Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change To Make Certain Enhancements to the Gap Risk Measure and the VaR Charge, 5953 [2023-01742]

Download as PDF Federal Register / Vol. 88, No. 19 / Monday, January 30, 2023 / Notices Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 602 of Regulation NMS (17 CFR 240.602), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 602 of Regulation NMS, Dissemination of Quotations in NMS securities, contains two related collections. The first collection of information is found in Rule 602(a).1 This third-party disclosure requirement obligates each national securities exchange and national securities association to make available to quotation vendors for dissemination to the public the best bid, best offer, and aggregate quotation size for each ‘‘subject security,’’ as defined under the Rule. The second collection of information is found in Rule 602(b).2 This disclosure requirement obligates any exchange member and over-thecounter (‘‘OTC’’) market maker that is a ‘‘responsible broker or dealer,’’ as defined under the Rule, to communicate to an exchange or association their best bids, best offers, and quotation sizes for subject securities.3 It is anticipated that 25 respondents, consisting of 24 national securities exchanges and one national securities association, will collectively respond approximately 19,093,763,801,315 times per year pursuant to Rule 602(a) at 18.22 microseconds per response, resulting in a total annual burden of approximately 96,625 hours. It is anticipated that no respondents will have a reporting burden pursuant to Rule 602(b).4 Thus, the aggregate third-party disclosure burden under Rule 602 is approximately 96,625 hours annually which is comprised of 96,625 hours 1 17 CFR 242.602(a). CFR 242.602(b). 3 Under Rule 602(b)(5), electronic communications networks (‘‘ECNs’’) have the option of reporting to an exchange or association for public dissemination, on behalf of customers that are OTC market makers or exchange market makers, the best-priced orders and the full size for such orders entered by market makers on the ECN, to satisfy such market makers’ reporting obligation under Rule 602(b). Since this reporting requirement is an alternative method of meeting the market makers’ reporting obligation, and because it is directed to nine or fewer persons (ECNs), this collection of information is not subject to OMB review under the Paperwork Reduction Act (‘‘PRA’’). 4 For the reporting obligation under Rule 602(b), the respondents are exchange members and OTC market makers. The Commission believes that communication of quotations through an exchange’s electronic trading system effectively means that exchange members currently have no reporting burden under Rule 602(b) for these quotations. The Commission also believes that there are presently no OTC market makers that quote other than on an exchange. lotter on DSK11XQN23PROD with NOTICES1 2 17 VerDate Sep<11>2014 17:30 Jan 27, 2023 Jkt 259001 relating to Rule 602(a) and 0 hours relating to Rule 602(b). Compliance with Rule 602 of Regulation NMS is mandatory and the information collected is made available to the public. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent by March 1, 2023 to (i) www.reginfo.gov/ public/do/PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@ sec.gov. Dated: January 24, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–01740 Filed 1–27–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–96740; File No. SR–NSCC– 2022–015] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change To Make Certain Enhancements to the Gap Risk Measure and the VaR Charge On December 2, 2022, National Securities Clearing Corporation (‘‘NSCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) proposed rule change SR–NSCC–2022– 015 (the ‘‘Proposed Rule Change’’) pursuant to section 19(b)(1) of the Securities 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 21, 2022,3 and the Commission has received one comment 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 96511 (Dec. 15, 2022), 87 FR 78157 (Dec. 21, 2022) (File No. SR–NSCC–2022–015) (‘‘Notice of Filing’’). 2 17 Frm 00104 Fmt 4703 regarding the changes proposed in the Proposed Rule Change.4 Section 19(b)(2) of the Act 5 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 February 4, 2023. The Commission is extending the 45day 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 6 and for the reasons stated above, the Commission designates March 21, 2023, as the date by which the Commission shall either approve, disapprove, or institute proceedings to determine whether to disapprove proposed rule change SR– NSCC–2022–015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–01742 Filed 1–27–23; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF STATE [Public Notice: 11981] January 24, 2023. PO 00000 5953 Sfmt 4703 Overseas Security Advisory Council (OSAC) Renewal The Department of State has renewed the Charter of the Overseas Security Advisory Council. This federal advisory committee will continue to interact on overseas security matters of mutual interest between the U.S. Government and the American private sector. The Council’s initiatives and security publications provide a unique contribution to protecting American 4 Comments are available at https://www.sec.gov/ comments/sr-nscc-2022-015/srnscc2022015.htm. 5 15 U.S.C. 78s(b)(2). 6 Id. 7 17 CFR 200.30–3(a)(31). E:\FR\FM\30JAN1.SGM 30JAN1

Agencies

[Federal Register Volume 88, Number 19 (Monday, January 30, 2023)]
[Notices]
[Page 5953]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-01742]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96740; File No. SR-NSCC-2022-015]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Designation of Longer Period for Commission 
Action on a Proposed Rule Change To Make Certain Enhancements to the 
Gap Risk Measure and the VaR Charge

January 24, 2023.
    On December 2, 2022, National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') proposed rule change SR-NSCC-2022-015 (the ``Proposed 
Rule Change'') pursuant to section 19(b)(1) of the Securities 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 21, 2022,\3\ and the Commission has received one comment 
regarding the changes proposed in the Proposed Rule Change.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 96511 (Dec. 15, 
2022), 87 FR 78157 (Dec. 21, 2022) (File No. SR-NSCC-2022-015) 
(``Notice of Filing'').
    \4\ Comments are available at https://www.sec.gov/comments/sr-nscc-2022-015/srnscc2022015.htm.
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    Section 19(b)(2) of the Act \5\ 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 February 4, 2023.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day 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 \6\ and for 
the reasons stated above, the Commission designates March 21, 2023, as 
the date by which the Commission shall either approve, disapprove, or 
institute proceedings to determine whether to disapprove proposed rule 
change SR-NSCC-2022-015.
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    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-01742 Filed 1-27-23; 8:45 am]
BILLING CODE 8011-01-P
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