Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Change To Adopt the FINRA Rule 6500 Series (Securities Lending and Transparency Engine (SLATETM)), 87448-87449 [2024-25426]
Download as PDF
<![CDATA[
87448
Federal Register / Vol. 89, No. 212 / Friday, November 1, 2024 / Notices
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.39
A proposed rule change filed under
Rule 19b–4(f)(6) 40 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),41 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest.
At any time within 60 days of the
filing of such 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. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 42 of the Act 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:
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–
NYSEAMER–2024–62 on the subject
line.
khammond on DSKJM1Z7X2PROD with NOTICES
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–NYSEAMER–2024–62. 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/
39 17 CFR 240.19b–4(f)(6)(iii). In addition,
Rule19b–4(f)(6)(iii) requires a self-regulatory
organization to give the Commission written notice
of its intent to file the proposed rule change, along
with a brief description and text of the proposed
rule change, at least five business days prior to the
date of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
40 17 CFR 240.19b–4(f)(6).
41 17 CFR 240.19b–4(f)(6)(iii).
42 15 U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
16:47 Oct 31, 2024
Jkt 265001
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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–NYSEAMER–2024–62 and should
be submitted on or before November 22,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.43
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–25427 Filed 10–31–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101450; File No. SR–
FINRA–2024–007]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Designation
of Longer Period for Commission
Action on Proceedings To Determine
Whether To Approve or Disapprove
Proposed Rule Change To Adopt the
FINRA Rule 6500 Series (Securities
Lending and Transparency Engine
(SLATETM))
October 28, 2024.
On May 1, 2024, the Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’) 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 a
43 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b-4.
1 15
PO 00000
Frm 00125
Fmt 4703
Sfmt 4703
proposed rule change to adopt the new
FINRA Rule 6500 Series (Securities
Lending and Transparency Engine
(SLATETM)) to (1) require reporting of
securities loans; and (2) provide for the
public dissemination of loan
information. The proposed rule change
was published for comment in the
Federal Register on May 7, 2024.3 On
June 10, 2024, the Commission
extended, until August 5, 2024, the time
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
disapprove the proposed rule change.4
On August 5, 2024, the Commission
instituted proceedings under Section
19(b)(2)(B) of the Act 5 to determine
whether to approve or disapprove the
proposed rule change, and allow for
additional analysis of, and input from
commenters with respect to, the scope
and implementation of the proposed
rules.6
Section 19(b)(2) of the Act 7 provides
that, after initiating proceedings, the
Commission shall issue an order
approving or disapproving the proposed
rule change not later than 180 days after
the date of publication of notice of filing
of the proposed rule change. The
Commission may extend the period for
issuing an order approving or
disapproving the proposed rule change,
however, by not more than 60 days if
the Commission determines that a
longer period is appropriate and
publishes the reasons for such
determination. The proposed rule
change was published for notice and
comment in the Federal Register on
May 7, 2024.8 November 3, 2024 is 180
days from that date, and January 2, 2025
is 240 days from that date.
The Commission finds it is
appropriate to designate a longer period
within which to issue an order
approving or disapproving the proposed
rule change so that it has sufficient time
to consider the proposed rule change
and its comments. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,9 designates January
2, 2025 as the date by which the
Commission shall either approve or
3 See Securities Exchange Act Release No. 100046
(May 1, 2024), 89 FR 38203 (May 7, 2024)
(‘‘Notice’’). Comments received on the proposed
rule change are available at: https://www.sec.gov/
comments/sr-finra-2024-007/srfinra2024007.htm.
4 See Securities Exchange Act Release No. 100305
(June 10, 2024), 89 FR 50644 (June 14, 2024).
5 15 U.S.C. 78s(b)(2)(B).
6 See Securities Exchange Act Release No. 100655
(August 5, 2024), 89 FR 65441 (August 9, 2024)
(‘‘Order Instituting Proceedings’’).
7 15 U.S.C. 78s(b)(2).
8 See Notice, supra note 3.
9 15 U.S.C. 78s(b)(2).
E:\FR\FM\01NON1.SGM
01NON1
Federal Register / Vol. 89, No. 212 / Friday, November 1, 2024 / Notices
disapprove the proposed rule change
(File No. SR–FINRA–2024–007).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–25426 Filed 10–31–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101455; File No. SR–FICC–
2024–802]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing of Partial Amendment No. 1 to
Advance Notice To Modify the GSD
Rules (i) Regarding the Separate
Calculation, Collection and Holding of
Margin for Proprietary Transactions
and That for Indirect Participant
Transactions, and (ii) To Address the
Conditions of Note H to Rule 15c3–3a
October 28, 2024.
On March 14, 2024, Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) advance
notice SR–FICC–2024–802 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 (‘‘Clearing
Supervision Act’’) 1 and Rule 19b–
4(n)(1)(i) under the Securities Exchange
Act of 1934 (‘‘Exchange Act’’).2 In the
advance notice, FICC proposes to
modify its Government Securities
Division (‘‘GSD’’) Rulebook (‘‘GSD
Rules’’) to calculate, collect, and hold
margin for proprietary transactions of a
direct participant separately from
margin submitted to FICC by a direct
participant on behalf of indirect
participants and to address conditions
of Note H to Rule 15c3–3a under the
Exchange Act (the ‘‘Advance Notice’’).3
The Advance Notice was published for
public comment in the Federal Register
on March 28, 2024.4 Upon publication
10 17
CFR 200.30–3(a)(57).
