[Federal Register Volume 82, Number 202 (Friday, October 20, 2017)]
[Notices]
[Page 48857]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22759]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81885; File Nos. SR-DTC-2017-004; SR-NSCC-2017-005; SR-
FICC-2017-008]


Self-Regulatory Organizations; The Depository Trust Company; 
National Securities Clearing Corporation; Fixed Income Clearing 
Corporation; Notice of Designation of Longer Period for Commission 
Action on Proceedings To Determine Whether To Approve or Disapprove 
Proposed Rule Changes, as Modified by Amendments No. 1 and No. 3, To 
Adopt the Clearing Agency Liquidity Risk Management Framework

October 16, 2017.
    On April 6, 2017, The Depository Trust Company (``DTC''), National 
Securities Clearing Corporation (``NSCC''), and Fixed Income Clearing 
Corporation (``FICC,'' and together with DTC and NSCC, the ``Clearing 
Agencies''), filed with the Securities and Exchange Commission 
(``Commission'') proposed rule changes SR-DTC-2017-004, SR-NSCC-2017-
005, SR-FICC-2017-008, respectively, pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder.\2\ On April 13, 2017, the Clearing Agencies each filed 
Amendment No. 1 to their respective proposed rule changes. The proposed 
rule changes, as modified in each instance by Amendment No. 1, were 
published for comment in the Federal Register on April 25, 2017.\3\ On 
June 7, 2017, the Commission designated a longer period for Commission 
Action on the proposed rule changes, as amended in each instance by 
Amendment No. 1.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 80489 (April 19, 2017), 
82 FR 19120 (April 25, 2017) (SR-DTC-2017-004, SR-NSCC-2017-005, SR-
FICC-2017-008).
    \4\ Securities Exchange Act Release No. 80877 (June 7, 2017), 82 
FR 27094 (June 13, 2017) (SR-DTC-2017-004, SR-NSCC-2017-005, SR-
FICC-2017-008).
---------------------------------------------------------------------------

    On July 20, 2017, the Clearing Agencies each filed Amendment No. 2 
to their respective proposed rule changes. On July 21, 2017, the 
Clearing Agencies each filed Amendment No. 3 to their respective 
proposed rule changes to supersede and replace Amendment No. 2, in its 
entirety, due to a technical defect. On July 28, 2017, the Commission 
published a notice in the Federal Register of filing Amendments No. 2 
and No. 3, and issued an order instituting proceedings under Section 
19(b)(2)(B) of the Act \5\ to determine whether to approve or 
disapprove the proposed rule changes, as amended.\6\ The Commission did 
not receive any comment letters on the proposed rule changes, as 
modified by Amendments No. 1 and No. 3.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2)(B)(i).
    \6\ See Securities Exchange Act Release No. 81194 (July 28, 
2017), 82 FR 35241 (July 28, 2017) (SR-DTC-2017-004; SR-NSCC-2017-
005; SR-FICC-2017-008).
---------------------------------------------------------------------------

    Section 19(b)(2)(B)(ii) of the Act 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.\7\ 
The Commission may, however, extend the period for issuing an order 
approving or disapproving the proposed rule change by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination.\8\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2)(B)(ii).
    \8\ Id.
---------------------------------------------------------------------------

    The 180th day after publication of the notice for the Proposed Rule 
Changes in the Federal Register is October 22, 2017. The Commission 
finds it appropriate to designate a longer period within which to issue 
an order approving or disapproving the proposed rule changes, as 
amended, so that it has sufficient time to consider the proposed rule 
changes and the amendments. Accordingly, the Commission, pursuant to 
Section 19(b)(2)(B)(ii) of the Act,\9\ designates December 21, 2017 as 
the date by which the Commission shall either approve or disapprove 
proposed rule changes SR-DTC-2017-004, SR-NSCC-2017-005, SR-FICC-2017-
008, as amended.
---------------------------------------------------------------------------

    \9\ Id.
    \10\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-22759 Filed 10-19-17; 8:45 am]
BILLING CODE 8011-01-P