Submission for OMB Review; Comment Request, 7616-7618 [2016-02832]

Download as PDF 7616 Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices ICC believes will provide sufficient margin and financial resources to support the clearing of the new contracts consistent with the margin and financial resource requirements of Rule 17Ad-22(b)(2–3).19 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 iTraxx Asia/Pacific Contracts and SAS Contracts will be available for clearing to all ICC Clearing Participants. The clearing of iTraxx Asia/Pacific Contracts and SAS Contracts by ICC does not preclude the offering of this product for clearing by other market participants. Further, the changes to the ICC End-of-Day Price Discovery Policies and Procedures, ICC Risk Management Framework, and ICC Risk Management Model Description document 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. asabaliauskas on DSK9F6TC42PROD with NOTICES2 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: 19 17 CFR§ 240.17Ad-22(b)(2–3). VerDate Sep<11>2014 17:38 Feb 11, 2016 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–2016–002 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–2016–002. 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–2016–002 and should be submitted on or before March 4, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–02839 Filed 2–11–16; 8:45 am] BILLING CODE 8011–01–P 20 17 Jkt 238001 PO 00000 CFR 200.30–3(a)(12). Frm 00120 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; 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: Rules 17Ad–22—Clearing Agency Standards and Governance. SEC File No. 270–646, OMB Control No. 3235–0695. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rules 17Ad-22 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Standards for Clearing Agencies a. Measurement and Management of Credit Exposures Rule 17Ad–22(b)(1) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to measure its credit exposures to its participants at least once each day, and limit its exposures to potential losses from defaults by its participants in normal market conditions so that the operations of the clearing agency would not be disrupted and non-defaulting participants would not be exposed to losses that they cannot anticipate or control. The purpose of the collection of information is to enable the clearing agency to monitor and limit its exposures to its participants. b. Margin Requirements Rule 17Ad–22(b)(2) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to: (i) Use margin requirements to limit its credit exposures to participants in normal market conditions; (ii) use riskbased models and parameters to set margin requirements; and (iii) review the models and parameters at least monthly. The purpose of the collection of information is to enable the clearing agency to maintain sufficient collateral or margin. E:\FR\FM\12FEN1.SGM 12FEN1 Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices c. Financial Resources Rule 17Ad–22(b)(3) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to maintain sufficient financial resources to withstand, at a minimum, a default by the participant family to which it has the largest exposure in extreme but plausible market conditions, provided that a registered clearing agency acting as a central counterparty for securitybased swaps shall maintain additional financial resources sufficient to withstand, at a minimum, a default by the two participant families to which it has the largest exposures in extreme but plausible market conditions, in its capacity as a central counterparty for security-based swaps. The purpose of the collection of information is to enable the clearing agency to satisfy all of its settlement obligations in the event of a participant default. asabaliauskas on DSK9F6TC42PROD with NOTICES2 d. Model Validation Rule 17Ad–22(b)(4) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to provide for an annual model validation consisting of evaluating the performance of the clearing agency’s margin models and the related parameters and assumptions associated with such models by a qualified person who is free from influence from the persons responsible for the development or operation of the models being validated. The purpose of the collection of information is to enable the clearing agency to obtain an assessment of its margin model by a qualified, independent person. e. Non-Dealer Access Rule 17Ad–22(b)(5) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to provide the opportunity for a person that does not perform any dealer or security-based swap dealer services to obtain membership at the clearing agency to clear securities for itself or on behalf of other persons. The purpose of the collection of information is to enable more market participants to obtain indirect access to clearing agencies. f. Portfolio Size and Transaction Volume Restrictions Rule 17Ad–22(b)(6) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies VerDate Sep<11>2014 17:38 Feb 11, 2016 Jkt 238001 and procedures reasonably designed to have membership standards that do not require that participants maintain a portfolio of any minimum size or that participants maintain a minimum transaction volume. The purpose of the collection of information is to remove unnecessary barriers to participation in clearing agencies that provide CCP services. g. Net Capital Restrictions Rule 17Ad–22(b)(7) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to provide a person that maintains net capital equal to or greater than $50 million with the ability to obtain membership at the clearing agency, provided that such persons are able to comply with other reasonable membership standards, with any net capital requirements being scalable so that they are proportional to the risks posed by the participant’s activities to the clearing agency. The rule also permits a clearing agency to provide for a higher net capital requirement (i.e., higher than $50 million) as a condition for membership at the clearing agency if the clearing agency demonstrates to the Commission that such a requirement is necessary to mitigate risks that could not otherwise be effectively managed by other measures, such as scalable limitations on the transactions that the participants may clear through the clearing agency, and the Commission approves the higher net capital requirement as part of a rule filing or clearing agency registration application. The purpose of the collection of information is to remove unnecessary barriers to clearing access by market participants with a net capital level above $50 million, while at the same time facilitating sound risk management practices by clearing agencies by encouraging them to examine and articulate the benefits that higher net capital requirements would create through having clearing agencies develop scalable membership standards that links the activities any participants could potentially engage