82 FR 47257 - Self-Regulatory Organizations; LCH SA; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Options on Index Credit Default Swaps

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 195 (October 11, 2017)

Page Range		47257-47257
FR Document		2017-21816

Federal Register, Volume 82 Issue 195 (Wednesday, October 11, 2017)

[Federal Register Volume 82, Number 195 (Wednesday, October 11, 2017)]
[Notices]
[Page 47257]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-21816]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81819; File No. SR-LCH SA-2017-006]


Self-Regulatory Organizations; LCH SA; Notice of Designation of 
Longer Period for Commission Action on Proposed Rule Change Relating to 
Options on Index Credit Default Swaps

October 4, 2017.
    On August 18, 2017, Banque Central de Compensation, which conducts 
business under the name LCH SA (``LCH SA''), filed with the Securities 
and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) 
of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change (SR-LCH SA-2017-006) to amend LCH 
SA's CDS Clearing Rule Book, CDS Clearing Supplement, CDS Clearing 
Procedures, and CDS Dispute Resolution Protocol to incorporate relevant 
terms and make certain conforming and clarifying changes in order to 
permit LCH SA to clear options on index credit default swaps. The 
proposed rule change was published for comment in the Federal Register 
on August 31, 2017.\3\ The Commission received no comments regarding 
the proposed changes.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-81487 (Aug. 25, 
2017), 82 FR 41438 (Aug. 31, 2017) (SR-LCH SA-2017-006) 
(``Notice'').
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    Section 19(b)(2) of the Act provides that within 45 days of the 
publication of the notice of the filing or a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding, or as to which the self-regulatory organization 
consents, 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.\4\ 
The 45th day from the publication of the Notice is October 15, 2017.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. As noted above, LCH SA proposed to 
revise its CDS Clearing Rule Book, CDS Clearing Supplement, CDS 
Clearing Procedures, and CDS Dispute Resolution Protocol in order to 
permit it to clear options on index credit default swaps. The 
Commission finds that it is appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider LCH SA's proposed rule change and the 
associated risks.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act, extends the period by which the Commission shall either approve or 
disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change (File No. SR-LCH SA-2017-006) to 
no later than November 29, 2017.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-21816 Filed 10-10-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 195 / Wednesday, October 11, 2017 / Notices 47257

