[Federal Register Volume 87, Number 178 (Thursday, September 15, 2022)]
[Notices]
[Pages 56724-56732]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-19915]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95723; File No. SR-NSCC-2022-012]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change To Make a Number of Clarifications and Enhancements to 
NSCC's Rules & Procedures

September 9, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on September 1, 2022, National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II 
and III below, which Items have been prepared by the clearing agency. 
NSCC filed the proposed rule change pursuant to Section 19(b)(3)(A) of 
the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change consists of amendments to NSCC's Rules & 
Procedures (``Rules'') in order to make a number of clarifications and 
enhancements to the Rules. Specifically, the proposed rule change would 
(i) clarify the confidential treatment of non-public information 
provided by participants to NSCC as part of ongoing membership 
requirements; (ii) remove outdated rules and procedures related to the 
maintenance of Sponsored Accounts; (iii) update NSCC's rules concerning 
the acceptance and reliance upon instructions provided by its members; 
(iv) modify certain rules and procedures related to the DTCC Limit 
Monitoring Risk Management Tool; (v) remove rules, procedures, fees, 
and addenda related to the inactive Global Clearance Network Service; 
(vi) remove rules and fees related to the inactive International Link 
Service; (vii) clarify certain CNS Accounting Operation procedures; 
(viii) consolidate rules concerning the imposition of fines; (ix) 
clarify rules concerning admission to NSCC's premises; (x) remove 
reference to certain special services no longer provided by NSCC; and 
(xi) modify procedures concerning two-sided trade data received from 
service bureaus. NSCC is filing the proposed rule change for immediate 
effectiveness pursuant to Section 19(b)(3)(A) of the Act \5\ and Rule 
19b-4(f)(6) thereunder,\6\ and as described in greater detail below.\7\
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    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 17 CFR 240.19b-4(f)(6).
    \7\ Capitalized terms not defined herein are defined in the 
Rules, available at http://dtcc.com/~/media/Files/Downloads/legal/
rules/nscc_rules.pdf.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, the clearing agency included 
statements concerning the purpose of and basis for the proposed rule 
change and discussed any comments it received on the proposed rule 
change. The text of these statements may be examined at the places 
specified in Item IV below. The clearing agency has prepared summaries, 
set forth in sections A, B, and C below, of the most significant 
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    The proposed rule change consists of modifications to NSCC's Rules 
to (i) clarify the confidential treatment of non-public information 
provided by participants to NSCC as part of ongoing membership 
requirements; (ii) remove outdated rules and procedures related to the 
maintenance of Sponsored Accounts; (iii) update NSCC's rules concerning 
the acceptance and reliance upon instructions provided by its members; 
(iv) modify certain rules and procedures related to the DTCC Limit 
Monitoring Risk Management Tool; (v) remove rules, procedures, fees, 
and addenda related to the inactive Global Clearance Network Service; 
(vi) remove rules and fees related to the inactive International Link 
Service; (vii) clarify certain CNS Accounting Operation procedures; 
(viii) consolidate rules concerning the imposition of fines; (ix) 
clarify rules concerning admission to NSCC's premises; (x) remove 
reference to certain special services no longer provided by NSCC; and 
(xi) modify procedures concerning two-sided trade data received from 
service bureaus. The proposed changes are discussed in detail below.

[[Page 56725]]

