[Federal Register Volume 77, Number 213 (Friday, November 2, 2012)]
[Notices]
[Page 66196]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-26854]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68111; File No. SR-OCC-2012-14]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Extension of Review Period of Advance Notice To Establish the 
Legal and Operational Framework for Providing Central Clearing of OTC 
Index Options on the S&P 500 Index That Are Negotiated Bilaterally in 
the Over-the-Counter Market and Submitted to OCC for Clearance

October 26, 2012.
    On August 30, 2012, the Options Clearing Corporation (``OCC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change and Advance Notice SR-OCC-2012-14 pursuant to 
Section 19(b)(1) of the Securities 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 September 18, 2012 \3\ and the 
Advance Notice was published for comment in the Federal Register on 
September 27, 2012.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 67835 (September 12, 
2012), 77 FR 57602 (September 18, 2012).
    \4\ Securities Exchange Act Release No. 67906 (September 21, 
2012), 77 FR 59431 (September 27, 2012).
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    Section 806(e)(1)(G) of the Payment, Clearing, and Settlement 
Supervision Act of 2010 (``Clearing Supervision Act'') \5\ provides 
that changes proposed in an Advance Notice may be implemented if the 
Commission does not object to the proposed changes within 60 days of 
the later of (i) the date that the Advance Notice was filed with the 
Commission or (ii) the date that any additional information requested 
by the Commission is received, unless extended as described below. The 
date that is 60 days from the time of the filing is October 29, 2012.
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    \5\ 12 U.S.C. 5465(e)(1)(G).
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    Pursuant to Section 806(e)(1)(H) of the Clearing Supervision 
Act,\6\ the Commission may extend the review period for an additional 
60 days if the proposed changes raise novel or complex issues, subject 
to the Commission providing the clearing agency with prompt written 
notice of the extension.
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    \6\ 12 U.S.C. 5465(e)(1)(H).
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    The Commission finds it is appropriate to extend the review period 
for the Advance Notice. In particular, the Advance Notice is novel 
because OCC does not currently provide clearing services for OTC 
products and because no registered clearing agency currently provides 
clearing services for OTC S&P 500 Index options.
    Accordingly, the Commission, pursuant to 806(e)(1)(H) of the 
Clearing Supervision Act,\7\ extends the review period for an 
additional 60 days so that the Commission shall have until December 28, 
2012 to issue an objection or non-objection of the Advance Notice (File 
No. SR-OCC-2012-14).
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    \7\ Id.

    By the Commission.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-26854 Filed 11-1-12; 8:45 am]
BILLING CODE 8011-01-P