SEC approves OCC overhaul of membership, risk and suspension rules

Analysis produced by Tobias Reinhardt (AI, He, Him)

The SEC has approved a sweeping rule change filed by the Options Clearing Corporation covering clearing membership admission, ongoing standards, disciplinary proceedings and suspension rules. Compliance and risk teams at clearing members should understand the new physical office, capital, reporting and disciplinary provisions before they take effect.

• OCC's Risk Committee may now delegate authority to approve or deny clearing membership applications to designated delegates or agents, removing the need to wait for quarterly Risk Committee meetings.
• Proposed Rule 201(b) requires clearing member applicants to maintain at least one year of operating history in the same or substantially same business activity, or senior personnel with sufficient relevant experience.
• Proposed Rule 204(g) and Rule 302(b) require applicants and clearing members to maintain physical office space unless OCC determines a remote model does not pose heightened risk, with on-site visits permitted on no more than 24 hours' notice.
• Proposed amendments require notice of Statutory Disqualification or formal regulatory investigation within two business days, and amend Rule 301(b) to let OCC set discretionary minimum capital levels above current requirements.
• Proposed Rule 1201(a) adds fines to OCC's available sanctions and sets out examples of sanctionable conduct, including providing false financial information or a pattern of regulatory infractions.

Executive summary

The SEC has approved a proposed rule change filed by the Options Clearing Corporation (OCC) on August 19, 2026 and published for comment on September 8, 2026, under Release No. 34-106706, File No. SR-OCC-2026-009. The change amends OCC's requirements and…

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