82 FR 60252 - Sunshine Act Meetings

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 242 (December 19, 2017)

Page Range		60252-60252
FR Document		2017-27359

Federal Register, Volume 82 Issue 242 (Tuesday, December 19, 2017)

[Federal Register Volume 82, Number 242 (Tuesday, December 19, 2017)]
[Notices]
[Page 60252]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-27359]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

Time and Date:  2:00 p.m. on Thursday, December 21, 2017.

Place:  Closed Commission Hearing Room 10800.

Status:  This meeting will be closed to the public.

Matters to be Considered:  Commissioners, Counsel to the Commissioners, 
the Secretary to the Commission, and recording secretaries will attend 
the closed meeting. Certain staff members who have an interest in the 
matters also may be present.
    The General Counsel of the Commission, or his designee, has 
certified that, in his opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) and (10) and 17 CFR 
200.402(a)(3), (a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and (a)(10), 
permit consideration of the scheduled matters at the closed meeting.
    Commissioner Stein, as duty officer, voted to consider the items 
listed for the closed meeting in closed session.
    The subject matters of the closed meeting will be:
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings;
    Resolution of litigation claims; and
    Other matters relating to enforcement proceedings.
    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.

Contact Person for More Information:  For further information and to 
ascertain what, if any, matters have been added, deleted or postponed; 
please contact Brent J. Fields from the Office of the Secretary at 
(202) 551-5400.

    Dated: December 14, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-27359 Filed 12-15-17; 11:15 am]
 BILLING CODE 8011-01-P

