Advance notice
(a) Advance notice. A systemically important derivatives clearing organization, as defined in 39.2 of this chapter, shall provide notice to the Commission not less than 60 days in advance of any proposed change to its rules, procedures, or operations that could materially affect the nature or level of risks presented by the systemically important derivatives clearing organization. A notice submitted under this section shall be subject to the filing requirements of 40.6(a)(1) and the website publication requirements of 40.6(a)(2). (1) The notice of a proposed change shall provide the information required to be submitted under 40.6(a)(7) and shall specifically describe: (i) The nature of the change and expected effects on risks to the systemically important derivatives clearing organization, its clearing members, or the market; and (ii) How the systemically important derivatives clearing organization plans to manage any identified risks. (2) Concurrent with providing the Commission with the advance notice or any request or other information related to the advance notice, the systemically important derivatives clearing organization shall provide the Board of Governors of the Federal Reserve System with a copy of such notice, request or other information in the same format and manner as required by the Board of Governors for those designated financial market utilities for which it is the Supervisory Agency pursuant to section 803(8) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. (3) The systemically important derivatives clearing organization may request that the Commission expedite the review on the grounds that the change would materially decrease risk. The Commission, in its discretion, may expedite the review and, pursuant to paragraph (g) of this section, notify the systemically important derivatives clearing organization in less than 60 days from the date the Commission receives the notice of proposed change in writing that it does not object to the proposed change and authorizes implementation of the change on an earlier date.