Federal Register / Vol. 87, No. 101 / Wednesday, May 25, 2022 / Notices 31915 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 94592 

(April 4, 2022), 87 FR 20905 (April 8, 2022). 

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

5 Id. 

well as research cyberinfrastructure 

including data and data privacy. 

Between its launch date and the time 

of publication of its interim report, the 

Task Force convened seven virtual 

public meetings to discuss and 

deliberate on key NAIRR uses, potential 

impacts, system requirements, and 

design elements. At these meetings, the 

Task Force consulted 39 expert briefers 

and panelists to augment the members’ 

own expertise, and to ensure that a 

diversity of perspectives and 

experiences were considered in Task 

Force discussions and deliberations. 

The Task Force also reviewed 84 public 

responses to a July 2021 RFI regarding 

key aspects of the NAIRR. More 

information on the Task Force members, 

past meetings, prior RFI responses, and 

upcoming meetings is available at 

https://AI.gov/nairrtf. 

The Task Force’s interim report, 

published on May 25, 2022, provides a 

general vision for the NAIRR along with 

a preliminary set of findings and 

recommendations regarding the NAIRR 

architecture, resources, capabilities, and 

users. Moving forward, the Task Force 

will refine its findings and 

recommendations for the design of the 

NAIRR and deliberate on remaining 

open questions. In doing so, the Task 

Force will develop a detailed roadmap 

and implementation plan for the 

NAIRR. The Task Force’s final report is 

anticipated to be released in December 

2022. 

This RFI seeks input from a broad 

array of stakeholders on the topics set 

forth below. Comments from the public 

will be used to inform the Task Force’s 

consideration of options and 

development of an implementation 

roadmap as part of the Task Force’s final 

report. 

Responders are invited to provide 

feedback on the findings and 

recommendations put forward in the 

Task Force’s interim report, and 

particularly input on how the 

recommendations could be responsibly 

and effectively implemented. Responses 

may address the following areas [please 

note the topic letter(s) to which 

comments pertain]: 

a. Vision for the NAIRR. Including 

strategic goals and objectives, 

composition, and user base. (Chapter 2 

of the report) 

b. Establishment and sustainment of 

the NAIRR. Including agency roles, 

resource ownership and administration, 

governance and oversight, resource 

allocation and sustainment, and 

performance indicators and metrics. 

(Chapter 3 of the report) 

c. NAIRR resource elements and 

capabilities. Including data, government 

datasets, compute resources, testbeds, 

user interface, and educational tools and 

services. (Chapter 4 of the report) 

d. System security and user access 

controls. (Chapter 5 of the report) 

e. Privacy, civil rights, and civil 

liberties requirements. (Chapter 6 of the 

report) 

f. Ideas for developing a roadmap to 

establish and build out the NAIRR in a 

phased approach, and appropriate 

milestones for implementing the 

NAIRR. Including data sets, use cases, 

and capabilities that should be 

prioritized in the early stages of 

establishment of the resource. 

g. Other areas relevant to the 

development of the NAIRR 

implementation plan. 

To the extent possible, responders are 

asked to include alternatives for 

consideration when not in agreement 

with the initial findings and/or 

recommendations articulated by the 

Task Force. When providing input on 

possible implementation steps, 

responses should include, where 

possible, descriptions of best practices 

or existing models that the Task Force 

could consider in the development of an 

implementation roadmap. 

Responders interested in providing 

additional information to the Task Force 

are invited to attend a public listening 

session on June 23, 2022, from 1:00 p.m. 

to 3:00 p.m. EDT. Further details can be 

found through the Federal Register 

Notice entitled Public Listening Session 

on Implementing Initial Findings and 

Recommendations of the National 

Artificial Intelligence Research Resource 

Task Force. 

Submitted by the National Science 

Foundation and the White House Office 

of Science and Technology Policy on 

May 19, 2022. 

Suzanne H. Plimpton, 

Reports Clearance Officer, National Science 

Foundation. 

Stacy Murphy, 

Operations Manager White House Office of 

Science and Technology Policy. 

