Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Extension of Review Period of Advance Notice of Proposed Changes Related to The Options Clearing Corporation's Margin Methodology, 13315-13316 [2018-06160]

Download as PDF daltland on DSKBBV9HB2PROD with NOTICES Federal Register / Vol. 83, No. 60 / Wednesday, March 28, 2018 / Notices requirements imposing burden hours or costs on employers. These paragraphs require subject employers to use protective systems to prevent cave-ins during excavation work; these systems include sloping the side of the trench, benching the soil away from the excavation, or using a support system or shield (such as a trench box). The Standard specifies allowable configurations and slopes for excavations, and it provides appendices to assist employers in designing protective systems. The regulations also provide options as to how the required records are developed. Occupational Safety and Health Act of 1970 sections 2(b)(9), 6(b)(7), and 8(c) authorize this information collection. See 29 U.S.C. 651(b)(9), 655(b)(7), 657(c). This information collection is subject to the PRA. A Federal agency generally cannot conduct or sponsor a collection of information, and the public is generally not required to respond to an information collection, unless it is approved by the OMB under the PRA and displays a currently valid OMB Control Number. In addition, notwithstanding any other provisions of law, no person shall generally be subject to penalty for failing to comply with a collection of information that does not display a valid Control Number. See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this information collection under Control Number 1218–0137. OMB authorization for an ICR cannot be for more than three (3) years without renewal, and 3he DOL seeks to extend PRA authorization for this information collection for three (3) more years, without any change to existing requirements. The DOL notes that existing information collection requirements submitted to the OMB receive a month-to-month extension while they undergo review. For additional substantive information about this ICR, see the related notice published in the Federal Register on December 12, 2017 (82 FR 58450). Interested parties are encouraged to send comments to the OMB, Office of Information and Regulatory Affairs at the address shown in the ADDRESSES section within thirty (30) days of publication of this notice in the Federal Register. In order to help ensure appropriate consideration, comments should mention OMB Control Number 1218–0137. The OMB is particularly interested in comments that: • Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including VerDate Sep<11>2014 20:30 Mar 27, 2018 Jkt 244001 whether the information will have practical utility; • Evaluate the accuracy of the agency’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; • Enhance the quality, utility, and clarity of the information to be collected; and • Minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses. Agency: DOL–OSHA. Title of Collection: Excavation Cave-in Protection System Design Standard. OMB Control Number: 1218–0137. Affected Public: Private Sector— businesses or other for-profits. Total Estimated Number of Respondents: 8,382. Total Estimated Number of Responses: 17,262. Total Estimated Annual Time Burden: 17,262 hours. Total Estimated Annual Other Costs Burden: $311,505. Authority: 44 U.S.C. 3507(a)(1)(D). Michel Smyth, Departmental Clearance Officer. [FR Doc. 2018–06176 Filed 3–27–18; 8:45 am] BILLING CODE 4510–26–P POSTAL SERVICE Product Change—First-Class Package Service Negotiated Service Agreement Postal ServiceTM. Notice. AGENCY: ACTION: The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. DATES: Date of required notice: March 28, 2018. FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202–268–3179. SUPPLEMENTARY INFORMATION: The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on March 22, 2018, it filed with the Postal Regulatory Commission a USPS Request to Add First-Class Package Service Contract 92 to Competitive Product List. Documents SUMMARY: PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 13315 are available at www.prc.gov, Docket Nos. MC2018–133, CP2018–189. Elizabeth A. Reed, Attorney, Corporate and Postal Business Law. [FR Doc. 2018–06205 Filed 3–27–18; 8:45 am] BILLING CODE 7710–12–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–82935; File No. SR–OCC– 2017–811] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Extension of Review Period of Advance Notice of Proposed Changes Related to The Options Clearing Corporation’s Margin Methodology March 22, 2018. On November 13, 2017, The Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) advance notice SR–OCC–2017–811 (‘‘Advance Notice’’) pursuant to Section 806(e)(1) of Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, entitled the Payment, Clearing, and Settlement Supervision Act of 2010 (‘‘Clearing Supervision Act’’) 1 and Rule 19b–4(n)(1)(i) under the Securities Exchange Act of 1934 (‘‘Exchange Act’’).2 The Advance Notice was published for comment in the Federal Register on December 27, 2017.3 As of February 20, 2018,4 the Commission has received one comment letter on the proposal contained in the Advance Notice.5 1 12 U.S.C. 5465(e)(1). The Financial Stability Oversight Council designated OCC a systemically important financial market utility on July 18, 2012. See Financial Stability Oversight Council 2012 Annual Report, Appendix A, available athttps:// www.treasury.gov/initiatives/fsoc/Documents/ 2012%20Annual%20Report.pdf. Therefore, OCC is required to comply with the Payment, Clearing and Settlement Supervision Act and file advance notices with the Commission. See 12 U.S.C. 5465(e). 2 17 CFR 240.19b–4(n)(1)(i). 3 Exchange Act Release No. 82371 (Dec. 20, 2017), 82 FR 61354 (Dec. 27, 2017) (SR–OCC–2017–811). On November 13, 2017, OCC also filed a related proposed rule change (SR–OCC–2017–022) with the Commission pursuant to Section 19(b)(1) of the Exchange Act and Rule 19b–4 thereunder, seeking approval of changes to its rules necessary to implement the Advance Notice (‘‘Proposed Rule Change’’). 15 U.S.C. 78s(b)(1) and 17 CFR 240.19b– 4, respectively. The Proposed Rule Change was published in the Federal Register on December 4, 2017. Exchange Act Release No. 82161 (Nov. 28, 2017), 82 FR 57306 (Dec. 4, 2017) (SR–OCC–2017– 022). 4 The comment period closed on January 17, 2018. 