Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change To Provide That OCC, Rather Than an Adjustment Panel of the Securities Committee, Will Determine Adjustments to the Terms of Options Contracts to Account for Certain Events, Such as Certain Dividend Distributions or Other Corporate Actions, That Affect the Underlying Security or Other Underlying Interest, 33138-33142 [2013-12975]
Download as PDF
33138
Federal Register / Vol. 78, No. 106 / Monday, June 3, 2013 / Notices
Program might increase the likelihood
that members may be subject to unfair
discrimination in the Program’s
approval and disqualification process.
In response, the Exchange noted that
it will issue Trader Notices to provide
clear guidance on how the
‘‘substantially all’’ standard will be
implemented and monitored. The
Exchange also noted that the Program is
designed to attract as much retail order
flow as possible, and that, should RMOs
begin submitting substantial amounts of
non-retail order flow, liquidity
providers would become less willing to
participate in the Program. Finally, the
Exchange disagreed with the
commenter’s statement that a standard
that provides a de minimis number of
exceptions would be any harder to
enforce that a standard that permitted
no exceptions.
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IV. Discussion and Commission
Findings
After careful review of the proposal,
the comment letter received, and the
Exchange’s response, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder that are applicable to a
national securities exchange.11 In
particular, the Commission finds that
the proposed rule change is consistent
with Section 6(b)(5) of the Act,12 which
requires, among other things, that the
rules of a national securities exchange
be designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest; and not be designed to
permit unfair discrimination between
customers, issuers, brokers or dealers.
The Commission finds that the
proposed ‘‘substantially all’’ standard is
a limited and sufficiently-defined
modification to the Program’s current
RMO attestation requirements that does
not constitute a significant departure
from the Program as initially approved
by the Commission.13 The proposal
11 In
approving the proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
12 15 U.S.C. 78f(b)(5).
13 The Commission notes that it approved the
Program on a pilot basis subject to ongoing
Commission review.
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makes clear that to comply with the
standard, RMOs may submit only
isolated and de minimis amounts of
agency orders that cannot be segregated
from Retail Orders due to systems
limitations.14 Furthermore, as the
Exchange noted, RMOs will need to
adequately document their compliance
with the ‘‘substantially all’’ standard in
their books and records. Specifically, an
RMO would need to retain adequate
documentation that substantially all
orders sent to the Exchange as Retail
Orders met that definition, and that
those orders not meeting that definition
are agency orders that cannot be
segregated from Retail Orders due to
system limitations, and are de minimis
in terms of the overall number of Retail
Orders sent to the Exchange. The
Commission also notes that the CBOE
will, on behalf of the Exchange, monitor
an RMO’s compliance with this
requirement.
Additionally, the Commission finds
that the Exchange has provided
adequate justification for the proposal.
The Exchange represented that, as
several significant retail brokers
explained to them, the current ‘‘any
order’’ standard is effectively
prohibitive, given the brokers’ order
flow aggregation and management
systems. The Exchange further
represented that these retail brokers
indicated their systems would allow
them to comply with the ‘‘substantially
all’’ standard, as proposed. By allowing
these retail brokers to participate in the
Program, the proposal could bring the
potential benefits of the Program,
including price improvement and
increased transparency,15 to the retail
order flow that these brokers
represent.16
14 While the Commission recognizes the potential
benefit of the commenter’s suggestion concerning a
bright-line definition of de minimis, see supra note
10, the Commission believes that, in light of the
facts surrounding the instant proposal, the
proposal, and the guidance that the Exchange will
provide to its members on this point, are
sufficiently clear. The Commission also notes that
the example the commenter cites is found in
Regulation M, which governs different
circumstances than those at issue here.
15 For a more detailed discussion of the Program’s
potential benefits, see Program Approval Order,
supra note 7.
16 The commenter also expressed concern that
this proposal may increase the burden upon the
Exchange in monitoring compliance with the
Program. The Commission finds that any potential
concerns raised by this assertion, which is disputed
by the Exchange, are outweighed by the potential
benefits of the proposal; namely, that the proposal
may allow more retail orders the opportunity to
participate in the Program and receive the attendant
benefits of the Program. With respect to the
commenter’s concern that members may be subject
to unfair discrimination in the approval and
disqualification process for participation in the
Program, the Commission notes that it previously
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V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,17 that the
proposed rule change (SR–BYX–2013–
008) be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–13036 Filed 5–31–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69642; File No. SR–OCC–
2013–05]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing of Proposed Rule Change To
Provide That OCC, Rather Than an
Adjustment Panel of the Securities
Committee, Will Determine
Adjustments to the Terms of Options
Contracts to Account for Certain
Events, Such as Certain Dividend
Distributions or Other Corporate
Actions, That Affect the Underlying
Security or Other Underlying Interest
May 28, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’),1 and Rule 19b–4
thereunder,2 notice is hereby given that
on May 15, 2013, The Options Clearing
Corporation (‘‘OCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by OCC. The Commission is publishing
this notice to solicit comments on the
proposed rule change from interested
persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
OCC proposes to provide that OCC,
rather than an adjustment panel of the
Securities Committee, will determine
adjustments to the terms of options
contracts to account for certain events,
such as certain dividend distributions or
other corporate actions, that affect the
underlying security or other underlying
interest.
found that the Program’s provisions concerning the
certification, approval, and potential
disqualification of RMOs not inconsistent with the
Act. See Program Approval Order, supra note 7, at
note 41.