U.S.C. 5465(e)(1).
2 17 CFR 240.19b–4(n)(1)(i).
3 See Securities Exchange Act Release No. 99149
(Dec. 13, 2023), 89 FR 2714 (Jan. 16, 2024) (S7–23–
22) (‘‘Adopting Release,’’ and the rules adopted
therein as ‘‘Treasury Clearing Rules’’). See also 17
CFR 240.15c3–3a.
4 Securities Exchange Act Release No. 99845
(Mar. 22, 2024), 89 FR 21586 (Mar. 28, 2024) (File
No. SR–FICC–2024–802) (‘‘Notice of Filing’’). On
March 14, 2024, FICC filed the Advance Notice as
a proposed rule change with the Commission
pursuant to Section 19(b)(1) of the Exchange Act,
15 U.S.C. 78s(b)(1), and Rule 19b–4 thereunder, 17
khammond on DSKJM1Z7X2PROD with NOTICES
1 12
VerDate Sep<11>2014
16:47 Oct 31, 2024
Jkt 265001
of notice of filing of the Advance Notice,
the Commission extended the review
period of the Advance Notice for an
additional 60 days because the
Commission determined that the
Advance Notice raised novel and
complex issues.5
On April 24, 2024, the Commission
requested additional information from
FICC pursuant to Section 806(e)(1)(D) of
the Clearing Supervision Act, which
tolled the Commission’s period of
review of the Advance Notice until 120
days from the date the information
requested by the Commission was
received by the Commission.6 On June
25, 2024, the Commission received
FICC’s response to the Commission’s
request for additional information.7 On
September 24, 2024, the Commission
requested additional information from
FICC pursuant to Section 806(e)(1)(D) of
the Clearing Supervision Act, which
tolled the Commission’s period of
review of the Advance Notice until 120
days from the date the information
requested by the Commission was
received by the Commission.8
CFR 240.19b–4. Securities Exchange Act Release
No. 99844 (March 22, 2024), 89 FR 21603 (Mar. 28,
2024) (File No. SR–FICC–2024–007) (‘‘Proposed
Rule Change’’). On April 24, 2024, 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, pursuant to section 19(b)(2)
of the Exchange Act, 15 U.S.C. 78s(b)(2)(ii).
Securities Exchange Act Release No. 100022 (Apr.
24, 2024), 89 FR 34289 (Apr. 30, 2024) (File No.
SR–FICC–2024–007). On June 21, 2024, the
Commission published in the Federal Register an
Order Instituting Proceedings to determine whether
to approve or disapprove the proposed rule change.
Securities Exchange Act Release No. 100401 (Jun.
21, 2024), 89 FR 53690 (Jun. 27, 2024) (File No. SR–
FICC–2024–007). On September 18, 2024, the
Commission designated a longer period for
Commission action on the proceedings to determine
whether to disapprove the proposed rule change,
until November 10, 2024. Securities Exchange Act
Release No. 101082 (Sep. 18, 2024), 89 FR 77949
(Sep. 24, 2024) (File No. SR–FICC–2024–007).
5 Pursuant to Section 806(e)(1)(H) of the Clearing
Supervision Act, the Commission may extend the
review period of an advance notice for an
additional 60 days, if the changes proposed in the
advance notice raise novel or complex issues,
subject to the Commission providing the financial
market utility (‘‘FMU’’) with prompt written notice
of the extension.12 U.S.C. 5465(e)(1)(H); see supra
note 4, 89 FR at 21602 (explaining the
Commission’s rationale for determining that the
proposed changes in the Advance Notice raise
novel and complex issues).
6 See 12 U.S.C. 5465(e)(1)(D). A memo regarding
the Request for Additional Information and the
tolled period of review is available at https://
www.sec.gov/comments/sr-ficc-2024-802/
srficc2024802-462751-1210414.pdf.
7 See 12 U.S.C. 5465(e)(1)(E)(ii) and (G)(ii); A
memo regarding its receipt of FICC’s response to the
Request for Additional Information is available at
https://www.sec.gov/comments/sr-ficc-2024-802/
srficc2024802-494123-1433426.pdf.
8 See 12 U.S.C. 5465(e)(1)(D). A memo regarding
the Request for Additional Information and the
tolled period of review is available at https://
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
87449
The Commission has received
comments regarding the substance of
the Advance Notice.9 The Commission
also received a letter from FICC
responding to the comments.10
Pursuant to Section 806(e)(1) of the
Clearing Supervision Act and Rule 19b–
4(n)(1)(i) under the Exchange Act,
notice is hereby given that on October
25, 2024, FICC filed with the
Commission Partial Amendment No. 1
as described in Item I below.11 The
Commission is publishing this notice to
solicit comments on Partial Amendment
No. 1 from interested persons.
