80 FR 64030 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 204 (October 22, 2015)

Page Range		64030-64031
FR Document		2015-27066

Federal Register, Volume 80 Issue 204 (Thursday, October 22, 2015)

[Federal Register Volume 80, Number 204 (Thursday, October 22, 2015)]
[Notices]
[Pages 64030-64031]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-27066]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission Equity Market Structure Advisory Committee will 
hold a public meeting on Tuesday, October 27, 2015, in the Multipurpose 
Room, LL-006 at the Commission's headquarters, 100 F Street NE., 
Washington, DC.
    The meeting will begin at 9:30 a.m. (EDT) and will be open to the 
public. Seating will be on a first-come, first-served basis. Doors will 
be open at 9:00 a.m. Visitors will be subject to security checks. The 
meeting will be webcast on the Commission's Web site at www.sec.gov.
    On October 6, 2015, the Commission published notice of the 
Committee meeting (Release No. 34-76081), indicating that the meeting 
is open to the public and inviting the public to submit written 
comments to the Committee. This Sunshine Act notice is being issued 
because a majority of the Commission may attend the meeting.
    The agenda for the meeting will focus on Rule 610 of SEC Regulation 
NMS and the regulatory structure of trading venues.
    For further information, please contact the Office of the Secretary 
at (202) 551-5400.


[[Page 64031]]


    Dated: October 20, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-27066 Filed 10-20-15; 4:15 pm]
BILLING CODE 8011-01-P

