Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Regulatory Reporting of Swap Data, 54718-54720 [2013-21532]

Download as PDF 54718 Federal Register / Vol. 78, No. 172 / Thursday, September 5, 2013 / Notices proposed rule change as operative upon filing.20 At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or 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 rule-comments@ sec.gov. Please include File Number SR– NYSEArca–2013–83 on the subject line. ehiers on DSK2VPTVN1PROD with NOTICES Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEArca–2013–83. 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 20 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). VerDate Mar<15>2010 14:10 Sep 04, 2013 Jkt 229001 business days between the hours of 10:00 a.m. and 3:00 p.m.. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. 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 No. SR–NYSEArca– 2013–83 and should be submitted on or before September 26, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.21 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–21535 Filed 9–4–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70281; File No. SR–ICEEU– 2013–10] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Regulatory Reporting of Swap Data August 29, 2013. 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 August 20, 2013, ICE Clear Europe Limited (‘‘ICE Clear Europe’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I and II below, which Items have been prepared primarily by ICE Clear Europe. ICE Clear Europe filed the proposal pursuant to Section 19(b)(3)(A)(iii) 3 of the Act and Rule 19b–4(f)(4)(ii) 4 thereunder so that the proposal was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change ICE Clear Europe submits the proposed amendment to its clearing rules in order to add Rule 411 which facilitates swap data repository (‘‘SDR’’) reporting by and at ICE Clear Europe that is consistent with Part 45 of Commodity Futures Trading Commission (‘‘CFTC’’) Rules and Regulations. Proposed Rule 411 provides that ICE Clear Europe will report creation and continuation data to ICE Trade Vault, LLC (‘‘ICE Trade Vault’’), a provisionally registered SDR selected by ICE Clear Europe. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe 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 rule amendment includes proposed Rule 411, which provides that with respect to all swaps cleared by ICE Clear Europe and resulting positions, ICE Clear Europe will report creation and continuation data to ICE Trade Vault for purposes of complying with applicable CFTC rules and regulations governing the regulatory reporting of swaps, specifically CFTC Regulations 45.3,5 45.4(b) 6 and 45.9.7 Proposed Rule 411 is consistent with CFTC Regulations 45.3 8 and 45.4(b) 9 that require that creation and continuation data must be reported by both the derivatives clearing organization and the reporting counterparty. ICE Clear Europe currently complies with CFTC Regulations 45.3 10 and 45.4(b) 11 by reporting swap data to ICE Trade Vault. In order to codify ICE Clear Europe’s practice of reporting relevant Part 45 data to ICE Trade Vault, ICE Clear Europe proposed to add to its Clearing Rules, Rule 411 (Swap Data Repository ‘‘SDR’’ Reporting). Proposed Rule 411 further provides that upon the request of a clearing member counterparty to a swap cleared at ICE Clear Europe, ICE Clear Europe 5 17 CFR 45.3. CFR 45.4(b). 7 17 CFR 45.9. 8 17 CFR 45.3. 9 17 CFR 45.4(b). 10 17 CFR 45.3. 11 17 CFR 45.4(b). 6 17 21 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(4)(ii). 1 15 PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 E:\FR\FM\05SEN1.SGM 05SEN1 Federal Register / Vol. 78, No. 172 / Thursday, September 5, 2013 / Notices will provide the same creation and continuation data reported by ICE Clear Europe to ICE Trade Vault to an SDR selected by such counterparty. In this regard, proposed Rule 411 is also consistent with CFTC Regulation 45.9 12 that provides that swap counterparties required by Part 45 to report swap creation or continuation data may contract with third-party service providers to facilitate reporting. Proposed Rule 411 ensures that ICE Clear Europe, in the capacity of a thirdparty service provider, will be responsible for reporting required swap creation and continuation data on behalf of ICE Clear Europe’s clearing members. The addition of proposed Rule 411 is in response to swap dealers’ mandatory compliance with CFTC Regulations 45.3 13 and 45.4,14 which was required as of February 28, 2013. ICE Clear Europe believes that the proposed rule change is consistent with the requirements of Section 17A of the Act 15 and the regulations thereunder applicable to it. ICE Clear Europe notes that proposed Rule 411 mirrors ICE Clear Credit LLC (‘‘ICC’’) Rule 211, approved by the Commission on an accelerated basis pursuant to Section 19(b)(2) of the Act 16 on April 9, 2013, in every substantive respect. ICE Clear Europe notes that in the Commission’s notice of filing and order granting accelerated approval of ICC Rule 211, the Commission found that ‘‘by facilitating compliance with the swap data reporting requirements of [the CFTC], [ICC Rule 211] is consistent with promoting the prompt and accurate clearance and settlement of derivative agreements, contracts, and transactions, assuring the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible, and protecting investors and the public interest’’ as required under Section 17A(b)(3)(F) of the Act.17 ehiers on DSK2VPTVN1PROD with NOTICES B. Self-Regulatory Organization’s Statement on Burden on Competition ICE Clear Europe does not believe the proposed rule change would have any impact, or impose any burden, on competition. In general, proposed Rule 411 does not have any effect on competition because it is not a restraint. The proposed rule in no way keeps 12 17 CFR 45.9. CFR 45.3. 