Self-Regulatory Organizations; The Options Clearing Corporation; Advance Notice Concerning the Governance Committee Charter, 77181-77183 [2013-30268]
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Federal Register / Vol. 78, No. 245 / Friday, December 20, 2013 / Notices
the reasons described above, the
Exchange believes that the proposed fee
changes reflect this competitive
environment.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 15 and
subparagraph (f)(2) of Rule 19b–4
thereunder,16 because it establishes a
due, fee, or other charge imposed by
ISE.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or 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 Act.
Comments may be submitted by any of
the following methods:
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 the Exchange. 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–ISE–
2013–65 and should be submitted on or
before January 10, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–30266 Filed 12–19–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
[Release No. 34–71083; File No. SR–OCC–
2013–807]
• 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–
ISE–2013–65 on the subject line.
Self-Regulatory Organizations; The
Options Clearing Corporation;
Advance Notice Concerning the
Governance Committee Charter
emcdonald on DSK4SPTVN1PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–ISE–2013–65. This file
number should be included on the
December 16, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4(n)(1)(i),2
notice is hereby given that on
September 14, 2012, The Options
Clearing Corporation (‘‘OCC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
advance notice described in Items I and
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4(n)(1)(i).
15 15
U.S.C. 78s(b)(3)(A)(ii).
16 17 CFR 240.19b–4(f)(2).
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77181
II below, which Items have been
prepared by OCC. The Commission is
publishing this notice to solicit
comments on the advance notice from
interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Advance
Notice
This advance notice concerns the
charter of the Governance Committee
(‘‘GC Charter’’) of OCC’s Board of
Directors (‘‘Board’’).
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Advance Notice
In its filing with the Commission,
OCC included statements concerning
the purpose of and basis for the advance
notice and discussed any comments it
received on the advance notice. 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) and (B) below, of the
most significant aspects of such
statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Advance Notice
This advance notice concerns the GC
Charter. The Board authorized
formation of the Governance Committee
(‘‘GC’’) at its May 21, 2013, meeting and
approved the GC Charter at its
September 24, 2013, meeting. As set
forth in the GC Charter, the purpose of
the GC is to review the overall corporate
governance of OCC and recommend
improvements to OCC’s Board. The GC
Charter describes the role the GC plays
in assisting the Board in fulfilling its
responsibilities, as described in OCC’s
By-Laws and Rules, as well as
specifying the policies and procedures
governing the membership and
organization, scope of authority, and
specific functions and responsibilities of
the GC. In addition, the guidelines for
the composition of the GC as well as the
policies regarding its meeting schedule,
quorum rules, minute-keeping and
reporting requirements are set forth in
the GC Charter and conform to
applicable requirements specified in
OCC’s By-Laws and Rules.
The GC is composed of not fewer than
five Directors with at least one Public
Director, one Exchange Director and one
Member Director. Management Directors
will not be members of the GC. The
Board will designate a GC Chair and if
the Chair is not present at a meeting, the
members who are present will designate
a member to serve as the Acting Chair.
The GC will meet at least four times a
year and a majority of the GC members
E:\FR\FM\20DEN1.SGM
20DEN1
emcdonald on DSK4SPTVN1PROD with NOTICES
77182
Federal Register / Vol. 78, No. 245 / Friday, December 20, 2013 / Notices
constitutes a quorum. The GC is
permitted to call executive sessions
from which guests of the GC may be
excluded, and GC members are
permitted to participate in all meetings
by conference telephone call or other
means of communication that permit all
meeting participants to hear each other.
The GC Chair, or the Chair’s designee,
will report regularly to the Board on the
GC’s activities.
