[Federal Register Volume 90, Number 65 (Monday, April 7, 2025)]
[Notices]
[Pages 15026-15030]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-05893]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102757; File No. SR-NSCC-2025-004]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend the Recovery and Wind-Down Plan
April 1, 2025.
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 March 25, 2025, 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)(4) 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)(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 amendments to the R&W Plan to
reflect business and product developments that have taken place since
the time it was last amended,\5\ make certain changes to improve the
clarity of the Plan and make other updates and technical revisions.\6\
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\5\ See Securities Exchange Act Release Nos. 98328 (Sept. 8,
2023), 88 FR 63180 Sept. 14, 2023 (SR-NSCC-2023-008); and 91428
(Mar. 29, 2021), 86 FR 17440 (Apr. 2, 2021) (SR-NSCC-2021-004).
\6\ Capitalized terms not defined herein are defined in the
Rules and Procedures of NSCC (the ``Rules''), available at
www.dtcc.com/~/media/Files/Downloads/legal/rules/nscc_rules.pdf, or
in the Recovery & Wind-down Plan of NSCC (the ``R&W Plan'' or
``Plan'').
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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
Executive Summary
The R&W Plan was adopted in August 2018 \7\ and is maintained by
NSCC for compliance with Rule 17Ad-22(e)(3)(ii) under the Act.\8\ This
section of the Act requires registered clearing agencies to, in short,
establish, implement and maintain plans for the recovery and orderly
wind-down of the covered clearing agency necessitated by credit losses,
liquidity shortfalls, losses from general business risk, or any other
losses. The Plan is intended to be used by the Board and NSCC
management in the event NSCC encounters scenarios that could
potentially prevent it from being able to provide its critical services
to the marketplace as a going concern.
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\7\ See Securities Exchange Act Release Nos. 83974 (Aug. 28,
2018), 83 FR 44988 (Sept. 4, 2018), (SR-NSCC-2017-017); and 83955
(Aug. 27, 2018), 83 FR 44340 (Aug. 30, 2018) (SR-NSCC-2017-805).
\8\ 17 CFR 240.17ad-22(e)(3)(ii). NSCC is a ``covered clearing
agency'' as defined in Rule 17ad-22(a)(5) under the Act and must
comply with paragraph (e) of Rule 17ad-22.
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The R&W Plan is comprised of two primary sections: (i) the
``Recovery Plan,'' that sets out the tools and strategies to enable
NSCC to recover, in the event it experiences losses that exceed its
prefunded resources, and (ii) the ``Wind-down Plan,'' that describes
the tools and strategies to be used to conduct an orderly wind-down of
NSCC's business in a manner designed to permit the continuation of
NSCC's critical services in the event that its recovery efforts are not
successful.
NSCC believes that by helping to ensure that the R&W Plan reflects
current business and product developments, providing additional
clarity, and making necessary grammatical corrections, that the
proposed rule change would help it continue to maintain the Plan in a
manner that supports the continuity of NSCC's critical services and
enables its Members and Limited Members to maintain access to NSCC's
services through the transfer of its membership in the event NSCC
defaults or the Wind-down Plan is ever triggered by the Board.
Background
The R&W Plan is managed by the Office of Recovery & Resolution
Planning (referred to in the Plan as the ``R&R Team'') of NSCC's parent
[[Page 15027]]
company, the Depository Trust & Clearing Corporation (``DTCC''),\9\ on
behalf of NSCC, with review and oversight by the DTCC Executive
Committee and the Board. In accordance with the SEC's Approval Order
covering the Plan,\10\ the Board, or such committees as may be
delegated authority by the Board from time to time, is required to
review and approve the R&W Plan biennially and would also review and
approve any changes that are proposed to the R&W Plan outside of the
biennial review. NSCC completed its most recent biennial review in
2024.\11\ The proposed rule change reflects amendments proposed to the
Plans resulting from that review, which are described in greater detail
below. None of the proposed changes modify NSCC's general objectives
and approach with respect to its recovery and wind-down strategy as set
forth under the current Plan.
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\9\ DTCC operates on a shared service model with respect to NSCC
and its other affiliated clearing agencies, NSCC Fixed Income
Clearing Corporation (``FICC'') and The Depository Trust Company
(``DTC''). Most corporate functions are established and managed on
an enterprise-wide basis pursuant to intercompany agreements under
which it is generally DTCC that provides relevant services to NSCC,
FICC and DTC (collectively, the ``Clearing Agencies'').