[FR Doc. 2022–11223 Filed 5–24–22; 8:45 am] 

BILLING CODE 7555–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94947; File No. SR– 

NASDAQ–2022–027] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Modify Certain Pricing 

Limitations for Companies Listing in 

Connection With a Direct Listing With 

a Capital Raise 

May 19, 2022. 

On March 21, 2022, The Nasdaq Stock 

Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

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

19b–4 thereunder,2 a proposed rule 

change to allow companies to modify 

certain pricing limitations for 

companies listing in connection with a 

Direct Listing with a Capital Raise in 

which the company will sell shares 

itself in the opening auction on the first 

day of trading on Nasdaq. The proposed 

rule change was published for comment 

in the Federal Register on April 8, 

2022.3 The Commission has received no 

comments on the proposed rule change. 

Section 19(b)(2) of the 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 for this 

proposed rule change is May 23, 2022. 

The Commission is extending this 45- 

day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates July 7, 2022 as the date by 

which the Commission shall either 

approve or disapprove, or institute 


lotter on DSK11XQN23PROD with NOTICES1
31916 Federal Register / Vol. 87, No. 101 / Wednesday, May 25, 2022 / Notices 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Notice of Filing infra note 4, 87 FR 20485. 

4Securities Exchange Act Release No. 94587 

(Apr. 1, 2022), 87 FR 20485 (Apr. 7, 2022) (File No. 

SR–OCC–2022–004) (‘‘Notice of Filing’’). 

5 In Partial Amendment No. 1, OCC proposed 

conforming changes to its Liquidity Risk 

Management Framework, and appended new 

Exhibits 4 and 5D to File No. SR–OCC–2022–004 

to reflect the proposed changes to the Liquidity Risk 

Management Framework. 

6The Commission received two comment letters 

that addressed market conduct generally; however, 

additional discussion is unnecessary because the 

comment letters do not bear on the purpose or legal 

basis of the proposed rule change, as modified by 

Partial Amendment No. 1. The comments on the 

proposed rule change are available at https://

www.sec.gov/comments/sr-occ-2022-004/ 

srocc2022004.htm. 

7References to the proposed rule change from 

this point forward refer to the proposed rule change 

as modified by Partial Amendment No. 1. 

8Capitalized terms used but not defined herein 

have the meanings specified in OCC’s Rules and ByLaws, available at https://www.theocc.com/about/ 

publications/bylaws.jsp. 

9OCC is also proposing to make conforming 

changes to its Clearing Fund Methodology Policy 

and Liquidity Risk Management Framework to 

reflect the proposed changes to its By-Laws and 

Rules. 

10See Notice of Filing, supra note 4, at 20485. 

11 Id. 

12Current OCC Rule 706(b) allows OCC to specify 

the time for settling obligations related to crossmargin accounts with Participating CCOs. As of 

March 22, 2022, OCC maintained cross-margin 

accounts with only one Participating CCO, the 

Chicago Mercantile Exchange (‘‘CME’’). See Notice 

of Filing, 87 FR 20485, n. 4. OCC’s Operations 

Manual specifies that the settlement time for OCC/ 

CME cross-margin debits is 7:30 a.m. CT. See id. 

OCC did not propose changing the start-of-day 

settlement time for OCC/CME cross-margin debits, 

which is currently 8:00 a.m. CT under Article VI, 

Section 25 of OCC’s By-Laws. 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR- NASDAQ–2022–027). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–11206 Filed 5–24–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94950; File No. SR–OCC– 

2022–004] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of Partial Amendment No. 1 

and Order Granting Accelerated 

Approval of a Proposed Rule Change, 

as Modified by Partial Amendment No. 

1, by The Options Clearing Corporation 

Concerning Settlement Timing 

May 19, 2022. 

