Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Revise the ICC Clearing Rules, 39743-39745 [2016-14314]

Download as PDF Federal Register / Vol. 81, No. 117 / Friday, June 17, 2016 / Notices companies and preparers routinely use tools the Commission makes available to submit test filings to help identify and correct technical errors prior to EDGAR filing. Similar tools to submit test filings will be available to those filers choosing to file in Inline XBRL. Because we expect that Inline XBRL filers would utilize available tools to submit test filings to identify and correct any technical errors prior to EDGAR filing, we believe that such suspensions should be similarly rare for Inline XBRL filers. III. Conclusion Based on the foregoing, we find it is appropriate in the public interest and consistent with the protection of investors to grant companies that choose to use Inline XBRL when filing financial statements in their Exchange Act periodic and current reports a timelimited and conditional exemption from certain requirements of the Interactive Data File exhibit. Accordingly, it is hereby ordered pursuant to Section 36(a) of the Exchange Act that any company that complies with each of the conditions below is exempt from the requirement to submit an instance document as described in this order as part of its Interactive Data File exhibit with Forms 6–K, 8–K, 10–Q, 10–K, 20–F and 40–F for reports due before March 30, 2020. sradovich on DSK3TPTVN1PROD with NOTICES Conditions The company must (a) file an Inline XBRL document as prescribed in the EDGAR Filer Manual; (b) file the Interactive Data File as prescribed in the EDGAR Filer Manual for Inline XBRL filers as an exhibit to the Inline XBRL document; (c) use XBRL tags within the Inline XBRL document that reflect the same information in the corresponding data as the HTML format part of the official filing; (d) state in the exhibit index item referencing the Interactive Data File that the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document; (e) not file in plain text ASCII; and (f) not rely on the hardship exemptions in Rules 201 and 202 of Regulation S–T. By the Commission. Brent J. Fields, Secretary. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–78055; File No. SR–ICC– 2016–008] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Revise the ICC Clearing Rules June 13, 2016. 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 3, 2016, 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 and to approve the proposed rule change on an accelerated basis. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The purpose of proposed rule change is to revise the ICC Clearing Rules (‘‘ICC Rules’’) to add explicit references to certain risk-related policies currently contained in the ICC Risk Management Framework and the ICC Risk Management Model Description document. 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 ICC proposes changes to ICC Rules 403 and 801 to add explicit references to certain risk-related policies currently contained in the ICC Risk Management Framework and the ICC Risk Management Model Description [FR Doc. 2016–14306 Filed 6–16–16; 8:45 am] 1 15 BILLING CODE 8011–01–P 2 17 VerDate Sep<11>2014 16:48 Jun 16, 2016 Jkt 238001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00120 Fmt 4703 Sfmt 4703 39743 document related to the minimum time horizon for liquidation, antiprocyclicality conditions, and the maintenance of cover-2 default resources. The proposed changes are described in detail as follows. As provided in the ICC Risk Management Model Description document, ICC’s initial margin methodology applies a minimum of a 5day time horizon as the liquidation period for all ICC cleared instruments. ICC proposes amending ICC Rule 403 to explicitly reference this risk policy by stating that ICC’s initial margin methodology shall incorporate a minimum 5-day time horizon for the liquidation period (for both house and client-related positions). Additionally, as provided in the ICC Risk Management Framework, ICC incorporates certain anti-procyclicality measures into its risk methodology to account for stable but prudent margin requirements.3 ICC proposes amending ICC Rule 403 to explicitly reference its current anti-procyclicality measures and to provide for additional antiprocyclicality measures. Specifically, ICC proposes amending ICC Rule 403 to state that ICC’s initial margin methodology shall incorporate one or more measures designed to limit procyclicality, including by avoiding when possible disruptive or big step changes in margin requirements and by establishing transparent and predictable procedures for adjusting margin requirements in response to changing market conditions. Further, consistent with current ICC risk policies, the measures designed to limit procyclicality will demonstrably meet or exceed the requirements of measures designed to limit procyclicality that assign at least 25% weight to stressed observations in a look-back period beginning on April 1, 2007. In addition, changes to ICC Rule 403 also allow ICC to measure procyclicality limits by reference to a ten year historical lookback period for computing initial margin.4 Finally, as provided in the ICC Risk Management Framework, ICC maintains a minimum of cover-2 default resources, in accordance with Commodity Futures Trading Commission (‘‘CFTC’’) Regulations 39.11 and 39.33. ICC proposes amending ICC Rule 801(a)(i) to explicitly reference this risk policy and state that ICC shall establish the aggregate amount of required 3 See Securities Exchange Act Release No. 34– 73877 (December 18, 2014) (SR–ICC–2014–18). 