[Federal Register Volume 88, Number 177 (Thursday, September 14, 2023)]
[Notices]
[Pages 63169-63172]
[FR Doc No: 2023-19841]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98330; File No. SR-DTC-2023-008]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Recovery and Wind-Down Plan

September 8, 2023.
    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 September 1, 2023, The Depository Trust Company (``DTC'') 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. DTC 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.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposed rule change consists of amendments to the Recovery and
Wind-down Plan to reflect business and product developments that have
taken place since the time it was last amended, and make certain
changes to improve the clarity of the Plan and make other updates and
technical revisions, as described in greater detail below.\5\
---------------------------------------------------------------------------

    \5\ Capitalized terms not defined herein are defined in the
Rules, By-Laws and Organization Certificate of DTC (the ``Rules''),
available at www.dtcc.com/-/media/Files/Downloads/legal/rules/dtc_rules.pdf, or in the Recovery & Wind-down Plan of DTC (the
``Recovery & Wind-down Plan,'' ``R&W Plan'' or ``Plan'').
---------------------------------------------------------------------------

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
Executive Summary
    The R&W Plan was adopted in August 2018 \6\ and is maintained by
DTC for compliance with Rule 17Ad-22(e)(3)(ii) under the Act.\7\ Rule
17Ad-22(e)(3)(ii) requires registered clearing agencies to, in short,
establish, implement and maintain plans for the recovery and orderly
wind-down of the covered clearing agency necessitated by credit losses,
liquidity shortfalls, losses from general business risk, or any other
losses. The Plan is intended to be used by the Board and DTC management
in the event DTC encounters scenarios that could potentially prevent it
from being able to provide its critical services to the marketplace as
a going concern.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release Nos. 83972 (Aug. 28,
2018), 83 FR 44964 (Sep. 4, 2018) (SR-DTC-2017-021); and 83953 (Aug.
27, 2018), 83 FR 44381 (Aug. 30, 2018) (SR-DTC-2017-803).
    \7\ 17 CFR 240.17Ad-22(e)(3)(ii). DTC is a ``covered clearing
agency'' as defined in Rule 17Ad-22(a)(5) under the Act and must
comply with paragraph (e) of Rule 17Ad-22.
---------------------------------------------------------------------------

    The R&W Plan is comprised of two primary sections: (i) the
``Recovery Plan,'' which sets out the tools and strategies to enable
DTC to recover, in the event it experiences losses that exceed its
prefunded resources, and (ii) the ``Wind-down Plan,'' which describes
the tools and strategies to be used to conduct an orderly wind-down of
DTC's business in a manner designed to permit the continuation of DTC's
critical services in the event that its recovery efforts are not
successful.
    The purpose of the rule proposal is to amend the R&W Plan to
reflect business and product developments that have taken place since
the time it was last amended,\8\ and make certain changes to improve
the clarity of the Plan and make other updates and technical revisions.
Some of the business and product-related amendments included in the
proposed rule change are as follows (and described in more detail
below):
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 91429 No. (Mar. 29,
2021), 86 FR 17421 (Apr. 2, 2021) (SR-DTC-2021-004).
---------------------------------------------------------------------------

     Changes to reflect the discontinuation of the Canadian
dollar (``CAD'') settlement feature of the Canadian-Link Service.\9\
---------------------------------------------------------------------------

    \9\ The Canadian-Link Service provides Participants with a
single depository interface for CAD transactions. The link
facilitates Participants' ability to maintain U.S. and Canadian
Security positions in their DTC accounts for Securities listed in
both Canada and the United States (i.e., dually listed). In recent
years, activity at DTC in CAD has accounted for less than 0.20
percent of DTC's average daily valued settlement volume. While
Participants continue to use the Canadian-Link Service for custody
purposes to position securities inventory at CDS Clearing and
Depository Services Inc., (``CDS'') through DTC's CDS account and
receive related distribution payments, no Participants have
effectuated a DVP of Securities through the Canadian-Link Service
since 2018. For DTC to continue to maintain access to CDS's CAD
settlement services, it would have been necessary for DTC to perform
systems development in order to be able to continue to use this
aspect of the Canadian-Link service. In DTC's judgement, it would be
impractical for DTC to incur the costs to undertake such changes,
including incurring development costs, due to the lack of demand by
its Participants to use the valued aspect of the Canadian Link
Service. See Securities Exchange Act Release No. 34-91429 (Mar. 29,
2021), 86 FR 17421 (Apr. 2, 2021) (SR-DTC-2021-004).
---------------------------------------------------------------------------

