Federal Register / Vol. 89, No. 38 / Monday, February 26, 2024 / Notices 14121 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Notice of Filing infra note 4, at 88 FR 59976. 

4Securities Exchange Act Release No. 98215 

(Aug. 24, 2023), 88 FR 59976 (Aug. 30, 2023) (File 

No. SR–OCC–2023–007) (‘‘Notice of Filing’’). OCC 

also filed a related advance notice (SR–OCC–2023– 

801) (‘‘Advance Notice’’) with the Commission 

pursuant to Section 806(e)(1) of Title VIII of the 

Dodd-Frank Wall Street Reform and Consumer 

Protection Act, entitled the Payment, Clearing, and 

Settlement Supervision Act of 2010 and Rule 19b– 

4(n)(1)(i) under the Exchange Act. 12 U.S.C. 

5465(e)(1). 15 U.S.C. 78s(b)(1) and 17 CFR 240.19b– 

4, respectively. The Advance Notice was published 

in the Federal Register on August 30, 2023. 

Securities Exchange Act Release No. 98214 (Aug. 

24, 2023), 88 FR 59988 (Aug. 30, 2023) (File No. 

SR–OCC–2023–801). 

5 15 U.S.C. 78s(b)(2). 

Dated: February 22, 2024. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–04030 Filed 2–22–24; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–428, OMB Control No. 

3235–0478] 

Proposed Collection; Comment 

Request; Extension: Rule 11a1–1(T) 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 11a1–1(T) (17 CFR 

240.11a1–1(T)), under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.) (‘‘Exchange Act’’). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

On January 27, 1976, the Commission 

adopted Rule 11a1–1(T)—Transactions 

Yielding Priority, Parity, and 

Precedence (17 CFR 240.11a1–1(T)) 

under the Exchange Act (15 U.S.C. 78a 

et seq.) to exempt certain transactions of 

exchange members for their own 

accounts that would otherwise be 

prohibited under Section 11(a) of the 

Exchange Act. The Rule provides that a 

member’s proprietary order may be 

executed on the exchange of which the 

trader is a member, if, among other 

things: (1) the member discloses that a 

bid or offer for its account is for its 

account to any member with whom 

such bid or offer is placed or to whom 

it is communicated; (2) any such 

member through whom that bid or offer 

is communicated discloses to others 

participating in effecting the order that 

it is for the account of a member; and 

(3) immediately before executing the 

order, a member (other than a specialist 

in such security) presenting any order 

for the account of a member on the 

exchange clearly announces or 

otherwise indicates to the specialist and 

to other members then present that he 

is presenting an order for the account of 

a member. 

Without these requirements, it would 

not be possible for the Commission to 

monitor its mandate under the Exchange 

Act to promote fair and orderly markets 

and ensure that exchange members 

have, as the principal purpose of their 

exchange memberships, the conduct of 

a public securities business. 

There are approximately 531 

respondents that require an aggregate 

total of approximately 15 hours per year 

to comply with this Rule. Each of these 

approximately 531 respondents makes 

an estimated 20 annual responses, for an 

aggregate of 10,620 responses per year. 

Each response takes approximately 5 

seconds to complete. Thus, the total 

time burden per year is approximately 

15 hours (10,620 × 5 seconds/60 

seconds per minute/60 minutes per 

hour = 14.7618 hours rounded up to 15 

hours). The approximate internal cost of 

compliance per hour is approximately 

$405, resulting in a total internal cost of 

compliance of approximately $6,075 per 

year (15 hours @$405). 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information will have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

April 26, 2024. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: February 21, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–03853 Filed 2–23–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99568; File No. SR–OCC– 

2023–007] 

Self-Regulatory Organizations; 

Options Clearing Corporation; Notice 

of Designation of Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change, 

as Modified by Partial Amendment No. 

1 and Amendment No. 2, Concerning 

Modifications to the Amended and 

Restated Stock Options and Futures 

Settlement Agreement Between the 

Options Clearing Corporation and the 

National Securities Clearing 

Corporation 

February 20, 2024. 

