    [Federal Register Volume 91, Number 58 (Thursday, March 26, 2026)]
    [Notices]
    [Pages 14742-14746]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 2026-05846]

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    SECURITIES AND EXCHANGE COMMISSION

    [Release No. 34-105065; File No. SR-FICC-2026-006]

    Self-Regulatory Organizations; Fixed Income Clearing Corporation;
    Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
    Make Corrections, Clarifications and Certain Other Changes to the GSD
    Rules, MBSD Rules, and EPN Rules

    March 23, 2026.
        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 17, 2026, Fixed Income Clearing Corporation (``FICC'') 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. FICC 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

        FICC is proposing to (i) make certain corrections and
    clarifications in the Government Securities Division (``GSD'') Rulebook
    (the ``GSD Rules''), Mortgage-Backed Securities Division (``MBSD'')
    Clearing Rules (the ``MBSD Rules'') and MBSD EPN Rules (the ``EPN
    Rules,'' and collectively with the GSD Rules and the MBSD Rules, the
    ``Rules'') \5\ and (ii) make certain changes to harmonize the language
    in the GSD Rules, MBSD Rules and the EPN Rules with each other and with
    the rules of FICC's two clearing agency affiliates, The Depository
    Trust Company (``DTC'') and National Securities Clearing Corporation
    (``NSCC'').
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        \5\ Each capitalized term used herein and not otherwise defined
    shall have the meaning set forth in the GSD Rules, MBSD Clearing
    Rules or the EPN Rules, as applicable, available at www.dtcc.com/legal/rules-and-procedures.
    ---------------------------------------------------------------------------

    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
        FICC is proposing to (i) make certain corrections and
    clarifications in the Rules and (ii) make certain changes to harmonize
    the language in the GSD Rules, MBSD Rules and the EPN Rules with each
    other and with the rules of FICC's two clearing agency affiliates, DTC
    and NSCC.
        FICC has conducted a review of its Rules to improve transparency
    and consistency and to harmonize language in its Rules with similar
    language in the Rules, By-Laws and Organization Certificate of DTC
    (``DTC Rules'') and the NSCC Rules & Procedures (``NSCC Rules'').\6\
    DTC and NSCC have also conducted similar reviews of their respective
    rulebooks. As a result of the reviews, FICC is proposing the following
    changes to the Rules.
    ---------------------------------------------------------------------------

        \6\ Each capitalized term used herein and not otherwise defined
    shall have the meaning set forth in the DTC Rules or the NSCC Rules,
    as applicable, available at www.dtcc.com/legal/rules-and-procedures.

    [[Page 14743]]

