<!DOCTYPE HTML PUBLIC "-//-//W3C//DTD HTML 3.2//EN">

<META name="generator" content="Document">
<META name="creation-date" content="16/06/2008 02:50:19 ">
<TITLE>Document</TITLE>

196
Federal Register /Vol. 73, No. 1 /Wednesday, January 2, 2008 /Notices
Dated: December 26, 2007.
Jeffrey Shuren,
Assistant Commissioner for Policy.
[FR Doc. 07ñ6268 Filed 12ñ27ñ07; 3:08 pm]
BILLING CODE 4160–01–S
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
[Docket No. 2007D– 0496]
Draft Guidance for Industry on
Questions and Answers Regarding the
Labeling of Nonprescription Human
Drug Products Marketed Without an
Approved Application as Required by
the Dietary Supplement and
Nonprescription Drug Consumer
Protection Act; Availability
AGENCY:
Food and Drug Administration,
HHS.
ACTION:
Notice.
SUMMARY:
The Food and Drug
Administration (FDA) is announcing the
availability of a draft guidance entitled
‘‘Questions and Answers Regarding the
Labeling of Nonprescription Human
Drug Products Marketed Without an
Approved Application as Required by
the Dietary Supplement and
Nonprescription Drug Consumer
Protection Act.íí This draft guidance is
intended to assist industry in complying
with the labeling requirements for
nonprescription (over-the-counter
(OTC)) human drugs marketed without
an approved application established by
the Dietary Supplement and
Nonprescription Drug Consumer
Protection Act. Separate guidance,
issued by the Center for Food Safety and
Applied Nutrition on labeling
requirements for dietary supplements, is
announced elsewhere in this issue of
the Federal Register.
DATES:
Although you can comment on
any guidance at any time (see 21 CFR
10.115(g)(5)), to ensure that the agency
considers your comments on this draft
guidance before it begins work on the
final version of the guidance, submit
written or electronic comments on the
draft guidance, including comments
regarding proposed collection of
information, by March 3, 2008.
ADDRESSES:
Submit written requests for
single copies of the draft guidance to the
Division of Drug Information (HFDñ
240), Center for Drug Evaluation and
Research, Food and Drug
Administration, 5600 Fishers Lane,
Rockville, MD 20857. Send one self-
addressed adhesive label to assist that
office in processing your requests.
Submit written comments on the draft
guidance to the Division of Dockets
Management (HFAñ305), Food and Drug
Administration, addressStreet5630
Fishers Lane, rm. 1061,
placeCityRockville, StateMD
PostalCode20852. Submit electronic
comments to http://www.fda.gov/
dockets/ecomments or http://
www.regulations.gov. See the
SUPPLEMENTARY INFORMATION
section for
electronic access to the draft guidance
document.
FOR FURTHER INFORMATION CONTACT:
Walter Ellenberg, Center for Drug
Evaluation and Research, Food and
Drug Administration, 10903 New
Hampshire Ave., Bldg. 22, rm. 5488,
Silver Spring, MD 20993, 301ñ796ñ
2090.
SUPPLEMENTARY INFORMATION:
I. Background
FDA is announcing the availability of
a draft guidance entitled ëëQuestions and
Answers Regarding the Labeling of
Nonprescription Human Drug Products
Marketed Without an Approved
Application as Required by the Dietary
Supplement and Nonprescription Drug
Consumer Protection Act.íí On
December 22, 2006, the President signed
into law the Dietary Supplement and
Nonprescription Drug Consumer
Protection Act (Public Law 109ñ462,
120 Stat. 3469). This law amends the
Federal Food, Drug, and Cosmetic Act
(the act) with respect to serious adverse
event reporting for dietary supplements
and nonprescription drugs marketed
without an approved application. The
draft guidance document contains
questions and answers relating to the
new labeling requirements under Public
Law 109ñ462 for OTC drugs marketed
without an approved application.
This draft guidance is being issued
consistent with FDAís good guidance
practices regulation (21 CFR 10.115).
The draft guidance, when finalized, will
represent the agencyís current thinking
on this topic. It does not create or confer
any rights for or on any person and does
not operate to bind FDA or the public.
An alternative approach may be used if
such approach satisfies the requirement
of the applicable statutes and
regulations.
II. Comments
Interested persons may submit to the
Division of Dockets Management (see
ADDRESSES
) written or electronic
comments regarding this document.
Submit a single copy of electronic
comments or two paper copies of any
mailed comments, except that
individuals may submit one copy.
Comments are to be identified with the
docket number found in brackets in the
heading of this document. Received
comments may be seen in the Division
of Dockets Management between 9 a.m.
and 4 p.m., Monday through Friday.
Please note that in January 2008, the
FDA Web site is expected to transition
to the Federal Dockets Management
System (FDMS). FDMS is a
Government-wide, electronic docket
management system. After the transition
date, electronic submissions will be
accepted by FDA through the FDMS
only. When the exact date of the
transition to FDMS is known, FDA will
publish a Federal Register notice
announcing that date.
III. Paperwork Reduction Act of 1995
Under the Paperwork Reduction Act
of 1995 (the PRA) (44 U.S.C. 3501ñ
3520), Federal agencies must obtain
approval from the Office of Management
and Budget (OMB) for each collection of
information they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) and includes agency requests
or requirements that members of the
public submit reports, keep records, or
provide information to a third party.
Section 3506(c)(2)(A) of the PRA (44
U.S.C. 3506(c)(2)(A)) requires Federal
agencies to provide a 60-day notice in
the Federal Register concerning each
proposed collection of information
before submitting the collection to OMB
for approval. To comply with this
requirement, FDA is publishing notice
of the proposed collection of
information set forth as follows.
With respect to the following
collection of information, FDA invites
comment on the following: (1) Whether
the proposed collection of information
is necessary for the proper performance
of FDAís functions, including whether
the information will have practical
utility; (2) the accuracy of FDAís
estimate of the burden of the proposed
collection of information, including the
validity of the methodology and
assumptions used; (3) ways to enhance
the quality, utility, and clarity of the
information to be collected; and (4)
ways to minimize the burden of the
collection on respondents, including
through the use of automated collection
techniques, when appropriate, and other
forms of information technology.
Title: Labeling Requirements and
Recommendations under the Dietary
Supplement and Nonprescription Drug
Consumer Protection Act for
Nonprescription Drug Products
Marketed Without an Approved
Application.
VerDate Aug<31>2005
19:07 Dec 31, 2007
Jkt 214001
PO 00000
Frm 00050
Fmt 4703
Sfmt 4703
E:\FR\FM\02JAN1.SGM
02JAN1

