Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, to Provide for the Clearance of Additional Standard Emerging Market Sovereign Single Names, 17538-17540 [2015-07367]

Download as PDF 17538 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices proposed rule change (SR–ICEEU–2015– 004) be, and hereby is, approved.12 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Brent J. Fields, Secretary. [FR Doc. 2015–07362 Filed 3–31–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. mstockstill on DSK4VPTVN1PROD with NOTICES Extension: Form SE; SEC File No. 270–289, OMB Control No. 3235–0327. 12 In approving the proposed rule change, the Commission considered the proposal’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 13 17 CFR 200.30–3(a)(12). 18:37 Mar 31, 2015 Jkt 235001 Dated: March 27, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–07463 Filed 3–31–15; 8:45 am] Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Form SE (17 CFR 239.64) is used by registrants to file paper copies of exhibits, reports or other documents that would be difficult or impossible to submit electronically, as provided in Rule 311 of Regulation S–T (17 CFR 232.311). The information contained in Form SE is used by the Commission to identify paper copies of exhibits. Form SE is filed by individuals, companies or other entities that are required to file documents electronically. Approximately 31 registrants file Form SE and it takes an estimated 0.10 hours per response for a total annual burden of 3 hours. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden imposed by the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to VerDate Sep<11>2014 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 control number. Please direct your written comment to Pamela Dyson, 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. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74593; File No. SR–ICC– 2015–003] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, to Provide for the Clearance of Additional Standard Emerging Market Sovereign Single Names March 26, 2015. I. Introduction On January 23, 2015 ICE Clear Credit LLC (‘‘ICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–ICC–2015–003 pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b-4 thereunder.2 The proposed rule change was published for comment in the Federal Register on February 9, 2015.3 The Commission did not receive any comments. On March 25, 2015, ICC filed Amendment No. 1 to the proposed rule change.4 The Commission is 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 34–74192 (Feb. 3, 2015), 80 FR 7070 (Feb. 9, 2015) (File No. SR–ICC–2015–003) (hereinafter referred to as the ‘‘Initial Rule Filing’’). 4 ICC filed Amendment No. 1 to remove Ukraine from the list of proposed additional Standard Emerging Market Sovereign single-name constituents of the CDX Emerging Markets Index set 2 17 PO 00000 Frm 00153 Fmt 4703 Sfmt 4703 publishing this notice to solicit comments on Amendment No. 1 from interested persons and is approving the proposed rule change, as modified by Amendment No. 1, on an accelerated basis. II. Description of the Proposed Rule Change A. Description of the Initial Rule Filing ICC proposes to adopt rules that will provide the basis for ICC to clear additional credit default swap contracts. Specifically, ICC is proposing to amend Subchapter 26D–102 of its rules to provide for the clearance of additional Standard Emerging Market Sovereign single-name constituents of the CDX Emerging Markets Index (collectively, ‘‘SES Contracts’’). Currently, ICC is approved to clear eight SES Contracts: the Federative Republic of Brazil, the United Mexican States, the Bolivarian Republic of Venezuela, the Argentine Republic, the Republic of Turkey, the Russian Federation, the Republic of Hungary, and the Republic of South Africa.5 The proposed change to the ICC Rules would provide for the clearance of five additional SES Contracts: the Republic of Chile, the Republic of Peru, the Republic of Colombia, Ukraine, and the Republic of Poland (‘‘Additional SES Contracts’’). ICC believes that the addition of these SES Contracts will benefit the market for emerging market credit default swaps by providing market participants the benefits of clearing, including reduction in counterparty risk and safeguarding of margin assets pursuant to clearing house rules. ICC states that the Additional SES Contracts will be offered on the 2014 ISDA Credit Derivatives Definitions and have terms consistent with the other SES Contracts approved for clearing at ICC and governed by Subchapter 26D of the ICC rules. According to ICC, the clearing of the Additional SES Contracts will not require any changes to ICC’s Risk Management Framework or other forth in the Initial Rule Filing, as further described below. 