17 15 U.S.C. 78s(b)(2).
18 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission,
OCC included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. OCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
The principal purpose of this
proposed rule change is to authorize
OCC, rather than adjustment panels of
the Securities Committee,3 to determine
option contract adjustments and to
determine the value of distributed
property involved in such adjustments.
Other conforming or clarifying changes
to the By-Laws relating to adjustments
and/or adjustment panels also are being
proposed.
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1. Background and Purpose of Proposed
Rule Change
Certain corporate actions—such as
declaration of dividends or
distributions, stock splits, rights
offerings, reorganizations, or the merger
or liquidation of an issuer—affecting an
underlying security may require an
adjustment to the terms of the overlying
options. For example, in a two-for-one
stock split, the overlying options might
also be split two-for-one, so that each
option would continue to cover the
same number of shares but with an
exercise price equal to half of the presplit price. The basic procedural rules
governing such ‘‘adjustments’’ in the
terms of outstanding options are set
forth in Section 11 of Article VI of
OCC’s By-Laws, and the substantive
rules specifically covering adjustment of
stock options are set forth in Section
11A of Article VI. Although much less
common, it is also possible that events
affecting indexes and other underlying
interests could also require adjustment
of the overlying options. Rules for
adjustment of such other options are
generally found in the By-Law
provisions applicable to such other
options.
3 The OCC Securities Committee is authorized
under OCC By-Law Article VI Section 11(a) to
determine contract adjustments in particular cases
and to formulate adjustment policy or
interpretations having general applicability. The
Securities Committee is comprised of
representatives of OCC’s participant options
exchanges and authorized representatives of OCC.
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The procedural rules of Article VI,
Section 11 of the By-Laws provide that
all adjustments to option contracts be
determined on a case-by-case basis by
an adjustment panel of the Securities
Committee composed of two
representatives 4 of each exchange that
trades an option on the underlying
security and the OCC Chairman (or his
representative). All actions are
determined by majority vote, with OCC
voting only to break a tie. Besides
determining particular adjustments in
individual cases, Article VI, Section 11
also authorizes the Securities
Committee to adopt statements of policy
or interpretations governing option
adjustments in general. Additionally,
the Securities Committee is authorized
to determine the value of distributed
property involved in stock option
adjustments as stated in Article VI,
Section 11A(f).
The options exchanges asked OCC to
evaluate possible changes to the
structure and procedures which govern
option contract adjustments. The
request was prompted by a desire to
consider ways to lessen investor
confusion and enhance consistency in
making option contract adjustments. In
addition, the exchanges have expressed
concern that exchange representatives
involved in adjustment decisions may
sometimes be subject to undue pressure
from investors. Accordingly, the
exchanges asked OCC to investigate
whether changes to adjustment
procedures could insulate the exchanges
from undue pressure while concurrently
providing greater consistency and
efficiency in making adjustment
decisions.
2. Description of Proposed Changes
Discussions among OCC and the
exchanges concerning potential changes
to Securities Committee governance in
respect of adjustments yielded a
consensus that the exchanges should
retain policy-making authority under
the adjustment By-Laws through the
Securities Committee but that OCC
should be the sole determiner of
particular adjustment decisions, thereby
eliminating adjustment panels convened
4 The Commission has approved an amendment
to OCC’s By-Laws under which only one
representative of each relevant exchange is required
on an adjustment panel. Securities Exchange Act
Release No. 34–67333 (July 2, 2012), 77 FR 40394
(July 9, 2012) (SR–OCC–2012–07). However, the
amendment will not be implemented until an
amendment to the Options Disclosure Document
reflecting this change is made. Interpretation and
Policy .01 to Article VI, Section 11 clarifies that
until such time as the amendment to the Options
Disclosure Document is made and only one
representative is required, an adjustment panel
must have two representatives of each exchange
that trades an option on the underlying security.
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33139
for the purpose of determining
adjustments of particular option
contracts. The Securities Committee
ratified the following recommendations
by unanimous vote:
(i) The policy making role of the
Securities Committee should be
unchanged. As members of the
Securities Committee, exchanges should
retain authority to determine adjustment
policy in general.
(ii) OCC should apply the adjustment
By-Laws and Interpretations to
determine particular adjustments on a
case-by-case basis. An adjustment panel
comprised of exchange and OCC
representatives should not be called to
determine a particular adjustment,
thereby insulating the exchanges from
investor pressure to determine a
particular outcome.5
(iii) OCC and the exchanges should
retain unrestricted ability to mutually
discuss considerations pertaining to any
adjustment decision or policy.
(iv) OCC should be given authority to
determine the value of distributed
property involved in contract
adjustments.
These recommendations were
reviewed with OCC’s Board of Directors,
which unanimously approved them by
authorizing the filing of this proposed
rule change.
