Proposed Collection; Comment Request, 27798 [2015-11597]

Download as PDF 27798 Federal Register / Vol. 80, No. 93 / Thursday, May 14, 2015 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.27 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–11603 Filed 5–13–15; 8:45 am] BILLING CODE 8011–01–P Please direct your written comments 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. Dated: May 8, 2015. Robert W. Errett, Deputy Secretary. SECURITIES AND EXCHANGE COMMISSION [FR Doc. 2015–11597 Filed 5–13–15; 8:45 am] BILLING CODE 8011–01–P Upon Written Request Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. SECURITIES AND EXCHANGE COMMISSION Extension: Form 12b–25. SEC File No. 270–71, OMB Control No. 3235–0058. tkelley on DSK3SPTVN1PROD with NOTICES Proposed Collection; Comment Request Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to Physical Settlement of CDS Contracts 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. The purpose of Form 12b–25 (17 CFR 240.12b–25) is to provide notice to the Commission and the marketplace that a public company will be unable to timely file a required periodic report or transition report pursuant to the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). If all the filing conditions of the form are satisfied, the company is granted an automatic filing extension. Approximately 4,456 registrants file Form 12b–25 and it takes approximately 2.5 hours per response for a total of 11,140 burden hours. Written comments are invited on: (a) Whether this 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 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. 27 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:59 May 13, 2015 Jkt 235001 [Release No. 34–74917; File No. SR–ICC– 2015–004] May 8, 2015. I. Introduction On March 11, 2015, ICE Clear Credit LLC (‘‘ICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–ICC–2015–004 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 March 27, 2015.3 The Commission received one comment.4 For the reasons discussed below, the Commission is approving the proposed rule change. II. Description of the Proposed Rule Change ICC proposes to amend its rules to modify the terms and conditions for physical settlement of cleared CDS Contracts, and to adopt certain new delivery procedures relating to physical settlement. Under the current terms of the ICC Clearing Rules (‘‘ICC Rules’’), upon the occurrence of a credit event under a cleared CDS Contract, the contract is typically settled in cash in accordance with the terms of the ICC Rules, which incorporate the applicable ISDA Credit Derivatives Definitions (the ‘‘ISDA Definitions’’) and the market-standard credit default swap auction methodology for determining the cash 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 34–74563 (Mar. 23, 2015), 80 FR 16471 (Mar. 27, 2015) (File No. SR–ICC–2015–004). 4 See Comment from Kermit Kubitz, dated April 17, 2015, available at https://www.sec.gov/ comments/sr-icc-2015-004/icc2015004-1.htm. settlement price. However, in certain circumstances, such as where the Credit Derivatives Determinations Committee decides not to hold a cash settlement auction for a particular credit event, or such an auction is cancelled under the terms of the auction methodology (including because of a failure to determine the auction settlement price), the CDS Contracts provide for a fallback settlement method of physical settlement. Under physical settlement of a CDS contract generally, the protection buyer will be entitled to deliver one or more qualifying deliverable obligations to the protection seller, in which case the protection seller will be required to pay the protection buyer a defined physical settlement amount. Under the current ICC Rules, if physical settlement applies,5 ICC will match clearing participants (‘‘Participants’’) that are protection buyers with Participants that are protection sellers in the relevant contract, and the two Participants will be responsible for effecting physical settlement between them. ICC does not itself perform or guarantee performance of physical settlement between the matched Participants. Once matching occurs, the contract is purely a bilateral contract between the matched Participants, and ICC has no further rights or obligations with respect to the contract. ICC does, however, collect and hold physical settlement margin as collateral agent on behalf of the protection buyer to secure the protection seller’s obligations to the protection buyer under physical settlement. ICC proposes to amend the ICC Rules relating to physical settlement such that ICC will be responsible for financial performance of physical settlement. ICC notes that under the amended approach, it would still require payments and deliveries in the ordinary course under physical settlement to be made directly between the matched buying Participant and selling Participant, with ICC only being obligated to make direct payments in the case of certain defined settlement failure scenarios. ICC believes that this proposed rule change will further the general policy goals of central clearing for CDS transactions, and is consistent with ICC’s financial resources, risk management procedures and operational capabilities.6 ICC proposes to make certain amendments to Chapters 1, 4, 5, 21 and 22 of the ICC Rules. ICC also proposes 2 17 PO 00000 Frm 00171 Fmt 4703 Sfmt 4703 5 ICC notes that to date, physical settlement has not been necessary for any of the CDS Contracts cleared by ICC. 6 ICC notes that a substantially similar approach to physical settlement is used in the ICE Clear Europe Limited CDS clearing service. E:\FR\FM\14MYN1.SGM 14MYN1

Agencies

[Federal Register Volume 80, Number 93 (Thursday, May 14, 2015)]
[Notices]
[Page 27798]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11597]


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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.

Extension:
    Form 12b-25. SEC File No. 270-71, OMB Control No. 3235-0058.

    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.
    The purpose of Form 12b-25 (17 CFR 240.12b-25) is to provide notice 
to the Commission and the marketplace that a public company will be 
unable to timely file a required periodic report or transition report 
pursuant to the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.). If all the filing conditions of the form are satisfied, the 
company is granted an automatic filing extension. Approximately 4,456 
registrants file Form 12b-25 and it takes approximately 2.5 hours per 
response for a total of 11,140 burden hours.
    Written comments are invited on: (a) Whether this 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 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.
    Please direct your written comments to Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email 
to: PRA_Mailbox@sec.gov.

    Dated: May 8, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-11597 Filed 5-13-15; 8:45 am]
BILLING CODE 8011-01-P
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