Order Granting Temporary Exemptions From Certain Government Securities Act Provisions and Regulations in Connection With a Request From ICE Trust U.S. LLC Related to Central Clearing of Credit Default Swaps, and Request for Comments, 11627-11631 [2010-5320]

Agencies

• DEPARTMENT OF THE TREASURY
• Department of Treasury

[Federal Register Volume 75, Number 47 (Thursday, March 11, 2010)]
[Notices]
[Pages 11627-11631]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-5320]


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DEPARTMENT OF THE TREASURY


Order Granting Temporary Exemptions From Certain Government 
Securities Act Provisions and Regulations in Connection With a Request 
From ICE Trust U.S. LLC Related to Central Clearing of Credit Default 
Swaps, and Request for Comments

AGENCY: Department of the Treasury, Office of the Assistant Secretary 
for Financial Markets.

ACTION: Notice of temporary exemptions.

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SUMMARY: The Department of the Treasury (Treasury) is granting 
temporary exemptions from certain Government Securities Act provisions 
and regulations regarding the central clearing of credit default swaps 
that reference government securities. The temporary exemptions were 
requested by ICE Trust U.S. LLC. Treasury is also soliciting public 
comment on this order.

DATES: Effective Date March 7, 2010.

FOR FURTHER INFORMATION CONTACT: Lori Santamorena, Lee Grandy, or Kevin 
Hawkins, Bureau of the Public Debt, Department of the Treasury, at 202-
504-3632.

SUPPLEMENTARY INFORMATION: The following is Treasury's order granting 
temporary exemptions:

I. Introduction

    Treasury regulations govern transactions in government securities 
\1\ by government securities brokers \2\ and government securities 
dealers \3\ under Section 15C of the Securities Exchange Act of 1934 
(Exchange Act), as amended by the Government Securities Act of 1986 
(GSA). These regulations impose obligations concerning financial 
responsibility, protection of customer securities and balances, and 
recordkeeping and reporting.
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    \1\ The term government securities is defined at 15 U.S.C. 
78c(a)(42).
    \2\ A government securities broker generally is ``any person 
regularly engaged in the business of effecting transactions in 
government securities for the account of others,'' with certain 
exclusions. 15 U.S.C. 78c(a)(43).
    \3\ A government securities dealer generally is ``any person 
engaged in the business of buying and selling government securities 
for his own account, through a broker or otherwise,'' with certain 
exclusions. 15 U.S.C. 78c(a)(44).
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    Treasury has issued multiple orders providing temporary conditional 
exemptions to permit ICE Trust U.S. LLC (ICE Trust) to clear and settle 
transactions in credit default swaps (CDS) \4\ that reference 
government securities (collectively, ``the ICE Trust orders''). 
Specifically, on March 6, 2009, Treasury granted a temporary exemption 
from certain GSA provisions and regulations to ICE Trust, certain ICE 
Trust participants, and certain eligible contract participants (ECPs) 
\5\ (the March 6, 2009 order).\6\ In the same order Treasury also 
granted a limited temporary exemption from certain GSA regulatory 
requirements to government securities brokers and government securities 
dealers that are not financial institutions. On December 7, 2009,

[[Page 11628]]

