[Federal Register Volume 82, Number 89 (Wednesday, May 10, 2017)]
[Notices]
[Pages 21863-21866]
[FR Doc No: 2017-09425]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80597; File No. SR-NSCC-2017-001]

Self-Regulatory Organizations; National Securities Clearing
Corporation; Order Approving Proposed Rule Change To Describe the
Illiquid Charge That May Be Imposed on Members

May 4, 2017.
    On March 13, 2017, National Securities Clearing Corporation
(``NSCC'') filed with the Securities and Exchange Commission
(``Commission'') proposed rule change SR-NSCC-2017-001, 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 March 22, 2017.\3\ The
Commission did not receive any comment letters on the proposed rule
change. For the reasons discussed below, the Commission is granting
approval of the proposed rule change.
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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. 80260 (March 16,
2017), 82 FR 14781 (March 22, 2017) (SR-NSCC-2017-001) (``Notice'').
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I. Description of the Proposed Rule Change

    NSCC proposes to amend its Rules & Procedures (``Rules'') \4\ in
order to provide transparency to an existing margin charge (i.e., the
``Illiquid Charge'') and to codify NSCC's current practices with
respect to the assessment and collection of the Illiquid Charge, as
described below.\5\ Separately, NSCC also proposes to amend Procedure
XV of the Rules to define the ``Market Maker Domination Charge,'' also
described below.
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    \4\ Available at http://www.dtcc.com/en/legal/rules-and-procedures.
    \5\ Specifically, NSCC proposes to amend Rule 1 (Definitions and
Descriptions) to add certain defined terms associated with the
Illiquid Charge, and amend Procedure XV (Clearing Fund Formula and
Other Matters) to clarify the circumstances and manner in which NSCC
calculates and imposes the Illiquid Charge.
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A. The Illiquid Charge

    NSCC states that it designed the Illiquid Charge to mitigate the
market risk that NSCC faces when liquidating securities that lack
marketability, based on insufficient access to a trading venue, and may
have low and volatile share prices (``Illiquid Securities''),\6\
following a member default.\7\ In such a situation, the liquidation of
Illiquid Securities could be difficult or delayed due to a lack of
interest in the securities or limitations on the share price of the
securities.\8\
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    \6\ More specifically, NSCC proposes to define Illiquid Security
to mean a security, other than a family-issued security as defined
in Procedure XV of the Rules, that either (i) is not traded on or
subject to the rules of a national securities exchange registered
under the Act, or (ii) is an OTC Bulletin Board or OTC Link issue.
    \7\ Notice, 82 FR at 14781.
    \8\ Id.
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    NSCC calculates an Illiquid Charge for each net unsettled position
in an Illiquid Security (i.e., an ``Illiquid Position'') that exceeds
applicable volume thresholds. Following is a description of (i) the
volume thresholds that must be met in order for the Illiquid Charge to
be applied, (ii) the methodology for calculating the Illiquid Charge,
and (iii) the exceptions to and application of the Illiquid Charge.
1. Net Buy Illiquid Positions and Net Sell Illiquid Positions
    Depending on whether the Illiquid Positon is a net buy or a net
sell position, NSCC applies different volume thresholds and calculation
methods for establishing the Illiquid Charge. The purpose of this is to
address the different risk profiles presented by such net buy and net
sell positions.\9\
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    \9\ In the event of a Member default, NSCC would complete the
liquidation of an Illiquid Position by buying or selling that
position into the market. Notice, 82 FR at 14783. According to NSCC,
the different risk profiles of net buy positions and net sell
positions are based on, in part, the difference in the potential
responsiveness of prices change to quantity that may occur when NSCC
is liquidating a net buy position in an Illiquid Security, compared
to when it is liquidating a net sell position in an Illiquid
Security. Id.
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a. Net Buy Illiquid Positions
    The Illiquid Charge only applies to a member's net buy Illiquid
Position if the position meets a specific volume threshold. For an NSCC
member with a strong credit rating, the net buy Illiquid Position must
meet a volume threshold of greater than 100 million shares.\10\ For