     Removal of DTC's inbound link with the Peruvian central
securities depository, based on its voluntary termination.
     The addition of The Bank of New York Mellon as a DTC
Pledgee Bank.
    DTC believes that by helping to ensure that the R&W Plan reflects
current business and product developments, providing additional
clarity, and making necessary grammatical corrections, that the
proposed rule change will help DTC continue to maintain the Plan in a
manner that supports the continuity of DTC's critical services and
enables Participants and Pledgees to maintain access to DTC's services
through the transfer of its membership in the event DTC defaults or the
Wind-down Plan is ever triggered by the Board.
Background
    The R&W Plan is managed by the Office of Recovery & Resolution
Planning (referred to in the Plan as the ``R&R Team'') of DTC's parent
company, the Depository Trust & Clearing Corporation (``DTCC''),\10\ on
behalf of

DTC, with review and oversight by the DTCC Management Committee and the
Board. In accordance with the SEC's Approval Order covering the
Plan,\11\ the Board, or such committees as may be delegated authority
by the Board from time to time, is required to review and approve the
R&W Plan biennially and would also review and approve any changes that
are proposed to the R&W Plan outside of the biennial review. DTC
completed its most recent biennial review in 2022. The proposed rule
change reflects amendments proposed to the Plans resulting from that
review, which are described in greater detail below. None of the
proposed changes modify DTC's general objectives and approach with
respect to its recovery and wind-down strategy as set forth under the
current Plan.
---------------------------------------------------------------------------

    \10\ DTCC operates on a shared service model with respect to DTC
and its other affiliated clearing agencies, National Securities
Clearing Corporation (``NSCC'') and Fixed Income Clearing
Corporation (``FICC''). Most corporate functions are established and
managed on an enterprise-wide basis pursuant to intercompany
agreements under which it is generally DTCC that provides relevant
services to DTC, NSCC and FICC (collectively, the ``Clearing
Agencies'').
    \11\ Supra note 6.
---------------------------------------------------------------------------

Proposed Amendments
A. Proposed Changes To Reflect Business or Product Developments
    DTC is proposing changes to the following sections of the Plan
based upon business updates that have occurred since the Plan was last
amended.\12\
---------------------------------------------------------------------------

    \12\ Supra note 8.
---------------------------------------------------------------------------

    Section 2.2 (DTC Settlement) currently states that DTC is the
primary U.S. central securities depository (``CSD'') and Securities
Settlement System for eligible securities and that Fedwire book entry
securities (U.S. Treasuries and Federal Agencies) are also eligible for
deposit at DTC. This section also includes a bullet point list of the
primary services performed by DTC. The proposal would clarify that U.S.
Treasuries and Federal Agencies securities are eligible for all
activity at DTC (not deposit activity only). It would also clarify the
fact that DTC provides a platform to support the book entry transfer of
eligible security positions and an end-of-day net funds settlement
relating to eligible securities transfers and the processing of
principal and interest distributions.
    Section 2.4 (Intercompany Arrangements) describes how corporate
support services are provided to DTC from DTCC and DTCC's other
subsidiaries, through intercompany agreements under a shared services
model. This section includes a table, (Facilities, Table 2-B), that
lists each of the DTCC facilities utilized by the Clearing Agencies and
indicates whether the facility is owned or leased. DTC proposes to
update this table to add Washington DC, London, UK, and McLean,
Virginia as additional DTCC facility locations.
    Section 2.5 (FMI Links) \13\ describes some of the key financial
market infrastructures (``FMIs''), both domestic and foreign, that DTC
has identified as critical ``links.'' \14\ As set out in this section
of the Plan, the inventory of DTC's links is maintained by DTCC's
Systemic Risk Office (``SRO'') and the SRO has set forth a set of
practices and protocols for managing and reviewing the various risks
and controls associated with clearing agency links. Based on a change
to the SRO Clearing Agency Links-Risk Review Procedures, the proposal
would clarify that in addition to approval by the Chief Systemic Risk
Officer, the inventory of clearing agency links is also subject to the
approval of a Deputy General Counsel of the General Counsel's Office.
---------------------------------------------------------------------------