The GC Charter sets forth certain
functions and responsibilities for the GC
including, but not limited to, the
following: Review the composition of
the Board as a whole, including the
Board’s balance of participant and nonparticipant directors, business
specialization, technical skills, diversity
and other desired qualifications; review
the Board’s Charter for consistency with
regulatory requirements, transparency of
the governance process and other sound
governance practice and recommend
changes to the Board, where
appropriate; review the committee
structure of the Board, including the GC,
and recommend changes to the Board,
where appropriate; review OCC’s
policies and procedures for identifying
and reviewing Board nominee
candidates, including the criteria for
Board nominees; develop and
recommend to the Board a periodic
process of self-evaluation of the role and
performance of the Board, its
committees and management in the
governance of OCC; review OCC’s
policies on conflicts of interest of
directors, including the OCC Directors
Code of Conduct and recommend
changes, where appropriate; and, review
OCC’s new director orientation program
as well as OCC’s training and education
programs for Board members and
recommend changes, where appropriate.
In addition to the foregoing, the GC may
undertake other and different activities,
as appropriate, or as may be delegated
to it by the Board. In discharging its
role, the GC shall confer with
management and other employees of
OCC to the extent the GC deems it
necessary to so to fulfill its duties.3
This advance notice is consistent with
Section 806(e)(1)(A) 4 of the Clearing
Supervision Act because the proposed
change could be deemed to materially
affect the nature or level of risks
presented by OCC. The implementation
of the GC may result in changes that
will improve OCC’s overall risk
3 The GC, subject to the approval of the Board, is
permitted to hire specialists or rely on outside
advisors or specialists to assist it in carrying out the
GC’s activities. The GC has the authority to approve
the fees and retention terms of such advisors and
specialists.
4 12 U.S.C. 5465(e)(1)(A).
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management process. In addition, the
adoption of the GC Charter will reduce
the amount of systemic risk OCC
presents to the financial system because
it will enhance the transparency of
OCC’s governance arrangements. The
advance notice is not inconsistent with
any existing OCC By-Laws or Rules.
(B) Clearing Agency’s Statement on
Comments on the Advance Notice
Received From Members, Participants,
or Others
Written comments on the advance
notice were not and are not intended to
be solicited with respect to the advance
notice and none have been received.
III. Date of Effectiveness of the Advance
Notice and Timing for Commission
Action
The proposed changes contained in
the advance notice may be implemented
pursuant to Section 806(e)(1)(G) of
Clearing Supervision Act 5 if the
Commission does not object to the
proposed changes within 60 days of the
later of (i) the date that the advance
notice was filed with the Commission or
(ii) the date that any additional
information requested by the
Commission is received. The clearing
agency shall not implement the
proposed changes contained in the
advance notice if the Commission
objects to the proposed changes.
The Commission may extend the
period for review by an additional 60
days if the proposed changes raise novel
or complex issues, subject to the
Commission providing the clearing
agency with prompt written notice of
the extension. Proposed changes may be
implemented in fewer than 60 days
from the date the advance notice is
filed, or the date further information
requested by the Commission is
received, if the Commission notifies the
clearing agency in writing that it does
not object to the proposed changes and
authorizes the clearing agency to
implement the proposed changes on an
earlier date, subject to any conditions
imposed by the Commission.
OCC has also filed the advance notice
as a proposed rule change pursuant to
Section 19(b)(1) of the Act 6 and Rule
19b–4 thereunder.7 Pursuant to those
provisions, 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
5 12
U.S.C. 5465(e)(1)(G).
U.S.C. 78s(b)(1).
7 17 CFR 240.19b–4.
6 15
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the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
the proposed rule change or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
The clearing agency shall post notice
on its Web site of proposed changes that
are implemented.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing.
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–2013–807 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
20549–1090.
All submissions should refer to File
Number SR–OCC–2013–807. 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 advance notice that
are filed with the Commission, and all
written communications relating to the
advance notice 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 such
filings also will be available for
inspection and copying at the principal
office of OCC and on OCC’s Web site at
https://www.theocc.com/about/
publications/bylaws.jsp.
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
E:\FR\FM\20DEN1.SGM
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Federal Register / Vol. 78, No. 245 / Friday, December 20, 2013 / Notices
submissions should refer to File
Number SR–OCC–2013–807 and should
be submitted on or before January 10,
2014.
By the Commission.
Kevin O’Neill,
Deputy Secretary.
