83 FR 29846 - 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 Change Concerning Enhanced and New Tools for Recovery Scenarios

SECURITIES AND EXCHANGE COMMISSION

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

Page Range		29846-29847
FR Document		2018-13637
Federal Register, Volume 83 Issue 123 (Tuesday, June 26, 2018)
[Federal Register Volume 83, Number 123 (Tuesday, June 26, 2018)]
[Notices]
[Pages 29846-29847]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-13637]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83484; File No. SR-OCC-2017-020]


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 Change Concerning Enhanced and New Tools for Recovery Scenarios

June 20, 2018.
    On December 18, 2017, The Options Clearing Corporation (``OCC'') 
filed with the Securities and Exchange Commission (``Commission'') 
proposed rule change SR-OCC-2017-020 (``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 this proposal as an 
advance notice SR-OCC-2017-809 (``Advance Notice'') 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 (12 U.S.C. 
5465(e)(1)) and Rule 19b-4(n)(1)(i) of the Act (17 CFR 240.19b-
4(n)(1)(i)). Notice of filing of the Advance Notice was published 
for comment in the Federal Register on January 23, 2018. Securities 
Exchange Act Release No. 82513 (Jan. 17, 2018), 83 FR 3244 (Jan. 23, 
2018) (SR-OCC-2017-809).
     On January 22, 2018, the Commission sent OCC a request for 
additional information, which tolls the Commission's 60-day review 
period for the Advance Notice. See Memorandum from Office of 
Clearance and Settlement, Division of Trading and Markets, dated 
January 23, 2018, available at https://www.sec.gov/comments/sr-occ-2017-809/occ2017809.htm. The new review period will be 60 days from 
the date the Commission receives the information requested. See 
Section 806(e)(1). The proposal in the Proposed Rule Change and the 
Advance Notice shall not take effect until all regulatory actions 
required with respect to the proposal are completed.
    \4\ Securities Exchange Act Release No. 82531 (Dec. 19, 2017), 
82 FR 61107 (Dec. 26, 2017) (SR-OCC-2017-020).
    \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. 82926 (March 22, 
2018), 83 FR 13171 (March 27, 2018) (SR-OCC-2018-020).
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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 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-2017-020 on the subject line.

[[Page 29847]]

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-2017-020. 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-2017-020 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. 2018-13637 Filed 6-25-18; 8:45 am]
 BILLING CODE 8011-01-P
29846 Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices

