Federal Register / Vol. 89, No. 211 / Thursday, October 31, 2024 / Notices 86867 

17 15 U.S.C. 78s(b)(3)(A)(ii). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Self-Regulatory Organizations; ICE Clear Credit 

LLC; Notice of Filing of Proposed Rule Change 

Relating to ICC’s Treasury Operations Policies and 

Procedures, Exchange Act Release No. 34–100935 

(Sept. 5, 2024); 89 FR 73734 (Sept. 11, 2024) (SR– 

ICC–2024–005) (‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

compared to other market participants. 

As noted above, the fee schedule would 

continue to apply to all purchasers of 

the Exchange’s connectivity products 

and services in the same manner as it 

does today albeit at inflation-adjusted 

rates for certain fees, and customers may 

choose whether to purchase these 

products and services at all. The 

Exchange also believes that the level of 

the proposed fees neither favor nor 

penalize one or more categories of 

market participants in a manner that 

would impose an undue burden on 

competition. Likewise, the proposed fee 

waiver described above will apply to all 

purchasers of the Exchange’s 

connectivity products and services in 

the same manner and therefore will not 

burden competition among them. 

Intermarket Competition 

The Exchange believes that the 

proposed fees do not impose a burden 

on competition or on other SROs that is 

not necessary or appropriate. In 

determining the proposed fees, the 

Exchange utilized an objective and 

stable metric with limited volatility. 

Utilizing Data PPI over a specified 

period of time is a reasonable means of 

recouping the Exchange’s investment in 

maintaining and enhancing its 

connectivity products, services, and 

facilities. The Exchange believes 

utilizing Data PPI, a tailored measure of 

inflation, to increase certain fees for 

connectivity products and services to 

recoup the Exchange’s investment in 

maintaining and enhancing such 

products, services, and its facilities 

would not impose a burden on 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or 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)(ii) of the Act.17

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: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

BX–2024–042 on the subject line. 

Paper Comments 

• 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–BX–2024–042. 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 (https://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 website 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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. 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–BX–2024–042 and should be 

submitted on or before November 21, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–25319 Filed 10–30–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101440; File No. SR–ICC– 

2024–005] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of 

Designation of Longer Period for 

Commission Action on Proposed Rule 

Change Relating to ICC’s Treasury 

Operations Policies and Procedures 

October 25, 2024. 

On August 22, 2024, pursuant to 

Section 19(b) of the Securities Exchange 

Act of 1934 (‘‘Exchange Act’’) 1 and Rule 

19b–4 2 thereunder, ICE Clear Credit 

LLC (‘‘ICC’’), filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change SR–ICC–2024–005 to make 

changes to the ICC Treasury Operations 

Policies and Procedures (the ‘‘Proposed 

Rule Change’’). The Proposed Rule 

Change was published for public 

comment in the Federal Register on 

September 11, 2024.3 The Commission 

has not received comments regarding 

the proposal described in the Proposed 

Rule Change. 

Section 19(b)(2) of the Exchange Act 4

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 after publication of the Notice is 

October 26, 2024. The Commission is 

extending this 45-day time period. 

In order to provide the Commission 

with sufficient time to consider the 


lotter on DSK11XQN23PROD with NOTICES1
86868 Federal Register / Vol. 89, No. 211 / Thursday, October 31, 2024 / Notices 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 98959 

(Dec. 5, 2023), 88 FR 84454 (Dec. 5, 2023) (File No. 

S7–21–22) (‘‘SEC Adopting Release’’), https://

www.govinfo.gov/content/pkg/FR-2023-12-05/pdf/ 

2023-25807.pdf. 

4OCC’s By-Laws and Rules can be found on 

OCC’s public website: https://www.theocc.com/ 

Company-Information/Documents-and-Archives/ 

By-Laws-and-Rules. 

5The term ‘‘covered clearing agency’’ is defined 

in Exchange Act Rule 17Ad–22(a)(5) to mean ‘‘a 

registered clearing agency that provides the services 

of a central counterparty or central securities 

depository.’’ 17 CFR 240.17Ad–22(a)(5). 

6 17 U.S.C. 78q–1(b)(3)(C). 

7 17 CFR 240.17Ad–(22)(e)(2)(i) and (3)(iv). 

