Self-Regulatory Organizations; ICE Clear Credit, LLC; Order Approving Proposed Rule Change To Correct Inconsistent Provisions Regarding the Risk Management Subcommittee, 48385-48386 [2015-19764]

Download as PDF Federal Register / Vol. 80, No. 155 / Wednesday, August 12, 2015 / Notices Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 1090. All submissions should refer to File Number SR–MIAX–2015–51. 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 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 Number SR–MIAX– 2015–51, and should be submitted on or before September 2, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–19761 Filed 8–11–15; 8:45 am] mstockstill on DSK4VPTVN1PROD with NOTICES BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75634; File No. SR–ICC– 2015–012] Self-Regulatory Organizations; ICE Clear Credit, LLC; Order Approving Proposed Rule Change To Correct Inconsistent Provisions Regarding the Risk Management Subcommittee August 6, 2015. I. Introduction On June 10, 2015, ICE Clear Credit LLC (‘‘ICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend the ICC Clearing Rules (‘‘Rules’’) to correct inconsistent provisions regarding the Risk Management Subcommittee (SR–ICC–2015–012). The proposed rule change was published for comment in the Federal Register on June 22, 2015.3 The Commission did not receive comments on the proposed rule change. For the reasons discussed below, the Commission is granting approval of the proposed rule change. II. Description of the Proposed Rule Change ICC has stated that the proposed rule change is intended to correct inconsistent provisions regarding the Risk Management Subcommittee, described in detail as follows. ICC has stated that, in describing the independence requirements for certain Risk Management Subcommittee members in Rule 511(a)(iii), the rule 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 replace the rule cite with a reference to ICC’s Independence Requirements, which are defined in Rule 503. Additionally, 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 34–75179 (Jun. 16, 2015), 80 FR 35689 (Jun. 22, 2015) (SR– ICC–2015–012). 2 17 17 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 18:16 Aug 11, 2015 Jkt 235001 PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 48385 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 Management Subcommittee shall meet when deemed necessary or desirable by the Risk Management Subcommittee or its chairperson. III. Discussion and Commission Findings Section 19(b)(2)(C) of the Act 4 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 5 requires, among other things, that the rules of a clearing agency are designed to protect investors and the public interest. Rule 17Ad– 22(d)(8) 6 further requires a registered clearing agency that performs central counterparty services to establish, implement, maintain and enforce written policies and procedures reasonably designed to, among other things, have governance arrangements that are clear and transparent to fulfill the public interest requirements in Section 17A of the Act 7 applicable to clearing agencies and to promote the effectiveness of the clearing agency’s risk management procedures. Currently, the independence requirements in ICC Rule 511 for certain Risk Management Subcommittee members incorrectly reference a CFTC regulation that has not been adopted. The proposed rule change would replace the incorrect CFTC rule citation with the requirement that certain members of the Risk Management Subcommittee meet ICC’s Independence Requirements as defined in ICC Rule 503 8 (the Independent ICE Subcommittee Managers). Additionally, the proposed rule change would clarify that the Independent ICE Subcommittee Managers are appointed by the ICC Board. Finally, the proposed rule 4 15 U.S.C. 78s(b)(2)(C). U.S.C. 78q–1(b)(3)(F). 6 17 CFR 240.17Ad–22(d)(8). 7 15 U.S.C. 78q–1. 8 ICC Rule 503 defines the ICC ‘‘Independence Requirements’’ to include the requirements of each of the New York Stock Exchange listing standards, the U.S. Securities Exchange Act of 1934, as amended, and Intercontinental Exchange, Inc.’s Board of Director Governance Principles. 5 15 E:\FR\FM\12AUN1.SGM 12AUN1 48386 Federal Register / Vol. 80, No. 155 / Wednesday, August 12, 2015 / Notices change clarifies that the Risk Management Subcommittee shall meet when deemed necessary or desirable by the Risk Management Subcommittee or its chairperson. The Commission believes that these proposed clarifications are reasonably designed to ensure that ICC’s governance arrangements are clear and transparent to fulfill the public interest requirements in Section 17A of the Act.9 Accordingly, the Commission finds that the proposed rule change is consistent with Section 17A of the Act 10 and the rules thereunder applicable to ICC. Dated: August 10, 2015. Brent J. Fields, Secretary. IV. Conclusion The Susquehanna River Basin Commission will hold its regular business meeting on September 10, 2015, in Binghamton, New York. Details concerning the matters to be addressed at the business meeting are contained in the SUPPLEMENTARY INFORMATION section of this notice. DATES: September 10, 2015, at 9:00 a.m. ADDRESSES: DoubleTree by Hilton Binghamton, Grand Riverside Room, 225 Water Street, Binghamton, NY 13901. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–19764 Filed 8–11–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Federal Register Citation of Previous Announcement: [To Be Published] STATUS: Closed Meeting. PLACE: 100 F Street NE., Washington, DC. DATE AND TIME OF PREVIOUSLY ANNOUNCED MEETING: Thursday, August 13, 2015. Cancellation of Meeting. The Closed Meeting scheduled for Thursday, August 13, 2015 at 2:00 p.m. has been cancelled. For further information please contact the Office of the Secretary at (202) 551– 5400. mstockstill on DSK4VPTVN1PROD with NOTICES CHANGE IN THE MEETING: 9 15 U.S.C. 78q–1. U.S.C. 78q–1. 11 15 U.S.C. 78q–1. 12 15 U.S.C. 78s(b)(2). 13 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). 14 17 CFR 200.30–3(a)(12). 10 15 18:16 Aug 11, 2015 BILLING CODE 8011–01–P SUSQUEHANNA RIVER BASIN COMMISSION Commission Meeting Susquehanna River Basin Commission. ACTION: Notice. AGENCY: SUMMARY: On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act 11 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,12 that the proposed rule change (File No. SR–ICC– 2015–012) be, and hereby is, approved.13 VerDate Sep<11>2014 [FR Doc. 2015–19993 Filed 8–10–15; 4:15 pm] Jkt 235001 FOR FURTHER INFORMATION CONTACT: Jason E. Oyler, General Counsel, telephone: (717) 238–0423, ext. 1312; fax: (717) 238–2436. SUPPLEMENTARY INFORMATION: The business meeting will include actions or presentations on the following items: (1) Informational presentation of interest to the Upper Susquehanna Subbasin area; (2) resolution to correct Exhibit A attached to Resolution No. 2013–11; (3) release of proposed rulemaking for public comment; (4) amendment of the Comprehensive Plan for the Water Resources of the Susquehanna River Basin; (5) ratification/approval of grants; (6) regulatory compliance matter for Downs Racing L.P.; (7) Panda Power Funds request for transfer of ownership of Hummel Station LLC (Docket Nos. 20081222 and 20081222–2); and (8) Regulatory Program projects. The business meeting may also include requests to extend emergency certificates for Aqua Pennsylvania, Inc. and Furman Foods, Inc. Projects, amendments to the Comprehensive Plan, and request for conditional transfer listed for Commission action are those that were the subject of a public hearing conducted by the Commission on August 6, 2015, and identified in the notice for such hearing, which was published in 80 FR 39190, July 8, 2015. Opportunity To Appear and Comment Interested parties are invited to attend the business meeting and encouraged to PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 review the Commission’s Public Meeting Rules of Conduct, which are posted on the Commission’s Web site, www.srbc.net. As identified in the public hearing notices referenced above, written comments on the Regulatory Program projects, the amendments to the Comprehensive Plan, and request for conditional transfer that were the subject of a public hearing, and are listed for action at the business meeting, are subject to a comment deadline of August 17, 2015. Written comments pertaining to any other matters listed for action at the business meeting may be mailed to the Susquehanna River Basin Commission, 4423 North Front Street, Harrisburg, Pennsylvania 17110–1788, or submitted electronically through http://www.srbc.net/pubinfo/ publicparticipation.htm. Any such comments mailed or electronically submitted must be received by the Commission on or before September 4, 2015, to be considered. Authority: Pub. L. 91–575, 84 Stat. 1509 et seq., 18 CFR parts 806, 807, and 808. Dated: August 6, 2015. Stephanie L. Richardson, Secretary to the Commission. [FR Doc. 2015–19718 Filed 8–11–15; 8:45 am] BILLING CODE 7040–01–P OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE Determination Regarding Waiver of Discriminatory Purchasing Requirements With Respect to Goods and Services of New Zealand Office of the United States Trade Representative. ACTION: Determination Regarding Waiver of Discriminatory Purchasing Requirements under the Trade Agreements Act of 1979. AGENCY: DATES: Effective Date: August 12, 2015. FOR FURTHER INFORMATION CONTACT: Scott Pietan, Director of International Procurement Policy, (202) 395–9646, or Arthur Tsao, Assistant General Counsel, (202) 395–6987, Office of the United States Trade Representative. SUPPLEMENTARY INFORMATION: On October 29, 2014, the WTO Committee on Government Procurement approved the accession of New Zealand to the World Trade Organization (‘‘WTO’’) Agreement on Government Procurement (‘‘GPA’’). New Zealand submitted its instrument of accession to the SecretaryGeneral of the WTO on July 13, 2015. The GPA will enter into force for New Zealand on August 12, 2015. The United States, which is also a party to the GPA, E:\FR\FM\12AUN1.SGM 12AUN1

