Notice2026-04602
Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by The Options Clearing Corporation Concerning Modifications to Its Clearing Membership Forms
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 10, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 46 (Tuesday, March 10, 2026)</title>
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[Federal Register Volume 91, Number 46 (Tuesday, March 10, 2026)]
[Notices]
[Pages 11580-11586]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04602]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104932; File No. SR-OCC-2026-002]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change by
The Options Clearing Corporation Concerning Modifications to Its
Clearing Membership Forms
March 5, 2026.
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 23, 2026, 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) \3\ of the Act and paragraph (f) or Rule 19b-4 \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).
\4\ 17 CFR 240.19b-4(f).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
This proposed rule change would withdraw as rule text: the Clearing
Member Application, Letter of Authorization, Clearing Member Agreement,
Non-U.S. Clearing Member Agreement (together with the Clearing Member
Agreement, the ``Clearing Member Agreements''), Authorized Signatory
Certificate, Agreement for OCC Services, and, as identified further in
the proposed rule change, various Appointment Forms and Product-
Specific and Account-Specific Forms (collectively, the ``Clearing
Membership Forms''). As explained in its filing, OCC considers the
Clearing Membership Forms to be forms to be used in connection with the
implementation and operation of the proposed rule change, rather than
rules themselves.
In connection with this proposed change, OCC also proposes to make
certain other changes to OCC Rules related to the Clearing Membership
Forms, including (i) to amend OCC Rule 204 to add a new paragraph (h)
that would require, as a condition to admission, that each applicant
for clearing membership and each Clearing Member sign and deliver to
the Corporation such instruments in writing as the Corporation may
require from time to time depending on the services that the applicant
or Clearing Member selects; and (ii) in connection with OCC's proposal
to withdraw the Participating Escrow Bank Agreement as one of the
Account-Specific Forms, to amend Rule 610C to clarify that OCC's
standard for establishing relationships with an escrow deposit bank is
the same as those for Clearing Bank relationships under OCC Rule 206.
Other than the proposed amendments to OCC Rule 204, the proposed rule
change would not alter any of the requirements for initial or continued
OCC clearing membership.
OCC filed proposed changes to OCC Rules 204 and 610C as Exhibit 5a,
and the text of the Clearing Membership Forms as Exhibits 5b through 5v
to File No. SR-OCC-2026-002, respectively. Material proposed to be
added is marked by underlining and material proposed to be deleted is
marked with strikethrough text.
The proposed rule change does not require any other changes to the
text of OCC's By-Laws or Rules. 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\
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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
1. Purpose
Background
OCC is the sole clearing agency for standardized equity options
listed on national securities exchanges registered with the Commission.
OCC provides clearing services for options on equities,
[[Page 11581]]
indices, Exchange Traded Funds (``ETFs''), for certain transactions in
futures and options on futures, and for certain stock loan
transactions. Organizations become OCC Clearing Members to facilitate
the clearing and settlement of their customer transactions or
proprietary transactions through OCC. More specifically, in its role as
a clearing agency, OCC guarantees the performance of its Clearing
Members for all transactions cleared by OCC by becoming 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). OCC maintains various agreements, applications, forms,
and letters that are used in connection with onboarding applicants for
Clearing Membership and are part of the legal foundation for OCC's
relationship with each Clearing Member and the services that OCC
provides. The Clearing Membership Forms are forms for Clearing Members
(1) to provide information to OCC required under OCC's By-Laws and
Rules; (2) to acknowledge agreement with certain requirements or
provide affirmations or representations required under OCC's By-Laws
and Rules; or (3) to provide a legal foundation for services OCC
performs outside of the By-Laws and Rules.
Specifically, the Clearing Membership Forms include documents that
fall within the following general categories:
(1) Clearing Member Application used by applicants to identify for
OCC an applicant's qualifications that make it eligible to become a
Clearing Member at OCC;
(2) Clearing Member Agreements that establish the contractual
agreement between OCC and a Clearing Member, the material terms of
which are already codified in existing OCC Rule 204(b);
(3) OCC Services Agreement, which provides the terms and conditions
related to certain ancillary services that Clearing Members may elect
to receive in addition to those normally provided by OCC under its By-
Laws and Rules, such as internet and data distribution services;
(4) Appointment Forms, which permit Clearing Members that are not
participants in the National Securities Clearing Corporation (``NSCC'')
or, in the case of Canadian Clearing Members not participants in the
Depository Trust Company (``DTC''), to effect settlement of physically
settled equity options or settlement of stock loan transactions,
respectively, through appointment of another Clearing Member or, in the
case of Canadian Clearing Members through appointment of the Canadian
Depository for Securities (``CDS''), as its agent with respect to
settlement of the relevant products; and
(5) Product-Specific Forms and Account-Specific Forms that
facilitate a Clearing Member's ability to clear certain products or
allow a Clearing Member or OCC to establish certain types of accounts.
These forms include those for applicants and Clearing Members (1) to
provide information related to the status of their membership at NSCC
(for purposes of settling exercise and assignment activity for
physically settled equity options), DTC (for purposes of OCC's Stock
Loan Programs), and FICC (for purposes of physically settled Treasury
options, which are not currently listed by any participant exchange);
(2) to establish a Joint Back Office (``JBO'') Participant's Account;
(3) to identify custody bank information for purposes of delivering
Government securities as margin collateral or Clearing Fund deposits;
and (4) to establish and maintain escrow deposits in a participating
escrow deposit bank.
