[Federal Register Volume 89, Number 137 (Wednesday, July 17, 2024)]
[Notices]
[Pages 58205-58209]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-15677]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100507; File No. SR-NSCC-2024-005]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Add Paperless Replacements and Producer Authorization 
Service Offerings to I&RS and Make Certain Clarification Changes in the 
Rules

July 11, 2024.
    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 July 3, 2024, 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\ 
Rule 19b-4(f)(2) \4\ and Rule 19b-4(f)(4) thereunder.\5\ 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)(2).
    \5\ 17 CFR 240.19b-4(f)(4).
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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 modifications to Insurance & 
Retirement Services (``I&RS'') in order to (i) provide for two new 
service offerings relating to replacements of insurance contracts and 
producer authorizations, and related fees for each new service 
offering, (ii) update the descriptions of I&RS service offerings and 
certain defined terms in Rule 57 and Addendum A of NSCC's Rules & 
Procedures (``Rules''). and (iii) make other clarification changes, as 
described in greater detail below.\6\
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    \6\ Terms not defined herein are defined in the Rules, available 
at www.dtcc.com/legal/rules-and-procedures.
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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 the Rules in 
order to (i) provide for two new service offerings relating to 
replacements of insurance contracts and producer authorizations, and 
related fees for each new service offering, (ii) update the 
descriptions of I&RS offerings and certain defined terms in Rule 57 and 
Addendum A, and (iii) make other clarification changes, as described in 
greater detail below.
    The objectives and expected impacts of the proposed rule change to 
I&RS Members \7\ would be to make available two new optional service 
offerings that would provide more efficient methods for I&RS Members to 
choose to transmit, view and retrieve I&RS Data and improve Members' 
understanding of the Rules relating to I&RS.
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    \7\ I&RS Members include (i) insurance companies that are 
Insurance Carrier/Retirement Services Members (``Carriers''); and 
(ii) Carriers' intermediaries, such as broker-dealers, banks and 
insurance agencies, that are Members, Mutual Fund/Insurance Services 
Members and Data Services Only Members that distribute participating 
Carriers' insurance products (collectively, ``Distributors,'' and, 
together with ``Carriers,'' collectively referred to herein as 
``I&RS Members'').
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    The proposed new service offerings discussed below were developed 
at the request of and in consultation with industry participants, and 
the proposed fees for such service offerings were designed to pay for 
the costs of developing and maintaining such offerings in a manner that 
would fulfill the requirements expected from industry participants 
consistent with NSCC's cost-based plus markup fee model.\8\ Based on 
financial projections of development and maintenance costs and 
anticipated participation by I&RS Members, it is anticipated that the 
costs and revenues would result in a slight increase in the overall 
operating margin percentage of I&RS. NSCC anticipates recouping the 
costs of building the service offerings within approximately two years 
of implementing the fees.
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    \8\ NSCC has in place procedures to control costs and to 
regularly review pricing levels against costs of operation. NSCC's 
fees are cost-based plus a markup as approved by its Board of 
Directors. This markup is applied to recover development costs and 
operating expenses and to accumulate capital sufficient to meet 
regulatory and economic requirements. See NSCC Disclosure Framework 
for Covered Clearing Agencies and Financial Market Infrastructures, 
available at www.dtcc.com/-/media/Files/Downloads/legal/policy-and-compliance/NSCC_Disclosure_Framework.pdf, at 124.
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I&RS Services
    I&RS allows I&RS Members to transmit I&RS Data \9\ among each 
other, including data relating to annuity and life insurance policy 
applications and premiums, licensing and appointments, commission 
payments, reporting of client positions and valuations, asset pricing, 
financial activity reporting and annuity customer account transfers. 
I&RS also allows certain I&RS Members to settle payments relating to 
I&RS Eligible Products. NSCC does not act as a central counterparty 
with respect to I&RS and I&RS are not guaranteed by NSCC.
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    \9\ ``I&RS Data'' means data and information relating to I&RS 
Eligible Products. See Rule 57, supra note 6. ``I&RS Eligible 
Product'' means an insurance product or a retirement or other 
benefit plan or program included in the list for which provision is 
made in Section 1.(d) of Rule 3 of the Rules. See definition of I&RS 
Eligible Product, Rule 1, supra note 6.
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Paperless Replacements Processing (RPL)
    NSCC is proposing to establish a new service offering intended to 
support the transmission of I&RS Data regarding the transfer, exchange 
or replacement of existing insurance or annuity contracts (``Paperless 
Replacements''). Clients of I&RS Members holding insurance or annuity 
contracts replace existing contracts with new contracts from time to 
time. These replacements involve transfer of asset forms such as 1035 
forms \10\ and other such forms or documents to document the requests 
and the authorization for a replacement. Currently, for Carriers, there 
is no centralized automated process for replacements and such 
replacements are a manual process involving exchanging paperwork often 
between different Carriers using facsimile, mail, email or other means. 
Paperless Replacements would provide for a data-only transmission 
relating to such replacements between Carriers, automating the current 
manual process and decreasing the administrative burden on and risk to 
Carriers of processing these replacements.
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    \10\ 1035 forms are forms required to process a 1035 exchange 
which is an exchange made pursuant to a provision in the Internal 
Revenue Service tax code allowing for a tax-free transfer of certain 
insurance and annuity products.
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    There also may be movement of funds associated with these 
replacements. Settlement Processing for Insurance, an existing 
settlement feature of I&RS supporting the settlements of payments