    \13\ For purposes of consistency, under the proposed rule change
all references to ``FMI Links'' would be revised to refer to these
as ``Clearing Agency Links.''
    \14\ As defined in Rule 17Ad-22(a)(8) under the Act, a link
``means, for purposes of paragraph (e)(20) of Rule 17Ad-22, a set of
contractual and operational arrangements between two or more
clearing agencies, financial market utilities, or trading markets
that connect them directly or indirectly for the purposes of
participating in settlement, cross margining, expanding their
services to additional instruments or participants, or for any other
purposes material to their business.'' 17 CFR 240.17Ad-22(a)(8).
---------------------------------------------------------------------------

    This section of the Plan also includes two tables (Table 2-C, Links
and Table 2-D: Schedule A Relationships) \15\ that sets out a brief
description of DTC's FMI links and Schedule A Relationships. The rule
proposal would make the following updates to Table 2-C: (i) remove (x)
Peru CSD, Cavali S.A.I.C.L.V., due to its voluntary termination from
DTC,\16\ and (y) Canadian Derivatives Clearing Corporation (``CDCC'')
due to termination of their Pledgee Account, (ii) in entries describing
DTC's inbound and outbound links with CDS, remove the description of
the Settlement Link Service because this service was discontinued and
would be revised to state that DTC settles corporate action
entitlements in Canadian dollars,\17\ (iii) in the entry describing
DTCs inbound link, with Euroclear Bank SA/NV (``EB''), remove the
reference to DTC Rule 34 (EB Collateral Positioning) because the rule
and associated service were terminated,\18\ (iv) in the entry
describing the NSCC/DTC Interface,\19\ add that this link is also used
for NSCC's Securities Financing Transaction (``SFT'') clearing
service,\20\ this entry would be revised to state that EB (which refers
to the link described in (iii) above) maintains an in-bound DVP Link
with DTC,\21\ (v) in the entry describing S.D. Indeval, S.A. de C.V,
the Mexico CSD, clarify that this link is a DVP account, and (v) in the
entry describing Dep[oacute]sito Central de Valores, the Chile CSD,
clarify that this link is a DVP account. Additionally, for purposes of
consistency with SRO's inventory, (i) Table 2-D would be updated to
broaden the description of JPMorgan Chase (``JPM'') as Corporate
Actions Concentration Bank to reflect that JPM collects and disburses
funds for various types of corporate action events, including profit
and loss amounts, and (ii) The Bank of New York Mellon (``BNYM''), in
its role as a Pledgee bank would be added. BNYM maintains repurchase
Pledgee and other Pledgee accounts at DTC in order to facilitate the

free payment of pledges of collateral by Participants that elect to do
so.
---------------------------------------------------------------------------

    \15\ DTC has identified certain critical external service
providers that, as determined by DTC's management, do not meet the
specified criteria of ``link'' but nevertheless are subject to the
same review process as is conducted for links, referred to within
DTC as ``Schedule A Relationships.''
    \16\ See DTC Important Notice issued to Participants on May 26,
2021 www.dtcc.com/-/media/Files/pdf/2021/5/26/15230-21.pdf.
    \17\ Supra note 9.
    \18\ See Securities Exchange Act Release No. 34-93442 (Oct. 28,
2021), 86 FR 60721 (Nov. 3, 2021) (SR-DTC-2021-015).
    \19\ DTC maintains an interface with NSCC for the book-entry
movement of securities to settle NSCC Continuous Net Settlement
(``CNS'') transactions. As part of the interface, DTC and NSCC have
established certain limited cross-guarantees and arrangements to
permit transactions to flow smoothly between DTC and NSCC in a
collateralized environment.
    \20\ The Securities Financing Transaction (SFT) Clearing service
is a National Securities Clearing Corporation (NSCC) product
offering central clearing and settlement services for overnight
borrows and loans of equity securities (collectively ``SFTs''). The
SFT Clearing service: (i) supports central clearing of equity SFTs
intermediated by Sponsoring Members or Agent Clearing Members, (ii)
supports central clearing of equity SFTs between NSCC full-service
members, and (iii) maximizes capital efficiency and mitigates
systemic risk by introducing more membership and cleared transaction
opportunities for market participants. NSCC novates and guarantees
the off-leg/return of an SFT (i) when delivery of underlying SFT
security completes at DTC, (ii) at the point of validation in the
case of a bilaterally settled SFT or an SFT with a Sponsored Member
client or (iii) when the daily pair-off occurs, in the case of a
rolled SFT. See Securities Exchange Act Release No. 34-95011 (May
31, 2022), 87 FR 34339 (Jun. 6, 2022) (SR-NSCC-2022-003); and
Securities Exchange Act Release No. 34-95012 (May 31, 2022), 87 FR
34325 (Jun. 6, 2022) (SR-DTC-2022-002).
    \21\ A ``DVP Link'' refers to a link that is a delivery vs
payment account. This in-bound link enables non-U.S. investors to
buy and hold DTC eligible securities abroad, while custody is
maintained at DTC in the U.S.
---------------------------------------------------------------------------