In connection with a comprehensive review of the Clearing
Membership Forms in 2014, OCC first filed the Clearing Membership Forms
as rules, as revised to (i) reduce the number of documents by
eliminating outdated documents and combining similar documents, (ii)
reflect OCC's then-current business and operational processes; and
(iii) reflect changes in applicable law and conform the documents to
OCC's then-current By-Laws and Rules.\6\ In 2016, OCC filed certain
other Account-Specific Forms related to OCC's Escrow Deposit
Program.\7\ In 2024, OCC filed a proposed rule change to, among other
things, make certain changes to the Appointment Forms to reflect the
industry transition to a T+1 settlement cycle for the delivery of
underlying securities.\8\ In February 2025, OCC filed an immediately
effective rule change with the Commission to, among other things, amend
its Clearing Member Agreements to include eligible banks as a
membership category to align the categories in these agreements with
those set out in existing OCC Rule 201.\9\ In August 2025, OCC again
filed an immediately effective rule change with the Commission to
remove the Officer's Certificate and signature block in their entirety
from the rule-filed text of the Clearing Member Agreements so that
those means of executing the Clearing Member Agreements could be
updated based on the internal governance of and law applicable to
different types of Clearing Members, such as banks.\10\
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\6\ See Exchange Act Release No. 73577 (Nov. 12, 2014), 79 FR
68733 (Nov. 18, 2014) (SR-OCC-2014-20).
\7\ See Exchange Act Release No. 79094 (Oct. 13, 2016), 81 FR
72129 (Oct. 19, 2016) (SR-OCC-2016-009).
\8\ See Exchange Act Release No. 99701 (Mar. 8, 2024), 89 FR
18685, 18685 n.10 and accompanying text (Mar. 14, 2024) (SR-OCC-
2024-002).
\9\ See Exchange Act Release No. 102522 (Mar. 5, 2025), 90 FR
11770 (Mar. 11, 2025) (SR-OCC-2025-003).
\10\ See Exchange Act Release No. 103779 (Aug. 26, 2025), 90 FR
42289 (Aug. 29, 2025) (SR-OCC-2025-012).
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Proposed Changes
The Clearing Membership Forms Do Not Constitute Rules of OCC
Notwithstanding their previous inclusion in rule text filed with
the Commission, OCC does not consider the Clearing Membership Forms to
be rules of the clearing agency. The Exchange Act defines the term
``rules of a clearing agency'' to mean the constitution, articles of
incorporation, by-laws, and rules, or instruments corresponding to the
foregoing, of a clearing agency and such of the stated policies,
practices, and interpretations of such clearing agency as the
Commission, by rule, may determine to be necessary or appropriate in
the public interest or for the protection of investors.\11\ Rule 19b-4
thereunder defines the term ``stated policy, practice or
interpretation'' to mean, in part: (i) any material aspects of the
operation of the facilities of the SRO; or (ii) any statement made
generally available to the membership of, to all participants in, or to
persons having or seeking access to facilities of the SRO (``specified
persons''), that establishes or changes any standard, limit or
guideline with respect to (A) the rights, obligations, or privileges of
specified persons or persons associated with specified persons, or (B)
the meaning, administration, or enforcement of an existing rule.\12\
However, Rule 19b-4 exempts a stated policy, practice, or
interpretation of an SRO from being deemed a proposed rule change if it
is reasonably and fairly implied by an existing rule of the SRO, among
other reasons.\13\ For the reasons discussed below, OCC believes that
the Clearing Membership Forms do not fall within these definitions or
are subject to the above-referenced exception.
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\11\ See 15 U.S.C. 78c(a)(27).
\12\ 17 CFR 240.19b-4(a)(6).
\13\ 17 CFR 240.19b-4(c).
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(1) Clearing Member Application.\14\ The Clearing Member
Application is a form used by an applicant for clearing membership to
provide information to
[[Page 11582]]
OCC to demonstrate that it meets the minimum requirements for clearing
membership set forth in Chapters II and III of OCC's Rules. In
particular, OCC Rule 203 provides that ``applications for clearing
membership must be in such form and contain such information as [OCC]
will from time to time prescribe.'' \15\ The Clearing Member
Application does not establish or change any standard, limit or
guidelines with respect to the rights, obligations or privileges of
Clearing Members or applicants for clearing membership or the meaning,
administration or enforcement of those Rules. Any changes to the
membership standards outlined in Chapter II and III of OCCs Rules would
require a proposed rule change to amend.\16\
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\14\ OCC has filed the Clearing Member Application, as proposed
to be amended, as Exhibit 3a to File No. SR-OCC-2026-002.
\15\ OCC Rule 203(a), supra note 5.
\16\ See, e.g., Order Granting Approval of Proposed Rule Change
by the Options Clearing Corporation Concerning the Amendment of its
Clearing Membership Standards, Exchange Act Release No. 97439 (May
5, 2023), 88 FR 30373 (May 11, 2023) (SR-OCC-2023-002) (``Clearing
Membership Standards'').
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The Clearing Membership Forms also include a Letter of
Authorization \17\ to be signed and delivered to OCC by which an
applicant for Clearing Membership authorizes the applicant's regulators
to communicate directly with OCC concerning the applicant. This letter
was designed to facilitate OCC's prior practice of inquiring with the
applicant's Designated Examining Authority whether it objected to OCC
admitting the applicant for membership, as well as for OCC to obtain
information from an applicant's regulator about any potential
violations of law, financial requirements, or the occurrence of any
material operational difficulties. However, in 2023, OCC amended its
membership standards to remove the process under its By-Laws by which
OCC requested a no-objection from the applicant's Designated Examining
Authority.\18\ In addition, OCC requires Clearing Members and
applicants for membership to inform OCC if it is subject to a statutory
disqualification, early warning notice, or equivalent.\19\ As such, OCC
does not believe the Letter of Authorization is currently relevant to
OCC's current membership application process and proposes to withdraw
it from OCC's rules in its entirety.