(i) Non-Public Information Provided to NSCC
    NSCC recently adopted a proposed rule change to, among other 
things, revise certain provisions in the Rules relating to the 
confidentiality of information furnished by applicants, Members, and 
Limited Members (collectively, ``participants'') to NSCC.\8\ 
Specifically, the proposed rule change amended Section 1.C. of Rule 2A 
(concerning membership application documents) and Section 3 of Rule 15 
(concerning the examination and provision of adequate assurance of the 
financial responsibility and operational capability of participants) to 
state that ``[a]ny non-public information furnished to the Corporation 
pursuant to this Rule shall be held in confidence as may be required 
under the laws, rules and regulations applicable to the Corporation 
that relate to the confidentiality of records.'' The proposed rule 
change was intended to provide one standard that NSCC would apply 
uniformly to all participants, which assures participants that such 
information would be held in confidence with appropriate control.
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    \8\ See Securities Exchange Act Release No. 93278 (October 8, 
2021), 86 FR 57229 (October 14, 2021) (SR-NSCC-2021-007).
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    In addition to the requirements above, Section 2 of Rule 2B 
requires that participants submit to NSCC certain reports and 
information as part of their ongoing membership requirements and 
monitoring. Some of the reporting required by Section 2 of Rule 2B 
includes non-public information of participants. NSCC proposes to add 
conforming language to Rule 2B to clarify the confidential treatment of 
such information consistent with the requirements of Section 1.C. of 
Rule 2A and Section 3 of Rule 15. Specifically, NSCC proposes to amend 
Section 2.A. of Rule 2B to state that ``[a]ny non-public information 
furnished to the Corporation pursuant to this Rule shall be held in 
confidence as may be required under the laws, rules and regulations 
applicable to the Corporation that relate to the confidentiality of 
records.'' Non-public information may include certain reports, opinions 
and tax and cybersecurity confirmations as required by the Rules and 
any material non-public information or other information and data that 
NSCC reasonably determines is not made available to the public. The 
proposed change would further NSCC's goal of setting forth one 
consistent standard that NSCC would apply uniformly to all 
participants, which assures participants that such information would be 
held in confidence with appropriate control.
(ii) Sponsored Accounts
    NSCC's Rules refer to certain circumstances under which it has the 
discretionary authority to maintain Sponsored Accounts for its Members 
at The Depository Trust Company (``DTC''). NSCC Rule 29 provides that 
each Member shall be a participant in a Qualified Securities Depository 
(i.e., DTC), and if at any time a Member is not a participant of a 
Qualified Securities Depository, NSCC may cease to act for such Member 
pursuant to Rule 46. Rule 29 further provides that, during the interim 
between the time that such Member is no longer a participant in a 
Qualified Securities Depository and the time that NSCC ceases to act 
for the Member, such Member shall be required to effect securities 
settlement by physical delivery or in the discretion of NSCC through a 
Sponsored Account. Rule 46 also provides that NSCC may require a 
participant to effect securities settlement through a Sponsored 
Account, rather than through its own depository account, as part of a 
suspension or prohibition/limitation on a participant's access to 
services.
    In addition, Procedure IX.B. provides procedures for the 
maintenance of Sponsored Accounts, including for Members that may 
choose not to maintain direct membership in a Qualified Securities 
Depository. Pursuant to this procedure, each Member would be assigned a 
Qualified Securities Depository account number and use that account as 
if it were a direct participant of the Qualified Securities Depository; 
however, the account would be maintained under the jurisdiction of 
NSCC, which would be solely responsible for all liabilities arising 
from the use of the account including the payment of fees to the 
Qualified Securities Depository. NSCC Rule 4 also contains several 
footnotes concerning the treatment of Clearing Fund deposits for such 
Sponsored Accounts. Section 7 of Rule 4 further provides, in part, that 
NSCC may retain for up to two (2) years the Actual Deposits from 
Members who have Sponsored Accounts at DTC.
    As a practical matter, NSCC does not currently maintain any 
Sponsored Accounts or plan to utilize Sponsored Accounts in the 
foreseeable future. NSCC does not believe there would be a plausible 
scenario in which it would continue to act for a Member and sponsor an 
account at DTC to settle for a Member whose participation at DTC has 
been terminated (whether voluntarily or through DTC ceasing to act for 
the participant). In the event that an NSCC Member was no longer an 
active participant of DTC, NSCC would cease to act for such Member 
pursuant to its authority under Rule 29 and implement the close-out 
procedures contemplated in Rule 18 and related NSCC policies and 
procedures (which do not currently contemplate the use of Sponsored 
Accounts). NSCC therefore proposes to revise the last sentence of Rule 
29 to delete the reference to the discretionary use of Sponsored 
Accounts in a cease to act scenario and revise Rule 46 to remove 
references to NSCC's authority to require a participant to effect 
securities settlement through a Sponsored Account, rather than through 
its own depository account, as part of a suspension or prohibition/
limitation of a participant's access to services.
    NSCC also proposes to delete Procedure IX.B. concerning the 
procedures for maintaining Sponsored Accounts for Members that choose 
not to maintain direct membership in a Qualified Securities Depository. 
As noted above, NSCC Rule 29 provides that each Member shall be a 
participant in a Qualified Securities Depository, and all current NSCC 
Members are participants of DTC. NSCC does not currently provide 
Sponsored Accounts for any of its Members and does not have plans to 
provide any new Sponsored Accounts at this time.\9\ NSCC would also 
make conforming changes to Rule 4 to remove certain statements and 
footnotes discussed above regarding the collection and maintenance of 
Clearing Fund deposits for Sponsored Accounts, as these Rules would no 
longer be applicable in the absence of any Sponsored Accounts.
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    \9\ NSCC believes that its last Sponsored Account may have been 
retired in 2011.
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    NSCC believes that removing rules and procedures related to 
inactive services and operations would improve the accuracy and clarity 
of its rules. Moreover, NSCC believes that removing Rules concerning 
inactive Sponsored Account services would avoid potential confusion 
with the sponsored membership program for NSCC's Securities Financing 
Transaction Clearing Service.\10\ If NSCC would choose to offer 
Sponsored Accounts or a similar arrangement at some point in the 
future, NSCC would reevaluate the rules, procedures and operational

[[Page 56726]]

