19566 Federal Register / Vol. 87, No. 64 / Monday, April 4, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 92572 

(August 5, 2021), 86 FR 44077 (August 11, 2021) 

(SR–DTC–2021–014). 

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

5Securities Exchange Act Release No. 92861 

(September 2, 2021), 86 FR 50570 (September 9, 

2021) (SR–DTC–2021–014). 

6 15 U.S.C. 78s(b)(2)(B). 

7Securities Exchange Act Release No. 93533 

(November 5, 2021), 86 FR 62853 (November 12, 

2021) (SR–DTC–2021–014). 

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

9Securities Exchange Act Release No. 94167 

(February 7, 2022), 87 FR 8061 (February 11, 2022) 

(SR–DTC–2021–014). 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3OCC’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. 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

April 7, 2022. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

(Authority: 5 U.S.C. 552b.) 

Dated: March 31, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–07182 Filed 3–31–22; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94538; File No. SR–DTC– 

2021–014] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Withdrawal of a Proposed Rule Change 

To Provide Settlement Services for 

Transactions Entered Into Under the 

Proposed Securities Financing 

Transaction Clearing Service of the 

National Securities Clearing 

Corporation 

March 29, 2022. 

On July 22, 2021, The Depository 

Trust Company (‘‘DTC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) proposed rule change 

SR–DTC–2021–014 (‘‘Proposed Rule 

Change’’) pursuant to Section 19(b)(1) of 

the Securities Exchange Act of 1934 

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

The Proposed Rule Change was 

published for comment in the Federal 

Register on August 11, 2021.3

On September 2, 2021, pursuant to 

Section 19(b)(2) of the Act,4 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.5 On November 

5, 2021, the Commission instituted 

proceedings pursuant to Section 

19(b)(2)(B) of the Act,6 to determine 

whether to approve or disapprove the 

Proposed Rule Change.7 On February 7, 

2022, pursuant to Section 19(b)(2) of the 

Act,8 the Commission designated a 

longer period for Commission action on 

the proceedings to determine whether to 

approve or disapprove the Proposed 

Rule Change.9

On March 25, 2022, DTC withdrew 

the Proposed Rule Change (SR–DTC– 

2021–014). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06985 Filed 4–1–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94542; File No. SR–OCC– 

2022–003] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of Proposed Rule Change by 

The Options Clearing Corporation 

Concerning Cash-Settled FLEX ETF 

Options 

March 29, 2022. 

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 March 16, 2022, 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 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 

amend various provisions of the OCC 

By-Laws and Rules to accommodate the 

issuance, clearance and settlement of 

flexibly structured options on exchangetraded funds (‘‘fund shares’’ or ‘‘ETFs’’) 

that are cash settled (‘‘Cash Settled Flex 

ETF Options’’). The proposed changes 

to OCC’s By-Laws and Rules are 

contained in Exhibits 5A and 5B to file 

number SR–OCC–2022–003, 

respectively. Material proposed to be 

added to OCC’s By-Laws and Rules as 

currently in effect 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 By-Laws and Rules.3


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 64 / Monday, April 4, 2022 / Notices 19567 

4See Securities Exchange Act Release No. 88131 

(February 5, 2020), 85 FR 7806 (February 11, 2020) 

(SR–NYSEAMER–2019–38). 

5See OCC By-Laws Article VI, Section 11A, 

Interpretations and Policies .05 and Article VI, 

Section 19(c). 

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 

(1) Purpose 

The NYSE American Exchange 

(‘‘NYSE American’’) received approval 

to list Cash Settled Flex ETF Options as 

a variation of currently-traded, 

physically-settled equity flex options.4

Cash Settled Flex ETF Options will 

generally have characteristics of 

physically settled equity flexes; 

however, exercises and assignments will 

settle in cash (as opposed to physical 

settlement), with the settlement amount 

based on the difference between the 

underlying price on the date of exercise 

and the strike price of the exercised 

option. 