Treasury extended the expiration date of these temporary exemptions 
until March 7, 2010 (the December 7, 2009 order).\7\ Also, on January 
28, 2010, Treasury granted a temporary, conditional exemption \8\ until 
March 7, 2010, to certain ICE Trust clearing members and certain ECPs 
to accommodate using ICE Trust to clear customer CDS transactions (the 
January 28, 2010 order).
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    \4\ A CDS is a bilateral contract between two parties, known as 
counterparties. The value of this financial contract is based on 
underlying obligations of a single entity (reference entity) or on a 
particular security or other debt obligation, or an index of several 
such entities, securities, or obligations. The obligation of a 
seller to make payments under a CDS contract is triggered by a 
default or other credit event as to such entity or entities or such 
security or securities.
    \5\ ECPs are defined in Section 1a(12) of the Commodity Exchange 
Act, 7 U.S.C. 1 et seq. The use of the term ECPs in this order 
refers to the definition of ECPs in effect on the date of this 
order, and excludes persons that are ECPs under Section 1a(12)(C). 
The temporary exemption provided to ECPs in this order also applies 
to interdealer brokers that are ECPs.
    \6\ 74 FR 10647, March 11, 2009 Order Granting Temporary 
Exemptions from Certain Provisions of the Government Securities Act 
and Treasury's Government Securities Act Regulations in Connection 
with a Request on Behalf of ICE US Trust LLC Related to Central 
Clearing of Credit Default Swaps, and Request for Comments, 
available at: https://www.treasurydirect.gov/instit/statreg/gsareg/gsareq_treasexemptiveorder309.pdf.
    \7\ 74 FR 64127, December 7, 2009 Order Extending Temporary 
Exemptions from Certain Government Securities Act Provisions and 
Regulations in Connection with a Request from ICE Trust U.S. LLC 
Related to Central Clearing of Credit Default Swaps, available at: 
https://www.treasurydirect.gov/instit/statreg/gsareg/FR_Treasury_Order_ICE_Extension_(12-7-09).pdf.
    \8\ 75 FR 4626, January 28, 2010 Order Granting a Temporary 
Exemption from Certain Government Securities Act Provisions and 
Regulations in Connection with a Request from ICE Trust U.S. LLC 
Related to Central Clearing of Credit Default Swaps, and Request for 
Comments, available at: https://www.treasurydirect.gov/instit/statreg/gsareg/TreasuryICEOrderFedRegisterJan282010.pdf.
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    On February 23, 2010, Treasury received a letter (the request) \9\ 
from ICE Trust asking that Treasury extend the temporary exemptions in 
the March 6, 2009 and January 28, 2010 orders. The request relates to 
the exemption for ICE Trust clearing members, including certain 
entities affiliated with ICE Trust clearing members,\10\ and certain 
ECPs from provisions of the Exchange Act governing government 
securities transactions, to the extent such provisions would otherwise 
apply to such ICE Trust clearing members and ECPs in regard to cleared 
CDS.\11\ The request also relates to the temporary exemption previously 
granted to registered or noticed government securities brokers and 
government securities dealers that are not financial institutions.
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    \9\ Letter from Kevin McClear, General Counsel, ICE Trust to the 
Commissioner of the Public Debt, Van Zeck, February 23, 2010, 
available at: https://www.treasurydirect.gov/instit/statreg/gsareg/gsareg.htm.
    \10\ ICE Trust stated that, for purposes of its request, an 
affiliate means an entity that, directly or indirectly, through one 
or more intermediaries, controls or is controlled by, or is under 
common control with, a clearing member.
    \11\ For purposes of this order, cleared CDS means a credit 
default swap that is submitted (or offered, purchased, or sold on 
terms providing for submission) to ICE Trust, that is offered only 
to, purchased only by, and sold only to ECPs (as defined in Section 
1a(12) of the Commodity Exchange Act as in effect on the date of 
this order (other than a person that is an ECP under paragraph (C) 
of that section)), and that references a government security.
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    ICE Trust has stated that the existing orders have allowed the 
financial industry to advance the goal of central clearing of CDS. It 
also states that the orders should be extended because allowing them to 
expire will jeopardize the ability of ICE Trust to continue operations; 
that any regulatory risk to the use of ICE Trust as a central 
counterparty (CCP) could create a significant barrier to the goal of 
encouraging the use of CCPs in the clearing of CDS; and that it would 
be premature to allow the orders to expire in the absence of a clear 
framework for continuing ICE Trust's service. ICE Trust also notes that 
the orders provide regulatory agencies with adequate authority to 
monitor ICE Trust's activities, and that ICE Trust is also 
comprehensively monitored and regulated by state and federal banking 
supervisors.
    Based on the facts presented and the representations made in the 
request,\12\ Treasury is granting a temporary exemption to certain ICE 
Trust clearing members and certain ECPs from the GSA provisions in 
connection with using ICE Trust to clear both ICE Trust clearing 
members' proprietary and customer CDS transactions that reference 
government securities. Treasury is also granting a limited exemption 
from certain Treasury regulatory requirements for registered or noticed 
government securities brokers and government securities dealers that 
are not financial institutions with respect to both proprietary and 
customer CDS transactions that reference government securities. The 
exemptions are subject to certain conditions and will expire on 
November 30, 2010, unless Treasury renews, revokes, or modifies them. 
These temporary exemptions are consistent with an extension of 
temporary exemptions the Securities and Exchange Commission (SEC) 
recently granted to ICE Trust related to the central clearing of 
CDS.\13\
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    \12\ See note 9, supra. The temporary exemptions Treasury is 
granting in this order are based on representations made in the 
current request and previous requests from ICE Trust. Treasury 
recognizes, however, that there could be legal uncertainty in the 
event that one or more of the underlying representations were to 
become inaccurate. Accordingly, if these temporary exemptions become 
unavailable by reason of an underlying representation no longer 
being materially accurate, the legal status of existing open 
positions in cleared CDS associated with persons subject to the 
unavailable exemptions will remain unchanged, but no new positions 
can be established pursuant to the temporary exemptions until all of 
the underlying representations are again accurate.
    \13\ See the SEC's Web site at https://www.sec.gov for the recent 
Securities Exchange Act Release. Order Extending Temporary 
Exemptions Under the Securities Exchange Act of 1934 in Connection 
with Request of ICE Trust U.S. LLC Related to Central Clearing of 
Credit Default Swaps, and Request for Comments.
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    In providing these temporary exemptions from certain provisions of 
Section 15C of the Exchange Act, Treasury is not determining whether 
particular CDS are ``government securities'' under 15 U.S.C. Sec.  
78c(a)(42).