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\17\ OCC has filed the Letter of Authorization, as proposed to
be amended, as Exhibit 3c to File No. SR-OCC-2026-002.
\18\ See Exchange Act Release No. 97150 (Mar. 15, 2023), 88 FR
17046, 17051 (Mar. 21, 2023) (SR-OCC-2023-002).
\19\ See, e.g., OCC Rules 204(c), 306A(a), 306A(a)(5)(C)-(D), &
306A, I&P .01(c).
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(2) Clearing Member Agreements.\20\ The Clearing Member Agreements
are the forms used by applicants and Clearing Members to satisfy the
requirements of OCC Rule 204(b). In relevant part, OCC Rule 204(b)
requires an applicant for clearing membership to sign and delivered to
OCC ``an agreement in such form as the Corporation will require,''
wherein the Clearing Member must acknowledge the agreements set forth
in subparagraphs (1) through (10) to OCC Rule 204(b). The Clearing
Member Agreements are a form for Clearing Members to acknowledge those
agreements. Accordingly, regardless of whether the Clearing Member
Agreements would otherwise fall within the scope of a stated policy,
practice or interpretation under Exchange Act Rule 19b-4(a)(6),\21\ the
Clearing Member Agreements themselves are reasonably and fairly implied
by existing OCC Rule 204(b). As such, while any change to existing OCC
Rule 204(b) would require a proposed rule change, the Clearing Member
Agreements themselves are not deemed to be a proposed rule change under
Exchange Act Rule 19b-4(c).\22\
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\20\ OCC has filed the Clearing Member Agreements, as proposed
to be amended, as Exhibits 3d and 3e, respectively, to File No. SR-
OCC-2026-002.
\21\ 17 CFR 240.19b-4(a)(6).
\22\ 17 CFR 240.19b-4(c).
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The Clearing Membership Forms also contain other forms and
authorizations to be used by Clearing Members to facilitate compliance
with OCC's Rules and OCC's authority to perform certain critical
functions. OCC believes these forms \23\ are also reasonably and fairly
implied by existing OCC rules:
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\23\ OCC has filed the referenced forms, as proposed to be
amended, as Exhibits 3b, 3f, 3g, 3h, and 3i, respectively, to File
No. SR-OCC-2026-002.
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<bullet> The Notice of Name change is a form for a Clearing Member
to provide notification of changes in its name, in accordance with and
as reasonably and fairly implied by Interpretation and Policy (``I&P'')
.01(b)(1)(D) of OCC Rule 306A.
<bullet> The Authorization to Draft Clearing Member Accounts
provides the Clearing Member's acknowledgment of OCC's authority to
debit the Clearing Member's accounts in accordance with and as
reasonably and fairly implied by OCC's rules including, but not
limited, OCC Rules 210(b), 502, 504(c), and 605.
<bullet> The Authorized Signatory Certificate is a form for
Clearing Members to identify authorized signatories for purposes of
agreements and other papers necessary for conducting business with OCC,
in accordance with and as reasonably and fairly implied by OCC Rule
205.
<bullet> The Authorization Form for Post-Trade Instructions is a
form to facilitate instructions received for Clearing Member Trade
Assignment (``CMTA''), in accordance with and as reasonably and fairly
implied by OCC Rule 407.
<bullet> The Security Agreement for Non-U.S. Clearing Members
provides a Non-U.S. Clearing Member's acknowledgement of OCC's security
interest on positions and collateral in the various accounts
established under and as reasonably and fairly implied by Section 3 of
By-Law Article VI.
Each of these forms is meant to facilitate the above-referenced By-
Laws and Rules, and do not themselves establish or change any standard,
limit or guidelines with respect to the rights, obligations or
privileges of Clearing Members or applicants for clearing membership or
the meaning, administration or enforcement of those By-Laws and Rules.
Any changes to the above-referenced By-Laws and Rules would require a
proposed rule change.
(3) OCC Services Agreement.\24\ OCC does not consider the OCC
Services Agreement to be a material aspect of its operations as a
registered clearing agency. The terms and conditions that agreement
covers are with respect to services that Clearing Members may elect to
receive in addition to those normally provided by OCC under its By-Laws
and Rules. Nor does the OCC Services Agreement establish or change any
standard, limit or guidelines with respect to the rights, obligations
or privileges of Clearing Members. The OCC Services Agreement merely
provides commercial terms related to OCC's provision of these other
services to establish a legal framework for such services.
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\24\ OCC has filed the OCC Services Agreement, as proposed to be
amended, as Exhibit 3j to File No. SR-OCC-2026-002.
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(4) Appointment Forms.\25\ OCC Rule 901(f) provides that the
Appointed Clearing Member may appoint another Clearing Member to effect
settlement of physically settled options on its behalf through the
facilities of NSCC ``in such manner as [OCC] shall from time to time
prescribe,'' and that the appointment becomes effective on the first
business day following the day on which OCC receives a written notice
from the Appointed Clearing Member ``in such form as the Corporation
shall from time to time prescribe'' of its acceptance of the
appointment. In addition, pursuant to OCC Rule 901(g), Canadian
Clearing
[[Page 11583]]
Members may appoint, ``in such manner as the [OCC] shall from time to
time prescribe,'' CDS to act on its behalf with respect to the
settlement of all exercised or matured cleared securities in the
accounts of the Canadian Clearing Member that are settled through NSCC.