OCC does not currently settle equity 

options in cash unless (i) the underlying 

security undergoes a corporate action 

resulting in the conversion of the option 

deliverable to only cash or (ii) the 

underlying security is otherwise 

unavailable for delivery.5 Since OCC 

does not currently settle equity options 

in cash except for in rare circumstances, 

OCC’s By-Laws and Rules are drafted on 

the premises that (i) all equity options 

are physically settled options; and (ii) 

certain provisions apply to physically 

settled options and certain provisions 

apply to cash settled options. To 

accommodate the Cash Settled Flex ETF 

Option product, OCC must revise its ByLaws and Rules to establish the 

following as further described below: (i) 

Cash Settled Flex ETF Options settle in 

cash; (ii) the distinction between Cash 

Settled Flex ETF Options and physically 

settled options on the same underlying 

security; (iii) certain provisions that 

currently apply only to physically 

settled options will also apply to Cash 

Settled Flex ETF Options; and (iv) 

specific deposits would not be allowed 

as collateral for Cash Settled Flex ETF 

Options. 

Revisions To Distinguish Cash Settled 

Flex ETF Options From Physically 

Settled Options 

OCC proposes the following 

modifications to its By-Laws to 

emphasize the distinction between 

physically settled flexibly structured 

options and Cash Settled Flex ETF 

Options. 

• Article I (Definitions), Section 

1(F)(8). OCC is proposing to revise the 

definition of ‘‘Flexibly Structured 

Option’’ to (i) emphasize that such 

options may be physically settled or 

cash settled depending on the listing 

exchange’s rules and (ii) clarify that 

Cash Settled Flex ETF Options would 

not be fungible with physically settled 

flexibly structured options and would 

not be consolidated with standard 

options listed after a flexibly structured 

option with the same strike, expiration 

date, and underlying security, as is the 

case with a physically settled flexibly 

structured option that is fungible. 

• Article I (Definitions), Section 

1(S)(12). OCC proposes to revise the 

definition of ‘‘Series’’ to state that the 

options of the same series have the same 

settlement method. 

• Article I (Definitions), Section 

1(V)(1). OCC proposes to revise the 

definition of ‘‘Variable Terms’’ to 

recognize that in addition to the variable 

terms itemized in the definition, flexibly 

structured options on fund shares may 

be either physically or cash settled. 

• Article XVII (Index Options and 

Certain Other Cash-Settled Options), 

Introduction. OCC proposes to revise 

the introduction to add flexibly 

structured options that cash settle to the 

list of options for which Article XVII of 

the By-Laws applies. 

• Article XVII (Index Options and 

Certain Other Cash-Settled Options), 

Section 1(C)(4). OCC proposes to revise 

the definition of ‘‘Class of Options’’ to 

state that flexibly structured options 

that cash settle shall constitute a 

different class of options from 

physically settled options on the same 

underlying interest. 

Revisions To Apply Certain Provisions 

for Physically Settled Options to, and 

Exclude the Application of Certain 

Provisions for Index Options and Other 

Cash Settled Options From, Cash Settled 

Flex ETF Options 

OCC also proposes the following 

modifications to its By-Laws and Rules 

to emphasize the application of certain 

provisions that otherwise apply only to 

physically settled options and to 

exclude application of certain 

provisions that otherwise would apply 

to all cash settled options. 

• Article I (Definitions), Section 

1(C)(15). OCC proposes to revise the 

definition of ‘‘Clearing Member’’ to 

clarify that a Clearing Member is not an 

‘‘Index Clearing Member’’ solely by 

virtue of being approved to clear Cash 

Settled Flex ETF Options. 

• Article I (Definitions), Section 

1(R)(5). OCC currently defines 

‘‘Reporting Authority’’ when used with 

respect of any cash-settled contract to 

mean the source that OCC uses as the 

official source for the current price or 

value of the underlying interest. OCC 

would revise this definition to 

emphasize that the reporting for Cash 

Settled Flex ETF Options will be the 

same source used by OCC for physically 

settled equity options with the same 

underlying interest. This change is 

designed to facilitate the use of the same 

closing price for automatic exercise 

determinations on both physically 

settled and cash settled options with the 

same underlying security, thereby 

ensuring that expiration processing for a 

Cash Settled Flex ETF Option will align 

with expiration processing for a 

physically settled product on the same 

underlying security. 