197
Federal Register /Vol. 73, No. 1 /Wednesday, January 2, 2008 /Notices
Description of Respondents:
Respondents to this collection of
information are manufacturers, packers,
and distributors whose name (under
section 502(b)(1) of the act) appears on
the label of a nonprescription drug
marketed in the United States.
Burden Estimate: FDA is requesting
public comment on the estimated one-
time reporting burden from these
respondents, as required by Public Law
109
–462 and described in the draft
guidance. This guidance document
discusses the labeling requirements of
section 502(x) of the act (21 U.S.C.
352(x)), which was added by Public Law
109
–462.
Section 502(x) of the act requires the
label of an OTC drug product marketed
without an approved application in the
United States to include a domestic
address or domestic phone number
through which the responsible person
may receive a report of a serious adverse
event associated with the product. If the
label does not include the required
domestic address or phone number, the
drug product is misbranded. When the
responsible person chooses to provide a
domestic address (rather than a phone
number) for adverse event reporting,
FDA concludes that the statute requires
the product label to bear a full U.S.
mailing address that includes the street
address or P.O. Box, city, state, and zip
code of the responsible person (i.e., the
manufacturer, packer, distributor, or
retailer whose name appears on the
label). This labeling requirement helps
to ensure that any mailed adverse event
report will reach the responsible person.
Similarly, when the responsible person
chooses to provide a domestic phone
number for adverse event reporting,
FDA concludes that the statute requires
the phone number on the product label
to include the area code. Without the
area code, the phone number is
incomplete and does not serve its
intended purpose of enabling the
consumer to contact the responsible
person to report a serious adverse event.
In addition to discussing the statutory
requirement that labels include a
domestic address or a domestic phone
number, the draft guidance includes
recommendations about the location of
this information on the label and the
recommendation that the label make
clear the purpose of this information.
FDA estimates the burden of this
collection of information as follows:
TABLE 1.óESTIMATED ONE-TIME REPORTING BURDEN
1
No. of
Respondents
Frequency
per Response
Total
Responses
Hours Per
Response
Total Hours
Domestic address or phone number labeling requirement (21
U.S.C. 502(x)) and recommendation to clarify its purpose
200
500
100,000
4
400,000
1
There are no capital costs or maintenance and operating costs associated with this collection of information.
As indicated in Table 1 of this
document, we estimate that
approximately 200 manufacturers will
revise approximately 100,000 labels
total to add a full domestic address and
a domestic telephone number, and
should they choose to adopt the draft
guidanceís recommendation, to add a
statement identifying the purpose of the
domestic address or telephone number.
We specifically request comments on
these estimates. FDA believes that
designing the label change should not
take longer than 4 hours per label.
Automated printing of the labels should
only require a few seconds per label.
IV. Comments
Interested persons may submit to the
Division of Dockets Management (see
ADDRESSES
) written or electronic
comments regarding the draft guidance,
including comments regarding proposed
collection of information. Submit a
single copy of electronic comments or
two paper copies of any mailed
comments, except that individuals may
submit one paper copy. Comments are
to be identified with the docket number
found in brackets in the heading of this
document. The draft guidance and
received comments are available for
public examination in the Division of
Dockets Management between 9 a.m.
and 4 p.m., Monday through Friday.
V. Electronic Access
Persons with access to the Internet
may obtain the document at either
http://www.fda.gov/cder/guidance/
index.htm or http://www.fda.gov/
ohrms/dockets/default.htm.
Dated: December 26, 2007.
Jeffrey Shuren,
Assistant Commissioner for Policy.
[FR Doc. 07ñ6267 Filed 12ñ27ñ07; 3:08 pm]
BILLING CODE 4160–01–S
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
[Docket No. 2007D–0491]
Draft Guidance for Industry: Questions
and Answers Regarding the Labeling
of Dietary Supplements as Required by
the Dietary Supplement and
Nonprescription Drug Consumer
Protection Act; Availability
AGENCY:
Food and Drug Administration,
HHS.
ACTION:
Notice.
SUMMARY:
The Food and Drug
Administration (FDA) is announcing the
availability of a draft guidance entitled
‘‘Questions and Answers Regarding the
Labeling of Dietary Supplements as
Required by the Dietary Supplement
and Nonprescription Drug Consumer
Protection Act.íí This draft guidance is
intended to assist the dietary
supplement industry in complying with
the labeling requirements prescribed for
dietary supplement manufacturers,
packers, and distributors by the Dietary
Supplement and Nonprescription Drug
Consumer Protection Act (the
DSNDCPA). Separate guidance, issued
by the Center for Drug Evaluation and
Research on labeling requirements for
nonprescription (over-the-counter)
human drugs marketed without an
approved application, is announced
elsewhere in this issue of the Federal
Register.
DATES:
Although you can comment on
any guidance at any time (see 21 CFR
10.115(g)(5)), to ensure that the agency
considers your comment on this draft
guidance before it begins work on the
final version of the guidance, submit
written or electronic comments on the
draft guidance by March 3, 2008.
ADDRESSES:
Submit written requests for
single copies of the draft guidance to the
Office of Nutritional Products, Labeling,
and Dietary Supplements (HFSñ800),
Food and Drug Administration, 5100
Paint Branch Pkwy., College Park, MD
20740. Send one self-addressed
adhesive label to assist the office in
processing your request, or include a fax
number to which the draft guidance
may be sent. See the
SUPPLEMENTARY
VerDate Aug<31>2005
19:07 Dec 31, 2007
Jkt 214001
PO 00000
Frm 00051
Fmt 4703
Sfmt 4703
E:\FR\FM\02JAN1.SGM
02JAN1


[Federal Register Volume 86, Number 108 (Tuesday, June 8, 2021)]
[Notices]
[Pages 30457-30458]
[FR Doc No: 2021-11951]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No.175-029]

Pacific Gas and Electric Company; Notice of Intent To File
License Application, Filing of Pre-Application Document, Approving Use
of the Traditional Licensing Process

    a. Type of Filing: Notice of Intent to File License Application and
Request to Use the Traditional Licensing Process.
    b. Project No.: P-175-029.
    c. Date Filed: April 19, 2021.
    d. Submitted by: Pacific Gas and Electric Company (PG&E).
    e. Name of Project: Balch Hydroelectric Project.
    Location: On the North Fork King River, in Fresno County,
California. The project occupies 506.28 of federal land administered by
the United States Department of Agriculture, Forest Service.
    f. Filed Pursuant to: 18 CFR 5.3 and 5.5 of the Commission's
regulations.
    g. Potential Applicant Contact(s): Mareen Zawalick, 77 Beale St.,
San Francisco, CA 94105;<PHONE_NUMBER>; email at
<EMAIL_ADDRESS>or Jennifer Post, Esq., 77 Beale St., San
Francisco, CA 94105;<PHONE_NUMBER>; email at<EMAIL_ADDRESS>    h. FERC Contact: Benjamin Mann at<PHONE_NUMBER>; or email at
<EMAIL_ADDRESS>    i. PG&E filed its request to use Traditional Licensing Process on
April 19, 2021. PG&E provided public notice of its request on
simultaneously. In a letter dated June 2, 2021 the Director of the
Division of Hydropower Licensing approved PG&E's request to use the
Traditional Licensing Process.
    j. With this notice, we are initiating informal consultation with
the U.S. Fish and Wildlife Service and/or NOAA Fisheries under section
7 of the Endangered Species Act and the joint agency regulations
thereunder at 50 CFR, part 402; and NOAA Fisheries under section 305(b)
of the Magnuson-Stevens Fishery Conservation and Management Act and
implementing regulations at 50 CFR 600.920. We are also initiating
consultation with the California State Historic Preservation Officer,
as required by section 106, National Historic Preservation Act, and the
implementing regulations of the Advisory Council on Historic
Preservation at 36 CFR 800.2.
    k. With this notice, we are designating PG&E as the Commission's
non-federal representative for carrying out informal consultation
pursuant to section 7 of the Endangered Species Act and section 305(b)
of the Magnuson-Stevens Fishery Conservation and Management Act; and
consultation pursuant to section 106 of the National Historic
Preservation Act.
    l. PG&E filed a Pre-Application Document (PAD; including a proposed
process plan and schedule) with the Commission, pursuant to 18 CFR 5.6
of the Commission's regulations.
    m. A copy of the PAD may be viewed and/or printed on the
Commission's website (http://www.ferc.gov), using the ``eLibrary''
link. Enter the docket number, excluding the last three digits in the
docket number field to access the document. At this time, the
Commission has suspended access to the Commission's Public Reference
Room, due to the proclamation declaring a National Emergency concerning
the Novel Coronavirus Disease (COVID-19), issued on March 13, 2020. For
assistance, contact FERC Online Support at<EMAIL_ADDRESS>
(866) 208-3676 (toll free), or<PHONE_NUMBER> (TTY).
    n. The licensee states its unequivocal intent to submit an
application for a new license for Project No. P-175-029. Pursuant to 18
CFR 16.8, 16.9, and 16.10 each application for a new license and any
competing license applications

must be filed with the Commission at least 24 months prior to the
expiration of the existing license. All applications for license for
this project must be filed by April 30, 2024.
    o. Register online at https://ferconline.ferc.gov/FERCOnline.aspx
to be notified via email of new filing and issuances related to this or
other pending projects. For assistance, contact FERC Online Support.

    Dated: June 2, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-11951 Filed 6-7-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 162 (Friday, August 21, 2015)]
[Notices]
[Pages 50921-50922]
[FR Doc No: 2015-20667]

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

DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[Docket No. NHTSA-2015-0077]

Decision That Certain Nonconforming Motor Vehicles Are Eligible
for Importation

AGENCY: National Highway Traffic Safety Administration, DOT.

ACTION: Grant of Petitions.

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

SUMMARY: This document announces decisions by NHTSA that certain motor
vehicles not originally manufactured to comply with all applicable
Federal Motor Vehicle Safety Standards (FMVSS) are eligible for
importation into the United States because they are substantially
similar to vehicles originally manufactured for sale in the United
States and certified by their manufacturers as complying with the
safety standards, and they are capable of being readily altered to
conform to the standards or because they have safety features that
comply with, or are capable of being altered to comply with, all
applicable FMVSS.

DATES: These decisions became effective on the dates specified in Annex
A.

ADDRESSES: For further information contact Mr. George Stevens, Office
of Vehicle Safety Compliance, NHTSA<PHONE_NUMBER>).

SUPPLEMENTARY INFORMATION:

Background

    Under 49 U.S.C. 30141(a)(1)(A), a motor vehicle that was not
originally manufactured to conform to all applicable FMVSS shall be
refused admission into the United States unless NHTSA has decided that
the motor vehicle is substantially similar to a motor vehicle
originally manufactured for importation into and/or sale in the United
States, certified under 49 U.S.C. 30115, and of the same model year as
the model of the motor vehicle to be compared, and is capable of being
readily altered to conform to all applicable FMVSS.
    Where there is no substantially similar U.S.-certified motor
vehicle, 49 U.S.C. 30141(a)(1)(B) permits a nonconforming motor vehicle
to be admitted into the United States if its safety features comply
with, or are capable of being altered to comply with, all applicable
FMVSS based on destructive test data or such other evidence as NHTSA
decides to be adequate.
    Petitions for eligibility decisions may be submitted by either
manufacturers or importers who have registered with NHTSA pursuant to
49 CFR part 592. As specified in 49 CFR 593.7, NHTSA publishes notice
in the Federal Register of each petition that it receives, and affords
interested persons an opportunity to comment on the petition. At the
close of the comment period, NHTSA decides, on the basis of the
petition and any comments that it has received, whether the vehicle is
eligible for importation. The agency then publishes this decision in
the Federal Register.
    NHTSA received petitions from registered importers to decide
whether the vehicles listed in Annex A to this notice are eligible for
importation into the United States. To afford an opportunity for public
comment, NHTSA published notice of these petitions as specified in
Annex A. The reader is referred to those notices for a thorough
description of the petitions.
    Comments: No substantive comments were received in response to the
petitions identified in Appendix A.
    NHTSA Decision: Accordingly, on the basis of the foregoing, NHTSA
hereby decides that each motor vehicle listed in Annex A to this
notice, which was not originally manufactured to comply with all
applicable FMVSS, is either substantially similar to a motor vehicle
manufactured for importation into and/or sale in the United States, and
certified under 49 U.S.C. 30115, as specified in Annex A, and is
capable of being readily altered to conform to all applicable FMVSS or
has safety features that comply with, or are capable of being altered
to comply with, all applicable Federal Motor Vehicle Safety Standards.
    Vehicle Eligibility Number for Subject Vehicles: The importer of a
vehicle admissible under any final decision must indicate on the form
HS-7 accompanying entry the appropriate vehicle eligibility number
indicating that the vehicle is eligible for entry. Vehicle eligibility
numbers assigned to vehicles admissible under this decision are
specified in Annex A.

