Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change Concerning the Date of the Annual Meeting of The Options Clearing Corporation's Stockholders, 2760-2762 [2015-00701]
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Federal Register / Vol. 80, No. 12 / Tuesday, January 20, 2015 / Notices
rljohnson on DSK3VPTVN1PROD with NOTICES
member for insolvency or noninsolvency related reasons. Section 4 of
Rule 16 (Ceasing to Act for the Member)
is renumbered as new Section 3 and
revised to remove the reference to the
‘‘Time of Insolvency’’ concept.
In Rule 17—‘‘Procedures for When the
Corporation Ceases to Act,’’ Section 1
(Notification) is revised to clarify that
FICC will notice the Commission as
well as MBSD’s members of every
decision to cease to act for a MBSD
member. Section 1 of Rule 17 is further
revised to remove the requirement that
FICC establish a separate ‘‘Time of
Insolvency,’’ in the event it ceases to act
because of a member’s insolvency, or
‘‘Cut-Off Time,’’ in the event it ceases to
act for a member for non-insolvency
related reasons.
Sections 2, 2(a), 2(d) and 2(e) of Rule
17 are revised to remove the ‘‘Time of
Insolvency’’ and ‘‘Cut-Off Time’’
concepts, and instead rely on the time
FICC ceases to act for a member for
purposes of determining its obligations
with respect to pending transactions
involving such member.
Section 2(g) of Rule 17, which
provides that, in the context of FICC
ceasing to act for a MBSD member, a
transaction involving such member that
would not otherwise be compared or
deemed compared under the MBSD
rules may, in certain circumstances, be
deemed compared based solely on data
submitted by a non-defaulting member,
based on a multi-pronged facts and
circumstances-based test, is removed.
FICC will instead rely on the compared
trade definitions in the MBSD rules
when determining its obligations with
respect to pending transactions
involving an insolvent or otherwise
defaulted member, subject to the
discretion of FICC’s Board of Directors
to determine otherwise in order to
promote orderly settlement with respect
to transactions the data on which have
been submitted only by non-defaulting
members.
III. Discussion
Section 19(b)(2)(C) of the Act 11
directs the Commission to approve a
proposed rule change of a selfregulatory organization if it finds that
such proposed rule change is consistent
with the requirements of the Act and the
rules and regulations thereunder
applicable to such organization. Section
17A(b)(3)(F) of the Act 12 requires,
among other things, that the rules of a
clearing agency be designed to achieve
several goals, including promoting the
prompt and accurate clearance and
11 15
12 15
U.S.C. 78s(b)(2)(C).
U.S.C. 78q–1(b)(3)(F).
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settlement of securities transactions
and, to the extent applicable, derivative
agreements, contracts, and transactions.
The Commission concludes that the
proposed rule change is consistent with
Section 17A(b)(3)(F) 13 of the Securities
and Exchange Act of 1934, as amended,
and the rules and regulations
promulgated thereunder because it will
promote the prompt and accurate
clearance and settlement of securities
transactions and remove impediments
to and perfect the mechanism of a
national system for the prompt and
accurate clearance and settlement of
securities transactions. In particular, the
rule change simplifies FICC’s process in
a cease to act situation and provide
greater legal certainty for FICC and its
members as to FICC’s obligations with
respect to pending transactions
involving an insolvent or otherwise
defaulted member, particularly in an
intra-day cease to act situation.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act, particularly
those set forth in Section 17A,14 and the
rules and regulations thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,15 that the
proposed rule change (SR–FICC–2014–
06) be, and hereby is, approved.16
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Brent J. Fields,
Secretary.
[FR Doc. 2015–00704 Filed 1–16–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Thursday, January 22, 2015 at 2:00
p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
13 15
U.S.C. 78q–1(b)(3)(F).
U.S.C. 78q–1.
15 15 U.S.C. 78s(b)(2).
16 In approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
17 17 CFR 200.30–3(a)(12).