5 See Securities Exchange Act Release No. 34– 65588 (Oct. 18, 2011), 76 FR 65763 (Oct. 24, 2011) (File No. SR–ICC–2011–01) (order approving rule change to clear SES Contracts referencing the Federative Republic of Brazil, the United Mexican States, the Bolivian Republic of Venezuela, and the Argentine Republic); Securities Exchange Act Release No. 34–70849 (Nov. 12, 2013), 78 FR 69167 (Nov. 18, 2013) (File No. SR–ICC–2013–07) (order approving rule change to clear SES Contracts referencing the Republic of Turkey and the Russian Federation); and Securities Exchange Act Release No. 34–73220 (Sep. 25, 2014), 79 FR 59340 (Oct. 1, 2014) (File No. SR–ICC–2014–13) (order approving rule change to clear SES Contracts referencing the Republic of Hungary and the Republic of South Africa). E:\FR\FM\01APN1.SGM 01APN1 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices policies and procedures constituting rules within the meaning of the Act. ICC states that, in connection with the clearance of the new contracts, it will apply its existing margin and guaranty fund methodology, operational and managerial resources, settlement procedures and account structures, and default management policies and procedures, which, together, it believes will provide sufficient financial, operational, and managerial resources to support the clearing of the new contracts. mstockstill on DSK4VPTVN1PROD with NOTICES B. Description of Amendment No. 1 On March 25, 2015, ICC filed Amendment No. 1 to the proposed rule change. The purpose of the proposed rule change in Amendment No. 1 is to modify the list of proposed contracts set forth in the Initial Rule Filing. Specifically, ICC proposes removing Ukraine from the proposed list of contracts. Therefore, the proposed rule change, as amended, seeks approval for the clearance of the Republic of Chile, the Republic of Peru, the Republic of Columbia, and the Republic of Poland. ICC states that Amendment No. 1 does not significantly change the purpose of, and statutory basis for, the proposed rule change. ICC believes the proposed rule change, as modified by Amendment No. 1, remains consistent with the promotion of the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivatives agreements, contracts, and transactions, the safeguarding of securities and funds in the custody or control of ICC or for which it is responsible, and the protection of investors and the public interest, within the meaning of Section 17A(b)(3)(F) of the Act, as described in the Initial Rule Filing. III. Discussion and Commission Findings Section 19(b)(2)(C) of the Act 6 directs the Commission to approve a proposed rule change of a self-regulatory organization if the Commission finds that such proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such selfregulatory organization. Section 17A(b)(3)(F) of the Act 7 requires, among other things, that the rules of a clearing agency are designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, 6 15 7 15 U.S.C. 78s(b)(2)(C). U.S.C. 78q–1(b)(3)(F). VerDate Sep<11>2014 18:37 Mar 31, 2015 Jkt 235001 to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible and, in general, to protect investors and the public interest. The Commission finds that clearing of the Additional SES Contracts, as modified by Amendment No. 1, is consistent with the requirements of Section 17A of the Act 8 and regulations thereunder applicable to it, including the standards under Rule 17Ad–22.9 The proposed rule change will provide for clearing of Additional SES Contracts, as modified by Amendment No. 1, which are similar to the other SES contracts currently cleared by ICC, in the same manner as other SES Contracts already cleared by ICC. Specifically, the Commission believes that ICC’s proposal to clear the new contracts pursuant to ICC’s existing margin and guaranty fund methodology, operational and managerial procedures, settlement procedures and default management policies is designed to promote the prompt and accurate clearance and settlement of securities transactions and derivative agreements, contracts and transactions cleared by ICC, to assure the safeguarding of securities and funds in the custody or control of ICC, and to protect investors and the public interest, consistent with Section 17A(b)(3)(F) of the Act.10 IV. Accelerated Approval of Proposed Rule Change as Modified by Amendment No. 1 As discussed above, ICC submitted Amendment No. 1 to the proposed rule change to removing Ukraine from the proposed list of the Additional SES Contracts. The Commission believes that the modification by Amendment No. 1 to the Initial Rule Filing is consistent with the safeguarding of securities and funds in the custody or control of ICC or for which it is responsible, and the protection of investors and the public interest, within the meaning of Section 17A(b)(3)(F) of the Act 11. Accordingly, the Commission finds good cause, pursuant to Section 19(b)(2)(C)(iii) of the Act 12, to approve the proposed rule change, as modified by Amendment No. 1, prior to the thirtieth day after the date of publication of notice of Amendment No. 1 in the Federal Register. 8 15 U.S.C. 78q–1. CFR 240.17Ad–22. 10 15 U.S.C. 78q–1(b)(3)(F). 11 15 U.S.C. 78q–1(b)(3)(F). 12 15 U.S.C. 78s(b)(2)(C)(iii). 9 17 PO 00000 Frm 00154 Fmt 4703 Sfmt 4703 17539 V. Solicitation of Comments on Amendment No. 1 Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether Amendment No. 1 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 No. SR– ICC–2015–003 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC, 21049–1090. All submissions should refer to File Number SR–ICC–2015–003. 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 or 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of ICC and on ICC’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–2015–003 and should be submitted on or before April 22, 2015. VI. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the E:\FR\FM\01APN1.SGM 01APN1 17540 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices Act and in particular with the requirements of Section 17A of the Act 13 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,14 that the proposed rule change (SR–ICC–2015– 003), as modified by Amendment No. 1, be, and hereby is, approved on an accelerated basis.15 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Brent J. Fields, Secretary. [FR Doc. 2015–07367 Filed 3–31–15; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION Reporting and Recordkeeping Requirements Under OMB Review Small Business Administration. 