14 17 CFR 45.4. 15 15 U.S.C. 78q–1. 16 15 U.S.C. 78s(b)(2). 17 15 U.S.C. 78q–1(b)(3)(F); see Securities Exchange Act Release No. 69628 (Apr. 9, 2013), 78 FR 22350, 22351–52 (Apr. 15, 2013) (SR–ICC–2013– 05). 13 17 VerDate Mar<15>2010 14:10 Sep 04, 2013 Jkt 229001 reportable trade data regarding swaps from being reported to any other SDR and, in fact, explicitly allows a clearing member that is a counterparty to a swap cleared at ICE Clear Europe to designate any SDR to receive swap creation and continuation data. While an affiliate of ICE Clear Europe, ICE Trade Vault, is available to handle SDR reporting obligations, ICE Clear Europe’s rule is designed to permit ICE Clear Europe’s clearing members to be able to designate any SDR to receive the required reports. The ability of ICE Clear Europe clearing members to designate any SDR ensures the competitiveness of the various reporting facilities. Additionally, proposed Rule 411 complies with the swap data reporting requirements of the Commodity Exchange Act and the CFTC’s rules thereunder that further the goals of reducing systemic risk, increasing transparency and promoting market integrity within the financial system. The Commission has found that a rule that facilitates compliance with the swap data reporting requirements of another regulator is consistent with the requirements of the Act, in particular the requirements of Section 17A of the Act 18 and the rules and regulations thereunder applicable to a clearing agency. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the rule change have been solicited from clearing members as part of the rule change process. ICE Clear Europe will notify the Commission of any written comments received by ICE Clear Europe. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A)(iii) of the Act 19 and Rule 19b–4(f)(4)(ii) 20 thereunder because it is effecting a change in an existing service of a registered clearing agency that primarily affects the clearing operations of the clearing agency with respect to products that are not securities, including swaps that are not securitybased swaps or mixed swaps, and does not significantly affect the securities clearing operations of the clearing agency or any related rights or obligations of the clearing agency with respect to securities clearing or persons 18 15 U.S.C. 78q–1. U.S.C. 78s(b)(3)(A)(iii). 20 17 CFR 240.19b–4(f)(4)(ii). 19 15 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 54719 using such service. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 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 rule-comments@ sec.gov. Please include File Number SR– ICEEU–2013–10 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–ICEEU–2013–10. 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 also will be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe’s Web site at https:// www.theice.com/notices/ Notices.shtml?regulatoryFilings. All comments received will be posted without change; the Commission does not edit personal identifying E:\FR\FM\05SEN1.SGM 05SEN1 54720 Federal Register / Vol. 78, No. 172 / Thursday, September 5, 2013 / Notices information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ICEEU–2013–10 and should be submitted on or before September 26, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.21 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–21532 Filed 9–4–13; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF STATE [Public Notice 8449; No. 2013–5] Determination Pursuant to the Foreign Missions Act Pursuant to the authority vested in me under the Foreign Missions Act, 22 U.S.C. 4301 et seq. (‘‘the Act’’), and Department of State Delegation of Authority No. 198 of September 16, 1992, I hereby determine that the plans submitted by the Embassy of the Republic of South Africa to the Public Space Committee of the District of Columbia’s Department of Consumer and Regulatory Affairs concerning the location of a flagpole in public space at its chancery located at 3051 Massachusetts Avenue NW., demonstrate substantial compliance with District of Columbia building and related codes in a manner determined by the Secretary to be inconsistent with the international obligations of the United States, in accordance with section 206(g) of the Act. Dated: August 20, 2013. Patrick F. Kennedy, Under Secretary for Management. [FR Doc. 2013–21600 Filed 9–4–13; 8:45 am] BILLING CODE 4710–43–P DEPARTMENT OF TRANSPORTATION Federal