processes necessary to provide such a service and would file any 
necessary proposed rule changes to effectuate the change.
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    \10\ See Securities Exchange Act Release No. 95011 (May 31, 
2022), 87 FR 34339 (June 6, 2022) (SR-NSCC-2022-003). NSCC also 
filed the Securities Financing Transaction Clearing Service proposal 
as an advance notice. See Securities Exchange Act Release No. 94998 
(May 27, 2022), 87 FR 33528 (June 2, 2022) (SR-NSCC-2022-801).
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(iii) Reliance on Instructions
    NSCC Rule 39 provides, in part, that NSCC may accept or rely upon 
any instruction given by a participant, including wire transmission, 
physical delivery or delivery by other means of instructions recorded 
on magnetic tape or other media or of facsimile copies of instructions, 
in form acceptable to NSCC and that NSCC will not act upon any 
instruction purporting to have been given by a participant which is 
received by wire transmission or in the form of facsimile copies or 
magnetic tape or media other than written instructions.
    NSCC proposes to revise Rule 39 to remove specific examples of 
methods of transmission of instructions to NSCC and instead provide 
that NSCC may accept or rely upon any instruction given in any form 
acceptable to the Corporation and in accordance with the Procedures. 
The proposed rule change is intended to remove outdated methods of 
submitting instructions (such as magnetic tape and facsimile copies) 
from the Rules and provide flexibility to accommodate alternative and 
evolving methods of submitting instructions to NSCC. NSCC believes the 
proposed change would promote the ongoing accuracy and clarity of its 
rules regarding the transmission of instructions to NSCC.
(iv) DTCC Limit Monitoring Risk Management Tool
Background--DTCC Limit Monitoring
    NSCC provides its Members with a risk management tool called DTCC 
Limit Monitoring, which enables Members to monitor trading activity on 
an intraday basis of their organizations and/or their correspondent 
firms through review of post-trade data.\11\ DTCC Limit Monitoring was 
implemented in 2014 in connection with industry-wide efforts to develop 
tools and strategies to mitigate and address the risks associated with 
the increasingly complex, interconnected, and automated market 
technology (such risks include, but are not limited to, trade input 
errors, software or trading algorithm errors, and inadequate controls 
for automated processes). Through this tool, NSCC Members can monitor 
trading activity against limits that they have pre-set and can review 
notifications that are delivered when these pre-set limits are being 
approached and when they are reached. The limit monitoring tool is 
intended to supplement Members' existing internal risk management 
processes. Any actions Members determine to take in response to these 
alerts is their responsibility and is taken away from NSCC. DTCC Limit 
Monitoring is primarily discussed in NSCC Rule 54 and Procedure XVII.
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    \11\ See Securities Exchange Act Release Nos. 71637 (February 
28, 2014), 79 FR 12708 (March 6, 2014) (File No. SR-NSCC-2013-12) 
and 77990 (June 3, 2016), 81 FR 37229 (June 9, 2016) (File No. SR-
NSCC-2016-001).
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    DTCC Limit Monitoring is available to all NSCC Members; however, 
Rule 54 requires certain categories of Members to register for the DTCC 
Limit Monitoring tool. This requirement applies to: (1) any Member that 
clears trades for others; (2) any Member that submits transactions to 
NSCC's trade capture system either as a Qualified Special 
Representative (``QSR'') or Special Representative, pursuant to 
Procedure IV (Special Representative Service); and (3) any Member that 
has established a 9A/9B relationship in order to allow another Member 
(either a QSR or Special Representative) to submit locked in trade data 
on its behalf. In addition, Procedure XVII requires, among other 
things, that Members registered for DTCC Limit Monitoring create and 
establish Risk Entities,\12\ designate parameters to associate with 
each Risk Entity from certain parameter types that are established or 
permitted by NSCC from time to time, review reports and alerts on an 
on-going basis and, as necessary, modify established parameters to 
reflect current trading activities within each of their Risk Entities, 
and identify primary and secondary contacts within their firm for DTCC 
Limit Monitoring.
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    \12\ ``Risk Entities'' are defined by each Member using 
filtering criteria to focus on activity it seeks to monitor through 
the risk management tool, including that of its correspondents, or 
other entities or groups for which LM Trade Date Data is processed 
through the Members' account, including relating to subgroups within 
its own business.
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Proposed Changes to DTCC Limit Monitoring
    NSCC proposes to revise Rule 54 and Procedure XVII to eliminate the 
requirement that certain specified Members register for the DTCC Limit 
Monitoring tool (i.e., those Members that clear trades for others, 
submit transactions to NSCC's trade capture system either as a QSR or 
Special Representative, or have established a 9A/9B relationship in 
order to allow another Member (either a QSR or Special Representative) 
to submit locked in trade data on its behalf). NSCC would also make 
conforming changes to Procedure XVII to reflect that Members may, but 
are not required to, create and establish Risk Entities, designate 
parameters to associate with each Risk Entity, review reports and 
alerts on an on-going basis and, as necessary, modify established 
parameters to reflect current trading activities within each of their 
Risk Entities, and identify primary and secondary contacts within their 
firm for DTCC Limit Monitoring. NSCC would continue to offer the DTCC 
Limit Monitoring tool to all Members on an optional basis but would no 
longer require that any particular type of Member register for the 
tool.
    As noted above, DTCC Limit Monitoring was developed as part of a 
broader industry-wide effort to develop tools and strategies to 
mitigate and address trading risks. Since the implementation of DTCC 
Limit Monitoring in 2014, U.S. equity exchanges have also implemented 
risk controls to mitigate risks inherent with direct exchange 
transaction flow (such controls include, but are not limited to, credit 
limits, single order limits, and kill switch functionality).\13\ These 
exchange risk controls are optional risk management tools made 
available to exchange members to assist them in monitoring and managing 
their risks. DTCC Limit Monitoring is intended to supplement, and not 
replace, a Member's own internal systems and procedures or other tools, 
such as exchange pre-trade risk controls, available to the Member for 
managing its risks. NSCC also notes that while certain Members are 
currently required to register for DTCC Limit Monitoring, NSCC does not 
require Members to take any particular action(s) based on the output of 
the limit monitoring tool and any actions Members determine to take in 
response to these alerts is their responsibility and is taken away from 
NSCC. Moreover, NSCC does not use the DTCC Limit Monitoring tool for 
internal risk management purposes. NSCC therefore believes that 
providing DTCC Limit Monitoring on an optional basis is appropriate and 
consistent with industry practice and would not impact NSCC's own risk 
management practices.
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    \13\ See, e.g., Securities Exchange Act Release Nos. 88599 
(April 8, 2020) 85 FR 20793 (April 14, 2020) (File No. SR-CboeBZX-
2020-006); 88776 (April 29, 2020), 85 FR 26768 (May 5, 2020) (File 
No. SR-NYSE-2020-17); 88904 (May 19, 2020) 85 FR 31560 (May 26, 
2020) (File No. SR-NYSEArca-2020-43); 89225 (July 6, 2020), 85 FR 
41650 (July 10, 2020) (File No. SR-NASDAQ-2020-034).
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(v) Global Clearance Network Service
    NSCC Rule 62 and Addendum U discuss the Global Clearance Network 
Service (``GCN Service''), which was a foreign clearing, settlement, 
and custody