30-day notice. AGENCY: ACTION: The Small Business Administration (SBA) is publishing this notice to comply with requirements of the Paperwork Reduction Act (PRA) (44 U.S.C. Chapter 35), which requires agencies to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a notice in the Federal Register notifying the public that the agency has made such a submission. This notice also allows an additional 30 days for public comments. DATES: Submit comments on or before May 1, 2015. ADDRESSES: Comments should refer to the information collection by name and/ or OMB Control Number and should be sent to: Agency Clearance Officer, Curtis Rich, Small Business Administration, 409 3rd Street SW., 5th Floor, Washington, DC 20416; and SBA Desk Officer, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Curtis Rich, Agency Clearance Officer, (202) 205–7030 curtis.rich@sba.gov SUPPLEMENTARY INFORMATION: Copies: A copy of the Form OMB 83– 1, supporting statement, and other documents submitted to OMB for mstockstill on DSK4VPTVN1PROD with NOTICES SUMMARY: 13 15 U.S.C. 78q–1. U.S.C. 78s(b)(2). 15 In approving the proposed rule change, the Commission considered the proposal’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12). 14 15 VerDate Sep<11>2014 18:37 Mar 31, 2015 Jkt 235001 review may be obtained from the Agency Clearance Officer. This form facilitates online registration for the Boots to Business course for eligible service members and their spouses. The collected data will be used to report course statistics, manage course operations more efficiently, tailor individual classes based on the experience and interests of the participants, and ultimately contact Boots to Business alumni. Solicitation of Public Comments: Comments may be submitted on (a) whether the collection of information is necessary for the agency to properly perform its functions; (b) whether the burden estimates are accurate; (c) whether there are ways to minimize the burden, including through the use of automated techniques or other forms of information technology; and (d) whether there are ways to enhance the quality, utility, and clarity of the information. Summary of Information Collections: Title: Boots to Business Course Registration. Description of Respondents: Transitioning Service Members. Form Number: N/A. Estimated Annual Respondents: 10,500. Estimated Annual Responses: 10,500. Estimated Annual Hour Burden: 2,100. Curtis B. Rich, Management Analyst. [FR Doc. 2015–07410 Filed 3–31–15; 8:45 am] BILLING CODE 8025–01–P DEPARTMENT OF STATE [Public Notice: 9073] Shipping Coordinating Committee; Notice of Committee Meeting The Shipping Coordinating Committee (SHC) will conduct an open meeting at 9:30 a.m. on Tuesday, May 5, 2015, in Conference Rooms 8–9–10 of the United States Department of Transportation (DOT) Headquarters Building, 1200 New Jersey Avenue SE., Washington, DC 20590. The primary purpose of the meeting is to prepare for the sixty-eighth Session of the International Maritime Organization’s (IMO) Marine Environment Protection Committee to be held at the IMO Headquarters, United Kingdom, May 11–15, 2015. The agenda items to be considered include: —Adoption of the agenda —Harmful aquatic organisms in ballast water PO 00000 Frm 00155 Fmt 4703 Sfmt 9990 —Air pollution and energy efficiency —Further technical and operational measures for enhancing energy efficiency of international shipping —Reduction of greenhouse gases (GHG) emissions from ships —Consideration and adoption of amendments to mandatory instruments —Review of nitrogen and phosphorus removal standards in the 2012 Guidelines on the implementation of effluent standards and performance tests for sewage treatment plants —Use of electronic record books —Identification and protection of Special Areas and Particularly Sensitive Sea Areas —Inadequacy of reception facilities —Reports of sub-committees —Work of other bodies —Promotion of implementation and enforcement of MARPOL and related instruments —Technical co-operation activities for the protection of the marine environment —Capacity building for the implementation of new measures —Work program of the Committee and subsidiary bodies —Application of the Committee’s Guidelines —Election of the Chairman and ViceChairman —Any other business —Consideration of the report of the Committee Members of the public may attend this meeting up to the seating capacity of the room. To facilitate the building security process, and to request reasonable accommodation, those who plan to attend should contact the meeting coordinator, LCDR Matt Frazee, by email at imo@uscg.mil, or by phone at (202) 372–1376, not later than April 29, 2015, 7 days prior to the meeting. Upon request, a limited number of teleconference lines may be available. Requests made after April 29, 2015 might not be able to be accommodated. Please note that due to security considerations, two valid, government issued photo identifications must be presented to gain entrance to the DOT Headquarters building. The DOT Headquarters building is accessible by public transportation (Navy Yard subway station), taxi and privately owned conveyance. Dated: March 25, 2015. Marc Zlomek, Executive Secretary, Shipping Coordinating Committee, Department of State. [FR Doc. 2015–07461 Filed 3–31–15; 8:45 am] BILLING CODE 4710–09–P E:\FR\FM\01APN1.SGM 01APN1

