[Federal Register Volume 88, Number 114 (Wednesday, June 14, 2023)]
[Notices]
[Page 38926]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-12661]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97671; File No. SR-NSCC-2022-015]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Designation of Longer Period for Commission 
Action on Proceedings To Determine Whether To Approve or Disapprove a 
Proposed Rule Change To Make Certain Enhancements to the Gap Risk 
Measure and the VaR Charge

June 8, 2023.
    On December 2, 2022, National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') proposed rule change SR-NSCC-2022-015 (the ``Proposed 
Rule Change'') pursuant to section 19(b)(1) of the Securities Exchange 
Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The Proposed 
Rule Change was published for comment in the Federal Register on 
December 21, 2022,\3\ and the Commission has received one comment 
regarding the changes proposed in the Proposed Rule Change.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 96511 (Dec. 15, 
2022), 87 FR 78157 (Dec. 21, 2022) (File No. SR-NSCC-2022-015) 
(``Notice of Filing'').
    \4\ Comments are available at https://www.sec.gov/comments/sr-nscc-2022-015/srnscc2022015.htm.
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    On January 24, 2023, pursuant to section 19(b)(2) of the Act,\5\ 
the Commission designated a longer period within which to approve, 
disapprove, or institute proceedings to determine whether to approve or 
disapprove the Proposed Rule Change.\6\ On March 20, 2023, the 
Commission instituted proceedings, pursuant to section 19(b)(2)(B) of 
the Act,\7\ to determine whether to approve or disapprove the Proposed 
Rule Change.\8\
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    \5\ 15 U.S.C. 78s(b)(2).
    \6\ Securities Exchange Act Release No. 96740 (Jan. 24, 2023), 
88 FR 5953 (Jan. 30, 2023) (SR-NSCC-2022-015).
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ Securities Exchange Act Release No. 97171 (March 20, 2023), 
88 FR 17898 (March 24, 2023 (File No. SR-NSCC-2022-015).
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    Section 19(b)(2) of the Act \9\ provides that proceedings to 
determine whether to approve or disapprove a proposed rule change must 
be concluded within 180 days of the date of publication of notice of 
filing of the proposed rule change. The time for conclusion of the 
proceedings may be extended for up to 60 days if the Commission 
determines that a longer period is appropriate and publishes the 
reasons for such determination.\10\ The 180th day after publication of 
the Notice in the Federal Register is June 19, 2023.
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    \9\ 15 U.S.C. 78s(b)(2).
    \10\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
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    The Commission is extending the period for Commission action on the 
Proposed Rule Change. The Commission finds that it is appropriate to 
designate a longer period within which to take action on the Proposed 
Rule Change so that the Commission has sufficient time to consider the 
issues raised by the Proposed Rule Change and to take action on the 
Proposed Rule Change. Accordingly, pursuant to section 
19(b)(2)(B)(ii)(II) of the Act,\11\ the Commission designates August 
18, 2023, as the date by which the
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    \11\ Id.
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    Commission should either approve or disapprove the Proposed Rule 
Change SR-NSCC-2022-015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-12661 Filed 6-13-23; 8:45 am]
BILLING CODE 8011-01-P