\10\ Supra note 7.
\11\ Upon the effective date of recently adopted SEC Rule 17ad-
26(9), NSCC will be updating its procedures to require review and
approval of the Plan by the Board at least every 12 months or
following material changes to NSCC's operations that would
significantly affect the viability or execution of the Plan.
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A. Proposed Amendments to the R&W Plan
NSCC is proposing the changes to the following sections of the Plan
based upon business updates and product developments that have occurred
since the Plan was last amended.\12\
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\12\ Supra note 5.
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Section 2.3 (NSCC Non-Guaranteed Services Summary) describes those
services which are not guaranteed by NSCC and for which it does not act
as a central counterparty (e.g., Automated Customer Account Transfer
Service, Obligation Warehouse) and certain risk management tools. The
proposed rule change would remove DTCC Limit Monitoring from this
section of the Plan because it was decommissioned by NSCC in November
2024.\13\
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\13\ See Securities Exchange Act Release No. 100486 (July 10,
2024), 89 FR 57959 (July 16, 2024) (SR-NSCC-2024-004). Similarly,
the reference to ``Limit Monitoring'' would be removed from Table 3-
C (Indicative Non-Critical NSCC Services).
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Section 2.4 (Intercompany Arrangements) describes how corporate
support services are provided to NSCC from DTCC and DTCC's other
subsidiaries, through intercompany agreements under a shared services
model. This section includes a table, (Facilities, Table 2-B), that
lists each of the DTCC facilities utilized by the Clearing Agencies and
indicates whether the facility is owned or leased. NSCC proposes to
update this table to add Hyderabad, India as an additional facility
location that is leased by DTCC, which site is expected to be
operational by the end of 2024. In addition, for purposes of clarity,
the proposed rule change would update the table to make clear that the
owner of the Tampa, Florida location is DTCC.
Section 2.5 (Clearing Agency Links) describes some of the key
financial market infrastructures (``FMIs''), both domestic and foreign,
that NSCC has identified as critical ``links.'' \14\ This section of
the Plan also identifies the group within DTCC that is responsible for
maintaining the inventory of links and that has set forth a set of
practices and protocols for managing and reviewing the various risks
and controls associated with clearing agency links. Based on a change
to the name of this internal group from ``the DTCC Systemic Risk Office
(``SRO'') to the ``Emerging and Systemic Risk (``ESR'') team,'' the
proposed rule change would replace all references to ``SRO'' with
``ESR.'' The reference to the ``Chief Systemic Risk Officer
(``CSRO'')'' would be replaced with ``Operational Risk management.''
Also, for the same reason, the reference in the first sentence of this
section to the ``DTCC Systemic Risk Office (``SRO'') Clearing Agency
Links--Risk Review Procedures'' would be changed to the ``Clearing
Agency Links--Risk Review Procedures.'' Additionally, for purposes of
consistency, in other sections of the Plan where a reference is made to
``linked FMIs,'' which are Sections 1.3, 3.2, 7.3, 8.4.2 and 8.4.5., it
would be replaced with ``Clearing Agency Links.''
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\14\ As defined in Rule 17ad-22(a)(8) under the Act, a link
``means, for purposes of paragraph (e)(20) of Rule 17ad-22, a set of
contractual and operational arrangements between two or more
clearing agencies, financial market utilities, or trading markets
that connect them directly or indirectly for the purposes of
participating in settlement, cross margining, expanding their
services to additional instruments or participants, or for any other
purposes material to their business.'' 17 CFR 240.17ad-22(a)(8).
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Section 3 (Critical Services) defines the criteria for classifying
certain of NSCC's services as ``critical,'' \15\ and identifies such
critical services and the rationale for their classification. The
identification of NSCC's critical services is important for evaluating
how the recovery tools and the wind-down strategy would facilitate and
provide for the continuation of NSCC's critical services to the markets
it serves.
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\15\ The criteria that is used to identify an NSCC service or
function as critical includes consideration as to whether (1) there
is a lack of alternative providers or products; (2) failure of the
service could impact NSCC's ability to perform its central
counterparty services; (3) failure of the service could impact
NSCC's ability to perform its netting services, and, as such, the
availability of market liquidity; and (4) the service is
interconnected with other participants and processes within the U.S.
financial system (for example, with other FMIs, settlement banks,
broker-dealers, and exchanges).
