Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Make Revisions Consistent with U.S. Commodity Futures Trading Commission (“CFTC”) Recommendations, 25163-25164 [2014-10041]
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Federal Register / Vol. 79, No. 85 / Friday, May 2, 2014 / Notices
compliance with Rule 17Ab2–1 and
Form CA–1 is 130 hours. The main cost
to respondents is associated with
generating, maintaining, and providing
the information sought by Form CA–1.
The external costs associated with such
activities include fees charged by
outside lawyers and accountants to
assist the registrant collect and prepare
the information sought by the form
(though such consultations are not
required by the Commission) and are
estimated to be approximately $19,029.
The rule and form do not involve the
collection of confidential information.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information to be collected; and
(d) ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
control number.
Please direct your written comments
to: Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549, or send an email to:
PRA_Mailbox@sec.gov.
Dated: April 29, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–10143 Filed 5–1–14; 8:45 am]
mstockstill on DSK4VPTVN1PROD with NOTICES
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72036; File No. SR–ICC–
2014–04]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Make Revisions
Consistent with U.S. Commodity
Futures Trading Commission (‘‘CFTC’’)
Recommendations
April 28, 2014.
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 April 16,
2014, 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.
ICC filed the proposal pursuant to
Section 19(b)(3)(A) 3 of the Act, and
Rule 19b–4(f)(3) 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
The purpose of this proposed rule
change is to amend the ICC Clearing
Rules (the ‘‘Rules’’) in order to make
revisions consistent with CFTC
recommendations.
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 regarding 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 consistent with CFTC
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(3).
25163
recommendations. The proposed
changes in the ICC Rules reflect
conforming changes and drafting
clarifications, and do not affect the
substance of the ICC Rules or forms of
cleared products.
ICC believes such changes will
facilitate the prompt and accurate
clearance and settlement of securities
transactions and derivative agreements,
contracts, and transactions for which it
is responsible. The proposed Rule
revisions are described in detail as
follows.
In Rule 702(e)(i), the term ‘‘Chief
Compliance Officer for CDS’’ was
revised to ‘‘chief compliance officer for
CDS’’ in order to avoid confusion
between the defined term referring to
ICC’s Chief Compliance Officer and the
chief compliance officer who is in
charge of credit default swaps (‘‘CDS’’)
at an ICC Clearing Participant.
In Rule 702(e)(i)(2),5 the reference to
‘‘(see footnote above)’’ was deleted, as
there is no footnote and the reference
was made in error.
In Rules 705(a) and 705(c), date of
‘‘service’’ was removed and replaced
with date of ‘‘delivery’’ to provide
clarity in the determination of the
operative date. Similarly, in Rule 706,
date of ‘‘service’’ was removed and
replaced with date of ‘‘receipt’’ to
provide clarity in the determination of
the operative date.
In Rules 903(a)(iii), 903(a)(iv), and
903(viii)(C), references to ‘‘ICE Clear
Credit LLC’’ were updated to ‘‘ICE Clear
Credit’’ in order to remain consistent
with the usage of the defined term ‘‘ICE
Clear Credit’’ in the Rules.
Rule 2101–01(b) was amended to
reflect current ICC practices regarding
maintenance of Regional CDS
Committee Member names and contact
information. In the unlikely event that
ICC needs to constitute a Regional CDS
Committee, ICC staff would have
adequate time to reach out to each CP
to request contact information for the
authorized representative who will
serve on such Regional CDS Committee.
Thus, Rule 2101–01(b) was updated to
provided that each CP that is a Regional
CDS Participant shall, ‘‘upon request,
promptly’’ notify ICC of the identity of
its authorized representative and
provide contact information.
Correspondingly, language stating that
ICC maintains records of the Regional
CDS Committee members’ names and
contact information was removed.
1 15
2 17
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5 In ICC’s filing, it referenced Rule 702(e)(2).
Following confirmation from ICC, Staff has changed
this reference to Rule 702(e)(i)(2).
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25164
Federal Register / Vol. 79, No. 85 / Friday, May 2, 2014 / Notices
Section 17A(b)(3)(F) of the Act 6
requires, among other things, that the
rules of a clearing agency be designed to
promote the prompt and accurate
clearance and settlement of securities
transactions and, to the extent
applicable, derivative agreements,
contracts, and transactions and to
comply with the provisions of the Act
and the rules and regulations
thereunder. ICC believes that the
proposed rule changes are 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),7 because ICC
believes that the proposed rule changes
will facilitate the prompt and accurate
settlement of swaps and contribute to
the safeguarding of securities and funds
associated with swap transactions
which are in the custody or control of
ICC or for which it is responsible. The
revisions consistent with CFTC
recommendations alleviate potential
confusion within the ICC Rules. As
such, the proposed rule changes will
facilitate the prompt and accurate
settlement of swaps and contribute to
the safeguarding of customer funds and
securities within the control of ICC
within the meaning of Section
17A(b)(3)(F) 8 of the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
ICC does not believe the proposed
rule changes would have any impact, or
impose any burden, on competition.
The revisions consistent with CFTC
recommendations apply uniformly
across all market participants.
Therefore, ICC does not believe the
proposed rule changes impose any
burden on competition that is
inappropriate in furtherance of the
purposes of the Act.
mstockstill on DSK4VPTVN1PROD with NOTICES
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
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A) 9 of the Act and Rule 19b–
6 15
U.S.C. 78q–1(b)(3)(F).
7 Id.
4(f)(3) 10 thereunder because the
revisions consistent with CFTC
recommendations are concerned solely
with the administration of ICC. 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–ICC–2014–04 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–2014–04. 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 (https://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
8 Id.
9 15
Clear Credit’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
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–ICC–2014–04 and should
be submitted on or before May 23, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary .
[FR Doc. 2014–10041 Filed 5–1–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72037; File No. SR–BATS–
2014–013]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Related to Short Term
Option Series
April 28, 2014.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that, on April 24,
2014, BATS Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BATS’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. 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
The Exchange filed a proposal to
amend Interpretation and Policy .05 to
Rule 19.6, entitled ‘‘Series of Options
Contracts Open for Trading,’’ related to
the expiration dates, classes, series,
initial and additional series listed in,
and strike price intervals related to
Short Term Option Series (‘‘STOS’’) as
well as to make certain corresponding
changes to Rule 29.11, entitled ‘‘Terms
of Index Options Contracts.’’
The text of the proposed rule change
is available at the Exchange’s Web site
at https://www.batstrading.com, at the
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
U.S.C. 78s(b)(3)(A).
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10 17
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CFR 240.19b–4(f)(3).
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Sfmt 4703
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02MYN1
]]>Agencies
[Federal Register Volume 79, Number 85 (Friday, May 2, 2014)]
[Notices]
[Pages 25163-25164]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-10041]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72036; File No. SR-ICC-2014-04]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Make
Revisions Consistent with U.S. Commodity Futures Trading Commission
(``CFTC'') Recommendations
April 28, 2014.
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 April 16, 2014, 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. ICC filed the proposal pursuant to
Section 19(b)(3)(A) \3\ of the Act, and Rule 19b-4(f)(3) \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).
\4\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of this proposed rule change is to amend the ICC
Clearing Rules (the ``Rules'') in order to make revisions consistent
with CFTC recommendations.
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 regarding 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 consistent
with CFTC recommendations. The proposed changes in the ICC Rules
reflect conforming changes and drafting clarifications, and do not
affect the substance of the ICC Rules or forms of cleared products.
ICC believes such changes will facilitate the prompt and accurate
clearance and settlement of securities transactions and derivative
agreements, contracts, and transactions for which it is responsible.
The proposed Rule revisions are described in detail as follows.
In Rule 702(e)(i), the term ``Chief Compliance Officer for CDS''
was revised to ``chief compliance officer for CDS'' in order to avoid
confusion between the defined term referring to ICC's Chief Compliance
Officer and the chief compliance officer who is in charge of credit
default swaps (``CDS'') at an ICC Clearing Participant.
In Rule 702(e)(i)(2),\5\ the reference to ``(see footnote above)''
was deleted, as there is no footnote and the reference was made in
error.
---------------------------------------------------------------------------
\5\ In ICC's filing, it referenced Rule 702(e)(2). Following
confirmation from ICC, Staff has changed this reference to Rule
702(e)(i)(2).
---------------------------------------------------------------------------
In Rules 705(a) and 705(c), date of ``service'' was removed and
replaced with date of ``delivery'' to provide clarity in the
determination of the operative date. Similarly, in Rule 706, date of
``service'' was removed and replaced with date of ``receipt'' to
provide clarity in the determination of the operative date.
In Rules 903(a)(iii), 903(a)(iv), and 903(viii)(C), references to
``ICE Clear Credit LLC'' were updated to ``ICE Clear Credit'' in order
to remain consistent with the usage of the defined term ``ICE Clear
Credit'' in the Rules.
Rule 2101-01(b) was amended to reflect current ICC practices
regarding maintenance of Regional CDS Committee Member names and
contact information. In the unlikely event that ICC needs to constitute
a Regional CDS Committee, ICC staff would have adequate time to reach
out to each CP to request contact information for the authorized
representative who will serve on such Regional CDS Committee. Thus,
Rule 2101-01(b) was updated to provided that each CP that is a Regional
CDS Participant shall, ``upon request, promptly'' notify ICC of the
identity of its authorized representative and provide contact
information. Correspondingly, language stating that ICC maintains
records of the Regional CDS Committee members' names and contact
information was removed.
[[Page 25164]]
Section 17A(b)(3)(F) of the Act \6\ requires, among other things,
that the rules of a clearing agency be designed to promote the prompt
and accurate clearance and settlement of securities transactions and,
to the extent applicable, derivative agreements, contracts, and
transactions and to comply with the provisions of the Act and the rules
and regulations thereunder. ICC believes that the proposed rule changes
are 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),\7\ because ICC believes that the proposed rule changes
will facilitate the prompt and accurate settlement of swaps and
contribute to the safeguarding of securities and funds associated with
swap transactions which are in the custody or control of ICC or for
which it is responsible. The revisions consistent with CFTC
recommendations alleviate potential confusion within the ICC Rules. As
such, the proposed rule changes will facilitate the prompt and accurate
settlement of swaps and contribute to the safeguarding of customer
funds and securities within the control of ICC within the meaning of
Section 17A(b)(3)(F) \8\ of the Act.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-1(b)(3)(F).
\7\ Id.
\8\ Id.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
ICC does not believe the proposed rule changes would have any
impact, or impose any burden, on competition. The revisions consistent
with CFTC recommendations apply uniformly across all market
participants. Therefore, ICC does not believe the proposed rule changes
impose 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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \9\ of the Act and Rule 19b-4(f)(3) \10\ thereunder because
the revisions consistent with CFTC recommendations are concerned solely
with the administration of ICC. 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-ICC-2014-04 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-2014-04. 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 (https://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/notices/Notices.shtml?regulatoryFilings.
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-2014-04
and should be submitted on or before May 23, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary .
[FR Doc. 2014-10041 Filed 5-1-14; 8:45 am]
BILLING CODE 8011-01-P
