📈OCC's Proposed Rule Change for Recovery and Wind-Down Plan
Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change, as Modified by Partial Amendment No. 1, by The Options Clearing Corporation Concerning Modifications to OCC's Recovery and Orderly Wind-Down Plan (“RWD Plan” or “Plan”) To Align With the Recently Adopted SEC RWD Rule
Summary
The Securities and Exchange Commission has published a notice concerning the proposed rule change by the Options Clearing Corporation, aimed at modifying its Recovery and Orderly Wind-Down Plan. This initiative intends to align with recently adopted SEC rules, enhancing transparency and efficacy in financial stability during extreme market conditions by identifying core services and necessary staffing roles.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The text outlines substantial regulatory changes to the OCC's Recovery and Orderly Wind-Down Plan, affecting core financial operations. Compliance with new SEC RWD rules will require stakeholders, including businesses engaged with OCC, to adapt to new responsibilities regarding service providers and risk assessment, highlighting the importance of effective recovery and wind-down procedures.