Paper Comments SECURITIES AND EXCHANGE of the Act 6 to determine whether to
COMMISSION approve or disapprove the Proposed
• Send paper comments in triplicate Rule Change.7
to Secretary, Securities and Exchange [Release No. 34–83484; File No. SR–OCC– Section 19(b)(2)(B)(ii) of the Act
Commission, 100 F Street NE, 2017–020]
provides that, after initiating
Washington, DC 20549–1090. Self-Regulatory Organizations; proceedings, the Commission shall issue
Options Clearing Corporation; Notice an order approving or disapproving the
All submissions should refer to File
of Designation of Longer Period for proposed rule change not later than 180
Number SR–CBOE–2018–043. This file days after the date of publication of
number should be included on the Commission Action on Proceedings To
Determine Whether To Approve or notice of filing of the proposed rule
subject line if email is used. To help the change.8 The Commission may,
Commission process and review your Disapprove a Proposed Rule Change
Concerning Enhanced and New Tools however, extend the period for issuing
comments more efficiently, please use an order approving or disapproving the
only one method. The Commission will for Recovery Scenarios
proposed rule change by not more than
post all comments on the Commission’s June 20, 2018. 60 days if the Commission determines
internet website (http://www.sec.gov/ On December 18, 2017, The Options that a longer period is appropriate and
rules/sro.shtml). Copies of the Clearing Corporation (‘‘OCC’’) filed with publishes the reasons for such
submission, all subsequent the Securities and Exchange determination.9
amendments, all written statements Commission (‘‘Commission’’) proposed The 180th day after publication of the
with respect to the proposed rule rule change SR–OCC–2017–020 notice for the Proposed Rule Change in
change that are filed with the (‘‘Proposed Rule Change’’) pursuant to the Federal Register is June 24, 2018.
Commission, and all written Section 19(b)(1) of the Securities The Commission finds it appropriate to
communications relating to the Exchange Act of 1934 (‘‘Act’’),1 and designate a longer period within which
proposed rule change between the Rule 19b–4 thereunder,2 concerning to issue an order approving or
Commission and any person, other than enhanced and new tools for recovery disapproving the Proposed Rule Change
scenarios.3 The Proposed Rule Change so that it has sufficient time to consider
those that may be withheld from the
was published for comment in the the Proposed Rule Change and the
public in accordance with the
Federal Register on December 26, comment received. Accordingly, the
provisions of 5 U.S.C. 552, will be Commission, pursuant to Section
available for website viewing and 2017.4 To date, the Commission has
received one comment letter to the 19(b)(2)(B)(ii) of the Act,10 designates
printing in the Commission’s Public August 23, 2018 as the date by which
Reference Room, 100 F Street NE, Proposed Rule Change.5 On March 22,
2018, the Commission instituted the Commission shall either approve or
Washington, DC 20549 on official disapprove the Proposed Rule Change.
business days between the hours of proceedings under Section 19(b)(2)(B)(i)
The Commission also seeks additional
10:00 a.m. and 3:00 p.m. Copies of the 1 15
comment to help further inform its
U.S.C. 78s(b)(1).
filing also will be available for 2 17 CFR 240.19b–4.
analysis of the Proposed Rule Change.
inspection and copying at the principal 3 On December 8, 2017, OCC also filed this Specifically, the Commission invites
office of the Exchange. All comments proposal as an advance notice SR–OCC–2017–809 interested persons to provide views,
received will be posted without change. (‘‘Advance Notice’’) with the Commission pursuant data, and arguments concerning the
to Section 806(e)(1) of Title VIII of the Dodd-Frank Proposed Rule Change, including
Persons submitting comments are Wall Street Reform and Consumer Protection Act,
cautioned that we do not redact or edit entitled the Payment, Clearing, and Settlement whether the Proposed Rule Change is
personal identifying information from Supervision Act of 2010 (12 U.S.C. 5465(e)(1)) and consistent with the Act and the
comment submissions. You should Rule 19b–4(n)(1)(i) of the Act (17 CFR 240.19b– applicable rules or regulations
4(n)(1)(i)). Notice of filing of the Advance Notice thereunder. Please note that comments
submit only information that you wish was published for comment in the Federal Register
to make available publicly. All on January 23, 2018. Securities Exchange Act previously received on the substance of
submissions should refer to File Release No. 82513 (Jan. 17, 2018), 83 FR 3244 (Jan. the Proposed Rule Change will be
23, 2018) (SR–OCC–2017–809). considered together with comments
Number SR–CBOE–2018–043 and On January 22, 2018, the Commission sent OCC submitted in response to this notice.
should be submitted on or before July a request for additional information, which tolls the
Commission’s 60-day review period for the
Therefore, while commenters are free to
17, 2018. submit additional comments at this
Advance Notice. See Memorandum from Office of
For the Commission, by the Division of Clearance and Settlement, Division of Trading and time, they need not re-submit earlier
Trading and Markets, pursuant to delegated Markets, dated January 23, 2018, available at comments.
authority.7 https://www.sec.gov/comments/sr-occ-2017-809/ Comments may be submitted by any
occ2017809.htm. The new review period will be 60
Eduardo A. Aleman, days from the date the Commission receives the of the following methods:
Assistant Secretary. information requested. See Section 806(e)(1). The
proposal in the Proposed Rule Change and the
Electronic Comments
[FR Doc. 2018–13620 Filed 6–25–18; 8:45 am] Advance Notice shall not take effect until all • Use the Commission’s internet
BILLING CODE 8011–01–P regulatory actions required with respect to the comment form (http://www.sec.gov/
proposal are completed.
4 Securities Exchange Act Release No. 82531 (Dec. rules/sro.shtml); or
19, 2017), 82 FR 61107 (Dec. 26, 2017) (SR–OCC– • Send an email to rule-comments@
2017–020). sec.gov. Please include File Number SR–
5 See Letter from Jacqueline H. Mesa, Senior Vice
OCC–2017–020 on the subject line.
sradovich on DSK3GMQ082PROD with NOTICES

President of Global Policy, FIA, dated Jan. 16, 2018,
available at https://www.sec.gov/comments/sr-occ- 6 15 U.S.C. 78s(b)(2)(B)(i).
2017-020/occ2017020.htm. Since the proposal 7 See
contained in the Proposed Rule Change was also Securities Exchange Act Release No. 82926
filed as an Advance Notice, the Commission is (March 22, 2018), 83 FR 13171 (March 27, 2018)
considering all public comments received on the (SR–OCC–2018–020).
8 15 U.S.C. 78s(b)(2)(B)(ii).
proposal regardless of whether the comments are
9 Id.
submitted to the Proposed Rule Change or the
7 17 CFR 200.30–3(a)(12). Advance Notice. 10 Id.