[[Page 56727]]

service provided by NSCC in conjunction with banks, trust companies and 
other entities to any Member that is qualified to be a customer of the 
bank, trust company or other entity. The GCN Service was previously 
offered by the International Securities Clearing Corporation 
(``ISCC''), which was a wholly owned subsidiary of NSCC. ISCC 
ultimately transferred its core settlement services, including the GCN 
Service, to NSCC and withdrew from registration as a clearing 
agency.\14\
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    \14\ See Securities Exchange Act Release Nos. 42273, (December 
27, 1999), 65 FR 311 (January 4, 2000) (File No. SR-NSCC-99-12) and 
42274 (December 27, 1999) 65 FR 311 (January 4, 2000) (File No. SR-
ISCC-99-01).
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    The GCN Service is a dormant service that is no longer utilized by 
NSCC's Members. NSCC therefore proposes to delete Rule 62 and Addendum 
U and any related fees for the GCN Service in Addendum A. NSCC believes 
that removing rules, procedures, and fees for this inactive service 
would improve the accuracy and clarity of the Rules. In the event NSCC 
would choose to resume offering these services, NSCC would reevaluate 
the rules, procedures and operational processes necessary to provide 
such services and would file any necessary proposed rule changes to 
effectuate the change.
(vi) International Links
    NSCC Rule 61 discusses the establishment of links and the provision 
of certain services to Foreign Financial Institutions, including the 
International Link Service (``ILS''). ILS, like the GCN Service, was a 
service provided by ISCC. ISCC previously sponsored accounts at DTC for 
the purpose of providing Foreign Financial Institutions with custody 
services for their U.S. securities. ISCC transferred the ILS service, 
along with the GCN Service, to NSCC when it withdrew from registration 
as a clearing agency.\15\
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    \15\ See id.
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    Rule 61 currently provides, in part, that to the extent NSCC 
provides access to a Qualified Security Depository (i.e., DTC) to a 
Foreign Financial Institution, the Foreign Financial Institution would 
be required to collateralize its settlement obligations to NSCC on such 
terms and by such means as agreed to between NSCC and the Foreign 
Financial Institution. NSCC does not currently sponsor accounts or 
otherwise provide Foreign Financial Institutions access to DTC. Foreign 
Financial Institutions that are participants of NSCC and that wish to 
access the services of DTC maintain direct participation at DTC. NSCC 
therefore proposes to delete this sentence of Rule 61 to improve the 
accuracy and clarity of the Rules. NSCC would also remove any fees 
related to ILS from Addendum A of the Rules. In the event NSCC would 
choose to resume offering these services, NSCC would reevaluate the 
rules, procedures and operational processes necessary to provide such 
services and would file any necessary proposed rule changes to 
effectuate the change.
(vii) CNS Accounting Operation Procedures
CNS Delivery Exemptions
    Section D of Procedure VII describes the procedures for controlling 
deliveries to CNS, including the process by which Members may submit 
instructions to NSCC to indicate which short positions they do not wish 
to settle and should be exempt from delivery. CNS provides for two 
levels of Exemption. Level 1 Exemptions allow a Member to designate 
that a portion of its short positions should not be automatically 
settled against its current Designated Depository position or against 
any securities which may be received into its Designated Depository 
account as a result of other depository activity. Level 2 Exemptions 
allow a Member to designate that a portion of its short positions 
should not be automatically settled against its current depository 
position, but that such a position may be satisfied by certain types of 
``qualified'' activity in its Designated Depository account. Section 
D.2(b) of Procedure VII discusses the four types of qualified activity, 
which allow short positions carrying Level 2 Exemptions to be settled. 
The list of qualified activity currently includes, among other things, 
``Receipts from Member's Sub-Account,'' which provides that, as a 
result of CNS sub-accounting, a Member may have a long position in a 
given security in one CNS account and a short position in the same 
security in another CNS account, and since both CNS accounts settle 
against a single Designated Depository Account, the Member may receive 
securities from itself.\16\
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    \16\ See Section D.2(b)(iv) of Procedure VII of the Rules, supra 
note 7.
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    As noted above, Section D of Procedure VII is intended to describe 
certain Member rights and obligations associated with the delivery of 
securities to CNS. Section D.2. of the procedure specifically discusses 
the process by which Members submit instructions to indicate which 
short positions should be exempt from delivery and which types of 
qualified activity allow short positions carrying Level 2 Exemptions to 
be delivered and settled. Section D.2(b)(iv), however, discusses a 
hypothetical scenario under which a Member may receive securities, 
which is unrelated and not relevant to the delivery of securities to 
CNS under the exemption and qualified activity process. Accordingly, 
NSCC proposes to delete Section D.2(b)(iv) to remove potentially 
confusing procedural language and improve the clarity and accuracy of 
its Rules.\17\
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    \17\ CNS accounts settle against a single Designated Depository 
Account. It is therefore technically possible for a Member to 
deliver securities to NSCC's CNS account to satisfy a short position 
in one CNS sub-account and receive the same securities from NSCC's 
CNS account in connection with a long position in another CNS sub-
account. However, the Member is not delivering those securities 
directly to, nor receiving securities directly from, itself, and the 
Member may also receive securities that have been delivered to 
NSCC's CNS account by another Member. This is another potential area 
of confusion in the procedure that would be addressed by the 
proposed deletion of this rule text.
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Fully-Paid-For Accounts
    NSCC's processing day is divided into two parts. It begins with a 
night cycle on the evening preceding the settlement day for which the 
work is being processed and is followed by a day cycle which ends on 
the settlement day for which the work is processed. Pursuant to Section 
E.5 of Procedure VII, if a Member with a long position and/or a 
position due for settlement on the next settlement day, in anticipation 
of receiving securities from NSCC as a result of the allocation process 
during the night or day cycle for that settlement day, instructs that 
securities within its possession or control be delivered on the next 
day and is subsequently not allocated the securities during the night 
or following day cycle, the Member may, in order to meet the ``customer 
segregation'' requirements of Rule 15c3-3 of the Exchange Act, during 
the day cycle for that settlement day instruct NSCC to transfer the 
position(s) which has not been allocated to a special CNS sub-account 
known as the ``Long Free Account.'' NSCC will then debit the Member's 
settlement account for the value of the position in the Long Free 
Account.
    Section E.5 of Procedure VII contains the following note related to 
the use of the Long Free Account.

    The SEC has stated that: ``any broker/dealer that takes 
advantage of proposed rule NSCC-82-25 must recall deficits from bank 
loan within shorter time intervals than those presently allowed 
under Rule 15c3-3(d)(1) of the Exchange Act. In the case of bank 
loan, broker/dealers will be expected to effect a

[[Page 56728]]

recall within one Business Day instead of the two Business Days 
presently allowed.

