April 23, 2022
Do not Approve SR-NSCC-2022-003, it is vague and attempting to change clearing rules with minimal supporting data. Much, much more data and analysis is required before even considering a review of this proposal. SR-NSCC-2022-003 cannot be considered for adoption due to vague and missing data.
NSCC \"Believes\" is used 96 times in this proposal. I believe this is an attempt to unwind self-imposed unsustainable financial positions of Market Makers, Hedge Funds, and other Financial Institutions. This is a change that has global financial implications. Please request the NSCC to provide facts and data related to Sr-NSCC-2022-003, not beliefs.
SR-NSCC-2022-003 refers to Dodd-Frank:Title VIII on Page 1, footnote 3.
I believe (a)Dodd-Frank: Title VIII grants supervisory authority to the Board of Governors and the Security and Exchange Commission (SEC) to collect any information regarding the FMUs or other financial institutions clearing and settlement processes...\"
The SEC must use its supervisory authority to request or gather missing data before any consideration of this proposal.
This SEC also should gather data on the NSCC and DTCC to understand the current financial and clearing status as these corporations which are a centerpiece of the U.S. and Global financial markets, Dodd-Frank: Title VIII grants the SEC the \"authority\" to access this information \"Information collection...the current clearing status of Financial Market Utilities (FMU)...\"
(a) Cornell Law School Legal Information Institute (LII)
Dodd-Frank: Title VIII - Payment, Clearing, and Settlement Supervision Wex US Law LII / Legal Information Institute (cornell.edu)
...
(b) Information Collection
As a part of the investigations of FMUs, the Board of Governors and other agencies have the power to collect reports, records and other information. See 12 U.S.C. 5468 (Dodd-Frank Act 809). Before an organization is designated as a covered FMU, agencies can demand any information necessary to evaluate the FMUs systemic importance. See id. After designation, the agencies can collect any information regarding the FMUs or other financial institutions clearing and settlement processes, or information used to assess compliance with the rules promulgated under the Title. See id. However, agencies must share any important information with their fellow supervisory organizations, and any information disclosed is afforded a special exemption from disclosure under the Freedom of Information Act. See id. 5 U.S.C. 552.