[Federal Register Volume 89, Number 41 (Thursday, February 29, 2024)]
[Notices]
[Page 14909]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-04170]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99594; File No. SR-OCC-2024-001]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change Concerning Its Process for Adjusting Certain 
Parameters in Its Proprietary System for Calculating Margin 
Requirements During Periods When the Products It Clears and the Markets 
It Serves Experience High Volatility

February 23, 2024.
    On January 10, 2024, the Options Clearing Corporation (``OCC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-OCC-2024-001 (``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 codify OCC's 
process for adjusting certain parameters in its proprietary system for 
calculating margin requirements during periods when the products OCC 
clears and the markets it serves experience high volatility.\3\ The 
Proposed Rule Change was published for public comment in the Federal 
Register on January 25, 2024.\4\ The Commission has received comments 
regarding the Proposed Rule Change.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Notice of Filing infra note 4, at 89 FR 5062.
    \4\ Securities Exchange Act Release No. 99393 (Jan. 19, 2024), 
89 FR 5062 (Jan. 25, 2024) (File No. SR-OCC-2024-001) (``Notice of 
Filing'').
    \5\ Comments on the Proposed Rule Change are available at 
https://www.sec.gov/comments/sr-occ-2024-001/srocc2024001.htm.
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    Section 19(b)(2)(i) of the Exchange Act \6\ provides that, within 
45 days of the publication of notice of the filing of a proposed rule 
change, 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 unless 
the Commission extends the period within which it must act as provided 
in Section 19(b)(2)(ii) of the Exchange Act.\7\ Section 19(b)(2)(ii) of 
the Exchange Act allows the Commission to designate a longer period for 
review (up to 90 days from the publication of notice of the filing of a 
proposed rule change) if the Commission finds such longer period to be 
appropriate and publishes its reasons for so finding, or as to which 
the self-regulatory organization consents.\8\
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    \6\ 15 U.S.C. 78s(b)(2)(i).
    \7\ 15 U.S.C. 78s(b)(2)(ii).
    \8\ Id.
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    The 45th day after publication of the Notice of Filing is March 10, 
2024. In order to provide the Commission with sufficient time to 
consider 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 and therefore is extending this 45-day time 
period.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Exchange Act,\9\ designates April 24, 2024 as the date by which the 
Commission shall either approve, disapprove, or institute proceedings 
to determine whether to disapprove proposed rule change SR-OCC-2024-
001.
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    \9\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-04170 Filed 2-28-24; 8:45 am]
BILLING CODE 8011-01-P