    The note refers to a no action letter issued by the Commission's 
Division of Trading and Markets (formerly, the Division of Market 
Regulation) \18\ in connection with the adoption of Section E.5 of 
Procedure VII as part of NSCC filing SR-NSCC-82-25.\19\
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    \18\ See Letter from Michael A. Macchiaroli, Assistant Director, 
Division of Market Regulation, Commission, to Robert J. Woldow, 
Senior Vice President and General Counsel, NSCC (May 10, 1984).
    \19\ See Securities Exchange Act Release No. 20948 (May 10, 
1984) (File No. SR-NSCC-82-25).
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    NSCC proposes to delete this note from Section E.5 of Procedure 
VII. The note is potentially confusing to readers as it (1) refers to a 
``proposed rule'' as opposed to the approved and existing procedure and 
(2) does not clearly identify the source of this Commission statement. 
Moreover, NSCC does not typically refer to Commission relief in its 
Rules. NSCC believes the proposed change would improve the clarity of 
its Rules and would conform Section E.5 of Procedure VII to more 
standard drafting practices for NSCC's Rules.
CNS Buy-Ins
    Section J.1 of Procedure VII provides procedures for the recording 
of buy-ins for equities and corporate debt securities in CNS. The 
procedure provides, in part, that a Buy-In Retransmittal Notice shall 
include such information as NSCC may determine from time to time, 
including the identity of the entity that initiated the Buy-In against 
the Member.
    NSCC proposes to revise this section of the procedure to clarify 
that Buy-In Retransmittal Notices must also be submitted within such 
times as determined by NSCC. NSCC believes the proposed change would 
improve its Rules by aligning the procedural language and requirements 
for Buy-In Retransmittal Notices with other submission requirements in 
the Rules (e.g., the submission of Buy-In Intents in Section J of 
Procedure VII and the submission of Buy-In Executions in Procedure X) 
and maintaining consistency across those procedural requirements.
(viii) Payment of Fines
    NSCC Rule 17 discusses NSCC's authority to impose fines on a Member 
or Limited Member pursuant to the Rules. Pursuant to Rule 17, fines 
shall be payable in the manner and at such time as determined by NSCC 
from time to time. NSCC Rule 48 further discusses NSCC's authority to 
impose disciplinary proceedings for a Member of Limited Member for, 
among other things, a violation of the Rules. Section 1 of Rule 48 
provides that such disciplinary proceedings may result in expulsion, 
suspension, limitation of or restriction on activities, functions and 
operations, fine or censure or any other fitting sanction.
    NSCC proposes to delete Rule 17 and relocate the second sentence of 
Rule 17, which provides that fines shall be payable in the manner and 
at such time as determined by the Corporation from time to time, to 
Section 1 of Rule 48. NSCC would also make conforming changes to Rule 
15 and Rule 56 to update and remove references to Rule 17, 
respectively. The proposed change is intended to consolidate the rules 
concerning NSCC's authority to impose fines into NSCC's disciplinary 
proceeding rules. The proposed change is not intended to result in a 
substantive change to NSCC's rules.
(ix) Admission to NSCC's Premises
    NSCC Rule 27 provides, in part, that no person will be permitted to 
enter the premises of NSCC as the representative of any participant 
unless he has first been approved by NSCC and has been issued such 
credentials as NSCC may from time to time prescribe and such 
credentials have not been canceled or revoked. In addition, such 
credentials must be shown on demand, and may limit the portions of the 
premises to which access is permitted thereunder.
    NSCC proposes to revise Rule 27 to clarify that, to gain entry to 
NSCC's premises, such credentials must be prominently displayed while 
on NSCC's premises. NSCC does not believe the proposed change would 
impose any new material obligation or burden on its Members since 
Members are already required to obtain such credentials and display 
them on demand. The proposed rule change is simply intended to codify 
this expectation in NSCC's rules.\20\
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    \20\ NSCC notes that the proposed rule change would also align 
the requirements of NSCC Rule 27 with the requirements of Rule 17 of 
the DTC Rules, By-Laws and Organization Certificate (``DTC Rules''), 
providing greater consistency across the rules of NSCC and DTC. The 
DTC Rules are available on DTCC's public website, available at 
https://www.dtcc.com/legal/rules-and-procedures.
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(x) Clearing Centers
    Section A of Procedure IX discusses NSCC's provision of Clearing 
Centers in a number of cities to serve as input/output facilities for 
the convenience of Members located near that office. Procedure XIII 
further provides definitions for the terms ``Clearing Center'' \21\ and 
``Primary Clearing Center.'' \22\ These Clearing Centers were initially 
established at a time when both the trading and clearance and 
settlement of securities operated in a more regional manner. Given the 
evolution of technology since the adoption of these procedures and the 
evolution of the national clearance and settlement system, NSCC no 
longer maintains regional Clearing Centers. As a result, NSCC proposes 
to delete Section A of Procedure IX in its entirety and the definitions 
of ``Clearing Center'' and ``Primary Clearing Center'' from Procedure 
XIII. NSCC believes that removing these outdated procedures would 
improve the accuracy and clarity of its Rules.
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    \21\ Clearing Center is defined as ``[a] branch facility of the 
Corporation.''
    \22\ Primary Clearing Center is defined as ``[t]he Clearing 
Center designated as such by a Member.''
---------------------------------------------------------------------------

