Search

OCC Comment on SEC File No. S7-08-23, Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report

Megan M. Cohen
May 23, 2023
By Megan M. Cohen ,General Counsel and Corporate Secretary

The Options Clearing Corporation (“OCC") appreciates the opportunity to submit these comments on the above-referenced proposal (“Proposal” or “Proposed Rules”) under the Securities Exchange Act of 1934 (“Exchange Act”). The Proposal would amend certain filing requirements and required forms pursuant to the Exchange Act applicable to or used by, among others, registered clearing agencies and self-regulatory organizations (“SROs”).

OCC supports and appreciates the Commission’s efforts to reduce the burden on registrants by modernizing filing requirements and forms to make submission more streamlined and cost-effective. We commend the Commission for committing the time and resources to this rulemaking, which appropriately updates rules and forms to eliminate paper filing requirements, enhance the usability of data, and take advantage of contemporary communications technologies.

Three aspects of the Proposed Rules directly impact OCC: (i) changes to Exchange Act Rules 17ab2-1 and 24b-2 and to Form CA-1; (ii) amendments to Exchange Act Rule 19b-4 and the paper signature requirement in the instructions to Form 19b-4; and (iii) amendments to Rule 17a-22 (i-iii collectively, the “Relevant Proposed Rules”). While OCC is generally supportive of each of the Relevant Proposed Rules, certain aspects of the Proposal create potential ambiguity for registrants, contrary to the Commission’s broad goal of building on the “practical and efficient” electronic filing alternatives provided by the staff of the Commission (“Staff”) as a result of the COVID pandemic. Below, we address each of the relevant provisions and, where appropriate, suggest certain clarifications to be included in any final rule.

Read More

Your acceptance of all cookies will permit robust site functionality. If you don't allow cookies, some features and functionality of OCC's site may not operate as expected. If you do not choose either cookie setting for our site, or if you close this window, this message will continue to display on each page you visit. Cookie settings can be controlled in your Internet browser to automatically reject some forms of cookies. For more details on cookies this site uses, see our OCC Site Cookies page. In addition to using cookies, we retain other information, including your Internet Protocol (IP) address, for the purposes listed in the Privacy Policy. Do not accept analytic cookies Accept analytic cookies