Notice2024-04698
Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Concerning the Option Clearing Corporation's Interpretative Guidance on Contract Adjustments for Cash Dividends and Distributions
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 6, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 45 (Wednesday, March 6, 2024)</title>
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[Federal Register Volume 89, Number 45 (Wednesday, March 6, 2024)]
[Notices]
[Pages 16043-16047]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-04698]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99641; File No. SR-OCC-2024-003]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Concerning the Option Clearing Corporation's Interpretative Guidance on
Contract Adjustments for Cash Dividends and Distributions
February 29, 2024.
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 February 20, 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. OCC filed the proposed rule change pursuant to
Section 19(b)(3)(A)(i) \3\ of the Act and Rule 19b-4(f)(1) \4\
thereunder, such that the proposed rule change was immediately
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(i).
\4\ 17 CFR 240.19b-4(f)(1).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
This proposed rule change would re-issue interpretative guidance
relating to the adjustment of stock options for cash dividends and
distributions on underlying securities with certain amendments,
including (1) to reflect previously approved changes in the process for
making such adjustment determinations; and (2) to address OCC's general
approach to certain additional scenarios. Amendments to the
interpretative guidance, are included in Exhibit 5 of File No. SR-OCC-
2024-003. Material proposed to be added is marked by underlining, and
material proposed to be deleted is marked with strikethrough text. All
terms with initial capitalization that are not otherwise defined herein
have the same meaning as set forth in the By-Laws and Rules.\5\
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\5\ OCC's By-Laws and Rules can be found on OCC's public
website: <a href="https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules">https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules</a>.
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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 issuer of and sole clearing agency for standardized
equity options listed on national securities exchanges registered with
the Commission. In accordance with OCC's By-Laws, adjustments may be
made to some of the standardized terms of outstanding options upon the
occurrence of certain events related to the underlying security, such
as a stock dividend, stock distribution, stock split, reverse stock
split, rights offering, distribution, reorganization, recapitalization,
reclassification in respect of an underlying security, or a merger,
consolidation, dissolution or liquidation of the issuer of the
underlying security.\6\ The determination whether to adjust outstanding
options in response to a particular event, and, if so, what the
adjustment should be, is made by OCC, taking into consideration
policies and interpretations established in OCC's By-Laws and any
policies and interpretations having general application to specific
types of events or specified kinds of cleared contracts established by
a committee (the ``Securities Committee'') consisting of
representatives of each of the U.S. options markets and a
representative of OCC.\7\
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\6\ Adjustments for listed options are discussed at length in
the Characteristics and Risks of Standardized Options (``Options
Disclosure Document'' or ``ODD''), which broker-dealers are required
to provide to a customer prior to accepting an order to purchase or
sell a listed option. See 17 CFR 240.9b-1. The Options Disclosure
Document is also available on OCC's website: <a href="https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document">https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document</a>.
\7\ See OCC By-Laws, Art. VI Sec. 11.
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OCC previously filed with the Commission and issued interpretative
guidance concerning the application of OCC's adjustment policies and
procedures and other adjustment rules
[[Page 16044]]
for cash dividends.\8\ In the interest of promoting clarity and
transparency for market participants, OCC is proposing to re-issue that
interpretative guidance subject to proposed amendments that would (1)
update the interpretative guidance's discussion of how adjustment
determinations are made to reflect subsequent changes to the
determination process since the interpretative guidance was last
issued, and (2) provide additional guidance on certain underlying
events.\9\ OCC does not propose to change its policies or practices
with respect to such contract adjustments. OCC merely proposes to
publish guidance reflecting its current policies and practices.
Accordingly, OCC does not believe that this proposed change would have
any impact on market participants other than to provide them with
additional information.
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\8\ See, e.g., Exchange Act Release No. 68531 (Dec. 21, 2012),
77 FR 77157 (Dec. 31, 2012) (SR-OCC-2012-26).
\9\ Consistent with prior practice, the interpretative guidance
would be issued as an OCC Information Memorandum that would
supersede the previously published Information Memoranda related to
this interpretative guidance. The Information Memorandum would
contain prefatory material intended to provide context for its
issuance, remind readers of its relationship to the prior
Information Memoranda and this proposed rule change, and summarize
the relevant OCC By-Laws that are the subject of the interpretation.