(xi) Data From Service Bureaus
    Addendum J to the Rules contains a policy statement regarding the 
acceptance of trade data from service bureaus. Pursuant to Section 6 of 
Rule 7, NSCC may accept locked-in trade data from self-regulatory 
organizations (``SROs'') on a Member's behalf for input into NSCC's 
comparison system. NSCC has also previously received requests from 
Members to accept two-sided trade data from service bureaus in addition 
to locked-in data. In response, NSCC adopted the policy statements in 
Addendum J setting forth certain minimum requirements for service 
bureaus submitting two-sided trade data to NSCC. NSCC proposes to make 
certain clarifying updates to the Addendum.
    NSCC proposes to revise the introductory paragraph of Addendum J to 
clarify that NSCC may accept from SROs and/or service bureaus, initial 
or supplemental trade data on behalf of Members for input into the 
Corporation's Comparison Operation with respect to debt securities to 
conform the language in the Addendum to the requirements of Section 6 
of Rule 7.\23\ NSCC also proposes to delete references to specific SROs 
from which it accepts trade data (i.e., NYSE, NYSE Alternext, and 
National Association of Securities Dealers) and replace them with a 
more general reference to ``SROs'' to reflect that NSCC has accepted, 
and may continue to accept, additional SROs as trade data submitters 
since the adoption of the Addendum. In addition, NSCC would revise the 
Addendum to

[[Page 56729]]

clarify that NSCC accepts locked-in trade data for input into its trade 
capture system, as opposed to its comparison system, as the transaction 
details for locked-in trades have already been compared.
---------------------------------------------------------------------------

    \23\ All equity transactions submitted for processing to NSCC, 
other than those submitted through the Obligation Warehouse pursuant 
to Rule 51 and Procedure II.A, must be compared prior to submission 
and submitted to NSCC on a locked-in basis for trade recording. See 
Securities Exchange Act Release No. 70263 (August 27, 2013), 78 FR 
54349 (September 3, 2013) (SR-NSCC-2013-09).
---------------------------------------------------------------------------

    Addendum J also currently requires that a service bureau must (a) 
be or become a Member of NSCC or (b) be affiliated with a Member of the 
Corporation. In addition, the Member (either the service bureau itself 
or its affiliated Member) must make a Clearing Fund deposit with NSCC. 
NSCC proposes to delete these requirements from Addendum J. NSCC does 
not believe it is necessary for a service bureau to be, or be 
affiliated with, a Member or to maintain a Clearing Fund deposit. The 
Members, on behalf of which a service bureau may submit trade data to 
NSCC, and not the service bureau itself, are responsible for 
maintaining Clearing Fund deposits to cover the risk associated with 
such positions. Moreover, the last paragraph of Addendum J currently 
provides NSCC with the authority to waive these requirements if it is 
in the best interests of NSCC and its Members to approve a service 
bureau so as to assure the prompt, accurate, and orderly processing and 
settlement of securities transactions or to otherwise carry out the 
functions of the Corporation. NSCC is proposing to eliminate these 
requirements as a matter of rule rather than through individual 
waivers, to improve the transparency and clarity of its Rules. Finally, 
NSCC would revise Addendum J to make certain non-substantive 
typographical corrections in the rule text.
(xii) Implementation Timeframe
    NSCC would implement the proposed changes no earlier than thirty 
(30) days after the date of filing, or such shorter time as the 
Commission may designate. As proposed, a legend would be added to each 
affected Rule stating there are changes that were effective upon filing 
but have not yet been implemented. The legend would also state that 
NSCC would implement the proposed changes no earlier than thirty (30) 
days after the date of filing, or such shorter time as the Commission 
may designate. The legend would state that the legend would 
automatically be removed upon the implementation of the proposed 
changes. NSCC would announce the implementation date of the proposed 
changes by Important Notice posted to its website.
2. Statutory Basis
    NSCC believes that the proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to a registered clearing agency. Section 17A(b)(3)(F) of Act 
\24\ requires, in part, that the rules of a clearing agency be designed 
to promote the prompt and accurate clearance and settlement of 
securities transactions and 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. NSCC believes the proposed rule change 
would promote the prompt and accurate clearance and settlement of 
securities transactions and assure the safeguarding of securities and 
funds which are in the custody or control of the clearing agency or for 
which it is responsible for the reasons set for below.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

Proposed Clarifications to Confidential Treatment of Reports and 
Information
    The proposed addition of confidentiality requirements for 
participant information to NSCC Rule 2B would enable NSCC to maintain 
one consistent standard to apply uniformly to all participants, which 
assures participants that such information would be held in confidence 
with appropriate control. NSCC believes the proposed rule change would 
therefore help NSCC meet its obligations and help each participant 
better understand NSCC's obligations for maintaining the confidential 
information it shares with NSCC, which, in turn, may facilitate the 
sharing of such information and improve NSCC's ability to evaluate its 
participants' eligibility to maintain access to NSCC's clearance and 
settlement services. NSCC therefore believes the proposed rule change 
is consistent with promoting the prompt and accurate clearance and 
settlement of securities transactions by NSCC.
Proposed Removal of Outdated Rules, Procedures, Addenda, and Fees
    The proposed rule change would remove outdated rules, footnotes, 
procedures, addenda, and fees related to inactive services, such as the 
provision of Sponsored Accounts, Clearing Centers, and the GCN Service 
and ILS. The proposed rule change would also remove outdated methods of 
submitting instructions to NSCC from the Rules and provide flexibility 
to accommodate both current alternative and evolving methods of 
submitting instructions to NSCC. These proposed changes are designed to 
improve the accuracy, clarity, and transparency of the NSCC Rules and 
thereby allow Members to conduct their business more efficiently and 
effectively in accordance with the Rules, which NSCC believes would 
promote the prompt and accurate clearance and settlement of securities 
transactions.
Proposed Clarifications to CNS Accounting Operation Procedures
    The proposed rule change would also provide additional clarity to 
NSCC's CNS Accounting Operation Procedures. First, the proposed rule 
change would clarify NSCC's rules by deleting Section D.2(b)(iv) of 
Procedure VII, which discusses the possibility of a Member receiving 
such securities from itself through CNS. As noted above, Section D of 
Procedure VII is intended to describe certain Member rights and 
obligations associated with the delivery of securities to CNS; however, 
Section D.2(b)(iv) discusses a hypothetical scenario under which a 
Member may receive securities, which is unrelated and not relevant to 
the delivery of securities to CNS under the exemption and qualified 
activity process and may cause confusion to readers trying to 
understand the delivery and exemption process.
    Second, the proposed rule change would remove from Section E.5 of 
Procedure VII a note referring to a no action letter issued by the 
Commission's Division of Trading and Markets (formerly, the Division of 
Market Regulation).\25\ As discussed above, the note, as currently 
drafted, is potentially confusing to readers as it (1) refers to a 
``proposed rule'' as opposed to the approved and existing procedure and 
(2) does not clearly identify the source of this Commission statement. 
Moreover, NSCC does not typically refer to Commission relief in its 
Rules. NSCC therefore proposes to remove the note to improve the 
clarity of its Rules and conform Section E.5 of Procedure VII to more 
standard drafting practices for NSCC's Rules.
---------------------------------------------------------------------------

