Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Partial Amendment No. 1 and Designation of Longer Period for Commission Action on Proposed Rule Change by the Options Clearing Corporation To Establish a Margin Add-On Charge That Would Be Applied to All Clearing Member Accounts To Help Mitigate the Risks Arising From Intraday and Overnight Trading Activity, 79977-79978 [2024-22416]

Download as PDF khammond on DSKJM1Z7X2PROD with NOTICES Federal Register / Vol. 89, No. 190 / Tuesday, October 1, 2024 / Notices information related to this document using any of the following methods: • Federal Rulemaking Website: Go to https://www.regulations.gov and search for Docket ID NRC–2024–0171. Address questions about Docket IDs in Regulations.gov to Stacy Schumann; telephone: 301–415–0624; email: Stacy.Schumann@nrc.gov. For technical questions, contact the individual listed in the FOR FURTHER INFORMATION CONTACT section of this document • NRC’s Agencywide Documents Access and Management System (ADAMS): You may obtain publicly available documents online in the ADAMS Public Documents collection at https://www.nrc.gov/reading-rm/ adams.html. To begin the search ‘‘Begin Web-based ADAMS Search.’’ For problems with ADAMS, please contact the NRC’s Public Document Room (PDR) reference staff at 1–800–397–4209, at 301–415–4737, or by email to PDR.Resource@nrc.gov. • NRC’s PDR: The PDR, where you may examine and order copies of publicly available documents, is open by appointment. To make an appointment to visit the PDR, please send an email to PDR.Resource@nrc.gov or call 1–800–397–4209 or 301–415– 4737, between 8 a.m. and 4 p.m. eastern time (ET), Monday through Friday, except Federal holidays. FOR FURTHER INFORMATION CONTACT: Jennifer M. Golder, Secretary, Executive Resources Board, U.S. Nuclear Regulatory Commission, Washington, DC 20555–0001; telephone: 301–287– 0741, email: Jennifer.Golder@nrc.gov. SUPPLEMENTARY INFORMATION: The following individuals appointed as members of the NRC PRB are responsible for making recommendations to the appointing and awarding authorities on performance appraisal ratings and performance awards for Senior Executives and Senior Level System employees: • Marila Gavrilas, Ph.D., Co-Chair, Executive Director for Operations • Brooke P. Clark, Co-Chair, General Counsel • Owen F. Barwell, Chief Financial Officer • James C. Corbett, Director, Office of Administration • Craig G. Erlanger, Acting Director, Office of Nuclear Security and Incident Response • John W. Lubinski, Director, Office of Nuclear Material Safety and Safeguards • John D. Monninger, Regional Administrator, Region IV • Scott A. Morris, Deputy Executive Director for Reactor and Preparedness VerDate Sep<11>2014 17:42 Sep 30, 2024 Jkt 265001 Programs, Office of the Executive Director for Operations • David L. Pelton, Director, Office of Enforcement • Andrea D. Veil, Director, Office of Nuclear Reactor Regulation Jennifer M. Golder, Chief Human Capital Officer and Vonna L. Ordaz, Director, Office of Small Business and Civil Rights, will serve as non-voting advisory members of the PRB. The following individuals will serve as members of the NRC PRB Panel that was established to review appraisals and make recommendations to the appointing and awarding authorities for NRC PRB members: • Mary B. Spencer, Deputy General Counsel for Licensing, Hearings, and Enforcement, Office of the General Counsel • Scott C. Flanders, Chief Information Officer • David L. Skeen, Director, Office of International Programs All appointments are made pursuant to chapter 43 of title 5 of the United States Code, section 4314. Dated: September 26, 2024. For the Nuclear Regulatory Commission. Jennifer M. Golder, Secretary, Executive Resources Board. [FR Doc. 2024–22546 Filed 9–30–24; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–101193; File No. SR–OCC– 2024–010] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Partial Amendment No. 1 and Designation of Longer Period for Commission Action on Proposed Rule Change by the Options Clearing Corporation To Establish a Margin Add-On Charge That Would Be Applied to All Clearing Member Accounts To Help Mitigate the Risks Arising From Intraday and Overnight Trading Activity September 25, 2024. On July 25, 2024, the Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–OCC–2024– 010 pursuant to Section 19(b) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’) 1 and Rule 19b–4 2 thereunder to establish a margin add-on 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00093 Fmt 4703 Sfmt 4703 79977 charge that would be applied to all Clearing Member accounts to help mitigate the risks arising from intraday and overnight trading activity. Proposed rule change SR–OCC–2024–010 was published for public comment in the Federal Register on August 12, 2024.3 The Commission has received comments regarding the proposed rule change SR–OCC–2024–010.4 On September 4, 2024, OCC amended SR–OCC–2024–010 to include as Exhibit 2 the Information Memorandum 55123, published by OCC on its website on August 30, 2024, and informing OCC’s membership of the details of the margin add-on charge.5 The amendment did not change the purpose or basis of proposed rule change SR–OCC–2024– 010, as modified by Partial Amendment No. 1 (hereinafter, the ‘‘Proposed Rule Change’’). I. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the Proposed Rule Change, as modified by Partial Amendment No. 1, is consistent with the Exchange Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s internet comment form (https://www.sec.gov/ rules-regulations/self-regulatoryorganization-rulemaking); or • Send an email to rule-comments@ sec.gov. Please include file number SR– OCC–2024–010 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–2024–010. 