The National Securities Clearing Corporation (NSCC) has proposed changes to its Recovery and Wind-Down Plan to align with the new requirements of Exchange Act Rule 17ad-26. These changes ensure procedures are in place for staffing, service providers, and critical financial scenarios, among others. The amendments aim to enhance NSCC's ability to continue providing key services during crises and, if necessary, to wind down operations in an orderly manner. The proposed rule changes would take effect on December 15, 2025, pending approval by the Securities and Exchange Commission (SEC).
Simple Explanation
The National Securities Clearing Corporation (NSCC) wants to change some rules to make sure they're ready if something bad happens, like they have to stop working. These changes will help them keep doing important jobs or close down in a safe way by the end of 2025, if the government says it's okay.