. 78q–1(b)(3)(F).
15 15 U.S.C. 78q–1(b)(3)(I).
16 17 CFR 240.17Ad–22(e)(18).
17 See Notice, supra note 3.
13 17
8 15
U.S.C. 78s(b)(2)(B).
9 Id.
10 15
11 15
PO 00000
U.S.C. 78q–1.
U.S.C. 78q–1(b)(3)(F).
Frm 00103
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Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices
Electronic Comments
SMALL BUSINESS ADMINISTRATION
• 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–2021–017 on the subject line.
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
khammond on DSKJM1Z7X2PROD with NOTICES
All submissions should refer to File
Number SR–DTC–2021–017. 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 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–
2021–017 and should be submitted on
or before April 20, 2022. Rebuttal
comments should be submitted by May
4, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–06513 Filed 3–29–22; 8:45 am]
BILLING CODE 8011–01–P
CFR 200.30–3(a)(31).
VerDate Sep<11>2014
17:14 Mar 29, 2022
Small Business Administration.
Notice of open Federal Advisory
committee meeting.
AGENCY:
ACTION:
The SBA is issuing this notice
to announce the date, time and agenda
for a meeting of the National Small
Business Development Center Advisory
Board. The meeting will be open to the
public; however, advance notice of
attendance is required.
DATES: Tuesday, April 19, 2022 at 2 p.m.
EST.
ADDRESSES: Meeting will be held via
Microsoft Teams.
FOR FURTHER INFORMATION CONTACT:
Rachel Karton, Office of Small Business
Development Centers, U.S. Small
Business Administration, 409 Third
Street SW, Washington, DC 20416;
Rachel.newman-karton@sba.gov; 202–
619–1816. If anyone wishes to be a
listening participant or would like to
request accommodations, please contact
Rachel Karton at the information above.
SUPPLEMENTARY INFORMATION: Pursuant
to section 10(a) of the Federal Advisory
Committee Act (5 U.S.C. Appendix 2),
the SBA announces the meetings of the
National SBDC Advisory Board. This
Board provides advice and counsel to
the SBA Administrator and Associate
Administrator for Small Business
Development Centers.
Purpose: The purpose of the meeting
is to discuss the following issues
pertaining to the SBDC Program:
• SBA|OSBDC Leadership Transition
• Strategy for Increasing Board
Awareness and Understanding of the
SBDC Program
• Board Leadership Election
• ASBDC Conference
SUMMARY:
Paper Comments
18 17
National Small Business Development
Center Advisory Board
Jkt 256001
Andrienne Johnson,
Committee Management Officer.
[FR Doc. 2022–06662 Filed 3–29–22; 8:45 am]
BILLING CODE P
SOCIAL SECURITY ADMINISTRATION
[Docket No: SSA–2022–0014]
Agency Information Collection
Activities: Proposed Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Budget (OMB) in compliance with
Public Law 104–13, the Paperwork
Reduction Act of 1995, effective October
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
18453
1, 1995. This notice includes one new,
and one revision of OMB-approved
information collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and ways to
minimize burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Mail, email, or
fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and SSA Reports Clearance Officer at
the following addresses or fax numbers.
(OMB) Office of Management and
Budget, Attn: Desk Officer for SSA
Comments: https://www.reginfo.gov/
public/do/PRAMain. Submit your
comments online referencing Docket ID
Number [SSA–2022–0014].
(SSA) Social Security Administration,
OLCA, Attn: Reports Clearance Director,
3100 West High Rise, 6401 Security
Blvd., Baltimore, MD 21235, Fax: 410–
966–2830, Email address:
OR.Reports.Clearance@ssa.gov.
Or you may submit your comments
online through https://www.reginfo.gov/
public/do/PRAMain, referencing Docket
ID Number [SSA–2022–0014].
I. The information collection below is
pending at SSA. SSA will submit it to
OMB within 60 days from the date of
this notice. To be sure we consider your
comments, we must receive them no
later than May 31, 2022. Individuals can
obtain copies of the collection
instrument by writing to the above
email address.