    Section 5 (Participant Default Losses through the Crisis Continuum)
of the Plan is comprised of multiple subsections that identify the risk
management surveillance, tools, and governance that DTC may employ
across an increasing stress environment, referred to as the ``Crisis
Continuum.'' \22\ This section identifies, among other things, the
tools that can be employed by DTC to mitigate losses, and mitigate or
minimize liquidity needs, as the market environment becomes
increasingly stressed. One of those subsections, Section 5.2.4
(Recovery Corridor and Recovery Phase), outlines the early warning
indicators to be used by DTC to measure the potential need to enter the
``Recovery Phase'' of the Plan.\23\ Included in this section are
descriptions of potential stress events that could lead to recovery,
and several early warning indicators and metrics that DTC has
established. These indicators, which are referred to in the Recovery
Plan as recovery corridor indicators (``Corridor Indicators''),\24\ are
listed in an associated table (Table 5-A, Corridor Indicators). The
table provides a brief description of each Corridor Indicator, along
with columns reflecting how the indicator is measured, evaluated, how
its status (i.e., deteriorating or improving) is determined, and the
escalation process if triggered. The proposed rule change would update
this table to add to the ``hedging'' \25\ indicator entry that it is
the Financial Risk Management group (``FRM'') that is responsible for
measuring hedging status with input from DTC's investment advisor.
Also, the entry covering Retirements/Transaction Reductions indicator
\26\ would be corrected to state that its status is measured by the
Client Account Services and Global Business Operations team, and not
FRM and the general manager of DTC.
---------------------------------------------------------------------------

    \22\ As set forth in the Recovery Plan, the phases of the
``Crisis Continuum'' include (1) a stable market phase, (2) a
stressed market phase, (3) a phase commencing with DTC's decision to
cease to act for a Participant or Affiliated Family of Participants
(The Plan refers to an ``Affiliated Family'' of Participants as a
number of affiliated entities that are all Participants of DTC), and
(4) a recovery phase.
    \23\ The ``Recovery Phase'' refers to the actions to be taken by
DTC to restore its financial resources and avoid a wind-down of its
business.
    \24\ The majority of the Corridor Indicators, as identified in
the Recovery Plan, relate directly to conditions that may require
DTC to adjust its strategy for hedging and liquidating collateral
securities, and any such changes would include an assessment of the
status of the Corridor Indicators. Corridor Indicators include, for
example, the effectiveness and speed of DTC's efforts to liquidate
Collateral securities, and an impediment to the availability of
DTC's resources to repay any borrowings due to any Participant
Default. For each Corridor Indicator, the Recovery Plan identifies
(1) measures of the indicator, (2) evaluations of the status of the
indicator, (3) metrics for determining the status of the
deterioration or improvement of the indicator, and (4) ``Corridor
Actions,'' which are steps that may be taken to improve the status
of the indicator, as well as management escalations required to
authorize those steps.
    \25\ Hedging is a risk management strategy that would be
employed when executing the liquidation of a defaulting
participant's portfolio to potentially help reduce the risk of loss
of an existing position.
    \26\ The Retirements/Transaction Reductions indicator measures
Participant terminations or curtailment of transactions that impact
the financial viability of DTC.
---------------------------------------------------------------------------