14 15
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staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
Closed Meeting in closed session.
The subject matter of the Closed
Meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings
Consideration of amicus participation;
and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact the Office of the Secretary at
(202) 551–5400.
Dated: January 15, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–00926 Filed 1–15–15; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74042; File No. SR–OCC–
2015–01]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing of Proposed Rule Change
Concerning the Date of the Annual
Meeting of The Options Clearing
Corporation’s Stockholders
January 13, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on January
7, 2015, The Options Clearing
Corporation (‘‘OCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in I Items I, II and III
below, which Items have been prepared
by OCC. OCC filed the proposed rule
change pursuant to Section 19(b)(3)(A) 3
of the Act and Rule 19b–4(f)(3) 4
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(3).
2 17
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Federal Register / Vol. 80, No. 12 / Tuesday, January 20, 2015 / Notices
thereunder, so that the proposal was
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the rule change from
interested parties.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
This proposed rule change would
provide OCC with flexibility with
respect to setting the date for the annual
meeting of OCC’s stockholders.
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.
rljohnson on DSK3VPTVN1PROD with NOTICES
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
1. Purpose
The purpose of this proposed rule
change is to provide OCC with
administrative flexibility with respect to
setting the date of the annual meeting of
OCC’s stockholders. As background, a
corporation incorporated under the laws
of the State of Delaware, such as OCC,
must hold an annual meeting of its
stockholders.5 Currently, Article II,
Section 1 of OCC’s By-Laws provides
that the date of the annual meeting of
OCC’s stockholders shall be the fourth
Tuesday in April of each year. OCC
desires to adopt a less prescriptive
definition of when the annual meeting
of stockholders shall occur (consistent
with the laws of the State of Delaware)
to, for example, permit the meeting to
coincide with a meeting of its Board of
Directors. OCC therefore is proposing to
amend Article II, Section 1 of its ByLaws to provide that the annual meeting
of OCC’s stockholders shall be a date no
later than April 30th of each year as
determined by OCC’s Board of Directors.
OCC believes that by providing it with
the administrative flexibility to hold the
annual meeting of its stockholders on a
date before April 30th of each year, OCC
will be able to function in a more
efficient manner by, for example,
scheduling the annual meeting of
stockholders to coincide with a meeting
of OCC’s Board of Directors so that, for
those directors first elected at such
annual meeting of stockholders, they
may participate at such meeting of the
Board of Directors. The proposed rule
change will not affect clearing members,
or other users of OCC’s services.
2. Statutory Basis
OCC believes that the proposed rule
change is consistent with Section
17A(b)(3)(C) of the Securities Exchange
Act of 1934, as amended (the ‘‘Act’’),6
since the proposed rule change is
ministerial in nature and does not affect
the fair representation of its
stockholders in the administration of
OCC’s affairs, nor does it affect the
ability of OCC’s clearing members to
participate in the selection of OCC’s
Board of Directors, since OCC is not
proposing to change the provisions of
Article III, Section 5 of its By-Laws,
which provides the means by which
clearing members may participate in the
selection of OCC’s Board of Directors. In
addition, OCC believes that the
proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act 7 because
it is designed to protect investors and
the public interest. By permitting the
annual meeting of OCC’s stockholders to
be held on an earlier date, any newly
elected directors would be able to
participate in the first meeting of OCC’s
Board of Directors thereby better
ensuring that the persons sitting on
OCC’s Board of Directors are most
suited to serve OCC in a given year,
which, in turn, provides for better
protection of investors and is in the
public interest. The proposed rule
change is not inconsistent with the
existing By-Laws or Rules of OCC,
including any By-Laws proposed to be
amended.