    Authority:  49 U.S.C. 30141(a)(1)(A), (a)(1)(B) and (b)(1); 49
CFR 593.7; delegations of authority at 49 CFR 1.95 and 501.8.

Jeffrey M. Giuseppe,
Director, Office of Vehicle Safety Compliance.

ANNEX A--Nonconforming Motor Vehicles Decided To Be Eligible for
Importation

1. Docket No. NHTSA-2014-0048

Nonconforming Vehicles: 2011-2014 Harley-Davidson FX, FL, XL, and VR
Series Motorcycles
Substantially Similar U.S. Certified Vehicles: 2011-2014 Harley-
Davidson FX, FL, XL, and VR Series Motorcycles
Notice of Petition Published at: 79 FR 26804 (May 9, 2014)
Vehicle Eligibility Number: VSP-567 (effective date June 24, 2014)

2. Docket No. NHTSA-2014-0098

Nonconforming Vehicles: 2002 BMW Z3 Passenger Cars
Substantially Similar U.S. Certified Vehicles: 2002 BMW Z3 Passenger
Cars
Notice of Petition Published at: 79 FR 56851 (September 23, 2014)
Vehicle Eligibility Number: VSP-568 (effective date November 5, 2014)

3. Docket No. NHTSA-2014-0120

Nonconforming Vehicles: 2008 Cadillac Escalade Multipurpose Passenger
Vehicles
Substantially Similar U.S. Certified Vehicles: 2008 Cadillac Escalade
Multipurpose Passenger Vehicles
Notice of Petition Published at: 80 FR 36404 (June 24, 2015)
Vehicle Eligibility Number: VSP-572 (effective date July 31, 2015)

4. Docket No. NHTSA-2014-0097

Nonconforming Vehicles: 1991 BMW M3 Convertible Passenger Cars

Because there are no substantially similar U.S.-certified version 1991
BMW M3 Convertible Passenger Cars the petitioner sought import
eligibility under 49 U.S.C. 30141(a)(1)(B).
Notice of Petition Published at: 80 FR 30761 (May 29, 2015)
Vehicle Eligibility Number: VCP-60 (effective date August 6, 2015)

[FR Doc. 2015-20667 Filed 8-20-15; 8:45 am]
 BILLING CODE 4910-59-P


[Federal Register Volume 86, Number 62 (Friday, April 2, 2021)]
[Notices]
[Pages 17440-17448]
[FR Doc No: 2021-06770]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91428; File No. SR-NSCC-2021-004]

Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change To Amend the Recovery & Wind-Down Plan

March 29, 2021.
    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 March 23, 2021, National Securities Clearing Corporation (``NSCC'')
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. NSCC filed the
proposed rule change pursuant to Section 19(b)(3)(A) \3\ of the Act 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 \5\ consists of amendments to the R&W Plan
to (i) reflect business and product developments, (ii) make certain
changes to improve the clarity of the Plan, (iii) remove provisions
covering certain ``business-as-usual'' actions, and (iv) make certain
technical corrections, as described in greater detail below.
---------------------------------------------------------------------------

    \5\ Capitalized terms not defined herein are defined in the
Rules and Procedures of NSCC (the ``Rules''), available at https://
dtcc.com/~/media/Files/Downloads/legal/rules/nscc_rules.pdf, or in
the Recovery & Wind-down Plan of NSCC (the ``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
    The proposed rule change would amend the R&W Plan to (i) reflect
business and product developments, (ii) make certain changes to improve
the clarity of the Plan, (iii) remove provisions covering certain
``business-as-usual'' actions, and (iv) make certain technical
corrections. Each of the proposed revisions is further described below.
Background
    The R&W Plan was adopted in August 2018 \6\ and is maintained by
NSCC for compliance with Rule 17Ad-22(e)(3)(ii) under the Act.\7\ The
R&W Plan sets forth the plan to be used by the Board and NSCC
management in the event NSCC encounters scenarios that could
potentially prevent it from being able to provide its critical services
as a going concern. The R&W Plan is structured as a roadmap that
defines the strategy and identifies the tools available to NSCC to
either (i) recover, in the event it experiences losses that exceed its
prefunded resources (such strategies and tools referred to herein as
the ``Recovery Plan'') or (ii) wind-down its business in a manner
designed to permit the continuation of NSCC's critical services in the
event that such recovery efforts are not successful (such strategies
and tools referred to herein as the ``Wind-down Plan''). The recovery
tools available to NSCC are intended to address the risks of (a)
uncovered losses or liquidity shortfalls resulting from the default of
one or more of its Members, and (b) losses arising from non-default
events, such as damage to NSCC's physical assets, a cyber-attack, or
custody and investment losses, and the strategy for implementation of
such tools. The R&W Plan also describes the strategy and framework for
the orderly wind-down of NSCC and the transfer of its business in the
event the implementation of the available recovery tools does not
successfully return NSCC to financial viability.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release Nos. 83974 (August 28,
2018), 83 FR 44988 (September 4, 2018), (SR-NSCC-2017-017); and
83955 (August 27, 2018), 83 FR 44340 (August 30, 2018) (SR-NSCC-
2017-805).
    \7\ 17 CFR 240.17Ad-22(e)(3)(ii). NSCC 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 managed and developed by NSCC's parent company, the
Depository Trust & Clearing Corporation (``DTCC''),\8\ and is managed
by the Office of Recovery & Resolution Planning (referred to in the
Plan as the ``R&R Team'') on behalf of NSCC, with review and oversight
by the DTCC Management Committee and the Board.
---------------------------------------------------------------------------

    \8\ DTCC operates on a shared service model with respect to NSCC
and its other affiliated clearing agencies, The Depository Trust
Company{ XE ``NSCC'' {time}  (``DTC'') 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 NSCC, DTC{ XE ``NSCC'' {time}  and FICC (collectively,
the ``Clearing Agencies'').
---------------------------------------------------------------------------

Proposed Amendments to the R&W Plan
    The Board, or such committees as may be delegated authority by the
Board from time to time pursuant to its charter, is required to review
and approve the R&W Plan biennially.\9\ In connection with the first
biennial review of the Plan, NSCC is proposing the revisions described
in greater detail below. The proposed rule change is designed to update
and enhance the clarity of the Plan to ensure it is current in the
event it is ever necessary to be implemented. None of the proposed
changes modify NSCC's general objectives and approach with respect to
its recovery and wind-down strategy as set forth under the current
Plan.
---------------------------------------------------------------------------

    \9\ Supra note 6.
---------------------------------------------------------------------------

A. Proposed Changes To Reflect Business or Product Developments
1. Updates to DTCC Business Profile, Intercompany Arrangements, FMI
Links and Governance
    NSCC is proposing the following changes to the DTCC Business
Profile, Intercompany Arrangements, FMI Links and Governance sections
of the Plan based upon business updates that have occurred since the
time the Plan was adopted.
    Section 2.1 (DTCC Business Profile) of the Plan describes that DTCC
is a user-owned and user-governed holding company for a group of direct
and indirect subsidiaries and joint ventures. This section includes a
brief summary of each of the three subsidiaries (DTC, FICC and NSCC)
that have been designated as systemically important financial market
utilities (``SIFMUs'') by the Financial Stability Oversight Council.
The proposed rule change would revise the introductory paragraph of
this section to remove reference to joint ventures because DTCC
currently has no joint ventures.
    Section 2.4 (Intercompany Arrangements) of the Plan currently
describes how corporate support services are provided to NSCC from
DTCC, and to DTCC's other subsidiaries through intercompany agreements
under a shared services model. NSCC is proposing to update Table 2-A
(SIFMU Legal Entity Structure and Intercompany Agreements), which
delineates NSCC's affiliates, to reflect the name change of Omgeo Pte
Ltd by removing ``Omgeo Pte Ltd'' and replacing it with the new name of
this entity, ``DTCC Singapore Pte. Ltd.'' A related footnote would also
be added to make clear that the services provided by DTCC Singapore
Pte. Ltd. are performed through its branch office in Manila, DTCC
Manila. Additionally, this section includes a separate table, Table 2-
B, that lists each of the DTCC facilities utilized by the Clearing
Agencies and indicates whether the facility is owned or leased by DTCC.
NSCC proposes to update this table to add Boston, Massachusetts as an
additional location of a DTCC facility and to indicate that this
facility is leased by DTCC.
    Currently, Section 2.5 (FMI Links) of the Plan describes some, but
not all, of the key financial market infrastructures (``FMIs''), both
domestic and foreign, that NSCC has identified as critical ``links.''
\10\ In order to better align with

