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Federal Register / Vol. 86, No. 160 / Monday, August 23, 2021 / Notices
SECURITIES AND EXCHANGE
COMMISSION

II. Clearing Agencys Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
Release No. 3492690; File No. SROCC
2021008

In its filing with the Commission, OCC included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. OCC has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of these statements.

Self-Regulatory Organizations; the Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Technical Changes to the By-Laws and Rules of the Options Clearing Corporation August 17, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Exchange Act or Act,1 and Rule 19b4 thereunder,2 notice is hereby given that on August 6, 2021, the Options Clearing Corporation OCC
filed with the Securities and Exchange Commission SEC or Commission the proposed rule change as described in Items I, II, and III below, which Items have been prepared by OCC. OCC filed the proposed rule change pursuant to Section 19b3Aii 3 of the Act and Rule 19b4f1 4 and f4 5 thereunder so that the proposal was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
I. Clearing Agencys Statement of the Terms of Substance of the Proposed Rule Change This proposed rule change would amend OCCs By-Laws and Rules to i correct typographical errors, ii make conforming changes intended by prior proposed rule change filings, iii correct erroneous cross-references, and iv remove certain inoperative provisions and clarifying certain other provisions related to OCCs Clearing Member Trade Assignment CMTA
process. Amendments to OCCs By-Laws and Rules are included in Exhibit 5 of filing SROCC2021008. Material proposed to be added is marked by underlining, and material proposed to be deleted is marked with strikethrough text. All terms with initial capitalization that are not otherwise defined herein have the same meaning as set forth in the By-Laws and Rules.6

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1 15

U.S.C. 78sb1.
CFR 240.19b4.
3 15 U.S.C. 78sb3Aii.
4 17 CFR 240.19b4f1.
5 17 CFR 240.19b4f4.
6 OCCs By-Laws and Rules can be found on OCCs public website: https www.theocc.com/
Company-Information/Documents-and-Archives/
By-Laws-and-Rules.
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A Clearing Agencys Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1 Purpose OCC is proposing to amend its ByLaws and Rules to 1 correct typographical errors, 2 make conforming changes intended by prior proposed rule change filings, 3 correct erroneous cross-references and 4
remove certain inoperative provisions and clarifying certain other provisions related to OCCs CMTA process.
1. Typographical Error Correction First, OCC has identified several typographical errors in the text of the proposed rule change as submitted to the SEC:
The definition of Clearing Member in Article I of the By-Laws would be amended to reflect that the plural of the defined term BOUND is BOUNDs, not BOUNDS. The same change would be made to Rule 401a3.
The definition of Equity Exchange in Article I of the By-Laws would be amended to correct a reference to Section VIIA of the By-Laws. There is no Section VIIA of the By-Laws; the references should be to Article VIIA.
The definition of Hedge Clearing Member in Article I of the By-Laws would be amended to replace a reference to Stock Clearing Member, which is not a term defined by the ByLaws or Rules, with Clearing Member.
Article IV, Section 3 of the By-Laws would be amended to re-insert a comma within a series in the second sentence that was inadvertently removed.
Article IX, Section 5 of the By-Laws would be amended to employ more standard American spelling of depositories.
Article XXI, Section 2a2 of the By-Laws would be amended to correct capitalization of the word accordance.
Interpretations and Policies to Rule 1309 and Rule 1405 would be renumbered to conform to the standard
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numbering convention for such Interpretations and Policies.
Rule 1403a would be amended to correct the verb tense in the second clause.
Interpretation and Policy .01 to Rule 2210A would be amended to correct a typographical error in the possessive of Clearing Member.
2. Conforming Changes Second, OCC has identified instances in which the changes OCC intended to make in prior rule change filings were not applied to all affected provisions.
This proposed rule change would apply conforming changes to OCCs By-Laws and Rules reflecting the intended changes to the affected provisions:
Article VI, Section 3d of the ByLaws would be deleted. The provision allows for Clearing Members to establish and maintain Pledge Accounts to the extent permitted by OCCs RulesRules which OCC eliminated in 2012 when it terminated the Pledge Program.7
Because OCCs Rules no longer permit Pledge Accounts, Section 3d of ByLaw Article VI is now inoperative and can be eliminated.
Article XXVI, Section 1 of the ByLaws would be amended by deleting the definition of index group. That defined term was previously deleted from Article XVII because it was not used elsewhere in that Article.8
Likewise, the term is not used elsewhere in Article XXVI. In addition, the definition of index multiplier would be amended to reflect that the referenced definition is found in Article I, not Article XVII as currently indicated.
Rule 504c would be amended to use the term non-guaranteed settlement, rather than money-only settlement. Paragraph c was inadvertently excluded from a prior rule change filing that applied the same change to other paragraphs of that Rule.9 Consequently, OCC would also renumber paragraphs d through g, as they appeared in that filing, as paragraphs e through h.
Interpretation and Policy .14 to Rule 604 would be amended to reflect the deletion of a former provision under Rule 604b4. Rule 604b4 limited the amount of margin credit of any single issue to 10% of the margin 7 See Securities Exchange Act Release Exchange Act Release No. 67706 Aug. 22, 2012, 77 FR
52082 Aug. 28, 2012 File No. SROCC201210.
8 See Exchange Act Release No. 58352 Aug. 13, 2008, 73 FR 48421, 48422 Aug. 19, 2008 File No.
SROCC200817.
9 See Exchange Act Release No. 63120 Oct. 15, 2010, 75 FR 65538 Oct. 25, 2010 File No. SR
OCC201017.

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