B. Other Updates, Clarifications and Technical Revisions
    DTC is also proposing to make other updates and technical revisions
to the Plan. These technical revisions would, for example, make
grammatical corrections, update the names of certain DTC internal
groups, and clarify the description of internal organizations, without
changing the substantive statements being revised.
    For example, in Section 2.4, Table 2-A (SIFMU Legal Entity
Structure and Intercompany Agreements), for purposes of clarifying the
full scope of DTC's services. the description of DTC's services would
be revised from ``Underwriting, Securities Processing, Corporate
Actions,'' to ``Asset Services.'' Some other examples include: (i) a
revision would be made throughout the Plan to reflect an internal name
change from DTCC's ``Operational Risk Management'' to ``Operational
Risk,'' and add a new internal organization, ``Embedded Risk
Management,'' \27\ (ii) all references to ``FMI Links'' would be
revised to refer to these as ``Clearing Agency Links,'' and (iii) in
the section covering DTCC facilities the name of the DTCC legal entity
that is the holder of the lease for the Manila location would be
changed from ``DTCC'' to ``DTCC Manila.''
---------------------------------------------------------------------------

    \27\ The Embedded Risk Management group supports the R&R Team.
For example, they may assist in the identification of new
initiatives, processes, or product developments that may impact
DTC's R&W Plan.
---------------------------------------------------------------------------

    DTC believes the proposed updates and technical revisions would
improve the clarity and accuracy of the Plan and, therefore, would help
facilitate the execution of Plan, if necessary.
2. Statutory Basis
    DTC believes that the proposal is consistent with the requirements
of the Act and the rules and regulations thereunder applicable to a
registered clearing agency. In particular, DTC believes that the
amendments to the R&W Plan are consistent with section 17A(b)(3)(F) of
the Act \28\ and Rule 17Ad-22(e)(3)(ii) under the Act,\29\ for the
reasons described below.
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78q-1(b)(3)(F).
    \29\ 17 CFR 240.17Ad-22(e)(3)(ii).
---------------------------------------------------------------------------

    Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of DTC be designed to promote the prompt and accurate clearance and
settlement of securities transactions. As described above, the proposed
rule change would update the R&W Plan to reflect business and product
developments and make certain technical corrections. By helping to
ensure that the R&W Plan reflects current business and product
developments, and providing additional clarity, DTC believes that the
proposed rule change would help it continue to maintain the Plan in a
manner that supports the continuity of DTC's critical services and
enables its Participants and Pledgees to maintain access to DTC's
services through the transfer of its membership in the event DTC
defaults or the Wind-down Plan is ever triggered by the Board. Further,
by facilitating the continuity of its critical clearance and settlement
services, DTC believes the Plan and the proposed rule change would
continue to promote the prompt and accurate clearance and settlement of
securities transactions. Therefore, DTC believes the proposed
amendments to the R&W Plan are consistent with the requirements of
section 17A(b)(3)(F) of the Act.
    Rule 17Ad-22(e)(3)(ii) under the Act requires DTC to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to maintain a sound risk management framework for
comprehensively managing legal, credit, liquidity, operational, general
business, investment, custody, and other risks that arise in or are
borne by the covered clearing agency, which includes plans for the
recovery and orderly wind-down of the covered clearing agency
necessitated by credit losses, liquidity shortfalls, losses from
general business risk, or any other losses.\30\
---------------------------------------------------------------------------

    \30\ Id.
---------------------------------------------------------------------------

