Page 24 - 期货和衍生品行业监管动态（2023年2月）

期货和衍生品行业监管动态

operational risks. The SEC' s order further finds that OCC failed to modify its
Comprehensive Stress Testing System and did not provide timely notification to the

SEC of this failure as required by Regulation SCI. Regulation SCI requires certain

entities to take corrective action with respect to systems disruptions, systems

compliance issues, and systems intrusions and to notify the Commission of such

events. The SEC' s order also finds that OCC failed to comply with its margin

methodology, margin policy, and stress testing and clearing fund methodology

relating to specific wrong way risk and holiday margin.

“OCC is the sole registered clearing agency for exchange listed option contracts

in the United States,” said Chair Gary Gensler. “Today' s action by the SEC reinforces

the importance of OCC' s compliance with risk management policies and procedures

designed to meet its obligations to our financial system.”

“OCC plays a critical role in our financial markets, and the fact that they violated

the very rules designed to ensure the stability and efficiency of those markets is, in a

word, troubling,” said Gurbir S. Grewal, Director of the SEC' s Division of

Enforcement. “The SEC' s order includes a substantial penalty and imposes important

undertakings while recognizing OCC' s remedial efforts and commitment to both

redressing these violations and preventing future ones.”

In addition to the $17 million penalty, OCC has undertaken several remedial

measures, including to revise its model validation policies and procedures; enhance its

approach to risk data governance; implement changes to elements of its control

environment, including processes, procedures, and controls; and conduct appropriate

training on the changes.

This is the SEC' s second enforcement action against OCC. In a September 2019

settled action, the SEC charged OCC with failing to establish and enforce policies and
procedures involving financial risk management, operational requirements, and

information-systems security, and imposed remedial measures and a $15 million

penalty.

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