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Home , December 14

80852 Federal Register / Vol. 85, No. 240 / Monday, 14, 2020 / Notices

Number SR–ISE–2020–40 and should be NSCC–2020–003 (‘‘Rule Filing’’) 6 and XV’’) 14 to state that the rule changes submitted on or before 4, 2021. advance notice SR–NSCC–2020–802 submitted pursuant to the Rule Filing 7 For the Commission, by the Division of (‘‘Advance Notice’’). and the Advance Notice have been approved and not objected to, Trading and Markets, pursuant to delegated II. Clearing Agency’s Statement of the 25 respectively, but are not yet authority. Purpose of, and Statutory Basis for, the implemented. The legends would J. Matthew DeLesDernier, Proposed Rule Change provide that these rule changes would Assistant Secretary. In its filing with the Commission, the be implemented by 28, 2021 [FR Doc. 2020–27390 Filed 12–11–20; 8:45 am] clearing agency included statements and include the file numbers of the Rule BILLING CODE 8011–01–P concerning the purpose of and basis for Filing and the Advance Notice. The the proposed rule change and discussed legends would also state that when the any comments it received on the rule changes are implemented, NSCC SECURITIES AND EXCHANGE proposed rule change. The text of these will announce the implementation by COMMISSION statements be examined at the important notice and the legends would places specified in Item IV below. The automatically be removed from Rule 1 [Release No. 34–90606; File No. SR–NSCC– clearing agency has prepared and Procedure XV. 2020–020] summaries, set forth in sections A, B, and C below, of the most significant 2. Statutory Basis Self-Regulatory Organizations; Fixed aspects of such statements. Section 17A(b)(3)(F) of the Act Income Clearing Corporation; Notice of (A) Clearing Agency’s Statement of the requires, in part, that the Rules be Filing and Immediate Effectiveness of designed to (i) promote the prompt and a Proposed Rule Change to Establish Purpose of, and Statutory Basis for, the Proposed Rule Change accurate clearance and settlement of Implementation Date of National securities transactions and (ii) remove Securities Clearing Corporation’s 1. Purpose impediments to and perfect the Enhancements to the Haircut-Based mechanism of a national system for the Volatility Charge Applicable to Illiquid On 6, 2020, the Securities and Exchange Commission (the prompt and accurate clearance and Securities and UITs and Making settlement of securities transactions, Certain Other Changes to Procedure ‘‘Commission’’) issued a notice of no 8 and, in general, to protect investors and XV objection to the Advance Notice, which was filed with the Commission pursuant the public interest.15 The proposed rule , 2020. to Section 806(e)(1) of Title VIII of the change would establish the Dodd-Frank Wall Street Reform and implementation date of rule changes Pursuant to Section 19(b)(1) of the Consumer Protection Act entitled the described above and provide Members Securities Exchange Act of 1934 Payment, Clearing, and Settlement with an understanding of when these (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Supervision Act of 2010 9 and Rule 19b– rule changes will begin to affect them. notice is hereby given that on (n)(1)(i) of the Act.10 The Commission Knowing