Rule 15c2–7 places disclosure of the information collected; and (d) Commission received no comments
requirements on broker-dealers who ways to minimize the burden of the regarding the proposed changes.
have correspondent relationships, or collection of information on Section 19(b)(2) of the Act provides
agreements identified in the rule, with respondents, including through the use that within 45 days of the publication of
other broker-dealers. Whenever any of automated collection techniques or the notice of the filing or a proposed
such broker-dealer enters a quotation for other forms of information technology. rule change, or within such longer
a security through an inter-dealer Consideration will be given to period up to 90 days as the Commission
quotation system, Rule 15c2–7 requires comments and suggestions submitted in may designate if it finds such longer
the broker-dealer to disclose these writing within 60 days of this period to be appropriate and publishes
relationships and agreements in the publication. its reasons for so finding, or as to which
manner required by the rule. The inter- An agency may not conduct or the self-regulatory organization
dealer quotation system must also be sponsor, and a person is not required to consents, the Commission shall either
able to make these disclosures public in respond to, a collection of information approve the proposed rule change,
association with the quotation the under the PRA unless it displays a disapprove the proposed rule change, or
broker-dealer is making. currently valid OMB control number. institute proceedings to determine
When rule 15c2–7 was adopted in whether the proposed rule change
1964, the information it requires was Please direct your written comments
should be disapproved.4 The 45th day
necessary for execution of the to: Pamela Dyson, Director/Chief
from the publication of the Notice is
Commission’s mandate under the Information Officer, Securities and
October 15, 2017.
Securities Exchange Act of 1934 to Exchange Commission, c/o Remi Pavlik- The Commission is extending the 45-
prevent fraudulent, manipulative and Simon, 100 F Street NE., Washington, day time period for Commission action
deceptive acts by broker-dealers. In the DC 20549, or send an email to: PRA_ on the proposed rule change. As noted
absence of the information collection Mailbox@sec.gov. above, LCH SA proposed to revise its
required under Rule 15c2–7, investors Dated: October 4, 2017. CDS Clearing Rule Book, CDS Clearing
and broker-dealers would have been Eduardo A. Aleman, Supplement, CDS Clearing Procedures,
unable to accurately determine the Assistant Secretary. and CDS Dispute Resolution Protocol in
market depth of, and demand for, [FR Doc. 2017–21909 Filed 10–10–17; 8:45 am] order to permit it to clear options on
securities in an inter-dealer quotation BILLING CODE 8011–01–P index credit default swaps. The
system. Commission finds that it is appropriate
There are approximately 3,939 broker- to designate a longer period within
dealers registered with the Commission. SECURITIES AND EXCHANGE which to take action on the proposed
Any of these broker-dealers could be COMMISSION rule change so that it has sufficient time
potential respondents for Rule 15c2–7, to consider LCH SA’s proposed rule
so the Commission is using that figure change and the associated risks.
to represent the number of respondents. [Release No. 34–81819; File No. SR–LCH
SA–2017–006] Accordingly, the Commission,
Rule 15c2–7 applies only to quotations pursuant to Section 19(b)(2) of the Act,
entered into an inter-dealer quotation Self-Regulatory Organizations; LCH extends the period by which the
system, such as the OTC Bulletin Board SA; Notice of Designation of Longer Commission shall either approve or
(‘‘OTCBB’’), or OTC Link (formerly, Period for Commission Action on disapprove, or institute proceedings to
‘‘Pink Sheets’’), operated by OTC Proposed Rule Change Relating to determine whether to disapprove, the
Markets Group Inc. (‘‘OTC Link’’). Options on Index Credit Default Swaps proposed rule change (File No. SR–LCH
According to representatives of both SA–2017–006) to no later than
OTC Link and the OTCBB, neither October 4, 2017. November 29, 2017.
entity has recently received, or On August 18, 2017, Banque Central For the Commission by the Division of
anticipates receiving any Rule 15c2–7 de Compensation, which conducts Trading and Markets, pursuant to delegated
notices. However, because such notices business under the name LCH SA (‘‘LCH authority.5
could be made, the Commission SA’’), filed with the Securities and Eduardo A. Aleman,
estimates that one filing is made Exchange Commission (‘‘Commission’’), Assistant Secretary.
annually pursuant to Rule 15c2–7. pursuant to Section 19(b)(1) of the
Based on prior industry reports, the [FR Doc. 2017–21816 Filed 10–10–17; 8:45 am]
Securities Exchange Act of 1934
Commission estimates that the average (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
BILLING CODE 8011–01–P
time required to enter a disclosure proposed rule change (SR–LCH SA–
pursuant to the rule is .75 minutes, or 2017–006) to amend LCH SA’s CDS
45 seconds. The Commission sees no SECURITIES AND EXCHANGE
Clearing Rule Book, CDS Clearing COMMISSION
reason to change this estimate. We Supplement, CDS Clearing Procedures,
estimate that impacted respondents and CDS Dispute Resolution Protocol to [Investment Company Act Release No.
spend a total of .0125 hours per year to incorporate relevant terms and make
32849; 812–14248]
comply with the requirements of Rule certain conforming and clarifying
15c2–7 (1 notice (×) 45 seconds/notice). OppenheimerFunds, Inc., et al.
changes in order to permit LCH SA to
Written comments are invited on: (a) October 4, 2017.
clear options on index credit default
asabaliauskas on DSKBBXCHB2PROD with NOTICES

Whether the proposed collection of AGENCY: Securities and Exchange
swaps. The proposed rule change was
information is necessary for the proper Commission (‘‘Commission’’)
published for comment in the Federal
performance of the functions of the
Register on August 31, 2017.3 The ACTION: Notice.
Commission, including whether the
information shall have practical utility; 1 15
Notice of application for an order
U.S.C. 78s(b)(1).
(b) the accuracy of the Commission’s 2 17 under sections 6(c) and 17(b) of the
CFR 240.19b–4.
estimates of the burden of the proposed 3 Securities Exchange Act Release No. 34–81487
collection of information; (c) ways to (Aug. 25, 2017), 82 FR 41438 (Aug. 31, 2017) (SR– 4 15 U.S.C. 78s(b)(2).
enhance the quality, utility, and clarity LCH SA–2017–006) (‘‘Notice’’). 5 17 CFR 200.30–3(a)(12).

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Document Created: 2018-10-25 09:57:25
Document Modified: 2018-10-25 09:57:25

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		82 FR 47257