64030 Federal Register / Vol. 80, No. 204 / Thursday, October 22, 2015 / Notices

V. Commission’s Findings and Notice of Rule 17Ad–22(b)(3). Exchange Act Rule that OCC has been designated as a
No Objection 17Ad–22(d)(11) requires that registered systemically important FMU, its ability
Although the Clearing Supervision clearing agencies ‘‘establish, implement, to access financial resources to address
Act does not specify a standard of maintain and enforce written policies short-term liquidity demands
review for an advance notice, its stated and procedures reasonably designed to, contributes to reducing systemic risks
purpose is instructive.7 The stated as applicable . . . establish default and supporting the stability of the
purpose is to mitigate systemic risk in procedures that ensure that the clearing broader financial system.
the financial system and promote agency can take timely action to contain For these reasons, stated above, the
financial stability by, among other losses and liquidity pressures and to Commission does not object to the
things, promoting uniform risk continue meeting its obligations in the advance notice.
management standards for systemically event of a participant default.’’ The
Commission believes that the proposal VI. Conclusion
important financial market utilities
(‘‘FMUs’’) and strengthening the is consistent with Exchange Act Rule It is therefore noticed, pursuant to
liquidity of systemically important 17Ad–22(d)(11) because the New Section 806(e)(1)(I) of the Clearing
FMUs.8 Section 805(a)(2) of the Clearing Facility will allow OCC to obtain short- Supervision Act,15 that the Commission
Supervision Act 9 authorizes the term funds to address liquidity demands does not object to the proposed change,
Commission to prescribe risk arising out of the default or suspension and authorizes OCC to implement the
management standards for the payment, of a clearing member, in anticipation of change in the advance notice (SR–OCC–
clearing, and settlement activities of a potential default or suspension of 2015–803) as of the date of this notice.
designated clearing entities and clearing members or the insolvency of a
bank or another securities or By the Commission.
financial institutions engaged in
commodities clearing organization. Robert W. Errett,
designated activities for which it is the
Supervisory Agency or the appropriate Therefore, the New Facility should help Deputy Secretary.
financial regulator. Section 805(b) of the OCC minimize losses in the event of [FR Doc. 2015–26867 Filed 10–21–15; 8:45 am]
Clearing Supervision Act 10 states that such a default, suspension or BILLING CODE 8011–01–P
the objectives and principles for the risk insolvency, by allowing it to obtain
management standards prescribed under funds on extremely short notice to
Section 805(a) shall be to: ensure clearance and settlement of SECURITIES AND EXCHANGE
• promote robust risk management; transactions in options and other COMMISSION
• promote safety and soundness; contracts without interruption.
• reduce systemic risks; and Exchange Act Rule 17Ad–22(b)(3) Sunshine Act Meeting
• support the stability of the broader requires a central counterparty (‘‘CCP’’),
financial system. to ‘‘establish, implement, maintain and Notice is hereby given, pursuant to
The Commission has adopted risk enforce written policies and procedures the provisions of the Government in the
management standards under Section reasonably designed to . . . [m]aintain Sunshine Act, Public Law 94–409, that
805(a)(2) of the Clearing Supervision sufficient financial resources to the Securities and Exchange
Act 11 and the Exchange Act (‘‘Clearing withstand, at a minimum, a default by Commission Equity Market Structure
Agency Standards’’).12 The Clearing the participant family to which it has Advisory Committee will hold a public
Agency Standards require registered the largest exposure in extreme but meeting on Tuesday, October 27, 2015,
clearing agencies to establish, plausible market conditions. . . .’’ The in the Multipurpose Room, LL–006 at
implement, maintain, and enforce Commission believes that the proposal the Commission’s headquarters, 100 F
written policies and procedures that are is consistent with Exchange Act Rule Street NE., Washington, DC.
reasonably designed to meet certain 17Ad–22(b)(3) because OCC’s proposal The meeting will begin at 9:30 a.m.
minimum requirements for their to enter into the New Facility, thereby (EDT) and will be open to the public.
operations and risk management ensuring continued access to a Seating will be on a first-come, first-
practices on an ongoing basis.13 committed bank syndicated credit served basis. Doors will be open at 9:00
Therefore, it is appropriate for the facility, will help OCC maintain a.m. Visitors will be subject to security
Commission to review advance notices sufficient financial resources to checks. The meeting will be webcast on
against these Clearing Agency Standards withstand, at a minimum, a default by the Commission’s Web site at
and the objectives and principles of an clearing member family to which it www.sec.gov.
these risk management standards as has the largest exposure. On October 6, 2015, the Commission
described in Section 805(b) of the For these reasons, the Commission published notice of the Committee
Clearing Supervision Act.14 believes the proposal contained in the meeting (Release No. 34–76081),
The Commission believes that the advance notice is consistent with the indicating that the meeting is open to
proposal in the advance notice is objectives and principles described in the public and inviting the public to
consistent with the Clearing Agency Section 805(b) of the Clearing submit written comments to the
Standards, in particular, Exchange Act Supervision Act, including that it Committee. This Sunshine Act notice is
Rule 17Ad–22(d)(11) and Exchange Act reduces systemic risks and promote the being issued because a majority of the
safety and soundness of the broader
Commission may attend the meeting.
7 See 12 U.S.C. 5461(b). financial system. As discussed above,
8 Id. the New Facility will continue to The agenda for the meeting will focus
9 12 U.S.C. 5464(a)(2). promote the reduction of risks to OCC, on Rule 610 of SEC Regulation NMS and
the regulatory structure of trading
tkelley on DSK3SPTVN1PROD with NOTICES

10 12 U.S.C. 5464(b). its clearing members, and the options
11 12 U.S.C. 5464(a)(2).
market in general because it will allow venues.
12 See Exchange Act Rule 17Ad–22. 17 CFR
OCC to obtain short-term funds to For further information, please
240.17Ad–22. Securities Exchange Act Release No. contact the Office of the Secretary at
68080 (October 22, 2012), 77 FR 66220 (November
address liquidity demands, which
2, 2012) (S7–08–11). should ensure clearance and settlement (202) 551–5400.
13 Id. of transactions in options and other
14 12 U.S.C. 5464(b). contracts without interruption. Given 15 12 U.S.C. 5465(e)(1)(I).

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Document Created: 2015-12-14 15:34:40
Document Modified: 2015-12-14 15:34:40

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 64030