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\25\ OCC has filed the Appointment Forms, as proposed to be
amended, as Exhibits 3k through 3n, respectively, to File No. SR-
OCC-2026-002.
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The Appointment Forms are the means by which the Appointed and
Appointing Clearing Members or a Canadian Clearing Member provide the
required acknowledgements under OCC Rules 901(f) and 901(g),
respectively. The Appointment forms also require acknowledgement and
agreement from the Appointing Clearing Member that relate to OCC's
rights in the event of an Appointed Clearing Member's suspension under
Chapter XI of OCC's Rules. Accordingly, OCC believes the Appointment
Forms are reasonably and fairly implied by those rules. Any changes to
OCC Rules 901(f) and 901(g), or to Chapter XI of OCC's Rules, would
require OCC to file a proposed rule change.
With respect to the acceptance of an appointment by an Appointed
Clearing Member, the acceptance form also requires the Appointed
Clearing Member to agree to maintain the net capital required by OCC
Rule 309A and remain subject to OCC Rule 309A until the appointment is
terminated. However, OCC previously filed a proposed rule change to
remove Rule 309A, in favor of the general net capital requirements as
set forth in current Rule 301.\26\ Rather than require Appointed
Clearing Members to report net capital below the thresholds previously
set forth in OCC Rule 309A, the current Rules require an Appointed
Clearing Member to provide Early Warning notices pursuant to current
OCC Rule 306A(a)(2).\27\ Accordingly, upon withdrawal of the acceptance
of appointment form from the rules, OCC would update the form to
reflect current Rule 301 and 306A(a)(2).
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\26\ See Exchange Act Release No. 97150, supra note 18, at
17062.
\27\ Id. at 17056.
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In addition, certain of the Appointment Forms filed in 2014 relate
to products no longer listed by OCC's participant exchanges and no
longer cleared by OCC, including physically settled treasury options
and futures. Accordingly, OCC proposes to withdraw the Appointment
Forms designed to support those products, including for designating an
Appointed Clearing Member for purposes of settling those products
through the facilities of the Fixed Income Clearing Corporation
(``FICC'') and providing information to OCC related to a Clearing
Member's FICC membership.
(5) Product-Specific Forms and Account-Specific Forms.\28\ The
remaining Clearing Membership Forms include forms that relate to
specific products or account types. OCC believes these forms are
reasonably and fairly implied by existing OCC rules, or otherwise not
considered rules for the following reasons:
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\28\ OCC has filed the Product-Specific Forms and Account-
Specific Forms, as proposed to be amended, as Exhibits 3o through
3u, respectively, to File No. SR-OCC-2026-002.
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<bullet> The NSCC Participation Status form is a form for the
Clearing Member to provide, and NSCC to confirm, an applicant's
membership in NSCC for purposes of sending exercise and assignment
activity for physically settled options to NSCC for settlement, in
compliance with and as reasonably and fairly implied by OCC Rule
302(e).
<bullet> The Stock Loan Participant Information Form is a form for
a participant in OCC's Hedge Loan Program or Market Loan Program to
provide information related to its membership with DTC, as required and
reasonably and fairly implied by OCC Rule 302(f). The form may also be
used by participants in that program to provide instructions to OCC
concerning the applicable mark-to-market percentage and rounding
convention to be applied, pursuant to and as reasonably and fairly
implied by OCC Rules 2201 and 2201A.
<bullet> The FICC Membership Information form is a form for a
participant to provide information about their FICC membership for
purposes of clearing Treasury Securities Options and Treasury Futures
under Chapters XIII and XIV of OCC's Rules. As discussed above, none of
OCC's participant exchanges currently list such products. Accordingly,
OCC proposes to withdraw the FICC Membership Information form.
<bullet> The JBO Acknowledgement Letter is a form used by a
Clearing Member that desires to maintain a JBO Participants' Account to
provide acknowledgement to the requirements for such an account, as
reasonably and fairly implied by Section 3(h) of OCC By-Law Article VI.
<bullet> The Government Securities Delivery Information Form is a
form used by Clearing Members to identify the account information for
its custodial bank for purposes of delivering Government securities as
collateral in satisfaction of margin or Clearing Fund requirements, as
reasonably and fairly implied by OCC Rule 604(a)(1) and I&P .17
thereto, with respect to margin collateral, and Rule 1002(a)(ii), with
respect to Clearing Fund deposits.
Each of these forms is meant to facilitate the above-referenced By-
Laws and Rules, and do not themselves establish or change any standard,
limit or guidelines with respect to the rights, obligations or
privileges of Clearing Members or applicants for clearing membership or
the meaning, administration or enforcement of those By-Laws and Rules.
Any changes to the above-referenced By-Laws and Rules would require a
proposed rule change.
In addition, OCC maintains a Participating Escrow Bank Agreement
and an Escrow Program Tri-Party Agreement between OCC, a custodian bank
that OCC has approved to hold escrow deposits, and, in the case of the
Escrow Program Tri-Party Agreement, a customer of a Clearing Member,
for purposes of OCC's Escrow Deposit Program under OCC Rule 610C.\29\
Specifically, Rule 610C(b) allows for escrow deposits to be held in a
customer's account at a participating escrow bank ``approved by [OCC],
and into which [OCC] has online view access . . . at the participating
escrow bank governed by an agreement in a form acceptable to [OCC] and
signed by the customer, [OCC,] and the participating escrow bank.'' As
such, OCC believes that execution of these agreements is reasonably and
fairly implied by OCC Rule 610C.
