[Federal Register Volume 89, Number 142 (Wednesday, July 24, 2024)]
[Notices]
[Page 59940]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16218]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100552; File No. SR-OCC-2024-001]


Self-Regulatory Organizations; Options Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change by The Options Clearing Corporation Concerning Its Process 
for Adjusting Certain Parameters in Its Proprietary System for 
Calculating Margin Requirements During Periods When the Products It 
Clears and the Markets It Serves Experience High Volatility

July 18, 2024.
    On January 10, 2024, the Options Clearing Corporation (``OCC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-OCC-2024-001 pursuant to Section 19(b) of the 
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4 
\2\ thereunder to codify OCC's process for adjusting certain parameters 
in its proprietary system for calculating margin requirements during 
periods when the products OCC clears and the markets it serves 
experience high volatility.\3\ The proposed rule change was published 
for public comment in the Federal Register on January 25, 2024.\4\ The 
Commission has received comments 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 89 FR 5062.
    \4\ Securities Exchange Act Release No. 99393 (Jan. 19, 2024), 
89 FR 5062 (Jan. 25, 2024) (File No. SR-OCC-2024-001) (``Notice of 
Filing'').
    \5\ Comments on the proposed rule change are available at 
https://www.sec.gov/comments/sr-occ-2024-001/srocc2024001.htm.
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    On February 23, 2024, pursuant to Section 19(b)(2) of the Exchange 
Act,\6\ the Commission designated a longer period within which to 
approve, disapprove, or institute proceedings to determine whether to 
approve or disapprove the proposed rule change.\7\ On April 22, 2024, 
the Commission instituted proceedings, pursuant to Section 19(b)(2)(B) 
of the Exchange Act,\8\ to determine whether to approve or disapprove 
the proposed rule change.\9\
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    \6\ 15 U.S.C. 78s(b)(2).
    \7\ Securities Exchange Act Release No. 99594 (Feb. 23, 2024), 
89 FR 14909 (Feb. 29, 2024) (File No. SR-OCC-2024-001).
    \8\ 15 U.S.C. 78s(b)(2)(B).
    \9\ Securities Exchange Act Release No. 100009 (Apr. 22, 2024), 
89 FR 32469 (Apr. 26, 2024) (File No. SR-OCC-2024-001).
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    Section 19(b)(2) of the Exchange Act \10\ provides that proceedings 
to determine whether to approve or disapprove a proposed rule change 
must be concluded within 180 days of the date of publication of notice 
of filing of the proposed rule change. The time for conclusion of the 
proceedings may be extended for up to 60 days if the Commission 
determines that a longer period is appropriate and publishes the 
reasons for such determination.\11\ The 180th day after publication of 
the Notice in the Federal Register is July 23, 2024.
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ 15 U.S.C 78s(b)(2)(B)(ii)(II).
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    The Commission is extending the period for Commission action on 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 so that the Commission has sufficient time to consider the 
issues raised by the proposed rule change and to take action on the 
proposed rule change. Accordingly, pursuant to Section 
19(b)(2)(B)(ii)(II) of the Exchange Act,\12\ the Commission designates 
September 21, 2024, as the date by which the Commission should either 
approve or disapprove the proposed rule change SR-OCC-2024-001.
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    \12\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-16218 Filed 7-23-24; 8:45 am]
BILLING CODE 8011-01-P