an NSCC member with a weak credit rating, the net buy Illiquid Positon
must meet a volume threshold of greater than 10 million shares.\11\ If
the volume threshold is met, the net buy position in the Illiquid
Securities is considered an Illiquid Position and is subject to the
Illiquid Charge.
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    \10\ Credit ratings are established through NSCC's credit risk
rating matrix (``CRRM''). See Rule 2B, Section 4, supra note 4; see
also Securities Exchange Act Release No. 80381 (April 5, 2017), 82
FR 17475 (April 11, 2017) (SR-NSCC-2017-002) (NSCC proposed rule
change to modify the CRRM formula). The CRRM applies a 7-point
rating system, with ``1'' being the strongest rating and ``7'' being
the weakest rating. Id. A CRRM credit rating of 1-4 would be a
stronger credit rating, while a CRRM credit rating of 5-7 would be a
weaker credit rating. Id.
    \11\ Members with a stronger CRRM rating would be assessed an
Illiquid Charge on a net buy Illiquid Position at a higher volume
threshold because NSCC believes these members pose a lower risk of
default. Notice, 82 FR at 14783. Meanwhile, members with a weaker
CRRM rating present a heightened credit risk to NSCC or have
demonstrated a higher risk related to their ability to meet
settlement. Id.
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    In addition, the Illiquid Charge only applies to net buy Illiquid
Positions in Illiquid Securities that have a share price below $0.01.
If a transaction in any security, including an Illiquid Security, with
a share price below $0.01 is entered into NSCC's Continuous Net
Settlement system or Balance Order Accounting Operation,\12\ NSCC
rounds up the price of the security to $0.01. Therefore, when a member
holds a buy position in a sub-penny security, NSCC records the
position's value at a higher price than the actual per share price of
the position. The difference may reduce the member's required fund
deposit,\13\ particularly for a large quantity of buy positions in a
sub-penny security.
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    \12\ NSCC processed guaranteed trades through the Continuous Net
Settlement system if the underlying security is freely transferable.
NSCC processed guaranteed trades through the Balance Order
Accounting Operation when the underlying security is subject to a
restriction such as Reg. S or Reg. 144A. See Rule 1, supra note 4.
    \13\ The required fund deposit is a mutualized deposit made by a
member to NSCC to be used in the event of a member default. See Rule
4, Section 1, supra note 4.
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    To address this risk, NSCC states that it calculates the Illiquid
Charge for net buy Illiquid Positions by multiplying the aggregate
quantity of shares in such positions by $0.01.\14\ NSCC assesses and
collects the resulting amounts as the Illiquid Charge component of
affected members' required fund deposit.\15\
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    \14\ Notice, 82 FR at 14783.
    \15\ Id.
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b. Net Sell Illiquid Positions
    The Illiquid Charge only applies to a member's net sell Illiquid
Position if the position meets a specific volume threshold. To
determine the volume threshold, NSCC first offsets the quantity of
shares in the member's net sell Illiquid Position against the number of
shares of the same Illiquid Security held by the member at The
Depository Trust Company (``DTC inventory offset'').\16\ Next, NSCC
determines the applicable volume threshold for the net sell Illiquid
Position based on (i) the percentage of the average daily volume
(``ADV'') \17\ of the underlying Illiquid Securities, (ii) the member's
credit rating, and, in some cases, (iii) the member's excess net
capital (``ENC''). More specifically, for an NSCC member with a strong
credit rating (i.e., a CRRM rating of 1-4), the net sell Illiquid
Position must meet a volume threshold of 1 million shares, when the net
sell Illiquid Position is greater than or equal to 25 percent of the
ADV. For an NSCC member with a weak credit rating (i.e., a CRRM rating
of 5-7), the net sell Illiquid Position must meet a volume threshold of
500,000 shares, when the net sell Illiquid Position is greater than or
equal to 25 percent of the ADV and the member's ENC is greater than $10
million. However, the net sell Illiquid Position need only meet a
volume threshold of 100,000 shares, if an NSCC member has a weak credit