(B) Clearing Agency’s Statement on
Burden on Competition
OCC does not believe that the
proposed rule change would impose any
burden on competition.8 Changes to the
rules of a clearing agency may have an
impact on the participants in a clearing
agency and the markets that the clearing
agency serves. This proposed rule
change affects OCC in that it amends the
By-Law prescribing the date on which
the annual meeting of OCC’s
stockholders shall occur. The proposed
modifications would not unfairly inhibit
access to OCC’s services or disadvantage
or favor any particular user in
relationship to another user because
they relate to the administration of OCC
6 15
U.S.C. 78q–1(b)(3)(C).
U.S.C. 78q–1(b)(3)(F).
8 15 U.S.C. 78q–1(b)(3)(I).
7 15
58
Del. C. 1953, § 211.
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2761
and would not impose any burden on
clearing members or other OCC
participants.
For the foregoing reasons, OCC
believes that the proposed rule change
is in the public interest, would be
consistent with the requirements of the
Act applicable to clearing agencies and
would not impose a burden on
competition.
(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
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and paragraph (f) of Rule
19b–4 thereunder. At any time within
60 days of the filing of the 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.
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:
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–2015–01 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–OCC–2015–01. 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 of submission. The
Commission will post all comments on
the Commission’s Internet Web site
(https://www.sec.gov/rules/sro.shtml).
E:\FR\FM\20JAN1.SGM
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2762
Federal Register / Vol. 80, No. 12 / Tuesday, January 20, 2015 / Notices
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 Section, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at the principal
office of OCC and on OCC’s Web site at
https://www.theocc.com/components/
docs/legal/rules_and_bylaws/sr_occ_15_
01.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–2015–01 and should
be submitted on or before February 10,
2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Brent J. Fields,
Secretary.
[FR Doc. 2015–00701 Filed 1–16–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74041; File No. SR–
NASDAQ–2014–110]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Order
Approving a Proposed Rule Change To
Adopt NASDAQ Rule 7015(i) To Offer
the New IPO Workstation
rljohnson on DSK3VPTVN1PROD with NOTICES
January 13, 2015.
I. Introduction
On November 14, 2014, The NASDAQ
Stock Market LLC (‘‘NASDAQ’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
offer stand-alone access to the
Exchange’s IPO Indicator service. The
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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14:47 Jan 16, 2015
Jkt 235001
proposed rule change was published for
comment in the Federal Register on
December 2, 2014.3 The Commission
received no comments on the proposal.
This order approves the proposed rule
change.
II. Description of the Proposal
The Commission recently approved a
proposed rule change from the
Exchange to offer the IPO Indicator as
an enhancement to the NASDAQ
Workstation at no additional cost.4 The
Exchange now proposes to adopt
Exchange Rule 7015(i) to offer standalone access to the IPO Indicator service
(‘‘IPO Workstation’’) at no cost at this
time.5 That is, a subscription to the full
NASDAQ Workstation will not be
required to access the IPO Indicator for
those subscribing to the IPO
Workstation.6
The IPO Indicator, according to the
Exchange, is designed to assist member
firms in monitoring their orders in the
NASDAQ Halt Cross process leading up
to the launch of an initial public
offering (‘‘IPO’’).7 According to the
Exchange, the NASDAQ Halt Cross
(‘‘Cross’’) is designed to provide for an
orderly, single-priced opening of
securities subject to an intraday halt,
including securities that are the subject
of an IPO.8 Prior to the Cross execution,
the Exchange states that market
participants enter quotes and orders
eligible for participation in the Cross,
and the Exchange disseminates certain
information regarding buying and
selling interest entered and the
indicative execution price information,
known as the Net Order Imbalance
Indicator (‘‘NOII’’).9 The Exchange
further states that the NOII is
disseminated every five seconds during
a designated period prior to the
completion of the Halt Cross, in order to
provide market participants with
information regarding the possible price
and volume of the Cross. According to
the Exchange, the information provided
in the NOII message includes the
Current Reference Price 10 and the
number of shares of Eligible Interest.11
3 See Securities Exchange Act Release No. 73683
(November 25, 2014), 79 FR 71490 (‘‘Notice’’).
