[Federal Register Volume 89, Number 190 (Tuesday, October 1, 2024)]
[Notices]
[Pages 79977-79978]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-22416]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101193; File No. SR-OCC-2024-010]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of Partial Amendment No. 1 and Designation of Longer
Period for Commission Action on Proposed Rule Change by the Options
Clearing Corporation To Establish a Margin Add-On Charge That Would Be
Applied to All Clearing Member Accounts To Help Mitigate the Risks
Arising From Intraday and Overnight Trading Activity
September 25, 2024.
On July 25, 2024, the Options Clearing Corporation (``OCC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-OCC-2024-010 pursuant to Section 19(b) of the
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
\2\ thereunder to establish a margin add-on charge that would be
applied to all Clearing Member accounts to help mitigate the risks
arising from intraday and overnight trading activity. Proposed rule
change SR-OCC-2024-010 was published for public comment in the Federal
Register on August 12, 2024.\3\ The Commission has received comments
regarding the proposed rule change SR-OCC-2024-010.\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 100664 (Aug. 6, 2024),
89 FR 65695 (Aug. 12, 2024) (File No. SR-OCC-2024-010) (``Notice of
Filing'').
\4\ Comments on proposed rule change SR-OCC-2024-010 are
available at https://www.sec.gov/comments/sr-occ-2024-010/srocc2024010.htm.
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On September 4, 2024, OCC amended SR-OCC-2024-010 to include as
Exhibit 2 the Information Memorandum 55123, published by OCC on its
website on August 30, 2024, and informing OCC's membership of the
details of the margin add-on charge.\5\ The amendment did not change
the purpose or basis of proposed rule change SR-OCC-2024-010, as
modified by Partial Amendment No. 1 (hereinafter, the ``Proposed Rule
Change'').
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\5\ See OCC Info Memo 55123, available at https://infomemo.theocc.com/infomemos?number=55123.
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I. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the Proposed Rule
Change, as modified by Partial Amendment No. 1, is consistent with the
Exchange Act. Comments may be submitted by any of the following
methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking);
or
Send an email to [email protected]. Please include
file number SR-OCC-2024-010 on the subject line.
Paper Comments
Send paper comments in triplicate to: Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.
All submissions should refer to file number SR-OCC-2024-010. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method of submission. The Commission will post all
comments on the Commission's website (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking). Copies of the
submission, all subsequent amendments, all written statements
[[Page 79978]]
with respect to the Proposed Rule Change that are filed with the
Commission, and all written communications relating to the Proposed
Rule Change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of OCC and on OCC's website at https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules.
Do not include personal identifiable information in submissions;
you should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
All submissions should refer to file number SR-OCC-2024-010 and
should be submitted on or before October 22, 2024.
II. Extension
Section 19(b)(2)(i) of the Exchange Act \6\ provides that, within
45 days of the publication of notice of the filing of a proposed rule
change, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved unless
the Commission extends the period within which it must act as provided
in Section 19(b)(2)(ii) of the Exchange Act.\7\ Section 19(b)(2)(ii) of
the Exchange Act allows the Commission to designate a longer period for
review (up to 90 days from the publication of notice of the filing of a
proposed rule change) if the Commission finds such longer period to be
appropriate and publishes its reasons for so finding, or as to which
the self-regulatory organization consents.\8\
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\6\ 15 U.S.C. 78s(b)(2)(i).
\7\ 15 U.S.C. 78 s(b)(2)(ii).
\8\ Id.
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The 45th day after publication of the Notice of Filing is September
26, 2024. In order to provide the Commission with sufficient time to
consider the Proposed Rule Change, the Commission finds that it is
appropriate to designate a longer period within which to take action on
the Proposed Rule Change, and therefore is extending this 45-day time
period.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Exchange Act,\9\ designates November 10, 2024, as the date by which the
Commission shall either approve, disapprove, or institute proceedings
to determine whether to disapprove the Proposed Rule Change.
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\9\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-22416 Filed 9-30-24; 8:45 am]
BILLING CODE 8011-01-P