II. Discussion

A. ICE Trust's Clearing Activity

    In its request for an extension, ICE Trust represents that, other 
than as discussed in its request, there have been no material changes 
to the operations of ICE Trust and the representations made in their 
previous letters requesting the relief Treasury provided in the ICE 
Trust orders.
    The request states that, to date, the products eligible for 
clearing at ICE Trust include CDS transactions involving certain 
indices and CDS contracts based on individual reference entities or 
securities (single-name CDS contracts) that meet ICE Trust's risk 
management and other criteria. The request also states that since the 
date of the March 2009 order, ICE Trust has cleared approximately $3.5 
trillion in notional amount of index-based CDS contracts and 
approximately $10.3 billion in notional amount of single-name CDS 
contracts. We understand that to date, ICE Trust has not cleared any 
CDS contracts that reference U.S. government securities.

B. Conditional Temporary Exemption for Certain ICE Trust Clearing 
Members and Certain ECPs

    In the March 6, 2009 order, Treasury concluded that the CCP 
clearing facility for CDS proposed by ICE Trust may increase 
transparency, enhance counterparty risk management, and contribute 
generally to the goal of mitigating systemic risk. Treasury further 
recognized the possibility that applying the GSA requirements to 
certain CDS market participants that are not registered or noticed 
government securities brokers or government securities dealers could 
deter some of them from using ICE Trust to clear CDS transactions where 
the CDS references a government security, and thereby reduce the 
potential systemic risk mitigation and other benefits of central 
clearing. Consistent with these findings, as well as with the public 
interest and the protection of investors, Treasury temporarily exempted 
ICE Trust, certain ICE Trust clearing members, and certain ECPs from 
the GSA provisions. For similar reasons, in the December 7, 2009 order 
Treasury extended these temporary exemptions until March 7, 2010.
    Also, on January 28, 2010, Treasury granted until March 7, 2010, a 
temporary, conditional exemption to accommodate customer clearing. The

[[Page 11629]]

exemption was granted to certain ICE Trust clearing members and certain 
ECPs from the GSA provisions in connection with using ICE Trust to 
clear CDS transactions of their customers. Treasury recognized that 
facilitating the central clearing of CDS transactions, including those 
of ICE Trust clearing members' customers, will increase transparency, 
enhance counterparty risk management, and contribute generally to the 
goal of mitigating systemic risk.
    Treasury finds that the circumstances upon which it issued the 
previous exemptions still exist and, therefore, Treasury believes that 
granting this temporary exemption is warranted and appropriate.
    For these reasons, the Secretary finds that, it is consistent with 
the public interest, the protection of investors, and the purposes of 
the Exchange Act to grant the conditional, temporary exemption set 
forth below. This exemption will expire on November 30, 2010, unless 
Treasury renews, revokes, or modifies it and is consistent with a 
recent extension of temporary exemptions the SEC granted related to a 
request from ICE Trust concerning central clearing of CDS.\14\
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    \14\ See note 13, supra.
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C. Temporary Exemption for Registered or Noticed Government Securities 
Brokers and Government Securities Dealers That Are Not Financial 
Institutions