[[Page 58206]]

relating to I&RS Eligible Products,\11\ currently supports the 
settlement of payments related to such replacements and would continue 
to do so following the addition of Paperless Replacements. The 
settlement feature, together with Paperless Replacements, would provide 
for an automated process for processing forms and documents for 
replacements of such contracts and associated funds. In order to adopt 
this service offering, NSCC would amend Rule 57 to describe Paperless 
Replacements, as described below.
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    \11\ See subsections (k) and (l) of Section 1 of Rule 57, supra 
note 6.
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    NSCC would also amend Addendum A to adopt a fee for Paperless 
Replacements of $1.85 per request. The fee would only be charged to the 
I&RS Member submitting the replacement request.
Producer Authorization (PAR)
    NSCC is proposing to establish a new feature (``Producer 
Authorization'') to allow I&RS Members to confirm credentials of 
insurance producers. Insurance producers are insurance agents or 
brokers that are licensed by state insurance authorities to sell 
insurance related products on behalf of Carriers. In the process of 
selling insurance related products, Distributors must ensure that 
producers they use to distribute products are licensed, appointed and 
trained to sell such products in the markets the Distributors are 
targeting. Carriers that issue the products maintain data reflecting 
the licensing information relating to producers that are licensed to 
sell their products. Currently, there is no standardized method for 
Distributors to communicate with Carriers to authenticate that 
producers are authorized to sell the Carriers' products in particular 
markets. Producer Authorization would provide a standardized data 
transmission to allow Distributors to confirm with Carriers the 
credentials of insurance producers to sell specific products. NSCC 
would amend Rule 57, as described below, to describe the Producer 
Authorization service.
    NSCC would also amend Addendum A to adopt fees for the Producer 
Authorization. The fees would consist of a monthly fee, ranging from 
$250 to $5,000 per month, that is based on the number of messages 
received during the month. The fees would only be charged to the 
Carriers receiving the Producer Authorization requests.
Clarifications to Rule 57 and Addendum A
    NSCC would reorganize and clarify Rule 57 and Addendum A to more 
clearly describe the existing service offerings and incorporate 
descriptions for Paperless Replacements and Producer Authorization, as 
described above. Rule 57 is currently organized such that Section 1 of 
Rule 57 applies to all I&RS and Sections 2 through 10 of Rule 57 list 
out the separate service offerings within I&RS. Some service offerings, 
such as I&RS settlement, are only described in Section 1 and some 
service offerings are not specifically named in Rule 57 or are 
described within other named service offerings. NSCC is proposing to 
reorganize the sections of Rule 57 such that each service offering is 
separately listed in alphabetical order in newly numbered sections 2 
through 17. The proposed list of such service offerings would include 
certain service offerings that are currently described within sections 
for other service offerings in the Rules. NSCC would move these 
descriptions into stand-alone sections of Rule 57 to better align the 
descriptions of all the service offerings with current NSCC marketing 
of such service offerings.
    NSCC is also proposing to update the descriptions of I&RS features 
and certain defined terms in Rule 57 and Addendum A to align the Rules 
with conventional descriptions used by NSCC and I&RS Members and make 
other clarification changes. NSCC would update Rule 57 to ensure that 
consistent defined terms are used to describe I&RS Members and I&RS 
features.
    NSCC is also proposing to update Rule 57 and Addendum A to add a 