Notwithstanding the elimination of
exchange representative adjustment
panels, panels of exchange
representatives would still retain their
existing functions and authority under
other provisions of OCC’s By-Laws. For
example, those panels would retain the
authority to fix exercise settlement
amounts for cash-settled options where
a closing price for the underlying is
otherwise unavailable.6
The types of adjustments for which
exchange representative panels may
continue to be convened would be
limited to very rare situations involving
market closures or the unavailability of
accurate pricing, and would need to be
done on very short notice, unlike
dividend adjustments, for which there
can be a period of time between the
announcement of a dividend and the
decision of the panel. Accordingly, it is
much less likely that exchange
representatives on these panels would
be subject to the same risk of undue
pressure from investors. These
situations are also less likely to fit
within a policy or precedent that could
5 There is precedent for this approach in that OCC
currently determines all contract adjustments for
security futures. See Article XII, Sections 3 and 4
of OCC’s By-Laws.
6 See, e.g., Article XIV, Section 5, Article XVII,
Section 4, Article XXII, Section 4 and Article XXIV,
Section 4.
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be prescribed in advance by the
Securities Committee, and therefore it
would be more difficult for the
Corporation to make the decisions
without the input of the relevant
exchanges.
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3. Discussion
As a result of the proposed changes
described above, adjustment panels for
the purpose of determining adjustments
of particular options contracts would
cease to exist, and exchanges would
have no obligation or authority to
determine a particular adjustment. OCC
would determine the appropriate
application of the By-Laws and
Interpretations and Policies, but the
exchanges would retain policy making
authority as members of the Securities
Committee. In this policy making
capacity, actions of the Securities
Committee would continue to require
approval by a majority vote.
Occasionally, there may be unique
aspects of a corporate event that justify
departure from adjustment policy or
precedent, or that involve a situation for
which there is no existing adjustment
policy or precedent. Such events may
also highlight a need for a more general
reformulation of adjustment policy.
Under the proposed changes, if OCC
determines such aspects to be present,
OCC would determine in its sole
discretion any adjustment to be applied
in the particular case. The Securities
Committee would not initiate policy
changes ‘‘ad hoc’’ to address a particular
case (which would be a de facto
determination of a particular adjustment
decision). Instead, after OCC determined
a particular adjustment, the Securities
Committee, in its discretion, would
determine the appropriateness of
adopting prospective policy changes or
clarifications.7
Although OCC and the exchanges
believe it is feasible for OCC to
independently determine adjustments,
both are averse to losing valuable
exchange experience and insight that is
now brought to bear in adjustment
decisions. Accordingly, OCC and the
exchanges believe that they should
retain unrestricted ability to discuss
with each other any considerations
pertaining to an adjustment decision or
policy—with the understanding that
7 This approach was followed in 2006 in response
to a special cash dividend. In that case, adjustment
panels determined to depart from precedent and
adjust certain ETF options where the ETF
distributed pro rata dividends based on the amount
of a special dividend paid by the issuer of one of
the component stocks in the ETF. Following these
adjustments, the Securities Committee
recommended to the OCC Board a policy
reformulation. See Interpretation .08 to Article VI,
Section 11A.
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adjustment decisions would be made
solely by OCC and the exchanges would
be involved solely in an advisory
capacity. Accordingly, nothing in the
present proposal would prohibit either
the exchanges or OCC from initiating
conversations concerning adjustment
policy or particular adjustment
decisions, but neither would such
consultation be required.8 Furthermore,
to ensure continued exchange
involvement in determining adjustment
policy, OCC intends to call periodic
meetings of the Securities Committee to
discuss policy issues and review recent
experience with contract adjustments.9
Such meetings will be held on a
quarterly or more frequent periodic
basis.
Occasionally option adjustments
involve the substitution of cash value in
lieu of delivery of property. For
example, this is the case when a
security does not trade in the United
States or cash in lieu of property is
involved. Currently, the Securities
Committee has authority to determine
such cash value. OCC is proposing that
it would instead be authorized to
determine cash value in these cases
since it would have sole discretion to
determine contract adjustments.
The proposed changes would apply
only to the functions of OCC and the
Securities Committee in the
determination of option contract
adjustments as described in Article VI,
Sections 11 and other By-Law
provisions.10 The Securities
Committee—or panels comprised of
representatives of the Securities
Committee—in respect of actions that
do not involve option contract
adjustments would retain all other
functions and authority granted under
the By-Laws, including, for example, the
ability to fix index option settlement
values in cases of market disruption 11
and similar actions.
Adjustment provisions of the By-Laws
pertaining to classes of options other
than stock options sometimes provide
for adjustment panels by referring to
8 Confidentiality of the communications between
OCC and the Exchanges would continue to be
observed—as it is today.
9 As a practical matter, even if adjustments are
determined solely by OCC it would still be
necessary for OCC and the exchanges to coordinate
the operational execution of all option adjustments.
This coordination includes, but is not limited to,
the determination of an effective date, option
symbols and strike prices and the publication of
notices.
10 See, e.g., [sic] Article XII, Sections 3 and 4;
Article XIV, Section 3A; Article XV, Section 4;
Article XVI, Section 3; Article XVII, Section 3;
Article XX, Section 4; Article XXII, Section 3;
Article XXIII, Section 4; and Article XXIV, Section
6.
11 See, e.g., By-Law Article XVII, Section 4.
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Article VI, Section 11. Insofar as Article
VI, Section 11 would be modified to
eliminate the need for adjustment
panels, the requirement for adjustment
panels to determine contract
adjustments for these other types of
option contracts would also be
eliminated, with case by case
adjustment decisions determined solely
by OCC.
4. Other Changes
In addition to the principal purpose
underlying this rule change as described
above, certain other conforming and/or
clarifying changes are being proposed.