    In its March 6, 2009 order, Treasury provided a temporary exemption 
for government securities brokers and government securities dealers 
that are not financial institutions from certain GSA regulations with 
respect to CDS transactions that are submitted to ICE Trust for 
clearance and settlement.
    In crafting this temporary exemption, Treasury balanced the need to 
avoid creating disincentives to the prompt use of CCPs against the 
critical role that certain government securities brokers and government 
securities dealers play in promoting market integrity and protecting 
customers. Treasury recognized that the full range of GSA requirements 
should not be applied immediately to government securities brokers and 
government securities dealers that engage in transactions involving CDS 
that reference a government security.
    Accordingly, in light of the risk management and systemic benefits 
in continuing to facilitate CDS clearing by ICE Trust, the Secretary 
finds, pursuant to Section 15C(a)(5) of the Exchange Act, that it is 
consistent with the public interest, the protection of investors, and 
the purposes of the Exchange Act to grant a temporary exemption to 
registered or noticed government securities brokers and government 
securities dealers that are not financial institutions from the 
regulations in 17 CFR parts 402, 403, 404, and 405 except as 
circumscribed below.\15\ Treasury is providing this temporary exemption 
to maintain consistency with the SEC's requirements applicable to 
registered broker-dealers with respect to CDS transactions that are 
submitted to ICE Trust for clearance and settlement. This exemption 
will expire on November 30, 2010, unless Treasury renews, revokes, or 
modifies it.
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    \15\ The rules in part 400 are excluded because they are rules 
of general application. The rules in part 401 are excluded because 
they cover existing exemptions. The rules in part 449 are excluded 
because they describe forms that are required by other rules.
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    However, consistent with the March 6, 2009 order, this order does 
not exempt registered or noticed government securities brokers or 
government securities dealers from the following: (1) The capital 
requirements for registered government securities brokers and 
government securities dealers in part 402 of the GSA regulations (which 
are comparable to SEC Rule 15c3-1 on net capital); \16\ (2) the 
provisions of part 403 of the GSA regulations that incorporate and 
modify SEC Rule 15c3-3 on reserves and custody of securities; (3) the 
provisions of parts 404 and 405 of the GSA regulations that incorporate 
and modify SEC Rules 17a-3 through 17a-5, 17h-1T and 17h-2T, on records 
and reports; and (4) the provisions of part 404 of the GSA regulations 
that incorporate and modify SEC Rule 17a-13 on quarterly security 
counts. This temporary exemption applies to these entities' 
transactions in cleared CDS.\17\
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    \16\ Part 402 does not apply to registered broker-dealers that 
are subject to Rule 15c3-1.
    \17\ See note 11, supra.
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    With respect to noticed government securities brokers and 
government securities dealers that are financial institutions, the GSA 
regulations generally adopt the appropriate regulatory agency rules for 
financial institutions that are comparable to the SEC rules to which 
the Treasury exemption does not apply. The GSA regulations also 
incorporate other rules of the appropriate regulatory agencies that are 
applicable to financial institutions. Consistent with Treasury's March 
6, 2009 order, this temporary exemption does not apply to financial 
institution government securities brokers and government securities 
dealers, who should continue to comply with existing rules.

D. Consultations and Considerations

    In ordering these temporary exemptions, Treasury has consulted with 
and considered the views of the staffs of the SEC, the Commodity 
Futures Trading Commission (CFTC), and the appropriate regulatory 
agencies for financial institutions.\18\
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    \18\ The definition of appropriate regulatory agency with 
respect to a government securities broker or a government securities 
dealer is set out at 15 U.S.C. 78c(a)(34)(G). The definition 
includes the Board of Governors of the Federal Reserve System, the 
Comptroller of the Currency, the Federal Deposit Insurance 
Corporation, the Director of Thrift Supervision, and in limited 
circumstances the SEC.
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    Treasury continues to believe that applying the GSA requirements to 
certain CDS market participants that are not registered or noticed 
government securities brokers or government securities dealers could 
deter some of them from using ICE Trust to clear CDS transactions where 
the CDS references a government security, thereby reducing the 
potential systemic risk mitigation and other benefits of central 
clearing. Treasury also continues to believe that, in order to avoid 
creating obstacles to the use of CCPs for CDS, the full range of GSA 
requirements generally should not be applied to government securities 
brokers and government securities dealers for transactions involving 
CDS that reference government securities. Moreover, Treasury continues 
to believe that it would be premature to allow the exemptions to 
expire.
    Treasury bases this order on the facts and circumstances presented 
and representations made by ICE Trust in the request. ICE Trust has 
indicated that there have been no material changes to any of the facts 
or circumstances in its request for extension and expansion of the 
March 6, 2009 order that would cause such representations to no longer 
be materially accurate.

