[Federal Register Volume 90, Number 138 (Tuesday, July 22, 2025)]
[Notices]
[Page 34564]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-13734]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-103493; File No. SR-OCC-2025-007]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change, Concerning Updates to the Options Clearing 
Corporation's Portfolio Revaluation Process for Purposes of Determining 
Intraday Margin Calls In Order to Better Manage OCC's Intraday Risk 
Exposure to Its Clearing Members

July 17, 2025.
    On May 15, 2025, the Options Clearing Corporation (``OCC'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-OCC-2025-007, pursuant to Section 19(b) of the 
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4 
\2\ thereunder, to make updates to its portfolio revaluation process 
for purposes of determining intraday margin calls.\3\ The proposed rule 
change was published for public comment in the Federal Register on June 
2, 2025.\4\ The Commission has received public comment supporting 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 90 FR 23403.
    \4\ See Securities Exchange Act Release No. 103123 (May 27, 
2025), 90 FR 23403 (June 2, 2025) (File No. SR-OCC-2025-007) 
(``Notice of Filing'').
    \5\ Comments on the proposed rule change are available at 
https://www.sec.gov/comments/sr-occ-2025-007/srocc2025007.htm.
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    Section 19(b)(2) of the Exchange Act \6\ provides that, within 45 
days of the publication 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 after publication of the Notice is 
July 17, 2025. The Commission is extending this 45-day time period.
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    \6\ 15 U.S.C. 78s(b)(2).
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    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.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Exchange Act,\7\ designates August 31, 2025, as the date by which the 
Commission shall either approve, disapprove, or institute proceedings 
to determine whether to disapprove the Proposed Rule Change.
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    \7\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13734 Filed 7-21-25; 8:45 am]
BILLING CODE 8011-01-P