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\29\ OCC has filed the Participating Escrow Bank Agreement and
the Escrow Program Tri-Party Agreement, as proposed to be amended,
as Exhibits 3t and 3u, respectively, to File No. SR-OCC-2026-002.
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With respect to the terms of the agreement, OCC considers the
material aspect to be the agreement of the parties to abide by the
Escrow Deposit Program rules as set forth in and reasonably and fairly
implied by OCC's By-Laws and Rules, including OCC Rule 610C. Any change
to the rules for the Escrow Deposit Program would require a proposed
rule change. The Participating Escrow Bank Agreement also requires the
custodian bank to meet certain capital requirements. In practice, OCC
employs the same standards for escrow deposit banks as it does for
Clearing Banks under OCC Rule 206. In the interest of enhanced
transparency, OCC proposes to amend Rule 610C(b) to add that OCC may in
its discretion approve a participating escrow deposit bank if a bank:
(i) meets the minimum requirements for a Clearing Bank under Rule 206,
and (ii) meets such other standards for participating escrow deposit
banks as OCC may determine from time to time. In addition to promoting
enhanced transparency, the
[[Page 11584]]
purpose of this proposed change is to ensure that a sound legal
framework exists for why OCC may approve or reject a particular
participating escrow deposit bank. This proposed change will inform
Clearing Members of those requirements and help Clearing Members to
understand why OCC may make such determination. This proposed change is
aligned with changes OCC made to extend the Clearing Bank standards to
issuers of letters of credit pursuant to OCC Rule 604(c) and I&P .01
thereunder.\30\ Withdrawing these agreements from the rules would align
them with how OCC has filed other banking agreements, including the
Cash Settlement Agreements that OCC executes with Clearing Banks.\31\
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\30\ See Exchange Act Release No. 96533 (Dec. 19, 2022) 87 FR
79015, 79019-20 (Dec. 23, 2022) (amending I&P .01 to Rule 604 to
align with the Clearing Bank standards of OCC Rule 206).
\31\ See Exchange Act Release No. 82055 (Nov. 13, 2017), 82 FR
54448 (Nov. 17, 2017) (SR-OCC-2017-805) (filing a template Cash
Settlement Procedures Agreement as an Exhibit 3).
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Withdrawing the Clearing Membership Forms as Rules Is Consistent With
the General Instructions for Form 19b-4 and the Practice of Other SROs
OCC believes that filing the Clearing Membership Forms as Exhibit 3
to SR-OCC-2026-002, as opposed to rule text as is the case for items
filed under Exhibit 5, is consistent with the Commission's General
Instructions for Form 19b-4.\32\ Specifically, the General Instructions
provide that ``[i]f completion of [any] form . . . is voluntary or is
required pursuant to an existing rule of the [SRO], the form . . .
together with a statement identifying any existing rule that requires
completion of the form . . . shall be attached as Exhibit 3.'' \33\ OCC
has filed the Clearing Membership Forms, as proposed to be amended, as
Exhibit 3 to SR-OCC-2026-002 and has, through the narrative above,
provided a statement identifying the existing rules that require
completion of the form.
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\32\ General Instructions for Form 19b-4, available at <a href="https://www.sec.gov/files/form-19b4-general-instructions.pdf">https://www.sec.gov/files/form-19b4-general-instructions.pdf</a>.
\33\ Id. at I.1(a).
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In addition, OCC believes that filing the Clearing Membership Forms
as Exhibit 3 is consistent with the practices of other SROs with
respect to similar forms. For example, national securities exchanges,
which are also SROs and subject to the requirements of Exchange Act and
Rule 19b-4 thereunder, submit such forms as Exhibits F to their Form 1
application, which is for forms pertaining to, among other things,
application for membership, participation, or subscription to the
exchange, rather than as Exhibit A (constitution, articles of
incorporation, and existing by-laws or corresponding rules or
instruments) or Exhibit B (written rules, settled practices having the
effect of rules, and interpretations of the governing board or other
committee of the exchange in respect of any provisions of the
constitution, by-laws, rules, or trading practices of the
exchange).\34\ In addition, OCC notes that other covered clearing
agencies have submitted similar membership-related forms as Exhibits 3
to filings.\35\
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\34\ See Form 1 Instructions, available at <a href="https://www.sec.gov/files/form1.pdf">https://www.sec.gov/files/form1.pdf</a>.
\35\ See, e.g., SR-NSCC-2021-012, available at <a href="https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/NSCC/SR-NSCC-2021-012.pdf">https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/NSCC/SR-NSCC-2021-012.pdf</a> (submitting revised templates of the NSCC
Membership Agreement as Exhibit 3).
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Proposed Rule 204(h)
OCC also proposes to codify in Rule 204 the general requirement
that applicants for Clearing Membership and existing Clearing Members
execute agreements related to the services they are requesting or
receiving. Specifically, OCC proposes to add a paragraph (h) to Rule
204 that would require, as a condition to admission, that each
applicant for clearing membership and each Clearing Member sign and
deliver to the Corporation such other instruments in writing as the
Corporation may require from time to time. For example, if an applicant
or an existing Clearing Member selects to utilize a particular service
offered by OCC outlined in the Agreement for OCC Services, such as an
ancillary service or a data distribution service, OCC would require the
applicant or Clearing Member to execute other instruments, such as
other forms or agreements, related to the selected service. This
provision would supplement existing Rule 204(b), which currently
requires Clearing Members to execute the Clearing Member Agreement or
Non-U.S. Clearing Member Agreement, as applicable. Rule 204(h) is
designed to capture the Clearing Membership Forms that would be
applicable to a particular applicant or Clearing Member based on the
types of services and accounts that the Clearing Member selects and are
not otherwise required by other OCC By-Laws and Rules.
