Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 18451 

54 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Notice of Filing infra note 4, at 87 FR 8072. 

4Securities Exchange Act Release No. 94165 (Feb. 

7, 2022), 87 FR 8072 (Feb. 11, 2022) (File No. SR– 

OCC–2022–001) (‘‘Notice of Filing’’). OCC also filed 

a related advance notice (SR–OCC–2022–801) 

(‘‘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 February 11, 2022. 

Securities Exchange Act Release No. 94166 (Feb. 7, 

2022), 87 FR 8063 (Feb. 11, 2022) (File No. SR– 

OCC–2022–801). 

5The comment on the Proposed Rule Change is 

available at https://www.sec.gov/comments/sr-occ2022-001/srocc2022001.htm. 

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

7 15 U.S.C. 78 s(b)(2)(ii). 

8 Id. 

9 Id. 

10 17 CFR 200.30–3(a)(31). 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2022–012 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–CBOE–2022–012. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. 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–CBOE–2022–012 and 

should be submitted on or before April 

20, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.54

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06635 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94503; File No. SR–OCC– 

2022–001] 

Self-Regulatory Organizations; the 

Options Clearing Corporation; Notice 

of Designation of Longer Period for 

Commission Action on Proposed Rule 

Change Concerning the Options 

Clearing Corporation’s Margin 

Methodology for Incorporating 

Variations in Implied Volatility 

March 24, 2022. 

On January 24, 2022, the Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change SR–OCC–2022– 

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 

change quantitative models related to 

certain volatility products.3 The 

Proposed Rule Change was published 

for public comment in the Federal 

Register on February 11, 2022.4 The 

Commission received a comment 

regarding the Proposed Rule Change.5

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

The 45th day after publication of the 

Notice of Filing is March 28, 2022. 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 May 12, 2022 

as the date by which the Commission 

shall either approve, disapprove, or 

institute proceedings to determine 

whether to disapprove proposed rule 

change SR–OCC–2022–001. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06626 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94495; File No. SR–DTC– 

2021–017] 

Self-Regulatory Organizations; The 

Depository Trust Company; Order 

Instituting Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change To Enhance 

Capital Requirements and Make Other 

Changes 

March 23, 2022. 

I. Introduction 

On December 13, 2021, The 

Depository Trust Company (‘‘DTC’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–DTC–2021–017 (the 

‘‘Proposed Rule Change’’) pursuant to 

Section 19(b)(1) of the Securities 


khammond on DSKJM1Z7X2PROD with NOTICES
18452 Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 93854 

(December 22, 2021), 86 FR 74122 (December 29, 

2021) (SR–DTC–2021–017) (‘‘Notice’’). 4 15 U.S.C. 78s(b)(2). 

5Securities Exchange Act Release No. 94067 

(January 26, 2022), 87 FR 5548 (February 1, 2022) 

(SR–DTC–2021–017). 

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

7The description of the Proposed Rule Change is 

based on the statements prepared by DTC in the 

Notice. See Notice, supra note 3. Capitalized terms 

used herein and not otherwise defined herein are 

defined in the Rules, available at https://

www.dtcc.com/∼/media/Files/Downloads/legal/ 

rules/dtc_rules.pdf. 

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

9 Id. 

10 15 U.S.C. 78q–1. 

11 15 U.S.C. 78q–1(b)(3)(F). 

12 15 U.S.C. 78q–1(b)(3)(I). 13 17 CFR 240.17Ad–22(e)(18). 14 15 U.S.C. 78q–1(b)(3)(F). 15 15 U.S.C. 78q–1(b)(3)(I). 16 17 CFR 240.17Ad–22(e)(18). 17See Notice, supra note 3. 

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 December 29, 

2021,3 and the Commission received no 

comment letters regarding the changes 

proposed in the Proposed Rule Change. 

On January 26, 2022, 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 This order 

institutes proceedings, pursuant to 

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

determine whether to approve or 

disapprove the Proposed Rule Change. 

II. Summary of the Proposed Rule 

Change 

As described in the Notice, DTC 

proposes to amend its Rules, By-Laws 

and Organization Certificate (‘‘Rules’’) 

in order to (1) revise the capital 

requirements applicable to its 

participants, (2) streamline its two 

credit risk monitoring systems, Watch 

List and enhanced surveillance list, and 

(3) make certain other clarifying, 

technical, and supplementary changes 

to implement items (1) and (2).7

First, DTC proposes to revise various 

aspects of its capital requirements for 

several types of participants. DTC 

proposes to increase minimum capital 

requirements for certain participants. 