Motor Carrier Safety Administration Registration and Financial Security Requirements for Brokers of Property and Freight Forwarders Federal Motor Carrier Safety Administration (FMCSA), DOT. ACTION: Notice. ehiers on DSK2VPTVN1PROD with NOTICES AGENCY: FMCSA announces guidance concerning the implementation of certain provisions of the Moving Ahead SUMMARY: 21 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 14:10 Sep 04, 2013 Jkt 229001 for Progress in the 21st Century Act (MAP–21) concerning persons acting as a broker or a freight forwarder. Section 32915 of MAP–21 requires anyone acting as a broker or a freight forwarder and subject to FMCSA jurisdiction, including motor carriers, to register and obtain broker or freight forwarder authority from FMCSA. Section 32918 amended the financial security requirements applicable to property brokers and created new requirements for freight forwarders. FMCSA provides guidance for brokers and freight forwarders on how to comply with the new requirements and information regarding FMCSA’s enforcement of these provisions. DATES: This guidance is effective October 1, 2013. FOR FURTHER INFORMATION CONTACT: Jeffrey Secrist or Gerald Folsom, Office of Registration and Safety Information, Federal Motor Carrier Safety Administration, 1200 New Jersey Ave. SE., Washington, DC 20590–0001, (202) 385–2367/2405 regarding financial security requirements or Kenneth Rodgers, Office of Enforcement and Compliance, Federal Motor Carrier Safety Administration, 1200 New Jersey Ave. SE., Washington, DC 20590–0001, (202) 385–2400 regarding enforcement. SUPPLEMENTARY INFORMATION: On July 6, 2012, the President signed MAP–21 (Pub. L. 112–141, 126 Stat. 405 (2012)) into law, which included a number of mandatory, non-discretionary changes to FMCSA programs. Some of these changes amended the financial security requirements applicable to property brokers and freight forwarders operating under FMCSA’s jurisdiction. Others required motor carriers to register as brokers if they were also performing brokerage functions. The FMCSA provides guidance to ensure that all interested parties are aware of the selfexecuting statutory provisions that take effect on October 1, 2013, and how those subject to the requirements can achieve compliance with the law. A. General Broker/Freight Forwarder Information FMCSA has received a number of requests from motor carriers and other transportation companies requesting additional information about when registration as a broker or freight forwarder is required. The Agency has compiled a list of the most common questions and our responses and presents the information below in question-and-answer format. Question 1: What is a broker? Answer: A broker is a person or an entity that, for compensation, arranges, PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 or offers to arrange, for the transportation of property by a motor carrier. A broker does not transport the property and does not assume responsibility for the property. Although MAP–21 left in place the previous statutory definition of ‘‘broker,’’ which expressly excludes motor carriers and their agents and employees (49 U.S.C. 13102(2)), the new law separately prohibits motor carriers from brokering transportation services unless they are registered as a broker (49 U.S.C. 13902(a)(6)). Question 2: What is a freight forwarder? Answer: A freight forwarder is a person or entity that holds itself out to the general public as providing transportation of property for compensation, and in the ordinary course of its business: • Assembles and consolidates, or provides for assembling and consolidating, shipments and performs or provides for break-bulk and distribution operations of the shipments; • Assumes responsibility for the transportation from the place of receipt to the place of destination; and • Uses for any part of the transportation a rail, motor or water carrier subject to the jurisdiction of either FMCSA or the Surface Transportation Board. Question 3: Are freight forwarders and brokers required to register with FMCSA? Answer: Yes. Freight forwarders and brokers that are involved in interstate commerce and subject to FMCSA jurisdiction are required to register with FMCSA. Freight forwarders that perform both freight forwarder services and motor carrier services (beyond the scope of their freight forwarding operations) must register both as freight forwarders and as motor carriers. Additionally, as noted in Q1 above, MAP–21 requires motor carriers that broker loads, even occasionally, to register both as motor carriers and as brokers. Question 4: How would a motor carrier that also brokers loads apply for broker authority? Answer: Anyone seeking broker authority must file a Form OP–1 and submit it to FMCSA. Companies with existing motor carrier authority should include their current USDOT Number on the OP–1 form but leave the MC Number field blank. FMCSA will issue a separate MC Number for the broker authority. While MAP–21 requires FMCSA to establish an indicator of the type of transportation or service for which the USDOT registration number is issued, including whether the E:\FR\FM\05SEN1.SGM 05SEN1