2. Statutory Basis
OCC believes the proposed rule change is consistent with Section
17A of the Exchange Act \36\ and the rules and regulations thereunder
applicable to a registered clearing agency. In particular, Section
17A(b)(3)(F) of the Act \37\ requires, among other things, that the
rules of a clearing agency be designed to foster cooperation and
coordination with persons engaged in the clearance and settlement of
securities transactions and to remove impediments to and perfect the
mechanism of a national system for the prompt and accurate clearance
and settlement of securities transactions. OCC's relationship with its
Clearing Members is largely governed by OCC's By-Laws and Rules, which
become applicable to applicants that execute the Clearing Member
Agreements with OCC. The Clearing Membership Forms are forms (1) to
provide information to OCC required under OCC's By-Laws and Rules; (2)
to acknowledge agreement with certain requirements or provide certain
affirmations or representations required under OCC's By-Laws and Rules;
or (3) to provide a legal foundation for services OCC performs outside
of the By-Laws and Rules. Withdrawing the Clearing Membership Forms as
rules would allow OCC to more efficiently maintain these documents,
while continuing to maintain transparency through any proposed rule
changes that may be needed to amend OCC's By-Laws and Rules. For these
reasons, the proposed rule change is reasonably designed to foster
cooperation and coordination between OCC and prospective participants
and remove impediments to and perfect the mechanisms of the national
system for the clearance and settlement of listed options, among other
products that OCC clears, in accordance with Section 17A(b)(3)(F) of
the Act.\38\
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\36\ 15 U.S.C. 78q-1.
\37\ 15 U.S.C. 78q-1(b)(3)(F).
\38\ Id.
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OCC also believes that the proposed changes are consistent with
Exchange Act Rule 17ad-22(e)(21), which requires, in relevant part,
that a covered clearing agency establish, implement, maintain and
enforce written policies and procedures reasonably designed to be
efficient and effective in meeting the requirements of its participants
and the markets it serves.\39\ Since the implementation of the Covered
Clearing Agency Standards,\40\ the number of documents that OCC has
filed as rules of OCC has increased substantially to include not only
OCC's By-Laws and Rules, articles of incorporation, stockholders'
agreement and certain other agreements memorializing linked
relationships with other financial market utilities that had
historically
[[Page 11585]]
been filed as rules, but also material policies and procedures,\41\
margin and stress testing methodology descriptions,\42\ OCC's Recovery
and Orderly Wind-down Plan,\43\ and other governance documents.\44\
Together, these documents now total approximately 1,100 pages of rule
text.
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\39\ 17 CFR 240.17ad-22(e)(21).
\40\ See Exchange Act Release No. 78961 (Sept. 28, 2016), 81 FR
70786 (Oct. 13, 2016) (S7-03-14).
\41\ See Exchange Act Release Nos. 102284 (Jan. 27, 2025), 90 FR
8728 (Jan. 31, 2025) (SR-OCC-2025-001); 102203 (Jan. 15, 2025), 90
FR 7720 (Jan. 22, 2025) (SR-OCC-2024-016); 101151 (Sept. 24, 2024),
89 FR 79668 (Sept. 30, 2024) (SR-OCC-2024-012); 100998 (Sept. 11,
2024), 89 FR 76171 (Sept. 17, 2024) (SR-OCC-2024-009); 99169 (Dec.
14, 2023), 88 FR 88163 (Dec. 20, 2023) (SR-OCC-2023-008); 98101
(Aug. 10, 2023), 88 FR 55775 (Aug. 16, 2023) (SR-OCC-2022-012); 8093
(Aug. 9, 2023), 88 FR 55492 (Aug 15, 2023) (SR-OCC-2023-006); 97763
(June 20, 2023), 88 FR 41453 (June 26, 2023) (SR-OCC-2023-004);
96566 (Dec. 22, 2022), 87 FR 80207 (Dec. 29, 2022) (SR-OCC-2022-
010); 94950 (May 19, 2022), 87 FR 31916 (May 25, 2022) (SR-OCC-2022-
004); 94304 (Feb. 24, 2022), 87 FR 11776 (Mar. 2, 2022) (SR-OCC-
2021-014); 93436 (Oct. 27, 2021), 86 FR 60499 (Nov. 2, 2021) (SR-
OCC-2021-010); 92038 (May 27, 2021), 86 FR 29861 (June 3, 2021) (SR-
OCC-2021-003); 91079 (Feb. 8, 2021), 86 FR 9410 (Feb. 12, 2021) (SR-
OCC-2020-016); 90797 (Dec. 23, 2020), 85 FR 86592 (Dec. 30, 2020)
(SR-OCC-2020-014); 89037 (June 10, 2020), 85 FR 36442 (June 16,
2020) (SR-OCC-2020-006); 89014 (June 4, 2020), 85 FR 35446 (June 10,
2020) (SR-OCC-2020-003); 88029 (Jan. 24, 2020), 85 FR 5500 (Jan. 30,
2020) (SR-OCC-2019-007); 87718 (Dec. 11, 2019), 84 FR 68992 (Dec.