1. Disability Perception Survey (DPS)—
0960—NEW
Background
The Social Security Administration’s
(SSA’s) Social Security Disability
Insurance (SSDI) program provides
crucial financial support to individuals
unable to work due to a medical
condition. Having access to and
understanding information about SSDI
among working adults is an important
factor in connecting people with
benefits. The purpose of the survey to is
understand the type of information
working adults currently have about the
SSDI program to improve projections of
disability applications and incidence.
SSA is requesting clearance to
administer the Disability Perception
Survey (DPS) to a sample of working age
adult SSDI program recipients, and
those who may qualify for this benefit,
to capture attitudes and perceptions
about SSDI among working-age adults in
the general population, and to
E:\FR\FM\30MRN1.SGM
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]]>Agencies
[Federal Register Volume 87, Number 61 (Wednesday, March 30, 2022)]
[Notices]
[Pages 18451-18453]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06513]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94495; File No. SR-DTC-2021-017]
Self-Regulatory Organizations; The Depository Trust Company;
Order Instituting Proceedings To Determine Whether To Approve or
Disapprove a Proposed Rule Change To Enhance Capital Requirements and
Make Other Changes
March 23, 2022.
I. Introduction
On December 13, 2021, The Depository Trust Company (``DTC'') filed
with the Securities and Exchange Commission (``Commission'') proposed
rule change SR-DTC-2021-017 (the ``Proposed Rule Change'') pursuant to
Section 19(b)(1) of the Securities
[[Page 18452]]
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The
Proposed Rule Change was published for comment in the Federal Register
on December 29, 2021,\3\ and the Commission received no comment letters
regarding the changes proposed in the Proposed Rule Change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 93854 (December 22,
2021), 86 FR 74122 (December 29, 2021) (SR-DTC-2021-017)
(``Notice'').
---------------------------------------------------------------------------
On January 26, 2022, pursuant to Section 19(b)(2) of the Act,\4\
the Commission designated a longer period within which to approve,
disapprove, or institute proceedings to determine whether to approve or
disapprove the Proposed Rule Change.\5\ This order institutes
proceedings, pursuant to Section 19(b)(2)(B) of the Act,\6\ to
determine whether to approve or disapprove the Proposed Rule Change.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
\5\ Securities Exchange Act Release No. 94067 (January 26,
2022), 87 FR 5548 (February 1, 2022) (SR-DTC-2021-017).
\6\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
II. Summary of the Proposed Rule Change
As described in the Notice, DTC proposes to amend its Rules, By-
Laws and Organization Certificate (``Rules'') in order to (1) revise
the capital requirements applicable to its participants, (2) streamline
its two credit risk monitoring systems, Watch List and enhanced
surveillance list, and (3) make certain other clarifying, technical,
and supplementary changes to implement items (1) and (2).\7\
---------------------------------------------------------------------------
\7\ The description of the Proposed Rule Change is based on the
statements prepared by DTC in the Notice. See Notice, supra note 3.
Capitalized terms used herein and not otherwise defined herein are
defined in the Rules, available at https://www.dtcc.com/~/media/
Files/Downloads/legal/rules/dtc_rules.pdf.
---------------------------------------------------------------------------
First, DTC proposes to revise various aspects of its capital
requirements for several types of participants. DTC proposes to
increase minimum capital requirements for certain participants. DTC
also proposes to revise how it measures certain participants' capital
by incorporating common equity tier 1 capital and the standards
established in the capital adequacy rules and regulations of the
Federal Deposit Insurance Corporation. DTC would revise the reporting
requirements concerning the capital requirements for certain
participants. In addition, for certain types of participants who
currently do not have specific amounts for their minimum capital
requirements, the proposal would establish such a requirement.