the structure of DTCC's inventory of links maintained by DTCC's
Systemic Risk Office (``SRO''), which includes all of NSCC's link
relationships, the proposed rule change would delete the current ``FMI
Links'' section of the R&W Plan and replace it with a revised version
of Section 2.5 that would include an overview of NSCC's link
arrangements, a related footnote to the definition of a ``link'' under
Rule 17Ad-22(a)(8) under the Act, and a table (Table 2-C: Links)
listing all of NSCC's FMI link arrangements. The table would list the
link, the link category (i.e., whether the link is a central
counterparty, settlement interface, or matching utility), and a brief
description. The proposed rule change would also add a table (Table 2-
D: Schedule A Relationships) that would identify certain critical
external service providers that, as determined by NSCC'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 NSCC as ``Schedule A Relationships,'' and a related footnote.
This change would align with the structure of SRO's inventory of
Schedule A Relationships.
---------------------------------------------------------------------------

    \10\ 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).
---------------------------------------------------------------------------

    Section 4.3 (Recovery and Wind-down Program Governance) of the Plan
currently contains a paragraph that identifies DTCC's ``R&R Steering
Group'' as the internal group responsible for ensuring that each of the
Clearing Agencies observes recovery planning requirements, and that
recovery planning is integrated into the Clearing Agencies' overall
governance processes including the preparation, review, and filing of
the Clearing Agencies' R&W Plans. Pursuant to the proposed rule change,
NSCC would revise Section 4.3 to reflect an internal organizational
name change. The proposal would change the name of the R&R Steering
Group to the ``Recovery and Wind-down Planning Council'' to reflect its
role as an advisory body.\11\ This name change would not change the
composition, role or responsibilities of this internal group, which
includes selected members of DTCC's Management Committee and members of
DTCC's financial and operational risk management, product management,
legal, and treasury/finance teams that are responsible for providing
strategic guidance and direction for the recovery and wind-down program
\12\ and the Plan. Additionally, for purposes of clarification, the
proposal would add the words ``, where necessary,'' to refer to when
the council would engage with internal working groups.
---------------------------------------------------------------------------

    \11\ In accordance with DTCC's Policy on Governance of Internal
Committees and Councils, a ``council'' is defined as an advisory
body that has no decision-making authority. A council may be formed
by any committee or a Managing Director. Councils will share
information, discuss topics, and make recommendations to its
initiating committee or Managing Director. Councils report up to
their initiating committee or Managing Director.
    \12\ In 2013, DTCC launched its Recovery & Resolution Planning
Program for DTC, NSCC, and FICC as part of its continued commitment
to enhancing risk management. The Office of Recovery & Resolution
Planning was established to manage the program and the development
of the recovery and wind-down plans for the Clearing Agencies.
---------------------------------------------------------------------------

2. Liquidity Shortfalls
    Section 5.3 (Liquidity Shortfalls) of the Plan identifies tools
that may be used to address foreseeable shortfalls of NSCC's liquidity
resources following a Member default. The goal in managing NSCC's
qualified liquidity resources is to maximize resource availability in
an evolving stress situation, to maintain flexibility in the order and
use of sources of liquidity, and to repay any third-party lenders of
liquidity in a timely manner. This section includes a table (Table 5-C)
that lists NSCC liquidity tools and resources.\13\ The proposed rule
change would update this section to include a reference to cash
proceeds from outstanding term debt issuance in addition to the other
examples of NSCC's qualifying liquid resources. A footnote would also
be added providing the citation to NSCC's advance notice filing
covering the term debt issuance.\14\
---------------------------------------------------------------------------

    \13\ Table 5-C lists the following NSCC liquidity tools: Utilize
short-settling liquidating trades, Increase the speed of portfolio
asset sales, Credit Facility, Unissued Commercial Paper, Non-
Qualifying Liquid Resources, and Uncommitted stock loan and equity
repos.
    \14\ See Securities Exchange Act Release No. 87912 (January 8,
2020), 85 FR 2187 (January 14, 2020) (SR-NSCC-2019-802).
---------------------------------------------------------------------------

B. Proposal To Make Certain Clarifications to the R&W Plan
1. Critical Services and Indicative Non-Critical Services
    Section 3 (Critical Services) of the Plan defines the criteria for
classifying certain of NSCC's services as ``critical,'' \15\ and
identifies such critical services and the rationale for their
classification. The identification of NSCC's critical services is
important for evaluating how the recovery tools and the wind-down
strategy would facilitate and provide for the continuation of NSCC's
critical services to the markets it serves. This section also includes
a list of indicative non-critical services.
---------------------------------------------------------------------------

    \15\ The criteria that is used to identify an NSCC service or
function as critical includes consideration as to whether (1) there
is a lack of alternative providers or products; (2) failure of the
service could impact NSCC's ability to perform its central
counterparty services; (3) failure of the service could impact
NSCC's ability to perform its netting services, and, as such, the
availability of market liquidity; and (4) the service is
interconnected with other participants and processes within the U.S.
financial system (for example, with other FMIs, settlement banks,
broker-dealers, and exchanges).
---------------------------------------------------------------------------

    This section includes a table (Table 3-B: NSCC Critical Services)
that lists each of the services, functions or activities that NSCC has
identified as ``critical'' based on the applicability of the criteria.
As more fully described below, the proposed rule change would clarify
in Table 3-B the description of some of the critical services and
update the table to include an additional critical service. While the
clarifying changes do not change the classification of the relevant
service (as being either ``critical'' or ``indicative non-critical''),
nor impact the existing classification of other services, NSCC believes
these revisions would enhance the clarity of the descriptions of them.
    First, the proposed rule change would revise the entries for ``3.
Obligation Warehouse'' and ``10. CNS/Prime Broker Interface'' to delete
the check mark denoting the lack of alternative providers and products
as one of the determinants for its classification as a critical
service. Second, the proposed rule change would replace the name of the
service identified in the current plan as exchange-traded fund ``5.
ETF'' to exchange-traded products ``5. ETPs'' in order to more
accurately align with the scope of what is covered by these services.
Third, currently the critical service ``6. ACATS'' \16\ is described as
``A service under which Members can transfer their customers' assets
from one brokerage account and/or bank to another, while processing
through CNS.'' The proposed rule change would add at the end of this
description the phrase ``, DTC, Obligation Warehouse, OCC and others,''
in order to include a more comprehensive description of this service.
Fourth, in the description of ``11. Balance Order Netting,'' the
proposed rule change would delete the phrase ``balance order
transactions'' and replace it with ``Balance Order Contracts'' because
it is a defined term under the Rules.\17\
---------------------------------------------------------------------------

    \16\ ``ACATS'' refers to NSCC's Automated Customer Accounts
Transfer Service.
    \17\ Pursuant to Rule 5, supra note 5, ``Balance Order
Contracts'' is defined as Compared Contracts for Balance Order
Securities and other transactions in respect of Balance Order
Securities submitted to NSCC under the Rules.

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

    Also, the proposed rule change would update Table 3-B (NSCC
Critical Services) to add ``Account Information Transmission''
(``AIT''). This new entry would include in the description of AIT \18\
that it is being enhanced in support of the bulk transfer initiative,
which is an industry effort designed to prepare carrying broker-dealers
for an emergency mass transfer of large quantities of customer accounts
and assets from a distressed broker to a financially secure broker.\19\
In the column that delineates the determinant for its classification as
a critical service, this new entry would have a check mark that denotes
this is because of a lack of alternative providers and products.
---------------------------------------------------------------------------

    \18\ As set forth in Table 3-B of the Plan, the ``AIT'' service
is described as a secure data transport facility that allows NSCC
Members to perform a single movement of many customer brokerage
accounts.
    \19\ See https://www.sifma.org/resources/general/bulk-transfer-playbook.
---------------------------------------------------------------------------

2. Member Default Losses Through the Crisis Continuum
    Section 5 (Member Default Losses through the Crisis Continuum) of
the Plan is comprised of multiple subsections that identify the risk
management surveillance, tools, and governance that NSCC may employ
across an increasing stress environment, referred to as the ``Crisis
Continuum.'' \20\ This section currently identifies, among other
things, the tools that can be employed by NSCC to mitigate losses, and
mitigate or minimize liquidity needs, as the market environment becomes
increasingly stressed. As more fully described below, the proposed rule
change would clarify certain language.
---------------------------------------------------------------------------

    \20\ 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 NSCC's decision
to cease to act for a Member or Affiliated Family, and (4) a
recovery phase.
---------------------------------------------------------------------------