5 See letter from Michael Kitlas, dated November 28, 2017, to Eduardo A. Aleman, Assistant E:\FR\FM\28MRN1.SGM Continued 28MRN1 13316 Federal Register / Vol. 83, No. 60 / Wednesday, March 28, 2018 / Notices daltland on DSKBBV9HB2PROD with NOTICES Section 806(e)(1)(G) of the Clearing Supervision Act provides that OCC may implement the changes if it has not received an objection to the proposed changes within 60 days of the later of (i) the date that the Commission receives the Advance Notice, or (ii) the date that any additional information requested by the Commission is received,6 unless extended as described below. Pursuant to Section 806(e)(1)(H) of the Clearing Supervision Act, the Commission may extend the review period of an advance notice for an additional 60 days, if the changes proposed in the advance notice raise novel or complex issues, subject to the Commission providing the clearing agency with prompt written notice of the extension.7 On January 11, 2018, the Commission requested OCC provide it with additional information regarding the proposal,8 tolling the Commission’s 60day review period for the Advance Notice.9 On January 23, 2018, OCC provided the Commission with a response to its request for information. Accordingly, the new 60-day review period commenced on January 23, 2018 and runs through March 24, 2018. However, the Commission finds the Advance Notice complex because OCC proposes to make detailed, substantial, and numerous changes to its margin methodology, the System for Theoretical Analysis and Numerical Simulations, used to calculate clearing member margin requirements. Therefore, the Commission finds it appropriate to extend the review period of the Advance Notice for an additional 60 days pursuant to Section 806(e)(1)(H) of the Clearing Supervision Act.10 Secretary, Commission, available at https:// www.sec.gov/comments/sr-occ-2017-022/ occ2017022.htm. Since the proposal contained in the Proposed Rule Change was also filed as an Advance Notice, all public comments received on the proposal are considered regardless of whether the comments are submitted to the Proposed Rule Change or the Advance Notice. 6 12 U.S.C. 5465(e)(1)(G). 7 12 U.S.C. 5465(e)(1)(H). 8 See Memorandum from Office of Clearance and Settlement, Division of Trading and Markets, dated January 12, 2018, available at https://www.sec.gov/ comments/sr-occ-2017–811/occ2017811.htm. 9 See Section 806(e)(1) of the Clearing Supervision Act (stating that the Commission’s period for review of an advance notice was tolled and shall be 60 days from the date the information requested by the Commission is received by the Commission). 10 The proposal in the Proposed Rule Change and the Advance Notice shall not take effect until all regulatory actions required with respect to the proposal are completed. A Notice of Designation of Longer Period for Commission Action on the Proposed Rule Change was published in the Federal Register on January 24, 2018. Exchange Act Release No. 82534 (Jan. 18, 2018), 83 FR 3376 (Jan. 24, 2018). VerDate Sep<11>2014 20:30 Mar 27, 2018 Jkt 244001 Accordingly, the Commission, pursuant to Section 806(e)(1)(H) of the Clearing Supervision Act, extends the review period for an additional 60 days so that the Commission shall have until May 23, 2018 to issue an objection or non-objection to the Advance Notice (File No. SR–OCC–2017–811). By the Commission. Brent J. Fields, Secretary. [FR Doc. 2018–06160 Filed 3–27–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–82932; File No. SR–Phlx– 2018–24] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Section (a) of Exchange Rule 1001, Position Limits, To Increase the Position Limits for Options March 22, 2018. 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 March 9, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘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. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to amend Section (a) of Exchange Rule 1001, Position Limits, to increase the position limits for options on the following exchange traded funds (‘‘ETFs’’): iShares China Large-Cap ETF (‘‘FXI’’), iShares MSCI EAFE ETF (‘‘EFA’’), iShares MSCI Emerging Markets ETF (‘‘EEM’’), iShares Russell 2000 ETF (‘‘IWM’’), iShares MSCI Brazil Capped ETF (‘‘EWZ’’), iShares 20+ Year Treasury Bond Fund ETF (‘‘TLT’’), PowerShares QQQ Trust (‘‘QQQQ’’), and iShares MSCI Japan Index (‘‘EWJ’’). The text of the proposed rule change is available on the Exchange’s website at https://nasdaqphlx.cchwallstreet.com/, at the principal office of the Exchange, 115 217 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00095 Fmt 4703 Sfmt 4703 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 Exchange 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. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Position Limit Increase Position limits for options on ETFs such as those subject to this proposal are determined pursuant to Exchange Rule 1001, and, with certain exceptions, vary by tier according to the number of outstanding shares and the trading volume of the underlying security.3 Options in the highest tier—i.e., options that overlie securities with the largest numbers of outstanding shares and trading volumes—have a standard option position limit of 250,000 contracts (with adjustments for splits, re-capitalizations, etc.) on the same side of the market. In addition, Rule 1001 currently sets forth separate position limits for options on certain ETFs, including 500,000 contracts for options on EEM and IWM, and 900,000 contracts for options on QQQQ. The Exchange proposes to revise Rule 1001 to increase the position limits for options on certain ETFs, as described more fully below. The Exchange believes that increasing the position limits for these options will lead to a more liquid and competitive market environment for these options that will benefit customers interested in these products. First, the Exchange proposes to increase the position limits for options on FXI, EFA, EWZ, TLT, and EWJ, each of which fall into the highest standard tier set forth in Exchange Rule 1001(g)(i). Rule 1001(a) would be amended to increase the current 3 Pursuant to Exchange Rule 1002, which provides that the exercise limits for ETF options are equivalent to their position limits, the exercise limits for each of these options would be increased to the level of the new position limits. E:\FR\FM\28MRN1.SGM 28MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 83, Number 60 (Wednesday, March 28, 2018)]
[Notices]
[Pages 13315-13316]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06160]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82935; File No. SR-OCC-2017-811]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Extension of Review Period of Advance Notice of Proposed 
Changes Related to The Options Clearing Corporation's Margin 
Methodology