OCC does not believe this prefatory material is a rule within the
meaning of Section 19(b) of the Exchange Act, 15 U.S.C. 78s(b), and
the regulations thereunder because unlike the interpretative
guidance promulgated through this proposed rule change, the
prefatory material it is not a stated policy, practice or
interpretation that establishes or changes any standard, limit, or
guideline with respect to the rights, obligations or privileges of
specified persons or the meaning, administration, or enforcement of
an existing rule. See 17 CFR 240.19b-4(a)(6)(ii). Nor does the
prefatory material constitute a material aspect of the operation of
OCC. See 17 CFR 240.19b-4(a)(6)(i). OCC is providing a copy of the
Information Memorandum it intends to issue upon implementation of
the new guidance as Exhibit 3 to File No. SR-OCC-2024-003.
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(1) Purpose
Background
OCC's By-Laws and Rules authorize OCC to make adjustments to listed
options when certain events occur related to the underlying security,
such as a stock dividend, stock distribution, stock split, reverse
stock split, rights offering, distribution, reorganization,
recapitalization, or reclassification with respect to the underlying
security or the merger, consolidation, dissolution or liquidation of
the issuer of the underlying security. The By-Laws provide policies and
procedures for making such determinations, including that OCC
determines whether to adjust a contract, taking into account such
factors as fairness to holders and writers (or purchasers and sellers)
of the affected contracts, the maintenance of a fair and orderly market
in the affected contracts, consistency of interpretation and practice,
efficiency of exercise settlement procedures, and the coordination with
other clearing agencies of the clearance and settlement of transactions
in the underlying interest.\10\ OCC applies these factors to a
particular corporate action on a case-by-case basis, considering the
circumstances known to it at the time the determination is made,
subject to OCC's discretion to depart from policy and precedent when
the Corporation determines that unusual circumstances make such a
departure appropriate.\11\
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\10\ See OCC By-Laws, Art. VI Sec. 11(a).
\11\ Id.
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OCC's By-Laws also provide general rules applicable to specific
types of corporate actions, including with respect to cash dividends or
distributions made by the issuer of an underlying security. For
example, the By-Laws establish a general rule that OCC does not adjust
listed options to reflect ``ordinary cash dividends or distributions,''
which the By-Laws define to mean ``[c]ash dividends or distributions
(regardless of size) by the issuer of the underlying security which
[OCC] believes to have been declared pursuant to a policy or practice
of paying such dividends or distributions on a quarterly or other
regular basis or which [OCC] believes represents an acceleration or
deferral of such payments.'' \12\ OCC established this general rule
because when an issuer's policy or practice of paying such dividends is
public, such ordinary dividends can be priced into options
premiums.\13\ OCC's By-Laws also provide that for cash dividends not
declared pursuant to an issuer's policy or practice of paying such
distributions at regular intervals (i.e., ``special'' cash dividends
and distributions), OCC will not adjust if the amount distributed is
less than $0.125 per share (or $12.50 per contract for listed options
with a unit of trading larger than 100 shares). OCC established this de
minimis threshold in part to avoid the proliferation of outstanding
option symbols and series.\14\
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\12\ See OCC By-Laws, Art. VI Sec. 11A, Interpretation and
Policy .01.
\13\ See Exchange Act Release No. 55258 (Feb 8, 2007), 72 FR
7701, 7703 (Feb. 16, 2007) (SR-OCC-2006-01).
\14\ Symbols can proliferate when a dividend amount is added to
the deliverable, yielding a non-standard option. Id., at note 14 and
accompanying text. The resulting non-standard options may be
illiquid and difficult to trade. Following an adjustment, exchanges
typically introduce standard options with the same strikes.
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In connection with the adoption of the general rules against
adjustments for cash dividends and distributions that are ordinary or
below the de minimis threshold, OCC previously filed and published
interpretative guidance promulgated by its Securities Committee to
address questions about how those rules would be administered and
applied.\15\ Presented in question and answer (``Q&A'') format, the
interpretative guidance provided an overview of OCC's adjustment
policies with respect to cash dividends and guidance on the application
of those policies in a variety of scenarios. OCC has since updated and
re-issued that interpretative guidance, the last time in 2012.\16\
Based on its continued relevance to market participants seeking to
understand how OCC applies its adjustment policies, OCC proposes to re-
issue the interpretative guidance with certain updates discussed below.
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\15\ See Exchange Act Release No. 58059 (June 30, 2008), 73 FR
39367 (July 9, 2008) (SR-OCC-2008-10).
\16\ See Exchange Act Release No. 68531, supra note 6 [sic]. See
also Exchange Act Release No. 66742 (Apr. 5, 2012), 77 FR 21819
(Apr. 11, 2012) (SR-OCC-2012-05); Exchange Act Release No. 59442
(Feb. 24, 2009), 74 FR 9654 (Mar. 5, 2009) (SR-OCC-2009-01).