4 Please note that as ICC uses a look-back period beginning on April 1, 2007, this ten year historical period anti-procyclicality measure will become available to ICC in 2017. E:\FR\FM\17JNN1.SGM 17JNN1 39744 Federal Register / Vol. 81, No. 117 / Friday, June 17, 2016 / Notices contributions to the Guaranty Fund such that at a minimum ICC will maintain pre-funded financial resources sufficient to enable it to meet its financial obligations to Clearing Participants (‘‘CPs’’) notwithstanding a default by the two CPs (including any of their affiliated CPs) creating the largest combined loss to ICC in extreme but plausible market conditions. Section 17A(b)(3)(F) of the Act 5 requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions and to comply with the provisions of the Act and the rules and regulations thereunder. ICC believes that the proposed changes are consistent with the requirements of the Act and the rules and regulations thereunder applicable to ICC, in particular, to Section 17A(b)(3)(F),6 because ICC believes that the proposed changes will promote the prompt and accurate clearance and settlement of securities transactions, derivatives agreements, contracts, and transactions. The proposed changes to the ICC Rules to add explicit references to certain riskrelated policies currently contained in the ICC Risk Management Framework and the ICC Risk Management Model Description document provide additional clarity and transparency regarding ICC’s risk management policies and procedures. As such, the proposed rule changes are designed to promote the prompt and accurate clearance and settlement of securities transactions, derivatives agreements, contracts, and transactions within the meaning of Section 17A(b)(3)(F) 7 of the Act. sradovich on DSK3TPTVN1PROD with NOTICES B. Self-Regulatory Organization’s Statement on Burden on Competition ICC does not believe the proposed revision would have any impact, or impose any burden, on competition. ICC is restating certain risk-related policies in the ICC Rules and not making any substantive changes to its overall risk management framework. Therefore, ICC does not believe the proposed revision imposes any burden on competition that is inappropriate in furtherance of the purposes of the Act. 5 15 U.S.C. 78q–1(b)(3)(F). 6 Id. 7 15 U.S.C. 78q–1(b)(3)(F). VerDate Sep<11>2014 16:48 Jun 16, 2016 Jkt 238001 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. 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–2016–008 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–2016–008. 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 the 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 PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ICC–2016–008 and should be submitted on or before July 8, 2016. IV. Commission’s Findings and Order Granting Accelerated Approval of Proposed Rule Change Section 19(b)(2)(C) of the Act 8 directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such organization. Section 17A(b)(3)(F) of the Act 9 requires, among other things, that the rules of a registered clearing agency be 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. The Commission finds that the proposed revision to the ICC Risk Management Framework and the ICC Risk Management Model Description are consistent with the requirements of the Act, in particular the requirements of Section 17A(b)(3)(F) of the Act,10 because the proposed changes provide additional clarity and transparency regarding ICC’s risk management policies and procedures. The Commission finds that the proposed rule change promotes the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, and to comply with the provisions of the Act and the rules and regulations thereunder. ICC has requested that the Commission approve the proposed rule change on an accelerated basis for good cause shown pursuant to Section 19(b)(2). ICC is restating certain riskrelated policies in the ICC Rules and not making any substantive changes to its overall risk management framework. In addition, ICC states that the changes are proposed in furtherance of regulatory compliance with European 8 15 U.S.C. 78s(b)(2)(C). U.S.C. 78q–1(b)(3)(F). 10 Id. 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). 9 15 E:\FR\FM\17JNN1.SGM 17JNN1 Federal Register / Vol. 81, No. 117 / Friday, June 17, 2016 / Notices Commission’s implementing decision 11 on the equivalence of the regulatory framework of the United States of America for central counterparties (‘‘CCPs’’) that are authorized and supervised by the CFTC to the requirements of European Market Infrastructure Regulation (‘‘EMIR’’) No. 648/2012.12 ICC represents that it has submitted an application to the European Securities and Markets Authority to be recognized as a third country CCP in accordance with EMIR; the proposed changes will facilitate this application process and promote regulatory compliance with the required equivalency elements. For the above reasons, the Commission finds good cause, pursuant to Section 19(b)(2)(C)(iii) of the Act,13 for approving the proposed rule change on an accelerated basis. V. Conclusion It is therefore ordered pursuant to Section 19(b)(2) of the Act that the proposed rule change (SR–ICC–2016– 008) be, and hereby is, approved on an accelerated basis. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.14 Robert W. Errett, Deputy Secretary. Pursuant to section IO(a) of the Federal Advisory Committee Act (5 U.S.C. Appendix 2), SBA announces the meetings of the National SBDC Advisory Board. This Board provides advice and counsel to the SBA Administrator and Associate Administrator for Small Business Development Centers. The purpose of these meetings is to discuss following issues pertaining to the SBDC Advisory Board: SBA Update Annual Meetings Board Assignments Member Roundtable FOR FURTHER INFORMATION CONTACT: The meeting is open to the public however advance notice of attendance is requested. Anyone wishing to be a listening participant must contact Monika Nixon by fax or email. Her contact information is Monika Nixon, Program Specialist, 409 Third Street SW., Washington, DC 20416, Phone, 202–205–7310, Fax 202–481–5624, email, monika.nixon@sba.gov. Additionally, if you need accommodations because of a disability or require additional information, please contact Monika Nixon at the information above. SUPPLEMENTARY INFORMATION: Miguel L’ Heureux, White House Liaison. [FR Doc. 2016–14314 Filed 6–16–16; 8:45 am] [FR Doc. 2016–14263 Filed 6–16–16; 8:45 am] BILLING CODE 8011–01–P BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION DEPARTMENT OF TRANSPORTATION National Small Business Development Center Advisory Board Meeting Federal Highway Administration U.S. Small Business Administration (SBA). ACTION: Notice of open Federal Advisory Committee meetings. AGENCY: The SBA is issuing this notice to announce the location, date, time and agenda for the 4th quarter meetings of the National Small Business Development Center (SBDC) Advisory Board. DATES: The meetings for the 4th quarter will be held on the following dates: Tuesday, July 19,2016 at 1:00 p.m. EST, Tuesday, August 16, 2016 at 1:00 p.m. EST Tuesday, September 20, 2016 at 1:00 p.m. EST. ADDRESSES: These meetings will be held via conference call. sradovich on DSK3TPTVN1PROD with NOTICES SUMMARY: 11 See European Commission Implementing Decision (EU) 2016/377, dated 15 March 2016. 12 See Regulation (EU) No 648/2012, dated 4 July 2012. 13 15 U.S.C. 78s(b)(2)(C)(iii). 14 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 16:48 Jun 16, 2016 Jkt 238001 Notice of Final Federal Agency Actions on Proposed Highway in California Federal Highway Administration (FHWA), DOT. ACTION: Notice of Limitation on Claims for Judicial Review of Actions by the California Department of Transportation (Caltrans), pursuant to 23 U.S.C. 327, and the United States Fish and Wildlife Service (USFWS). AGENCY: The FHWA, on behalf of Caltrans, is issuing this notice to announce actions taken by Caltrans, and USFWS, that are final within the meaning of 23 U.S.C. 139(l)(1). The actions relate to a proposed highway project, on State Route 60 (SR–60) between Gilman Springs Road at Post Mile (PM) 22.10 and PM 26.61, located approximately 1.369 miles west of Jack Rabbit Trail, in a portion of unincorporated Riverside County, State of California. Those actions grant licenses, permits, and approvals for the project. SUMMARY: PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 39745 By this notice, the FHWA, on behalf of Caltrans, is advising the public of final agency actions subject to 23 U.S.C. 139(l)(1). A claim seeking judicial review of the Federal agency actions on the highway project will be barred unless the claim is filed on or before November 14, 2016. If the Federal law that authorizes judicial review of a claim provides a time period of less than 150 days for filing such claim, then that shorter time period still applies. FOR FURTHER INFORMATION CONTACT: For Caltrans: James Shankel, Senior Environmental Planner, California Department of Transportation District 8, Division of Environmental Planning, 464 West 4th Street, 6th Floor, MS 827, San Bernardino, California, 92401–1400, during normal business hours from 8:00 a.m. to 5:00 p.m., telephone (909) 383– 6379, or email James.Shankel@ dot.ca.gov. SUPPLEMENTARY INFORMATION: Effective July 1, 2007, the Federal Highway Administration (FHWA) assigned, and the California Department of Transportation (Caltrans) assumed, environmental responsibilities for this project pursuant to 23 U.S.C. 327. Notice is hereby given that the Caltrans and USFWS have taken final agency actions subject to 23 U.S.C. 139(l)(1) by issuing licenses, permits, and approvals for the following highway project in the State of California: Construction of an eastbound truck-climbing lane and westbound truck-descending lane, and construction of 10-foot inside and 12foot outside shoulders in both directions—on a portion of State Route 60 (SR–60) located in unincorporated Riverside County, between Gilman Springs Road at Post Mile (PM) 22.10 and PM 26.61, which is approximately 1.369 miles west of Jack Rabbit Trail. The total length of the project is 4.51 miles. The purpose of the SR–60 Truck Lanes Project is to improve operational performance, improve safety, and improve traffic flow on the regional transportation system. The nearest incorporated cities are Moreno Valley, located adjacent to the west side of Gilman Spring Road and Beaumont, located approximately one mile east of the eastern limits of this project. The actions by the Federal agencies, and the laws under which such actions were taken, are described in the Environmental Assessment (EA) with a Finding of No Significant Impact (FONSI) for the project, approved on May 16, 2016, and in other documents in the project records. The EA/FONSI, and other project records are available by contacting Caltrans at the address provided above. The Caltrans EA and DATES: E:\FR\FM\17JNN1.SGM 17JNN1

