Notice2025-03808
Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by The Options Clearing Corporation Concerning Updates to Various Contracts and Forms That, in Conjunction With OCC's By-Laws and Rules, Establish and Govern the Relationship Between OCC and Each Clearing Member (Collectively, the “Clearing Member Documents”)
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 11, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 46 (Tuesday, March 11, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 46 (Tuesday, March 11, 2025)]
[Notices]
[Pages 11770-11771]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-03808]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102522; File No. SR-OCC-2025-003]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change by
The Options Clearing Corporation Concerning Updates to Various
Contracts and Forms That, in Conjunction With OCC's By-Laws and Rules,
Establish and Govern the Relationship Between OCC and Each Clearing
Member (Collectively, the ``Clearing Member Documents'')
March 5, 2025.
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 February 24, 2025, the Options Clearing Corporation (``OCC'' or
``Clearing Agency'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Item I below,
which Item has been substantially prepared by the Clearing Agency. The
Clearing Agency has designated this proposal for immediate
effectiveness pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule
19b-4(f) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f). 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. If the Commission takes such action, the
Commission will institute proceedings to determine whether the
proposed rule change should be approved or disapproved.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
This proposed rule change would to update various contracts and
forms that, in conjunction with OCC's By-Laws and Rules, establish and
govern the relationship between OCC and each Clearing Member
(collectively, the ``Clearing Member Documents''). The primary reason
for the proposed rule change is to update the Clearing Member Documents
to reflect recent changes proposed by OCC and approved by the
Commission to the Rules and By-Laws and to reflect OCC's current
business and operational processes.
[[Page 11771]]
Additional changes also include related minor and non-substantive
revisions to the Clearing Member Documents and OCC Rules.
The proposed changes to the Clearing Member Documents are contained
in Exhibits 5A through 5N to File No. SR-OCC-2025-003. The proposed
changes follow OCC's review of the Clearing Member Documents to ensure
consistency with OCC's current rules as well as its current business
and operational processes. The proposed changes to the Clearing Member
Documents touch on the following:
1. Application Documents. These are primary documents used to
identify an applicant's qualifications to become a Clearing Member of
OCC.
2. Core Agreements. These documents establish the contractual
agreement between OCC and a Clearing Member and provide OCC with
authority to carry out critical tasks related to clearing membership.
These include, among other agreements, the Clearing Member agreement
and authorized signature forms.
3. Services Agreement. This document governs the provision by OCC
of various services to Clearing Members, such as internet and data
distribution services.
4. Appointment Forms. These documents permit Clearing Members that
are not participants in National Securities Clearing Corporation and
the Fixed Income Clearing Corporation to, as applicable, effect
settlement through appointment of another Clearing Member as its agent
with respect to settlement of the relevant product.
5. Product and Account Specific Forms. These documents facilitate a
Clearing Member's ability to clear certain products or allow a Clearing
Member to establish certain types of accounts.
Additionally, OCC proposes non-substantive conforming changes to
its Rules. Material proposed to be added is marked by underlining [sic]
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 OCC By-Laws and
Rules.\5\
---------------------------------------------------------------------------
\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>.
---------------------------------------------------------------------------
The proposed rule change, including the Clearing Agency's statement
of the purpose of, and statutory basis for, the proposed rule change,
is available on the Clearing Agency'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> and on the Commission's website at <a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-003">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-003</a>.
II. 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.\6\ Comments may be submitted
electronically by using the Commission's internet comment form (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-003">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-003</a>) or by sending an email to <a href="/cdn-cgi/l/email-protection#ef9d9a838ac28c8082828a819b9caf9c8a8cc1888099"><span class="__cf_email__" data-cfemail="3d4f485158105e5250505853494e7d4e585e135a524b">[email protected]</span></a>. Please include file number SR-OCC-2025-003 on the
subject line. Alternatively, paper comments may be sent to Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090. All submissions should refer to file number SR- OCC-2025-
003. 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-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-003">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-003</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-2025-003 and should be submitted on or before April 1, 2025.
---------------------------------------------------------------------------
\6\ 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 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 the filing also will be
available for inspection and copying at the principal office of SRO.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-03808 Filed 3-10-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on March 11, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.