[Federal Register Volume 90, Number 18 (Wednesday, January 29, 2025)]
[Notices]
[Pages 8416-8417]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-01852]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102271; File No. SR-FICC-2025-001]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Revise the Voluntary Withdrawal Provisions of the Rules
January 23, 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 January 13, 2025, Fixed Income Clearing Corporation (``FICC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Item I, which Item has 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)(6)
thereunder.\4\ The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change of FICC consists of modifications to
FICC's Mortgage-Backed Securities Division (``MBSD'') EPN Rules (the
``EPN Rules'') and FICC's Government Securities Division (``GSD'')
Rulebook (the ``GSD Rules'' and together with the EPN Rules, the
``Rules,'') \5\ to revise the voluntary withdrawal provisions of the
Rules in order to provide that a EPN User or CCIT Member may be deemed
to have voluntarily withdrawn as a user or terminated its membership,
if FICC is unable to contact the EPN User or CCIT Member using the last
known contacts and the EPN User or CCIT Member has not used FICC's
services for at least 6 months.
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\5\ Capitalized terms not defined herein are defined in the EPN
Rules or the GSD Rules, available at www.dtcc.com/legal/rules-and-procedures.
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The proposed rule change, including the Clearing Agency's statement
of the purpose of, and statutory basis for, the proposed rule change,
is available on the Clearing Agency's website at https://www.dtcc.com/legal/sec-rule-filings and on the Commission's website at https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/FICC?file_number=SR-FICC-2025-001.
II. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Clearing Agency has filed the proposed rule change pursuant to
Section 19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(6) \7\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\ thereunder.
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\6\ 15 U.S.C. 78(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Clearing Agency to give the Commission written notice
of its intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Clearing Agency has satisfied this requirement.
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III. 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.\10\ Comments may be submitted
electronically by using the Commission's internet comment form (https:/
/www.sec.gov/rules-regulations/self-regulatory-organization-
[[Page 8417]]
rulemaking/FICC?file_number=SR-FICC-2025-001) or by sending an email to
rule-comments@sec.gov. Please include file number SR-FICC-2025-001 on
the subject line. Alternatively, paper comments may be sent to
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090. All submissions should refer to file number
SR-FICC-2025-001. 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-regulations/self-regulatory-organization-rulemaking/FICC?file_number=SR-FICC-2025-001). 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-2025-001 and should be submitted on or
before February 19, 2025.
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\10\ 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 a.m. and 3 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of SRO.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-01852 Filed 1-28-25; 8:45 am]
BILLING CODE 8011-01-P