7668 Federal Register / Vol. 80, No. 28 / Wednesday, February 11, 2015 / Notices 

16 15 U.S.C. 78s(b)(3)(A)(ii). 

17 17 CFR 240.19b–4(f)(2). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3For example, OCC Rule 1106(a) provides OCC 

with significant flexibility with respect actions it 

may take in order to close out a defaulting clearing 

member’s open long positions. 

this proposed rule change. The 

Exchange has not received any written 

comments from members or other 

interested parties. 

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) 

of the Act 16 and paragraph (f) of Rule 

19b–4 thereunder.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 necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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 rule-comments@

sec.gov. Please include File Number SR– 

BATS–2015–08 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–BATS–2015–08. 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 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. 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–BATS– 

2015–08, and should be submitted on or 

before March 4, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Brent J. Fields 

Secretary. 

[FR Doc. 2015–02752 Filed 2–10–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74212; File No. SR–OCC– 

2015–04] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of a Proposed Rule Change, 

and Amendment 1 Thereto, To Expand 

the Officers Who May Declare That a 

Clearing Member Is Summarily 

Suspended 

February 5, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 

23, 2015, The Options Clearing 

Corporation (‘‘OCC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared OCC. On February 3, 2015, 

OCC filed Amendment No. 1 to the 

proposed rule change, which corrects an 

inadvertent grammatical error. 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 

OCC proposes to amend its Rules to 

permit OCC to expand the officers who 

may declare that a clearing member is 

summarily suspended from OCC. 

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 such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The purpose of this proposed rule 

change is to expand the number of OCC 

officers with the authority to summarily 

suspend a clearing member. Currently, 

OCC Rule 1102 provides that only 

OCC’s Board of Directors (‘‘Board’’) and 

its Executive Chairman may summarily 

suspend a clearing member. OCC 

believes that, given the time sensitive 

nature of managing a clearing member 

default, it is prudent risk management 

to expand the number of officers with 

the authority to summarily suspend a 

clearing member so that OCC may begin 

its default management process and, in 

turn, take protective action as soon as 

possible. 

Pursuant to OCC Rule 1102, OCC’s 

Board and Executive Chairman have the 

authority to summarily suspend a 

clearing member. As set forth in 

Interpretation and Policy .01 of Rule 

1102, such action constitutes a 

‘‘default’’ with respect to the clearing 

member. OCC’s ability to timely and 

effectively begin its clearing member 

default management process serves a 

key role in protecting OCC, nondefaulting clearing members and the 

public from potential consequential 

damage(s) that may be caused by the 

default of a clearing member. In order to 

provide OCC with the necessary tools to 

manage a clearing member default, 

Chapter XI of OCC’s Rules provides 

OCC with the authority to take certain 

protective action(s) once a clearing 

member has been summarily suspended 

(and declared to be in default).3 While 

OCC believes that the authority 

provided to it in Chapter XI of its Rules 

is sufficiently robust to manage a 

clearing member default, OCC may not 

exercise such authority unless and until 

a clearing member has been summarily 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 28 / Wednesday, February 11, 2015 / Notices 7669 

4OCC filed Amendment No. 1 in order to correct 

an inadvertent grammatical error. Specifically, a 

comma after the word ‘‘Executive Chairman’’ was 

removed because it caused the description of the 

proposed rule change to not be consistent with the 

text of the proposed rule change. 

5OCC’s proposal is similar to the summary 

suspension process employed by the National 

Securities Clearing Corporation (‘‘NSCC’’). See 

NSCC Rule 46, Section 3. 

6A description of OCC’s default management 

process is located at: http://www.theocc.com/riskmanagement/default-rules/ 

7OCC staff will notify the Board within two hours 

of the summary suspension. 

8 15 U.S.C. 78q–1(b)(3)(F). 

9 15 U.S.C. 78q–1(b)(3)(I). 

suspended by either the Board or the 

Executive Chairman. 

In order to provide greater assurance 

that OCC would be able to timely and 

effectively manage a clearing member 

default, OCC is proposing to amend 

OCC Rule 1102 in order to expand the 

list of officers who may summarily 

suspend a clearing member to include 

OCC’s President or a designee of the 

Executive Chairman 4 or President of the 

rank of Senior Vice President or higher 

(each a ‘‘Designed Officer’’).5 OCC 

believes that the proposed change will 

provide it with additional operational 

flexibility because more individuals 

would be able to timely summarily 

suspend a clearing member and thereby 

allow OCC to exercise its authority to 

manage a clearing member default. 