in with the potential risks posed by the participant. h. Record of Financial Resources Rule 17Ad–22(c)(1) would require that each fiscal quarter (based on calculations made as of the last business day of the clearing agency’s fiscal quarter), or at any time upon Commission request, a clearing agency that performs CCP services shall calculate and maintain a record of the financial resources necessary to meet PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 7617 the requirement in Rule 17Ad-22(b)(3) and sufficient documentation to explain the methodology it uses to compute such financial resource requirement. The purpose of the collection of information is to enable the Commission to monitor the financial resources of clearing agencies that provide CCP services. i. Annual Audited Financial Statements Rule 17Ad–22(c)(2) would require a clearing agency to post on its Web site an annual audited financial statement that must (i) be a complete set of financial statements of the clearing agency for the most recent two fiscal years of the clearing agency and be prepared in accordance with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’), except that for a clearing agency that is a corporation or other organization incorporated or organized under the laws of any foreign country, the financial statements may be prepared according to U.S. GAAP or International Financial Reporting Standards as issued by the International Accounting Standards Board (‘‘IFRS’’); (ii) be audited in accordance with standards of the Public Company Accounting Oversight Board by a registered public accounting firm that is qualified and independent in accordance with Rule 2– 01 of Regulation S–X (17 CFR 210.2–01); and (iii) include a report of the registered public accounting firm that complies with paragraphs (a) through (d) of Rule 2–02 of Regulation S–X (17 CFR 210.2–02). The purpose of the collection of information is to enable the Commission to monitor the financial resources of clearing agencies that provide CCP services. j. Transparent and Enforceable Rules and Procedures Rule 17Ad–22(d)(1) would require clearing agencies to establish, implement, maintain and enforce written policies and procedures reasonably designed to provide for a well-founded, transparent, and enforceable legal framework for each aspect of their activities in all relevant jurisdictions. The purpose of the collection of information is to help ensure that clearing agencies’ policies and procedures do not cause confusion or legal uncertainty among their participants because they are unclear, incomplete or conflict with other applicable laws or judicial precedent. The Commission believes that 10 registered clearing agencies will incur a total burden of approximately 8,029 hours annually. E:\FR\FM\12FEN1.SGM 12FEN1 7618 Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following Web site: www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an email to: shagufta_ ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street, NE Washington, DC 20549, or by sending an email to PRA_ Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: February 8, 2015. Robert W. Errett, Deputy Secretary. collectively captioned Rules Applicable to Trading of PHLX FOREX OptionsTM. The text of the proposed rule change is available on the Exchange’s Web site at https:// nasdaqomxphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange 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. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change [FR Doc. 2016–02832 Filed 2–11–16; 8:45 am] BILLING CODE 8011–01–P 1. Purpose SECURITIES AND EXCHANGE COMMISSION [Release No. 34–77076; File No. SR–Phlx– 2016–16] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Obsolete Rules 1000C–1009C asabaliauskas on DSK9F6TC42PROD with NOTICES2 February 8, 2016. 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 February 1, 2016, NASDAQ PHLX LLC (‘‘Phlx’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, 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 proposes to delete obsolete Rules 1000C–1009C, 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 17:38 Feb 11, 2016 Jkt 238001 PHLX FOREX Options TM The Exchange’s rules for listing and trading PHLX FOREX Options were approved by the Commission in 2012 3 but were never in fact listed or traded on Phlx. The Exchange has no current intention to list or trade PHLX FOREX Options in the foreseeable future. Accordingly, the Exchange proposes to delete the caption ‘‘Rules Applicable to Trading of PHLX FOREX Options TM (Rules 1000C–1009C)’’ as well as Rules 1000C through 1009C dealing solely with PHLX FOREX Options. The Exchange also proposes to make conforming changes to Phlx Option Floor Procedure Advices F–6, Option Quote Parameters, and F–15, Minor 3 See Securities Exchange Act Release No. 66616 (March 16, 2012) 77 FR 16879 (March 22, 2012) (SR–Phlx–2012–11) (Order Granting Approval of Proposed Rule Change Regarding the Listing and Trading of PHLX FOREX OptionsTM). In the approval order the Commission approved listing and trading of PHLX FOREX Options the British pound, the Swiss franc, the Canadian dollar, the Australian dollar, the New Zealand dollar, and the Euro. These six foreign currencies also underlie another type of foreign currency option that is currently listed and traded on the Exchange (referred to as either ‘‘FCOs’’ or World Currency Options, ‘‘WCOs’’). The primary difference between FCOs and the PHLX FOREX Options is the pricing convention of PHLX FOREX Options, which resembles the ‘‘spot market pricing’’ on the underlying currencies. The proposal to delist the PHLX FOREX OptionsTM does not affect the continued listing and trading of FCOs on the Exchange. PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 Infractions of Position/Exercise Limits and Hedge Exemptions, removing language which is specific to PHLX FOREX Options. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 4 in general, and furthers the objectives of Section 6(b)(5) of the Act 5 in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. In particular, this proposed change removes from the Phlx rulebook the rules applicable to PHLX FOREX Options and makes conforming changes as needed to certain other rules. The rule language to be deleted is not relevant or necessary because it deals solely with PHLX FOREX Options which were never listed or traded on the Exchange. Removing this rule language from the Phlx rulebook will help eliminate potential member and investor confusion about products listed and traded on Phlx. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed change is not designed to address any competitive issue but would merely remove rule language relating to PHLX FOREX Options that is not relevant to the Exchange’s business in any respect. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 4 15 5 15 E:\FR\FM\12FEN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 12FEN1