    \25\ See supra note 18.
---------------------------------------------------------------------------

    Third, to the proposed rule change would revise Section J.1 of 
Procedure VII concerning CNS Buy-Ins to clarify that Buy-In 
Retransmittal Notices must also be submitted within such times as 
determined by NSCC. NSCC believes the proposed change would improve its 
Rules by aligning the procedural language and requirements for Buy-In 
Retransmittal Notices with other submission requirements in the Rules 
(e.g., the submission of Buy-In Intents in Section J of Procedure VII 
and the submission of Buy-In Executions in Procedure X) and maintaining 
consistency across those procedural requirements.

[[Page 56730]]

    Taken together, the proposed changes are designed to improve the 
accuracy, clarity, and transparency of NSCC's CNS Accounting Operation 
Procedures. NSCC believes the proposed rule change would allow Members 
to conduct their business more efficiently and effectively in 
accordance with the Rules and thereby promote the prompt and accurate 
clearance and settlement of securities transactions.
Proposed Changes to Limit Monitoring Rules and Procedures
    NSCC proposes to revise Rule 54 and Procedure XVII to eliminate the 
requirement that certain Members register for the DTCC Limit Monitoring 
tool. NSCC would also make conforming changes to Procedure XVII to 
reflect that Members may, but are not required to, create and establish 
Risk Entities, designate parameters to associate with each Risk Entity, 
review reports and alerts on an on-going basis and, as necessary, 
modify established parameters to reflect current trading activities 
within each of their Risk Entities, and identify primary and secondary 
contacts within their firm for DTCC Limit Monitoring.
    As described above, DTCC Limit Monitoring was developed as part of 
a broader industry-wide effort to develop tools and strategies to 
mitigate and address trading risks. Since the implementation of DTCC 
Limit Monitoring in 2014, U.S. equity exchanges have also implemented 
risk controls to mitigate risks inherent with direct exchange 
transaction flow to assist them in monitoring and managing their 
risks.\26\ Like these exchange risk controls, DTCC Limit Monitoring is 
intended to supplement, and not replace, a Member's own internal 
systems and procedures or other tools available to the Member for 
managing its risks. NSCC would continue to offer the DTCC Limit 
Monitoring tool to all Members on an optional basis but would no longer 
require that any particular type of Member register for the tool.
---------------------------------------------------------------------------

    \26\ See supra note 13.
---------------------------------------------------------------------------

    NSCC believes that providing DTCC Limit Monitoring on an optional 
basis is appropriate and consistent with industry practice. NSCC also 
notes that while certain Members are currently required to register for 
DTCC Limit Monitoring, NSCC does not require Members to take any 
particular actions based on the output of the limit monitoring tool. 
Any actions Members determine to take in response to these alerts is 
their responsibility and is taken away from NSCC. Moreover, NSCC does 
not use the DTCC Limit Monitoring tool for internal risk management 
purposes. NSCC therefore believes the proposed rule change would 
continue to provide NSCC's Members with a valuable risk management tool 
to supplement its own internal systems and procedures or other tools 
available to the Member for managing its risks, would not impact any 
actions taken as a result of Limit Monitoring, and would not have any 
impact on NSCC's own internal risk management activities. For these 
reasons, NSCC believes the proposed rule change would continue to 
promote the prompt and accurate clearance and settlement of securities 
transactions and 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.
Proposed Changes Concerning Payment of Fines and Admission to Premises
    NSCC proposes non-material clarifying changes to its Rules 
concerning the payment of fines and admission to its premises. NSCC 
would eliminate Rule 17 and relocate the second sentence of Rule 17, 
which provides that fines shall be payable in the manner and at such 
time as determined by the Corporation from time to time, to Section 1 
of Rule 48 and make conforming changes to Rules 15 and 56. The proposed 
change is intended to consolidate the rules concerning NSCC's authority 
to impose fines into NSCC's disciplinary proceeding rules and is not 
intended to result in a substantive change to NSCC's rules. NSCC also 
proposes to revise Rule 27 to clarify that, to gain entry to NSCC's 
premises, a Member representative's credentials must be prominently 
displayed while on NSCC's premises. NSCC does not believe the proposed 
change would impose any new significant obligation or burden on its 
Members since Members are already required to obtain such credentials 
and display them on demand. The proposed changes are intended to 
improve the accuracy, clarity, and transparency of NSCC's Rules. The 
proposed changes would therefore allow Members to conduct their 
business more efficiently and effectively in accordance with the Rules 
and thereby promote the prompt and accurate clearance and settlement of 
securities transactions.
Proposed Clarifications to Service Bureau Requirements
    Finally, NSCC proposes several clarifying changes to Addendum J, 
which contains a policy statement regarding the acceptance of trade 
data from service bureaus. Specifically, NSCC proposes to revise the 
introductory paragraph of the Addendum to clarify that NSCC may accept 
from SROs and/or service bureaus, initial or supplemental trade data on 
behalf of Members for input into the Corporation's Comparison Operation 
with respect to debt securities in conformance to Section 6 of Rule 7. 
NSCC also proposes to delete references to specific SROs from which it 
accepts trade data and replace them with a more general reference to 
``SROs'' to reflect that NSCC has accepted, and may continue to accept, 
additional SROs as trade data submitters since the adoption of the 
Addendum. Additionally, NSCC would revise the Addendum to clarify that 
NSCC accepts locked-in trade data for input into its trade capture 
system, as opposed to its comparison system, as the transaction details 
for locked-in trades have already been compared. These proposed changes 
are designed to improve the accuracy, clarity, and transparency of the 
NSCC Rules and thereby allow Members to conduct their business more 
efficiently and effectively in accordance with the Rules, which NSCC 
believes would promote the prompt and accurate clearance and settlement 
of securities transactions.
    NSCC would also delete the requirements that a service bureau must 
(a) be or become a Member of NSCC or (b) be affiliated with a Member of 
the Corporation and that the Member (either the service bureau itself 
or its affiliated Member) must make a Clearing Fund deposit with NSCC. 
NSCC does not believe it is necessary for a service bureau to be, or be 
affiliated with, a Member or to maintain a Clearing Fund deposit. The 
Members, on behalf of which a service bureau may submit trade data to 
NSCC, and not the service bureau itself, are responsible for 
maintaining Clearing Fund deposits to cover the risk associated with 
such positions. Moreover, the last paragraph of Addendum J currently 
provides NSCC with the authority to waive these requirements if it is 
in the best interests of NSCC and its Members to approve a service 
bureau so as to assure the prompt, accurate, and orderly processing and 
settlement of securities transactions or to otherwise carry out the 
functions of the Corporation. NSCC is proposing to eliminate these 
requirements as a matter of rule rather than through individual 
waivers, to improve the transparency and clarity of its Rules. NSCC 
believes the proposed rule change would continue to promote the prompt 
and accurate clearance and settlement of securities transactions and 
assure the safeguarding of securities and

