[Federal Register Volume 77, Number 214 (Monday, November 5, 2012)]
[Notices]
[Page 66497]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-26909]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68112; File No. SR-OCC-2012-14]


 Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change Relating to the Clearance and Settlement of Over-
the-Counter Options

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 an 
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 19(b)(2) of the Act \5\ provides that within 45 days of the 
public 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 for this filing is November 2, 2012. The Commission is 
extending this 45 day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The proposed rule change relates to OCC's adoption of rules to 
permit the clearing of Over-the-Counter (``OTC'') options on the S&P 
500 Index. In light of the fact that 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, the Commission finds it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider this proposed rule change.
    Accordingly, the Commission, pursuant to Section 19b(b)(2) of the 
Act,\6\ designates December 17, 2012, as the date by which the 
Commission should either approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change (File No. SR-OCC-2012-14).
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-26909 Filed 11-2-12; 8:45 am]
BILLING CODE 8011-01-P