Agencies

[Federal Register Volume 80, Number 62 (Wednesday, April 1, 2015)]
[Notices]
[Pages 17538-17540]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-07367]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74593; File No. SR-ICC-2015-003]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing of Amendment No. 1 and Order Granting Accelerated Approval of a 
Proposed Rule Change, as Modified by Amendment No. 1, to Provide for 
the Clearance of Additional Standard Emerging Market Sovereign Single 
Names

March 26, 2015.

I. Introduction

    On January 23, 2015 ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change SR-ICC-2015-003 pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The 
proposed rule change was published for comment in the Federal Register 
on February 9, 2015.\3\ The Commission did not receive any comments. On 
March 25, 2015, ICC filed Amendment No. 1 to the proposed rule 
change.\4\ The Commission is publishing this notice to solicit comments 
on Amendment No. 1 from interested persons and is approving the 
proposed rule change, as modified by Amendment No. 1, on an accelerated 
basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-74192 (Feb. 3, 2015), 
80 FR 7070 (Feb. 9, 2015) (File No. SR-ICC-2015-003) (hereinafter 
referred to as the ``Initial Rule Filing'').
    \4\ ICC filed Amendment No. 1 to remove Ukraine from the list of 
proposed additional Standard Emerging Market Sovereign single-name 
constituents of the CDX Emerging Markets Index set forth in the 
Initial Rule Filing, as further described below.
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change