8See 88 FR 44675 (July 13, 2023) (‘‘CFTC 

Adopting Release’’), https://www.govinfo.gov/ 

content/pkg/FR-2023-07-13/pdf/2023-14361.pdf. 

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. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Exchange Act,5 designates December 10, 

2024, as the date by which the 

Commission shall either approve, 

disapprove, or institute proceedings to 

determine whether to disapprove 

proposed rule change SR–ICC–2024– 

005. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–25323 Filed 10–30–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101444; File No. SR–OCC– 

2024–015] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of Proposed Rule Change 

Concerning Modifications to Its 

Governance Documents To Align With 

Recently Adopted SEC Governance 

Rules 

October 25, 2024 

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 October 21, 2024, The 

Options Clearing Corporation (‘‘OCC’’ or 

‘‘Corporation’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared primarily by OCC. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

This proposed rule change would 

make modifications to its governance 

documents, including OCC’s charters, 

Fitness Standards, and Third-Party Risk 

Management Framework, as part of an 

effort to achieve compliance with the 

recently adopted governance 

requirements 3 by the Commission for 

clearing agencies registered with the 

Commission (‘‘registered clearing 

agencies’’) that became effective on 

February 5, 2024. Registered clearing 

agencies, like OCC, must comply with 

most of the governance requirements by 

December 5, 2024. However, the 

governance requirement for 

independent directors, as described in 

further detail below, has a compliance 

date of December 5, 2025. 

In addition to the proposed 

modifications that OCC believes are 

necessary to comply with the recently 

adopted governance requirements, OCC 

is also including proposed 

modifications to its governance 

documents that reflect changes 

identified during OCC’s annual review 

process. The proposed changes related 

to the governance requirements and the 

proposed changes related to OCC’s 

annual review process are differentiated 

throughout this filing and described in 

further detail below. For clarification, 

OCC’s Board of Directors Charter and 

Corporate Governance Principles 

(‘‘Board Charter’’), Governance and 

Nominating Committee (‘‘GNC’’) 

Charter, Risk Committee Charter, 

Technology Committee Charter, 

Compensation and Performance 

Committee (‘‘CPC’’) Charter, Regulatory 

Committee Charter, Audit Committee 

Charter, Fitness Standards, Third-Party 

Risk Management Framework, and 

Article III of OCC’s By-Laws are 

collectively referred to in this proposed 

rule change as OCC’s ‘‘governance 

documents.’’ 

The proposed changes to OCC’s 

governance documents are contained in 

Exhibits 5A through 5J, respectively, to 

File No. SR–OCC–2024–015. Material 

proposed to be added is marked by 

underlining and material proposed to be 

deleted is marked with strikethrough 

text. 

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.4

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 

OCC is the sole clearing agency 

registered with the Commission for 

standardized equity options listed on 

national securities exchanges. OCC 

operates under the jurisdiction of both 

the Commission and the Commodity 

Futures Trading Commission (‘‘CFTC’’). 

OCC also clears and settles certain stock 

loan transactions and transactions in 

futures and options on futures. In 

connection with its clearance and 

settlement of transactions in securities, 

OCC is a ‘‘covered clearing agency’’ 5

regulated by the Commission. In 

connection with its clearance and 

settlement activities for transactions in 

futures and options on futures, OCC is 

a derivatives clearing organization 

(‘‘DCO’’) regulated by the CFTC. OCC is 

also designated as a systemically 

important financial market utility 

(‘‘SIFMU’’) by the Financial Stability 

Oversight Council pursuant to Title VIII 

of the Dodd-Frank Wall Street Reform 

and Consumer Protection Act of 2010 

(‘‘Dodd-Frank Act’’). 

As an SEC registered clearing agency 

and a CFTC registered DCO, OCC is 

already subject to regulations that 

impose requirements on its governance 

structure. For example, the Exchange 

Act requires OCC’s rules to assure a fair 

representation of its shareholders and 

Clearing Members in the selection of its 

directors and the administration of its 

affairs.6 In addition, SEC rules, among 

other things, require OCC to have 

governance arrangements that are clear 

and transparent and that provide risk 

management and internal audit 

personnel with a direct reporting line to, 

and oversight by, a risk management 

committee and an independent audit 

committee of the Board.7 In July of 

2023, the CFTC also finalized new 

governance requirements for DCOs.8

Those requirements, among other 


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