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Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices 29847

Paper Comments SECURITIES AND EXCHANGE The Commission staff estimates that
COMMISSION 5,837 respondents make approximately
• Send paper comments in triplicate 23,348 responses under the rule each
to Secretary, Securities and Exchange Submission for OMB Review; year. The staff estimates that on average,
Commission, 100 F Street NE, Comment Request Form 13F filers spend 80.8 hours/year
Washington, DC 20549–1090. to prepare and submit the report. In
Upon Written Request, Copies Available
All submissions should refer to File From: Securities and Exchange addition, the staff estimates that 223
Number SR–OCC–2017–020. This file Commission, Office of FOIA Services, respondents file approximately 829
number should be included on the 100 F Street NE, Washington, DC amendments each year. The staff
subject line if email is used. To help the 20549–2736 estimates that on average, Form 13F
Commission process and review your filers spend 4 hours/year to prepare and
Extension:
comments more efficiently, please use Form 13F, SEC File No. 270–022, OMB submit amendments to Form 13F. The
only one method. The Commission will Control No. 3235–0006 total annual burden of the rule’s
post all comments on the Commission’s requirements for all respondents
Notice is hereby given that, pursuant therefore is estimated to be 472,521.6
internet website (http://www.sec.gov/
to the Paperwork Reduction Act of 1995 hours [(471,629.6 hours (5,837 filers ×
rules/sro.shtml). Copies of the (44 U.S.C. 3501, et seq.), the Securities
submission, all subsequent 80.8 hours)) + (892 (223 filers × 4
and Exchange Commission (the
amendments, all written statements hours))].
‘‘Commission’’) has submitted to the
with respect to the Proposed Rule Office of Management and Budget a The estimate of average burden hours
Change that are filed with the request for extension of the previously is made solely for the purposes of the
Commission, and all written approved collection of information Paperwork Reduction Act. The estimate
communications relating to the discussed below. is not derived from a comprehensive or
Proposed Rule Change between the Section 13(f) 1 of the Securities even a representative survey or study of
Commission and any person, other than Exchange Act of 1934 2 (the ‘‘Exchange the costs of Commission rules. An
those that may be withheld from the Act’’) empowers the Commission to: (1) agency may not conduct or sponsor, and
public in accordance with the Adopt rules that create a reporting and a person is not required to respond to,
provisions of 5 U.S.C. 552, will be disclosure system to collect specific a collection of information unless it
available for website viewing and information; and (2) disseminate such displays a currently valid control
printing in the Commission’s Public information to the public. Rule 13f–1 3 number.
Reference Room, 100 F Street NE, under the Exchange Act requires
The public may view the background
Washington, DC 20549, on official institutional investment managers that
documentation for this information
business days between the hours of exercise investment discretion over
accounts that have in the aggregate a fair collection at the following website,
10:00 a.m. and 3:00 p.m. Copies of such www.reginfo.gov. Comments should be
filing also will be available for market value of at least $100,000,000 of
certain U.S. exchange-traded equity directed to: (i) Desk Officer for the
inspection and copying at the principal Securities and Exchange Commission,
office of OCC and on OCC’s website at securities, as set forth in rule 13f–1(c),
to file quarterly reports with the Office of Information and Regulatory
https://www.theocc.com/about/ Affairs, Office of Management and
publications/bylaws.jsp. Commission on Form 13F.4
The information collection Budget, Room 10102, New Executive
All comments received will be posted requirements apply to institutional Office Building, Washington, DC 20503,
without change. Persons submitting investment managers that meet the $100 or by sending an email to: Shagufta_
comments are cautioned that we do not million reporting threshold. Section Ahmed@omb.eop.gov; and (ii) Pamela
redact or edit personal identifying 13(f)(6)(A) of the Exchange Act defines Dyson, Director/Chief Information
information from comment submissions. an ‘‘institutional investment manager’’ Officer, Securities and Exchange
You should submit only information as any person, other than a natural Commission, c/o Candace Kenner, 100 F
that you wish to make available person, investing in or buying and Street NE, Washington, DC 20549 or
publicly. selling securities for its own account, send an email to: PRA_Mailbox@
All submissions should refer to File and any person exercising investment sec.gov. Comments must be submitted to
Number SR–OCC–2017–020 and should discretion with respect to the account of OMB within 30 days of this notice.
be submitted on or before July 11, 2018. any other person. Rule 13f–1(b) under
Dated: June 18, 2018.
Any person who wishes to file a rebuttal the Exchange Act defines ‘‘investment
discretion’’ for purposes of Form 13F Eduardo A. Aleman,
to any other person’s submission must
reporting. Assistant Secretary.
file that rebuttal on or before July 17,
2018. The reporting system required by [FR Doc. 2018–13685 Filed 6–25–18; 8:45 am]
Section 13(f) of the Exchange Act is BILLING CODE 8011–01–P
For the Commission, by the Division of intended, among other things, to create
Trading and Markets, pursuant to delegated in the Commission a central repository
authority.11 of historical and current data about the
Eduardo A. Aleman, investment activities of institutional
sradovich on DSK3GMQ082PROD with NOTICES

Assistant Secretary. investment managers, and to improve
[FR Doc. 2018–13637 Filed 6–25–18; 8:45 am] the body of factual data available to
BILLING CODE 8011–01–P
regulators and the public.

1 15 U.S.C. 78m(f).
2 15 U.S.C. 78a et seq.
3 17 CFR 240.13f–1.
11 17 CFR 200.30–3(a)(57). 4 17 CFR 249.325.

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Document Created: 2018-06-26 00:51:53
Document Modified: 2018-06-26 00:51:53
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		83 FR 29846