These changes are intended to update
the By-Laws to eliminate stale rule
provisions, to conform cross-references
contained in other By-Laws to changes
being proposed herein and to clarify
certain interpretations adopted under
the By-Laws to reflect a recent policy
determination made by the Securities
Committee in accordance with its
authority granted under Article VI,
Section 11 of OCC’s By-Laws. These
changes generally are described below.
OCC is proposing to modify or
eliminate certain adjustment related ByLaw provisions because, due to industry
or other changes, there is no longer any
open interest in options covered by such
provisions. For example, equity options
previously had traded with exercise
prices expressed in either fractions or
decimals. All exercise prices for equity
options now are expressed in decimals,
and all open interest in options series
for which exercise prices were
expressed in fractions has expired.
Several By-Law provisions are being
modified or eliminated to reflect this
circumstance.12
OCC also is proposing to eliminate
other stale provisions, including those
found within Interpretation and Policy
.01 under the Article VI, Section 11,
which relates to the determination of
‘‘ordinary cash dividends or
distributions’’ for which no adjustment
is ordinarily made. These provisions
preserved the ‘‘10% rule’’ (i.e., the
former method used to determine
whether a cash dividend or distribution
was ordinary) for application to certain
series that had open interest prior to
rescission of the 10% rule. Open
interest in all such ‘‘grandfathered’’
series has expired, and therefore these
provisions are no longer necessary.
Changes would also be made to Article
XIV, Section 3A(a)(3) in relation to
12 See, e.g., the proposed changes to the definition
of the term ‘‘adjustment increment,’’ Article I,
Section 1.A(2); Article VI, Section 11A(d);
Interpretation & Policy .09 under Article VI, Section
11A; and Article XII, Section 3(d).
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binary options for which the underlying
is an equity interest.
OCC’s Securities Committee is
empowered under the By-Laws to adopt
statements of policy or interpretations
having general application to specified
types of events or specific kinds of
cleared contracts. Recently, the
Securities Committee issued a clarifying
interpretation with respect to
determinations of corporate issuers to
accelerate or defer payments of
otherwise ordinary dividends. More
specifically, the Securities Committee
determined that such events would not,
as a general rule, affect the ordinary
nature of such dividends subject to the
evaluation of these events on a case-bycase basis.13 Comparable changes, as
applicable, would be made to Article
XIV, Section 3A. Other changes being
proposed are conforming in nature in
that they update cross-references to ByLaws and Rules proposed to be
amended.
OCC believes the proposed rule
change is consistent with the purposes
and requirements of Section
17A(b)(3)(F) of the Securities Exchange
Act of 1934, as amended, (the ‘‘Act’’) 14
and the rules and regulations
thereunder because the proposed
changes would help promote the
prompt and accurate clearance and
settlement of securities transactions and
foster cooperation and coordination
with persons engaged in the settlement
of securities transactions 15 by providing
OCC with sole discretion for particular
adjustment decisions to help ensure that
decisions are consistent, efficient and
free from undue influence and by
providing conforming and clarifying
changes to OCC’s By-Laws and Rules to
help ensure that OCC maintains a wellfounded, transparent and enforceable
legal framework as required by Rule
17Ad–22(d)(1).16 The proposed rule
change is not inconsistent with any
rules of OCC, including any rules
proposed to be amended.
OCC will not implement these
proposed rule changes until the
effectiveness of an amendment to the
Options Disclosure Document relating
to the proposed changes.
(B) Clearing Agency’s Statement on
Burden on Competition
OCC does not believe that the
proposed rule change will impact, or
impose any burden on competition not
necessary or appropriate in furtherance
13 Securities Exchange Act Release No. 34–68531
(December 21, 2012), 77 FR 77157 (December 31,
2012) (SR–OCC–2012–26).
14 15 U.S.C. 78q–1.
15 15 U.S.C. 78q–1(b)(3)(F).
16 17 CFR 240.17Ad–22(d)(1).
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of the purposes of the Act. The
proposed rule change primarily affects
OCC’s clearing members and their
customers, but it would not impose any
additional burden on them because
options are already subject to
adjustment and the revised procedures
apply equally to all clearing members.
OCC does not believe that providing
OCC with sole discretion for particular
adjustment decisions, rather than
continuing to rely on adjustment panels
consisting of exchange representatives,
would inhibit access to any of OCC’s
services or disadvantage or favor any
user of OCC’s services in relationship to
any other such user. In fact, OCC
believes that the proposed rule change
would promote competition among
participants in the options markets
because it would help ensure that
adjustment decisions are consistent,
efficient and free from undue influence
and therefore it would promote
certainty, fairness and a level playing
field in the options markets with respect
to when and how participants are
affected by adjustments.
For the foregoing reasons, OCC
believes that the proposed rule change
is in the public interest and consistent
with the requirements of the Act
applicable to clearing agencies because
it would promote competition in the
options markets that OCC serves and not
impose a burden on competition that is
unnecessary or inappropriate in
furtherance of the purposes of the Act.
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants, or Others
Written comments on the proposed
rule change were not and are not
intended to be solicited with respect to
the proposed rule change and none have
been received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
such proposed rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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33141
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Exchange
Act. Comments may be submitted by
any of the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–OCC–2013–05 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549.