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(1) Conforming Changes To Reflect the Current Determination Process
The proposed changes would remove references to the adjustment
panel of the Securities Committee in the interpretative guidance's
discussion of how options adjustments are made. Since the
interpretative guidance was last issued in 2012, the Commission
approved a proposed rule change that affected the determination
process.\17\ Previously, an adjustment panel of the Securities
Committee, consisting of representatives from the exchanges on which an
option was listed and OCC's Chairman, would make determinations about
whether that option should be adjusted in response to a corporate
action. Currently, adjustment determinations are made by OCC rather
than adjustment panels of the Securities Committee.\18\ However, the
Securities Committee still maintains a role in promulgating statements
of policy and interpretations having general
[[Page 16045]]
application to specified types of corporate actions or specified kinds
of cleared contracts.\19\ In making adjustment determinations, OCC must
consider such policy statements and interpretations in addition to the
factors and general rules set forth in the By-Laws in light of the
circumstances known to OCC at the time such determination is made,
subject to OCC's discretion to depart from policy or precedent when the
OCC determines that unusual circumstances make such a departure
appropriate.\20\ OCC assumed sole responsibility for making adjustment
determinations after corresponding updates to the Options Disclosure
Document were approved by the Commission in 2018.\21\ Accordingly, when
OCC re-issues the interpretative guidance on cash dividends and
distributions, OCC proposes to replace references to determinations
made by an adjustment panel of the Securities Committee with references
to OCC and make other non-substantive, textual edits to the
interpretative guidance consistent with that change. These changes are
intended to reflect the current, Commission-approved process for
adjustment determinations made by OCC.
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\17\ See Exchange Act Release No. 69977 (July 11, 2013), 78 FR
42815 (July 17, 2013) (SR-OCC-2013-05).
\18\ This change in governance arose from a request by the
options exchanges promoted by a desire to consider ways to lessen
investor confusion and enhance consistency in making option contract
adjustments. See Exchange Act Release No. 69642 (May 28, 2013), 78
FR 33138, 33139 (June 3, 2013) (SR-OCC-2013-05).
\19\ See OCC By-Laws, Art. VI Sec. 11(a).
\20\ Id.
\21\ See Exchange Act Release No. 84565 (Nov. 9, 2018), 83 FR
57778, 57779 (Nov. 16, 2018) (SR-ODD-2018-01).
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(2) Additional Interpretative Guidance
OCC also proposes to add additional Q&As that would provide
guidance for several situations OCC has observed since the
interpretative guidance was last issued, including (a) specific
guidance with respect to variable dividends, and (b) additional
guidance with respect to dividends issued by real estate investment
trusts (``REITs'').
a. Variable Dividends
OCC has seen an increase in the number of issuers that have
established policies or practices of distributing ``variable
dividends.'' Typically, such variable dividends are paid at regular
intervals if issuer-defined thresholds for paying the dividends are
met. The amount of the variable dividend may increase or decrease
(sometimes significantly) from dividend to dividend based on issuer-
established thresholds and, on occasion, may not be paid at all if the
issuer-established thresholds are not met. These variable dividends may
also be in addition to regular dividends paid pursuant to the issuer's
policy or practice.
For example, on May 19, 2022, Arch Resources, Inc. (ARCH) announced
an $8.11 quarterly dividend, which included a fixed component of $0.25
and a variable component of $7.86 per share. In making its adjustment
determination, OCC considered an ARCH press release, issued on February
15, 2022, communicating that ARCH was launching a capital return
program pursuant to which it planned to ``return to stockholders
approximately 50 percent of the prior quarter's discretionary cash flow
. . . via a variable quarterly cash dividend in conjunction with its
existing fixed quarterly cash dividend.'' \22\ OCC determined that the
quarterly variable dividend was an ``ordinary dividend'' as defined in
Interpretation and Policy .01 to Article VI, Section 11A of OCC's By-
Laws, and therefore not subject to adjustment, because the dividend had
been declared pursuant to a policy or practice of paying such dividend
on a quarterly or other regular basis.\23\
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\22\ See Arch Resources Reports Fourth Quarter 2021 Results
(Feb. 15, 2022), <a href="https://investor.archrsc.com/2022-02-15-Arch-Resources-Reports-Fourth-Quarter-2021-Results">https://investor.archrsc.com/2022-02-15-Arch-Resources-Reports-Fourth-Quarter-2021-Results</a>.