three-letter designation for certain service offerings and fees to 
match descriptions of such service offerings and fees in current NSCC 
marketing descriptions.
Proposed Rule Changes
    In order to implement the proposal, NSCC would move the defined 
term ``I&RS Members'', which describes all membership types that can 
use I&RS, from Section 10 to Section 1(a) of Rule 57 and consistently 
use the defined term throughout Rule 57 to describe all membership 
types that can use I&RS. In addition, NSCC would add a definition of 
``I&RS Payments'' in Section 1(a) of Rule 57 to mean payments related 
to I&S Eligible Products to better describe the payments that that are 
processed in I&RS.
    NSCC would also reorganize description of I&RS to align the 
description of such services with conventional uses and current 
marketing descriptions. Specifically, NSCC would make the following 
changes:
     move the description of settlement services provided by 
I&RS, currently primarily in subsections (k) and (l) of Section 1 of 
Rule 57, to a new Section 16, entitled ``Settlement Processing for 
Insurance (STL)'' to clarify the name of the settlement services 
provided by I&RS and reflect that it is marketed as a separate service 
offering.
     reorganize the descriptions of the service offerings of 
I&RS in alphabetical order in Rule 57.
     add three -letter abbreviations in the title of each 
service offering consistent with current conventional descriptions.
     remove the phrase ``I&RS Data regarding'' in the ACAT/
Transfers section that is being moved because the phrase is redundant.
     capitalize the word ``Premiums'' in the phrase 
``Applications and premiums'' in part (b) of the Applications and 
Premiums section to refer to the correct defined term ``Applications 
and Premiums'' used in part (a) of that section.
     move a description of transmission of Subaccount Data, 
currently in Section 8 of Rule 57 in the Financial Activity Reporting 
description, to a new Section 7 and refer to that service offering as 
``Financial Activity For Asset Managers (FAM)'' consistent with current 
descriptions of that service offering and make a corresponding change 
to the fee description of the service in Addendum A.\12\
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    \12\ Transactions relating to subaccount data were added to I&RS 
as part of Financial Activity Reporting in 2018 as a method for 
financial managers to get access to subaccount data relating to 
variable products. See Securities Exchange Act Release No. 83774 
(Aug. 3, 2018), 83 FR 39481 (Aug. 9, 2018) (SR-NSCC-2018-005). That 
service offering is now being marketed as ``Financial Activity for 
Asset Managers.''
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     add descriptions for Paperless Replacements and Producer 
Authorization consistent with the descriptions above in new Sections 12 
and 14, respectively.
     remove the quotes around ``IIEX'' in the title Insurance 
Information Exchange in Section 10 and add a defined term ``IIEX'' into 
the body of Section 10 to conform the listing of the four-letter 
abbreviation of the service in the title with listing of the 
abbreviations of other services in Rule 57.
     Add a description of the Producer Management Portal (PMP) 
as a separate service offering in a new Section 15 of Rule 57.\13\
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    \13\ Licensing and Appointments (``LNA'') is a service offering 
that allows I&RS Members to transmit data among themselves regarding 
licensing and appointment authorizations and activity relating to 
producers. See Section 4 of Rule 57, supra note 6. In 2014, NSCC 
broadened LNA's scope to specify that LNA authorization and 
activities included insurance-related training of a licensee or 
appointee in connection with a new feature being added, the Producer 
Management Portal. See Securities Exchange Act Release No. 72488 
(June 27, 2014), 79 FR 38098 (July 3, 2014) (SR-NSCC-2014-08). 
Producer Management Portal is now marketed as a separate service 
offering.