[FR Doc. 2013–30268 Filed 12–19–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71085; File No. SR–
NYSEMKT–2013–99]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Rules 104—
Equities and 123C—Equities To
Specify That Closings May Be
Effectuated Manually or Electronically
December 16, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
3, 2013, NYSE MKT LLC (‘‘NYSE MKT’’
or ‘‘Exchange’’) 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 the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
emcdonald on DSK4SPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rules 104—Equities and 123C—Equities
to specify that closings may be
effectuated manually or electronically.
The text of the proposed rule change is
available on the Exchange’s Web site at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization 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 those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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16:44 Dec 19, 2013
Jkt 232001
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes amend Rules
104—Equities (‘‘Rule 104’’) and 123C—
Equities (‘‘Rule 123C’’) to specify that
closings may be effectuated manually or
electronically.3 Rule 104(a)(3) currently
provides that designated market makers
(‘‘DMM’’) have the responsibility,
among other things, to facilitate the
close of trading for each of the securities
in which the DMM is registered as
required by Exchange rules (including
Rule 123C), which may include
supplying liquidity as needed. Rule
104(b) further provides that DMM units
shall have the ability to employ
algorithms for quoting and trading
consistent with Exchange and SEC
regulations. As such, DMM units at the
Exchange all use algorithms to engage in
quoting and trading activity at the
Exchange.
Rule 123D(1)—Equities specifies that
openings may be effectuated manually
or electronically. Accordingly, the
Exchange currently provides DMM units
with functionality to open a security,
either on a trade or on a quote,
algorithmically. The Exchange is in the
process of making a technological
change to enable DMM units to use
algorithms to close a security as well,
i.e., to effectuate a close electronically.
The Exchange believes that such
functionality would be consistent with
current Rule 104(b) because the rule
already permits algorithms to engage in
quoting or trading activity. However, for
the avoidance of doubt, the Exchange
proposes to amend Rule 123C to add
supplementary material that parallels
the current Rule 123D(1)—Equities rule
provision governing the manner by
which openings are effectuated to
similarly provide that closings may be
effectuated manually or electronically.
To assure that certain non-displayed
interest that is eligible to participate in
manual transactions is included in the
opening transaction, Rule 104(a)(2)
currently provides that the DMM and
DMM unit algorithms will have access
to aggregate order information in order
to comply with their requirement to
3 Rule 104 is operating on a pilot basis as part of
the Exchange’s New Market Model pilot and is in
effect until January 31, 2014. See Securities
Exchange Act Release No. 69812 (June 20, 2013), 78
FR 38766 (June 27, 2013) (SR–NYSEMKT–2013–
51).
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77183
facilitate the opening.4 Because such
non-displayed interest is also eligible to
participate in the closing transaction,
the Exchange would similarly provide
aggregate order information to the DMM
and DMM unit algorithm in order for
the DMM algorithm to close the security
electronically. Accordingly, the
Exchange proposes to amend Rule
104(a)(3) to add that DMM and DMM
unit algorithms will have access to
aggregate order information in order to
comply with their requirement to
facilitate the close of trading as required
by Exchange rules. The proposed
additional rule text mirrors the current
rule text in Rule 104(a)(2).
Rule 104(b)(iii) provides that the
DMM unit’s system employing
algorithms will have access only to
publicly-available information.
However, as noted above, certain nondisplayed interest must be included in
the opening or closing transaction.
Currently, in order to both include such
interest in an opening that is effectuated
electronically and meet the Rule
104(b)(iii) requirements, the Exchange
delivers aggregate order information that
includes such non-displayed interest to
DMM unit algorithms in a format that is
accessible only for the purpose of the
opening transaction. Stated otherwise,
such information is not made available
to the DMM algorithms that engage in
intraday quoting and trading activity.