A. Description of the Initial Rule Filing

    ICC proposes to adopt rules that will provide the basis for ICC to 
clear additional credit default swap contracts. Specifically, ICC is 
proposing to amend Subchapter 26D-102 of its rules to provide for the 
clearance of additional Standard Emerging Market Sovereign single-name 
constituents of the CDX Emerging Markets Index (collectively, ``SES 
Contracts''). Currently, ICC is approved to clear eight SES Contracts: 
the Federative Republic of Brazil, the United Mexican States, the 
Bolivarian Republic of Venezuela, the Argentine Republic, the Republic 
of Turkey, the Russian Federation, the Republic of Hungary, and the 
Republic of South Africa.\5\ The proposed change to the ICC Rules would 
provide for the clearance of five additional SES Contracts: the 
Republic of Chile, the Republic of Peru, the Republic of Colombia, 
Ukraine, and the Republic of Poland (``Additional SES Contracts'').
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 34-65588 (Oct. 18, 
2011), 76 FR 65763 (Oct. 24, 2011) (File No. SR-ICC-2011-01) (order 
approving rule change to clear SES Contracts referencing the 
Federative Republic of Brazil, the United Mexican States, the 
Bolivian Republic of Venezuela, and the Argentine Republic); 
Securities Exchange Act Release No. 34-70849 (Nov. 12, 2013), 78 FR 
69167 (Nov. 18, 2013) (File No. SR-ICC-2013-07) (order approving 
rule change to clear SES Contracts referencing the Republic of 
Turkey and the Russian Federation); and Securities Exchange Act 
Release No. 34-73220 (Sep. 25, 2014), 79 FR 59340 (Oct. 1, 2014) 
(File No. SR-ICC-2014-13) (order approving rule change to clear SES 
Contracts referencing the Republic of Hungary and the Republic of 
South Africa).
---------------------------------------------------------------------------

    ICC believes that the addition of these SES Contracts will benefit 
the market for emerging market credit default swaps by providing market 
participants the benefits of clearing, including reduction in 
counterparty risk and safeguarding of margin assets pursuant to 
clearing house rules. ICC states that the Additional SES Contracts will 
be offered on the 2014 ISDA Credit Derivatives Definitions and have 
terms consistent with the other SES Contracts approved for clearing at 
ICC and governed by Subchapter 26D of the ICC rules. According to ICC, 
the clearing of the Additional SES Contracts will not require any 
changes to ICC's Risk Management Framework or other

[[Page 17539]]

policies and procedures constituting rules within the meaning of the 
Act. ICC states that, in connection with the clearance of the new 
contracts, it will apply its existing margin and guaranty fund 
methodology, operational and managerial resources, settlement 
procedures and account structures, and default management policies and 
procedures, which, together, it believes will provide sufficient 
financial, operational, and managerial resources to support the 
clearing of the new contracts.

B. Description of Amendment No. 1

    On March 25, 2015, ICC filed Amendment No. 1 to the proposed rule 
change. The purpose of the proposed rule change in Amendment No. 1 is 
to modify the list of proposed contracts set forth in the Initial Rule 
Filing. Specifically, ICC proposes removing Ukraine from the proposed 
list of contracts. Therefore, the proposed rule change, as amended, 
seeks approval for the clearance of the Republic of Chile, the Republic 
of Peru, the Republic of Columbia, and the Republic of Poland. ICC 
states that Amendment No. 1 does not significantly change the purpose 
of, and statutory basis for, the proposed rule change. ICC believes the 
proposed rule change, as modified by Amendment No. 1, remains 
consistent with the promotion of the prompt and accurate clearance and 
settlement of securities transactions and, to the extent applicable, 
derivatives agreements, contracts, and transactions, the safeguarding 
of securities and funds in the custody or control of ICC or for which 
it is responsible, and the protection of investors and the public 
interest, within the meaning of Section 17A(b)(3)(F) of the Act, as 
described in the Initial Rule Filing.

