The Securities and Exchange Commission announced a proposed rule change by the Fixed Income Clearing Corporation (FICC), which involves updates to its Operational Risk Management Framework. This change aims to reflect recent name changes of groups within the structure and to incorporate nonmaterial edits for clarity. The modifications do not seem to affect competition and intend to enhance the framework's clarity and comprehensiveness. The SEC is seeking comments from the public on the proposed updates by January 16, 2025.
Simple Explanation
The Securities and Exchange Commission is looking at some changes made by the Fixed Income Clearing Corporation to make their rules clearer by updating names and explanations, and they want people to share their thoughts about it by mid-January next year.