The Exchange proposes to use similar
mechanisms to deliver aggregate order
information necessary for DMM units to
effectuate a closing transaction
electronically so that it is similarly
restricted in its use and availability. In
order to provide additional transparency
in Exchange rules, the Exchange
proposes to amend Rule 104(b)(iii) to
add a qualifying statement that except
as provided for in Rule 104(a)(2) and
proposed Rule 104(a)(3), which as
described above are of limited purpose,
the DMM unit’s system employing
algorithms will not have access to order
4 Minimum Display Reserve interest, which
includes Minimum Display Reserve Orders
pursuant to Rule 13—Equities and Floor broker
interest designated as reserve interest pursuant to
Rule 70—Equities, is eligible to participate in
manual executions, which include the open and
close. Exchange systems include all interest eligible
to participate in the opening transaction in the
aggregate order information available for execution
at a price point when the DMM facilitates a manual
transaction. See Securities Exchange Act Release
No. 34–58184 (July 17, 2008), 73 FR 42853 at 42868
(July 23, 2008) (SR–NYSE–2008–45) (The
Exchange’s equity trading rules are based on the
rules of the New York Stock Exchange LLC). See
also Rule 115—Equities (providing that the
aggregated interest of Minimum Display Reserve
Orders may be included in the information a DMM
may provide to an inquiry from a Floor broker
conducting a market probe in the normal course of
business).
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]]>Agencies
[Federal Register Volume 78, Number 245 (Friday, December 20, 2013)]
[Notices]
[Pages 77181-77183]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-30268]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71083; File No. SR-OCC-2013-807]
Self-Regulatory Organizations; The Options Clearing Corporation;
Advance Notice Concerning the Governance Committee Charter
December 16, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4(n)(1)(i),\2\ notice is hereby given that
on September 14, 2012, The Options Clearing Corporation (``OCC'') filed
with the Securities and Exchange Commission (``Commission'') the
advance notice 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 advance notice from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4(n)(1)(i).
---------------------------------------------------------------------------
I. Clearing Agency's Statement of the Terms of Substance of the Advance
Notice
This advance notice concerns the charter of the Governance
Committee (``GC Charter'') of OCC's Board of Directors (``Board'').
II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Advance Notice
In its filing with the Commission, OCC included statements
concerning the purpose of and basis for the advance notice and
discussed any comments it received on the advance notice. 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) and (B)
below, of the most significant aspects of such statements.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Advance Notice
This advance notice concerns the GC Charter. The Board authorized
formation of the Governance Committee (``GC'') at its May 21, 2013,
meeting and approved the GC Charter at its September 24, 2013, meeting.
As set forth in the GC Charter, the purpose of the GC is to review the
overall corporate governance of OCC and recommend improvements to OCC's
Board. The GC Charter describes the role the GC plays in assisting the
Board in fulfilling its responsibilities, as described in OCC's By-Laws
and Rules, as well as specifying the policies and procedures governing
the membership and organization, scope of authority, and specific
functions and responsibilities of the GC. In addition, the guidelines
for the composition of the GC as well as the policies regarding its
meeting schedule, quorum rules, minute-keeping and reporting
requirements are set forth in the GC Charter and conform to applicable
requirements specified in OCC's By-Laws and Rules.
The GC is composed of not fewer than five Directors with at least
one Public Director, one Exchange Director and one Member Director.
Management Directors will not be members of the GC. The Board will
designate a GC Chair and if the Chair is not present at a meeting, the
members who are present will designate a member to serve as the Acting
Chair. The GC will meet at least four times a year and a majority of
the GC members
[[Page 77182]]
constitutes a quorum. The GC is permitted to call executive sessions
from which guests of the GC may be excluded, and GC members are
permitted to participate in all meetings by conference telephone call
or other means of communication that permit all meeting participants to
hear each other. The GC Chair, or the Chair's designee, will report
regularly to the Board on the GC's activities.