All submissions should refer to File
Number SR–OCC–2013–05. 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 Web site (https://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 Web site 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 the
filing also will be available for
inspection and copying at the principal
office of OCC and on OCC’s Web site:
https://www.theocc.com/components/
docs/legal/rules_and_bylaws/
sr_occ_13_05.pdf).
All comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–OCC–2013–05 and should
be submitted on or before June 24, 2013.
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Federal Register / Vol. 78, No. 106 / Monday, June 3, 2013 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Kevin M. O’Neill,
Deputy Secretary.
SOCIAL SECURITY ADMINISTRATION
[FR Doc. 2013–12975 Filed 5–31–13; 8:45 am]
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Budget (OMB) in compliance with
Public Law 104–13, the Paperwork
Reduction Act of 1995, effective October
1, 1995. This notice includes revisions
of OMB-approved information
collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and ways to
minimize burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Mail, email, or
fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and SSA Reports Clearance Officer at
the following addresses or fax numbers.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
Lanbo Financial Group, Inc.; Order of
Suspension of Trading
May 30, 2013.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Lanbo
Financial Group, Inc. because it has not
filed any periodic reports since the
period ended September 30, 2005.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
company. Therefore, it is ordered,
pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that
trading in the securities of the abovelisted company is suspended for the
period from 9:30 a.m. EDT on May 30,
2013, through 11:59 p.m. EDT on June
12, 2013.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2013–13157 Filed 5–30–13; 11:15 am]
BILLING CODE 8011–01–P
Agency Information Collection
Activities; Proposed Request and
Comment Request
(OMB)
Office of Management and Budget,
Attn: Desk Officer for SSA, Fax:
202–395–6974, Email address:
OIRA_Submission@omb.eop.gov.
(SSA)
Social Security Administration,
DCRDP, Attn: Reports Clearance
Director, 107 Altmeyer Building,
6401 Security Blvd., Baltimore, MD
21235, Fax: 410–966–2830, Email
address:
OR.Reports.Clearance@ssa.gov.
sroberts on DSK5SPTVN1PROD with NOTICES
Modality of
completion
Number of
respondents
Requests via Letter—Individuals (minus Denmark, Netherlands, Norway, & Sweden) ..................................................
Requests via Internet—Individuals (minus Denmark, Netherlands, Norway, & Sweden) ..................................................
Requests via Letter—Individuals in Denmark, Netherlands,
Norway, & Sweden ..............................................................
Requests via Internet—Individuals in Denmark, Netherlands,
Norway, & Sweden ..............................................................
Requests via Letter—Employers (minus Denmark, Netherlands, Norway, & Sweden) ..................................................
Requests via Internet—Employers (minus Denmark, Netherlands, Norway, & Sweden) ..................................................
Requests via Letter—Employers in Denmark, Netherlands,
Norway, & Sweden ..............................................................
Requests via Internet—Employers in Denmark, Netherlands,
Norway, & Sweden ..............................................................
Average burden
per response
(minutes)
Frequency of
response
1
40
3,547
7,979
1
40
5,319
280
1
44
205
421
1
44
309
21,279
1
40
14,186
31,920
1
40
21,280
1,121
1
44
822
1,680
1
44
1232
70,000
..............................
..............................
46,900
Sfmt 4703
E:\FR\FM\03JNN1.SGM
03JNN1
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
16:40 May 31, 2013
Jkt 229001
PO 00000
Frm 00098
Estimated annual
burden (hours)
5,320
Totals ................................................................................
17 17
I. The information collections below
are pending at SSA. SSA will submit
them to OMB within 60 days from the
date of this notice. To be sure we
consider your comments, we must
receive them no later than August 2,
2013. Individuals can obtain copies of
the collection instruments by writing to
the above email address.
1. Certificate of Coverage Request—20
CFR 404.1913—0960–0554. The United
States has agreements with 24 foreign
countries to eliminate double Social
Security coverage and taxation where,
except for the provisions of the
agreement, a worker would be subject to
coverage and taxes in both countries.
These agreements contain rules for
determining the country under whose
laws the worker’s period of employment
is covered, and to which country the
worker will pay taxes. The agreements
further dictate that, upon the request of
the worker or employer, the country
under whose system the period of work
is covered will issue a certificate of
coverage. The certificate serves as proof
of exemption from coverage and
taxation under the system of the other
country. The information we collect
assists us in determining a worker’s
coverage and in issuing a U.S. certificate
of coverage as appropriate. Per our
agreements, we ask a set number of
questions to the workers and employers
prior to issuing a certificate of coverage;
however, our agreements with Denmark,
Netherlands, Norway, and Sweden
require us to ask more questions in
those countries. Respondents are
workers and employers wishing to
establish exemption from foreign Social
Security taxes. Type of Request:
Revision of an OMB-approved
information collection.
Fmt 4703
Agencies
[Federal Register Volume 78, Number 106 (Monday, June 3, 2013)]
[Notices]
[Pages 33138-33142]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-12975]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69642; File No. SR-OCC-2013-05]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of Proposed Rule Change To Provide That OCC, Rather
Than an Adjustment Panel of the Securities Committee, Will Determine
Adjustments to the Terms of Options Contracts to Account for Certain
Events, Such as Certain Dividend Distributions or Other Corporate
Actions, That Affect the Underlying Security or Other Underlying
Interest
May 28, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby
given that on May 15, 2013, The Options Clearing Corporation (``OCC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by OCC. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
OCC proposes to provide that OCC, rather than an adjustment panel
of the Securities Committee, will determine adjustments to the terms of
options contracts to account for certain events, such as certain
dividend distributions or other corporate actions, that affect the
underlying security or other underlying interest.
