[Federal Register Volume 81, Number 85 (Tuesday, May 3, 2016)]
[Notices]
[Page 26609]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-10269]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-77720; File No. SR-OCC-2016-004]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Designation of Longer Period for Commission Action on
Proposed Rule Change Related to the Adoption of an Options Exchange
Risk Control Standards Policy
April 27, 2016.
On March 4, 2016, The Options Clearing Corporation (``OCC'') filed
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to adopt a new
Options Exchange Risk Control Standards Policy and revise OCC's
Schedule of Fees to charge and collect from Clearing Members a fee of
two cents per each cleared options contract (per side) executed on an
options exchange that did not demonstrate sufficient risk controls
designed to meet the proposed set of principles-based risk control
standards. The proposed rule change was published for comment in the
Federal Register on March 18, 2016.\3\ To date, the Commission has
received 6 comment letters on the proposal.\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4. OCC also filed this proposal as an advance
notice pursuant to Section 802(e)(1) of the Payment, Clearing, and
Settlement Supervision Act of 2010 and Rule 19b-4(n)(1) under the
Exchange Act. 15 U.S.C. 5465(e)(1) and 17 CFR 240.19b-4(n)(1). See
Securities Exchange Act Release No. 34-77628 (April 15, 2016), 81 FR
23536 (April 21, 2016) (SR-OCC-2016-801). To date, the Commission
has not received any comments on the advance notice.
\3\ Securities Exchange Act Release No. 34-77358 (March 14,
2016), 81 FR 14921 (March 18, 2016) (File No. SR-OCC-2016-004).
\4\ See Letters from Mark Dehnert, Managing Director, Goldman
Sachs & Co., and Kyle Czepiel, Co-Chief Executive Officer, Goldman
Sachs Execution & Clearing, L.P., dated March 28, 2016, to
Secretary, Commission; Lisa J. Fall, President, BOX Options
Exchange, dated April 6, 2016, to Brent J. Fields, Secretary,
Commission; James G. Lundy, Associate General Counsel, ABN AMRO
Clearing Chicago LLC, dated April 8, 2016, to Brent J. Fields,
Secretary, Commission; Ellen Greene, Managing Director, Securities
Industry and Financial Markets Association, dated April 12, 2016, to
Robert W. Errett, Deputy Secretary, Commission; Michael J. Simon,
Secretary and General Counsel, International Securities Exchange,
LLC, dated April 20, 2016, to Brent J. Fields, Secretary,
Commission; and Edward T. Tilly, Chief Executive Officer, Chicago
Board Options Exchange, Inc., dated April 20, 2016, to Brent J.
Fields, Secretary, Commission.
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Section 19(b)(2) of the Act \5\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding, or as to which the self-regulatory organization
consents, 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. The
45th day from the publication of notice of filing of this proposed rule
change is May 2, 2016. The Commission is extending this 45-day time
period. In order to provide the Commission with sufficient time to
consider the proposed rule change, the Commission finds it is
appropriate to designate a longer period within which to take action on
the proposed rule change.
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\5\ 15 U.S.C. 78s(b)(2).
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Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\6\ designates June 16, 2016, as the date by which the Commission
should either approve or disapprove, or institute proceedings to
determine whether to disapprove, the proposed rule change (File No. SR-
OCC-2016-004).
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\6\ 15 U.S.C. 78s(b)(2).
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)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-10269 Filed 5-2-16; 8:45 am]
BILLING CODE 8011-01-P