III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \6\ directs the Commission to 
approve a proposed rule change of a self-regulatory organization if the 
Commission finds that such proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to such self-regulatory organization. Section 17A(b)(3)(F) 
of the Act \7\ requires, among other things, that the rules of a 
clearing agency are designed to promote the prompt and accurate 
clearance and settlement of securities transactions and, to the extent 
applicable, derivative agreements, contracts, and transactions, to 
assure the safeguarding of securities and funds which are in the 
custody or control of the clearing agency or for which it is 
responsible and, in general, to protect investors and the public 
interest.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(2)(C).
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The Commission finds that clearing of the Additional SES Contracts, 
as modified by Amendment No. 1, is consistent with the requirements of 
Section 17A of the Act \8\ and regulations thereunder applicable to it, 
including the standards under Rule 17Ad-22.\9\ The proposed rule change 
will provide for clearing of Additional SES Contracts, as modified by 
Amendment No. 1, which are similar to the other SES contracts currently 
cleared by ICC, in the same manner as other SES Contracts already 
cleared by ICC. Specifically, the Commission believes that ICC's 
proposal to clear the new contracts pursuant to ICC's existing margin 
and guaranty fund methodology, operational and managerial procedures, 
settlement procedures and default management policies is designed to 
promote the prompt and accurate clearance and settlement of securities 
transactions and derivative agreements, contracts and transactions 
cleared by ICC, to assure the safeguarding of securities and funds in 
the custody or control of ICC, and to protect investors and the public 
interest, consistent with Section 17A(b)(3)(F) of the Act.\10\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78q-1.
    \9\ 17 CFR 240.17Ad-22.
    \10\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

IV. Accelerated Approval of Proposed Rule Change as Modified by 
Amendment No. 1

    As discussed above, ICC submitted Amendment No. 1 to the proposed 
rule change to removing Ukraine from the proposed list of the 
Additional SES Contracts. The Commission believes that the modification 
by Amendment No. 1 to the Initial Rule Filing is consistent with the 
safeguarding of securities and funds in the custody or control of ICC 
or for which it is responsible, and the protection of investors and the 
public interest, within the meaning of Section 17A(b)(3)(F) of the Act 
\11\. Accordingly, the Commission finds good cause, pursuant to Section 
19(b)(2)(C)(iii) of the Act \12\, to approve the proposed rule change, 
as modified by Amendment No. 1, prior to the thirtieth day after the 
date of publication of notice of Amendment No. 1 in the Federal 
Register.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78q-1(b)(3)(F).
    \12\ 15 U.S.C. 78s(b)(2)(C)(iii).
---------------------------------------------------------------------------

V. Solicitation of Comments on Amendment No. 1

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether Amendment No. 1 
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 No. SR-ICC-2015-003 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC, 21049-1090.
    All submissions should refer to File Number SR-ICC-2015-003. 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 or 10 
a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of ICC and on ICC'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-2015-003 and 
should be submitted on or before April 22, 2015.

VI. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the

[[Page 17540]]

Act and in particular with the requirements of Section 17A of the Act 
\13\ and the rules and regulations thereunder.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\14\ that the proposed rule change (SR-ICC-2015-003), as modified 
by Amendment No. 1, be, and hereby is, approved on an accelerated 
basis.\15\
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(2).
    \15\ In approving the proposed rule change, the Commission 
considered the proposal's impact on efficiency, competition and 
capital formation. 15 U.S.C. 78c(f).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-07367 Filed 3-31-15; 8:45 am]
 BILLING CODE 8011-01-P
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