May. 31, 2023
The proposal entitled SR-NSCC-2023-005 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Clearing Agency Investment Policy is significantly redacted which prevents public review making it impossible for the public to meaningfully comment on this proposal; so this proposal should be rejected on that basis alone. Segregating funds is a key protection against misappropriation of funds and customer protection. Deposits to the Participants Fund and Clearing Funds should not be commingled with each other or with general corporate funds of the Clearing Agencies. If the proposed changes are merely corrections, clarifications, and simplifications, then the proposed changes should be made available for public review instead of hidden in redacted exhibits. Obscuring proposed changes from public review, followed by approval and implementation, reduces the already dwindling public trust in both our SIFMUs and their regulators. Therefore, the Commission should suspend and reject proposed rule changes with heavily redacted exhibits, including SR-NSCC-2023-005 as the interested public can not review these changes, investors can not determine whether or not these changes protect or harm them, and the public can not determine if the proposal is consistent with the Securities Exchange Act of 1934 for ensuring a transparent and fair environment for investors where, for example, the redactions eliminate transparency into whether or not these proposed rule changes are fair for investors. Sincerely, Amanda Reaman Household investor