Agencies

[Federal Register Volume 81, Number 29 (Friday, February 12, 2016)]
[Notices]
[Pages 7616-7618]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02832]


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

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; 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:
    Rules 17Ad-22--Clearing Agency Standards and Governance. SEC 
File No. 270-646, OMB Control No. 3235-0695.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the existing 
collection of information provided for in Rules 17Ad-22 under the 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission 
plans to submit this existing collection of information to the Office 
of Management and Budget (``OMB'') for extension and approval.

Standards for Clearing Agencies

a. Measurement and Management of Credit Exposures

    Rule 17Ad-22(b)(1) would require a clearing agency that provides 
CCP services to establish, implement, maintain and enforce written 
policies and procedures reasonably designed to measure its credit 
exposures to its participants at least once each day, and limit its 
exposures to potential losses from defaults by its participants in 
normal market conditions so that the operations of the clearing agency 
would not be disrupted and non-defaulting participants would not be 
exposed to losses that they cannot anticipate or control. The purpose 
of the collection of information is to enable the clearing agency to 
monitor and limit its exposures to its participants.

b. Margin Requirements

    Rule 17Ad-22(b)(2) would require a clearing agency that provides 
CCP services to establish, implement, maintain and enforce written 
policies and procedures reasonably designed to: (i) Use margin 
requirements to limit its credit exposures to participants in normal 
market conditions; (ii) use risk-based models and parameters to set 
margin requirements; and (iii) review the models and parameters at 
least monthly. The purpose of the collection of information is to 
enable the clearing agency to maintain sufficient collateral or margin.

[[Page 7617]]

c. Financial Resources

    Rule 17Ad-22(b)(3) would require a clearing agency that provides 
CCP services to establish, implement, maintain and enforce written 
policies and procedures reasonably designed to maintain sufficient 
financial resources to withstand, at a minimum, a default by the 
participant family to which it has the largest exposure in extreme but 
plausible market conditions, provided that a registered clearing agency 
acting as a central counterparty for security-based swaps shall 
maintain additional financial resources sufficient to withstand, at a 
minimum, a default by the two participant families to which it has the 
largest exposures in extreme but plausible market conditions, in its 
capacity as a central counterparty for security-based swaps. The 
purpose of the collection of information is to enable the clearing 
agency to satisfy all of its settlement obligations in the event of a 
participant default.

d. Model Validation

    Rule 17Ad-22(b)(4) would require a clearing agency that provides 
CCP services to establish, implement, maintain and enforce written 
policies and procedures reasonably designed to provide for an annual 
model validation consisting of evaluating the performance of the 
clearing agency's margin models and the related parameters and 
assumptions associated with such models by a qualified person who is 
free from influence from the persons responsible for the development or 
operation of the models being validated. The purpose of the collection 
of information is to enable the clearing agency to obtain an assessment 
of its margin model by a qualified, independent person.

e. Non-Dealer Access

    Rule 17Ad-22(b)(5) would require a clearing agency that provides 
CCP services to establish, implement, maintain and enforce written 
policies and procedures reasonably designed to provide the opportunity 
for a person that does not perform any dealer or security-based swap 
dealer services to obtain membership at the clearing agency to clear 
securities for itself or on behalf of other persons. The purpose of the 
collection of information is to enable more market participants to 
obtain indirect access to clearing agencies.

