Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 2275 

26 17 CFR 240.17Ad–22(b)(2). 

27 Id. 

28 15 U.S.C. 78q–1(b)(3)(I). 29 17 CFR 200.30–3(a)(12). 

parameters and assumptions, by a 

qualified person who is free from 

influence from the persons responsible 

for the development or operation of the 

models being validated. As noted above, 

the proposed Policy provides that OCC’s 

model validation staff reviews each Risk 

Model in OCC’s inventory, including 

margin models, at least annually and 

such staff is removed from the primary 

development path of a model to 

preserve its ability to provide an 

independent assessment. 

Finally, Rule 17Ad–22(b)(2) 26

requires, in part, that a registered 

clearing agency establish, implement, 

maintain and enforce written policies 

and procedures reasonably designed to 

use risk-based models and parameters to 

set margin requirements. OCC believes 

that the proposed Policy would provide 

for clear identification of its risk-based 

models and thereby promote 

compliance with the requirement in 

Rule 17Ad–22(b)(2) 27 that OCC’s 

policies and procedures be reasonably 

designed to use risk-based models and 

parameters to set margin requirements. 

The proposed rule change is not 

inconsistent with the existing rules of 

OCC, including any other rules 

proposed to be amended. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

Section 17A(b)(3)(I) of the Act 28

requires that the rules of a clearing 

agency not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. OCC does not 

believe that the proposed rule change 

would impact or impose any burden on 

competition. The proposed rule change 

addresses OCC’s internal framework 

surrounding the governance, 

development, implementation, use, 

monitoring, and validation of Risk 

Models. Under this framework, OCC’s 

controls regarding the design, use, 

implementation and validation of 

models, as set forth in the proposed 

Policy, insofar as they affect margin or 

Clearing Fund requirements, would 

have an equal impact on all Clearing 

Members. Consequently, the proposed 

Policy does not provide any Clearing 

Member with a competitive advantage 

over any other Clearing Member. 

Further, the proposed rule change 

would not affect any Clearing Member’s 

access to OCC’s services or impose any 

direct burdens on Clearing Members. 

Accordingly, 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. 

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 impact or 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 

the 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–2017–011 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–2017–011. 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/components/ 

docs/legal/rules_and_bylaws/sr_occ_17_

011.pdf. 

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–2017–011 and should 

be submitted on or before February 6, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00530 Filed 1–12–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–135, OMB Control No. 

3235–0176] 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Extension: 

Rules 8b–1 to 8b–33 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 


daltland on DSKBBV9HB2PROD with NOTICES
2276 Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 

1Although the rules under Section 8(b) of the 

Investment Company Act are generally procedural 

in nature, two of the rules require respondents to 

disclose some limited information. Rule 8b–3 (17 

CFR 270.8b–3) provides that whenever a 

registration form requires the title of securities to 

be stated, the registrant must indicate the type and 

general character of the securities to be issued. Rule 

8b–22 (17 CFR 270.8b–22) provides that if the 

existence of control is open to reasonable doubt, the 

registrant may disclaim the existence of control, but 

it must state the material facts pertinent to the 

possible existence of control. The information 

required by both of these rules is necessary to 

insure that investors have clear and complete 

information upon which to base an investment 

decision. 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78f(b). 

4 15 U.S.C. 78f(b)(5). 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Rules 8b–1 to 8b–33 (17 CFR 270.8b– 

1 to 8b–33) under the Investment 

Company Act of 1940 (15 U.S.C. 80a–1 

et seq.) (‘‘Investment Company Act’’) set 

forth the procedures for preparing and 

filing a registration statement under the 

Investment Company Act. These 

procedures are intended to facilitate the 

registration process. These rules 

generally do not require respondents to 

report information.1

The Commission believes that it is 

appropriate to estimate the total 

respondent burden associated with 

preparing each registration statement 

form rather than attempt to isolate the 

impact of the procedural instructions 

under Section 8(b) of the Investment 

Company Act, which impose burdens 

only in the context of the preparation of 

the various registration statement forms. 

Accordingly, the Commission is not 

submitting a separate burden estimate 

for rules 8b–1 through 8b–33, but 

instead will include the burden for 

these rules in its estimates of burden for 

each of the registration forms under the 

Investment Company Act. The 

Commission is, however, submitting an 

hourly burden estimate of one hour for 

administrative purposes. 

The collection of information under 

rules 8b–1 to 8b–33 is mandatory. The 

information provided under rules 8b–1 

to 8b–33 is not kept confidential. An 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a currently valid OMB control 

number. 

Written comments are invited on: (a) 

Whether the collection of information is 

necessary for the proper performance of 

the functions of the Commission, 

including whether the information has 

practical utility; (b) the accuracy of the 

Commission’s estimate of the burden of 

the collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

Please direct your written comments 

to Pamela Dyson, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Remi 

Pavlik-Simon, 100 F Street NE, 

Washington, DC 20549; or send an email 

to: PRA_Mailbox@sec.gov. 

Dated: January 9, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00494 Filed 1–12–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82470; File No. SR–Phlx– 

2018–05] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend a CrossReference in Rule 1017 (Openings in 

Options) 

January 9, 2018. 

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 5, 

2018, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend a 

cross-reference in Rule 1017, entitled 

‘‘Openings in Options.’’ 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaqphlx.cchwallstreet.com/, 

at the principal office of the Exchange, 

and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange 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. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend a 

cross-reference in Rule 1017, entitled 

‘‘Openings in Options.’’ Specifically, the 

Exchange proposes to amend 1017(h) 

which currently states, ‘‘In addition, 

paragraphs (i)(iii) and (j)(5)–(7) below 

contain additional provisions related to 

Potential Opening Price.’’ The first 

citation is incomplete and contains a 

non-existent reference. The Exchange 

proposes to amend the sentence to state, 

‘‘In addition, paragraphs (i)(A)(iii) and 

(j)(5)–(7) below contain additional 

provisions related to Potential Opening 

Price.’’ The reference is to the phrase, 

‘‘The Exchange will open the option 

series for trading with a trade on 

Exchange interest only at the Opening 

Price, if any of these conditions occur 

where there is no ABBO, the Potential 

Opening Price is at or within the PreMarket BBO which is also a Quality 

Opening Market.’’ The reference was 

intended to act as a roadmap within the 

rule to direct the reader to the possible 

outcomes in the Opening Process. 

The Exchange believes that this nonsubstantive rule change will bring 

greater clarity to the rule text by 

providing the intended guidance 

concerning the manner in which the 

Exchange could calculate the Potential 

Opening Price. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,3 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,4

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 


daltland on DSKBBV9HB2PROD with NOTICES