DTC also proposes to revise how it 

measures certain participants’ capital by 

incorporating common equity tier 1 

capital and the standards established in 

the capital adequacy rules and 

regulations of the Federal Deposit 

Insurance Corporation. DTC would 

revise the reporting requirements 

concerning the capital requirements for 

certain participants. In addition, for 

certain types of participants who 

currently do not have specific amounts 

for their minimum capital requirements, 

the proposal would establish such a 

requirement. 

Second, DTC proposes to revise its 

Watch List and enhanced surveillance 

list, which are both currently used to 

identify participants who would receive 

additional or enhanced credit risk 

monitoring. DTC proposes to revise its 

Watch List and delete its enhanced 

surveillance list. DTC also proposes to 

clarify that participants on the Watch 

List are reported to DTC’s management 

committees and regularly reviewed by 

DTC’s senior management. 

Third, DTC proposes to (1) revise or 

add headings and sub-headings and 

renumbering sections as appropriate, (2) 

delete undefined terms and add 

appropriate defined terms to facilitate 

the proposed changes, (3) consolidate 

paragraphs to promote readability, (4) 

fix typographical and other errors, and 

(5) other changes in order to improve 

the accessibility and transparency of the 

Rules. 

III. Proceedings To Determine Whether 

To Approve or Disapprove the 

Proposed Rule Change and Grounds for 

Disapproval Under Consideration 

The Commission is instituting 

proceedings pursuant to Section 

19(b)(2)(B) of the Act 8 to determine 

whether the Proposed Rule Change 

should be approved or disapproved. 

Institution of proceedings is appropriate 

at this time in view of the legal and 

policy issues raised by the Proposed 

Rule Change. Institution of proceedings 

does not indicate that the Commission 

has reached any conclusions with 

respect to any of the issues involved. 

Rather, the Commission seeks and 

encourages interested persons to 

comment on the Proposed Rule Change, 

providing the Commission with 

arguments to support the Commission’s 

analysis as to whether to approve or 

disapprove the Proposed Rule Change. 

Pursuant to Section 19(b)(2)(B) of the 

Act,9 the Commission is providing 

notice of the grounds for disapproval 

under consideration. The Commission is 

instituting proceedings to allow for 

additional analysis of, and input from 

commenters with respect to, the 

Proposed Rule Change’s consistency 

with Section 17A of the Act,10 and the 

rules thereunder, including the 

following provisions: 

• Section 17A(b)(3)(F) of the Act,11

which requires, among other things, that 

the rules of a clearing agency must be 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions, to assure the 

safeguarding of securities and funds 

which are in the custody or control of 

the clearing agency or for which it is 

responsible, and to protect investors and 

the public interest; 

• Section 17A(b)(3)(I) of the Act,12

which requires that the rules of a 

clearing agency do not impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act; 

• Rule 17Ad–22(e)(18) under the 

Act,13 which requires that a covered 

clearing agency establish, implement, 

maintain, and enforce written policies 

and procedures reasonably designed to 

establish objective, risk-based, and 

publicly disclosed criteria for 

participation, which permit fair and 

open access by direct and, where 

relevant, indirect participants and other 

financial market utilities, require 

participants to have sufficient financial 

resources and robust operational 

capacity to meet obligations arising from 

participation in the clearing agency, and 

monitor compliance with such 

participation requirements on an 

ongoing basis. 

IV. Procedure: Request for Written 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

Proposed Rule Change. In particular, the 

Commission invites the written views of 

interested persons concerning whether 

the Proposed Rule Change is consistent 

with Section 17A(b)(3)(F) of the Act,14

Section 17A(b)(3)(I) of the Act,15 Rule 

17Ad–22(e)(18) under the Act,16 or any 

other provision of the Act, or the rules 

and regulations thereunder. 

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

Proposed Rule Change should be 

approved or disapproved by April 20, 

2022. Any person who wishes to file a 

rebuttal to any other person’s 

submission must file that rebuttal by 

May 4, 2022. 

The Commission asks that 

commenters address the sufficiency of 

DTC’s statements in support of the 

Proposed Rule Change, which are set 

forth in the Notice,17 in addition to any 

other comments they may wish to 

submit about the Proposed Rule Change. 

Comments may be submitted by any 

of the following methods: 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 18453 

18 17 CFR 200.30–3(a)(31). 