On August 10, 2023, the Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change SR–OCC–2023– 

007 (‘‘Proposed Rule Change’’) pursuant 

to section 19(b) of the Securities 

Exchange Act of 1934 (‘‘Exchange 

Act’’) 1 and Rule 19b–4 2 thereunder to 

modify the Amended and Restated 

Stock Options and Futures Settlement 

Agreement dated August 5, 2017, 

between OCC and National Securities 

Clearing Corporation (‘‘NSCC’’), OCC’s 

rules related to liquidity risk 

management, and OCC’s rules related to 

default management in connection with 

the proposed modifications to the 

Existing Accord.3 The Proposed Rule 

Change was published for public 

comment in the Federal Register on 

August 30, 2023.4

On September 25, 2023, pursuant to 

section 19(b)(2) of the Exchange Act,5

the Commission designated a longer 

period within which to approve, 

disapprove, or institute proceedings to 

determine whether to approve or 


khammond on DSKJM1Z7X2PROD with NOTICES
14122 Federal Register / Vol. 89, No. 38 / Monday, February 26, 2024 / Notices 

6Securities Exchange Act Release No. 98508 (Sep. 

25, 2023), 88 FR 67407 (Sep. 29, 2023) (File No. SR– 

OCC–2023–007). 

7Partial Amendment No. 1 delays 

implementation of the proposed change; however, 

Partial Amendment No. 1 was amended and 

replaced by Amendment No. 2. See Notice of 

Amendment infra note 10, at 89 FR 5974. 

8 15 U.S.C. 78s(b)(2)(B). 

9See Securities Exchange Act Release No. 98932 

(Nov. 14, 2023), 88 FR 80781 (Nov. 20, 2023) (File 

No. SR–OCC–2023–007). 

10See Securities Exchange Act Release No. 99426 

(Jan. 24, 2024), 89 FR 5974 (Jan. 30, 2024) (File No. 

SR–OCC–2023–007) (‘‘Notice of Amendment’’). 

Amendment No. 2 adds a second phase of changes 

to the proposed rule change. The changes added in 

Phase 2 include improved information sharing 

between OCC and NSCC and are designed to 

facilitate the shortening of the standard settlement 

cycle for most broker-dealer transactions from T+2 

to T+1. See Securities Exchange Act Release No. 

96930 (Feb. 15, 2023), 88 FR 13872 (Mar. 6, 2023) 

(File No. S7–05–22). 

11Comments on the Advance Notice are available 

at https://www.sec.gov/comments/sr-occ-2023-801/

srocc2023801.htm. The Commission received one 

comment supporting the proposed changes. See 

comment from John P. Davidson, Principal, Pirnie 

Advisory (Oct. 4, 2023), available at https://

www.sec.gov/comments/sr-occ-2023-801/

srocc2023801-268179-645042.htm. Since the 

proposal contained in the Advance Notice was also 

filed as a proposed rule change, all public 

comments received on the proposal are considered 

regardless of whether the comments are submitted 

on the Proposed Rule Change or the Advance 

Notice. Comments on the Proposed Rule Change are 

available at https://www.sec.gov/comments/sr-occ2023-007/srocc2023007.htm. The Commission 

received comments on the proposed rule change 

that express concerns unrelated to the substance of 

the filing. See, e.g., comment from Gregory 

Englebert (Feb. 2, 2024) (raising concerns about a 

conflict of interest in the role of Financial Risk 

Management Officers as well as margin calls) 

comment from Curtis H. (Feb. 3, 2024) (referencing 

short selling and margin), and comment from CK 

Kashyap (Feb. 5, 2024) (referring to broker risk 

management in response to margin). 

12 15 U.S.C. 78s(b)(2). 

13 15 U.S.C 78s(b)(2)(B)(ii)(II). 

14 Id. 

15 17 CFR 200.30–3(a)(57). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Capitalized terms not defined herein are defined 

in the NSCC Rules. The NSCC Rules are available 

at www.dtcc.com/-/media/Files/Downloads/legal/ 

rules/nscc_rules.pdf. 

4Securities Exchange Act Release No. 98213 

(Aug. 24, 2023), 88 FR 59968 (Aug. 30, 2023) (File 

No. SR–NSCC–2023–007) (‘‘Notice of Filing’’). 

5 15 U.S.C. 78s(b)(2). 

6Securities Exchange Act Release No. 98508 (Sep. 

25, 2023), 88 FR 67407 (Sep. 29, 2023) (File No. SR– 

NSCC–2023–007). 

7Partial Amendment No. 1 delays 

implementation of the proposed change; however, 

Partial Amendment No. 1 was amended and 

replaced by Amendment No. 2. See Notice of 

Amendment infra note 10, at 89 FR 6140. 

8 15 U.S.C. 78s(b)(2)(B). 

9Securities Exchange Act Release No. 98930 

(Nov. 14, 2023), 88 FR 80790 (Nov. 20, 2023) (File 

No. SR–NSCC–2023–007). 

10Securities Exchange Act Release No. 99432 

(Jan. 25, 2024), 89 FR 6140 (Jan. 31, 2024) (File No. 