17, 2019) (SR-OCC-2019-010); 86436 (July 23, 2019), 84 FR 36632
(July 29, 2019) (SR-OCC-2019-006); 86119 (June 17, 2019), 84 FR
29267 (June 21, 2019) (SR-OCC-2019-004); 83916 (Aug. 23, 2018), 83
FR 44076 (Aug. 29, 2018) (SR-OCC-2017-020); 83799 (Aug. 8, 2018), 83
FR 40379 (Aug. 14, 2018) (SR-OCC-2018-011); 83735 (July 27, 2018),
83 FR 37855 (Aug. 2, 2018) (SR-OCC-2018-008); 82785 (Feb. 27, 2018),
83 FR 9345 (Mar. 5, 2018) (SR-OCC-2017-011); 82311 (Dec. 13, 2017),
82 FR 60252 (Dec. 19, 2017) (SR-OCC-2017-008); 82310 (Dec. 13,
2017), 82 FR 60265 (Dec. 19, 2017) (SR-OCC-2017-010); 82658 (Feb. 7,
2018), 83 FR 6646 (Feb. 14, 2018) (SR-OCC-2017-007).
\42\ See Exchange Act Release Nos. 102203 (Jan. 15, 2025), 90 FR
7720 (Jan. 22, 2025) (SR-OCC-2024-016); 100998 (Sept. 11, 2024), 89
FR 76171 (Sept. 17, 2024) (SR-OCC-2024-009); 100528 (July 15, 2024),
89 FR 58836 (July 19, 2024) (SR-OCC-2024-008); 100455 (July 9,
2024), 89 FR 56452 (July 9, 2024) (SR-OCC-2024-006); 99735 (Mar. 14,
2024), 89 FR 19907 (Mar. 20, 2024) (SR-OCC-2023-007); 98101 (Aug.
10, 2023), 88 FR 55775 (Aug. 16, 2023) (SR-OCC-2022-012); 95319
(July 19, 2022), 87 FR 44167 (July 25, 2022) (SR-OCC-2022-001);
93371 (Oct. 18, 2021), 86 FR 58704 (Oct. 22, 2021) (SR-OCC-2021-
011); 91833 (May 10, 2021), 86 FR 26586 (May 14, 2021) (SR-OCC-2021-
005); 90827 (Dec. 30, 2020), 86 FR 659 (Jan. 5, 2021) (SR-OCC-2020-
015); 89014, 85 FR 35446 (June 4, 2020) (SR-OCC-2020-003); 87718
(Dec. 11, 2019), 84 FR 68992 (Dec. 17, 2019) (SR-OCC-2019-010);
87717 (Dec. 11, 2019), 84 FR 68985 (Dec. 17, 2019) (SR-OCC-2019-
009); 86119 (June 17, 2019), 84 FR 29267 (June 21, 2019) (SR-OCC-
2019-004); 83735 (July 27, 2018), 83 FR 37855 (Aug. 2, 2018) (SR-
OCC-2018-008); 91079 (Feb. 8, 2021), 86 FR 9410 (Feb. 12, 2021) (SR-
OCC-2020-016).
\43\ See Exchange Act Release Nos. 103587, 90 FR 36472 (Aug. 4,
2025) (SR-OCC-2025-005); 98107 (Aug. 10, 2023), 88 FR 55804 (Aug.
16, 2023) (SR-OCC-2023-005); 93436 (Oct. 27, 2021), 86 FR 60499
(Nov. 2, 2021) (SR-OCC-2021-010); 92038 (May 27, 2021), 86 FR 29861
(June 3, 2021) (SR-OCC-2021-003); 90712 (Dec. 17, 2020), 85 FR 84050
(Dec. 23, 2020) (SR-OCC-2020-013); 83918 (Aug. 23, 2018), 83 FR
44091 (Aug. 29, 2018) (SR-OCC-2017-012).
\44\ See Exchange Act Release Nos. 101792, 89 FR 97127 (Dec. 6,
2024) (SR-OCC-2024-015); 11572, 89 FR 46205 (May 28, 2024) (SR-OCC-
2024-005); 100194 (May 21, 2024), 89 FR 46205 (May 29, 2024) (SR-
OCC-2024-005); 94988 (May 26, 2022), 87 FR 33535 (June 2, 2022) (SR-
OCC-2022-002); 93102 (Sept. 22, 2021), 86 FR 53718 (Sept. 27, 2021)
(SR-OCC-2021-007); 87577 (Nov. 20, 2019), 84 FR 65202 (Nov. 26,
2019) (SR-OCC-2019-008); 85129 (Feb. 13, 2019), 84 FR 5129 (Feb. 20,
2019) (SR-OCC-2018-015); 84836 (Dec. 17, 2018), 83 FR 65775 (Dec.
21, 2018) (SR-OCC-2018-013); 84473 (Oct. 23, 2018), 83 FR 54385
(Oct. 29, 2018) (SR-OCC-2018-012); 80531 (Apr. 26, 2017), 82 FR
20502 (May 2, 2017) (SR-OCC-2017-002); 78862 (Sept. 16, 2016), 81 FR
65415 (Sept. 22, 2016) (SR-OCC-2016-002); 72564 (July 8, 2014), 79
FR 40824 (July 14, 2014) (SR-OCC-2014-09); 71022 (Dec. 6, 2013), 78
FR 75659 (Dec. 12, 2013) (SR-OCC-2013-17).
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OCC believes that withdrawing the Clearing Membership Forms, which
include 21 separate documents that contribute approximately 100 pages
to this total, would help ease the administrative burden of maintaining
OCC's rule text and allow OCC to more expeditiously implement changes
to such documents that are consistent with the existing By-Laws and
Rules. For example, as discussed above, OCC has identified instances
where these documents require updates to amend outdated references to
OCC's By-Laws or Rules or to remove forms that are no longer relevant
to OCC's current processes. Because the Clearing Membership Forms are
currently filed as rules, a proposed rule change is required to make
such administrative amendments. Such proposed rule changes require time
and attention from OCC, its Board of Directors, Commission staff, and
the Commission that would be more effectively allocated to matters that
advance OCC's role as a registered clearing agency that has been
designated as a systemically important financial market utility.