                          Proposed Changes to GSD Rules
    ------------------------------------------------------------------------
                 Rule                           Proposed changes
    ------------------------------------------------------------------------
    GSD Rule 1...................  Add the following defined terms to Rule 1
                                    (Definitions) of the Rules which are
                                    used in the Rules but are defined
                                    elsewhere in the Rules:
                                   Excess Capital Premium.
                                   VaR Floor.
                                   VaR Floor Percentage Amount.
                                   Correct a link to the SIFMA MRA in the
                                    definition of ``SIFMA MRA''.
                                   Change the definition of ``Watch List''
                                    to reflect an expanded scale used for
                                    the Credit Risk Rating Matrix
                                    (``CRRM''). The CRRM is currently based
                                    on a scale of 1 through 7. The CRRM is
                                    also currently calculated internally
                                    using a more granular scale of 1 through
                                    18 which corresponds to the current 1
                                    through 7 scale (e.g., credit rating 6
                                    on the current scale is equivalent to
                                    credit ratings 12 and 13 on the more
                                    granular scale). The proposed changes
                                    would not change how Members are
                                    analyzed with respect to the Watch List.
    GSD Rule 3A..................  Correct duplicative section reference,
                                    remove a reference to GSD Rule 31
                                    (Distribution Facilities) which Rule no
                                    longer references Distribution
                                    Facilities and correct the title of GSD
                                    Rule 42 (Extension, Waiver or Suspension
                                    of Rules).
    GSD Rule 3B..................  Remove the references to the
                                    Enforceability Opinion and Insolvency
                                    Opinion to add a more general reference
                                    to opinions required by FICC for CCIT
                                    Members similar to the more general
                                    descriptions of opinion requirements for
                                    other GSD membership types. FICC reviews
                                    its opinion requirements for membership
                                    periodically and may not always require
                                    an enforceability or insolvency opinion
                                    and may require other opinions that are
                                    not listed in the GSD Rule.
                                   Correct the name of the Federal Deposit
                                    Insurance Corporation Improvement Act of
                                    1991, remove a reference to Rule 31
                                    (Distribution Facilities) which Rule no
                                    longer references Distribution
                                    Facilities and correct the title of GSD
                                    Rule 42 (Extension, Waiver or Suspension
                                    of Rules).
    GSD Rule 4...................  Remove ``Registered'' from ``Registered
                                    Broker'' and ``Registered Dealer'' to
                                    reflect the current defined terms for
                                    Broker and Dealer.
    GSD Rule 5...................  Add ``Customer'' to ``Executing Firm'' in
                                    two places to reflect that the provision
                                    is referencing Executing Firm Customers.
    GSD Rule 8...................  Clarify that Agent Clearing Members
                                    provide a representation that the
                                    Executing Firm Customer has authorized
                                    the Agent Clearing Member to submit
                                    trade data rather than providing a copy
                                    of the written authorization.
    GSD Rule 13..................  Remove a reference to Section 3 which
                                    Section had been previously removed and
                                    correct the title of GSD Rule 42
                                    (Extension, Waiver or Suspension of
                                    Rules).
    GSD Rule 22A.................  Change the phrase ``Schedule for Deletion
                                    of Trade Data Submitted to the
                                    Comparison System'' to ``Schedule for
                                    Deletion of Trade Data From the
                                    Comparison System'' to match the
                                    proposed changes to the name of that
                                    schedule referenced below.
    GSD Rule 22B.................  Add a provision clarifying that in
                                    accordance with Section 17 of Rule 3A
                                    (Sponsoring Members and Sponsored
                                    Members), Sponsored Members, in their
                                    capacities as such, are Members for
                                    purposes of Rule 22B (Corporation
                                    Default).
    GSD Rule 22C.................  Correct the name of the Federal Deposit
                                    Insurance Corporation Improvement Act of
                                    1991.
    GSD Rule 33..................  Remove the provision that Members shall
                                    be given 10 Business Days' notice of any
                                    proposed amendment to the Procedures to
                                    harmonize the language with a similar
                                    provision in NSCC Rule 33 (Procedures)
                                    and DTC Rule 27 (Procedures). The
                                    Procedures referenced in GSD Rule 33
                                    (Procedures) are subject to the rule
                                    change process applicable to FICC in its
                                    capacity as a registered clearing agency
                                    under Section 17A of the Act,\a\ and
                                    self[dash]regulatory organization
                                    subject to Section 19 of the Act.\b\
                                    FICC believes that a separate
                                    10[dash]Business Day notice requirement
                                    is neither necessary nor practical
                                    because Members already receive adequate
                                    notice of any changes or proposed
                                    changes to such Procedures through the
                                    Act's rule change process. In this
                                    context, the Procedures referenced in
                                    GSD Rule 33 constitute ``rules'' of FICC
                                    for purposes of the Act that would
                                    require following the rule change
                                    process under the Act to change.
    GSD Rule 35..................  Revise the language to clarify the
                                    process used by FICC relating to
                                    financial reports and to harmonize with
                                    similar language in MBSD Rule 26
                                    (Financial Reports and Internal
                                    Accounting Reports), EPN Article V Rule
                                    5 (Financial Reports), DTC Rule 15
                                    (Reports) and NSCC Rule 35 (Financial
                                    Reports). These proposed changes are
                                    consistent with certain changes being
                                    proposed to MBSD Rule 26 and EPN Article
                                    V Rule 5 described below as FICC uses
                                    the same processes for GSD, MBSD and
                                    EPN. In addition, the changes will be
                                    consistent with language in NSCC Rule 35
                                    \c\ and changes that DTC is in the
                                    process of making to DTC Rule 15 as the
                                    same processes are used by FICC, NSCC
                                    and DTC with respect to financial
                                    reports.
    GSD Rule 36..................  Revise to reflect that Funds-Only
                                    Settling Bank Members are entitled to
                                    the notification and comment provisions
                                    in the Rule in addition to Members.
    GSD Rule 38..................  Remove unnecessary references to
                                    Sponsoring Member, Sponsored Member and
                                    CCIT Members as those members are
                                    covered by the reference to ``Member.''