when the rule changes will 7, 2020, National Securities Clearing also issued an order approving the Rule begin to affect Members would enable Corporation (‘‘NSCC’’) filed with the Filing on , 2020,11 which them to timely fulfill their obligations to Securities and Exchange Commission was filed by NSCC pursuant to Section NSCC, which would in turn ensure (‘‘Commission’’) the proposed rule 19(b)(2) of the Act.12 NSCC’s processes work as intended. change as described in Items I, II and III The purpose of the Rule Filing and Therefore, NSCC believes that the below, which Items have been prepared the Advance Notice is to amend the proposed rule change would promote by the clearing agency. NSCC filed the Rules to enhance the calculation of the prompt and accurate clearance and proposed rule change pursuant to certain components of the Clearing settlement of securities transactions as Section 19(b)(3)(A) 3 of the Act and Fund formula. well as remove impediments to and subparagraph (f)(4) 4 of Rule 19b–4 NSCC is filing this proposed rule perfect the mechanism of a national thereunder. The Commission is change to establish the rule changes system for the prompt and accurate publishing this notice to solicit submitted pursuant to the Rule Filing clearance and settlement of securities comments on the proposed rule change and the Advance Notice will be transactions, consistent with Section from interested persons. implemented by , 2021. 17A(b)(3)(F) of the Act cited above. I. Clearing Agency’s Statement of the NSCC would add a legend to Rule 1 (B) Clearing Agency’s Statement on Terms of Substance of the Proposed (Definitions and Descriptions) of the Burden on Competition Rule Change Rules (‘‘Rule 1’’) 13 and Procedure XV (Clearing Fund Formula and Other NSCC does not believe that the The proposed rule change consists of Matters) of the Rules (‘‘Procedure proposed rule change to establish an amendments to the NSCC Rules & implementation date for the rule 5 Procedures (the ‘‘Rules’’) in order to 6 See Securities Exchange Act Release No. 88474 changes described above would have establish order to establish the ( 25, 2020), 85 FR 17910 (, 2020) any impact, or impose any burden, on implementation date of rule changes (SR–NSCC–2020–003). competition because the proposed rule submitted pursuant to rule filing SR– 7 See Securities Exchange Act Release No. 88615 ( 9, 2020), 85 FR 21037 (, 2020) (SR– change is intended to provide additional NSCC–2020–802). clarity in the Rules with respect to when 25 17 CFR 200.30–3(a)(12). 8 See Securities Exchange Act Release No. 90367 these rule changes would be 1 15 U.S.C. 78s(b)(1). (, 2020) 85 FR 73099 (, implemented. As such, the proposed 2 17 CFR 240.19b–4. 2020) (SR–NSCC–2020–802). rule change would not affect the rights 9 3 15 U.S.C. 78s(b)(3)(A). 12 U.S.C. 5465(e)(1). or obligations of the Members or NSCC 4 10 17 CFR 240.19b–4(n)(1)(i). 17 CFR 240.19b–4(f)(4). other than establishing when the rule 5 Capitalized terms not defined herein are defined 11 See Securities Exchange Act Release No. 90502 in the Rules, available at (November 24, 2020) (SR–NSCC–2020–003). http://dtcc.com/∼/media/Files/Downloads/legal/ 12 15 U.S.C. 78s(b)(2). 14 Procedure XV, supra note 5. rules/nscc_rules.pdf. 13 Rule 1, supra note 5. 15 15 U.S.C. 78q–1(b)(3)(F).