March 22, 2018.
    On November 13, 2017, The Options Clearing Corporation (``OCC'') 
filed with the Securities and Exchange Commission (``Commission'') 
advance notice SR-OCC-2017-811 (``Advance Notice'') pursuant to Section 
806(e)(1) of Title VIII of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, entitled the Payment, Clearing, and Settlement 
Supervision Act of 2010 (``Clearing Supervision Act'') \1\ and Rule 
19b-4(n)(1)(i) under the Securities Exchange Act of 1934 (``Exchange 
Act'').\2\ The Advance Notice was published for comment in the Federal 
Register on December 27, 2017.\3\ As of February 20, 2018,\4\ the 
Commission has received one comment letter on the proposal contained in 
the Advance Notice.\5\
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 5465(e)(1). The Financial Stability Oversight 
Council designated OCC a systemically important financial market 
utility on July 18, 2012. See Financial Stability Oversight Council 
2012 Annual Report, Appendix A, available athttps://www.treasury.gov/initiatives/fsoc/Documents/2012%20Annual%20Report.pdf. Therefore, 
OCC is required to comply with the Payment, Clearing and Settlement 
Supervision Act and file advance notices with the Commission. See 12 
U.S.C. 5465(e).
    \2\ 17 CFR 240.19b-4(n)(1)(i).
    \3\ Exchange Act Release No. 82371 (Dec. 20, 2017), 82 FR 61354 
(Dec. 27, 2017) (SR-OCC-2017-811). On November 13, 2017, OCC also 
filed a related proposed rule change (SR-OCC-2017-022) with the 
Commission pursuant to Section 19(b)(1) of the Exchange Act and Rule 
19b-4 thereunder, seeking approval of changes to its rules necessary 
to implement the Advance Notice (``Proposed Rule Change''). 15 
U.S.C. 78s(b)(1) and 17 CFR 240.19b-4, respectively. The Proposed 
Rule Change was published in the Federal Register on December 4, 
2017. Exchange Act Release No. 82161 (Nov. 28, 2017), 82 FR 57306 
(Dec. 4, 2017) (SR-OCC-2017-022).
    \4\ The comment period closed on January 17, 2018.
    \5\ See letter from Michael Kitlas, dated November 28, 2017, to 
Eduardo A. Aleman, Assistant Secretary, Commission, available at 
https://www.sec.gov/comments/sr-occ-2017-022/occ2017022.htm. Since 
the proposal contained in the Proposed Rule Change was also filed as 
an Advance Notice, all public comments received on the proposal are 
considered regardless of whether the comments are submitted to the 
Proposed Rule Change or the Advance Notice.