Agencies

[Federal Register Volume 78, Number 172 (Thursday, September 5, 2013)]
[Notices]
[Pages 54718-54720]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-21532]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70281; File No. SR-ICEEU-2013-10]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change Related 
to Regulatory Reporting of Swap Data

August 29, 2013.
    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 August 20, 2013, ICE Clear Europe Limited (``ICE Clear Europe'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change described in Items I and II below, which Items 
have been prepared primarily by ICE Clear Europe. ICE Clear Europe 
filed the proposal pursuant to Section 19(b)(3)(A)(iii) \3\ of the Act 
and Rule 19b-4(f)(4)(ii) \4\ thereunder so that the proposal was 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(4)(ii).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    ICE Clear Europe submits the proposed amendment to its clearing 
rules in order to add Rule 411 which facilitates swap data repository 
(``SDR'') reporting by and at ICE Clear Europe that is consistent with 
Part 45 of Commodity Futures Trading Commission (``CFTC'') Rules and 
Regulations. Proposed Rule 411 provides that ICE Clear Europe will 
report creation and continuation data to ICE Trade Vault, LLC (``ICE 
Trade Vault''), a provisionally registered SDR selected by ICE Clear 
Europe.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe 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 rule amendment includes proposed Rule 411, which 
provides that with respect to all swaps cleared by ICE Clear Europe and 
resulting positions, ICE Clear Europe will report creation and 
continuation data to ICE Trade Vault for purposes of complying with 
applicable CFTC rules and regulations governing the regulatory 
reporting of swaps, specifically CFTC Regulations 45.3,\5\ 45.4(b) \6\ 
and 45.9.\7\ Proposed Rule 411 is consistent with CFTC Regulations 45.3 
\8\ and 45.4(b) \9\ that require that creation and continuation data 
must be reported by both the derivatives clearing organization and the 
reporting counterparty. ICE Clear Europe currently complies with CFTC 
Regulations 45.3 \10\ and 45.4(b) \11\ by reporting swap data to ICE 
Trade Vault. In order to codify ICE Clear Europe's practice of 
reporting relevant Part 45 data to ICE Trade Vault, ICE Clear Europe 
proposed to add to its Clearing Rules, Rule 411 (Swap Data Repository 
``SDR'' Reporting).
---------------------------------------------------------------------------

    \5\ 17 CFR 45.3.
    \6\ 17 CFR 45.4(b).
    \7\ 17 CFR 45.9.
    \8\ 17 CFR 45.3.
    \9\ 17 CFR 45.4(b).
    \10\ 17 CFR 45.3.
    \11\ 17 CFR 45.4(b).
---------------------------------------------------------------------------

    Proposed Rule 411 further provides that upon the request of a 
clearing member counterparty to a swap cleared at ICE Clear Europe, ICE 
Clear Europe

[[Page 54719]]

will provide the same creation and continuation data reported by ICE 
Clear Europe to ICE Trade Vault to an SDR selected by such 
counterparty. In this regard, proposed Rule 411 is also consistent with 
CFTC Regulation 45.9 \12\ that provides that swap counterparties 
required by Part 45 to report swap creation or continuation data may 
contract with third-party service providers to facilitate reporting. 
Proposed Rule 411 ensures that ICE Clear Europe, in the capacity of a 
third-party service provider, will be responsible for reporting 
required swap creation and continuation data on behalf of ICE Clear 
Europe's clearing members.
---------------------------------------------------------------------------

    \12\ 17 CFR 45.9.
---------------------------------------------------------------------------

    The addition of proposed Rule 411 is in response to swap dealers' 
mandatory compliance with CFTC Regulations 45.3 \13\ and 45.4,\14\ 
which was required as of February 28, 2013.
---------------------------------------------------------------------------