    Specifically, the Recovery Plan defines the risk management
activities, stress conditions and indicators, and tools that DTC may
use to address stress scenarios that could eventually prevent it from
being able to provide its critical services as a going concern. Through
the framework of the Crisis Continuum, the Recovery Plan addresses
measures that DTC may take to address risks of credit losses and
liquidity shortfalls, and other losses that could arise from a
Participant default. The Recovery Plan also

addresses the management of general business risks and other non-
default risks that could lead to losses. The Wind-down Plan would be
triggered by a determination by the Board that recovery efforts have
not been, or are unlikely to be, successful in returning DTC to
viability as a going concern. Once triggered, the Wind-down Plan sets
forth clear mechanisms for the transfer of DTC's membership and
business and is designed to facilitate continued access to DTC's
critical services and to minimize market impact of the transfer. By
establishing the framework and strategy for the execution of the
transfer and wind-down of DTC in order to facilitate continuous access
to its critical services, the Wind-down Plan establishes a plan for the
orderly wind-down of DTC.
    As described above, the proposed rule change would update the R&W
Plan to reflect business and product developments and make certain
technical corrections. By ensuring that material provisions of the Plan
are current, clear, and technically correct, DTC believes that the
proposed amendments are designed to support the maintenance of the Plan
for the recovery and orderly wind-down of the covered clearing agency
necessitated by credit losses, liquidity shortfalls, losses from
general business risk, or any other losses, and, as such, meets the
requirements of Rule 17Ad-22(e)(3)(ii) under the Act.\31\ Therefore,
the proposed changes would help DTC to maintain the Plan in a way that
continues to be consistent with the requirements of Rule 17Ad-
22(e)(3)(ii).
---------------------------------------------------------------------------

    \31\ Id.
---------------------------------------------------------------------------

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

    DTC does not believe that the proposed rule change would have any
impact, or impose any burden, on competition. DTC does not anticipate
that the proposal would affect its day-to-day operations under normal
circumstances, or in the management of a typical Participant default
scenario or non-default event. The R&W Plan was developed and
documented in order to satisfy applicable regulatory requirements, as
discussed above. The proposal is intended to enhance and update the
Plan to ensure it is clear and remains current in the event it is ever
necessary to be implemented. The proposed revisions would not affect
any changes to the overall structure or operation of the Plan or DTC's
recovery and wind-down strategy as set forth under the current Plan. As
such, DTC believes the proposal would not have any impact, or impose
any burden, on competition.

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

    DTC has not received or solicited any written comments relating to
this proposal. If any written comments are received, DTC will amend
this filing to publicly file such comments as an Exhibit 2 to this
filing, as required by Form 19b-4 and the General Instructions thereto.
    Persons submitting written 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/regulatory-actions/how-to-submit-comments. 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 [email protected] or<PHONE_NUMBER>.
    DTC 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) \32\ of the Act and paragraph (f) \33\ of Rule 19b-4
thereunder. 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.
---------------------------------------------------------------------------

    \32\ 15 U.S.C. 78s(b)(3)(A).
    \33\ 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 [email protected]. Please include
file number SR-DTC-2023-008 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-DTC-2023-008. 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 (https://www.sec.gov/rules/sro.shtml). 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 DTC and on DTCC's
website (http://dtcc.com/legal/sec-rule-filings.aspx). 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-DTC-2023-008 and should be submitted on
or before October 5, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
---------------------------------------------------------------------------

    \34\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19841 Filed 9-13-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: May 14, 2009 (Volume 74, Number 92)]
[Notices]
[Page 22801-22802]
[DOCID:fr14my09-96]

-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Forty-Eighth Meeting, RTCA Special Committee 186: Automatic
Dependent Surveillance-Broadcast (ADS-B)

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of RTCA Special Committee 186 Automatic Dependent
Surveillance-Broadcast (ADS-B) meeting.

-----------------------------------------------------------------------

SUMMARY: The FAA is issuing this notice to advise the public of a
meeting of RTCA Special Committee 186 Automatic Dependent Surveillance-
Broadcast (ADS-B).

DATES: The meeting will be held June 2--5, 2009, at 9 a.m. on June 2-4
and on June 5th starting at 8 a.m. at RTCA and 2 p.m. in Europe (WebEx
and Phone Bridge information to be provided).

ADDRESSES: RTCA Conference Rooms at 1828 L Street, NW., Suite 805,
Washington, DC 20036.

    Note: Any meeting day(s) for the Requirements Focus Group (RFG),
RAD FRAC, will be announced at a later date * * * as required * * *
based on the FRAC comments received.

FOR FURTHER INFORMATION CONTACT: (1) RTCA Secretariat, 1828 L Street,
NW., Suite 805, Washington DC, 20036,<PHONE_NUMBER>; fax (202) 833-
9434; Web site http://www.rtca.org.