    Section 5.2.1 (Stable Market Phase) describes NSCC's risk
management activities in the normal course of business. These
activities include (i) the routine monitoring of margin adequacy
through daily evaluation of backtesting and stress testing results that
review the adequacy of NSCC's margin calculations, and escalation of
those results to internal and Board committees and (ii) routine
monitoring of liquidity adequacy through review of daily liquidity
studies that measure sufficiency of available liquidity resources to
meet cash settlement obligations of the Member that would generate the
largest aggregate payment obligation. Further, under the heading
``Market Risk Monitoring and Stable Market Indicators,'' this section
states that the amount of Clearing Fund required from each Member is
determined principally by Value-at-Risk (``VaR'') calculations,\21\ and
that in order to ensure the VaR model accurately reflects market
conditions and provides adequate protection against market risk, NSCC
evaluates several factors on an ongoing basis.
---------------------------------------------------------------------------

    \21\ As described in the Plan, Value-at-Risk (``VaR'')
calculations are based on the potential price-change volatility of
unsettled positions according to NSCC's risk-based margin model.
---------------------------------------------------------------------------

    The proposed rule change would remove the following factor as one
of those evaluated, because it is no longer part of NSCC's model
calculation, ``Implied volatility to assess whether a potential
increase in market price volatility may not be fully incorporated in
the historical price moves.'' \22\ The elimination of the language
regarding implied volatility provides a more accurate representation of
the risk model calculation. Consistent with the above, NSCC would also
remove the paragraph in this section that states that implied market
price volatility as measured by benchmarks such as the VIX index does
not indicate material changes in market price volatility are expected.
---------------------------------------------------------------------------

    \22\ The remaining factors set forth in the Plan that NSCC
evaluates to ensure that the VaR model accurately reflects market
conditions and provides adequate protection against market risk are:
(i) Backtesting and other model performance monitoring to assess the
robustness of the Clearing Fund requirements, and (ii) stress
testing based on real historical and hypothetical scenarios to
assess the margin adequacy under extreme but plausible market
conditions. The Clearing Fund Formula is described in Procedure XV
(Clearing Fund Formula and Other Matters), supra note 5.
---------------------------------------------------------------------------

    Section 5.2.4 (Recovery Corridor and Recovery Phase) outlines the
early warning indicators to be used by NSCC to evaluate its options and
potentially prepare to enter the ``Recovery Phase,'' which phase refers
to the actions to be taken by NSCC to restore its financial resources
and avoid a wind-down of its business. Included in this section are
descriptions of potential stress events that could lead to recovery,
and several early warning indicators and metrics that NSCC has
established to evaluate its options and potentially prepare to enter
the Recovery Phase. These indicators, which are referred to in the
Recovery Plan as recovery corridor indicators (``Corridor
Indicators''),\23\ are calibrated against NSCC's financial resources
and are designed to give NSCC the ability to replenish financial
resources, typically through business as usual (``BAU'') tools applied
prior to entering the Recovery Phase.
---------------------------------------------------------------------------

    \23\ The majority of the Corridor Indicators, as identified in
the Recovery Plan, relate directly to conditions that may require
NSCC to adjust its strategy for hedging and liquidating a defaulting
Member's portfolio, and any such changes would include an assessment
of the status of the Corridor Indicators.
---------------------------------------------------------------------------

    Included in this section is a table (Table 5-A: Corridor
Indicators) that for each Corridor Indicator identifies the (i)
measures of the indicator, (ii) evaluations of the status of the
indicator, (iii) metrics for determining the status of the
deterioration or improvement of the indicator, and (iv) ``Corridor
Actions,'' which are steps that may be taken to improve the status of
the indicator,\24\ as well as management escalations required to
authorize those steps. For the entry in the table for ``Hedge
Effectiveness,'' the proposed rule change would revise the text for
clarity by adding to the existing description of measures of this
indicator that hedge effectiveness is most relevant prior to commencing
the hedging and liquidation strategy but is updated as necessary with
changes in market prices and/or position liquidations. Also, the text
that identifies Financial Risk Management as the internal group
responsible for measuring the metrics for determining the status of the
deterioration or improvement of the ``Hedge Effectiveness'' indicator
would be revised to add that this is done with input from NSCC's
investment advisor.
---------------------------------------------------------------------------

    \24\ In this regard, the Corridor Actions that would be
identified in the Plan are indicative but not prescriptive;
therefore, if NSCC needs to consider alternative actions due to the
applicable facts and circumstances, the escalation of those
alternative actions would follow the same escalation protocol
identified in the Plan for the Corridor Indicator to which the
action relates.
---------------------------------------------------------------------------

    Section 5.2.4 also includes language that requires NSCC management
to review the Corridor Indicators and the related metrics at least
annually and modify these metrics as necessary in light of observations
from simulation of Member defaults and other analyses. In order to more
closely align with the biennial cycle of DTCC's multi-member closeout
simulation exercise, the proposed rule change would shift the timing of
management's review of the Corridor Indicators and related metrics from
annually to biennially. NSCC believes this change is necessary for
consistency with the cycle of the multi-member closeout simulation, in
which the Corridor Indicators and metrics are assessed as part of the
simulation exercise.
    There is an additional table in Section 5.2.4, (Table 5-B: Loss
Waterfall Tools) that delineates the tools that comprise NSCC's loss
allocation waterfall as set forth under the Rules.\25\ This table has
four columns (``Order,'' ``Tool,'' ``Relevant Rules/Documents,'' and

``Responsible Body/Personnel'') and is organized by the order in which
the liquidity resources are to be applied by NSCC. Within Table 5-B,
Corporate Contribution is the first entry under the column labeled
``Tool.'' Currently, the narrative for this entry includes a
description of Corporate Contribution and delineates that in the event
of a cease to act, before applying the Clearing Fund deposits of
Members (other than the defaulting Member) to cover any resulting loss,
NSCC will apply the Corporate Contribution.\26\ For purposes of
clarity, this language would be revised to remove the words ``applying
the Clearing Fund Deposits of'' and replace them with ``charging the
Members on a pro rata basis.''
---------------------------------------------------------------------------

    \25\ Rule 4, supra note 5.
    \26\ Id.
---------------------------------------------------------------------------

    Within this same entry in Table 5-B, the proposed rule change would
also revise the current text of the definition of Corporate
Contribution, in order to more closely align with how this term is
defined under Rule 4. Specifically, pursuant to the proposed rule
change the definition of Corporate Contribution would be revised to
state that, ``The Corporate Contribution is an amount that is equal to
50% of the amount calculated by NSCC in respect of its General Business
Risk Capital Requirement for losses that occur over any rolling 12
month period.'' \27\
---------------------------------------------------------------------------

    \27\ Pursuant to Rule 4, supra note 5, for any loss allocation
pursuant to Section 4 of Rule 4, whether arising out of or relating
to a Defaulting Member Event or a Declared Non-Default Loss Event,
NSCC's corporate contribution to losses or liabilities that are
incurred by NSCC with respect to an Event Period (``Corporate
Contribution'') shall be an amount that is equal to fifty (50)
percent of the amount calculated by NSCC in respect of its General
Business Risk Capital Requirement as of the end of the calendar
quarter immediately preceding the Event Period.
---------------------------------------------------------------------------

    Additionally, with respect to the second entry in Table 5-B, ``Loss
Allocation,'' the descriptive text in the ``Responsible Body/
Personnel'' column would be revised to more closely align with the same
language contained in Rule 4. The revised text would state, ``Members
will be obligated to pay the loss allocation on the second business day
after the Corporation issues any such notice and to continue to fully
fund their Clearing Fund required deposits to the extent of any
shortfalls.''
3. Non-Default Losses
    Section 6 (Non-Default Losses) of the Plan outlines how NSCC would
address losses that result other than from a Member default. This
section provides a roadmap to other documents that describe these
events in greater detail and outlines NSCC's approach to monitoring
losses that could result from a non-default event. This section also
includes a description of Rule 60 (Market Disruption and Force
Majeure), referred to in the Plan as the ``Force Majeure Rule,'' \28\
which pertains to how NSCC addresses extraordinary events that occur
outside the control of NSCC and its Members. As more fully described
below, the proposed rule change would clarify certain language.
---------------------------------------------------------------------------

    \28\ Supra note 6.
---------------------------------------------------------------------------

    Section 6.4 (Resources to Cover Non-Default Losses) provides that
NSCC maintains two categories of financial resources to cover losses
and expenses arising from non-default risks or events: (i) Liquid Net
Assets Funded by Equity (``LNA''), including, pursuant to Rule 4, the
required Corporate Contribution,\29\ and (ii) loss-allocation charges
to Members in accordance with the provisions of Rule 4.\30\ Following
an overview of the four buckets of LNA which can be applied towards
non-default losses,\31\ there is a paragraph under the heading ``Loss
Allocation to Members, backed by the Clearing Fund'' that provides that
non-default losses could be allocated among Members as provided in Rule
4. There is sentence that describes the timeframe in which such losses
charged to Members are required to be paid. Currently, this sentence
states that losses are to be paid by Members ``within 2 business days
of the date of receipt of a notice of a loss allocation charge . . .
.'' However, this is not the same language used to describe this timing
in Rule 4. In order to be consistent with the language formulation set
out in Rule 4, the proposed rule change would revise this sentence to
state, ``Losses charged to Members are required to be paid by Members
on the second business day after the Corporation issues any such notice
of a loss allocation charge and, if not timely paid by any Member, the
Corporation may treat that Member as having failed to satisfy its
obligation and apply the Clearing Fund deposit of that Member to
satisfy its loss allocation obligation.'' \32\
---------------------------------------------------------------------------

