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Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Notices
the Rules and regulations as NSCC may from time to time adopt.
Rule 24 Charges for Services Rendered NSCC is proposing to modify Section 1 of Rule 24 to include a reference to Sponsored Members. In addition, NSCC
is proposing to add an additional paragraph in Section 1 to clarify that Members shall be responsible for all fees pertaining to their respective Sponsoring Member activity or Agent Clearing Member activity, if applicable, as set forth in NSCCs Fee Structure.90
Rule 26 Bills Rendered NSCC is proposing to modify the first paragraph of Rule 26 to include a reference to Sponsored Members. In addition, NSCC is proposing to add a sentence in that paragraph to clarify that Members shall receive bills for their respective aggregate Sponsoring Member activity and Agent Clearing Member activity, if applicable, as set forth in NSCCs Fee Structure.91
Rule 39 Reliance on Instructions NSCC is proposing to modify Rule 39
to include references to Sponsored Member and Approved SFT Submitter, where applicable. Specifically, NSCC is proposing to modify the first paragraph of Rule 39 to provide that NSCC may accept or rely upon instructions given to NSCC by a Sponsored Member or Approved SFT Submitter, in addition to the various participant types currently provided in Rule 39. Similarly, NSCC is proposing to add references to Approved SFT Submitter in the second and last paragraphs of Rule 39 so that those paragraphs would also apply to instructions submitted by an Approved SFT Submitter.

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Rule 42 Wind-Down of the Corporation NSCC is proposing to modify Rule 42
to include references to Sponsored Members. Specifically, for purposes of Rule 42, NSCC is proposing to revise the defined term Limited Member to include Sponsored Members.
Rule 49 Release of Clearing Data and Clearing Fund Data NSCC is proposing to modify Rule 49
to clarify that NSCC would release Clearing Data of a Sponsored Member to its Sponsoring Member upon the Sponsoring Members written request.
Specifically, as proposed, Section a of Rule 49 would provide that if the participant is a Sponsored Member, NSCC would also release Clearing Data 90 See
Addendum A Fee Structure, supra note
4.
91 Id.

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relating to transactions of such participant to such participants Sponsoring Member upon the Sponsoring Members written request.
Rule 58 Limitations on Liability NSCC is proposing to modify Rule 58
to clarify that NSCC would not be responsible for the completeness or accuracy of the transaction data received from the Approved SFT
Submitters, nor shall NSCC, absent gross negligence on NSCCs part, be responsible for any errors, omissions or delays that may occur in the transmission of transaction data from an Approved SFT Submitter.
Rule 64 DTCC Shareholders Agreement The proposed changes to Section 4 of Rule 64 and footnote 1 thereto would provide that Rule 64 would not be applicable to a Sponsored Member.
However, if the Sponsored Member is also a member or participant of another clearing agency subsidiary of DTCC, the Sponsored Member may be a Mandatory Purchaser Participant or a Voluntary Purchaser Participant pursuant to the terms of the Shareholders Agreement and the rules and procedures of such other subsidiary.
Procedure XV Clearing Fund Formula and Other Matters NSCC is proposing to modify subsection A of Section II Minimum Clearing Fund and Additional Deposit Requirements in Procedure XV in order to make it clear that the minimum contribution amount provided therein shall not include Required SFT Deposit, which is subject to a separate minimum $250,000 deposit requirement pursuant to Section 12c of proposed Rule 56, as described above. In addition, NSCC is proposing to modify Section II.A of Procedure XV to make it clear that calculation of a Members Required Fund Deposit amount that must be in cash shall exclude the Required SFT
Deposit, which is subject to a separate $250,000 minimum cash requirement pursuant to Section 12c of proposed Rule 56, as described above.
Addendum B Qualifications and Standards of Financial Responsibility, Operational Capability and Business History NSCC is proposing an additional section for the Sponsored Members.
Specifically, NSCC is proposing to add Section 13 to Addendum B that would describe the qualification and operational capability that NSCC would require from Sponsored Members.

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In addition, NSCC is proposing a conforming change to replace net worth in Section 3.B.4. with Net Worth to reflect the proposed defined term in Rule 1 Definitions.
Furthermore, NSCC is proposing a technical change to correct a footnote numbering in Section 12.B.
Addendum P Fine Schedule NSCC is proposing to modify paragraph 2 of Addendum P to reflect the proposed notification obligations of Sponsoring Members, Sponsored Members and Agent Clearing Members as proposed under Sections 2i and 3d of proposed Rule 2C and Section 2i of proposed Rule 2D.
vii Impact of the Proposed SFT
Clearing Service on Various Persons The proposed SFT Clearing Service would be voluntary. Institutional firm clients that wish to become Sponsored Members, and Members that wish to participate in the proposed SFT
Clearing Service would have an opportunity to review the proposed rule change and determine if they would like to participate. Choosing to participate would make these entities subject to all of the rule changes that would be applicable to the proposed SFT Clearing Service and membership type, as described below.
The proposed SFT Clearing Service would affect institutional firm clients that choose to become Sponsored Members because it would impose various requirements on them. These requirements include, but are not limited to, proposed Rule 56 and the following sections of proposed Rule 2C:
1 Eligibility, approval process and ongoing membership requirements as specified in Sections 3 and 4, 2
requirements related to restriction on access to NSCC services in Section 11, 3 requirements related to insolvency of a Sponsored Member in Section 13, and 4 requirements related to liquidation of positions resulting from Sponsored Member Transactions in Section 14.
Specific details on the requirements and the manner in which the proposed SFT
Clearing Service would affect institutional firm clients that choose to become Sponsored Members can be found above in Item IIBviA
Proposed Rule ChangesProposed Rule 2CSponsoring Members and Sponsored Members.
The proposed SFT Clearing Service would affect Members that choose to participate in the service because it would impose various requirements on them, depending on whether they are participating in the service as a Sponsoring Member, an Agent Clearing
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