rating (i.e., a CRRM rating of 5-7), and the net sell Illiquid Position
is greater than or equal to 25 percent of the ADV, and the member's ENC
is less than or equal to $10 million. A member may not meet the
applicable volume thresholds after applying the DTC inventory offset,
and, therefore, would not be subject to the Illiquid Charge.
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    \16\ DTC is a central depository where NSCC-traded securities
are held. The DTC inventory offset does not apply to members with
the weakest CRRM rating (i.e., a 7). See Rule 2B, Section 4, supra
note 4; Notice, 82 FR at 14783.
    \17\ NSCC states that ``ADV'' is the average daily volume over
the most recent twenty business days as determined by NSCC. Notice,
82 FR at 14783.
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    If the applicable volume threshold is met, the net sell Illiquid
Position is subject to the Illiquid Charge. To calculate the Illiquid
Charge for net sell Illiquid Positions, NSCC considers the Current
Market Price \18\ of the subject Illiquid Security and the quantity of
shares in such position compared to the ADV of that Illiquid Security:
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    \18\ The term ``Current Market Price'' is defined in Rule 1 and
is generally the most recent closing price of the security. Supra
note 4.
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    (A) If the Illiquid Position has a Current Market Price equal to or
less than $1.00, NSCC calculates the Illiquid Charge as the product of
the aggregate quantity of shares in the Illiquid Position and either
(i) the highest market price of the Illiquid Security during the
preceding 20 trading days (``One Month High Price''),\19\ or (ii) the
Current Market Price of the Illiquid Security multiplied by a factor
between 2 and 10, depending on the market price.\20\
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    \19\ The ``One Month High Price'' means the highest of all NSCC
observed market prices over the most recent 20 trading day period
for purposes of the Illiquid Charge. Notice, 82 FR at 14783.
    \20\ Generally, the factor applied would be 10 where the market
price is less than $0.10; the factor applied would be 5 where the
market price is between $0.10 and $0.20; the factor applied would be
2 where the market price is between $0.20 and $1.00. Where the
market price is greater than $1.00, a $0.50 price increment is
applied. Id.
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    (B) If the Illiquid Position has a Current Market Price that is
greater than $1.00, NSCC calculates the Illiquid Charge as the product
of the aggregate quantity of shares in the Illiquid Position and either
(i) the One Month High Price, or (ii) the Current Market Price of the
Illiquid Security rounded up to the next $0.50 increment.
    In determining whether to use the One Month High Price or the
Current Market Price of the Illiquid Security to calculate the Illiquid
Charge, NSCC compares the percentage of the ADV to the share quantity
in the Illiquid Position. If the quantity of shares in the Illiquid
Position is less than 100 percent of the ADV, but greater than or equal
to 25 percent of the ADV, then the calculation uses the lesser of the
One Month High Price or the Current Market Price of the Illiquid
Securities (rounded up to the next $0.50 increment, if applicable). If
the quantity of shares in the Illiquid Position is greater than or
equal to 100 percent of the ADV, then the calculation uses the greater
of the One Month High Price or the Current Market Price of the Illiquid
Security (rounded up to the next $0.50 increment, if applicable).
    Furthermore, depending on the result of the calculation described
above, the Illiquid Charge would remain subject to a minimum price per
share, which would not be less than $0.01. Therefore, when calculating
the Illiquid Charge, the One Month High Price or the Current Market
Price of the Illiquid Security is substituted by the minimum price per
share if the One Month High Price or the Current Market Price, as
applicable, is below the minimum price per share.
2. Exceptions and Exclusions From the Illiquid Charge
    NSCC states that, in order to avoid duplicate margin charges, it
does not apply the Illiquid Charge when a greater Market Maker
Domination Charge (``MMDC'') charge is also applicable to the same
Illiquid Positions.\21\ The MMDC applies to a position in a security
that is greater than 40 percent of the overall unsettled long position
in