SUPPLEMENTARY INFORMATION: Pursuant to section 10(a)(2) of the Federal
Advisory Committee Act (Pub. L. 92-463, 5 U.S.C., Appendix 2), notice
is hereby given for a Special Committee 186 meeting. The agenda will
include:
    June 2, Specific Working Group Sessions:
     RTCA--All Day, WG-1--ATSA SURF 1A, ARINC Room.
    June 3, Specific Working Group Sessions:
     RTCA--All Day, WG-1--ATSA SURF 1A, ARINC Room.
     RTCA--All Day, WG-5, UAT MOPS, MacIntosh-NBAA Room &
Hilton-ATA Room.
    Feb. 4, Specific Working Group Sessions:
     RTCA--All Day, WG-1--ATSA SURF 1A, ARINC Room .
     RTCA--All Day, WG-5, UAT MOPS, MacIntosh-NBAA Room &
Hilton-ATA Room.
    June 5, Joint RTCA SC-186/EUROCAE WG-51: (Starting at 2 p.m. in
Europe and 8 a.m. at RTCA)
     Opening Plenary (Chairman's Introductory Remarks, Review
of Meeting Agenda.
     Review/Approval of the Forty-Seventh Meeting Summary, RTCA
Paper No. 110-09/SC186-281.
     Consider for Approval--New Document--Safety and
Performance Requirements (SPR) Standard for ADS-B-RAD, RTCA Paper No.
106-09/SC186-279.
     Discussion--1090 Extended Squitter MOPS--Revision.
     Review of EUROCAE WG-51 Activities.
     FAA Surveillance and Broadcast Services (SBS) Program--
Status.
     Date, Place and Time of Next Meeting.
     Working Group Reports.
     WG-1--Operations and Implementation.
     WG-2--TIS-B MASPS.
     WG-3--1090 MHz MOPS.
     WG-4--Application Technical Requirements.
     WG-5--UAT MOPS.
     RFG--Requirements Focus Group.
     Wake vortex ad-hoc group report and recommended action
plan.
     ADS-B ITP coordination with SC-214 for data link
requirements.
     New Business.

     Other Business.
     Review Action Items/Work Programs.
     Adjourn Plenary.
    Attendance is open to the interested public but limited to space
availability. With the approval of the chairmen, members of the public
may present oral statements at the meeting. Persons wishing to present
statements or obtain information should contact the person listed in
the ``FOR FURTHER INFORMATION CONTACT'' section. Members of the public
may present a written statement to the committee at any time.

    Issued in Washington, DC, on May 7, 2009.
Francisco Estrada C.,
RTCA Advisory Committee.
[FR Doc. E9-11257 Filed 5-13-09; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 84, Number 152 (Wednesday, August 7, 2019)]
[Notices]
[Page 38719]
[FR Doc No: 2019-16797]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Docket No. FAA-2017-0975]

Agency Information Collection Activities: Requests for Comments;
Clearance of Renewed Approval of Information Collection: Information
Collection 2120-0768, Part 107 Authorizations and Waivers Under 14 CFR
Part 107

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FAA
invites public comments about our intention to request the Office of
Management and Budget (OMB) approval to renew an information
collection. The Federal Aviation Agency is seeking approval from the
Office of Management and Budget (OMB) for a renewal of the existing
Information Collection 2120-0768. As required by the Paperwork
Reduction Act of 1995 (PRA), the purpose of this notice is to allow 60
days for public comment.
    The FAA proposes collecting information related to requests to
operate Unmanned Aircraft Systems (UAS) in controlled airspace pursuant
to regulations contained in the code of federal regulations. FAA will
use the collected information to make determinations whether to
authorize or deny the requested operation of UAS in controlled
airspace. The proposed information collection is necessary to issue
such authorizations or denials consistent with the FAA's mandate to
ensure safe and efficient use of national airspace.

DATES: Written comments should be submitted by October 7, 2019.

ADDRESSES: Please send written comments:
    By Electronic Docket: www.regulations.gov (Enter docket number into
search field).
    By mail: Docket Management Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue SE, West Building, Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except on Federal holidays.
    By fax:<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Casey Nair, FAA's Unmanned Aircraft
Systems (UAS) Low Altitude Authorization and Notification Capability
(LAANC) Program Manager, by email at<EMAIL_ADDRESS>phone: 202-
267-0369.