    [[Page 14744]]

    GSD Rule 39..................  Revise the Rule to clarify and to conform
                                    to harmonize similar language in DTC
                                    Rule 6 (Services), NSCC Rule 39
                                    (Reliance on Instructions), NSCC Rule 58
                                    (Limitations on Liability), and MBSD
                                    Rule 30 (Limitations of Liability) to
                                    reflect that the Cross Guaranty
                                    Agreements contain obligations between
                                    GSD and MBSD. The proposed changes
                                    include (i) removing specific references
                                    to the methods that are used to provide
                                    information or instructions to FICC,
                                    some of which are outdated, and (ii)
                                    adding a provision stating that, with
                                    respect to instructions given to FICC by
                                    a Member or its Agent, FICC is not
                                    responsible for the completeness or
                                    accuracy and shall have no liability for
                                    errors in the course of transmissions or
                                    recording of any transmissions or which
                                    may exist in any document or other media
                                    delivered to FICC, which changes are
                                    consistent with changes being proposed
                                    to MBSD Rule 30 as described below and
                                    consistent with language in DTC Rule 6,
                                    NSCC Rule 39, and NSCC Rule 58. The
                                    proposed changes also include (a) adding
                                    a reference to the Cross Guaranty
                                    Agreements with respect to liability
                                    between the GSD and MBSD divisions and
                                    (b) adding a provision stating that no
                                    Member shall be entitled to set off
                                    against any liability to FICC any
                                    liability FICC may have to such Member
                                    pursuant to GSD Rule 39, which proposed
                                    changes are consistent with provisions
                                    currently in MBSD Rule 30 and provisions
                                    relating to set off in NSCC Rule 58.
    GSD Rule 40..................  Capitalize ``transactions'' to reflect
                                    the defined term.
    GSD Rule 44..................  Use the correct title for the President
                                    and Chief Executive Officer and remove
                                    ``of'' for improved readability.
    GSD Rule 45..................  Revise the language to clarify the
                                    process used by FICC relating to
                                    notices, remove outdated language,
                                    harmonize to similar language in MBSD
                                    Rule 35 (Notices) consistent with
                                    changes being proposed to MBSD Rule 35
                                    (Notices) as described below as FICC
                                    uses the same processes for GSD and
                                    MBSD. Correct reference relating to
                                    notices from GSD Rule 22 (Insolvency of
                                    a Member) to GSD Rule 22A (Procedures
                                    for When the Corporation Ceases to Act)
                                    which contains notice provisions.
    GSD Schedule of Timeframes...  Add reference to A.M. Clearing Fund call
                                    to reflect the commonly used name for
                                    the deadline referenced.
    GSD Schedule of GCF Repo       Separate out the line item for the
     Timeframes.                    beginning of the collateral allocation
                                    process and provide a further
                                    description of that process and separate
                                    out the line item for the deadline for
                                    Net Funds Payors to satisfy their cash
                                    obligations for clarity.
    GSD Schedule of Sponsored GC   Create separate line items for times by
     Trade Timeframes.              which settlement output and margining
                                    output is made available to Sponsoring
                                    Members and clarify the descriptions of
                                    those line items and remove
                                    ``requirements'' to be consistent with
                                    similar language in the GSD Schedule of
                                    Timeframes.
    GSD Schedule for the Deletion  Change the title to clarify that the data
     of Trade Data.                 is being deleted from the Comparison
                                    System. Revise the language to clarify
                                    that trade data (including Yield
                                    Comparison Trades) that have been
                                    compared but are not eligible for
                                    netting shall be deleted during the same
                                    processing cycle which such comparison
                                    has occurred. Remove the sentence
                                    relating to notice of changes as the
                                    schedule is subject to notice provisions
                                    relating to rule changes (GSD Rule 36
                                    (Rule Changes)) and to conform to other
                                    schedules which do not have separate
                                    notice provisions for changes.
    GSD Schedule of Required       Capitalize titles of items in schedule
     Match Data.                    for consistency.
    GSD Schedule of Required Data  Capitalize titles of items in schedule
     Submission Items.              for consistency.
    GSD Schedule of Required and   Change title of schedule to reflect that
     Other Data Submission Items    the schedule refers to CCIT items to
     for GCF Repo Transactions.     reflect proposed language regarding CCIT
                                    Transactions. Remove language that no
                                    longer describes the GCF Repo
                                    Transactions process and add language
                                    relating to CCIT Transactions.
    GSD Schedule of Money          Add ``and at the end of the day'' and
     Tolerances.                    ``applicable at end of day'' to clarify
                                    that the line items are applicable at
                                    the end of the day. Move the language
                                    relating to Rule 10 (Enhanced Comparison
                                    Processes Presumed Match Data) at the
                                    end of the schedule to clarify it
                                    applies to the entire schedule and
                                    clarify that the schedule does not apply
                                    to Netting-Eligible Auction Purchases,
                                    GCF Repo Transactions, CCIT Transactions
                                    and Sponsored GC Trades.
    GSD Schedule of GC Comparable  Make ``Federal Home Loan Bank'' plural to
     Securities.                    reflect that there are multiple banks
                                    and add the word ``Agent'' in footnote
                                    to reflect the correct defined term for
                                    a Sponsored GC Clearing Agent Bank.
    GSD Fee Structure............  Change ``Non-Member'' to lower case to
                                    reflect that it is not a defined term.
    GSD Interpretive Guidance      Add quotation marks around ``Master
     With Respect To Settlement     Account'' in two footnotes, remove a
     Finality.                      duplicative reference link to location
                                    of Operating Circular 1 in a footnote
                                    and clarify that ``Transfer'' has the
                                    meaning referenced in Operating Circular
                                    7 for clarity and to harmonize language
                                    with MBSD Interpretive Guidance With
                                    Respect To Settlement Finality
                                    consistent with certain changes being
                                    proposed to the MBSD Interpretive
                                    Guidance with Respect to Settlement
                                    Finality described below.
    ------------------------------------------------------------------------
    \a\ 15 U.S.C. 78q-1.
    \b\ 15 U.S.C. 78s.
    \c\ See Securities Exchange Act Release No. 104831 (Feb. 12, 2026), 91
      FR 7567 (Feb. 18, 2026) (SR-NSCC-2026-002) (describes proposed changes
      to NSCC Rules that have now been implemented including changes to NSCC
      Rule 35).