that security, if such position is held by the Market Maker in that
security.\22\
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    \21\ Notice, 82 FR at 14784.
    \22\ For purposes of calculating the MMDC, the overall unsettled
long position is calculated as the sum of each member's net long
position. Application and calculation of the MMDC is described in
Procedure XV of the Rules, Sections I(A)(1)(d) and I(A)(2)(c). Supra
note 4.
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    Similarly, NSCC proposes to exclude family-issued securities from
the definition of ``Illiquid Security.'' \23\ NSCC believes that
family-issued securities have a different risk profile than other
illiquid securities that is better addressed through a separate margin
charge.
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    \23\ NSCC defines family-issued securities as securities that
were issued by either that member or by an affiliate of that member.
Procedure XV, Section I(B)(1), supra note 4.
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B. The Market Maker Domination Charge Change

    Separate from the proposed changes related to the Illiquid Charge,
NSCC would amend the Rules to define the term ``Market Maker Domination
Charge'' in Procedure XV, Section I(A)(1)(d) of the Rules and use the
defined term in Section I(A)(2)(c) of the Rules. NSCC believes that
this change would improve clarity and create ease of reference in the
Rules.\24\
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    \24\ Supra note 4.
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II. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \25\ directs the Commission to
approve a proposed rule change of a self-regulatory organization if it
finds that such proposed rule change is consistent with the
requirements of the Act and rules and regulations thereunder applicable
to such organization. The Commission believes the proposal is
consistent with Act, specifically Section 17A(b)(3)(F) of the Act and
Rules 17Ad-22(e)(1), (e)(4)(i), and (e)(6)(v) \26\ under the Act, as
discussed below.
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    \25\ 15 U.S.C. 78s(b)(2)(C).
    \26\ 15 U.S.C. 78q-1(b)(3)(F); 17 CFR 240.17Ad-22(e)(1); 17 CFR
240.17Ad-22(e)(4)(i); 17 CFR 240.17Ad-22(e)(6).
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A. Consistency With Section 17A(b)(3)(F)

    Section 17A(b)(3)(F) of the Act, requires, in part, that NSCC's
Rules be designed to assure the safeguarding of securities and funds
that are within the custody or control of the clearing agency and to
promote the prompt and accurate clearance and settlement of securities
transactions.\27\ As described above, the Illiquid Charge could help
protect NSCC from potential losses in the event that a member defaults.
Specifically, the Illiquid Charge is calculated and collected to help
mitigate the potential costs associated with NSCC's potential
difficulties or delays in liquidating Illiquid Securities, due to the
illiquid nature of such securities, following a member default. By
enabling NSCC to better assess and collect required fund deposits in
consideration of members' Illiquid Positions, the Commission believes
that the proposed changes related to the Illiquid Charge would help
promote the safeguarding of securities and funds that are within NSCC's
custody or control, consistent with the requirements of Section
17(b)(3)(F) of the Act.\28\
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    \27\ 15 U.S.C. 78q-1(b)(3)(F).
    \28\ Id.
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    The Commission also finds that the proposed rule change pertaining
to the Market Maker Domination Charge is consistent with Section
17A(b)(3)(F) of the Act.\29\ As described above, NSCC proposes to add
to its Rules a definition of the Market Maker Domination Charge. This
change could make the Rules more clear for members that rely on them,
enabling members to more easily and promptly rely on the Rules, which
helpssupport NSCC's prompt and accurate clearance and settlement of
securities transactions made by members. Therefore, the Commission
believes that the proposed rule change related to the Market Maker
Domination Charge is consistent with Section 17A(b)(3)(F) of the
Act.\30\
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    \29\ Id.
    \30\ Id.
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B. Consistency With Rule 17Ad-22(e)(1)