    \29\ See Securities Exchange Act Release Nos. 84428 (October 15,
2018), 83 FR 53128 (October 19, 2018) (SR-NSCC-2018-008); and 89360
(July 21, 2020), 85 FR 45280 (July 27, 2020) (SR-NSCC-2020-014)
(filings amending the Clearing Agency Policy on Capital Requirements
(the ``Capital Policy'') and the Clearing Agency Capital
Replenishment Plan (the ``Capital Plan'')). The initial Capital
Policy and Capital Plan were approved by the Commission in 2017--see
Securities Exchange Act Release No. 81105 (July 7, 2017), 82 FR
32399 (July 13, 2017) (SR-DTC-2017-003, SR-NSCC-2017-004, SR-FICC-
2017-007).
    \30\ Rule 4, supra note 5.
    \31\ As set forth in the Plan, NSCC maintains the following four
buckets of LNA, which can be applied towards a non-default loss: (i)
General Business Risk Capital as determined in the Capital Policy,
supra note 29, (ii) the Corporate Contribution, (iii) a ``Buffer,''
as described in the Capital Policy, and (iv) excess LNA, which
refers to any available LNA held at NSCC above the required amounts
for General Business Risk Capital, the Corporate Contribution, and
Buffer.
    \32\ Rule 4, supra note 5.
---------------------------------------------------------------------------

    Section 6.6 (Market Disruption and Force Majeure Rule) describes
the Force Majeure Rule. The Force Majeure Rule was adopted at the same
time as the Plan \33\ and provides an additional resiliency tool
designed to mitigate the risks caused by market disruption events and
thereby minimize the risk of financial loss that may result from such
events. The proposed rule change would remove the following phrase
after the reference to the Force Majeure Rule in the first paragraph of
this section, ``, adopted in conjunction with this Plan,'' because it
is not necessary as both the Plan and the Force Majeure Rule are no
longer newly adopted. In addition, to remain consistent with the usage
of ``Force Majeure'' and ``Market Disruption Event'' throughout this
section, NSCC would conform all references to the defined terms ``Force
Majeure'' and ``Market Disruption Event,'' so that they appear as
capitalized terms.
---------------------------------------------------------------------------

    \33\ Supra note 6.
---------------------------------------------------------------------------

    The proposed rule change would also make revisions to the second
paragraph of Section 6.6. First, for purposes of clarity and
readability, the following text would be removed from the beginning of
the second sentence: ``Most FMIs have rules designed to deal with force
majeure or market disruption events, and.'' Second, the reference to
``Superstorm Sandy'' would be removed from the last sentence of this
paragraph along with the related footnote that references Superstorm
Sandy as an example of circumstances in which NSCC needed to fashion a
work-around necessitated by a force majeure event. NSCC believes
inclusion of references to Superstorm Sandy are outdated and no longer
necessary to be included in the Plan.
C. Remove Provisions Covering Certain ``Business-as-Usual'' Actions
    Section 8.6 (Actions and Preparation) of the Plan sets forth the
legal framework and strategy for the orderly wind-down of NSCC if the
use of the recovery tools described in the Recovery Plan do not
successfully return NSCC to financial viability. This section includes
an overview of the actions and preparations to be taken by NSCC and
DTCC in connection with executing the wind-down portions of the Plan.
Section 8.6.1 (Business-as-Usual Actions) describes those actions that
NSCC or

DTCC may take to prepare for wind-down in the period before NSCC
experiences financial distress.
    Under the current plan, the Business-as-Usual Actions are (i)
educating the Board to keep them informed of the Plan and the actions
the Board would need to take to implement it, (ii) engaging in
discussions with key linked FMIs as to the key elements of NSCC's wind-
down strategy and the expected actions of the respective link parties
should a wind-down be implemented, (iii) developing and maintaining an
index of internal data that includes the critical, ancillary, and non-
critical services that NSCC provides to its membership, the support
NSCC receives from DTCC and from its other affiliates, key third-party
vendors, key personnel, NSCC assets and liabilities, and agreements and
arrangements NSCC has with liquidity providers and with other FMIs,
(iv) developing administrative wind-down guidance that identifies key
Board and management actions that would be taken during the Recovery
Phase and ``Runway Period'' \34\ prior to NSCC's failure, and in
connection with its Chapter 11 proceedings, and (v) preparing
constituent documents for the Failover Entity \35\ and evaluating
capitalization options.
---------------------------------------------------------------------------

    \34\ The Wind-down Plan identifies the time period leading up to
a decision to wind-down NSCC as the ``Runway Period.''
    \35\ As set forth in Section 8.4.1 (General Objectives and
Approach) of the Plan, in the event that no viable or preferable
third-party transferee timely commits to acquire the business and
services of NSCC, the transfer will be effectuated to a failover
entity created for that purpose (referred to as the ``Failover
Entity''), that would be owned by a trust held, to the extent of the
value of the Failover Entity attributed to NSCC's transferred
business and services, for the benefit of NSCC's bankruptcy estate.
---------------------------------------------------------------------------

    Pursuant to the proposed rule change, NSCC would remove the
Business-as-Usual Actions section (currently Section 8.6.1) in its
entirety because each of the actions outlined have either been
completed or would be addressed in NSCC's internal procedures going
forward. This includes certain documents necessary to effect the wind-
down aspects of the Plan that were in the process of being finalized
when the Plan was adopted and have since been completed. Since adoption
of the Plan,\36\ NSCC has completed all necessary internal
documentation, including DTCC's internal wind-down guidance, the
constituent documentation for the Failover Entity, and the evaluation
of NSCC's capitalization options. Further, the other actions included
in this section (e.g., maintaining an index of non-critical services,
educating the Board on the Plans) would be addressed, going forward, in
DTCC's Recovery & Resolution Planning Procedures maintained by the R&R
Team.\37\ As a result of this proposed change, current Section 8.6.2
(Recovery and Runway Period Actions) would be renumbered as Section
8.6.1. Also, consistent with the proposed removal of Business-as-Usual
Actions that have been completed, the proposed rule change would remove
from the first sentence of proposed Section 8.6.1 (current Section
8.6.2) the words ``Among other things, the guidance would provide'' and
replace them with ``The DTCC Clearing Agency Wind-down Guidance
developed in connection with this Plan provides.''
---------------------------------------------------------------------------

    \36\ Supra note 6.
    \37\ The R&R Team is responsible for maintaining the DTCC
``Office of Recovery & Resolution Planning Procedures'' document.
The purpose of these procedures is to communicate roles and
responsibilities, and procedures for the documentation of the R&W
Plans covering each of the Clearing Agencies, in compliance with
applicable rules and regulations. These procedures also describe the
biennial closeout simulation exercise whereby the Plans for each
clearing agency are tested through the simulation of a multi-member
default.
---------------------------------------------------------------------------

D. Technical Revisions
    The proposal would also make several technical changes and
corrections to the Plan. NSCC believes that these proposed changes
would not substantively alter the meaning of the applicable sections
and would improve the overall readability and clarity of the Plan.
Specifically, NSCC is proposing to make the following changes and
corrections:
    1. In Section 1.3 (Summary), in the list of topics covered under
the Plan, in the seventh bullet point, add ``Recovery Corridor and''
prior to the words ``Recovery Phase'' to correctly state the full name
of this section of the Plan.
    2. In Section 1.4 (Conventions), in the third paragraph, delete the
words ``conjunction with'' and replace them with ``support of,'' and
delete the words ``also adopted'' and replace them with ``maintains.''
Accordingly, under the proposed rule change this paragraph would state,
``In support of this Plan, NSCC maintains (i) a Market Disruption and
Force Majeure Rule (the ``Force Majeure Rule''), (ii) a ``Corporation
Default Rule'' and (iii) a Wind-down of the Corporation Rule (the
``Wind-down Rule''), each as described herein.''
    3. In Section 2.1 (DTCC Business Profile), under the heading ``DTCC
SIFMU Subsidiaries'':
     In the description of NSCC, add ``, netting,'' after the
word ``clearing''; and after the words ``exchange-traded,'' delete
``fund (``ETF'')'' and replace it with ``products (``ETPs'').''
     In the description of NSCC's affiliated clearing agency,
FICC, with respect to the Government Securities Division (``GSD''), add
the word ``netting,'' after ``clearing.''
     In the description of the Mortgage-Backed Securities
Division (``MBSD'') of FICC, delete the modifier ``To-Be-Announced''
before the phrase ``pass-through mortgage-backed securities issued by
Ginnie Mae, Freddie Mac and Fannie Mae.''
     In the sentence that describes FICC's publication of the
GCF Repo[supreg] Index, add the parenthetical ``(``GCF
Repos[supreg]'')'' after the words ``general collateral finance
repurchase transactions.''
    4. In Section 2.2 (NSCC Guaranteed Services Summary), in the first
sentence of the third paragraph, replace ``CNS positions'' with ``CNS
Fails Positions'' because CNS Fails Position is a defined term under
the Rules. Also, in the first sentence of the fourth paragraph, add the
word ``guaranteed'' prior to ``Balance Order System.''
    5. In Section 2.3 (NSCC Non-Guaranteed Services Summary), under the
heading, ``Wealth Management Services,'' in the second sentence,
replace the word ``procession'' with ``processing'' to correct a
typographical error.
    6. In Section 3.2 (Criteria Used to Determine Criticality), in the
second sentence that currently states, ``Each service was assessed for
criticality to determine the potential systemic impact from a service
disruption,'' add the word ``resulting'' after the word ``impact.''
    7. In Section 4.1 (DTCC and SIFMU Governance Structure), in the
third paragraph, which lists each of the Board committees, delete
``Board'' before the words ``Risk Committee.'' Additionally, in the
footnote in this section that provides the citation of a previous
proposed rule change covering the Clearing Agency Risk Management
Framework, add a reference to NSCC's amended filing published July 9,
2020.
    8. In Section 5.1 (Introduction), in the fourth paragraph,
capitalize the word ``board.'' Under the heading ``Market Risk
Management,'' in the last sentence of the first paragraph, remove the
capitalization of the words ``Clearing Agency Cross-Guaranty
Agreements'' because this is not a defined term in the Plan. For
purposes of clarity and readability, the proposed rule change would
also shift to Section 4.1 the footnote currently included in Section
5.1 regarding the Rules covering a ``cease to act,'' insolvency of a
Member,

