83 FR 4526 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Concerning Enhanced and New Tools for Recovery Scenarios

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 21 (January 31, 2018)

[Federal Register Volume 83, Number 21 (Wednesday, January 31, 2018)]
[Notices]
[Pages 4526-4527]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-01816]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82585; File No. SR-OCC-2017-020]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change Concerning Enhanced and New Tools for Recovery 
Scenarios

January 25, 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

[[Page 4527]]

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\
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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. 34-82513 (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. 34-82531 (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.
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    Section 19(b)(2) of the Act \6\ provides that, within 45 days of 
the publication of notice of the filing of 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. The 
45th day after publication of the notice for this Proposed Rule Change 
is February 9, 2018. The Commission is extending this 45-day time 
period.
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    \6\ 15 U.S.C. 78s(b)(2).
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    In order to provide the Commission with sufficient time to consider 
the Proposed Rule Change, the Commission finds that it is appropriate 
to designate a longer period within which to take action on the 
Proposed Rule Change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\7\ designates March 26, 2018 as the date by which the Commission 
shall either approve, disapprove, or institute proceedings to determine 
whether to disapprove proposed rule change SR-OCC-2017-020.
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    \7\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01816 Filed 1-30-18; 8:45 am]
 BILLING CODE 8011-01-P