    Rule 17Ad-22(e)(1) under the Act requires, in part, a clearing
agency to ``establish, implement, maintain and enforce written policies
and procedures reasonably designed to . . . [p]rovide for a well-
founded, clear, transparent and enforceable legal basis for each aspect
of its activities.'' \31\ As described above, NSCC proposes to define
the term ``Market Maker Domination Charge'' Procedure XV, Section
I(A)(1)(d) of the Rules.\32\ The Commission believes that this proposed
change could make the Rules more clear and transparent for members that
rely on them, consistent with Rule 17Ad-22(e)(1).
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    \31\ 17 CFR 240.17Ad-22(e)(1).
    \32\ Supra note 4.
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C. Consistency With Rule 17Ad-22(e)(4)(i)

    Rule 17Ad-22(e)(4)(i) under the Act requires a clearing agency to
establish, implement, maintain and enforce written policies and
procedures reasonably designed to effectively identify, measure,
monitor, and manage its credit exposures to members and those exposures
arising from its payment, clearing, and settlement processes, including
by maintaining sufficient financial resources to cover its credit
exposure to each member fully with a high degree of confidence.\33\ As
described above, the Illiquid Charge is calculated and imposed based on
the amount and nature of Illiquid Securities in each member's
portfolio, and in consideration of the members' credit rating. In doing
so, the Illiquid Charge is designed to help obtain sufficient financial
resources to help cover the credit exposures, with a high degree of
confidence, presented by members that maintain Illiquid Positions.
Therefore, the Commission believes that the proposed changes related to
the Illiquid Charge are consistent with Rule 17Ad-22(e)(4)(i) under the
Act.\34\
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    \33\ 17 CFR 240.17Ad-22(e)(4)(i).
    \34\ Id.
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D. Consistency With Rule 17Ad-22(e)(6)(v)

    Rule 17Ad-22(e)(6)(v) under the Act requires, in part, NSCC to
establish, implement, maintain and enforce written policies and
procedures reasonably designed to cover its credit exposures to its
members by establishing a risk-based margin system that, at a minimum,
uses an appropriate method for measuring credit exposure that accounts
for relevant product risk factors and portfolio effects across
products.\35\ As described above, the Illiquid Charge is a component of
the required fund deposits that NSCC calculates and collects using a
risk-based margin methodology that is designed to help maintain the
coverage of NSCC's credit exposures to its members at a confidence
level of at least 99 percent. The Illiquid Charge is calculated to
address the unique risk characteristics presented by Illiquid
Securities, specifically their lack of marketability and their low and
volatile share prices, and in consideration of the credit rating of the
member holding the Illiquid Position. Therefore, the Commission
believes that the proposed changes related to the Illiquid Charge are
consistent with Rule 17Ad-22(e)(6)(v) under the Act.\36\
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    \35\ 17 CFR 240.17Ad-22(e)(6)(v).
    \36\ Id.
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III. Conclusion

    On the basis of the foregoing, the Commission finds that the
proposal is consistent with the requirements of the Act, in particular
the requirements of

Section 17A of the Act \37\ and the rules and regulations thereunder.
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    \37\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that proposed rule change SR-NSCC-2017-001 be, and hereby is,
Approved.\38\
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    \38\ In approving the proposed rule change, the Commission
considered the proposals' impact on efficiency, competition, and
capital formation. 15 U.S.C. 78c(f).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
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    \39\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-09425 Filed 5-9-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: September 13, 2006 (Volume 71, Number 177)]
[Notices]
[Page 54055]
[DOCID:fr13se06-84]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2006-0708; FRL-8090-7]

Full Tribal Pesticide Program Council; Notice of Public Meeting

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Tribal Pesticide Program Council (TPPC) will hold a 2 and
[frac12] day meeting, beginning on October 11 and ending on October 13,
2006. This notice announces the location and times for the meeting, and
sets forth the tentative agenda topics. The October 13, [frac12] day
meeting is scheduled for the TPPC members only.

DATES: The meeting will be held on October 11-12, 2006 from 9 a.m. to 5
p.m.
    To request accommodation of a disability, please contact the person
listed under FOR FURTHER INFORMATON CONTACT, preferably at least 10
days prior to the meeting, to give EPA as much time as possible to
process your request.

