Document ID: SEC-2022-0427-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Options Clearing Corp.
Posted Date: 2022-03-30T04:00Z

[Federal Register Volume 87, Number 61 (Wednesday, March 30, 2022)]
[Notices]
[Page 18451]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06626]

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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\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Notice of Filing infra note 4, at 87 FR 8072.
    \4\ Securities 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).
    \5\ The comment on the Proposed Rule Change is available at 
https://www.sec.gov/comments/sr-occ-2022-001/srocc2022001.htm.
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    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\
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    \6\ 15 U.S.C. 78s(b)(2)(i).
    \7\ 15 U.S.C. 78 s(b)(2)(ii).
    \8\ Id.
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    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.
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    \9\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06626 Filed 3-29-22; 8:45 am]
BILLING CODE 8011-01-P