Section 19(b)(2) of the Act5
provides that within 45 days of the public of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day for this filing is November 2, 2012. The Commission is extending this 45 day time period.
The proposed rule change relates to OCC's adoption of rules to permit the clearing of Over-the-Counter ("OTC") options on the S&P 500 Index. In light of the fact that OCC does not currently provide clearing services for OTC products and because no registered clearing agency currently provides clearing services for OTC S&P 500 Index options, the Commission finds it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider this proposed rule change.
Accordingly, the Commission, pursuant to Section 19b(b)(2) of the Act,6
designates December 17, 2012, as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-OCC-2012-14).
717 CFR 200.30-3(a)(12).
Kevin M. O'Neill,