SUPPLEMENTARY INFORMATION:
    Public Comments Invited: You are asked to comment on any aspect of
this information collection, including (a) Whether the proposed
collection of information is necessary for FAA's performance; (b) the
accuracy of the estimated burden; (c) ways for FAA to enhance the
quality, utility and clarity of the information collection; and (d)
ways that the burden could be minimized without reducing the quality of
the collected information. The agency will summarize and/or include
your comments in the request for OMB's clearance of this information
collection.
    OMB Control Number: 2120-0768.
    Title: Requests for Comments; Clearance of Renewed Approval of
Information Collection: Information Collection 2120-0768, Part 107
Authorizations and Waivers under 14 CFR part 107.
    Form Numbers: There are no forms associated with this collection.
    Type of Review: Renewal of existing Information Collection.
    Background: The FAA has seen increased operations of small Unmanned
Aircraft Systems (UAS) flying under 14 CFR part 107. Section 107.41
states that ``no person may operate a small unmanned aircraft in Class
B, Class C, or Class D airspace or within the lateral boundaries of the
surface area of Class E airspace designated for an airport unless that
person has prior authorization from Air Traffic Control (ATC).'' Such
authorization may be obtained in the form of either an airspace
authorization issued by the FAA or a waiver of the authorization
requirements of 14 CFR 107.41 (airspace waiver). Additionally,
operators may request waivers of the other operational requirements
listed in Sec.  107.205 (operational waivers).
    In order to process authorization and airspace waiver requests, the
FAA requires the operator's name, the operator's contact information,
and information related to the date, place, and time of the requested
small UAS operation. This information is necessary for the FAA to meet
its statutory mandate of maintaining a safe and efficient national
airspace. See 49 U.S.C. 40103 and 44701; Public Law 112-95, Section
333.
    Additionally, if the operator is seeking an operational waiver from
one of the other regulations listed in 14 CFR 107.205, further
information is required related to the proposed waiver and any
necessary mitigations. The FAA will use the requested information to
determine if the proposed UAS operation can be conducted safely.
    The FAA proposes to use LAANC and a web portal to process
authorization requests from the public to conduct Part 107 flight
operations pursuant to Sec.  107.41. The FAA also proposes to use the
web portal to process requests from the public to conduct Part 107
flight operations that require an operational waiver or an airspace
waiver.
    Respondents: Small UAS operators seeking to conduct flight
operations under 14 CFR part 107 within controlled airspace or flight
operations that require waiver from certain provisions of Part 107.
Between 2020-2022, the FAA estimates that it will receive a total of
346,917 requests for airspace authorization, 27,831 requests for
airspace waivers, and 9,000 requests for operational waivers.
    Frequency: The requested information will need to be provided each
time a respondent requests an airspace authorization to operate a small
UAS under 14 CFR part 107 in controlled airspace. A respondent may
reduce the frequency by seeking and obtaining an airspace waiver to
conduct recurring operations. For requests for operational waivers, a
respondent will need to provide the information once at the time of the
request for the waiver. If granted, operational waivers may be valid
for up to four (4) years.
    Estimated Average Burden per Response: The FAA estimates the
respondents using LAANC will take five (5) minutes per request and
those using the web portal will take thirty (30) minutes per request.
For those submitting requests for airspace or operational waivers
through the web portal, the FAA estimates each request will take thirty
(30) minutes.
    Estimated Total Annual Burden: For airspace authorizations, the FAA
estimates that the average annual burden will be 15,834 hours for
respondents submitting requests. This includes 8,446 burden hours for
101,762 LAANC respondents and 6,938 hours for 13,877 web portal
respondents. For airspace waivers, the FAA estimates that the average
annual burden will be 4,639 hours for respondents. For operational
waivers, the FAA estimates that the average annual burden will be 1,950
hours for respondents.

    Issued in Washington, DC, on August 1, 2019.
Victoria Gallagher,
UAS LAANC Acting Program Manager.
[FR Doc. 2019-16797 Filed 8-6-19; 8:45 am]
 BILLING CODE 4910-13-P