4 See Securities Exchange Act Release No. 73950
(December 29, 2014), 80 FR 268 (January 5, 2015).
5 See Notice, supra note 3 at 71491.
6 See id. at 71492.
7 See id. at 71491.
8 See id.
9 See id.
10 See Exchange Rule 4753(a)(3)(A). The
Exchange describes the Current Reference Price as
the price at which the Cross would occur if it
executed at the time of the NOII’s dissemination.
See Notice, supra note 3, at 71491.
11 See Exchange Rule 4753(a)(5) (defining Eligible
Interest as ‘‘any quotation or any order that has
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The Exchange also disseminates
information about the size and buy/sell
direction of an Imbalance,12 which the
Exchange defines as the number of
shares of Eligible Interest with a limit
price equal to the Current Reference
Price that may not be matched with
other order shares at a particular price
at any given time.13 The Exchange states
that the disseminated information
reflects all shares eligible for
participation in the Cross, regardless of
time-in-force (including non-displayed
shares and reserve size) and is meant to
indicate the degree to which available
liquidity on one or the other side of the
market would not be executed if the
Cross were to occur at that time.
In the case of an IPO, the Exchange
states that the Halt Cross operates as
follows: first, the underwriters to the
IPO make a determination to launch the
IPO during the Pre-Launch Period 14
when the underwriters believe the
security is ready to trade.15 Second,
once the underwriter informs the
Exchange that it is ready to launch the
IPO, the NASDAQ system calculates the
Current Reference Price at that time (the
‘‘Expected Price’’) and displays it to the
underwriter.16 If the underwriter then
approves proceeding, the NASDAQ
system conducts two validation checks:
(1) The NASDAQ system determines
whether all market orders will execute
in the cross; and (2) whether the
Expected Price and the price calculated
by the Cross differ by an amount in
excess of the price band selected by the
underwriter.17 According to the
Exchange, if either of the validation
checks fails, the security will not be
released for trading and the Pre-Launch
been entered into the system and designated with
a time-in-force that would allow the order to be in
force at the time of the Halt Cross’’).
12 See Exchange Rule 4753(a)(1).
13 See Notice, supra note 3, at 71491. The
Exchange states that it also disseminates a Market
Order Imbalance, which the Exchange defines as
the number of shares of Eligible Interest entered
through market orders that would not be matched
with other order shares at the time of the
dissemination of a NOII, if in fact there are such
unexecutable market order shares. See Exchange
Rule 4753(a)(2). When there is a Market Order
Imbalance, the Exchange notes that it disseminates
the imbalance and the buy/sell direction of the
imbalance. See Notice, supra note 3, at 71491.
14 The Exchange explains that the Pre-Launch
Period is the second phase of a two-phase process
that NASDAQ uses for launching IPOs. See id.
According to the Exchange, the Pre-Launch Period
follows a 15-minute Display Only Period and is of
no fixed duration. See id. In addition, the Exchange
states that the NOII is disseminated every five
seconds during both periods. See id.
15 See id.
16 See id.
17 See Notice, supra note 3, at 71491.
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]]>Agencies
[Federal Register Volume 80, Number 12 (Tuesday, January 20, 2015)]
[Notices]
[Pages 2760-2762]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-00701]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74042; File No. SR-OCC-2015-01]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of Proposed Rule Change Concerning the Date of the
Annual Meeting of The Options Clearing Corporation's Stockholders
January 13, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on January 7, 2015, The Options Clearing Corporation (``OCC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change described in I Items I, II and III below, which
Items have been prepared by OCC. OCC filed the proposed rule change
pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(3) \4\
[[Page 2761]]
thereunder, so that the proposal was effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the rule change from interested parties.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
This proposed rule change would provide OCC with flexibility with
respect to setting the date for the annual meeting of OCC's
stockholders.