Second, DTC proposes to revise its Watch List and enhanced
surveillance list, which are both currently used to identify
participants who would receive additional or enhanced credit risk
monitoring. DTC proposes to revise its Watch List and delete its
enhanced surveillance list. DTC also proposes to clarify that
participants on the Watch List are reported to DTC's management
committees and regularly reviewed by DTC's senior management.
Third, DTC proposes to (1) revise or add headings and sub-headings
and renumbering sections as appropriate, (2) delete undefined terms and
add appropriate defined terms to facilitate the proposed changes, (3)
consolidate paragraphs to promote readability, (4) fix typographical
and other errors, and (5) other changes in order to improve the
accessibility and transparency of the Rules.
III. Proceedings To Determine Whether To Approve or Disapprove the
Proposed Rule Change and Grounds for Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \8\ to determine whether the Proposed Rule
Change should be approved or disapproved. Institution of proceedings is
appropriate at this time in view of the legal and policy issues raised
by the Proposed Rule Change. Institution of proceedings does not
indicate that the Commission has reached any conclusions with respect
to any of the issues involved. Rather, the Commission seeks and
encourages interested persons to comment on the Proposed Rule Change,
providing the Commission with arguments to support the Commission's
analysis as to whether to approve or disapprove the Proposed Rule
Change.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
Pursuant to Section 19(b)(2)(B) of the Act,\9\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of, and input from commenters with respect to, the Proposed
Rule Change's consistency with Section 17A of the Act,\10\ and the
rules thereunder, including the following provisions:
---------------------------------------------------------------------------
\9\ Id.
\10\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
Section 17A(b)(3)(F) of the Act,\11\ which requires, among
other things, that the rules of a clearing agency must be designed to
promote the prompt and accurate clearance and settlement of securities
transactions, to assure the safeguarding of securities and funds which
are in the custody or control of the clearing agency or for which it is
responsible, and to protect investors and the public interest;
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
Section 17A(b)(3)(I) of the Act,\12\ which requires that
the rules of a clearing agency do not impose any burden on competition
not necessary or appropriate in furtherance of the purposes of the Act;
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78q-1(b)(3)(I).
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Rule 17Ad-22(e)(18) under the Act,\13\ which requires that
a covered clearing agency establish, implement, maintain, and enforce
written policies and procedures reasonably designed to establish
objective, risk-based, and publicly disclosed criteria for
participation, which permit fair and open access by direct and, where
relevant, indirect participants and other financial market utilities,
require participants to have sufficient financial resources and robust
operational capacity to meet obligations arising from participation in
the clearing agency, and monitor compliance with such participation
requirements on an ongoing basis.
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\13\ 17 CFR 240.17Ad-22(e)(18).
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IV. Procedure: Request for Written Comments
The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the Proposed Rule Change. In particular, the Commission invites
the written views of interested persons concerning whether the Proposed
Rule Change is consistent with Section 17A(b)(3)(F) of the Act,\14\
Section 17A(b)(3)(I) of the Act,\15\ Rule 17Ad-22(e)(18) under the
Act,\16\ or any other provision of the Act, or the rules and
regulations thereunder.
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\14\ 15 U.S.C. 78q-1(b)(3)(F).
\15\ 15 U.S.C. 78q-1(b)(3)(I).
\16\ 17 CFR 240.17Ad-22(e)(18).
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Interested persons are invited to submit written data, views, and
arguments regarding whether the Proposed Rule Change should be approved
or disapproved by April 20, 2022. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
May 4, 2022.
The Commission asks that commenters address the sufficiency of
DTC's statements in support of the Proposed Rule Change, which are set
forth in the Notice,\17\ in addition to any other comments they may
wish to submit about the Proposed Rule Change.
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\17\ See Notice, supra note 3.
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Comments may be submitted by any of the following methods:
[[Page 18453]]
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-DTC-2021-017 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-DTC-2021-017. 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 DTC 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-DTC-2021-017 and should be submitted on
or before April 20, 2022. Rebuttal comments should be submitted by May
4, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06513 Filed 3-29-22; 8:45 am]
BILLING CODE 8011-01-P