I. Introduction 

On March 22, 2022, the Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change SR–OCC–2022– 

004 pursuant to Section 19(b) of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) 1 and Rule 3 2

thereunder. The proposed rule change 

would amend various provisions of 

OCC’s rules to revise the required 

settlement time from 9:00 a.m. Central 

Time (‘‘CT’’) to 8:00 a.m. CT.3 The 

proposed rule change was published for 

public comment in the Federal Register 

on April 7, 2022.4 On May 5, 2022, OCC 

filed Partial Amendment No. 1 to the 

proposed rule change.5 The Commission 

has received two comments regarding 

the proposed rule change.6 The 

Commission is publishing this notice to 

solicit comments on Partial Amendment 

No. 1 from interested persons, and is 

approving the proposed rule change, as 

modified by Partial Amendment No. 1, 

on an accelerated basis.7

II. Background 8

OCC collects margin deposits and 

Clearing Fund deposits from Clearing 

Members in order to collateralize 

Clearing Members’ obligations, and thus 

supports OCC’s abilities to act as a 

guarantor in the event a Clearing 

Member is unable to fulfill its 

obligations with OCC. OCC’s Rules 

currently describe various times, many 

of which are set to 9:00 a.m. CT, for 

Clearing Members to make various daily 

payments for satisfying their margin and 

Clearing Fund obligations, following a 

specified amount of notice that OCC 

provides to Clearing Members. Such 

daily payments are required for Clearing 

Members to cover margin and Clearing 

Fund deficits, as well as increases in the 

Clearing Fund cash requirement 

(‘‘Settlement Funds’’). 

As described in more detail below, 

OCC is proposing to revise its By-Laws 

and Rules 9 to make the following three 

changes to its settlement processes: 

(1) Aligning daily payment processes 

under a uniform start-of-day settlement time 

to reduce operational complexity; 

(2) reducing the period of time a Clearing 

Member has to fund obligations arising out 

of OCC’s routine processes for setting the size 

of its Clearing Fund to simplify OCC’s 

financial resources monitoring processes; and 

(3) increasing the period of time a Clearing 

Member has to fund obligations arising out 

of a change to OCC’s rules that affects the 

member’s Clearing Fund requirement, to 

provide members with more time to consider 

terminating membership in response to such 

a rule change. 

A. Setting a Uniform Start-of-Day 

Settlement Time 

OCC proposes to harmonize various 

daily payment processes by setting a 

uniform start-of-day settlement time 

(‘‘Settlement Time’’), as OCC believes 

that a uniform start-of-day settlement 

time would reduce operational 

complexities.10 In addition to setting a 

single Settlement Time, OCC proposes 

to consolidate various settlement 

obligations that are due at the same time 

into a single obligation to further 

streamline OCC’s processes. 

Further, OCC intends to set the 

Settlement Time one hour earlier than 

the current start-of-day settlement time 

that applies to many of OCC’s daily 

payment processes, as OCC believes that 

the earlier hour would provide OCC 

with additional time to address a default 

event and implement protective 

actions.11 The proposed changes would 

change the Settlement Time for various 

daily payment processes (described 

below) from 9 a.m. Central Time (‘‘CT’’) 

to 8:00 a.m. CT. The proposed rule 

change would also grant OCC discretion 

to extend funding deadlines when 

warranted by the circumstances, such as 

operational or system difficulties that 

may arise. 

(1) ‘‘Settlement Time’’ Definitions 

Currently, two different definitions in 

OCC’s By-Laws (Article I, Definitions; 

Article XV, Foreign Currency Options, 

Definitions) define the term ‘‘settlement 

time’’ as 9:00 a.m. CT (10:00 a.m. 

Eastern Time (‘‘ET’’)). OCC proposes to 

move the Article I definition to Chapter 

I, Rule 101 of OCC’s Rules because the 

defined term does not appear elsewhere 

in the By-Laws, but appears routinely in 

OCC’s Rules. OCC proposes to update 

both definitions to make the Settlement 

Time 8:00 a.m. CT (9:00 a.m. ET). OCC 

further proposes to clarify in the 

relocated Rule 101 definition that the 

Settlement Time does not include 

settlements related to any cross-margin 

program with a Participating Carrying 

Clearing Organization (‘‘CCO’’).12

(2) Daily Margin Report 

OCC’s margin-related rules define a 

specific time by which margin payments 

must be specified. OCC proposes to 

replace the time specified in the marginrelated rules with a reference to the 

defined term ‘‘Settlement Time,’’ rather 

than specify settlement times at 

multiple locations within OCC’s rules. 

Rule 605 currently requires Clearing 

Members to satisfy margin deficits by 

9:00 a.m. CT (10:00 a.m. ET). OCC 


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