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Federal Register / Vol. 86, No. 209 / Tuesday, November 2, 2021 / Notices accessible, adhered to, and timely.70
The enterprise security program encompasses all OCC assets existing in OCC offices, data centers, and within the Cloud Providers Cloud Infrastructure, and IAM controls ensure least-privileged user access to applications on the Cloud. OCC has appropriate controls in place to ensure the security of confidential information in-transit between OCC data centers and the Cloud Infrastructure, between systems within the Cloud Infrastructure, and at-rest. All network communications between OCC and the Cloud will rely on industry standard encryption for traffic while in transit, and data at rest will be safeguarded through pervasive encryption. Finally, automated delivery of business and security capability via the use of the Infrastructure as Code, Cloud agnostic tools, and continuous integration/
continuous deployment pipeline methods ensure security controls are consistently and transparently deployed.
Since additional computing power can be launched on demand, the scalability in a Cloud computing environment is considerable and instantaneous. OCC could provision or de-provision Compute, Storage, and Network resources to meet demand at any given point in time. In the current on-premises environment, immediate scalability is limited by the capacity of the on-premises hardware: OCC would need to obtain additional physical servers and network equipment to scale beyond the limits of the on-premises hardware, potentially affecting the ability to quickly adapt to evolving market conditions, including spikes in trading volume.
Rule 17Ad22e21 requires OCC to establish, implement, maintain, and enforce written policies and procedures reasonably designed to be efficient and effective in meeting the requirements of its participants and the markets it serves, and to have OCCs management regularly review the efficiency and effectiveness of, inter alia, its i clearing and settlement arrangements and ii operating structure, including risk management policies, procedures, and systems. 71 OCC maintains policies designed to enable the regular review of the efficiency and effectiveness of the arrangements and operating structures supporting OCCs identified goals and 70 For example, vulnerability scanning, automated secrets management including certificate encryption, and incident triage management and handling process.
71 17 CFR 240.17Ad22e21.

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objectives.72 There are several significant efficiency benefits to the Cloud Implementation, including:
Ad-hoc reporting capability with new filtering functionality and application programming interfaces to make it easier to procure and submit data to and from the system.
The capability to quickly add or remove Compute, Storage, or Network resources to meet changing application needs and market volatility.
The capability to i run certain back testing processes that used to take days to months in a few hours; ii manage multiple back testing processes the same time; and iii eliminate any undue delay in the evaluation of potential risk management enhancements for the industry.
The scalability to more efficiently meet historical data storage needs, provide data access through standard data services, and the ability to respond quickly to regulatory requests.
Easy and secure access to highquality, high-fidelity data, including a centralized, enterprise-wide repository to store and provide timely access to system of record data.
Accordingly, the proposed changes: i Are designed to promote robust risk management; ii are consistent with promoting safety and soundness; and iii are consistent with reducing systemic risks and promoting the stability of the broader financial system.
The proposed changes also ensure that OCC systems have a high degree of security, resiliency, operational reliability, and adequate, scalable capacity, and enable OCC to be efficient and effective in meeting the requirements of its participants and the markets it serves. For the foregoing reasons, OCC believes that the proposed changes are consistent with Section 805b1 of the Clearing Supervision Act 73 and Rules 17Ad22e17 74 and e21 75 under the Exchange Act.
72 OCC has separately submitted a request for confidential treatment to the Commission regarding the Annual Planning Policy, which OCC has provided as confidential Exhibit 3bb to File No. SR
OCC2021802, the Balanced Scorecard Procedure, which OCC has provided as confidential Exhibit 3cc to File No. SROCC2021802, the Enterprise Portfolio Management Procedure, which OCC has provided as confidential Exhibit 3dd to File No.
SROCC2021802, the New Business and New Exchange Procedure, which OCC has provided as confidential Exhibit 3ee to File No. SROCC2021
802, and the New Product Procedure, which OCC
has provided as confidential Exhibit 3ff to File No.
SROCC2021802.
73 12 U.S.C. 5464b.
74 17 CFR 240.17Ad22e17.
75 17 CFR 240.17Ad22e21.

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III. Date of Effectiveness of the Advance Notice The proposed change may be implemented if the Commission does not object to the proposed change within 60 days of the later of i the date the proposed change was filed with the Commission or ii the date any additional information requested by the Commission is received.76 OCC shall not implement the proposed change if the Commission has any objection to the proposed change.77
OCC shall post notice on its website of proposed changes that are implemented. The proposal shall not take effect until all regulatory actions required with respect to the proposal are completed.
IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the advance notice is consistent with the Clearing Supervision Act. Comments may be submitted by any of the following methods:
Electronic Comments Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Number SR
OCC2021802 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549.
All submissions should refer to File Number SROCC2021802. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commissions internet website http www.sec.gov/
rules/sro.shtml. Copies of the submission, all subsequent amendments, all written statements with respect to the advance notice that are filed with the Commission, and all written communications relating to the advance notice between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commissions Public Reference Room, 100 F Street NE, 76 12
77 12

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U.S.C. 5465e1F.

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