• Article XVII (Index Options and 

Certain Other Cash-Settled Options), 

Section 1(R)(3). ‘‘Reporting Authority’’ 

is also defined in Article XVII for index 

and certain other cash settled options. 

OCC proposes to revise this definition to 

explicitly exclude Cash Settled Flex 

ETF Options and to emphasize that the 

reporting authority for Cash Settled Flex 

ETF Options is the same source used by 

OCC for physically settled equity 

options. 

• Article XVII (Index Options and 

Certain Other Cash-Settled Options), 

Sections 3(a) and 3(h). This provision 

currently states that the adjustment 

provisions of Article VI, Section 11A do 

not apply to cash settled equity 

contracts. Since adjustment decisions 

for Cash Settled Flex ETF Options and 

physically settled options on the same 

underlying should be the same, OCC is 

proposing to add language to this 

section to state explicitly that Article VI, 

Section 11A of the By-Laws applies to 

Cash Settled Flex ETF Options. 

Revisions Unique to the Nature of Cash 

Settled Flex ETF Options 

Finally, OCC proposes to revise the 

following By-Laws and Rules to 

accommodate unique characteristics of 

Cash Settled Flex ETF Options. 

• Article XVII (Index Options and 

Certain Other Cash-Settled Options), 

Section 4(a)(2). This provision states the 

method by which the exercise 


khammond on DSKJM1Z7X2PROD with NOTICES
19568 Federal Register / Vol. 87, No. 64 / Monday, April 4, 2022 / Notices 

6 15 U.S.C. 78q–1(b)(3)(F). 

7 15 U.S.C. 78q–1. 8 Id. 

settlement amount for exercised 

contracts of an affected series is fixed 

for index options and certain other cashsettled options. OCC proposes to add a 

sentence to this provision to state that 

the exercise settlement amount for Cash 

Settled Flex ETF Options shall be 

determined by using the last reported 

sale price for the underlying security 

during regular trading hours. This is 

consistent with the expiration closing 

price determination for physically 

settled options in Rule 805. 

• Chapter VI (Margins), Rule 610 

(Deposits in Lieu of Margin). Rule 610 

allows for Clearing Members to use 

specific deposits of the underlying 

security as collateral to short customer 

positions on a call option. Specific 

deposits allow a short call position to be 

fully covered because the security that 

will need to be delivered if the call 

option writer is assigned is pledged to 

OCC for the purpose of covering the 

short position. OCC proposes to modify 

Rule 610 to disallow specific deposits 

for Cash Settled Flex ETF Options 

because such options do not require 

delivery of the underlying security upon 

assignment. Consequently, a specific 

deposit of the underlying security will 

not cover the delivery requirement of 

Cash Settled Flex ETF Options as it does 

for a physically settled option. OCC 

would, however, allow escrow deposits 

to be made for Cash Settled Flex ETF 

Options. 

• Chapter VIII (Exercise and 

Assignment), Rule 805 (Expiration 

Exercise Procedure) and Chapter XVIII 

(Index Options and Certain Other Cash 

Settled Options), Rule 1804 (Expiration 

Exercise Procedure for Cash-Settled 

Options). Rule 805(j) states that the 

‘‘closing price’’ used for any underlying 

security in Rule 805 is the last reported 

sale price for the underlying security 

during regular trading hours (as 

determined by OCC) on the trading day 

immediately preceding the expiration 

date, or on the expiration date if the 

expiration date is a trading day, on such 

national securities exchange or other 

domestic securities market as OCC shall 

determine. OCC is proposing to revise 

Rule 805(j) to state explicitly that the 

same definition of ‘‘closing price’’ 

applies to underlying securities for Cash 

Settled Flex ETF Options. Rule 1804 

generally provides for the expiration 

exercise procedure for cash-settled 

options. OCC is proposing to add an 

interpretation and policy to Rule 1804 

to clarify that, notwithstanding its 

general application to cash-settled 

options, the determination of the closing 

price for an underlying security of a 

flexibly structured cash settled equity 

option is the same as the determination 

of the closing price per Rule 805(j). 

