Self-Regulatory Organizations; LCH SA; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Options on Index Credit Default Swaps, 47257 [2017-21816]

Download as PDF asabaliauskas on DSKBBXCHB2PROD with NOTICES Federal Register / Vol. 82, No. 195 / Wednesday, October 11, 2017 / Notices Rule 15c2–7 places disclosure requirements on broker-dealers who have correspondent relationships, or agreements identified in the rule, with other broker-dealers. Whenever any such broker-dealer enters a quotation for a security through an inter-dealer quotation system, Rule 15c2–7 requires the broker-dealer to disclose these relationships and agreements in the manner required by the rule. The interdealer quotation system must also be able to make these disclosures public in association with the quotation the broker-dealer is making. When rule 15c2–7 was adopted in 1964, the information it requires was necessary for execution of the Commission’s mandate under the Securities Exchange Act of 1934 to prevent fraudulent, manipulative and deceptive acts by broker-dealers. In the absence of the information collection required under Rule 15c2–7, investors and broker-dealers would have been unable to accurately determine the market depth of, and demand for, securities in an inter-dealer quotation system. There are approximately 3,939 brokerdealers registered with the Commission. Any of these broker-dealers could be potential respondents for Rule 15c2–7, so the Commission is using that figure to represent the number of respondents. Rule 15c2–7 applies only to quotations entered into an inter-dealer quotation system, such as the OTC Bulletin Board (‘‘OTCBB’’), or OTC Link (formerly, ‘‘Pink Sheets’’), operated by OTC Markets Group Inc. (‘‘OTC Link’’). According to representatives of both OTC Link and the OTCBB, neither entity has recently received, or anticipates receiving any Rule 15c2–7 notices. However, because such notices could be made, the Commission estimates that one filing is made annually pursuant to Rule 15c2–7. Based on prior industry reports, the Commission estimates that the average time required to enter a disclosure pursuant to the rule is .75 minutes, or 45 seconds. The Commission sees no reason to change this estimate. We estimate that impacted respondents spend a total of .0125 hours per year to comply with the requirements of Rule 15c2–7 (1 notice (×) 45 seconds/notice). Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity VerDate Sep<11>2014 17:58 Oct 10, 2017 Jkt 244001 of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. Please direct your written comments to: Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, DC 20549, or send an email to: PRA_ Mailbox@sec.gov. Dated: October 4, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–21909 Filed 10–10–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81819; File No. SR–LCH SA–2017–006] Self-Regulatory Organizations; LCH SA; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Options on Index Credit Default Swaps October 4, 2017. On August 18, 2017, Banque Central de Compensation, which conducts business under the name LCH SA (‘‘LCH SA’’), 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 (SR–LCH SA– 2017–006) to amend LCH SA’s CDS Clearing Rule Book, CDS Clearing Supplement, CDS Clearing Procedures, and CDS Dispute Resolution Protocol to incorporate relevant terms and make certain conforming and clarifying changes in order to permit LCH SA to clear options on index credit default swaps. The proposed rule change was published for comment in the Federal Register on August 31, 2017.3 The 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 34–81487 (Aug. 25, 2017), 82 FR 41438 (Aug. 31, 2017) (SR– LCH SA–2017–006) (‘‘Notice’’). 2 17 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 47257 Commission received no comments regarding the proposed changes. Section 19(b)(2) of the Act provides that within 45 days of the publication of the notice of the filing or a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding, or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved.4 The 45th day from the publication of the Notice is October 15, 2017. The Commission is extending the 45day time period for Commission action on the proposed rule change. As noted above, LCH SA proposed to revise its CDS Clearing Rule Book, CDS Clearing Supplement, CDS Clearing Procedures, and CDS Dispute Resolution Protocol in order to permit it to clear options on index credit default swaps. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider LCH SA’s proposed rule change and the associated risks. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, extends the period by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–LCH SA–2017–006) to no later than November 29, 2017. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.5 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–21816 Filed 10–10–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 32849; 812–14248] OppenheimerFunds, Inc., et al. October 4, 2017. Securities and Exchange Commission (‘‘Commission’’) ACTION: Notice. AGENCY: Notice of application for an order under sections 6(c) and 17(b) of the 4 15 5 17 E:\FR\FM\11OCN1.SGM U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 11OCN1

Agencies

[Federal Register Volume 82, Number 195 (Wednesday, October 11, 2017)]
[Notices]
[Page 47257]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-21816]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81819; File No. SR-LCH SA-2017-006]


Self-Regulatory Organizations; LCH SA; Notice of Designation of 
Longer Period for Commission Action on Proposed Rule Change Relating to 
Options on Index Credit Default Swaps

October 4, 2017.
    On August 18, 2017, Banque Central de Compensation, which conducts 
business under the name LCH SA (``LCH SA''), 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 (SR-LCH SA-2017-006) to amend LCH 
SA's CDS Clearing Rule Book, CDS Clearing Supplement, CDS Clearing 
Procedures, and CDS Dispute Resolution Protocol to incorporate relevant 
terms and make certain conforming and clarifying changes in order to 
permit LCH SA to clear options on index credit default swaps. The 
proposed rule change was published for comment in the Federal Register 
on August 31, 2017.\3\ The Commission received no comments regarding 
the proposed changes.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-81487 (Aug. 25, 
2017), 82 FR 41438 (Aug. 31, 2017) (SR-LCH SA-2017-006) 
(``Notice'').
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act provides that within 45 days of the 
publication of the notice of the filing or a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding, or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved.\4\ 
The 45th day from the publication of the Notice is October 15, 2017.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. As noted above, LCH SA proposed to 
revise its CDS Clearing Rule Book, CDS Clearing Supplement, CDS 
Clearing Procedures, and CDS Dispute Resolution Protocol in order to 
permit it to clear options on index credit default swaps. The 
Commission finds that it is appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider LCH SA's proposed rule change and the 
associated risks.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act, extends the period by which the Commission shall either approve or 
disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change (File No. SR-LCH SA-2017-006) to 
no later than November 29, 2017.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-21816 Filed 10-10-17; 8:45 am]
 BILLING CODE 8011-01-P