    \13\ 17 CFR 45.3.
    \14\ 17 CFR 45.4.
---------------------------------------------------------------------------

    ICE Clear Europe believes that the proposed rule change is 
consistent with the requirements of Section 17A of the Act \15\ and the 
regulations thereunder applicable to it. ICE Clear Europe notes that 
proposed Rule 411 mirrors ICE Clear Credit LLC (``ICC'') Rule 211, 
approved by the Commission on an accelerated basis pursuant to Section 
19(b)(2) of the Act \16\ on April 9, 2013, in every substantive 
respect. ICE Clear Europe notes that in the Commission's notice of 
filing and order granting accelerated approval of ICC Rule 211, the 
Commission found that ``by facilitating compliance with the swap data 
reporting requirements of [the CFTC], [ICC Rule 211] is consistent with 
promoting the prompt and accurate clearance and settlement of 
derivative agreements, contracts, and transactions, assuring the 
safeguarding of securities and funds which are in the custody or 
control of the clearing agency or for which it is responsible, and 
protecting investors and the public interest'' as required under 
Section 17A(b)(3)(F) of the Act.\17\
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78q-1.
    \16\ 15 U.S.C. 78s(b)(2).
    \17\ 15 U.S.C. 78q-1(b)(3)(F); see Securities Exchange Act 
Release No. 69628 (Apr. 9, 2013), 78 FR 22350, 22351-52 (Apr. 15, 
2013) (SR-ICC-2013-05).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule change would 
have any impact, or impose any burden, on competition. In general, 
proposed Rule 411 does not have any effect on competition because it is 
not a restraint. The proposed rule in no way keeps reportable trade 
data regarding swaps from being reported to any other SDR and, in fact, 
explicitly allows a clearing member that is a counterparty to a swap 
cleared at ICE Clear Europe to designate any SDR to receive swap 
creation and continuation data. While an affiliate of ICE Clear Europe, 
ICE Trade Vault, is available to handle SDR reporting obligations, ICE 
Clear Europe's rule is designed to permit ICE Clear Europe's clearing 
members to be able to designate any SDR to receive the required 
reports. The ability of ICE Clear Europe clearing members to designate 
any SDR ensures the competitiveness of the various reporting 
facilities.
    Additionally, proposed Rule 411 complies with the swap data 
reporting requirements of the Commodity Exchange Act and the CFTC's 
rules thereunder that further the goals of reducing systemic risk, 
increasing transparency and promoting market integrity within the 
financial system. The Commission has found that a rule that facilitates 
compliance with the swap data reporting requirements of another 
regulator is consistent with the requirements of the Act, in particular 
the requirements of Section 17A of the Act \18\ and the rules and 
regulations thereunder applicable to a clearing agency.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments relating to the rule change have been solicited 
from clearing members as part of the rule change process. ICE Clear 
Europe will notify the Commission of any written comments received by 
ICE Clear Europe.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A)(iii) of the Act \19\ and Rule 19b-4(f)(4)(ii) 
\20\ thereunder because it is effecting a change in an existing service 
of a registered clearing agency that primarily affects the clearing 
operations of the clearing agency with respect to products that are not 
securities, including swaps that are not security-based swaps or mixed 
swaps, and does not significantly affect the securities clearing 
operations of the clearing agency or any related rights or obligations 
of the clearing agency with respect to securities clearing or persons 
using such service. At any time within 60 days of the filing of the 
proposed rule change, the Commission summarily may temporarily suspend 
such rule change if it appears to the Commission that such action is 
necessary or appropriate in the public interest, for the protection of 
investors, or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \20\ 17 CFR 240.19b-4(f)(4)(ii).
---------------------------------------------------------------------------

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 rule-comments@sec.gov. Please include 
File Number SR-ICEEU-2013-10 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-ICEEU-2013-10. 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 also will be available for inspection 
and copying at the principal office of ICE Clear Europe and on ICE 
Clear Europe's Web site at https://www.theice.com/notices/Notices.shtml?regulatoryFilings.
    All comments received will be posted without change; the Commission 
does not edit personal identifying

[[Page 54720]]

information from submissions. You should submit only information that 
you wish to make available publicly. All submissions should refer to 
File Number SR-ICEEU-2013-10 and should be submitted on or before 
September 26, 2013.
---------------------------------------------------------------------------

    \21\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\21\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-21532 Filed 9-4-13; 8:45 am]
BILLING CODE 8011-01-P