SR–NSCC–2023–007) (‘‘Notice of Amendment’’). 

Amendment No. 2 adds a second phase of changes 

to the proposed rule change. The changes added in 

Phase 2 include improved information sharing 

between OCC and NSCC and are designed to 

facilitate the shortening of the standard settlement 

cycle for most broker-dealer transactions from T+2 

to T+1. See Securities Exchange Act Release No. 

96930 (Feb. 15, 2023), 88 FR 13872 (Mar. 6, 2023) 

(File No. S7–05–22). 

11The Commission received comments 

expressing general concerns unrelated to the 

substance of the filing. See, e.g., comments from JT 

Clark (Oct. 10, 2024) (general concern about 

disapprove the Proposed Rule Change.6

On November 8, 2023, OCC filed a 

Partial Amendment No. 1 to the 

Proposed Rule Change.7 On November 

14, 2023, the Commission published 

notice of Partial Amendment No. 1 and 

instituted proceedings, pursuant to 

section 19(b)(2)(B) of the Exchange Act,8

to determine whether to approve or 

disapprove the proposed rule change, as 

modified by the Partial Amendment No. 

1.9 On January 23, 2024, OCC filed 

Amendment No. 2 to the Proposed Rule 

Change, which was published in the 

Federal Register for public comment on 

January 30, 2024.10 The Commission 

has received comments regarding the 

Proposed Rule Change.11

Section 19(b)(2) of the Exchange 

Act 12 provides that proceedings to 

determine whether to approve or 

disapprove a proposed rule change must 

be concluded within 180 days of the 

date of publication of notice of filing of 

the proposed rule change. The time for 

conclusion of the proceedings may be 

extended for up to 60 days if the 

Commission determines that a longer 

period is appropriate and publishes the 

reasons for such determination.13 The 

180th day after publication of the Notice 

in the Federal Register is February 26, 

2024. 

The Commission is extending the 

period for Commission action on the 

Proposed Rule Change, as modified by 

Partial Amendment No. 1 and 

Amendment No. 2 (hereinafter, 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 so that the Commission has 

sufficient time to consider the issues 

raised by the Proposed Rule Change and 

to take action on the Proposed Rule 

Change. Accordingly, pursuant to 

section 19(b)(2)(B)(ii)(II) of the Exchange 

Act,14 the Commission designates April 

26, 2024, as the date by which the 

Commission should either approve or 

disapprove the Proposed Rule Change 

SR–OCC–2023–007. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–03776 Filed 2–23–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99567; File No. SR–NSCC– 

2023–007] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Designation of 

Longer Period for Commission Action 

on Proceedings To Determine Whether 

To Approve or Disapprove a Proposed 

Rule Change, as Modified by Partial 

Amendment No. 1 and Amendment No. 

2, To Modify the Amended and 

Restated Stock Options and Futures 

Settlement Agreement and Make 

Certain Revisions to the NSCC Rules 

February 20, 2024. 

On August 10, 2023, National 

Securities Clearing Corporation 

(‘‘NSCC’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

proposed rule change SR–NSCC–2023– 

007 (‘‘Proposed Rule Change’’) pursuant 

to Section 19(b) of the Securities 

Exchange Act of 1934 (‘‘Exchange 

Act’’) 1 and Rule 19b–4 2 thereunder to 

modify the Amended and Restated 

Stock Options and Futures Settlement 

Agreement dated August 5, 2017, 

between NSCC and the Options Clearing 

Corporation (‘‘OCC’’) and make certain 

revisions to NSCC’s related Rules & 

Procedures.3 The Proposed Rule Change 

was published for public comment in 

the Federal Register on August 30, 

2023.4

On September 25, 2023, pursuant to 

section 19(b)(2) of the Exchange Act,5

the Commission designated a longer 

period within which to approve, 

disapprove, or institute proceedings to 

determine whether to approve or 

disapprove the Proposed Rule Change.6

On November 8, 2023, NSCC filed a 

Partial Amendment No. 1 to the 

Proposed Rule Change.7 On November 

14, 2023, the Commission published 

notice of Partial Amendment No. 1 and 

instituted proceedings, pursuant to 

section 19(b)(2)(B) of the Exchange Act,8

to determine whether to approve or 

disapprove the proposed rule change, as 

modified by the Partial Amendment No. 

1.9 On January 24, 2024, NSCC filed 

Amendment No. 2 to the Proposed Rule 

Change, which was published in the 

Federal Register for public comment on 

January 31, 2024.10 The Commission 

has received no comments regarding the 

substance of the Proposed Rule 

Change.11


khammond on DSKJM1Z7X2PROD with NOTICES