ADDRESSES: The meeting will be held at Mystic Lake Casino Hotel, 2400
Mystic Lake Boulevard, Prior Lake, MN 55372. Telephone No. 1-(800) 262-
7799, ext. 6526.
    Requests to participate in the meeting, identified by docket
identification (ID) number EPA-HQ-OPP-2006-0708, may be submitted to
the person listed under FOR FURTHER INFORMATION CONTACT.

FOR FURTHER INFORMATION CONTACT: Georgia McDuffie, Field and External
Affairs Division (7506P), Office of Pesticide Programs, Environmental
Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460-
0001; telephone number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>; e-
mail address<EMAIL_ADDRESS>Lillian Willmore, TPPC
Facilitator, P.O. Box 470829 Brookline Village, MA 02447-0829;
telephone number:<PHONE_NUMBER>; fax<PHONE_NUMBER>; e-mail address:
<EMAIL_ADDRESS>

SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Action Apply to Me?

    You may be potentially affected by this action if you may be
potentially affected by this action if you are interested in TPPC's
information exchange relationship with EPA regarding important issues
related to human health, environmental exposure to pesticides, and
insight into EPA's decision-making process. All parties are invited and
encourage to attend the meetings and participate as appropriate.
Potentially affected entities may include, but are not limited to:
Those persons who are or may be required to conduct testing of chemical
substances under the Federal Food, Drug, and Cosmetic Act (FFDCA), or
the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA). Since
other entities may also be interested, the Agency has not attempted to
describe all the specific entities that may be affected by this action.
If you have any questions regarding the application of this action to a
particular entity, consult either person listed under FOR FURTHER
INFORMATION CONTACT.
    This action is directed to the public in general, and may be of
particular interest to those persons who are or may be required to
conduct testing of chemical substance under the Federal Food, Drug and
Cosmetic Act FFDCA, or the Federal Insecticide, Fungicide, and
Rodenticide Act (FIFRA).

B. How Can I Get Copies of this Document and Other Related Information?

    1. Docket: EPA has established a docket for this action under
docket identification (ID) number EPA-HQ-OPP-2006-0708. Publicly
available docket materials are available either in the electronic
docket at http://www.regulations.gov, or, if only available in hard

copy, at the Office of Pesticide Programs (OPP) Regulatory Public
Docket in Rm. S-4400, One Potomac Yard (South Bldg.), 2777 S. Crystal
Drive Arlington, VA. The hours of operation of this Docket Facility are
from 8:30 a.m. to 4 p.m., Monday through Friday, excluding legal
holidays. The Docket telephone number is<PHONE_NUMBER>.
    2. Electronic access. You may access this Federal Register document
electronically through the EPA Internet under the ``Federal Register''
listings at http://www.epa.gov/fedrgstr.

II. Tentative Agenda

    1. TPPC State of the Council Report2. EPA/OPP Update/Report3.
Pesticide Impacts on the Colorado River Indian Tribes4. Strategic
Planning Discussion5. Worker Protection Standards Revisions6. Container
Containment Rule Update7. Highlight Alaska Issues8. Eco-Areas Report
and US EPA Region Reports9. Circuit Riders Update10. Mosquito Misters
and other Mosquito Abatement Related Concerns11. Panel on NAGPRA and
Presentation12. Special Project Grants13. Grant Writing, Diversifying
Funding, and How to be Competitive in Obtaining Funding14. Working
Session on TPPC Strategic Planning.

III. How Can I Request to Participate in this Meeting?

    You may submit a request to participate in this meeting to the
person listed under FOR FURTHER INFORMATION CONTACT. Do not submit any
information in your request that is considered CBI. Requests to
participate in the meeting, identified by docket ID number EPA-HQ-OPP-
2006 must be received on or before September 28, 2006.

List of Subjects

    Environmental protection, [insert additional terms as appropriate].

    Dated: August 28, 2006.
William R. Diamond,
Director, Field External Affairs Division, Office of Pesticide Programs
[FR Doc. E6-14991 Filed 9-12-06; 8:45 am]

BILLING CODE 6560-50-S