    [[Page 14745]]

                         Proposed Changes to MBSD Rules
    ------------------------------------------------------------------------
                 Rule                           Proposed changes
    ------------------------------------------------------------------------
    MBSD Rule 1..................  Revise definition of ``Intraday Mark-to-
                                    Market Charge'' to remove a reference to
                                    subsection (c) of the definition which
                                    subsection no longer contains parameter
                                    adjustments.
                                   Clarify the definitions of ``SBO'' and
                                    ``SBON'' and remove the definition of
                                    ``SBO Net Open Position'' to clarify the
                                    meaning of those terms and to reflect
                                    proposed changes being made to those
                                    terms in MBSD Rule 6 (TBA Netting).
                                   Change the definition of ``Watch List''
                                    to reflect an expanded scale used for
                                    the CRRM. The CRRM is currently based on
                                    a scale of 1 through 7. The CRRM is also
                                    currently calculated internally using a
                                    more granular scale of 1 through 18
                                    which corresponds to the current 1
                                    through 7 scale (e.g., a credit rating
                                    of 6 on the current scale is equivalent
                                    to the credit ratings 12 and 13 on the
                                    more granular scale). The proposed
                                    changes would not change how Members are
                                    analyzed with respect to the Watch List.
    MBSD Rule 6..................  Clarify the language for the process
                                    relating to SBO-Destined Trades that
                                    cannot be offset.
    MBSD Rule 14.................  Add ``or'' to ``fine other charge'' as a
                                    grammatical correction.
    MBSD Rule 19.................  Add dashes in ``time to time'' and add a
                                    comma after ``Members'' for improved
                                    readability.
    MBSD Rule 22.................  Replace the phrase ``The foregoing
                                    notwithstanding'' with ``Notwithstanding
                                    the foregoing'' for improved
                                    readability.
    MBSD Rule 26.................  Revise the language to clarify the
                                    process used by FICC relating to
                                    financial reports and internal
                                    accounting control reports and to
                                    harmonize with similar language in GSD
                                    Rule 35 (Financial Reports), EPN Article
                                    V Rule 5 (Financial Reports), DTC Rule
                                    15 (Reports) and NSCC Rule 35 (Financial
                                    Reports). These proposed changes are
                                    consistent with certain changes being
                                    proposed to GSD Rule 35 described above
                                    and EPN Article V Rule 5 described below
                                    as FICC uses the same processes for GSD,
                                    MBSD and EPN. In addition, the changes
                                    will be consistent with language in NSCC
                                    Rule 35 * and changes that DTC is in the
                                    process of making to DTC Rule 15 as the
                                    same processes are used by FICC, NSCC
                                    and DTC with respect to financial
                                    reports.
    MBSD Rule 27.................  Add comma after ``proposal'' to improve
                                    readability.
    MBSD Rule 29.................  Replace ``from'' with ``by'' in the
                                    phrase ``delivered to or from the
                                    Corporation'' to improve readability.
    MBSD Rule 30.................  Revise the Rule to clarify and to conform
                                    to harmonize similar language in DTC
                                    Rule 6 (Services), NSCC Rule 39
                                    (Reliance on Instructions), NSCC Rule 58
                                    (Limitations on Liability) and GSD Rule
                                    39 (Limitations of Liability). The
                                    proposed changes include (i) removing
                                    specific references to the methods that
                                    are used to provide information or
                                    instructions to FICC, some of which are
                                    outdated, and (ii) adding a provision
                                    stating that, with respect to
                                    instructions given to FICC by a Member
                                    or its Agent, FICC is not responsible
                                    for the completeness or accuracy and
