OCC Supplemental Submission on SEC File No. S7-08-23, Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report
The Options Clearing Corporation (“OCC") submits this supplemental comment on the above-referenced proposal ("Proposal" or "Proposed Rules") under the Securities Exchange Act of 1934 ("Exchange Act"). OCC previously submitted comments on the Proposed Rules in May 2023. This supplemental comment is provided in response to Request for Comment 90 in the Proposal, which asks commenters to identify any additional filing requirements for potential inclusion in a final rule. Specifically, OCC requests that the Commission consider modernizing the filing requirements of Exchange Act Rule 9b-1(b), relating to the filing of the Options Disclosure Document ("ODD"). The current requirement to file five physical copies of the ODD with the Commission prior to effectiveness is not practical or efficient and fails to take advantage of contemporary communication technologies. As part of its pandemic-related relief, Commission staff ("Staff") permitted electronic filing of the ODD starting in 2020 and continuing to today, which has reduced the burden on OCC as the administrator of the ODD with no observable deleterious impact. In order to ensure the availability of electronic filing going forward, OCC therefore suggests that the Commission revise Rule 9b-1(b) if and when it finalizes the Proposed Rules.