OCC’s clearing member default 

management process is designed to 

protect OCC, non-defaulting clearing 

members and the public from the 

defaulting clearing member without 

materially impacting financial markets.6

By providing additional officers with 

the authority to summarily suspend a 

clearing member, and thereby allow 

OCC to begin its default management 

processes, there would be greater 

assurance that OCC would timely take 

action(s) necessary to protect itself, nondefaulting clearing members and the 

public from a defaulting clearing 

member. OCC is also proposing to 

amend Rule 1102 to require notification 

to the Board as soon as practicable 

should a Designated Officer summarily 

suspend a clearing member.7 The 

addition of such a requirement would 

ensure that the Board is timely informed 

of activities at OCC. 

Furthermore, OCC proposes to make 

conforming amendments consistent 

with the above to Article VI, Section 25 

of its By-Laws and OCC Rule 707, which 

concern the summary suspension of 

clearing members that participate in 

OCC’s cross-margining programs. 

Specifically, Article VI, Section of 

OCC’s By-Laws and OCC Rule 707 will 

be amended to explicitly state that the 

Board of Directors or a Designated 

Officer may summarily suspend a 

clearing member based on a crossmargining related default. 

Except for the changes described 

above, no other changes are proposed to 

OCC’s suspension or default 

management processes as set forth in 

the Rules, including a clearing 

member’s right to appeal a summary 

suspension in accordance with OCC 

Rule 1110. 

2. Statutory Basis 

OCC believes the proposed rule 

change is consistent with Section 

17A(b)(3)(F) of the Securities Exchange 

Act of 1934, as amended (the ‘‘Act’’) 

because the proposed rule change is 

intended to safeguard the securities and 

funds which are in the custody and 

control of OCC.8 As described above, by 

expanding the list of officers with the 

authority to summarily suspend a 

clearing member to include Designated 

Officers, OCC would better ensure that 

it timely begins its clearing member 

default management processes. Such 

process safeguards the securities and 

funds which are in the custody or 

control of OCC, or for which it is 

responsible, because it protects OCC, 

non-defaulting clearing members and 

the public from the defaulting clearing 

member. OCC does not believe that the 

proposed rule change is inconsistent 

with any rules of OCC, including any 

rules proposed to be amended. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

OCC does not believe that the 

proposed rule change would impose a 

burden on competition.9 OCC believes 

the proposed rule change would not 

unfairly inhibit access to OCC’s services 

or disadvantage or favor any particular 

user in relationship to another user 

because the proposed rule change only 

concerns the officers with the authority 

to summarily suspend a clearing 

member. The proposed rule change does 

not affect the conditions under which 

OCC may summarily suspend a clearing 

member, or OCC’s rights with respect to 

a suspended clearing member. 

For the foregoing reasons, OCC 

believes that the proposed rule change 

is in the public interest, would be 

consistent with the requirements of the 

Act applicable to clearing agencies, and 

would not impose a burden on 

competition. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

Written comments on the proposed 

rule change 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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) by order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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 (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

OCC–2015–04 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–OCC–2015–04. 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 


tkelley on DSK3SPTVN1PROD with NOTICES
7670 Federal Register / Vol. 80, No. 28 / Wednesday, February 11, 2015 / Notices 

10 17 CFR 200.30–3(a)(12). 

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 the 

filing also will be available for 

inspection and copying at the principal 

office of OCC and on OCC’s Web site at 

http://www.theocc.com/components/

docs/legal/rules_and_bylaws/sr_occ_15_

04.pdf. 

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–2015–04 and should 

be submitted on or before March 4, 

2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–02750 Filed 2–10–15; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: 30-Day notice. 

SUMMARY: The Small Business 

Administration (SBA) is publishing this 

notice to comply with requirements of 

the Paperwork Reduction Act (PRA) (44 

U.S.C. Chapter 35), which requires 

agencies to submit proposed reporting 

and recordkeeping requirements to 

OMB for review and approval, and to 

publish a notice in the Federal Register 

notifying the public that the agency has 

made such a submission. This notice 

also allows an additional 30 days for 

public comments. 

DATES: Submit comments on or before 

March 13, 2015. 