Accordingly, OCC believes that the proposed rule change would enable
OCC to more efficiently and effectively meet the requirements of its
participants and the markets it serves, consistent with Exchange Act
Rule 17ad-22(e)(21).\45\ As required by Exchange Act Section 19 \46\
and Rule 19b-4 \47\ thereunder, the By-Laws and Rules that form the
basis for such documents would continue to require a proposed rule
change to amend.
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\45\ Id.
\46\ 15 U.S.C. 78s
\47\ 17 CFR 240.19b-4.
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OCC also believes that the proposed changes are consistent with
Exchange Act Rule 17ad-22(e)(1), which requires each covered clearing
agency to establish, implement, maintain and enforce written policies
and procedures reasonably designed to provide for a well-founded,
clear, transparent, and enforceable legal basis for each aspect of its
activities in all relevant jurisdictions.\48\ As discussed above,
certain provisions of OCC's By-Laws and Rules already require members
to provide information to OCC, acknowledge agreement with certain
requirements, or provide affirmations or representations in forms to be
prescribed by OCC. Withdrawing the forms as rule text would allow OCC
to more efficiently and effectively maintain and update such forms
based on OCC's current practices and the current state of OCC's By-Laws
and Rules, as periodically amended through proposed rule changes filed
with the Commission, thereby ensuring that they continue to form an
enforceable legal basis for OCC's clearance and settlement activities.
---------------------------------------------------------------------------
\48\ 17 CFR 240.17ad-22(e)(1).
---------------------------------------------------------------------------
Certain of these forms relate to services provided by OCC to
Clearing Members outside of the rules, such as the services offered
under the OCC Services Agreement. The proposed addition of Rule 204(h)
would require applicants for admission and Clearing Members to sign and
deliver to the Corporation such instruments in writing as the
Corporation may require from time to time depending on the services
selected by the Clearing Member or applicant. As such, OCC believes
that OCC Rule 204(h) is designed to provide a clear, transparent and
enforceable legal basis for such services by requiring Clearing Members
who select such services to execute agreements containing terms and
conditions that are designed to form the legal basis for such services.
In addition, in connection with withdrawing the Participating
Escrow Bank Agreement as rule text, OCC proposes to codify in OCC Rule
610C its standards for approving participating escrow banks.
Specifically, OCC proposes to amend OCC Rule 610C to provide that a
participating escrow bank must meet the same standards for Clearing
Banks as established by OCC Rule 206, as well as any other standards
for participating escrow deposit banks as OCC may determine from time
to time. This rule is identical to one for letter-of-credit banks under
OCC Rule 604(c) and I&P .01 thereunder previously approved by the
Commission.\49\ Accordingly, OCC believes that this proposed change
provides clarity and transparency to
[[Page 11586]]
market participants about the participating escrow banking
relationships that OCC would deem acceptable.
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\49\ See Exchange Act Release No. 98101 (Aug. 10, 2023), 88 FR
55775, 55780 (Aug. 16, 2023) (approving amendments to I&P .01 to OCC
Rule 604 for letter-of-credit banks to reference then-Rule 203,
which prescribed minimum standards for Clearing Banks).
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For these reasons, OCC believes the proposed changes are consistent
with Section 17A(b)(3)(F) of the Exchange Act \50\ and Rules 17ad-
22(e)(1) and (21) thereunder.\51\
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\50\ 15 U.S.C. 78q-1(b)(3)(F).
\51\ 17 CFR 240.17ad-22(e)(1), (21).
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(B) Clearing Agency's Statement on Burden on Competition
Section 17A(b)(3)(I) of the Exchange Act \52\ 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 Act. OCC
does not believe that the proposed rule change would impact or impose
any burden on competition. The proposed withdrawal of the Clearing
Membership Forms as rule text is administrative in nature and does not
materially change the obligations of applicants for membership or
Clearing Members as provided by OCC's By-Laws and Rules. The proposed
addition of Rule 204(h), which would require Clearing Members to sign
and deliver such instruments in writing as OCC may require would apply
equally to all Clearing Members and applicants for membership depending
on which services and account types they select. Furthermore, the
standards for escrow bank relationships that OCC proposes to add to
Rule 610C for transparency would apply to any escrow bank relationships
that an applicant or Clearing Member would want OCC to consider for
inclusion in the Escrow Deposit Program. These changes will apply to
all applicants or existing Clearing Members equally and would not
advantage or disadvantage an existing Clearing Member or applicant over
another Clearing Member or applicant. Accordingly, OCC does not believe
that this proposed rule change will impose a burden on competition.\53\
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\52\ 15 U.S.C. 78q-1(b)(3)(I).
\53\ 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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(C) Clearing Agency's Statement on Comments 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 \54\ and paragraph (f) of Rule 19b-4 \55\
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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\54\ 15 U.S.C. 78s(b)(3)(A).
\55\ 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.\56\
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\56\ 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#d7a5a2bbb2fab4b8babab2b9a3a497a4b2b4f9b0b8a1"><span class="__cf_email__" data-cfemail="3341465f561e505c5e5e565d4740734056501d545c45">[email protected]</span></a>. Please include
file number SR-OCC-2026-002 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-2026-002. 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 such filing 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-2026-002 and
should be submitted on or before March 31, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\57\
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\57\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-04602 Filed 3-9-26; 8:45 am]
BILLING CODE 8011-01-P
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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.