[[Page 33139]]
II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, OCC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
The principal purpose of this proposed rule change is to authorize
OCC, rather than adjustment panels of the Securities Committee,\3\ to
determine option contract adjustments and to determine the value of
distributed property involved in such adjustments. Other conforming or
clarifying changes to the By-Laws relating to adjustments and/or
adjustment panels also are being proposed.
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\3\ The OCC Securities Committee is authorized under OCC By-Law
Article VI Section 11(a) to determine contract adjustments in
particular cases and to formulate adjustment policy or
interpretations having general applicability. The Securities
Committee is comprised of representatives of OCC's participant
options exchanges and authorized representatives of OCC.
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1. Background and Purpose of Proposed Rule Change
Certain corporate actions--such as declaration of dividends or
distributions, stock splits, rights offerings, reorganizations, or the
merger or liquidation of an issuer--affecting an underlying security
may require an adjustment to the terms of the overlying options. For
example, in a two-for-one stock split, the overlying options might also
be split two-for-one, so that each option would continue to cover the
same number of shares but with an exercise price equal to half of the
pre-split price. The basic procedural rules governing such
``adjustments'' in the terms of outstanding options are set forth in
Section 11 of Article VI of OCC's By-Laws, and the substantive rules
specifically covering adjustment of stock options are set forth in
Section 11A of Article VI. Although much less common, it is also
possible that events affecting indexes and other underlying interests
could also require adjustment of the overlying options. Rules for
adjustment of such other options are generally found in the By-Law
provisions applicable to such other options.
The procedural rules of Article VI, Section 11 of the By-Laws
provide that all adjustments to option contracts be determined on a
case-by-case basis by an adjustment panel of the Securities Committee
composed of two representatives \4\ of each exchange that trades an
option on the underlying security and the OCC Chairman (or his
representative). All actions are determined by majority vote, with OCC
voting only to break a tie. Besides determining particular adjustments
in individual cases, Article VI, Section 11 also authorizes the
Securities Committee to adopt statements of policy or interpretations
governing option adjustments in general. Additionally, the Securities
Committee is authorized to determine the value of distributed property
involved in stock option adjustments as stated in Article VI, Section
11A(f).
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\4\ The Commission has approved an amendment to OCC's By-Laws
under which only one representative of each relevant exchange is
required on an adjustment panel. Securities Exchange Act Release No.
34-67333 (July 2, 2012), 77 FR 40394 (July 9, 2012) (SR-OCC-2012-
07). However, the amendment will not be implemented until an
amendment to the Options Disclosure Document reflecting this change
is made. Interpretation and Policy .01 to Article VI, Section 11
clarifies that until such time as the amendment to the Options
Disclosure Document is made and only one representative is required,
an adjustment panel must have two representatives of each exchange
that trades an option on the underlying security.
---------------------------------------------------------------------------
The options exchanges asked OCC to evaluate possible changes to the
structure and procedures which govern option contract adjustments. The
request was prompted by a desire to consider ways to lessen investor
confusion and enhance consistency in making option contract
adjustments. In addition, the exchanges have expressed concern that
exchange representatives involved in adjustment decisions may sometimes
be subject to undue pressure from investors. Accordingly, the exchanges
asked OCC to investigate whether changes to adjustment procedures could
insulate the exchanges from undue pressure while concurrently providing
greater consistency and efficiency in making adjustment decisions.
2. Description of Proposed Changes
Discussions among OCC and the exchanges concerning potential
changes to Securities Committee governance in respect of adjustments
yielded a consensus that the exchanges should retain policy-making
authority under the adjustment By-Laws through the Securities Committee
but that OCC should be the sole determiner of particular adjustment
decisions, thereby eliminating adjustment panels convened for the
purpose of determining adjustments of particular option contracts. The
Securities Committee ratified the following recommendations by
unanimous vote:
(i) The policy making role of the Securities Committee should be
unchanged. As members of the Securities Committee, exchanges should
retain authority to determine adjustment policy in general.
(ii) OCC should apply the adjustment By-Laws and Interpretations to
determine particular adjustments on a case-by-case basis. An adjustment
panel comprised of exchange and OCC representatives should not be
called to determine a particular adjustment, thereby insulating the
exchanges from investor pressure to determine a particular outcome.\5\
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\5\ There is precedent for this approach in that OCC currently
determines all contract adjustments for security futures. See
Article XII, Sections 3 and 4 of OCC's By-Laws.
---------------------------------------------------------------------------
(iii) OCC and the exchanges should retain unrestricted ability to
mutually discuss considerations pertaining to any adjustment decision
or policy.
(iv) OCC should be given authority to determine the value of
distributed property involved in contract adjustments.
These recommendations were reviewed with OCC's Board of Directors,
which unanimously approved them by authorizing the filing of this
proposed rule change.
Notwithstanding the elimination of exchange representative
adjustment panels, panels of exchange representatives would still
retain their existing functions and authority under other provisions of
OCC's By-Laws. For example, those panels would retain the authority to
fix exercise settlement amounts for cash-settled options where a
closing price for the underlying is otherwise unavailable.\6\
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\6\ See, e.g., Article XIV, Section 5, Article XVII, Section 4,
Article XXII, Section 4 and Article XXIV, Section 4.