ADDRESSES: Comments should refer to 

the information collection by name and/ 

or OMB Control Number and should be 

sent to: Agency Clearance Officer, Curtis 

Rich, Small Business Administration, 

409 3rd Street SW., 5th Floor, 

Washington, DC 20416; and SBA Desk 

Officer, Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, New 

Executive Office Building, Washington, 

DC 20503. 

FOR FURTHER INFORMATION CONTACT: 

Curtis Rich, Agency Clearance Officer, 

(202) 205–7030 curtis.rich@sba.gov. 

Copies: A copy of the Form OMB 83–1, 

supporting statement, and other 

documents submitted to OMB for 

review may be obtained from the 

Agency Clearance Officer. 

SUPPLEMENTARY INFORMATION This data 

collection is needed to fill the current 

void in information available about 

women’s participation in the corporate 

market. It will be used to enable the 

development of specific and actionable 

recommendations to increase 

opportunity for women-owned 

businesses to obtain corporate contracts 

and make an even greater contribution 

to the U.S. economy. Respondents will 

be women business owners in the U.S. 

and managers of corporate supplier 

diversity programs. 

Solicitation of Public Comments: 

Comments may be submitted on (a) 

whether the collection of information is 

necessary for the agency to properly 

perform its functions; (b) whether the 

burden estimates are accurate; (c) 

whether there are ways to minimize the 

burden, including through the use of 

automated techniques or other forms of 

information technology; and (d) whether 

there are ways to enhance the quality, 

utility, and clarity of the information. 

Summary of Information Collections: 

(1) Title: Women’s Participation in 

Corporate Supplier Diversity Programs. 

Description of Respondents: Women 

business owners in the U.S. and 

managers of corporate supplier diversity 

programs. 

Form Number: N/A. 

Estimated Annual Respondents: 3024. 

Estimated Annual Responses: 3024. 

Estimated Annual Hour Burden: 

732.3. 

Curtis B. Rich, 

Management Analyst. 

[FR Doc. 2015–02774 Filed 2–10–15; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments 

ACTION: 60-day notice and request for 

comments. 

SUMMARY: The Small Business 

Administration (SBA) intends to request 

approval, from the Office of 

Management and Budget (OMB) for the 

collection of information described 

below. The Paperwork Reduction Act 

(PRA) of 1995, 44 U.S.C. Chapter 35 

requires federal agencies to publish a 

notice in the Federal Register 

concerning each proposed collection of 

information before submission to OMB, 

and to allow 60 days for public 

comment in response to the notice. This 

notice complies with that requirement. 

DATES: Submit comments on or before 

April 13, 2015. 

ADDRESSES: Send all comments to 

Rachel Newman Karton, Program 

Analyst, Office of Entrepreneurial 

Development, Small Business 

Administration, 409 3rd Street SW., 6th 

Floor, Washington, DC 20416. 

FOR FURTHER INFORMATION CONTACT: 

Rachel Newman Karton, Program 

Analyst, Office of Entrepreneurial 

Development, Rachel.newman@sba.gov, 

202–619–1816, or Curtis B. Rich, 

Management Analyst, 202–205–7030, 

curtis.rich@sba.gov. 

SUPPLEMENTARY INFORMATION: Each form 

is used to notify recipients of grant 

awards and cooperative agreement 

awards. Form 1222 is used also to 

document logistical and budgetary 

information gathered from the awardees 

application and proposal. Awardees/

Respondents are universities, colleges, 

state and local government, for-profit 

and non-profit organizations. Form 1224 

is used to certify the cost sharing by the 

recipient. 

Solicitation of Public Comments: 

SBA is requesting comments on (a) 

Whether the collection of information is 

necessary for the agency to properly 

perform its functions; (b) whether the 

burden estimates are accurate; (c) 

whether there are ways to minimize the 

burden, including through the use of 

automated techniques or other forms of 

information technology; and (d) whether 

there are ways to enhance the quality, 

utility, and clarity of the information. 

Summary of Information Collection: 

(1) Title: Notice of Award and Grant/ 

Cooperative Agreement Cost Sharing 

Proposal. 

Description of Respondents: SBA 

Grant Recipients. 

Form Number: SBA Forms 1222 and 

1224. 

Total Estimated Annual Responses: 

2,745. 

Total Estimated Annual Hour Burden: 

205,440. 

Curtis B. Rich, 

Management Analyst. 

[FR Doc. 2015–02772 Filed 2–10–15; 8:45 am] 

BILLING CODE 8025–01–P 


tkelley on DSK3SPTVN1PROD with NOTICES