As well as definitions for best practices, third-party cybersecurity firm, reconnection.
Updated provisions for declaring major event (redefined as a major system event).
Immediate written notice; include DTCC Systems Participant and Participant System Disruption information, if known, within 2 hours of experiencing, actual knowledge.
Provide Board update on status of major system event, action taken per Disruption Rules on earlier of 45 calendar days from date of declaration of major system event.
Or next scheduled Board meeting, more frequently after material changes to status.
Clarify and enhance requirements of DTCC systems participant to notify clearing agencies of systems disruption (to be redefined as participant system disruption).
Added provisions incorporating reporting, testing, approval requirements, process, legal obligations, governance for reconnection of participant that was disconnected.
Consultation
Comments on proposed rule change due 21 days from publication in federal register.
Mar. 21, 2025 SEC Notice of Filing
On Mar. 21, 2025, SEC issued notice of DTC proposal, for 21-day comment period.
On the same day, SEC issued notice FICC and NSCC proposals, for 21-day comment.
Mar. 27, 2025 Fed Reg Proposal
On Mar. 27, 2025, SEC issued notice of FICC, NSCC, DTC proposals in federal register.
Comments on proposed rule changes on system disruptions are due by Apr. 17, 2025.
May 2, 2025 SEC Longer Period
On May 2, 2025, SEC designated longer period to take action, until Jun. 25, 2025.
May 8, 2025 Fed Reg Longer Period
On May 8, 2025, SEC published designation of longer period in the federal register.
