Document ID: SEC-2022-0502-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Options Clearing Corp.
Posted Date: 2022-04-13T04:00Z

[Federal Register Volume 87, Number 71 (Wednesday, April 13, 2022)]
[Notices]
[Page 22002]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07851]

[[Page 22002]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94625; File No. SR-OCC-2022-002]

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 
Governance Arrangements

    April 7, 2022.

    On February 7, 2022, the Options Clearing Corporation (``OCC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-OCC-2022-002 (``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 amend certain 
of its governing documents by (1) clarifying that OCC's public 
directors may not be affiliated with any designated contract market or 
futures commission merchant; (2) allowing OCC's board of directors 
(``Board'') to delegate certain authorities to Board-level committees 
(``Committees'') or officers; (3) amending OCC's by-laws with regard to 
stockholder consent; and (4) applying additional housekeeping 
amendments to the Board Charter and Committee Charters.\3\ The Proposed 
Rule Change was published for public comment in the Federal Register on 
February 25, 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, 87 FR at 10881.
    \4\ Securities Exchange Act Release No. 94283 (Feb. 18, 2022), 
87 FR 10881 (Feb. 25, 2022) (File No. SR-OCC-2022-002) (``Notice of 
Filing'').
    \5\ The comment on the Proposed Rule Change is available at 
https://www.sec.gov/comments/sr-occ-2022-002/srocc2022002.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. 78s(b)(2)(ii).
    \8\ Id.
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    The 45th day after publication of the Notice of Filing is April 11, 
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 26, 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-
002.
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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. 2022-07851 Filed 4-12-22; 8:45 am]
BILLING CODE 8011-01-P