The GC Charter sets forth certain functions and responsibilities
for the GC including, but not limited to, the following: Review the
composition of the Board as a whole, including the Board's balance of
participant and non-participant directors, business specialization,
technical skills, diversity and other desired qualifications; review
the Board's Charter for consistency with regulatory requirements,
transparency of the governance process and other sound governance
practice and recommend changes to the Board, where appropriate; review
the committee structure of the Board, including the GC, and recommend
changes to the Board, where appropriate; review OCC's policies and
procedures for identifying and reviewing Board nominee candidates,
including the criteria for Board nominees; develop and recommend to the
Board a periodic process of self-evaluation of the role and performance
of the Board, its committees and management in the governance of OCC;
review OCC's policies on conflicts of interest of directors, including
the OCC Directors Code of Conduct and recommend changes, where
appropriate; and, review OCC's new director orientation program as well
as OCC's training and education programs for Board members and
recommend changes, where appropriate. In addition to the foregoing, the
GC may undertake other and different activities, as appropriate, or as
may be delegated to it by the Board. In discharging its role, the GC
shall confer with management and other employees of OCC to the extent
the GC deems it necessary to so to fulfill its duties.\3\
---------------------------------------------------------------------------
\3\ The GC, subject to the approval of the Board, is permitted
to hire specialists or rely on outside advisors or specialists to
assist it in carrying out the GC's activities. The GC has the
authority to approve the fees and retention terms of such advisors
and specialists.
---------------------------------------------------------------------------
This advance notice is consistent with Section 806(e)(1)(A) \4\ of
the Clearing Supervision Act because the proposed change could be
deemed to materially affect the nature or level of risks presented by
OCC. The implementation of the GC may result in changes that will
improve OCC's overall risk management process. In addition, the
adoption of the GC Charter will reduce the amount of systemic risk OCC
presents to the financial system because it will enhance the
transparency of OCC's governance arrangements. The advance notice is
not inconsistent with any existing OCC By-Laws or Rules.
---------------------------------------------------------------------------
\4\ 12 U.S.C. 5465(e)(1)(A).
---------------------------------------------------------------------------
(B) Clearing Agency's Statement on Comments on the Advance Notice
Received From Members, Participants, or Others
Written comments on the advance notice were not and are not
intended to be solicited with respect to the advance notice and none
have been received.
III. Date of Effectiveness of the Advance Notice and Timing for
Commission Action
The proposed changes contained in the advance notice may be
implemented pursuant to Section 806(e)(1)(G) of Clearing Supervision
Act \5\ if the Commission does not object to the proposed changes
within 60 days of the later of (i) the date that the advance notice was
filed with the Commission or (ii) the date that any additional
information requested by the Commission is received. The clearing
agency shall not implement the proposed changes contained in the
advance notice if the Commission objects to the proposed changes.
---------------------------------------------------------------------------
\5\ 12 U.S.C. 5465(e)(1)(G).
---------------------------------------------------------------------------
The Commission may extend the period for review by an additional 60
days if the proposed changes raise novel or complex issues, subject to
the Commission providing the clearing agency with prompt written notice
of the extension. Proposed changes may be implemented in fewer than 60
days from the date the advance notice is filed, or the date further
information requested by the Commission is received, if the Commission
notifies the clearing agency in writing that it does not object to the
proposed changes and authorizes the clearing agency to implement the
proposed changes on an earlier date, subject to any conditions imposed
by the Commission.
OCC has also filed the advance notice as a proposed rule change
pursuant to Section 19(b)(1) of the Act \6\ and Rule 19b-4
thereunder.\7\ Pursuant to those provisions, 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 the proposed rule change or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
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\6\ 15 U.S.C. 78s(b)(1).
\7\ 17 CFR 240.19b-4.
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The clearing agency shall post notice on its Web site of proposed
changes that are implemented.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. 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-2013-807 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 20549-1090.
All submissions should refer to File Number SR-OCC-2013-807. 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 advance notice that are filed
with the Commission, and all written communications relating to the
advance notice 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 such filings also will be available for inspection
and copying at the principal office of OCC and on OCC's Web site at
https://www.theocc.com/about/publications/bylaws.jsp.
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
[[Page 77183]]
submissions should refer to File Number SR-OCC-2013-807 and should be
submitted on or before January 10, 2014.
By the Commission.
Kevin O'Neill,
Deputy Secretary.
[FR Doc. 2013-30268 Filed 12-19-13; 8:45 am]
BILLING CODE 8011-01-P