60252 Federal Register / Vol. 82, No. 242 / Tuesday, December 19, 2017 / Notices

those that may be withheld from the Institution and settlement of Risk Management Policy (‘‘CRM
public in accordance with the injunctive actions; Policy’’). The CRM Policy describes the
provisions of 5 U.S.C. 552, will be Institution and settlement of categories of risk that are considered by
available for website viewing and administrative proceedings; OCC in determining which asset classes
printing in the Commission’s Public Resolution of litigation claims; and should be acceptable forms of collateral
Reference Room, 100 F Street NE, Other matters relating to enforcement as margin assets and Clearing Fund
Washington, DC 20549 on official proceedings. contributions. OCC’s assessment of an
business days between the hours of At times, changes in Commission asset class generally includes an
10:00 a.m. and 3:00 p.m. Copies of the priorities require alterations in the evaluation of credit risk, liquidity risk,
filing also will be available for scheduling of meeting items. and market risk.5 With respect to credit
inspection and copying at the principal CONTACT PERSON FOR MORE INFORMATION: risk, the CRM Policy requires OCC staff
office of LCH SA and on LCH SA’s For further information and to ascertain to evaluate the creditworthiness of
website at http://www.lch.com/asset- what, if any, matters have been added, counterparties, including custodial
classes/cdsclear. deleted or postponed; please contact agents and settlement banks and to
All comments received will be posted Brent J. Fields from the Office of the monitor the health of such
without change. Persons submitting Secretary at (202) 551–5400. counterparties on an ongoing basis.6
comments are cautioned that we do not Dated: December 14, 2017. Regarding liquidity risk, OCC gives no
redact or edit personal identifying Brent J. Fields, value to a participant for its own (or its
information from comment submissions. Secretary. affiliate’s) debt or equity securities, and
You should submit only information [FR Doc. 2017–27359 Filed 12–15–17; 11:15 am] limits the amount of a particular asset
that you wish to make available type that a participant may pledge
BILLING CODE 8011–01–P
publicly. All submissions should refer under the CRM Policy.7 With respect to
to File Number SR–LCH SA–2017–012 market risks, the CRM Policy provides
and should be submitted on or before SECURITIES AND EXCHANGE that eligible asset classes are accepted
January 9, 2018. COMMISSION after consideration of their liquidity,
For the Commission, by the Division of price transparency, price volatility,
[Release No. 34–82311; File No. SR–OCC– offset potential with contracts cleared
Trading and Markets, pursuant to delegated 2017–008]
authority.18 by OCC, modeling implications and
Eduardo A. Aleman, Self-Regulatory Organizations; The projected inventories.8
Assistant Secretary. Options Clearing Corporation; Order The CRM Policy describes OCC’s
[FR Doc. 2017–27235 Filed 12–18–17; 8:45 am] Approving Proposed Rule Change approach to valuing collateral and
Related to The Options Clearing setting and applying haircuts. OCC’s
BILLING CODE 8011–01–P
Corporation’s Collateral Risk pricing information, as described in the
Management Policy CRM Policy, feeds into OCC’s processes
SECURITIES AND EXCHANGE for establishing haircuts, daily mark-to-
COMMISSION December 13, 2017. market valuation of collateral, and
intraday valuation of collateral. Given
I. Introduction
Sunshine Act Meetings the importance of pricing data to inform
On October 27, 2017, the Options these processes, OCC maintains
TIME AND DATE: 2:00 p.m. on Thursday, Clearing Corporation (‘‘OCC’’) filed with redundant information feeds from
December 21, 2017. the Securities and Exchange multiple sources to help ensure
PLACE: Closed Commission Hearing Commission (‘‘Commission’’), pursuant accuracy and quality.9
Room 10800. to Section 19(b)(1) of the Securities The CRM Policy also summarizes
STATUS: This meeting will be closed to
Exchange Act of 1934 (‘‘Act’’) 1 and Rule OCC’s two approaches for valuing
the public. 19b–4 thereunder,2 a proposed rule collateral: Collateral in Margins (‘‘CiM’’)
change (SR–OCC–2017–008) to and haircuts.10 Under the CiM
MATTERS TO BE CONSIDERED:
formalize and update OCC’s Collateral approach, the current market value of
Commissioners, Counsel to the Risk Management Policy. The proposed margin assets is included as a positive
Commissioners, the Secretary to the rule change was published for comment asset value in the calculation of a
Commission, and recording secretaries in the Federal Register on November 9, portfolio’s net asset value within OCC’s
will attend the closed meeting. Certain 2017.3 The Commission received one System for Theoretical Analysis and
staff members who have an interest in comment letter regarding the proposed Numerical Simulations (‘‘STANS’’).
the matters also may be present. change.4 For the reasons discussed OCC then offsets this positive asset
The General Counsel of the below, the Commission is approving the value based on, among other things, the
Commission, or his designee, has proposed rule change. expected shortfall and stress test charges
certified that, in his opinion, one or
II. Description of the Proposed Rule associated with an account, resulting in
more of the exemptions set forth in 5
Change a net excess or net deficit.11 For
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)
collateral that is not managed using the
and (10) and 17 CFR 200.402(a)(3), This proposed rule change would CiM process, the CRM Policy provides
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and formalize and update OCC’s Collateral that OCC subjects such collateral to
(a)(10), permit consideration of the
percentage haircuts established at the
sradovich on DSK3GMQ082PROD with NOTICES

scheduled matters at the closed meeting. 1 15 U.S.C. 78s(b)(1).
Commissioner Stein, as duty officer, 2 17 CFR 240.19b–4. 5 Notice, 82 FR at 52080.
voted to consider the items listed for the 3 Securities Exchange Act Release No. 82009
6 Id.
closed meeting in closed session. (Nov. 3, 2017), 82 FR 52079 (Nov. 9, 2017) (SR– 7 Id.
OCC–2017–008) (‘‘Notice’’).
The subject matters of the closed 4 Letter from Michael Kitlas, dated November 3,
8 Id.

meeting will be: 2017. See comments on the proposed rule change
9 Notice,82 FR at 52080–81.
10 Notice, 82 FR at 52081.
(SR–OCC–2017–008), https://www.sec.gov/
18 17 CFR 200.30–3(a)(12). comments/sr-occ-2017-008/occ2017008.htm. 11 Notice, 82 FR at 52081, note 23.

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Document Created: 2017-12-19 01:31:29
Document Modified: 2017-12-19 01:31:29

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
Dates		2:00 p.m. on Thursday, December 21, 2017.
FR Citation		82 FR 60252