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The types of adjustments for which exchange representative panels
may continue to be convened would be limited to very rare situations
involving market closures or the unavailability of accurate pricing,
and would need to be done on very short notice, unlike dividend
adjustments, for which there can be a period of time between the
announcement of a dividend and the decision of the panel. Accordingly,
it is much less likely that exchange representatives on these panels
would be subject to the same risk of undue pressure from investors.
These situations are also less likely to fit within a policy or
precedent that could
[[Page 33140]]
be prescribed in advance by the Securities Committee, and therefore it
would be more difficult for the Corporation to make the decisions
without the input of the relevant exchanges.
3. Discussion
As a result of the proposed changes described above, adjustment
panels for the purpose of determining adjustments of particular options
contracts would cease to exist, and exchanges would have no obligation
or authority to determine a particular adjustment. OCC would determine
the appropriate application of the By-Laws and Interpretations and
Policies, but the exchanges would retain policy making authority as
members of the Securities Committee. In this policy making capacity,
actions of the Securities Committee would continue to require approval
by a majority vote.
Occasionally, there may be unique aspects of a corporate event that
justify departure from adjustment policy or precedent, or that involve
a situation for which there is no existing adjustment policy or
precedent. Such events may also highlight a need for a more general
reformulation of adjustment policy. Under the proposed changes, if OCC
determines such aspects to be present, OCC would determine in its sole
discretion any adjustment to be applied in the particular case. The
Securities Committee would not initiate policy changes ``ad hoc'' to
address a particular case (which would be a de facto determination of a
particular adjustment decision). Instead, after OCC determined a
particular adjustment, the Securities Committee, in its discretion,
would determine the appropriateness of adopting prospective policy
changes or clarifications.\7\
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\7\ This approach was followed in 2006 in response to a special
cash dividend. In that case, adjustment panels determined to depart
from precedent and adjust certain ETF options where the ETF
distributed pro rata dividends based on the amount of a special
dividend paid by the issuer of one of the component stocks in the
ETF. Following these adjustments, the Securities Committee
recommended to the OCC Board a policy reformulation. See
Interpretation .08 to Article VI, Section 11A.
---------------------------------------------------------------------------
Although OCC and the exchanges believe it is feasible for OCC to
independently determine adjustments, both are averse to losing valuable
exchange experience and insight that is now brought to bear in
adjustment decisions. Accordingly, OCC and the exchanges believe that
they should retain unrestricted ability to discuss with each other any
considerations pertaining to an adjustment decision or policy--with the
understanding that adjustment decisions would be made solely by OCC and
the exchanges would be involved solely in an advisory capacity.
Accordingly, nothing in the present proposal would prohibit either the
exchanges or OCC from initiating conversations concerning adjustment
policy or particular adjustment decisions, but neither would such
consultation be required.\8\ Furthermore, to ensure continued exchange
involvement in determining adjustment policy, OCC intends to call
periodic meetings of the Securities Committee to discuss policy issues
and review recent experience with contract adjustments.\9\ Such
meetings will be held on a quarterly or more frequent periodic basis.
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\8\ Confidentiality of the communications between OCC and the
Exchanges would continue to be observed--as it is today.
\9\ As a practical matter, even if adjustments are determined
solely by OCC it would still be necessary for OCC and the exchanges
to coordinate the operational execution of all option adjustments.
This coordination includes, but is not limited to, the determination
of an effective date, option symbols and strike prices and the
publication of notices.
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Occasionally option adjustments involve the substitution of cash
value in lieu of delivery of property. For example, this is the case
when a security does not trade in the United States or cash in lieu of
property is involved. Currently, the Securities Committee has authority
to determine such cash value. OCC is proposing that it would instead be
authorized to determine cash value in these cases since it would have
sole discretion to determine contract adjustments.
The proposed changes would apply only to the functions of OCC and
the Securities Committee in the determination of option contract
adjustments as described in Article VI, Sections 11 and other By-Law
provisions.\10\ The Securities Committee--or panels comprised of
representatives of the Securities Committee--in respect of actions that
do not involve option contract adjustments would retain all other
functions and authority granted under the By-Laws, including, for
example, the ability to fix index option settlement values in cases of
market disruption \11\ and similar actions.
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\10\ See, e.g., [sic] Article XII, Sections 3 and 4; Article
XIV, Section 3A; Article XV, Section 4; Article XVI, Section 3;
Article XVII, Section 3; Article XX, Section 4; Article XXII,
Section 3; Article XXIII, Section 4; and Article XXIV, Section 6.
\11\ See, e.g., By-Law Article XVII, Section 4.
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Adjustment provisions of the By-Laws pertaining to classes of
options other than stock options sometimes provide for adjustment
panels by referring to Article VI, Section 11. Insofar as Article VI,
Section 11 would be modified to eliminate the need for adjustment
panels, the requirement for adjustment panels to determine contract
adjustments for these other types of option contracts would also be
eliminated, with case by case adjustment decisions determined solely by
OCC.