Agencies

[Federal Register Volume 80, Number 155 (Wednesday, August 12, 2015)]
[Notices]
[Pages 48385-48386]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19764]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75634; File No. SR-ICC-2015-012]


Self-Regulatory Organizations; ICE Clear Credit, LLC; Order 
Approving Proposed Rule Change To Correct Inconsistent Provisions 
Regarding the Risk Management Subcommittee

August 6, 2015.

I. Introduction

    On June 10, 2015, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to amend the ICC 
Clearing Rules (``Rules'') to correct inconsistent provisions regarding 
the Risk Management Subcommittee (SR-ICC-2015-012). The proposed rule 
change was published for comment in the Federal Register on June 22, 
2015.\3\ The Commission did not receive comments on the proposed rule 
change. For the reasons discussed below, the Commission is granting 
approval of the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-75179 (Jun. 16, 
2015), 80 FR 35689 (Jun. 22, 2015) (SR-ICC-2015-012).
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II. Description of the Proposed Rule Change

    ICC has stated that the proposed rule change is intended to correct 
inconsistent provisions regarding the Risk Management Subcommittee, 
described in detail as follows. ICC has stated that, in describing the 
independence requirements for certain Risk Management Subcommittee 
members in Rule 511(a)(iii), the rule 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 replace the rule cite with a reference to 
ICC's Independence Requirements, which are defined in Rule 503.
    Additionally, 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 
Management Subcommittee shall meet when deemed necessary or desirable 
by the Risk Management Subcommittee or its chairperson.

III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \4\ 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 \5\ requires, among other things, that the rules of a 
clearing agency are designed to protect investors and the public 
interest. Rule 17Ad-22(d)(8) \6\ further requires a registered clearing 
agency that performs central counterparty services to establish, 
implement, maintain and enforce written policies and procedures 
reasonably designed to, among other things, have governance 
arrangements that are clear and transparent to fulfill the public 
interest requirements in Section 17A of the Act \7\ applicable to 
clearing agencies and to promote the effectiveness of the clearing 
agency's risk management procedures.
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    \4\ 15 U.S.C. 78s(b)(2)(C).
    \5\ 15 U.S.C. 78q-1(b)(3)(F).
    \6\ 17 CFR 240.17Ad-22(d)(8).
    \7\ 15 U.S.C. 78q-1.
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    Currently, the independence requirements in ICC Rule 511 for 
certain Risk Management Subcommittee members incorrectly reference a 
CFTC regulation that has not been adopted. The proposed rule change 
would replace the incorrect CFTC rule citation with the requirement 
that certain members of the Risk Management Subcommittee meet ICC's 
Independence Requirements as defined in ICC Rule 503 \8\ (the 
Independent ICE Subcommittee Managers). Additionally, the proposed rule 
change would clarify that the Independent ICE Subcommittee Managers are 
appointed by the ICC Board. Finally, the proposed rule

[[Page 48386]]

change clarifies that the Risk Management Subcommittee shall meet when 
deemed necessary or desirable by the Risk Management Subcommittee or 
its chairperson. The Commission believes that these proposed 
clarifications are reasonably designed to ensure that ICC's governance 
arrangements are clear and transparent to fulfill the public interest 
requirements in Section 17A of the Act.\9\ Accordingly, the Commission 
finds that the proposed rule change is consistent with Section 17A of 
the Act \10\ and the rules thereunder applicable to ICC.
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    \8\ ICC Rule 503 defines the ICC ``Independence Requirements'' 
to include the requirements of each of the New York Stock Exchange 
listing standards, the U.S. Securities Exchange Act of 1934, as 
amended, and Intercontinental Exchange, Inc.'s Board of Director 
Governance Principles.
    \9\ 15 U.S.C. 78q-1.
    \10\ 15 U.S.C. 78q-1.
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IV. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act and in 
particular with the requirements of Section 17A of the Act \11\ and the 
rules and regulations thereunder.
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    \11\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\12\ that the proposed rule change (File No. SR-ICC-2015-012) be, 
and hereby is, approved.\13\
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    \12\ 15 U.S.C. 78s(b)(2).
    \13\ 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.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19764 Filed 8-11-15; 8:45 am]
BILLING CODE 8011-01-P