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There is a table (Table 3-B: NSCC Critical Services) that lists
each of the services, functions or activities that NSCC has identified
as ``critical'' based on the applicability of the criteria. For
purposes of consolidation and consistency with the naming conventions
and broader description of these services to those set forth in DTCC's
enterprise service catalogue (the ``ESC''), which is used by NSCC's
internal stakeholders, the proposed rule change would (i) make changes
to the names and descriptions of the certain critical services, and
(ii) remove some rows in the table that are currently designated as
separate critical services and list them instead as material components
of a more broadly described critical service(s). These proposed changes
are described in more detail below:
(i) the row for ``Trade Recording'' would be renamed ``Trade
Capture and Reporting (Universal Trade Capture)'' and include a
broad description reflecting that this service validates and reports
equity transaction that are submitted to NSCC throughout the trading
day by an exchange or by a Qualified Special Representative
(``QSR'') \16\ that is an NSCC Member. The existing description of
``Trade Recording'' would be retained and listed as a material
component of this service.
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\16\ Pursuant to the NSCC Rules, a ``Qualified Service
Representative'' is defined as a Registered Clearing Agency which
has entered into an agreement with the Corporation pursuant to which
it will act as a securities depository for the Corporation and
effect book-entry transfers of securities to and by the Corporation
in respect of the CNS System and/or the SFT Clearing Service.
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(ii) The row for ``Real Time Trade Matching[supreg]'' would be
renamed ``Corporate, Municipals, and Unit Investment Trusts (CMU)
Service'' and would broadly describe that this service provides a
common electronic platform for collecting and matching trade data
enabling parties to trade, monitor and manage the status of their
trade activity in real-time. The existing description of ``Real Time
Trade Matching[supreg]'' would be retained and listed as a material
component of this service.
(iii) the description in the row for ``Account Information
Transmission'' would be revised to clarified that this service is a
secure data transport infrastructure that provides a standard method
of passing data
[[Page 15028]]
between firms leveraging existing data protocols.
(iv) The separate rows for the following services would be
deleted and moved under the row for the ``Continuous Net
Settlement'' as material components of that service: ``CNS/Fully
Paid for Account,'' ``CNS/Prime Broker Interface,'' ``Balance Order
Netting,'' and ``Money Settlement Service.''
(v) the description in the row for ``WMS--Mutual Funds Profile
Service I (Price and Rate)'' would be clarified to add that this
service allows the funds to provide prices and daily distribution
rates to their intermediaries.
In addition, there is a table (Table 3-C: Indicative Non-Critical
NSCC Services) that identifies indicative non-critical services of
NSCC, which list is not exhaustive. Pursuant to the proposed rule
change, NSCC would make the following enhancements to Table 3-C to
align with how these services are referred to and described in the ESC:
(i) the first entry, ``Foreign Securities Comparison and Netting,''
would be deleted because this is a component of the broader service
titled, ``Universal Trade Capture,'' which is an NSCC critical service,
(ii) the entry titled ``Insurance and Retirement Services'' would be
deleted because this is not how these types of services are delineated
in the ESC. Instead, the following services would be added to better
reflect the retirement and insurance services offered, (x) ``ACATS-IPS
(Automated Customer Account Transfer Service/Insurance Processing
Service''), which automates the changes in distributors of records for
an annuity when clients transfer their accounts from one broker-dealer/
custodian firm to another, (y) ``Commissions and Compensation (COM),''
which refers to the automation of the settlement of commissions and
compensation dollars, between insurance carriers and distributors, and
(z) ``Positions and Valuations (``POV,'')'' that enables insurance
carriers to send contract details on a daily, weekly, monthly or other
basis to distributors.