\23\ See Info Memo #50473 (May 20, 2022). OCC does not issue
Info Memos notifying market participants that OCC has determined not
to adjust options (a ``No-Adjustment'' Info Memo) each time an
issuer announces a dividend OCC determines to be ordinary and
therefore not subject to adjustment. In general, OCC considers
whether a No-Adjustment Info Memo may be warranted based on
inquiries made by Clearing Members or others with respect to a
particular corporate action.
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As another example, on March 9, 2022, Zim Integrated Shipping
Services Ltd. (ZIM) announced a cash dividend of $17.00 per share,
representing 50% of ZIM's 2021 net income, taking into account the
quarterly dividends paid during the first three fiscal quarters of the
year.\24\ Pursuant to the issuer's stated policy, ZIM intended to
``distribute a dividend to shareholders on a quarterly basis at a rate
of approximately 20% of the net income derived during such fiscal
quarter with respect to the first three fiscal quarters of the year''
and that the ``cumulative annual dividend amount to be distributed by
[ZIM] (including the interim dividends paid during the first three
fiscal quarters of the year) [would] total 30-50% of the annual net
income.'' \25\ OCC determined that the $17 dividend was an ``ordinary
dividend'' declared pursuant to a policy or practice of paying such
dividend on a quarterly or other regular basis, and therefore not
subject to adjustment.\26\
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\24\ See ZIM Reports Record Financial Results for the Fourth
Quarter and Full Year 2021 (March 9, 2022), <a href="https://investors.zim.com/news/news-details/2022/ZIM-Reports-Record-Financial-Results-for-the-Fourth-Quarter-and-Full-Year-2021/default.aspx">https://investors.zim.com/news/news-details/2022/ZIM-Reports-Record-Financial-Results-for-the-Fourth-Quarter-and-Full-Year-2021/default.aspx</a>.
\25\ Id.
\26\ See Info Memo #50158 (March 9, 2022).
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OCC proposes to add a Q&A to the interpretative guidance reflecting
that if OCC determines such variable dividends are paid pursuant to an
issuer's policy or practice of paying such variable dividends at
regular intervals, OCC generally considers them to be ordinary
dividends and not adjustable, even if, on occasion, no variable
dividend is paid or if the amount of the dividend increases or
decreases based on the issuer-established thresholds. OCC believes this
guidance would align with the precedent described above and provide
market participants with greater clarity about how OCC applies the
adjustment policies outlined in the By-Laws to variable dividends.
b. REITs
OCC proposes to add further guidance about situations in which an
issuer may pay a dividend outside of its normal schedule of dividend
payments that the issuer describes as necessary to maintain its tax
status as a particular type of organization, such as a REIT. The
existing interpretative guidance answered several questions concerning
dividends paid by REITs and similar companies. For example, the
existing interpretative guidance addressed that while REITs may pay
dividends at irregular intervals, these companies often have regular
dividend policies, but will actually pay dividends only when certain
conditions are met, or in response to market conditions. Similar to the
variable dividend situation, in which, on occasion, no variable
dividend is paid if issuer-established thresholds are not met, the
prior interpretative guidance provided that such REIT distributions
generally would be considered ordinary distributions when they occur
pursuant to the policy of the company.
However, OCC has observed at least one case in which an issuer has
declared a dividend outside of its normal schedule of dividend payments
to maintain its tax status as a particular type of organization, such
as a REIT. Specifically, On July 22, 2022, Public Storage (``PSA'')
announced a ``special,'' ``one-time'' dividend of $13.15 per common
share.\27\ As explained in the issuer's press release, PSA was
distributing a projected tax gain in connection with its investment in
[[Page 16046]]
another company that had been acquired ``in order to meet the
distribution requirements as a [REIT].'' \28\ Nevertheless, OCC
determined that the dividend was non-ordinary under its By-Laws and
issued an Info Memo concerning an adjustment to options on PSA.\29\
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\27\ See Public Storage Announces $2.3 Billion Special Dividend
Related to PS Business Parks Merger Consideration (July 22, 2022),
<a href="https://investors.publicstorage.com/news-events/press-releases/news-details/2022/Public-Storage-Announces-2.3-Billion-Special-Dividend-Related-to-PS-Business-Parks-Merger-Consideration/default.aspx">https://investors.publicstorage.com/news-events/press-releases/news-details/2022/Public-Storage-Announces-2.3-Billion-Special-Dividend-Related-to-PS-Business-Parks-Merger-Consideration/default.aspx</a>.
\28\ Id.
\29\ See Info Memo #50775 (July 25, 2022).
