🦍💬 [TOO APE DIDN'T READ] OCC-2021-801 Notice of No Objection re: OCC-2021-003 for kids who can't read good and who wanna learn how to do other stuff good too, ft. SEC comments & Susquehanna International Group
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| Author       | Source       | 
| :-------------: |:-------------:|
|  [u/Antioch_Orontes](https://www.reddit.com/user/Antioch_Orontes/) | [Reddit](https://www.reddit.com/r/GME/comments/mn5nsy/too_ape_didnt_read_occ2021801_notice_of_no/) | 

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[DD](https://www.reddit.com/r/GME/search?q=flair_name%3A%22DD%22&restrict_sr=1)

🦍💬 "OCC? Notice of no objection? What's the difference between 801 and 003? Please turn the big words into little words."

A few weeks back, around the first or second week of March if I remember right, the OCC filed OCC-2021-801. It went something like this. "We are going to file OOC-2021-003 soon. Just letting y'all know in advance. Here's what going to be in it."

The OCC is the Options Clearing Commission and they're a group of financial institutions that work together to help make the options market more liquid.

I don't know why they didn't just file 003 straight up, but it's not like a question that's burning a hole through my pants. Maybe working out the rough draft with the promise of a polished one to come soon after? If anyone knows, I wouldn't mind knowing too.

Anyways, yesterday, the SEC filed a notice of no objection to OCC-2021-801, essentially saying "yeah, we looked at it and none of these rule changes in here sound like they're bad for our economy and/or illegal, so y'all can put this into effect pretty much whenever now".

'Pretty much whenever' is between now and May 31. Originally it was 45 days from filing but not too long ago there was a filing to extend deliberation on OCC-2021-003, pushing the deadline back to 5/31. There is some speculation that Susquehanna's objection to the proposed rule change was one of the reasons for this delay. [This post](https://www.reddit.com/r/Wallstreetbetsnew/comments/mmh5jb/susquehanna_is_sus_part_2_elia_the_occ801_rule/?utm_source=share&utm_medium=ios_app&utm_name=iossmf) by [u/pinkcatsonacid](https://www.reddit.com/u/pinkcatsonacid/) does an excellent job in Susquehanna's objections in further detail, as well as providing some background information on the group, their wheelings, their dealings, etc.

🦍💬 "Yeah okay but what's this rule change about actually?"

Nobody's probably going to be asking that because plenty of posts have come up providing information regarding it before my slow ass was able to get anything written up, but I'll do a really quick one. This is the "everybody put more money in the In Case Of Sudden And Devastating Forced Liquidation basket" rule change, not the [NSCC-2021-801 "margin call your ass into the milky way" one.](https://www.reddit.com/r/GME/comments/mc0zfn/too_ape_didnt_read_summary_of_srnscc2021801/)

TL;DR - The OCC is making a more concrete gameplan about whose money exactly goes where if someone in the commission's equity goes absolutely tits up. Brokerages that deal with options markets are the relevant entities here (Apex Clearing being the more commonly-known amongst them), and the OCC is asking everyone to pony up some extra cash to build up a reserve that they can dip into if someone racks up a default loss so huge it spills over to the rest of the gang.

TA;DR - The country club full of option market makers are worried that one of the option market makers in their club is so overleveraged that they're going to bring the country club down onto everyone's heads, so they whipped up a ruling that asks everyone for some cash to throw into the pot to patch things up if someone burns it all down, and if anyone looks like they're carrying around too many matches, they're going to get the money punched out of them.

🦍💬 "Bubby, you know I can't read, that's why I'm here. Paint me a picture in my mind with crayons and emojis."

This isn't a perfect representation of the intent and implication of the ruling as I understand it, but I'm working with a limited canvas here. Take this jumble of hieroglyphics with a grain of artistic license.

💰💰💰💰💰🦔

🏦💰💰💰🐻💰🦔💰🐻💰🦔💰🐻💰

💸💸💸💸💸🦔👀🏦

🏦💬🐻💰🦔💰🐻💰🦔💰🐻💰

🦍🦍🦍🦍🦍🦍👀☠️🦔🏦

🏦😱💭🦍💸🦍💸🦍💸

🏦👉🐻🦔🐻🦔🐻💰💰💰💰💰🙏

🐻🦔🐻🦔🐻🦔🤬

🏦✍️📑🗳🐻💰➡️🏦

🏦💰💰💰💰💰💰💰

🦍🦍🦍🦍🦍🦍🏦😱💰💰💰💰💰💰💰

💨💨💨💨💨💨🏦🦍🦍🦍🦍🦍🦍💰

💨💨💨💨💨💨🏦💨💨💨🐻☠️🦔☠️🦍🦍🦍

🏦💵

🦍✉️📬 [TA;DR Letters to the SEC]

You can read all comments, including theirs, [right here.](https://www.sec.gov/comments/sr-occ-2021-003/srocc2021003.htm) As of now, the only two are [the Susquehanna letter](https://www.sec.gov/comments/sr-occ-2021-003/srocc2021003-8561059-230781.pdf) and [my response](https://www.sec.gov/comments/sr-occ-2021-003/srocc2021003-8648494-230963.htm) to it. For those of you who didn't come here for the long words, I've put another easter egg in my submission.

🦍💬 "I'd like to send in a comment too. How do I get in on the action?"

If you would like to submit comments of your own, you can do so at [this link](https://www.sec.gov/rules/sro/occ.htm) by clicking on the "Submit comments on SR-OCC-2021-003" link. Please try not to be literal screeching chimps and put your polite clothes on, it's a good opportunity to present the image of a diligent and thoughtful retail investor that isn't a degenerate and uninformed gambler to the general public.

🦍💬 "My brain remains woefully smooth, and I yearn for knowledge."

It took a little longer than I thought, but I should be posting the first in a series of posts on how to perform fundamental analysis on [r/TOO_APE_DIDNT_READ](https://www.reddit.com/r/TOO_APE_DIDNT_READ/) tomorrow, which is where I'm doing the non-GME related informational ~~writeups~~ children's books there. Please don't be shy about requesting resources to learn about any topic that falls within the scope of financial literacy.

😸👍 Have a great day / evening / Friday! As always, I will do my best to answer as many questions as I can. Take it easy!