I. Summary of the Terms of Substance
of Partial Amendment No. 1 to the
Advance Notice
FICC filed Partial Amendment No. 1
to its previously submitted Advance
Notice, which would make several
changes to FICC’s GSD Rules to (1)
provide for FICC to calculate, collect,
and hold margin for the proprietary
transactions of a Netting Member
separately and independently from the
margin for transactions that the Netting
Member submits to FICC on behalf of
indirect participants; (2) simplify and
revise the account types through which
Members may record transactions at
FICC and adopt a new Rule 2B to
provide clearer public disclosures
through the Rules regarding the GSD
account structure; (3) allow Netting
Members to elect for margin for indirect
participant transactions to be calculated
on a gross basis (i.e., an indirect
participant-by-indirect participant basis)
and legally segregated from the margin
for the Netting Member’s proprietary
www.sec.gov/comments/sr-ficc-2024-802/
srficc2024802-524215-1504462.pdf.
9 Comments on the Advance Notice are available
at https://www.sec.gov/comments/sr-ficc-2024-802/
srficc2024802.htm. Comments on the Proposed
Rule Change are available at https://www.sec.gov/
comments/sr-ficc-2024-007/srficc2024007.htm.
Because the proposals contained in the Proposed
Rule Change and the Advance Notice are the same,
the Commission considers all comments received
on the proposal, regardless of whether the
comments are submitted with respect to the
Advance Notice or the Proposed Rule Change. The
comment letters to the Proposed Rule Change and
Advance Notice also contained comments on the
substance of another FICC proposed rule change,
FICC–2024–005. The Commission will only be
considering comments relevant to this proposal and
will address the comments on the other proposed
rule change in a separate order.
10 See Letter from Laura Klimpel, Managing
Director, Head of Fixed Income and Financing
Solutions, Depository Trust & Clearing Corporation,
(Aug. 1, 2024) (‘‘FICC Letter’’).
11 Text of the proposed changes made by the
Partial Amendment No. 1 to the Advance Notice is
available at https://www.sec.gov/rules-regulations/
self-regulatory-organization-rulemaking. The GSD
Rules are available at https://www.dtcc.com/∼/
media/Files/Downloads/legal/rules/ficc_gov_
rules.pdf. Terms not otherwise defined herein are
defined in the GSD Rules or in the Advance Notice.
E:\FR\FM\01NON1.SGM
01NON1
]]>Agencies
[Federal Register Volume 89, Number 212 (Friday, November 1, 2024)]
[Notices]
[Pages 87448-87449]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-25426]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101450; File No. SR-FINRA-2024-007]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Designation of Longer Period for Commission
Action on Proceedings To Determine Whether To Approve or Disapprove
Proposed Rule Change To Adopt the FINRA Rule 6500 Series (Securities
Lending and Transparency Engine (SLATETM))
October 28, 2024.
On May 1, 2024, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') 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\ a
proposed rule change to adopt the new FINRA Rule 6500 Series
(Securities Lending and Transparency Engine (SLATETM)) to
(1) require reporting of securities loans; and (2) provide for the
public dissemination of loan information. The proposed rule change was
published for comment in the Federal Register on May 7, 2024.\3\ On
June 10, 2024, the Commission extended, until August 5, 2024, the time
period within which to approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
disapprove the proposed rule change.\4\ On August 5, 2024, the
Commission instituted proceedings under Section 19(b)(2)(B) of the Act
\5\ to determine whether to approve or disapprove the proposed rule
change, and allow for additional analysis of, and input from commenters
with respect to, the scope and implementation of the proposed rules.\6\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 100046 (May 1,
2024), 89 FR 38203 (May 7, 2024) (``Notice''). Comments received on
the proposed rule change are available at: https://www.sec.gov/comments/sr-finra-2024-007/srfinra2024007.htm.
\4\ See Securities Exchange Act Release No. 100305 (June 10,
2024), 89 FR 50644 (June 14, 2024).
\5\ 15 U.S.C. 78s(b)(2)(B).
\6\ See Securities Exchange Act Release No. 100655 (August 5,
2024), 89 FR 65441 (August 9, 2024) (``Order Instituting
Proceedings'').
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \7\ provides that, after initiating
proceedings, the Commission shall issue an order approving or
disapproving the proposed rule change not later than 180 days after the
date of publication of notice of filing of the proposed rule change.
The Commission may extend the period for issuing an order approving or
disapproving the proposed rule change, however, by not more than 60
days if the Commission determines that a longer period is appropriate
and publishes the reasons for such determination. The proposed rule
change was published for notice and comment in the Federal Register on
May 7, 2024.\8\ November 3, 2024 is 180 days from that date, and
January 2, 2025 is 240 days from that date.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(2).
\8\ See Notice, supra note 3.
---------------------------------------------------------------------------
The Commission finds it is appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change and its comments. Accordingly, the Commission, pursuant to
Section 19(b)(2) of the Act,\9\ designates January 2, 2025 as the date
by which the Commission shall either approve or
[[Page 87449]]
disapprove the proposed rule change (File No. SR-FINRA-2024-007).
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-25426 Filed 10-31-24; 8:45 am]
BILLING CODE 8011-01-P
