Notice2024-27753
Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change, as Modified by Partial Amendment No. 1, by the Options Clearing Corporation Concerning Its Process for Adjusting Certain Parameters in Its Proprietary System for Calculating Margin Requirements During Periods When the Products It Clears and the Markets It Serves Experience High Volatility
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
November 27, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 229 (Wednesday, November 27, 2024)</title>
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[Federal Register Volume 89, Number 229 (Wednesday, November 27, 2024)]
[Notices]
[Pages 93693-93694]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-27753]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101684; File No. SR-OCC-2024-014]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Designation of Longer Period for Commission Action on
Proposed Rule Change, as Modified by Partial Amendment No. 1, by the
Options Clearing Corporation Concerning Its Process for Adjusting
Certain Parameters in Its Proprietary System for Calculating Margin
Requirements During Periods When the Products It Clears and the Markets
It Serves Experience High Volatility
November 21, 2024.
On October 1, 2024, the Options Clearing Corporation (``OCC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-OCC-2024-014, pursuant to Section 19(b) of the
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
\2\ thereunder, to codify OCC's process for adjusting certain
parameters in its proprietary system for calculating margin
requirements during periods when the products OCC clears and the
markets it serves experience high volatility.\3\ The proposed rule
change, as modified by Partial Amendment no. 1 (hereinafter, the
``Proposed Rule Change''), was published for public comment in the
Federal Register on October 9, 2024.\4\ The Commission has received no
comments regarding the Proposed Rule Change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Notice of Filing infra note 4, at 89 FR 81958.
\4\ Securities Exchange Act Release No. 101246 (Oct. 3, 2024),
89 FR 81958 (Oct. 9, 2024) (File No. SR-OCC-2024-014) (``Notice of
Filing'').
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Section 19(b)(2)(i) of the Exchange Act \5\ 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.\6\ 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
[[Page 93694]]
its reasons for so finding, or as to which the self-regulatory
organization consents.\7\
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\5\ 15 U.S.C. 78s(b)(2)(i).
\6\ 15 U.S.C. 78 s(b)(2)(ii).
\7\ Id.
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The 45th day after publication of the Notice of Filing is November
23, 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,\8\ designates January 7, 2025, as the date by which the
Commission shall either approve, disapprove, or institute proceedings
to determine whether to disapprove proposed rule change SR-OCC-2024-
014.
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\8\ Id.
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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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-27753 Filed 11-26-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on November 27, 2024.
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