
[Federal Register Volume 82, Number 182 (Thursday, September 21, 2017)]
[Notices]
[Pages 44239-44240]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-20081]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[File No. SR-OCC-2015-02; Release No. 81629]


Before the Securities and Exchange Commission; Securities 
Exchange Act of 1934; In the Matter of the The Options Clearing 
Corporation For an Order Granting the Approval of Proposed Rule Change 
Concerning a Proposed Capital Plan for Raising Additional Capital That 
Would Support the Options Clearing Corporation's Function as a 
Systemically Important Financial Market Utility; Corrected Order 
Scheduling Filing of Statements on Review

September 14, 2017.
    On February 11, 2016, the Commission issued an order (``Approval 
Order'') approving the plan of the Options Clearing Corporation's 
(``OCC'') for raising additional capital (the ``Plan'') to support its 
function as a systemically important financial market utility.\1\ BOX 
Options Exchange LLC, KCG Holdings, Inc., Miami International 
Securities Exchange, LLC, and Susquehanna International Group, LLP 
(collectively ``petitioners'') \2\ filed a

[[Page 44240]]

petition for review of the Approval Order in the U.S. Court of Appeals 
for the District of Columbia Circuit (``D.C. Circuit''), challenging 
the Commission's Approval Order as inconsistent with the Exchange Act 
and lacking in the reasoned decisionmaking required by the 
Administrative Procedure Act.
---------------------------------------------------------------------------

    \1\ Exchange Act Release No. 77112, File No. SR-OCC-2015-02.
    \2\ BATS Global Markets, Inc., was initially a petitioner, but 
later withdrew.
---------------------------------------------------------------------------

    The D.C. Circuit concluded that the Approval Order did not 
``represent the kind of reasoned decisionmaking required by either the 
Exchange Act or the Administrative Procedure Act,'' and therefore 
remanded the case to the Commission for further proceedings.\3\ In so 
ruling, the court did not reach the merits of any of petitioners' 
arguments that the Plan was inconsistent with the substantive 
requirements of the Exchange Act.\4\
---------------------------------------------------------------------------

    \3\ Susquehanna Int'l Grp., LLP v. SEC, 866 F.3d 442, 443 (D.C. 
Cir. 2017).
    \4\ Id. at 446.
---------------------------------------------------------------------------

    The court specifically decided not to vacate the Approval Order 
prior to remand, instead leaving the Plan in place and remanding ``to 
give the SEC an opportunity to properly evaluate the Plan.'' \5\ The 
D.C. Circuit's mandate, which issued on August 18, 2017, returned the 
matter to the Commission for further proceedings.
---------------------------------------------------------------------------

    \5\ Id.
---------------------------------------------------------------------------

    Accordingly, to facilitate the Commission's further review of the 
Plan, It is Ordered, that by October 14, 2017, OCC may file any 
additional statements or information that it considers relevant to the 
Commission's reconsideration, including but not limited to information 
OCC's board of directors considered in approving the Plan.
    Furthermore, the Commission is providing other parties and persons 
thirty days to respond to any additional statements OCC may submit.
    Accordingly, It is Ordered, that by November 13, 2017, any party or 
other person may file any additional statement, which may include 
statements previously submitted or otherwise available, or any new 
information such party or other person considers relevant.
    All submissions should refer to File Number SR-OCC-2015-02. The 
Commission will post submissions on the Commission's Internet Web site 
as they are received. Submissions received will be posted without 
change; the Commission does not edit personal identifying information 
from submissions. If a party or person wishes to submit information for 
the Commission to consider that is confidential, Rule 83 of the 
Commission Rules of Practice provides a procedure by which persons 
submitting information may request that it be withheld when requested 
under the Freedom of Information Act.\6\ Any party or person seeking to 
submit information in this matter should make sure that their request 
complies with procedures specified by Rule 83. An explanation of the 
rule is available on the Commission's Web site at: https://www.sec.gov/foia/conftreat.htm.
---------------------------------------------------------------------------

    \6\ 17 CFR 200.83.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2017-20081 Filed 9-20-17; 8:45 am]
BILLING CODE 8011-01-P