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 website (https:// www.sec.gov/rules-regulations/selfregulatory-organization-rulemaking). Copies of the submission, all subsequent amendments, all written statements 3 Securities Exchange Act Release No. 100664 (Aug. 6, 2024), 89 FR 65695 (Aug. 12, 2024) (File No. SR–OCC–2024–010) (‘‘Notice of Filing’’). 4 Comments on proposed rule change SR–OCC– 2024–010 are available at https://www.sec.gov/ comments/sr-occ-2024-010/srocc2024010.htm. 5 See OCC Info Memo 55123, available at https:// infomemo.theocc.com/infomemos?number=55123. E:\FR\FM\01OCN1.SGM 01OCN1 khammond on DSKJM1Z7X2PROD with NOTICES 79978 Federal Register / Vol. 89, No. 190 / Tuesday, October 1, 2024 / Notices 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 website 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 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of OCC and on OCC’s website at https:// www.theocc.com/CompanyInformation/Documents-and-Archives/ By-Laws-and-Rules. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR–OCC–2024–010 and should be submitted on or before October 22, 2024. and therefore is extending this 45-day time period. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Exchange Act,9 designates November 10, 2024, as the date by which the Commission shall either approve, disapprove, or institute proceedings to determine whether to disapprove the Proposed Rule Change. II. Extension Section 19(b)(2)(i) of the Exchange Act 6 provides that, within 45 days of the publication of notice of the filing of a proposed rule change, 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 unless the Commission extends the period within which it must act as provided in Section 19(b)(2)(ii) of the Exchange Act.7 Section 19(b)(2)(ii) of the Exchange Act allows the Commission to designate a longer period for review (up to 90 days from the publication of notice of the filing of a proposed rule change) if the Commission finds such longer period to be appropriate and publishes its reasons for so finding, or as to which the self-regulatory organization consents.8 The 45th day after publication of the Notice of Filing is September 26, 2024. In order to provide the Commission with sufficient time to consider the Proposed Rule Change, the Commission finds that it is appropriate to designate a longer period within which to take action on the Proposed Rule Change, September 25, 2024. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Vanessa A. Countryman, Secretary. [FR Doc. 2024–22416 Filed 9–30–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–101189; File No. SR–OCC– 2024–013] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change by The Options Clearing Corporation Concerning Modifications to its ByLaws and Rules Primarily To Discontinue Certain Outmoded or Unused Products and Services Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’ or ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on September 13, 2024, The Options Clearing Corporation (‘‘OCC’’ or ‘‘Corporation’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared primarily by OCC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change This proposed rule change would make modifications to its By-Laws and Rules primarily to discontinue certain outmoded or unused products and services. Proposed changes to OCC’s By-Laws are contained in Exhibit 5A [sic] that OCC provided as part of File No. SR– OCC–2024–013. Proposed changes to OCC’s Rules are contained in Exhibit 5B [sic] that OCC provided as part of File 9 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 6 15 U.S.C. 78s(b)(2)(i). 7 15 U.S.C. 78 s(b)(2)(ii). 8 Id. VerDate Sep<11>2014 17:42 Sep 30, 2024 10 17 Jkt 265001 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 No. SR–OCC–2024–013. Material proposed to be added is underlined and material proposed to be deleted is marked in strikethrough text. All terms with initial capitalization that are not defined herein have the same meaning as set forth in the OCC By-Laws and Rules.3 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 OCC is the sole clearing agency for standardized equity options listed on national securities exchanges registered with the Commission. OCC also clears certain stock loan and futures transactions. In its role as a clearing agency, OCC acts as a central counterparty (‘‘CCP’’) guarantying all contracts it clears, meaning OCC becomes the buyer to every seller and the seller to every buyer (or the lender to every borrower and the borrower to every lender, in the case of stock loan transactions). As a CCP, OCC maintains a platform called ENCORE consisting of OCC’s core clearing, risk management, and data management applications launched in 2000. Among other functions, ENCORE serves as OCC’s real-time processing engine, receiving trade and post-trade data from a variety of sources on a transaction-bytransaction basis to facilitate OCC’s clearance and settlement operations. OCC intends to retire ENCORE and implement a new, updated clearance and settlement system, known as ‘‘Ovation,’’ that will leverage more current technology and enhanced security features. Ovation is designed to provide a more robust solution to meet market participants’ needs and OCC’s responsibilities, including in OCC’s role as a systemically important financial market utility. As part of the transition to the Ovation system, OCC is considering which features of ENCORE should be carried over to Ovation and 3 OCC’s By-Laws and Rules can be found on OCC’s public website: https://www.theocc.com/ Company-Information/Documents-and-Archives/ By-Laws-and-Rules. E:\FR\FM\01OCN1.SGM 01OCN1

