[Federal Register Volume 80, Number 119 (Monday, June 22, 2015)]
[Notices]
[Pages 35689-35690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-15172]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75179; File No. SR-ICC-2015-012]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing of Proposed Rule Change To Correct Inconsistent Provisions
Regarding the Risk Management Subcommittee
June 16, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 10, 2015, ICE Clear Credit LLC (``ICC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared primarily by ICC. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to amend the ICC
Clearing Rules (the ``Rules'') to correct inconsistent provisions
regarding the Risk Management Subcommittee.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, ICC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. ICC has prepared summaries, set forth in sections A, B,
and C below, of the most significant aspects of these statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The proposed revisions are intended to make revisions to correct
inconsistent provisions regarding the Risk Management Subcommittee. ICC
believes such changes will protect investors and the public interest.
The proposed Rule revisions are described in detail as follows.
In describing the independence requirements for certain Risk
Management Subcommittee members in Rule 511(a)(iii), ICC mistakenly
referred to U.S. Commodity Futures Trading Commission (``CFTC'')
Regulation 1.3(ccc), a proposed regulation that, to date, the CFTC has
not adopted. ICC proposes revising Rule 511(a)(iii) to remove the
improper reference to CFTC Regulation 1.3(ccc) and replacing such rule
cite with a reference to ICC's Independence Requirements, which are
defined in Rule 503. Such independent Risk Management Subcommittee
managers were previously defined as ``Independent Public Directors'' in
Rules 511 and 512. ICC proposes re-defining such independent Risk
Management Subcommittee managers to ``Independent ICE Subcommittee
Managers'' and updating references in Rules 511 and 512 to reflect the
new defined term. ICC also proposes clarifying language to specify that
such Independent ICE Subcommittee Managers are appointed by the ICC
Board. Finally, ICC proposes revising Rule 512 to clarify that for
purposes of Rule 507(a), which sets forth meeting frequency
requirements, the Risk
[[Page 35690]]
Management Subcommittee shall meet when deemed necessary or desirable
by the Risk Management Subcommittee or its chairperson.
Section 17A(b)(3)(F) of the Act \3\ requires, among other things,
that the rules of a clearing agency be designed to protect investors
and the public interest and to comply with the provisions of the Act
and the rules and regulations thereunder. ICC believes that the
proposed rule change is consistent with the requirements of the Act and
the rules and regulations thereunder applicable to ICC, in particular,
to Section 17(A)(b)(3)(F),\4\ because ICC believes that the proposed
rule change will protect investors and the public interest. The
revisions to correct certain inconsistent provisions regarding the Risk
Management Subcommittee alleviate potential confusion within the ICC
Rules. As such, the proposed rule changes are designed to protect
investors and the public interest within the meaning of Section
17A(b)(3)(F) \5\ of the Act.
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\3\ 15 U.S.C. 78q-1(b)(3)(F).
\4\ Id.
\5\ Id.
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The proposed rule changes will also satisfy the requirements of
Rule 17Ad-22.\6\ In particular, the revisions to correct inconsistent
provisions regarding the Risk Management Subcommittee ensure ICC's
governance arrangements remain clear and transparent, consistent with
the requirements of Rule 17Ad-22(d)(8).\7\
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\6\ 17 CFR 240.17Ad-22.
\7\ 17 CFR 240.17Ad-22(d)(8).
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B. Self-Regulatory Organization's Statement on Burden on Competition
ICC does not believe the proposed rule change would have any
impact, or impose any burden, on competition. The revisions to correct
certain inconsistent provisions regarding the Risk Management
Subcommittee apply uniformly across all market participants. Therefore,
ICC does not believe the proposed rule change imposes any burden on
competition that is inappropriate in furtherance of the purposes of the
Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments relating to the proposed rule change have not been
solicited or received. ICC will notify the Commission of any written
comments received by ICC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove the proposed rule change or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-ICC-2015-012 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-ICC-2015-012. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filings will also be available
for inspection and copying at the principal office of ICE Clear Credit
and on ICE Clear Credit's Web site at https://www.theice.com/clear-credit/regulation.
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-ICC-2015-012
and should be submitted on or before July 13, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-15172 Filed 6-19-15; 8:45 am]
BILLING CODE 8011-01-P