[Federal Register Volume 88, Number 121 (Monday, June 26, 2023)]
[Notices]
[Pages 41441-41442]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-13451]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97765; File No. SR-OCC-2022-012]


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 Concerning the Options Clearing Corporation's Collateral 
Haircuts and Standards for Clearing Banks and Letters of Credit

June 20, 2023.
    On December 5, 2022, the Options Clearing Corporation (``OCC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-OCC-2022-012 (``Proposed Rule Change'') 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Exchange Act'') \1\ and Rule 19b-4 thereunder \2\ to change rules, 
policies, and procedures regarding collateral haircuts, minimum 
standards for clearing banks and letter-

[[Page 41442]]

of-credit issuers, and concentration limits for letters of credit.\3\ 
The Proposed Rule Change was published for public comment in the 
Federal Register on December 23, 2022.\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 87 FR at 79015.
    \4\ Securities Exchange Act Release No. 96533 (Dec. 19, 2022), 
87 FR 79015 (Dec. 23, 2022) (File No. SR-OCC-2022-012) (``Notice of 
Filing'').
    \5\ Comments are available at https://www.sec.gov/comments/sr-occ-2022-012/srocc2022012.htm.
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    On February 3, 2023, 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 March 21, 2023, 
the Commission instituted proceedings, pursuant to Section 19(b)(2)(B) 
of the 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. 96797 (Feb. 3, 2023), 88 
FR 8505 (Feb. 9, 2023) (SR-OCC-2022-012).
    \8\ 15 U.S.C. 78s(b)(2)(B).
    \9\ Securities Exchange Act Release No. 97178 (Mar. 21, 2023), 
88 FR 18205 (Mar. 27, 2023) (File No. SR-OCC-2022-012).
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    Section 19(b)(2)(B)(ii) of the Act provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule 
change.\10\ The Commission may, however, extend the period for issuing 
an order approving or disapproving the proposed rule change by not more 
than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination.\11\
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    \10\ 15 U.S.C. 78s(b)(2)(B)(ii).
    \11\ Id.
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    The 180th day after publication of the Notice in the Federal 
Register is June 21, 2023. The Commission finds it appropriate to 
designate a longer period within which to issue an order approving or 
disapproving the Proposed Rule Change so that it has sufficient time to 
consider the Proposed Rule Change and the comments received. 
Accordingly, the Commission, pursuant to Section 19(b)(2)(B)(ii) of the 
Act,\12\ designates August 20, 2023 as the date by which the Commission 
shall either approve or disapprove the Proposed Rule Change SR-OCC-
2022-012.
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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. 2023-13451 Filed 6-23-23; 8:45 am]
BILLING CODE 8011-01-P