and associated actions.\38\ Additionally, in the footnote included in
this section that provides the citation to a previous proposed rule
change covering the Clearing Agency Liquidity Risk Management
Framework, add a reference to NSCC's amended filing published December
11, 2020.
---------------------------------------------------------------------------

    \38\ See Rule 46 (Restrictions on Access to Services) and Rule
20 (Insolvency), supra note 5.
---------------------------------------------------------------------------

    9. In Section 5.2.3 (Member Default Phase), under the heading
``Market Risk Monitoring'':
     In the second sentence of the second paragraph, remove the
capitalization from the first instance of the word ``Monitoring.''
     In the first sentence of the fourth paragraph, (i) delete
the word ``close-out'' and replace it with ``liquidation,'' and (ii)
after the phrase ``of the Defaulting Member's portfolio,'' add the
parenthetical ``(referred to as a ``closeout'').''
    10. In Section 5.2.4 (Recovery Corridor and Recovery Phase):
     In the first sentence of the first paragraph, add
quotation marks and make bold the words ``Recovery Corridor.''
     Under the heading ``Recovery Corridor,'' (a) in the second
sentence of the second paragraph, in the current parenthetical that
states ``(i.e., as market stress increases, NSCC would expect the
length of the Recovery Corridor to shorten),'' replace the word
``shorten,'' with ``be shorter,'' and (b) in the second sentence of the
last paragraph, after the word ``closeout,'' add an ``s'' to the end of
the word ``simulation.''
    11. In Section 5.3 (Liquidity Shortfalls), in Table 5-C, which
lists the tools that can be used to address liquidity shortfalls, in
the entry for ``Credit Facility,'' in the column titled ``Relevant
Rules/Documents,'' (a) delete ``Currently, Section 2.03A(h) of the
Credit Facility,'' because reference to a specific section of the
credit facility documentation is not necessary, (b) replace the words
``facility terms'' with ``terms of the Credit Facility,'' and (c) after
the word ``lenders,'' delete the word ``to'' and replace it with
``that.''
    12. In Section 6.3 (Risk Mitigation), in the footnote that includes
the citation to a previous proposed rule change covering the Clearing
Agency Operational Risk Management Framework, add a reference to NSCC's
amended filing published December 16, 2020.
    13. In Section 6.4 (Resources to Cover Non-Default Losses), in the
footnote that includes the citation to a previous proposed rule change
covering the Capital Policy and Capital Plan, add a reference to NSCC's
amended filings published July 27, 2020 with respect to the Capital
Policy, and October 19, 2018 with respect to the Capital Plan.
    14. In Section 6.6 (Market Disruption and Force Majeure Rule):
     In the second bullet point of the third paragraph remove
the quotation marks from the words ``Market Disruption Event'' and
delete the parenthetical ``(as defined in the Force Majeure Rule)''
because Market Disruption Event was defined earlier in this section.
     In the second sentence of the fourth paragraph, for
purposes of reflecting present tense, delete the word ``would'' before
the word ``operate,'' and pluralize ``operate.''
     In the first sentence of the second paragraph:
    [cir] For purposes of reflecting present tense and to improve
readability, (a) remove the word ``currently'' prior to ``the Force
Majeure Rule'' and (b) remove the words ``is designed to clarify,'' and
replace them with ``clarifies,'' and
    [cir] in order to correct a typographical error, insert the word
``and'' in between ``its Participants'' and ``to mitigate.''
    15. In Section 7.1 (Comprehensiveness), remove the capitalization
from the words ``Critical Services.''
    16. In Section 7.2 (Effectiveness), under the heading
``Reliability,'' for the purpose of correcting typographical errors,
(a) move the second footnote, currently at the end of the last
sentence, to the end of the last sentence of the introductory paragraph
of Section 7.2 and (b) in the text of the other footnote that currently
reads, ``See, for example, DTCC Whitepaper, CCP Resiliency and
Resources, pg. 2, section 2 (June 2015),'' remove ``, section 2.''
    17. In Section 8.2.1 (Potential Scenarios), in the second sentence
of the third paragraph, replace ``enhancements to the loss allocation
process are'' with ``the loss allocation process is.'' Accordingly,
under the proposed rule change this sentence would state, ``As noted
above, the loss allocation process is designed to ensure that the full
Clearing Fund can be applied to losses arising from successive Member
defaults that occur during an ``Event Period'', and there can be
successive rounds of loss allocations to address losses arising with
respect to a given Event Period.''
    18. In Section 8.2.2 (Wind-down Indicators), in the fourth bullet
point of the third paragraph, in the sentence that currently states,
``If a Defaulting Member also defaults in provision of other services
to NSCC--to the extent that a Member were to default both in its
membership obligations, and additionally in its capacity as either an
investment counterparty holding material Clearing Fund cash or other
corporate funds, or as a Settling Bank, this would reduce NSCC's
prefunded resources and add additional financial strain on Members,''
add the words ``a lender under the Credit Facility,'' after the words
``as either.''
    19. In Section 8.4.1 (General Objectives and Approach), in the
second paragraph, delete the words ``have been amended to'' after the
words ``the Rules'' in order to more clearly reflect the fact that the
Wind-down of the Corporation Rule \39\ was adopted.
---------------------------------------------------------------------------

    \39\ Supra note 6.
---------------------------------------------------------------------------

    20. In Section 8.4.4 (Rules Adopted in Connection with the Wind-
down Plan), in the subsection, ``The Wind-down Trigger,'' in the
parenthetical, ``(Trigger for Implementing Wind-down),'' pluralize the
word ``Trigger.''
    21. In Section 8.4.5 (Wind-down and Liquidation of NSCC Following
Transfer), in the third sentence of the first paragraph, delete the
words ``adoption of the,'' before the words ``Corporation Default
Rule.''
    22. In proposed Section 8.6.1 (currently section 8.6.2) (Recovery
and Runway Period Actions), capitalize the word ``chapter'' in two
places where ``chapter 11'' is not capitalized.
    23. In Section 8.7 (Costs and Time to Effectuate Plan), (a) in the
second sentence of the fifth paragraph, delete the word ``of'' between
the words ``detailed'' and ``analysis'' and (b) at the end of the last
sentence of this section, delete the phrase ``, as provided in the
Capital Requirements Policy.'' As a result, under the proposed rule
change, this sentence would state, ``The estimated wind-down costs
amount will be reviewed and approved by the Board annually.'' Also, in
the footnote in this section that refers to Section 5 of the Plan,
correct the title of that section to state, ``Member Default Losses
through the Crisis Continuum.''
    24. In Appendix 1 (Defined Terms), add each of the new defined
terms based on the addition of such terms to the Plan, and delete the
defined terms that were removed based on the deletion of these terms
from the Plan.
2. Statutory Basis
    NSCC 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, NSCC believes that the
amendments to the R&W Plan are consistent with Section

17A(b)(3)(F) of the Act \40\ and Rule 17Ad-22(e)(3)(ii) under the
Act,\41\ for the reasons described below.
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78q-1(b)(3)(F).
    \41\ 17 CFR 240.17Ad-22(e)(3)(ii).
---------------------------------------------------------------------------

    Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of NSCC be designed to promote the prompt and accurate clearance and
settlement of securities transactions.\42\ The Recovery Plan serves to
promote the prompt and accurate clearance and settlement of securities
transactions by providing NSCC with a roadmap for actions it may employ
to mitigate losses, and monitor and, as needed, stabilize NSCC's
financial condition, which would allow it to continue its critical
clearance and settlement services in stress situations. The Recovery
Plan is designed to identify the actions and tools NSCC may use to
address and minimize losses to both NSCC and its membership and provide
NSCC's management and the Board with guidance in this regard by
identifying the indicators and governance around the use and
application of such tools to enable them to address stress situations
in a manner most appropriate for the circumstances. Further, the Wind-
down Plan establishes a framework for the transfer and orderly wind-
down of NSCC's business. It establishes clear mechanisms for the
transfer of NSCC's critical services and membership, and for the
treatment of open, guaranteed CNS transactions in the event of NSCC's
default. By doing so, the Wind-down Plan is designed to facilitate the
continuity of NSCC's critical services and enable Members and Limited
Members to maintain access to NSCC's services through the transfer of
its membership in the event NSCC defaults or the Wind-down Plan is
triggered by the Board.
---------------------------------------------------------------------------

