83 FR 29843 - Self-Regulatory Organizations; Options Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Concerning Updates to and Formalization of OCC's Recovery and Orderly Wind-Down Plan

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 123 (June 26, 2018)

[Federal Register Volume 83, Number 123 (Tuesday, June 26, 2018)]
[Notices]
[Pages 29843-29844]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-13638]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83485; File No. SR-OCC-2017-021]


Self-Regulatory Organizations; Options Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Concerning Updates to and Formalization of OCC's Recovery and 
Orderly Wind-Down Plan

June 20, 2018.
    On December 8, 2017, The Options Clearing Corporation (``OCC'') 
filed with the Securities and Exchange Commission (``Commission'') 
proposed rule change SR-OCC-2017-021 (``Proposed Rule Change'') 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ concerning enhanced and new 
tools for recovery scenarios.\3\ The Proposed Rule Change was published 
for comment in the Federal Register on December 26, 2017.\4\ To date, 
the Commission has received one comment letter to the Proposed Rule 
Change.\5\ On March 22, 2018, the Commission instituted proceedings 
under Section 19(b)(2)(B)(i) of the Act \6\ to determine whether to 
approve or disapprove the Proposed Rule Change.\7\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ On December 8, 2017, OCC also filed a related advance notice 
(SR-OCC-2017-810) with the Commission pursuant to Section 806(e)(1) 
of Title VIII of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, entitled the Payment, Clearing, and Settlement 
Supervision Act of 2010 and Rule 19b-4(n)(1)(i) under the Act 
(``Advance Notice''). 12 U.S.C. 5465(e)(1) and 17 CFR 240.19b-
4(n)(1)(i), respectively. The Advance Notice was published in the 
Federal Register on January 23, 2018. Securities Exchange Act 
Release No. 82513 (Jan. 17, 2018), 83 FR 3224 (Jan. 23, 2018) (SR-
OCC-2017-810).
    \4\ Securities Exchange Act Release No. 82352 (Dec. 19, 2017), 
82 FR 61072 (Dec. 26, 2017) (SR-OCC-2017-021) (``Notice'').
    \5\ See Letter from Jacqueline H. Mesa, Senior Vice President of 
Global Policy, FIA, dated Jan. 16, 2018, available at https://www.sec.gov/comments/sr-occ-2017-020/occ2017020.htm. Since the 
proposal contained in the Proposed Rule Change was also filed as an 
Advance Notice, the Commission is considering all public comments 
received on the proposal regardless of whether the comments are 
submitted to the Proposed Rule Change or the Advance Notice.
    \6\ 15 U.S.C. 78s(b)(2)(B)(i).
    \7\ See Securities Exchange Act Release No. 82927 (March 22, 
2018), 83 FR 13176 (March 27, 2018) (SR-OCC-2018-021).
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    Section 19(b)(2)(B)(ii) of the Act provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the

[[Page 29844]]

proposed rule change not later than 180 days after the date of 
publication of notice of filing of the proposed rule change.\8\ The 
Commission may, however, extend the period for issuing an order 
approving or disapproving the proposed rule change by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination.\9\
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    \8\ 15 U.S.C. 78s(b)(2)(B)(ii).
    \9\ Id.
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    The 180th day after publication of the notice for the Proposed Rule 
Change in the Federal Register is June 24, 2018. The Commission finds 
it appropriate to designate a longer period within which to issue an 
order approving or disapproving the Proposed Rule Change so that it has 
sufficient time to consider the Proposed Rule Change and the comment 
received. Accordingly, the Commission, pursuant to Section 
19(b)(2)(B)(ii) of the Act,\10\ designates August 23, 2018 as the date 
by which the Commission shall either approve or disapprove the Proposed 
Rule Change.
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    \10\ Id.
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    The Commission also seeks additional comment to help further inform 
its analysis of the Proposed Rule Change. Specifically, the Commission 
invites interested persons to provide views, data, and arguments 
concerning the Proposed Rule Change, including whether the Proposed 
Rule Change is consistent with the Act and the applicable rules or 
regulations thereunder. Please note that comments previously received 
on the substance of the Proposed Rule Change will be considered 
together with comments submitted in response to this notice. Therefore, 
while commenters are free to submit additional comments at this time, 
they need not re-submit earlier comments.
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-OCC-2017-021 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-2017-021. 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. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements 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 10:00 a.m. and 
3:00 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/about/publications/bylaws.jsp.
    All comments received will be posted without change. Persons 
submitting comments are cautioned that we do not redact or edit 
personal identifying information from comment submissions. You should 
submit only information that you wish to make available publicly.
    All submissions should refer to File Number SR-OCC-2017-021 and 
should be submitted on or before July 11, 2018. Any person who wishes 
to file a rebuttal to any other person's submission must file that 
rebuttal on or before July 17, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13638 Filed 6-25-18; 8:45 am]
 BILLING CODE 8011-01-P