f. Portfolio Size and Transaction Volume Restrictions

    Rule 17Ad-22(b)(6) would require a clearing agency that provides 
CCP services to establish, implement, maintain and enforce written 
policies and procedures reasonably designed to have membership 
standards that do not require that participants maintain a portfolio of 
any minimum size or that participants maintain a minimum transaction 
volume. The purpose of the collection of information is to remove 
unnecessary barriers to participation in clearing agencies that provide 
CCP services.

g. Net Capital Restrictions

    Rule 17Ad-22(b)(7) would require a clearing agency that provides 
CCP services to establish, implement, maintain and enforce written 
policies and procedures reasonably designed to provide a person that 
maintains net capital equal to or greater than $50 million with the 
ability to obtain membership at the clearing agency, provided that such 
persons are able to comply with other reasonable membership standards, 
with any net capital requirements being scalable so that they are 
proportional to the risks posed by the participant's activities to the 
clearing agency. The rule also permits a clearing agency to provide for 
a higher net capital requirement (i.e., higher than $50 million) as a 
condition for membership at the clearing agency if the clearing agency 
demonstrates to the Commission that such a requirement is necessary to 
mitigate risks that could not otherwise be effectively managed by other 
measures, such as scalable limitations on the transactions that the 
participants may clear through the clearing agency, and the Commission 
approves the higher net capital requirement as part of a rule filing or 
clearing agency registration application. The purpose of the collection 
of information is to remove unnecessary barriers to clearing access by 
market participants with a net capital level above $50 million, while 
at the same time facilitating sound risk management practices by 
clearing agencies by encouraging them to examine and articulate the 
benefits that higher net capital requirements would create through 
having clearing agencies develop scalable membership standards that 
links the activities any participants could potentially engage in with 
the potential risks posed by the participant.

h. Record of Financial Resources

    Rule 17Ad-22(c)(1) would require that each fiscal quarter (based on 
calculations made as of the last business day of the clearing agency's 
fiscal quarter), or at any time upon Commission request, a clearing 
agency that performs CCP services shall calculate and maintain a record 
of the financial resources necessary to meet the requirement in Rule 
17Ad-22(b)(3) and sufficient documentation to explain the methodology 
it uses to compute such financial resource requirement. The purpose of 
the collection of information is to enable the Commission to monitor 
the financial resources of clearing agencies that provide CCP services.

i. Annual Audited Financial Statements

    Rule 17Ad-22(c)(2) would require a clearing agency to post on its 
Web site an annual audited financial statement that must (i) be a 
complete set of financial statements of the clearing agency for the 
most recent two fiscal years of the clearing agency and be prepared in 
accordance with U.S. generally accepted accounting principles (``U.S. 
GAAP''), except that for a clearing agency that is a corporation or 
other organization incorporated or organized under the laws of any 
foreign country, the financial statements may be prepared according to 
U.S. GAAP or International Financial Reporting Standards as issued by 
the International Accounting Standards Board (``IFRS''); (ii) be 
audited in accordance with standards of the Public Company Accounting 
Oversight Board by a registered public accounting firm that is 
qualified and independent in accordance with Rule 2-01 of Regulation S-
X (17 CFR 210.2-01); and (iii) include a report of the registered 
public accounting firm that complies with paragraphs (a) through (d) of 
Rule 2-02 of Regulation S-X (17 CFR 210.2-02). The purpose of the 
collection of information is to enable the Commission to monitor the 
financial resources of clearing agencies that provide CCP services.

j. Transparent and Enforceable Rules and Procedures

    Rule 17Ad-22(d)(1) would require clearing agencies to establish, 
implement, maintain and enforce written policies and procedures 
reasonably designed to provide for a well-founded, transparent, and 
enforceable legal framework for each aspect of their activities in all 
relevant jurisdictions. The purpose of the collection of information is 
to help ensure that clearing agencies' policies and procedures do not 
cause confusion or legal uncertainty among their participants because 
they are unclear, incomplete or conflict with other applicable laws or 
judicial precedent.
    The Commission believes that 10 registered clearing agencies will 
incur a total burden of approximately 8,029 hours annually.

[[Page 7618]]

    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    The public may view background documentation for this information 
collection at the following Web site: www.reginfo.gov. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503 or by sending an email to: 
shagufta_ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street, NE Washington, DC 20549, or by sending an 
email to PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: February 8, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-02832 Filed 2-11-16; 8:45 am]
 BILLING CODE 8011-01-P
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