III. Solicitation of Comments

    When Treasury issued the March 6, 2009 and January 28, 2010 orders, 
we solicited comment on all aspects of the temporary exemptions, and 
specifically requested comment as to the duration of the temporary 
exemptions and the appropriateness of the exemptive conditions. We 
received no comments.
    In connection with this order, we reiterate our request for 
comments on the relief we are granting and whether the conditions we 
have placed on the relief adequately protect customer funds and 
securities from the threat posed by a clearing member's insolvency.
    Treasury will continue to monitor ICE Trust's progress and the 
development of

[[Page 11630]]

CCPs for the CDS market and determine to what extent, if any, 
additional action might be necessary. For example, as circumstances 
warrant, certain conditions could be added, altered, or eliminated from 
this order.
    Treasury also will continue to consult with the staffs of the SEC, 
the CFTC, and the appropriate regulatory agencies for financial 
institutions on this matter.
    You may send comments to: Government Securities Regulations Staff, 
Bureau of the Public Debt, 799 9th Street NW., Washington, DC 20239-
0001. You may also send comments by e-mail to govsecreg@bpd.treas.gov. 
Please provide your full name and mailing address. You may download 
this order, and review the comments we receive, from the Bureau of the 
Public Debt's Web site at https://www.treasurydirect.gov. The order and 
comments also will be available for public inspection and copying at 
the Treasury Department Library, Room 1428, Main Treasury Building, 
1500 Pennsylvania Avenue, NW., Washington, DC 20220. To visit the 
library, call (202) 622-0990 for an appointment.