    \42\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    As described above, the proposed rule change would update the R&W
Plan to (i) reflect business and product developments, (ii) make
certain clarifications, (iii) remove provisions covering certain
``business-as-usual'' actions, and (iv) make certain technical
corrections. By helping to ensure that the R&W Plan reflects current
business and product developments, and providing additional clarity
regarding the framework for the transfer and orderly wind-down of
NSCC's business, NSCC believes that the proposed rule change would help
it continue to maintain the Plan in a manner that supports the
continuity of NSCC's critical services and enables its Members and
Limited Members to maintain access to NSCC's services through the
transfer of its membership in the event NSCC defaults or the Wind-down
Plan is ever triggered by the Board. Further, by facilitating the
continuity of its critical clearance and settlement services, NSCC
believes the Plan and the proposed rule change would continue to
promote the prompt and accurate clearance and settlement of securities
transactions. Therefore, NSCC 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 NSCC 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.\43\ The R&W Plan is
designed to comply with Rule 17Ad-22(e)(3)(ii) and is consistent with
the Act because it provides plans for the recovery and orderly wind-
down of NSCC necessitated by credit losses, liquidity shortfalls,
losses from general business risk, or any other losses.
---------------------------------------------------------------------------

    \43\ 17 CFR 240.17Ad-22(e)(3)(ii).
---------------------------------------------------------------------------

    Specifically, the Recovery Plan defines the risk management
activities, stress conditions and indicators, and tools that NSCC 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 NSCC may take to address risks of credit losses and
liquidity shortfalls, and other losses that could arise from a Member
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 NSCC to viability as a going concern. Once triggered, the
Wind-down Plan sets forth clear mechanisms for the transfer of NSCC's
membership and business, and is designed to facilitate continued access
to NSCC'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 NSCC in order to facilitate continuous
access to its critical services, the Wind-down Plan establishes a plan
for the orderly wind-down of NSCC.
    As described above, the proposed rule change would update the R&W
Plan to (i) reflect business and product developments, (ii) make
certain clarifications, (iii) remove provisions covering certain
``business-as-usual'' actions, and (iv) make certain technical
corrections. By ensuring that material provisions of the Plan are
current, clear, and technically correct, NSCC 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.\44\ Therefore,
the proposed changes would help NSCC to maintain the Plan in a way that
continues to be consistent with the requirements of Rule 17Ad-
22(e)(3)(ii).
---------------------------------------------------------------------------

    \44\ Id.
---------------------------------------------------------------------------

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

    NSCC does not believe that the proposed rule change would have any
impact, or impose any burden, on competition. NSCC does not anticipate
that the proposal would affect its day-to-day operations under normal
circumstances, or in the management of a typical Member 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 effect
any changes to the overall structure or operation of the Plan or NSCC's
recovery and wind-down strategy as set forth under the current Plan. As
such, NSCC 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

    NSCC has not received or solicited any written comments relating to
this proposal. NSCC will notify the Commission of any written comments
received by NSCC.

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) \45\ of the Act and paragraph (f) \46\ 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.
---------------------------------------------------------------------------

    \45\ 15 U.S.C 78s(b)(3)(A).
    \46\ 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NSCC-2021-004 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-NSCC-2021-004. 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 (http://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 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of NSCC and on DTCC's website
(http://dtcc.com/legal/sec-rule-filings.aspx). All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NSCC-2021-004 and should be submitted on
or before April 23, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\47\
---------------------------------------------------------------------------

    \47\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-06770 Filed 4-1-21; 8:45 am]
BILLING CODE 8011-01-P


<!DOCTYPE HTML PUBLIC "-//-//W3C//DTD HTML 3.2//EN">

<META name="generator" content="PDFCreactiveX HTML Export">
<META name="creation-date" content="29/06/2008 09:19:14 ">
<TITLE></TITLE>


[Federal Register Volume 84, Number 96 (Friday, May 17, 2019)]
[Notices]
[Pages 22485-22486]
[FR Doc No: 2019-10296]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2266-116]

Nevada Irrigation District; Notice of Application for Temporary
Variance and Soliciting Comments, Motions To Intervene, and Protests

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Application Type: Temporary Variance from license Articles 33
and 34.
    b. Project No.: 2266-116.
    c. Date Filed: May 6, 2019.
    d. Applicant: Nevada Irrigation District.
    e. Name of Project: Yuba-Bear Project.
    f. Location: The project is located on the Middle and South Yuba
Rivers, Bear River, and Jackson and Canyon Creeks in Nevada, Placer and
Sierra counties, California.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Remleh Scherzinger, General Manager, Nevada
Irrigation District, 1036 W Main St., Grass Valley, CA 95945;
telephone:<PHONE_NUMBER>.
    i. FERC Contact: Holly Frank, telephone:<PHONE_NUMBER>, and email
address<EMAIL_ADDRESS>    j. Deadline for filing comments, motions to intervene, and protests
is 30 days from the issuance date of this notice by the Commission.
    The Commission strongly encourages electronic filing. Please file
motions to intervene, protests, comments, or recommendations using the
Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief comments up to 6,000
characters, without prior registration, using the eComment system at
http://www.ferc.gov/docs-filing/ecomment.asp. You must include your
name and contact information at the end of your comments. For
assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426. The first page of any filing should include
docket number P-2266-116.
    k. Description of Request: The licensee is requesting a temporary
variance from: (1) The minimum flow required by Article 33 from October
14 through October 31, 2019; and (2) the ramping rate required by
Article 34 from October 14 through November 15, 2019. Article 33
requires a minimum flow of 75 cubic feet per second (cfs) in the river
downstream of Rollins Dam from May 1 through October 31, and of 20 cfs
from November 1 through April 30. Article 34 requires the maximum
ramping rate downstream of the dam to not exceed 0.25 feet per hour
(ft/hr). On October 13, 2019, the licensee would reduce flows in the
Bear River below Rollins Dam down to 20 cfs following the 0.25 ft/hr
ramping rate. The licensee requests the temporary variance in order to
replace the emergency drawdown valve in Rollins Dam, which requires
temporarily taking the valve and Rollins Powerhouse offline. The
licensee proposes to conduct the valve replacement between October 14
and November 15, 2019. The licensee requests a variance from the
minimum flow requirement until October 31, 2019, at which time the
licensee would return the powerhouse on-line and be able to meet the
minimum flow requirement. With the powerhouse back on-line, below a
flow of approximately 150 cfs the licensee would not be able to meet
the ramping rate requirement. Therefore the licensee the licensee
requests a variance from the ramping rate requirement for instances
when the powerhouse is brought back on-line or in case of emergency.
Prior to initiating repairs, the licensee would notify the public and
the agencies regarding the flow changes in the river. Following the
initial flow reduction, the licensee would also conduct a
reconnaissance survey in the river to determine whether any sensitive
areas are exposed; if any are identified the licensee would consult
with the resource agencies to discuss the appropriate action.
    l. Locations of the Application: This filing may be viewed on the
Commission's website at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number P-2266 in the docket number field to access the
documents. You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and
issuances related to this or other pending projects. For assistance,
call 1-866-208-3676 or email<EMAIL_ADDRESS>for TTY, call
(202) 502-8659. A copy is also available for inspection and
reproduction at the address in item (h) above and at the Commission's
Public Reference Room, located at 888 First Street NE, Room 2A,
Washington, DC 20426, or by calling<PHONE_NUMBER>.
    m. Individuals desiring to be included on the Commission's mailing
list should

so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    o. Filing and Service of Responsive Documents: All filings must (1)
bear in all capital letters the title COMMENTS, PROTEST, or MOTION TO
INTERVENE as applicable; (2) set forth in the heading the name of the
applicant and the project number of the application to which the filing
responds; (3) furnish the name, address, and telephone number of the
person protesting or intervening; and (4) otherwise comply with the
requirements of 18 CFR 385.2001 through 385.2005. All comments, motions
to intervene, or protests must set forth their evidentiary basis and
otherwise comply with the requirements of 18 CFR 4.34(b). All comments,
motions to intervene, or protests should relate to project works which
are the subject of the amendment application. Agencies may obtain
copies of the application directly from the applicant. A copy of any
protest or motion to intervene must be served upon each representative
of the applicant specified in the particular application. If an
intervener files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency. A copy of all other filings in reference to
this application must be accompanied by proof of service on all persons
listed in the service list prepared by the Commission in this
proceeding, in accordance with 18 CFR 4.34(b) and 385.2010.

    Dated: May 10, 2019.
Kimberly Bose,
Secretary.
[FR Doc. 2019-10296 Filed 5-16-19; 8:45 am]
BILLING CODE 6717-01-P