4. Other Changes
In addition to the principal purpose underlying this rule change as
described above, certain other conforming and/or clarifying changes are
being proposed. These changes are intended to update the By-Laws to
eliminate stale rule provisions, to conform cross-references contained
in other By-Laws to changes being proposed herein and to clarify
certain interpretations adopted under the By-Laws to reflect a recent
policy determination made by the Securities Committee in accordance
with its authority granted under Article VI, Section 11 of OCC's By-
Laws. These changes generally are described below.
OCC is proposing to modify or eliminate certain adjustment related
By-Law provisions because, due to industry or other changes, there is
no longer any open interest in options covered by such provisions. For
example, equity options previously had traded with exercise prices
expressed in either fractions or decimals. All exercise prices for
equity options now are expressed in decimals, and all open interest in
options series for which exercise prices were expressed in fractions
has expired. Several By-Law provisions are being modified or eliminated
to reflect this circumstance.\12\
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\12\ See, e.g., the proposed changes to the definition of the
term ``adjustment increment,'' Article I, Section 1.A(2); Article
VI, Section 11A(d); Interpretation & Policy .09 under Article VI,
Section 11A; and Article XII, Section 3(d).
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OCC also is proposing to eliminate other stale provisions,
including those found within Interpretation and Policy .01 under the
Article VI, Section 11, which relates to the determination of
``ordinary cash dividends or distributions'' for which no adjustment is
ordinarily made. These provisions preserved the ``10% rule'' (i.e., the
former method used to determine whether a cash dividend or distribution
was ordinary) for application to certain series that had open interest
prior to rescission of the 10% rule. Open interest in all such
``grandfathered'' series has expired, and therefore these provisions
are no longer necessary. Changes would also be made to Article XIV,
Section 3A(a)(3) in relation to
[[Page 33141]]
binary options for which the underlying is an equity interest.
OCC's Securities Committee is empowered under the By-Laws to adopt
statements of policy or interpretations having general application to
specified types of events or specific kinds of cleared contracts.
Recently, the Securities Committee issued a clarifying interpretation
with respect to determinations of corporate issuers to accelerate or
defer payments of otherwise ordinary dividends. More specifically, the
Securities Committee determined that such events would not, as a
general rule, affect the ordinary nature of such dividends subject to
the evaluation of these events on a case-by-case basis.\13\ Comparable
changes, as applicable, would be made to Article XIV, Section 3A. Other
changes being proposed are conforming in nature in that they update
cross-references to By-Laws and Rules proposed to be amended.
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\13\ Securities Exchange Act Release No. 34-68531 (December 21,
2012), 77 FR 77157 (December 31, 2012) (SR-OCC-2012-26).
---------------------------------------------------------------------------
OCC believes the proposed rule change is consistent with the
purposes and requirements of Section 17A(b)(3)(F) of the Securities
Exchange Act of 1934, as amended, (the ``Act'') \14\ and the rules and
regulations thereunder because the proposed changes would help promote
the prompt and accurate clearance and settlement of securities
transactions and foster cooperation and coordination with persons
engaged in the settlement of securities transactions \15\ by providing
OCC with sole discretion for particular adjustment decisions to help
ensure that decisions are consistent, efficient and free from undue
influence and by providing conforming and clarifying changes to OCC's
By-Laws and Rules to help ensure that OCC maintains a well-founded,
transparent and enforceable legal framework as required by Rule 17Ad-
22(d)(1).\16\ The proposed rule change is not inconsistent with any
rules of OCC, including any rules proposed to be amended.
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\14\ 15 U.S.C. 78q-1.
\15\ 15 U.S.C. 78q-1(b)(3)(F).
\16\ 17 CFR 240.17Ad-22(d)(1).
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OCC will not implement these proposed rule changes until the
effectiveness of an amendment to the Options Disclosure Document
relating to the proposed changes.
(B) Clearing Agency's Statement on Burden on Competition
OCC does not believe that the proposed rule change will impact, or
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change
primarily affects OCC's clearing members and their customers, but it
would not impose any additional burden on them because options are
already subject to adjustment and the revised procedures apply equally
to all clearing members. OCC does not believe that providing OCC with
sole discretion for particular adjustment decisions, rather than
continuing to rely on adjustment panels consisting of exchange
representatives, would inhibit access to any of OCC's services or
disadvantage or favor any user of OCC's services in relationship to any
other such user. In fact, OCC believes that the proposed rule change
would promote competition among participants in the options markets
because it would help ensure that adjustment decisions are consistent,
efficient and free from undue influence and therefore it would promote
certainty, fairness and a level playing field in the options markets
with respect to when and how participants are affected by adjustments.
For the foregoing reasons, OCC believes that the proposed rule
change is in the public interest and consistent with the requirements
of the Act applicable to clearing agencies because it would promote
competition in the options markets that OCC serves and not impose a
burden on competition that is unnecessary or inappropriate in
furtherance of the purposes of the Act.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
Written comments on the proposed rule change were not and are not
intended to be solicited with respect to the proposed rule change and
none have been received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove such proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Exchange Act. Comments may be submitted
by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-OCC-2013-05 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549.
All submissions should refer to File Number SR-OCC-2013-05. 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 Web site (https://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 Web site 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 the filing also will be available
for inspection and copying at the principal office of OCC and on OCC's
Web site: https://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_13_05.pdf).
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-OCC-2013-05
and should be submitted on or before June 24, 2013.
[[Page 33142]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-12975 Filed 5-31-13; 8:45 am]
BILLING CODE 8011-01-P