VerDate Sep<11>2014 02:51 Dec 12, 2020 Jkt 253001 PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 E:\FR\FM\14DEN1.SGM 14DEN1 jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 85, No. 240 / Monday, December 14, 2020 / Notices 80853

changes described above would begin to change that are filed with the Automated Price Improvement impact the Members. Commission, and all written Mechanism (‘‘AIM’’) and the Complex communications relating to the Automated Price Improvement (C) Clearing Agency’s Statement on proposed rule change between the Mechanism (‘‘C–AIM’’) in S&P 500® Comments on the Proposed Rule Commission and any person, other than Index Options (‘‘SPX’’). The proposed Change Received from Members, those that may be withheld from the rule change was published for comment Participants, or Others public in accordance with the in the Federal Register on 18, NSCC has not received or solicited provisions of 5 U.S.C. 552, will be 2020.3 On 23, 2020, the Exchange any written comments relating to this available for website viewing and submitted Amendment No. 1 to the proposal. NSCC will notify the printing in the Commission’s Public proposed rule change, which replaced Commission of any written comments Reference Room, 100 F Street, NE, and superseded the proposed rule received by NSCC. Washington, DC 20549 on official change in its entirety.4 On , 2020, business days between the hours of pursuant to Section 19(b)(2) of the Act,5 III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of the the Commission designated a longer Proposed Rule Change, and Timing for filing also will be available for period within which to approve the Commission Action inspection and copying at the principal proposed rule change, disapprove the The foregoing rule change has become office of NSCC and on DTCC’s website proposed rule change, or institute effective pursuant to Section (http://dtcc.com/legal/sec-rule- proceedings to determine whether to 19(b)(3)(A) 16 of the Act and paragraph filings.aspx). All comments received disapprove the proposed rule change.6 (f) 17 of Rule 19b–4 thereunder. At any will be posted without change. Persons On 21, 2020, the Commission time within 60 days of the filing of the submitting comments are cautioned that published notice of Amendment No. 1 proposed rule change, the Commission we do not redact or edit personal and instituted proceedings under summarily may temporarily suspend identifying information from comment Section 19(b)(2)(B) of the Act 7 to such rule change if it appears to the submissions. You should submit only determine whether to approve or Commission that such action is information that you wish to make disapprove the proposed rule change, as necessary or appropriate in the public available publicly. All submissions modified by Amendment No. 1.8 interest, for the protection of investors, should refer to File Number SR–NSCC– Section 19(b)(2) of the Act 9 provides or otherwise in furtherance of the 2020–020 and should be submitted on that, after initiating disapproval purposes of the Act. or before , 2021. proceedings, the Commission shall issue an order approving or disapproving the IV. Solicitation of Comments For the Commission, by the Division of Trading and Markets, pursuant to delegated proposed rule change not later than 180 Interested persons are invited to authority.18 days after the date of publication of submit written data, views and J. Matthew DeLesDernier, notice of filing of the proposed rule arguments concerning the foregoing, Assistant Secretary. change. The Commission may extend including whether the proposed rule the period for issuing an order [FR Doc. 2020–27396 Filed 12–11–20; 8:45 am] change is consistent with the Act. approving or disapproving the proposed Comments may be submitted by any of BILLING CODE 8011–01–P rule change, however, by not more than the following methods: 60 days if the Commission determines that a longer period is appropriate and Electronic Comments SECURITIES AND EXCHANGE COMMISSION publishes the reasons for such • Use the Commission’s internet determination. The date of publication comment form [Release No. 34–90594; File No. SR–CBOE– of notice of filing of the proposed rule (http://www.sec.gov/rules/sro.shtml); 2020–051] change was , 2020. , or 2020, is 180 days from that date, and • Send an email to rule-comments@ Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation sec.gov. Please include File Number SR– 3 See Securities Exchange Act Release No. 89058 NSCC–2020–020 on the subject line. of a Longer Period for Commission (, 2020), 85 FR 36918. Comments received Action on Proceedings To Determine on the proposed rule change are available on the Paper Comments Whether To Approve or Disapprove a Commission’s website at: https://www.sec.gov/ • Proposed Rule Change, as Modified by comments/sr-cboe-2020-051/srcboe2020051.htm. Send paper comments in triplicate 4 In Amendment No. 1, the Exchange: (1) to Secretary, Securities and Exchange Amendment No. 1, To Amend the Amended its proposal to modify the proposed Commission, 100 F Street, NE, Automated Price Improvement Auction maximum size requirement for AIM and C–AIM Washington, DC 20549. Rules in Connection With Agency agency orders in SPX to ten contracts rather than Order Size Requirements a size determined by the Exchange of up to 100 All submissions should refer to File contracts, specify that this size requirement would Number SR–NSCC–2020–020. This file December 8, 2020. apply to all agency orders in SPX, and make related number should be included on the conforming changes to its proposed rule text; and On , 2020, Cboe Exchange, Inc. (2) provided additional data, justification, and subject line if email is used. To help the (‘‘Exchange’’) filed with the Securities support for its modified proposal. The full text of Commission process and review your and Exchange Commission Amendment No. 1 is available on the Commission’s comments more efficiently, please use (‘‘Commission’’), pursuant to Section website at: https://www.sec.gov/comments/sr-cboe- only one method. The Commission will 2020-051/srcboe2020051-7470738-221292.pdf. 19(b)(1) of the Securities Exchange Act 5 15 U.S.C. 78s(b)(2). post all comments on the Commission’s 1 of 1934 (‘‘Act’’) and Rule 19b–4 6 See Securities Exchange Act Release No. 89399, internet website (http://www.sec.gov/ thereunder,2 a proposed rule change 85 FR 46202 (, 2020). The Commission rules/sro.shtml). Copies of the permitting the Exchange to impose a designated 16, 2020 as the date by which submission, all subsequent maximum size requirement for an the Commission shall approve or disapprove, or institute proceedings to determine whether to amendments, all written statements agency order submitted into the disapprove, the proposed rule change. with respect to the proposed rule 7 15 U.S.C. 78s(b)(2)(B). 18 17 CFR 200.30–3(a)(12). 8 See Securities Exchange Act Release No. 89636, 16 15 U.S.C 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1). 85 FR 53029 (, 2020). 17 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4. 9 15 U.S.C. 78s(b)(2).

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