[Federal Register Volume 80, Number 4 (Wednesday, January 7, 2015)]
[Notices]
[Pages 918-919]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-30973]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73975; File Nos. SR-FICC-2014-810; SR-NSCC-2014-811;
SR-DTC-2014-812]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
National Securities Clearing Corporation; The Depository Trust Company;
Notice of Extension of Review Period of Advance Notices, as Amended, To
Amend and Restate the Third Amended and Restated Shareholders
Agreement, Dated as of December 7, 2005
December 31, 2014.
On November 5, 2014, Fixed Income Clearing Corporation (``FICC''),
National Securities Clearing Corporation (``NSCC''), and The Depository
Trust Company (``DTC,'' together with FICC and NSCC, ``Operating
Subsidiaries'') filed with the Securities and Exchange Commission
(``Commission'') advance notices SR-FICC-2014-810, SR-NSCC-2014-811 and
SR-DTC-2014-812 (``Advance Notices''), pursuant to section 806(e)(1) of
the Payment, Clearing, and Settlement Supervision Act of 2010
(``Clearing Supervision Act'') \1\ and Rule 19b-4(n)(1)(i) under the
Securities Exchange Act of 1934 (``Exchange Act'').\2\ On November 17,
2014, the Operating Subsidiaries each filed Amendments No. 1 to the
Advance Notices.\3\ On November 17, 2014, FICC withdrew Amendment No. 1
and filed Amendment No. 2 to advance notice SR-FICC-2014-810.\4\ The
Advance Notices were published for comment in the Federal Register on
December 11, 2014.\5\ As of December 31, 2014, the Commission had not
received any comment letters on the proposal contained in the Advance
Notices.
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\1\ 12 U.S.C. 5465(e)(1).
\2\ 17 CFR 240.19b-4(n)(1)(i).
\3\ NSCC and DTC filed Amendment Nos. 1 to provide additional
description of the changes proposed in advance notices SR-NSCC-2014-
811 and SR-DTC-2014-812, respectively.
\4\ FICC withdrew Amendment No. 1 to advance notice SR-FICC-
2014-810 due to an error in filing the amendment. FICC filed
Amendment No. 2 to advance notice SR-FICC-2014-810 in order to
provide additional description of the changes proposed in the
advance notice.
\5\ See Release No. 34-73755 (Dec. 5, 2014), 79 FR 73665 (Dec.
11, 2014).
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Section 806(e)(1)(G) of the Clearing Supervision Act provides that
the Operating Subsidiaries may implement the changes proposed in the
Advance Notices if they have not received an objection to the proposed
changes within 60 days of the later of (i) the date that the Commission
receives the Advance Notices or (ii) the date that any
[[Page 919]]
additional information requested by the Commission is received,\6\
unless extended as described below.
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\6\ See 12 U.S.C. 5465(e)(1)(G).
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Pursuant to section 806(e)(1)(H) of the Clearing Supervision Act,
the Commission may extend the review period of an advance notice for an
additional 60 days, if the changes proposed in the advance notice raise
novel or complex issues, subject to the Commission providing the
clearing agency with prompt written notice of the extension.\7\
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\7\ See 12 U.S.C. 5465(e)(1)(H).
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Here, as the Commission has not requested any additional
information, the date that is 60 days after the Operating Subsidiaries
filed the Advance Notices with the Commission is January 4, 2015.
However, the Commission finds it appropriate to extend the review
period of the Advance Notices, as amended, for an additional 60 days
under section 806(e)(1)(H) of the Clearing Supervision Act.\8\ The
Commission finds the Advance Notices, as amended, are both novel and
complex because the material aspects of the proposed amendments to the
Shareholders Agreement are substantial, a first for the Clearing
Agencies, and are interrelated with other regulatory aspects of the
Clearing Agencies.
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\8\ Id.
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Accordingly, the Commission, pursuant to 806(e)(1)(H) of the
Clearing Supervision Act,\9\ extends the review period for an
additional 60 days so that the Commission shall have until March 5,
2015 to issue an objection or non-objection to the Advance Notices, as
amended (File Nos. SR-FICC-2014-810, SR-NSCC-2014-811, and SR-DTC-2014-
812).
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\9\ Id.
By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2014-30973 Filed 1-6-15; 8:45 am]
BILLING CODE 8011-01-P