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[[Page 58207]]

     Add a description of Subsequent Premiums (SUB) as a 
separate service offering in a new Section 17 of Rule 57 and change the 
description from ``Subsequent Activity'' to ``Subsequent Premiums'' in 
Section IV.H.2.e of Addendum A consistent with current descriptions of 
that service offering \14\
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    \14\ Subsequent Premiums is a service offering that enables 
Distributors to transmit I&RS Data to Carriers regarding subsequent 
premiums. Previously, it has been part of Applications and Premiums 
but is now marketed as a separate service offering as ``Subsequent 
Premiums (SUB).''
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    NSCC would also clarify the Rules by deleting a provision currently 
in Section 3 of Rule 57 ``Applications and Premiums'' that refers to 
the ability of Members and Mutual Fund/Insurance Services Member to 
submit a cancel instruction. The Applications and Premiums section 
currently provides that if such I&RS Members submit a cancellation 
instruction prior to a time established by NSCC for such purposes, the 
settlement transaction will be canceled and removed from I&RS. When 
Applications and Premiums was implemented, NSCC included functionality 
to allow I&RS Members to submit a cancel instruction. However, I&RS 
Members never use the instruction and instead have developed functions 
outside of NSCC to provide for such cancellations. I&RS Members have 
not indicated plans to use the cancellation instruction and so NSCC 
removed the functionality. NSCC would remove the cancellation 
instruction language in Applications and Premiums to reflect that the 
cancellation instruction functionality has been removed from 
Applications and Premiums.
    NSCC would also clarify the Rules by more clearly stating which 
fees are per transaction and per side. Currently, footnote 6 of 
Addendum A states that unless otherwise noted, transaction fees are per 
side, and both sides are charged for each item. However, in the 
description of certain fees, there is also a note that fees are per 
side. This note is repetitive of footnote 6, which states that all fees 
are per side unless otherwise noted. In addition, certain fee 
descriptions contain a note that such fees are ``per transaction'', 
``per inquiry'' or ``per request'' or similar designations and such 
usage is not consistent. NSCC would add in footnote 6 of Addendum A 
that unless otherwise noted, all fees for I&RS are per transaction, per 
side and remove the similar descriptions in each fee description where 
the general designation applies for consistency.
    NSCC would change the title in Section IV.H.3 of Addendum A from 
``Other Service Fees'' to ``Other Transaction Fees'' to conform to the 
description of transaction fees in Section IV.H.2 of Addendum A and 
would change the heading ``TIER'' listed in Section IV.H.3 to ``PRICE 
TIER'' to conform how those pricing tiers are described in other 
marketing materials and to avoid confusion that those tiers are related 
to transaction volumes. NSCC would change the three-letter designation 
for Licensing and Appointments from ``L&A'' to ``LNA'' in Section 
IV.H.3 of Addendum A to reflect current marketing descriptions.
    NSCC would also delete a reference to ``Producer Management Portal 
(per inquiry)'' currently listed under TIER 4 in Section IV.H.3 of 
Addendum A. The description of the fees for Producer Management Portal 
were moved from Section IV.H.3 to Section IV.H.2.h of Addendum A and 
the reference to Producer Management Portal was intended to be deleted 
from Section IV.H.3 in 2019 from a rule filing filed in 2018 (``2018 
Filing'') \15\ but due to a clerical mistake the change was not made in 
the Rules. NSCC would delete the reference from Section IV.H.3 as 
contemplated by the 2018 Filing.
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    \15\ See Securities Exchange Act Release No. 84771 (Dec. 10, 
2018), 83 FR 64393 (Dec. 14, 2018) (SR-NSCC-2018-002).
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Implementation Timeframe
    NSCC would implement the proposed changes in three phases. NSCC 
would implement the clarifications to Rule 57 and Addendum A discussed 
above upon filing. NSCC would adopt the Producer Authorization service 
offering, associated fees and related changes to the Rules by no later 
than July 31, 2024. NSCC would implement the Paperless Replacements 
service offering, associated fees and related changes to the Rules by 
no later than September 30, 2024.
2. Statutory Basis
    Section 17A(b)(3)(F) of the Act, requires, that the Rules be 
designed to, among other things, promote the prompt and accurate 
clearance and settlement of securities transactions.\16\
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    \16\ 15 U.S.C. 78q-1(b)(3)(F).
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    The proposed addition of Paperless Replacements and Producer 
Authorization service offerings would provide a standardized method to 
communicate I&RS Data among I&RS Members relating to (i) replacements 
of insurance and annuity contracts and related settlement of funds and 
(ii) producer credentials related to specific products, each as 
discussed above. The addition of Paperless Replacements discussed above 
would enhance Carriers' ability to send and receive required 
information relating to replacements of insurance or annuity contracts 
and related settlement of funds by providing an automated data only 
transmission relating to such replacements between Carriers and bring 
greater efficiency to the transfer and settlement of those products as 
set forth above. The addition of Producer Authorization discussed above 
would enhance Distributors' ability to confirm with Carriers the 
credentials of insurance producers to sell specific products by 
providing a standardized method to communicate such information and 
bring greater efficiency and expediency to the buying, selling and 
settlement of such I&RS Eligible Products among I&RS Members. Providing 
a more efficient and streamlined process with respect to transmitting 
and receiving such I&RS Data would promote the prompt and accurate 
clearance and settlement of securities transactions, consistent with 
the requirements of Section 17A(b)(3)(F) of the Act.\17\
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    \17\ Id.
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    The clarifications to Rule 57 and Addendum A would enhance the 
clarity and transparency of the Rules with respect to services offered 
by NSCC. Specifically, these rule changes would allow I&RS Members to 
have a better understanding of the Rules relating to I&RS. The use of 
the defined terms ``I&RS Members'' and ``I&RS Payments'' throughout the 
rules and the reorganization of Section 1 of Rule 57 and the 
descriptions of the service offerings discussed above would reflect 
current uses of the terms used within I&RS. Removing the language 
regarding the ability of I&RS Members to submit a cancel instruction in 
the Applications and Premiums section which is no longer applicable 
would remove unnecessary language in the Rules. Having clear and 
accurate Rules would help I&RS Members to better understand their 
rights and obligations regarding NSCC's services. NSCC believes that 
when I&RS Members better understand their rights and obligations 
regarding NSCC's services, they can act in accordance with the Rules. 
NSCC believes that better enabling I&RS Members to comply with the 
Rules

