On July 16th, the SEC provided notice of the Option Clearing Corporation's ("OCC") filing of a proposal to add an interpretation .02 to Rule 1104 to provide a further general description of a private auction process by which OCC may liquidate all or any part of a suspended Clearing Member's accounts. In a recent rule change, OCC proposed and the Commission approved provisions to OCC Rule 1104 and Rule 1106 to specifically provide that, in addition to all other permitted means of liquidating positions and collateral in the accounts of a suspended Clearing Member, OCC may, at its discretion, liquidate such positions and collateral through a private auction process. The proposed interpretation would set forth the basic parameters of such an auction, including the process for creating a standing pool of pre-qualified potential bidders, criteria for fixing the number of bidders to participate in any particular auction and the method of selection of such bidders. Comments should be submitted on or before August 10, 2012. SEC Release No. 34-67443.