[[Page 56731]]

funds which are in the custody or control of the clearing agency or for 
which it is responsible.
    For the reasons set forth above, NSCC believes the proposed rule 
change would promote the prompt and accurate clearance and settlement 
of securities transactions and assure the safeguarding of securities 
and funds which are in the custody or control of the clearing agency or 
for which it is responsible, consistent with the requirements of 
Section 17A(b)(3)(F) of the Act.\27\
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change would have any 
adverse impact, or impose any burden, on competition. These proposed 
changes are primarily designed to improve the accuracy, clarity, and 
transparency of the NSCC Rules. Specifically, the proposed changes to 
Rule 2B concerning NSCC's obligations for maintaining non-public 
information of its participants would only impose obligations on NSCC 
and would not impose any new requirements on its participants. 
Additionally, the proposed rule change would remove outdated rules, 
procedures, addenda, and fees related to inactive services or outdated 
methods of data transmission. The proposed rule change would also 
provide additional clarity to NSCC's CNS Accounting Operation 
Procedures, which would be equally applicable to all Members. In 
addition, the proposed rule change would remove certain requirements 
around the DTCC Limit Monitoring tool and make Limit Monitoring 
available to all Members on an optional basis. The proposed changes to 
Limit Monitoring would not impose any new requirements on Members or 
impact the actions Members may take in response to Limit Monitoring. In 
addition, the proposed rule change would consolidate the rules 
concerning NSCC's authority to impose fines into NSCC's disciplinary 
proceeding rules and clarify the requirements for admission to NSCC's 
premises. These proposed changes would apply equally to all Members and 
would not impose any new significant obligation or burden on Members. 
The proposed changes are simply intended to improve the accuracy, 
clarity, and transparency of NSCC's Rules. Finally, the proposed rule 
change would clarify policy statements regarding the acceptance of 
trade data from service bureaus. These proposed changes would not 
impose any new requirements on service bureaus and would in fact 
eliminate certain requirements for service bureaus. The proposed rule 
change therefore would not materially affect the rights or obligations 
of NSCC Members. As a result, NSCC does not believe that the proposed 
rule change would have any adverse impact, or impose any burden, on 
competition.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants, or Others

    NSCC has not received or solicited any written comments relating to 
this proposal. If any written comments are received, they will be 
publicly filed as an Exhibit 2 to this filing, as required by Form 19b-
4 and the General Instructions thereto.
    Persons submitting comments are cautioned that, according to 
Section IV (Solicitation of Comments) of the Exhibit 1A in the General 
Instructions to Form 19b-4, the Commission does not edit personal 
identifying information from comment submissions. Commenters should 
submit only information that they wish to make available publicly, 
including their name, email address, and any other identifying 
information.
    All prospective commenters should follow the Commission's 
instructions on how to submit comments, available at https://www.sec.gov/regulatory-actions/how-to-submit-comments. General 
questions regarding the rule filing process or logistical questions 
regarding this filing should be directed to the Main Office of the 
Commission's Division of Trading and Markets at 
[email protected] or 202-551-5777.

III. Date of Effectiveness of the Proposed Rule Change, and Timing for 
Commission Action

    Because the foregoing proposed rule change does not:
    (i) significantly affect the protection of investors or the public 
interest;
    (ii) impose any significant burden on competition; and
    (iii) become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate, it has 
become effective pursuant to Section 19(b)(3)(A) of the Act \28\ and 
Rule 19b-4(f)(6) thereunder.\29\
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78s(b)(3)(A).
    \29\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the 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.

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NSCC-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.

All submissions should refer to File Number SR-NSCC-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 (http://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 NSCC and on DTCC's website 
(http://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-NSCC-2022-012 and should be submitted on 
or before October 6, 2022.


[[Page 56732]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
---------------------------------------------------------------------------

    \30\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19915 Filed 9-14-22; 8:45 am]
BILLING CODE 8011-01-P