NSSC-002 and NSSC-801 Update
============================

| Author       | Source       | 
| :-------------: |:-------------:|
| [u/ReBjorn65](https://www.reddit.com/user/ReBjorn65/) | [Reddit](https://www.reddit.com/r/GME/comments/mbgn48/nssc002_and_nssc801_update/) | 

---

[News](https://www.reddit.com/r/GME/search?q=flair_name%3A%22News%22&restrict_sr=1)

I did not see a new post yet on this.

The rules for NSCC-002 and NSCC-801 that were filed by the SEC on 3/18 just got updated on the Federal Register this morning. They are set for publication tomorrow 3/24.

This will allow the DTCC to activate them. (From what I understand)

<https://www.sec.gov/rules/sro/nscc-an.htm>

<https://www.sec.gov/rules/sro/nscc.htm>

<https://www.federalregister.gov/agencies/securities-and-exchange-commission>

<https://www.dtcc.com/legal/sec-rule-filings>

Edit: The rules being published on the Federal Register is an important next step. This does not guarantee immediate implementation by the DTCC. It will be updated on their site when put in to effect. <https://www.dtcc.com/legal/sec-rule-filings>

This is not my area of expertise. Please read the proposed rule changes yourself. Implementation timeframe of the rule changes is addressed in the later half of the document. Relevant snippets are below.

"NSCC would implement the proposed changes no later than 10 Business Days after the later of the no objection to the advance notice and approval of the related proposed rule change37 by the Commission. NSCC would announce the effective date of the proposed changes by Important Notice posted to its website."

"Date of Effectiveness of the Advance Notice, and Timing for Commission Action The proposed change may be implemented if the Commission does not object to the proposed change within 60 days of the later of (i) the date that the proposed change was filed with the Commission or (ii) the date that any additional information requested by the Commission is received. The clearing agency shall not implement the proposed change if the Commission has any objection to the proposed change."

Filing of the rule change appears to have started a clock. If approved with no objection by the SEC, this may be shortened to the 10 business day window.

Does publication on the Federal Register correlate to approval by the SEC?

* * * * *

New Rules were just added to the DTCC awaiting SEC approval (to take effect immediately) These are regarding the "Recovery and Wind-Down Plan"

NSC-2021-004 FICC-2021-002 DTC-2021-004

"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."

Hopefully someone can analyze or break down this rule change further. (It appears these may be for improving clarity)

* * * * *

TL;DR Check here daily if you want to know if the new rules have been approved.\
<https://www.dtcc.com/legal/sec-rule-filings>