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[[Page 13316]]

    Section 806(e)(1)(G) of the Clearing Supervision Act provides that 
OCC may implement the changes if it has not received an objection to 
the proposed changes within 60 days of the later of (i) the date that 
the Commission receives the Advance Notice, or (ii) the date that any 
additional information requested by the Commission is received,\6\ 
unless extended as described below.
---------------------------------------------------------------------------

    \6\ 12 U.S.C. 5465(e)(1)(G).
---------------------------------------------------------------------------

    Pursuant to Section 806(e)(1)(H) of the Clearing Supervision Act, 
the Commission may extend the review period of an advance notice for an 
additional 60 days, if the changes proposed in the advance notice raise 
novel or complex issues, subject to the Commission providing the 
clearing agency with prompt written notice of the extension.\7\
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    \7\ 12 U.S.C. 5465(e)(1)(H).
---------------------------------------------------------------------------

    On January 11, 2018, the Commission requested OCC provide it with 
additional information regarding the proposal,\8\ tolling the 
Commission's 60-day review period for the Advance Notice.\9\ On January 
23, 2018, OCC provided the Commission with a response to its request 
for information. Accordingly, the new 60-day review period commenced on 
January 23, 2018 and runs through March 24, 2018. However, the 
Commission finds the Advance Notice complex because OCC proposes to 
make detailed, substantial, and numerous changes to its margin 
methodology, the System for Theoretical Analysis and Numerical 
Simulations, used to calculate clearing member margin requirements. 
Therefore, the Commission finds it appropriate to extend the review 
period of the Advance Notice for an additional 60 days pursuant to 
Section 806(e)(1)(H) of the Clearing Supervision Act.\10\
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    \8\ See Memorandum from Office of Clearance and Settlement, 
Division of Trading and Markets, dated January 12, 2018, available 
at https://www.sec.gov/comments/sr-occ-2017-811/occ2017811.htm.
    \9\ See Section 806(e)(1) of the Clearing Supervision Act 
(stating that the Commission's period for review of an advance 
notice was tolled and shall be 60 days from the date the information 
requested by the Commission is received by the Commission).
    \10\ The proposal in the Proposed Rule Change and the Advance 
Notice shall not take effect until all regulatory actions required 
with respect to the proposal are completed.
     A Notice of Designation of Longer Period for Commission Action 
on the Proposed Rule Change was published in the Federal Register on 
January 24, 2018. Exchange Act Release No. 82534 (Jan. 18, 2018), 83 
FR 3376 (Jan. 24, 2018).
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    Accordingly, the Commission, pursuant to Section 806(e)(1)(H) of 
the Clearing Supervision Act, extends the review period for an 
additional 60 days so that the Commission shall have until May 23, 2018 
to issue an objection or non-objection to the Advance Notice (File No. 
SR-OCC-2017-811).

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2018-06160 Filed 3-27-18; 8:45 am]
 BILLING CODE 8011-01-P

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