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– 

DTC–2021–017 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–DTC–2021–017. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of DTC and on DTCC’s website 

(http://dtcc.com/legal/sec-rulefilings.aspx). 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–DTC– 

2021–017 and should be submitted on 

or before April 20, 2022. Rebuttal 

comments should be submitted by May 

4, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06513 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

National Small Business Development 

Center Advisory Board 

AGENCY: Small Business Administration. 

ACTION: Notice of open Federal Advisory 

committee meeting. 

SUMMARY: The SBA is issuing this notice 

to announce the date, time and agenda 

for a meeting of the National Small 

Business Development Center Advisory 

Board. The meeting will be open to the 

public; however, advance notice of 

attendance is required. 

DATES: Tuesday, April 19, 2022 at 2 p.m. 

EST. 

ADDRESSES: Meeting will be held via 

Microsoft Teams. 

FOR FURTHER INFORMATION CONTACT: 

Rachel Karton, Office of Small Business 

Development Centers, U.S. Small 

Business Administration, 409 Third 

Street SW, Washington, DC 20416; 

Rachel.newman-karton@sba.gov; 202– 

619–1816. If anyone wishes to be a 

listening participant or would like to 

request accommodations, please contact 

Rachel Karton at the information above. 

SUPPLEMENTARY INFORMATION: Pursuant 

to section 10(a) of the Federal Advisory 

Committee Act (5 U.S.C. Appendix 2), 

the SBA announces the meetings of the 

National SBDC Advisory Board. This 

Board provides advice and counsel to 

the SBA Administrator and Associate 

Administrator for Small Business 

Development Centers. 

Purpose: The purpose of the meeting 

is to discuss the following issues 

pertaining to the SBDC Program: 

• SBA|OSBDC Leadership Transition 

• Strategy for Increasing Board 

Awareness and Understanding of the 

SBDC Program 

• Board Leadership Election 

• ASBDC Conference 

Andrienne Johnson, 

Committee Management Officer. 

[FR Doc. 2022–06662 Filed 3–29–22; 8:45 am] 

BILLING CODE P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No: SSA–2022–0014] 

Agency Information Collection 

Activities: Proposed Request 

The Social Security Administration 

(SSA) publishes a list of information 

collection packages requiring clearance 

by the Office of Management and 

Budget (OMB) in compliance with 

Public Law 104–13, the Paperwork 

Reduction Act of 1995, effective October 

1, 1995. This notice includes one new, 

and one revision of OMB-approved 

information collections. 

SSA is soliciting comments on the 

accuracy of the agency’s burden 

estimate; the need for the information; 

its practical utility; ways to enhance its 

quality, utility, and clarity; and ways to 

minimize burden on respondents, 

including the use of automated 

collection techniques or other forms of 

information technology. Mail, email, or 

fax your comments and 

recommendations on the information 

collection(s) to the OMB Desk Officer 

and SSA Reports Clearance Officer at 

the following addresses or fax numbers. 

(OMB) Office of Management and 

Budget, Attn: Desk Officer for SSA 

Comments: https://www.reginfo.gov/ 

public/do/PRAMain. Submit your 

comments online referencing Docket ID 

Number [SSA–2022–0014]. 

(SSA) Social Security Administration, 

OLCA, Attn: Reports Clearance Director, 

3100 West High Rise, 6401 Security 

Blvd., Baltimore, MD 21235, Fax: 410– 

966–2830, Email address: 

OR.Reports.Clearance@ssa.gov. 

Or you may submit your comments 

online through https://www.reginfo.gov/ 

public/do/PRAMain, referencing Docket 

ID Number [SSA–2022–0014]. 

I. The information collection below is 

pending at SSA. SSA will submit it to 

OMB within 60 days from the date of 

this notice. To be sure we consider your 

comments, we must receive them no 

later than May 31, 2022. Individuals can 

obtain copies of the collection 

instrument by writing to the above 

email address. 

1. Disability Perception Survey (DPS)— 

0960—NEW 

Background 

The Social Security Administration’s 

(SSA’s) Social Security Disability 

Insurance (SSDI) program provides 

crucial financial support to individuals 

unable to work due to a medical 

condition. Having access to and 

understanding information about SSDI 

among working adults is an important 

factor in connecting people with 

benefits. The purpose of the survey to is 

understand the type of information 

working adults currently have about the 

SSDI program to improve projections of 

disability applications and incidence. 

SSA is requesting clearance to 

administer the Disability Perception 

Survey (DPS) to a sample of working age 

adult SSDI program recipients, and 

those who may qualify for this benefit, 

to capture attitudes and perceptions 

about SSDI among working-age adults in 

the general population, and to 


khammond on DSKJM1Z7X2PROD with NOTICES