[[Page 58208]]

would promote the prompt and accurate clearance and settlement of 
securities transactions by NSCC consistent with the requirements of the 
Act, in particular Section 17A(b)(3)(F) of the Act.\18\
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    \18\ Id.
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    Section 17A(b)(3)(D) of the Act \19\ requires that the Rules 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among its participants. NSCC believes the proposed fees 
for Paperless Replacements and Producer Authorization would align with 
the cost of building and delivering the proposed service offerings, 
consistent with this provision of the Act. NSCC believes the proposed 
changes to the fees are equitable because they would apply uniformly to 
all I&RS Members that utilize the service offerings. NSCC believes the 
proposed changes are reasonable because they would be commensurate with 
the costs of resources allocated by NSCC in developing and maintaining 
the service offerings. Based on financial projections of development 
and maintenance costs and anticipated participation by I&RS Members, it 
is anticipated that the Paperless Replacements and Producer 
Authorization costs and revenues would result in a slight increase in 
the overall operating margin percentage of I&RS and allow NSCC to 
recoup the costs of building the enhancements within approximately two 
years of implementing the fees. Therefore, by establishing fees that 
align with the cost of delivery of these service offerings and 
allocating those fees equitably among the subscribing users, the 
proposed rule change would provide for the equitable allocation of 
reasonable dues, fees and other charges among its participants 
consistent with the requirements of Section 17A(b)(3)(D) of the 
Act.\20\
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    \19\ 15 U.S.C. 78q-1(b)(3)(D).
    \20\ Id.
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(B) Clearing Agency's Statement on Burden on Competition

    NSCC does not believe that the proposed rule changes would have any 
adverse impact, or impose any burden, on competition.
    The proposed changes to adopt the Paperless Replacements and 
Producer Authorization service offerings would add optional functions 
to NSCC's services to provide more efficient methods by which 
subscribing Carriers and Distributors may transmit, view and retrieve 
I&RS Data. Such changes would not affect services for I&RS Members that 
do not subscribe to such service offerings and non-subscribing I&RS 
Members would transmit, view and retrieve I&RS Data in the same manner 
as they currently transmit, view and retrieve I&RS Data. The fees 
proposed for each of these service offerings were designed to be 
reasonable and align with the projected cost of building and operating 
such service offerings and would be charged ratably based on each I&RS 
Members' use of such service offerings. Therefore, the proposed changes 
to implement such optional service offerings and the associated fees 
would not disproportionally impact any I&RS Members, have any effect on 
existing NSCC services other than to add a new method of transmitting, 
viewing and retrieving I&RS Data, nor have any adverse impact on 
competition.
    Moreover, because the proposed rule changes would improve the 
efficiency by which subscribing I&RS Members may view, transmit and 
retrieve I&RS Data, the proposed rule change may have a positive effect 
on competition among Carriers and Distributors. The proposed features 
would provide these firms with a faster, more streamlined method of 
transmitting and receiving I&RS Data, and therefore could enable I&RS 
Eligible Products to be marketed more quickly. Specifically, I&RS 
Members could have the ability to distribute I&RS Eligible Products 
into the market to consumers more quickly because I&RS Members would 
have the ability to obtain information with respect to these products 
in a quicker, more efficient manner.
    NSCC does not believe the clarifications to Rule 57 and Addendum A 
would impact competition. Such changes would help clarify the Rules. In 
addition, the changes would facilitate I&RS Members' understanding of 
the Rules and their obligations thereunder. The proposed changes would 
not affect NSCC's operations or the rights and obligations of the 
membership. As such, NSCC believes these proposed rule changes would 
not have any impact 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 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.
    NSCC reserves the right not to respond to any comments received.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) \21\ of the Act and paragraph (f) \22\ of Rule 19b-4 
thereunder. 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.
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f).
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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 (www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NSCC-2024-005 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-2024-005. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your

[[Page 58209]]

comments more efficiently, please use only one method. The Commission 
will post all comments on the Commission's internet website (https://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 (dtcc.com/legal/sec-rule-filings). 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-NSCC-2024-
005 and should be submitted on or before August 7, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-15677 Filed 7-16-24; 8:45 am]
BILLING CODE 8011-01-P