Section 5.3 (Liquidity Shortfalls) identifies tools that may be
used to address foreseeable shortfalls in NSCC's liquidity resources
following a Member default. The goal in managing NSCC's qualifying
liquidity resources is to maximize resource availability in an evolving
stress situation, to maintain flexibility in the order and use of
sources of liquidity, and to repay any third-party lenders of liquidity
in a timely manner. This section includes a table (Table 5-C) that
lists NSCC liquidity tools and resources.\17\ The proposed rule change
would make the following updates and clarifications to Table 5-C: (i)
under the description of NSCC's ``Non-Qualifying Liquid Resources,''
the language describing that NSCC would utilize existing Master
Repurchase Agreements or establish new Master Repurchase Agreements
would be removed because this is not a liquidity resource utilized by
NSCC. The remaining language in this entry describing that NSCC could
pursue financing arrangements such as commercial bank loans that could
leverage existing documentation, would be retained. As a result, the
language for this entry in the associated ``Process and relevant
governance'' column would be revised to state, ``This tool would be
deployed at the discretion of NSCC and would be dependent on the
market,'' (ii) the entry for ``Uncommitted stock loan and equity
repos'' would be removed in its entirety since this resource is not
used by NSCC, (iii) the footnote associated with the entry for ``Credit
Facility'' would be revised to replace the phrase ``a significant
number of lenders'' with ``some of the lenders'' in the sentence
characterizing that lenders are neither NSCC Members nor DTC
Participants, and (iv) for purposes of clarity, within the entry for
``Unissued Commercial Paper,'' the term ``facility'' would be removed
and replaced with ``program.''
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\17\ In addition to what has been described above, Table 5-C
lists the following NSCC liquidity tools: Utilize short-settling
liquidating trades, Increase the speed of portfolio asset sales, and
Credit Facility.
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B. Other Updates, Clarifications and Technical Revisions
NSCC is also proposing to make other updates and technical
revisions to the Plan. These technical revisions would, for example,
make grammatical corrections, update the names of certain NSCC internal
groups, and clarify the description of internal organizations, without
changing the substantive statements being revised.
For example, in Section 4.1 (DTCC and SIFMU Governance Structure),
for purposes of reflecting organizational updates and internal name
changes, NSCC proposes to make the following changes, (i) revise the
number of Board committees from six to seven, (ii) revise the name of
the ``Businesses, Technology and Operations'' committee to the
``Technology & Cyber Committee, and add to the committees list a new
committee, the ``Enterprise Services Committee,'' (ii) throughout the
Plan, replace all references to ``Management Committee'' with
``Executive Committee,'' based on a change made to the name of this
existing committee, (iii) in Section 4.3 (Recovery and Wind-down
Program Governance), for purposes consolidating of the list of risk
groups that comprise representation on DTCC's Recovery & Wind-down
Planning Council, revise reference to the ``Systemic Risk'' and
``Financial and Operational Risk'' to ``Group Chief Risk Office,'' and
remove all references to ``Embedded Risk Management,'' (iii) in Table
5-A: Corridor Indicators, replace the reference to ``NSCC Global
Business Operations'' with ``Enterprise Business Operations,'' (iv)
with respect to Section 6.3.1 (Financial Risk and Capital Management),
the last sentence describes that at the center of DTCC's approach to
measuring and managing its capital is a framework comprised of
regulatory and economic components designed to comprehensively assess
the capital needs of the consolidated enterprise and its operating
subsidiaries. Based on a change in terminology that does not impact how
FICC measures or manages its capital, the term ``economic components''
would be replaced with ``management views,'' and (v) for purposes of
clarity and to avoid redundancy, at the end of Section 8.7 (Costs and
Time to Effectuate Plan), (x) the following sentence would be revised
to add the words ``at least'' before ``four months, ``Based on the
foregoing analysis, the costs to execute NSCC's recovery or orderly
wind-down are estimated at an amount equal to four months of operating
expenses, and (y) the subsequent sentence that ``This amount thus
should be less than the amount based upon six months of operating
costs,'' would be deleted.
NSCC believes the proposed updates and technical revisions would
improve the clarity and accuracy of the Plan and, therefore, would help
facilitate the execution of Plan, if necessary.
2. Statutory Basis
NSCC believes that the proposal is consistent with the requirements
of the Act and the rules and regulations thereunder applicable to a
registered clearing agency. In particular, NSCC believes that the
amendments to the R&W Plan are consistent with Section 17A(b)(3)(F) of
the Act \18\ and Rule 17ad-22(e)(3)(ii) under the Act,\19\ for the
reasons described below.
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\18\ 15 U.S.C. 78q-1(b)(3)(F).
\19\ 17 CFR 240.17ad-22(e)(3)(ii).
