Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change To Correct Inconsistent Provisions Regarding the Risk Management Subcommittee, 35689-35690 [2015-15172]

Download as PDF Federal Register / Vol. 80, No. 119 / Monday, June 22, 2015 / Notices Written comments are invited on: (a) Whether this 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. 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 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. lack of current and accurate information concerning the securities of Preventia, Inc. (CIK No. 1506302), a defaulted Nevada corporation with its principal place of business listed as Toronto, Ontario, Canada, with stock quoted on OTC Link under the ticker symbol PVTA, because it has not filed any periodic reports since the period ended September 30, 2012. On September 16, 2014, the Division of Corporation Finance sent Preventia a delinquency letter requesting compliance with their periodic filing obligations, but the letter was returned because of Preventia’s failure to maintain a valid address on file with the Commission. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed companies. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed companies is suspended for the period from 9:30 a.m. EDT on June 18, 2015, through 11:59 p.m. EDT on July 1, 2015. By the Commission. Dated: June 16, 2015. Brent J. Fields, Secretary. Jill M. Peterson, Assistant Secretary. [FR Doc. 2015–15375 Filed 6–18–15; 4:15 pm] [FR Doc. 2015–15175 Filed 6–19–15; 8:45 am] BILLING CODE 8011–01–P BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] [Release No. 34–75179; File No. SR–ICC– 2015–012] In the Matter of KPNQwest N.V. and Preventia, Inc.; Order of Suspension of Trading tkelley on DSK3SPTVN1PROD with NOTICES June 18, 2015. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of KPNQwest N.V. (CIK No. 1097566), a Netherlands corporation with its principal place of business listed as Hoofddorp, The Netherlands, with stock quoted on OTC Link (previously, ‘‘Pink Sheets’’) operated by OTC Markets Group, Inc. (‘‘OTC Link’’) under the ticker symbol KQIPQ, because it has not filed any periodic reports since the period ended December 31, 2000. On March 10, 2014, KPNQwest N.V. received a delinquency letter sent by the Division of Corporation Finance requesting compliance with their periodic filing obligations. It appears to the Securities and Exchange Commission that there is a VerDate Sep<11>2014 18:47 Jun 19, 2015 Jkt 235001 Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change To Correct Inconsistent Provisions Regarding the Risk Management Subcommittee June 16, 2015. 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 June 10, 2015, 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. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00066 Fmt 4703 Sfmt 4703 35689 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The purpose of the proposed rule change is to amend the ICC Clearing Rules (the ‘‘Rules’’) to correct inconsistent provisions regarding the Risk Management Subcommittee. 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 on 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 to correct inconsistent provisions regarding the Risk Management Subcommittee. ICC believes such changes will protect investors and the public interest. The proposed Rule revisions are described in detail as follows. In describing the independence requirements for certain Risk Management Subcommittee members in Rule 511(a)(iii), ICC mistakenly referred to U.S. Commodity Futures Trading Commission (‘‘CFTC’’) Regulation 1.3(ccc), a proposed regulation that, to date, the CFTC has not adopted. ICC proposes revising Rule 511(a)(iii) to remove the improper reference to CFTC Regulation 1.3(ccc) and replacing such rule cite with a reference to ICC’s Independence Requirements, which are defined in Rule 503. Such independent Risk Management Subcommittee managers were previously defined as ‘‘Independent Public Directors’’ in Rules 511 and 512. ICC proposes re-defining such independent Risk Management Subcommittee managers to ‘‘Independent ICE Subcommittee Managers’’ and updating references in Rules 511 and 512 to reflect the new defined term. ICC also proposes clarifying language to specify that such Independent ICE Subcommittee Managers are appointed by the ICC Board. Finally, ICC proposes revising Rule 512 to clarify that for purposes of Rule 507(a), which sets forth meeting frequency requirements, the Risk E:\FR\FM\22JNN1.SGM 22JNN1 35690 Federal Register / Vol. 80, No. 119 / Monday, June 22, 2015 / Notices Management Subcommittee shall meet when deemed necessary or desirable by the Risk Management Subcommittee or its chairperson. Section 17A(b)(3)(F) of the Act 3 requires, among other things, that the rules of a clearing agency be designed to protect investors and the public interest and to comply with the provisions of the Act and the rules and regulations thereunder. ICC believes that the proposed rule change is 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),4 because ICC believes that the proposed rule change will protect investors and the public interest. The revisions to correct certain inconsistent provisions regarding the Risk Management Subcommittee alleviate potential confusion within the ICC Rules. As such, the proposed rule changes are designed to protect investors and the public interest within the meaning of Section 17A(b)(3)(F) 5 of the Act. The proposed rule changes will also satisfy the requirements of Rule 17Ad– 22.6 In particular, the revisions to correct inconsistent provisions regarding the Risk Management Subcommittee ensure ICC’s governance arrangements remain clear and transparent, consistent with the requirements of Rule 17Ad–22(d)(8).7 B. Self-Regulatory Organization’s Statement on Burden on Competition ICC does not believe the proposed rule change would have any impact, or impose any burden, on competition. The revisions to correct certain inconsistent provisions regarding the Risk Management Subcommittee apply uniformly across all market participants. Therefore, ICC does not believe the proposed rule change imposes any burden on competition that is inappropriate in furtherance of the purposes of the Act. tkelley on DSK3SPTVN1PROD 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. 3 15 U.S.C. 78q–1(b)(3)(F). 4 Id. 5 Id. 6 17 7 17 CFR 240.17Ad–22. CFR 240.17Ad–22(d)(8). VerDate Sep<11>2014 17:45 Jun 19, 2015 Jkt 235001 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change or (B) institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments 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–2015–012 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–2015–012. 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 Frm 00067 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Brent J. Fields, Secretary. [FR Doc. 2015–15172 Filed 6–19–15; 8:45 am] 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: PO 00000 inspection and copying at the principal office of ICE Clear Credit and on ICE Clear Credit’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–2015–012 and should be submitted on or before July 13, 2015. 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. Extension: Rule 17f–1(b), SEC File No. 270–28, OMB Control No. 3235–0032. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘PRA’’), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 17f–1(b) (17 CFR 240.17f–1(b)) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 17f–1(b) under the Exchange Act requires approximately 15,517 entities in the securities industry to register in the Lost and Stolen Securities Program (‘‘Program’’). Registration fulfills a statutory requirement that entities report and inquire about missing, lost, counterfeit, or stolen securities. Registration also allows entities in the securities industry to gain access to a confidential database that stores information for the Program. The Commission staff estimates that 10 new entities will register in the Program each year. The staff estimates that the average number of hours necessary to comply with Rule 17f–1(b) 8 17 E:\FR\FM\22JNN1.SGM CFR 200.30–3(a)(12). 22JNN1

