[Federal Register Volume 89, Number 85 (Wednesday, May 1, 2024)]
[Notices]
[Pages 35269-35270]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-09327]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100031; File No. SR-FICC-2024-005]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change, as Modified by Partial Amendment No. 1, To Modify 
the GSD Rules To Facilitate Access to Clearance and Settlement of All 
Eligible Secondary Market Transactions in U.S. Treasury Securities

April 25, 2024.
    On March 11, 2024, Fixed Income Clearing Corporation (``FICC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-FICC-2024-005 pursuant to Section 19(b) of the 
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4 
\2\ thereunder to modify FICC's Government Securities Division 
(``GSD'') Rulebook (``GSD Rules'') to facilitate access to clearance 
and settlement services of all eligible secondary market transactions 
in U.S. Treasury securities.\3\ On March 19, 2024, FICC filed Partial 
Amendment No. 1 to make clarifications and corrections \4\ to the 
proposed rule change. The proposed rule change, as modified by Partial 
Amendment No. 1, is referred to herein as the ``Proposed Rule Change.'' 
The Proposed Rule Change was published for public comment in the 
Federal Register on

[[Page 35270]]

March 27, 2024.\5\ The Commission has received comments regarding the 
substance of the changes proposed in the Proposed Rule Change.\6\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Notice of Filing infra note 5, at 89 FR 21363.
    \4\ Partial Amendment No. 1 made clarifications and corrections 
to the description of the proposed rule change and Exhibit 5. 
Specifically, as originally filed, the description of the proposed 
rule change made a reference to an incorrect section of the GSD 
Rules. Partial Amendment No. 1 corrects that reference. 
Additionally, as originally filed, the description of the proposed 
rule change and Exhibit 5 contained inconsistent references 
regarding whether FICC or its Board would be responsible for 
approving membership applications and related membership matters. 
Partial Amendment No. 1 clarifies and corrects those references. 
These clarifications and corrections have been incorporated, as 
appropriate, into the description of the proposed rule change.
    \5\ Securities Exchange Act Release No. 99817 (March 21, 2024), 
89 FR 21362 (March 27, 2024) (File No. SR-FICC-2024-005) (``Notice 
of Filing'').
    \6\ Comments on the Proposed Rule Change are available at 
https://www.sec.gov/comments/sr-ficc-2024-005/srficc2024005.htm.
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    Section 19(b)(2)(i) of the Exchange Act \7\ provides that, within 
45 days of the publication of notice of the filing of a proposed rule 
change, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved unless 
the Commission extends the period within which it must act as provided 
in Section 19(b)(2)(ii) of the Exchange Act.\8\ Section 19(b)(2)(ii) of 
the Exchange Act allows the Commission to designate a longer period for 
review (up to 90 days from the publication of notice of the filing of a 
proposed rule change) if the Commission finds such longer period to be 
appropriate and publishes its reasons for so finding, or as to which 
the self-regulatory organization consents.\9\
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    \7\ 15 U.S.C. 78s(b)(2)(i).
    \8\ 15 U.S.C. 78 s(b)(2)(ii).
    \9\ Id.
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    The 45th day after publication of the Notice of Filing is May 11, 
2024. In order to provide the Commission with sufficient time to 
consider the Proposed Rule Change, the Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the Proposed Rule Change and therefore is extending this 45-day time 
period.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Exchange Act,\10\ designates June 25, 2024, as the date by which the 
Commission shall either approve, disapprove, or institute proceedings 
to determine whether to disapprove proposed rule change SR-FICC-2024-
005.
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    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-09327 Filed 4-30-24; 8:45 am]
BILLING CODE 8011-01-P