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As OCC would clarify in the further guidance, such a dividend would
most likely be considered non-ordinary and warrant an adjustment if OCC
determines that the dividend is not being made pursuant to the issuer's
established dividend policies and practices based on the company's
departure from its regular dividend schedule and any characterization
the company may make about the pay-out as ``special'' or ``one time.''
In other words, an issuer's characterization of a dividend as necessary
to maintain its tax status as a particular type of organization is not
determinative of whether a dividend is ``ordinary'' under OCC's By-
Laws. Rather, the question is whether the dividend is paid pursuant to
an issuer's policy of paying such a dividend at regular intervals to
maintain its tax status. If such an issuer announces a special dividend
outside of its regular dividend policies and practices, such dividend
will most likely be considered non-ordinary and warrant an adjustment
even if the issuer is paying the dividend to maintain its tax status.
OCC proposes to add a Q&A to the interpretative guidance to reflect
OCC's practices in this situation.
(2) Statutory Basis
OCC believes the proposed rule changes are consistent with Section
17A of the Exchange Act and the rules and regulations thereunder.
Section 17A(b)(3)(F) of the Exchange Act \30\ requires, among other
things, that the rules of a clearing agency be designed to protect
investors and the public interest. OCC believes that by allowing it to
amend and re-issue the interpretative guidance, the proposed changes
would protect investors and the public interest by providing market
participants with up-to-date information about OCC's current process
for making adjustment determinations. In addition, OCC believes the
additional interpretative guidance would provide investors and the
general public further clarity about the application of OCC's
adjustment policies and procedures to scenarios not specifically
addressed in the existing guidance. Providing this information will
help investors make more informed decisions in connection with their
participation in the listed options market. Accordingly, OCC believes
the proposed changes are consistent with Section 17A(b)(3)(F) of the
Exchange Act.\31\
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\30\ 15 U.S.C. 78q-1(b)(3)(F).
\31\ Id.
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In addition, Exchange Act Rule 17Ad-22(e)(23) requires OCC to
maintain written policies and procedures reasonably designed to, among
other things, publicly disclose all relevant rules and material
procedures and provide sufficient information to enable participants to
identify and evaluate the risks they incur by participating in OCC.\32\
The proposed changes would allow OCC to update interpretative guidance
concerning its adjustment policies and procedures previously filed as a
rule with the Commission, thereby facilitating the re-issuance of
guidance about material procedures that remain relevant. OCC believes
that by updating the guidance to reflect current precedent, the
proposed changes will help participants in the listed options market to
better understand the risks related to contract adjustments in the
scenarios addressed, consistent with the requirements of Rule 17Ad-
22(e)(23).\33\
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\32\ 17 CFR 240.17Ad-22(e)(23)(i), (ii).
\33\ 17 CFR 240.17Ad-22(e)(23).
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(B) Clearing Agency's Statement on Burden on Competition
Section 17A(b)(3)(I) of the Exchange Act requires that the rules of
a clearing agency not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Exchange Act.\34\ The
proposed changes would amend interpretative guidance applicable to the
adjustment of all listed options issued for a particular underlying
security. These proposed changes would not impact the rights or
obligations of Clearing Members or other participants in a way that
would benefit or disadvantage any participant versus another
participant. To the contrary, this proposed change would provide all
market participants with information relevant to understanding the
risks of participation. Accordingly, OCC does not believe that the
proposed changes have any impact, or impose any burden, on competition.
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\34\ 15 U.S.C. 78q-1(b)(3)(I).
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(C) Clearing Agency's Statement on Comment on the Proposed Rule Change
Received From Members, Participants or Others
Written comments 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 \35\ and paragraph (f) of Rule 19b-4 \36\
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.
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\35\ 15 U.S.C. 78s(b)(3)(A).
\36\ 17 CFR 240.19b-4(f).
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The proposal shall not take effect until all regulatory actions
required with respect to the proposal are completed.\37\
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\37\ Notwithstanding its immediate effectiveness, implementation
of this rule change will be delayed until this change is deemed
certified under CFTC Regulation 40.6.
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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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#3f4d4a535a125c5052525a514b4c7f4c5a5c11585049"><span class="__cf_email__" data-cfemail="641611080149070b0909010a1017241701074a030b12">[email protected]</span></a>. Please include
file number SR-OCC-2024-003 on the subject line.
Paper Comments
<bullet> 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-2024-003. 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 website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). 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
[[Page 16047]]
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 <a href="https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules">https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules</a>.
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-2024-003 and
should be submitted on or before March 27, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-04698 Filed 3-5-24; 8:45 am]
BILLING CODE 8011-01-P
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