IV. Conclusion

    It is hereby ordered, pursuant to Section 15C(a)(5) of the Exchange 
Act, that, until November 30, 2010:
    (a) Conditional Temporary Exemption for Certain ECPs and ICE Trust 
Clearing Members.
    (1) Persons eligible. This exemption is available to any ECP \19\ 
and any ICE Trust clearing member except for: ICE Trust clearing 
members and ECPs that are registered or noticed as government 
securities brokers or government securities dealers under Section 
15C(a)(1) of the Exchange Act; ECPs as defined in Section 1a(12)(C) of 
the Commodity Exchange Act; and ECPs that are not ICE Trust clearing 
members and that receive or hold funds or securities for the purpose of 
purchasing, selling, clearing, settling, or holding cleared CDS 
positions for other persons.
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    \19\ See note 5, supra.
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    (2) Scope of exemption. Subject to the conditions specified in 
paragraph (3) of this section, ECPs and ICE Trust clearing members, 
solely with respect to cleared CDS, are exempt from the provisions of 
Section 15C(a), (b), and (d) (other than subsection (d)(3)) of the 
Exchange Act, and the rules thereunder.
    (3) Conditions for ICE Trust clearing members.
    (i) Each ICE Trust clearing member relying on this exemption must 
be in material compliance with ICE Trust rules.
    (ii) Each ICE Trust clearing member relying on this exemption that 
participates in the clearing of cleared CDS transactions on behalf of 
its customers must promptly provide a certification to ICE Trust that 
states that it is relying on the temporary exemption.
    (4) Additional conditions for certain ICE Trust clearing members. 
Each ICE Trust clearing member relying on the exemption that receives 
or holds funds or securities for the purpose of purchasing, selling, 
clearing, settling, or holding cleared CDS positions for U.S. persons 
(or for any persons if the ICE Trust clearing member is a U.S. clearing 
member)--other than for an affiliate that controls, is controlled by, 
or is under common control with the ICE Trust clearing member--also 
must comply with the following six conditions with respect to such 
activities:
    (i) No natural persons. The U.S. persons (or any persons if the ICE 
Trust clearing member is a U.S. clearing member) for whom the ICE Trust 
clearing member receives or holds such funds or securities may not be 
natural persons.
    (ii) Disclosures. The ICE Trust clearing member must disclose to 
such U.S. persons (or to any such persons if the ICE Trust clearing 
member is a U.S. clearing member) that: (A) the ICE Trust clearing 
member is not regulated by Treasury or the SEC with respect to 
activities covered by this exemption; (B) U.S. government securities 
broker and government securities dealer segregation requirements and 
protections under the Securities Investor Protection Act will not apply 
to any funds or securities held by the ICE Trust clearing member; (C) 
the insolvency law of the applicable jurisdiction may affect such 
persons' ability to recover funds and securities, or the speed of any 
such recovery, in an insolvency proceeding; and (D) if applicable, non-
U.S. clearing members may be subject to an insolvency regime that is 
materially different from that applicable to U.S. persons.
    (iii) Prompt transfer of funds and securities. As promptly as 
practicable after receipt, the ICE Trust clearing member must transfer 
such funds and securities (other than those promptly returned to such 
other person) to: (A) the ICE Trust clearing member's Custodial Client 
Omnibus Margin Account at ICE Trust; or (B) an account held by a third-
party custodian, subject to the requirements in paragraph (vi) of this 
section.
    (iv) Segregation until transfer. To the extent there is any delay 
in transferring such funds and securities (collateral) to the third 
parties identified in paragraph (iii) of this section, the ICE Trust 
clearing member must segregate the collateral in a way that, pursuant 
to applicable law, is reasonably expected to protect such collateral 
from the ICE Trust clearing member's creditors. The ICE Trust clearing 
member must not permit persons for whom it receives or holds such funds 
and securities to ``opt out'' of such segregation even if regulations 
or laws otherwise would permit it.
    (v) Cooperation with SEC. The ICE Trust clearing member must be in 
compliance with any request from the SEC for information, documents, or 
assistance related to CDS transactions cleared by ICE Trust.
    (vi) Requirements for third-party custodian account. An ICE Trust 
clearing member that transfers customer assets to an account held by a 
third-party custodian under paragraph (iii) of this section must be in 
material compliance with the SEC's requirements set forth in its 
related exemptive order concerning third-party custodian accounts.\20\
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    \20\ See note 13 infra.
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    (b) Temporary Exemption for Registered or Noticed Government 
Securities Brokers and Government Securities Dealers that are not 
Financial Institutions.
    Registered or noticed government securities brokers and government 
securities dealers that are not financial institutions are exempt from 
the regulations in 17 CFR parts 402, 403, 404, and 405. However, this 
order does not exempt registered or noticed government securities 
brokers or government securities dealers that are not financial 
institutions from the following:
    (1) The capital requirements for registered government securities 
brokers and government securities dealers in part 402 of the GSA 
regulations (which are comparable to SEC Rule 15c3-1 on net capital);
    (2) the provisions of part 403 of the GSA regulations that 
incorporate and modify SEC Rule 15c3-3 on reserves and custody of 
securities;
    (3) the provisions of parts 404 and 405 of the GSA regulations that 
incorporate and modify SEC Rules 17a-3 through 17a-5, 17h-1T and 17h-
2T, on records and reports; and
    (4) the provisions of part 404 of the GSA regulations that 
incorporate and modify SEC Rule 17a-13 on quarterly security counts.
    This temporary exemption applies to these entities' transactions in 
cleared CDS.

[[Page 11631]]

    The temporary exemptions contained in this order are based on the 
facts and circumstances presented in the request and are conditioned on 
compliance with the terms of this order. These temporary exemptions 
could become unavailable if the facts or circumstances change such that 
the representations in the request are no longer materially accurate or 
in the event of non-compliance. If the SEC were to withdraw or modify 
the terms of its order, Treasury may revoke or modify this order 
accordingly. The status of cleared CDS submitted to ICE Trust prior to 
such change would be unaffected.

V. Paperwork Reduction Act

    This order includes two requests that fall within the definition of 
``information'' under the regulations implementing the Paperwork 
Reduction Act (PRA). 5 CFR 1320.3(h). One is the certification that ICE 
Trust clearing members must provide to ICE Trust under paragraph 
(a)(3)(ii) of this order, concerning their reliance on Treasury's 
temporary exemption. The second is the disclosures that certain ICE 
Trust clearing members must make if they receive or hold funds or 
securities for the purpose of purchasing, selling, clearing, settling, 
or holding cleared CDS positions for U.S. persons, under paragraph 
(a)(4)(ii) of this order.
    However, Treasury at this time estimates that there will not be 10 
or more ICE Trust clearing members that will be relying on this order 
to clear CDS that reference a government security. As a result, these 
requests do not constitute ``collections of information'' subject to 
the PRA. 5 CFR 1320.3(c). Therefore, the PRA does not apply to this 
order.


Mary J. Miller,
Assistant Secretary for Financial Markets.
[FR Doc. 2010-5320 Filed 3-10-10; 8:45 am]
BILLING CODE 4810-39-P