                                    shall have no liability for errors in
                                    the course of transmissions or recording
                                    of any transmissions or which may exist
                                    in any document or other media delivered
                                    to FICC, which changes are consistent
                                    with changes being proposed to GSD Rule
                                    39 described above and consistent with
                                    language in DTC Rule 6, NSCC Rule 39 and
                                    NSCC Rule 58.
    MBSD Rule 34.................  Use the correct title for the President
                                    and Chief Executive Officer, add a comma
                                    and remove ``or'' for improved
                                    readability.
    MBSD Rule 35.................  Revise the language to clarify the
                                    process used by FICC relating to
                                    notices, remove outdated language and to
                                    conform to similar language in GSD Rule
                                    45 (Notices) consistent with changes
                                    being proposed to GSD Rule 45 as
                                    described above as FICC uses the same
                                    processes for GSD and MBSD.
    MBSD Rule 36.................  Revise the language to conform to similar
                                    language in GSD Rule 46 (Interpretation
                                    of Terms) as FICC uses the same
                                    processes for GSD and MBSD.
    MBSD Interpretative Guidance   Revise the language to clarify the
     With Respect to Settlement     meaning of certain defined terms and to
     Finality.                      harmonize with similar language in GSD
                                    Interpretive Guidance with Respect to
                                    Settlement Finality consistent with
                                    certain changes being proposed to the
                                    GSD Interpretive Guidance with Respect
                                    to Settlement Finality described above.
    ------------------------------------------------------------------------
    * See Securities Exchange Act Release No. 104831 (Feb. 12, 2026), 91 FR
      7567 (Feb. 18, 2026) (SR-NSCC-2026-002) (describes proposed changes to
      NSCC Rules that have now been implemented including changes to NSCC
      Rule 35).

                          Proposed Changes to EPN Rules
    ------------------------------------------------------------------------
                 Rule                           Proposed changes
    ------------------------------------------------------------------------
    EPN Article 1 Rule 1.........  Add defined term ``SEC'' as that term is
                                    used in the EPN Rules elsewhere and not
                                    currently defined.
    EPN Article III Rule 1.......  Revise language relating to qualification
                                    and approval of applicants to clarify
                                    the approval process and requirements.
    EPN Article V Rule 1.........  Use the correct title for the President
                                    and Chief Executive Officer.
    EPN Article V Rule 5.........  Revise the language to clarify the
                                    process used by FICC relating to
                                    financial reports and to conform to
                                    similar language in GSD Rule 35
                                    (Financial Reports), MBSD Rule 26
                                    (Financial Reports and Internal
                                    Accounting Control Reports), DTC Rule 15
                                    (Reports) and NSCC Rule 35 (Financial
                                    Reports). These proposed changes are
                                    consistent with certain changes being
                                    proposed to the GSD Rule 35 and MBSD
                                    Rule 26 described above as FICC uses the
                                    same processes for GSD, MBSD and EPN. In
                                    addition, the changes will be consistent
                                    with language in NSCC Rule 35 \t\ and
                                    changes that DTC is in the process of
                                    making to DTC Rule 15 as the same
                                    processes are used by FICC, NSCC and DTC
                                    with respect to financial reports.
    EPN Article V Rule 6.........  Use the defined term ``SEC'' proposed to
                                    be added in EPN Article 1, Rule 1
                                    (Definitions) for Securities and
                                    Exchange Commission.
    EPN Article V Rule 9.........  Replace ``from'' with ``by'' in the
                                    phrase ``delivered to or from the
                                    Corporation'' to improve readability.
    EPN Article V Rule 10........  Use the defined term ``SEC'' proposed to
                                    be added in EPN Article 1, Rule 1
                                    (Definitions) for Securities and
                                    Exchange Commission.