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Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of NSCC be designed to promote the prompt and accurate clearance and
settlement of securities transactions. As described above, the proposed
rule change would update the R&W Plan to reflect business and product
developments and make
[[Page 15029]]
certain technical corrections. By helping to ensure that the R&W Plan
reflects current business and product developments, and providing
additional clarity, NSCC believes that the proposed rule change would
help it continue to maintain the Plan in a manner that supports the
continuity of NSCC's critical services and enables its Members and
Limited Members to maintain access to NSCC's services through the
transfer of its membership in the event NSCC defaults or the Wind-down
Plan is ever triggered by the Board. Further, by facilitating the
continuity of its critical clearance and settlement services, NSCC
believes the Plan and the proposed rule change would continue to
promote the prompt and accurate clearance and settlement of securities
transactions. Therefore, NSCC believes the proposed amendments to the
R&W Plan are consistent with the requirements of Section 17A(b)(3)(F)
of the Act.
Rule 17ad-22(e)(3)(ii) under the Act requires NSCC to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to maintain a sound risk management framework for
comprehensively managing legal, credit, liquidity, operational, general
business, investment, custody, and other risks that arise in or are
borne by the covered clearing agency, which includes plans for the
recovery and orderly wind-down of the covered clearing agency
necessitated by credit losses, liquidity shortfalls, losses from
general business risk, or any other losses.\20\
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\20\ Id.
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Specifically, the Recovery Plan defines the risk management
activities, stress conditions and indicators, and tools that NSCC may
use to address stress scenarios that could eventually prevent it from
being able to provide its critical services as a going concern. Through
the framework of the Crisis Continuum, the Recovery Plan addresses
measures that NSCC may take to address risks of credit losses and
liquidity shortfalls, and other losses that could arise from a Member
default. The Recovery Plan also addresses the management of general
business risks and other non-default risks that could lead to losses.
The Wind-down Plan would be triggered by a determination by the Board
that recovery efforts have not been, or are unlikely to be, successful
in returning NSCC to viability as a going concern. Once triggered, the
Wind-down Plan sets forth clear mechanisms for the transfer of NSCC's
membership and business and is designed to facilitate continued access
to NSCC's critical services and to minimize market impact of the
transfer. By establishing the framework and strategy for the execution
of the transfer and wind-down of NSCC in order to facilitate continuous
access to its critical services, the Wind-down Plan establishes a plan
for the orderly wind-down of NSCC.
As described above, the proposed rule change would update the R&W
Plan to reflect business and product developments and make certain
technical corrections. By ensuring that material provisions of the Plan
are current, clear, and technically correct, NSCC believes that the
proposed amendments are designed to support the maintenance of the Plan
for the recovery and orderly wind-down of the covered clearing agency
necessitated by credit losses, liquidity shortfalls, losses from
general business risk, or any other losses, and, as such, meets the
requirements of Rule 17ad-22(e)(3)(ii) under the Act.\21\ Therefore,
the proposed changes would help NSCC to maintain the Plan in a way that
continues to be consistent with the requirements of Rule 17ad-
22(e)(3)(ii).
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\21\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
NSCC does not believe that the proposed rule change would have any
impact, or impose any burden, on competition. NSCC does not anticipate
that the proposal would affect its day-to-day operations under normal
circumstances, or in the management of a typical Member default
scenario or non-default event. The R&W Plan was developed and
documented to satisfy applicable regulatory requirements, as discussed
above. The proposal is intended to enhance and update the Plan to
ensure it is clear and remains current in the event it is ever
necessary to be implemented. The proposed revisions would not affect
any changes to the overall structure or operation of the Plan or NSCC's
recovery and wind-down strategy as set forth under the current Plan. As
such, NSCC believes the proposal would not have any 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, NSCC will amend
this filing to publicly file such comments as an Exhibit 2 to this
filing, as required by Form 19b-4 and the General Instructions thereto.
Persons submitting written 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 to not 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) of the Act and paragraph (f) 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.
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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NSCC-2025-004 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-2025-004. This file
[[Page 15030]]
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 (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 (https://dtcc.com/legal/sec-rule-filings.aspx). 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-2025-004 and should be
submitted on or before April 28, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-05893 Filed 4-4-25; 8:45 am]
BILLING CODE 8011-01-P