[Federal Register Volume 77, Number 180 (Monday, September 17, 2012)]
[Notices]
[Pages 57168-57169]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-22786]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67826; File No. SR-OCC-2012-13]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Correct an Administrative Oversight in SR-OCC-2012-10
September 11, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 29, 2012, The
Options Clearing Corporation (``OCC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change described
in Items I, II and III below, which Items have been prepared primarily
by OCC. OCC filed the proposal pursuant to Section 19(b)(3)(A)(i) \2\
of the Act, and Rule 19b-4(f)(1) \3\ thereunder, so that the proposal
was 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\ 15 U.S.C. 78s(b)(3)(A)(i).
\3\ 17 CFR 240.19b-4(f)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change is to correct an administrative oversight
in rule filing SR-OCC-2012-10, a rule filing intended
[[Page 57169]]
to eliminate OCC's pledge program in its entirety.
II. Self-Regulatory Organization'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 such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of this proposed rule change is to correct an
administrative oversight in rule filing SR-OCC-2012-10, a rule filing
intended to eliminate OCC's pledge program in its entirety.
In SR-OCC-2012-10, OCC proposed to eliminate its pledge program,
which was primarily contained within OCC Rule 614, ``Pledge Program.''
The Commission approved SR-OCC-2012-10 on August 22, 2012. OCC
subsequently learned that it inadvertently made an administrative
oversight in Item 1 of SR-OCC-2012-10 and did not include the entire
text of Rule 614 as ``material proposed to be deleted.''
OCC now proposes to eliminate the remaining language of Rule 614,
which was intended to be deleted in SR-OCC-2012-10.
The proposed changes to OCC's Rules are consistent with the
purposes and requirements of Section 17A of the Act \4\ because they
will allow OCC to remove a rarely used operational function and focus
its resources on core clearing operations. Moreover, OCC believes that
elimination of the Program will not materially affect clearing members
given its limited and infrequent use. The proposed rule change is not
inconsistent with any rules of OCC, including any proposed to be
amended.
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\4\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would impose any
burden on competition.
C. Self-Regulatory Organization'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 proposed rule change has become effective upon filing
pursuant to Section 19(b)(3)(A)(i) \5\ of the Act and Rule 19b-4(f)(1)
\6\ thereunder because it constitutes a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule. Notwithstanding the foregoing, OCC
will delay implementation of the rule change until it is deemed
certified under CFTC Regulation Sec. 40.6. 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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\5\ 15 U.S.C. 78s(b)(3)(A)(i).
\6\ 17 CFR 240.19b-4(f)(1).
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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
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-OCC-2012-13 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-OCC-2012-13. 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 Web site (http://www.sec.gov/rules/sro.shtml). 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 Web site 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
10:00 a.m. and 3:00 p.m. Copies of such filings also will be available
for inspection and copying at the principal office of OCC and on OCC's
Web site at http://www.optionsclearing.com/about/publications/bylaws.jsp. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-OCC-
2012-13 and should be submitted on or before October 9, 2012.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-22786 Filed 9-14-12; 8:45 am]
BILLING CODE 8011-01-P