    [[Page 14746]]

    EPN Article V Rule 16........  Revise the language to clarify the
                                    process used by FICC relating to
                                    notices, remove outdated language, and
                                    to conform to similar language in GSD
                                    Rule 45 (Notices) and MBSD Rule 35
                                    (Notices) as FICC uses the same
                                    processes for EPN, GSD and MBSD.
    ------------------------------------------------------------------------
    \t\ See Securities Exchange Act Release No. 104831 (Feb. 12, 2026), 91
      FR 7567 (Feb. 18, 2026) (SR-NSCC-2026-002) (describes proposed changes
      to NSCC Rules that have now been implemented including changes to NSCC
      Rule 35).

    2. Statutory Basis
        Section 17A(b)(3)(F) of the Act requires, in part, that the Rules
    be designed to promote the prompt and accurate clearance and settlement
    of securities transactions.\7\
    ---------------------------------------------------------------------------

        \7\ 15 U.S.C. 78q-1(b)(3)(F).
    ---------------------------------------------------------------------------

        FICC believes that the proposed changes to (i) correct or clarify
    language in the Rules, and (ii) harmonize the language in the GSD
    Rules, MBSD Rules and the EPN Rules with each other and with the
    rulebooks of FICC's two clearing agency affiliates, DTC and NSCC, are
    consistent with Section 17(A)(b)(3)(F) of the Act \8\ because such
    changes would enhance the clarity and transparency of the Rules. By
    enhancing the clarity and transparency of the Rules, the proposed
    changes would allow Members to more efficiently and effectively conduct
    their business in accordance with the Rules, which FICC believes would
    promote the prompt and accurate clearance and settlement of securities
    transactions. As such, FICC believes that the proposed changes would be
    consistent with Section 17A(b)(3)(F) of the Act.\9\
    ---------------------------------------------------------------------------

        \8\ Id.
        \9\ Id.
    ---------------------------------------------------------------------------

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

        FICC does not believe the proposed rule changes would impact
    competition. The proposed rule changes described above would merely
    enhance the clarity and transparency of the Rules and would not
    significantly affect FICC's operations or the rights and obligations of
    the membership. As such, FICC believes the proposed rule changes would
    not have any impact on competition and would be consistent with Section
    17A(b)(3)(I) of the Act.\10\
    ---------------------------------------------------------------------------

        \10\ 15 U.S.C. 78q-1(b)(3)(I).
    ---------------------------------------------------------------------------

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

        FICC has not received or solicited any written comments relating to
    this proposal. If any written comments are received by FICC, 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/rules-regulations/how-submit-comment. 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 tradingandmarkets@sec.gov or 202-551-5777.
        FICC 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) \11\ of the Act and paragraph (f) of Rule 19b-4
    thereunder.\12\ 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. If
    the Commission takes such action, the Commission will institute
    proceedings to determine whether the proposed rule change should be
    approved or disapproved.
    ---------------------------------------------------------------------------

        \11\ 15 U.S.C. 78s(b)(3)(A).
        \12\ 17 CFR 240.19b-4(f).
    ---------------------------------------------------------------------------

    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 rule-comments@sec.gov. Please include
    File Number SR-FICC-2026-006 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-FICC-2026-006. 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 (www.sec.gov/rules/sro.shtml). Copies
    of the filing will be available for inspection and copying at the
    principal office of FICC and on DTCC's website (www.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-FICC-2026-
    006 and should be submitted on or before April 16, 2026.

        For the Commission, by the Division of Trading and Markets,
    pursuant to delegated authority.\13\
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        \13\ 17 CFR 200.30-3(a)(12).
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    Vanessa A. Countryman,
    Secretary.
    [FR Doc. 2026-05846 Filed 3-25-26; 8:45 am]
    BILLING CODE 8011-01-P