• Chapter XVIII (Index Options and 

Certain Other Cash Settled Options), 

Rule 1804 (Expiration Exercise 

Procedure for Cash Settled Options). 

OCC proposes to revise Rule 1804(a) 

and Rule 1804(b) to state that Cash 

Settled Flex ETF Options will be 

deemed exercised on expiration if the 

strike price is $0.01 or more in-themoney in accordance with the 

provisions of Rule 805(d). This will 

ensure that the threshold used for 

automatic exercises of Cash Settled Flex 

ETF Options will be the same as the 

threshold established for physically 

settled equity options rather than the 

$1.00 per contract threshold established 

in Rule 1804. 

• Chapter VIII (Exercise and 

Assignment) Rule 805 (Expiration 

Exercise Procedure) I&P.03 and Chapter 

XVIII (Index Options and Certain Other 

Cash Settled Options), Rule 1804 

(Expiration Exercise Procedure for Cash 

Settled Options). Rule 805, 

interpretation and policy .03 states that 

the exercise procedures set forth in Rule 

805 apply to flexibly structured equity 

options. OCC proposes to add language 

excepting from application of Rule 

805(d) American-style Cash Settled Flex 

ETF Options subject to delayed 

settlement for any deliverable 

component. Similarly, OCC is proposing 

to add language to Rule 1804(a) to state 

explicitly that Rule 805(d) does not 

apply to American-style Cash Settled 

Flex ETF Options that have a 

deliverable component subject to 

delayed settlement. These changes are 

necessary because any such option with 

a pended delivery component on its 

expiration date should not be 

automatically exercised, as the total 

value of the option deliverable can only 

be estimated. OCC anticipates this 

outcome would be rare, and likely the 

result of a contract adjustment that 

involves cash in lieu of fractional shares 

that have yet to be finalized on an 

option’s an expiration date. 

(2) Statutory Basis 

Section 17A(b)(3)(F) of the Act 6

requires, among other things, that the 

rules of a clearing agency be designed to 

promote the prompt and accurate 

clearance and settlement of securities 

transactions and, to the extent 

applicable, derivative agreements, 

contracts, and transactions. OCC 

believes the proposed rule change is 

consistent with Section 17A(b)(3)(F) of 

the Act 7 because it is designed to 

promote prompt and accurate clearance 

and settlement of securities transactions 

in flexibly structured options. The 

proposed rule change accomplishes this 

by maintaining consistency between 

OCC’s By-Laws and Rules and NYSE 

American’s rules as applied to the 

clearance and settlement of Cash Settled 

Flex ETF Options. Because Cash Settled 

Flex ETF Options are fundamentally 

unique from currently listed flexibly 

structured equity options, OCC By-Laws 

and Rules must provide for two 

different types of settlement methods for 

flexibly structured options with ETFs as 

the underlying securities to provide 

clearance and settlement of Cash Settled 

Flex ETF Options. The proposed 

changes are necessary to make explicit 

the differences between Cash Settled 

Flex ETF Options and physically settled 

options on the same underlying ETF, 

and will allow OCC to issue, clear, and 

settle Cash Settled Flex ETF Options in 

alignment with exchange rules for this 

product type. Accordingly, OCC 

believes the proposed rule change is 

designed to promote the prompt and 

accurate clearance and settlement of 

securities and derivatives transactions 

in accordance with Section 17A(b)(3)(F) 

of the Act.8

In addition, the proposed rule change 

is not inconsistent with the existing ByLaws and Rules of OCC, including any 

rules proposed to be amended. 

(B) 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. 

(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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 64 / Monday, April 4, 2022 / Notices 19569 

9 17 CFR 200.30–3(a)(12). 

1 12 U.S.C. 5465(e)(1). 

2 17 CFR 240.19b–4(n)(1)(i). 

3Securities Exchange Act Release No. 92568 

(August 5, 2021), 86 FR 44530 (August 12, 2021) 

(SR–NSCC–2021–803). 

4 12 U.S.C. 5465(e)(1)(D). 

5See 12 U.S.C. 5465(e)(1)(E)(ii) and (G)(ii); see 

Memorandum from the Office of Clearance and 

Settlement Supervision, Division of Trading and 

Markets, titled ‘‘Commission’s Request for 

Additional Information,’’ available at https://

www.sec.gov/rules/sro/nscc-an/2021/34-92568- 

memo-nscc.pdf. 