Agencies

[Federal Register Volume 89, Number 190 (Tuesday, October 1, 2024)]
[Notices]
[Pages 79977-79978]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-22416]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101193; File No. SR-OCC-2024-010]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing of Partial Amendment No. 1 and Designation of Longer 
Period for Commission Action on Proposed Rule Change by the Options 
Clearing Corporation To Establish a Margin Add-On Charge That Would Be 
Applied to All Clearing Member Accounts To Help Mitigate the Risks 
Arising From Intraday and Overnight Trading Activity

September 25, 2024.
    On July 25, 2024, the Options Clearing Corporation (``OCC'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-OCC-2024-010 pursuant to Section 19(b) of the 
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4 
\2\ thereunder to establish a margin add-on charge that would be 
applied to all Clearing Member accounts to help mitigate the risks 
arising from intraday and overnight trading activity. Proposed rule 
change SR-OCC-2024-010 was published for public comment in the Federal 
Register on August 12, 2024.\3\ The Commission has received comments 
regarding the proposed rule change SR-OCC-2024-010.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 100664 (Aug. 6, 2024), 
89 FR 65695 (Aug. 12, 2024) (File No. SR-OCC-2024-010) (``Notice of 
Filing'').
    \4\ Comments on proposed rule change SR-OCC-2024-010 are 
available at https://www.sec.gov/comments/sr-occ-2024-010/srocc2024010.htm.
---------------------------------------------------------------------------

    On September 4, 2024, OCC amended SR-OCC-2024-010 to include as 
Exhibit 2 the Information Memorandum 55123, published by OCC on its 
website on August 30, 2024, and informing OCC's membership of the 
details of the margin add-on charge.\5\ The amendment did not change 
the purpose or basis of proposed rule change SR-OCC-2024-010, as 
modified by Partial Amendment No. 1 (hereinafter, the ``Proposed Rule 
Change'').
---------------------------------------------------------------------------

    \5\ See OCC Info Memo 55123, available at https://infomemo.theocc.com/infomemos?number=55123.
---------------------------------------------------------------------------

I. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the Proposed Rule 
Change, as modified by Partial Amendment No. 1, is consistent with the 
Exchange Act. Comments may be submitted by any of the following 
methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking); 
or
     Send an email to [email protected]. Please include 
file number SR-OCC-2024-010 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-2024-010. 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 website (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking). Copies of the 
submission, all subsequent amendments, all written statements

[[Page 79978]]

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 website 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 a.m. and 3 
p.m. Copies of such filing also will be available for inspection and 
copying at the principal office of OCC and on OCC's website at https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules.
    Do not include personal identifiable information in submissions; 
you should submit only information that you wish to make available 
publicly. We may redact in part or withhold entirely from publication 
submitted material that is obscene or subject to copyright protection.
    All submissions should refer to file number SR-OCC-2024-010 and 
should be submitted on or before October 22, 2024.

II. Extension

    Section 19(b)(2)(i) of the Exchange Act \6\ provides that, within 
45 days of the publication of notice of the filing of a proposed rule 
change, 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 unless 
the Commission extends the period within which it must act as provided 
in Section 19(b)(2)(ii) of the Exchange Act.\7\ Section 19(b)(2)(ii) of 
the Exchange Act allows the Commission to designate a longer period for 
review (up to 90 days from the publication of notice of the filing of a 
proposed rule change) if the Commission finds such longer period to be 
appropriate and publishes its reasons for so finding, or as to which 
the self-regulatory organization consents.\8\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(2)(i).
    \7\ 15 U.S.C. 78 s(b)(2)(ii).
    \8\ Id.
---------------------------------------------------------------------------

    The 45th day after publication of the Notice of Filing is September 
26, 2024. In order to provide the Commission with sufficient time to 
consider the Proposed Rule Change, the Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the Proposed Rule Change, and therefore is extending this 45-day time 
period.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Exchange Act,\9\ designates November 10, 2024, as the date by which the 
Commission shall either approve, disapprove, or institute proceedings 
to determine whether to disapprove the Proposed Rule Change.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-22416 Filed 9-30-24; 8:45 am]
BILLING CODE 8011-01-P
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