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
1. Purpose
The purpose of this proposed rule change is to provide OCC with
administrative flexibility with respect to setting the date of the
annual meeting of OCC's stockholders. As background, a corporation
incorporated under the laws of the State of Delaware, such as OCC, must
hold an annual meeting of its stockholders.\5\ Currently, Article II,
Section 1 of OCC's By-Laws provides that the date of the annual meeting
of OCC's stockholders shall be the fourth Tuesday in April of each
year. OCC desires to adopt a less prescriptive definition of when the
annual meeting of stockholders shall occur (consistent with the laws of
the State of Delaware) to, for example, permit the meeting to coincide
with a meeting of its Board of Directors. OCC therefore is proposing to
amend Article II, Section 1 of its By-Laws to provide that the annual
meeting of OCC's stockholders shall be a date no later than April 30th
of each year as determined by OCC's Board of Directors. OCC believes
that by providing it with the administrative flexibility to hold the
annual meeting of its stockholders on a date before April 30th of each
year, OCC will be able to function in a more efficient manner by, for
example, scheduling the annual meeting of stockholders to coincide with
a meeting of OCC's Board of Directors so that, for those directors
first elected at such annual meeting of stockholders, they may
participate at such meeting of the Board of Directors. The proposed
rule change will not affect clearing members, or other users of OCC's
services.
---------------------------------------------------------------------------
\5\ 8 Del. C. 1953, Sec. 211.
---------------------------------------------------------------------------
2. Statutory Basis
OCC believes that the proposed rule change is consistent with
Section 17A(b)(3)(C) of the Securities Exchange Act of 1934, as amended
(the ``Act''),\6\ since the proposed rule change is ministerial in
nature and does not affect the fair representation of its stockholders
in the administration of OCC's affairs, nor does it affect the ability
of OCC's clearing members to participate in the selection of OCC's
Board of Directors, since OCC is not proposing to change the provisions
of Article III, Section 5 of its By-Laws, which provides the means by
which clearing members may participate in the selection of OCC's Board
of Directors. In addition, OCC believes that the proposed rule change
is consistent with Section 17A(b)(3)(F) of the Act \7\ because it is
designed to protect investors and the public interest. By permitting
the annual meeting of OCC's stockholders to be held on an earlier date,
any newly elected directors would be able to participate in the first
meeting of OCC's Board of Directors thereby better ensuring that the
persons sitting on OCC's Board of Directors are most suited to serve
OCC in a given year, which, in turn, provides for better protection of
investors and is in the public interest. The proposed rule change is
not inconsistent with the existing By-Laws or Rules of OCC, including
any By-Laws proposed to be amended.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-1(b)(3)(C).
\7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
(B) Clearing Agency's Statement on Burden on Competition
OCC does not believe that the proposed rule change would impose any
burden on competition.\8\ Changes to the rules of a clearing agency may
have an impact on the participants in a clearing agency and the markets
that the clearing agency serves. This proposed rule change affects OCC
in that it amends the By-Law prescribing the date on which the annual
meeting of OCC's stockholders shall occur. The proposed modifications
would not unfairly inhibit access to OCC's services or disadvantage or
favor any particular user in relationship to another user because they
relate to the administration of OCC and would not impose any burden on
clearing members or other OCC participants.
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\8\ 15 U.S.C. 78q-1(b)(3)(I).
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For the foregoing reasons, OCC believes that the proposed rule
change is in the public interest, would be consistent with the
requirements of the Act applicable to clearing agencies and would not
impose a burden on competition.
(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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. At
any time within 60 days of the filing of the 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.
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:
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-2015-01 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-OCC-2015-01. 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 of submission. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml).
[[Page 2762]]
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 Section, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of OCC and on OCC's
Web site at https://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_15_01.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-2015-01 and should be submitted on or before
February 10, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-00701 Filed 1-16-15; 8:45 am]
BILLING CODE 8011-01-P
