Feb. 14, 2024
Dear SEC, This email is regarding the recent proposed ruling SR-OCC-2024-001, and my opposing stand. As a concerned participant in the financial markets and a supporter of transparent, fair, and stable market practices, this email will express my firm opposition to the proposed rule SR-OCC-2024-001. While acknowledging the purpose of the rule to codify OCC’s process for making adjustments during high volatility periods, the lack of transparency, especially the redaction of specific details related to the calculation of parameters and margin thresholds, raises serious concerns. Transparency is essential for market participants to assess the fairness and effectiveness of risk management measures. The consistent use of idiosyncratic control settings, the concentration of significant decision-making authority in the hands of a single FRM Officer, and the potential systemic risks associated with frequent adjustments during high volatility are alarming. The proposed rule, as it stands, poses a threat to reducing margin call requirements by granting the OCC extensive authority to adjust margin thresholds based on undisclosed parameters during critical events. Furthermore, the lack of solicited comments for public input raises questions about the transparency and fairness of the rule-making process. In a regulatory environment, active engagement with stakeholders is crucial to ensure well-rounded rules that address potential concerns from different parties. Please consider the suggested improvements, including strengthening and enforcing margin requirements, introducing external auditing and supervision, incorporating public input, and enhancing transparency requirements. These measures are essential to fostering trust among market participants and maintaining the stability and integrity of our financial markets. In closing, I strongly oppose the adoption of proposed rule SR-OCC-2024-001 in its current form and encourage a thorough reconsideration of its implications. Thank you for your attention to this matter. Sincerely, Jonathan McConnell, CHIM (he/him) Privacy Analyst Home and Community Care Support Services Champlain www.healthcareathome.ca/ jon.mcconnell@hccontario.ca Tel: 1-800-538-0520 x5094 Fax: 613-745-4577 Exceptional care – wherever you call home Jonathan McConnell, CHIM (il/lui) Analyste en protection de la vie privée Services de soutien à domicile et en milieu communautaire Champlain www.healthcareathome.ca/ jon.mcconnell@hccontario.ca Téléphone : 1-800-538-0520 poste 5094 Fax: 613-745-4577 Des soins exceptionnels, peu importe où vous habitez This message and any attachments are confidential and intended solely for the intended recipient. If you are not the intended recipient, please notify the sender immediately and delete this message and any attachments from your system. Any unauthorized copying, distribution or other use of this message and/or any attachments is strictly prohibited. Thank you. Ce message et toute pièce jointe sont confidentiels et s’adressent uniquement au destinataire prévu. Si vous n’êtes pas le destinataire prévu, veuillez le signaler à l’expéditeur immédiatement et supprimer le message et toute pièce jointe de votre système. Toute copie, distribution ou utilisation non autorisée de ce message et des pièces jointes est strictement interdite. Merci.