6See 12 U.S.C. 5465(e)(1)(E)(ii) and (G)(ii); see 

Memorandum from the Office of Clearance and 

Settlement Supervision, Division of Trading and 

Markets, titled ‘‘Response to the Commission’s 

Request for Additional Information,’’ available at 

https://www.sec.gov/rules/sro/nscc-an/2021/34- 

92568-memo-response-nscc.pdf. 

7 12 U.S.C. 5465(e)(1)(H). 

8Securities Exchange Act Release No. 94168 

(February 7, 2022), 87 FR 8062 (February 11, 2022) 

(SR–NSCC–2021–803). 

9 12 U.S.C. 5465(e)(1)(D). 

10See 12 U.S.C. 5465(e)(1)(E)(ii) and (G)(ii); see 

Memorandum from the Office of Clearance and 

Settlement Supervision, Division of Trading and 

Markets, titled ‘‘Commission’s Second Request for 

Additional Information,’’ available at https://

www.sec.gov/rules/sro/nscc-an/2022/34-94203- 

memo-nscc.pdf. 

11 17 CFR 200.30–3(a)(92). 

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. 

OCC shall post notice on its website 

of proposed changes that are 

implemented. The proposal shall not 

take effect until all regulatory actions 

required with respect to the proposal are 

completed. 

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–2022–003 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Vanessa Countryman, Secretary, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–OCC–2022–003. 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 (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 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 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

office of OCC and on OCC’s website at 

https://www.theocc.com/CompanyInformation/Documents-and-Archives/ 

By-Laws-and-Rules. 

All comments received will be posted 

without change. Persons submitting 

comments are cautioned that we do not 

redact or edit personal identifying 

information from comment submissions. 

You should submit only information 

that you wish to make available 

publicly. 

All submissions should refer to File 

Number SR–OCC–2022–003 and should 

be submitted on or before April 25, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06981 Filed 4–1–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94536; File No. SR–NSCC– 

2021–803] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Withdrawal of 

an Advance Notice To Establish the 

Securities Financing Transaction 

Clearing Service and Make Other 

Changes 

March 29, 2022. 

On July 22, 2021, National Securities 

Clearing Corporation (‘‘NSCC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) advance 

notice SR–NSCC–2021–803 (‘‘Advance 

Notice’’), 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 

(‘‘Clearing Supervision Act’’) 1 and Rule 

19b–4(n)(1)(i) under the Securities 

Exchange Act of 1934 (‘‘Exchange 

Act’’).2 The Advance Notice was 

published for comment in the Federal 

Register on August 12, 2021.3

On August 30, 2021, the Commission 

requested additional information for 

consideration of the Advance Notice 

from NSCC, pursuant to Section 

806(e)(1)(D) of the Clearing Supervision 

Act,4 which tolled the Commission’s 

period of review of the Advance Notices 

until 60 days from the date the 

information required by the 

Commission was received by the 

Commission.5 On December 13, 2021, 

the Commission received NSCC’s 

response to the Commission’s request 

for additional information.6

On February 7, 2022, under Section 

806(e)(1)(H) of the Clearing Supervision 

Act,7 the Commission extended the 

review period of the Advance Notice for 

additional 60 days to issue an objection 

or non-objection to the Advance 

Notice.8

On February 28, 2022, the 

Commission requested additional 

information for consideration of the 

Advance Notice from NSCC, pursuant to 

Section 806(e)(1)(D) of the Clearing 

Supervision Act,9 which tolled the 

Commission’s period of review of the 

Advance Notices until 60 days from the 

date the information required by the 

Commission was received by the 

Commission.10

On March 25, 2022, NSCC filed a 

withdrawal of the Advance Notice (SR– 

NSCC–2021–803) from consideration by 

the Commission. The Commission is 

hereby publishing notice of the 

withdrawal. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06979 Filed 4–1–22; 8:45 am] 

BILLING CODE 8011–01–P 


khammond on DSKJM1Z7X2PROD with NOTICES