Agencies

[Federal Register Volume 80, Number 119 (Monday, June 22, 2015)]
[Notices]
[Pages 35689-35690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-15172]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75179; File No. SR-ICC-2015-012]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing of Proposed Rule Change To Correct Inconsistent Provisions 
Regarding the Risk Management Subcommittee

June 16, 2015.
    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 June 10, 2015, 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. 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.
---------------------------------------------------------------------------

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

    The purpose of the proposed rule change is to amend the ICC 
Clearing Rules (the ``Rules'') to correct inconsistent provisions 
regarding the Risk Management Subcommittee.

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 on 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 to correct 
inconsistent provisions regarding the Risk Management Subcommittee. ICC 
believes such changes will protect investors and the public interest. 
The proposed Rule revisions are described in detail as follows.
    In describing the independence requirements for certain Risk 
Management Subcommittee members in Rule 511(a)(iii), ICC mistakenly 
referred to U.S. Commodity Futures Trading Commission (``CFTC'') 
Regulation 1.3(ccc), a proposed regulation that, to date, the CFTC has 
not adopted. ICC proposes revising Rule 511(a)(iii) to remove the 
improper reference to CFTC Regulation 1.3(ccc) and replacing such rule 
cite with a reference to ICC's Independence Requirements, which are 
defined in Rule 503. Such independent Risk Management Subcommittee 
managers were previously defined as ``Independent Public Directors'' in 
Rules 511 and 512. ICC proposes re-defining such independent Risk 
Management Subcommittee managers to ``Independent ICE Subcommittee 
Managers'' and updating references in Rules 511 and 512 to reflect the 
new defined term. ICC also proposes clarifying language to specify that 
such Independent ICE Subcommittee Managers are appointed by the ICC 
Board. Finally, ICC proposes revising Rule 512 to clarify that for 
purposes of Rule 507(a), which sets forth meeting frequency 
requirements, the Risk

[[Page 35690]]

Management Subcommittee shall meet when deemed necessary or desirable 
by the Risk Management Subcommittee or its chairperson.
    Section 17A(b)(3)(F) of the Act \3\ requires, among other things, 
that the rules of a clearing agency be designed to protect investors 
and the public interest and to comply with the provisions of the Act 
and the rules and regulations thereunder. ICC believes that the 
proposed rule change is 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),\4\ because ICC believes that the proposed 
rule change will protect investors and the public interest. The 
revisions to correct certain inconsistent provisions regarding the Risk 
Management Subcommittee alleviate potential confusion within the ICC 
Rules. As such, the proposed rule changes are designed to protect 
investors and the public interest within the meaning of Section 
17A(b)(3)(F) \5\ of the Act.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78q-1(b)(3)(F).
    \4\ Id.
    \5\ Id.
---------------------------------------------------------------------------

    The proposed rule changes will also satisfy the requirements of 
Rule 17Ad-22.\6\ In particular, the revisions to correct inconsistent 
provisions regarding the Risk Management Subcommittee ensure ICC's 
governance arrangements remain clear and transparent, consistent with 
the requirements of Rule 17Ad-22(d)(8).\7\
---------------------------------------------------------------------------

    \6\ 17 CFR 240.17Ad-22.
    \7\ 17 CFR 240.17Ad-22(d)(8).
---------------------------------------------------------------------------

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

    ICC does not believe the proposed rule change would have any 
impact, or impose any burden, on competition. The revisions to correct 
certain inconsistent provisions regarding the Risk Management 
Subcommittee apply uniformly across all market participants. Therefore, 
ICC does not believe the proposed rule change imposes 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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change or
    (B) institute proceedings to determine whether the proposed rule 
change should be 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-ICC-2015-012 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-2015-012. 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/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-2015-012 
and should be submitted on or before July 13, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-15172 Filed 6-19-15; 8:45 am]
BILLING CODE 8011-01-P
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