Agencies

[Federal Register Volume 81, Number 117 (Friday, June 17, 2016)]
[Notices]
[Pages 39743-39745]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-14314]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78055; File No. SR-ICC-2016-008]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing and Order Granting Accelerated Approval of Proposed Rule Change 
To Revise the ICC Clearing Rules

June 13, 2016.
    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 3, 2016, 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 
and to approve the proposed rule change on an accelerated basis.
---------------------------------------------------------------------------

    \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 proposed rule change is to revise the ICC Clearing 
Rules (``ICC Rules'') to add explicit references to certain risk-
related policies currently contained in the ICC Risk Management 
Framework and the ICC Risk Management Model Description document.

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

    ICC proposes changes to ICC Rules 403 and 801 to add explicit 
references to certain risk-related policies currently contained in the 
ICC Risk Management Framework and the ICC Risk Management Model 
Description document related to the minimum time horizon for 
liquidation, anti-procyclicality conditions, and the maintenance of 
cover-2 default resources. The proposed changes are described in detail 
as follows.
    As provided in the ICC Risk Management Model Description document, 
ICC's initial margin methodology applies a minimum of a 5-day time 
horizon as the liquidation period for all ICC cleared instruments. ICC 
proposes amending ICC Rule 403 to explicitly reference this risk policy 
by stating that ICC's initial margin methodology shall incorporate a 
minimum 5-day time horizon for the liquidation period (for both house 
and client-related positions).
    Additionally, as provided in the ICC Risk Management Framework, ICC 
incorporates certain anti-procyclicality measures into its risk 
methodology to account for stable but prudent margin requirements.\3\ 
ICC proposes amending ICC Rule 403 to explicitly reference its current 
anti-procyclicality measures and to provide for additional anti-
procyclicality measures. Specifically, ICC proposes amending ICC Rule 
403 to state that ICC's initial margin methodology shall incorporate 
one or more measures designed to limit procyclicality, including by 
avoiding when possible disruptive or big step changes in margin 
requirements and by establishing transparent and predictable procedures 
for adjusting margin requirements in response to changing market 
conditions. Further, consistent with current ICC risk policies, the 
measures designed to limit procyclicality will demonstrably meet or 
exceed the requirements of measures designed to limit procyclicality 
that assign at least 25% weight to stressed observations in a look-back 
period beginning on April 1, 2007. In addition, changes to ICC Rule 403 
also allow ICC to measure procyclicality limits by reference to a ten 
year historical look-back period for computing initial margin.\4\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 34-73877 (December 
18, 2014) (SR-ICC-2014-18).
    \4\ Please note that as ICC uses a look-back period beginning on 
April 1, 2007, this ten year historical period anti-procyclicality 
measure will become available to ICC in 2017.
---------------------------------------------------------------------------

    Finally, as provided in the ICC Risk Management Framework, ICC 
maintains a minimum of cover-2 default resources, in accordance with 
Commodity Futures Trading Commission (``CFTC'') Regulations 39.11 and 
39.33. ICC proposes amending ICC Rule 801(a)(i) to explicitly reference 
this risk policy and state that ICC shall establish the aggregate 
amount of required

[[Page 39744]]

contributions to the Guaranty Fund such that at a minimum ICC will 
maintain pre-funded financial resources sufficient to enable it to meet 
its financial obligations to Clearing Participants (``CPs'') 
notwithstanding a default by the two CPs (including any of their 
affiliated CPs) creating the largest combined loss to ICC in extreme 
but plausible market conditions.
    Section 17A(b)(3)(F) of the Act \5\ requires, among other things, 
that the rules of a clearing agency be designed to promote the prompt 
and accurate clearance and settlement of securities transactions and, 
to the extent applicable, derivative agreements, contracts, and 
transactions and to comply with the provisions of the Act and the rules 
and regulations thereunder. ICC believes that the proposed changes are 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to ICC, in particular, to Section 
17A(b)(3)(F),\6\ because ICC believes that the proposed changes will 
promote the prompt and accurate clearance and settlement of securities 
transactions, derivatives agreements, contracts, and transactions. The 
proposed changes to the ICC Rules to add explicit references to certain 
risk-related policies currently contained in the ICC Risk Management 
Framework and the ICC Risk Management Model Description document 
provide additional clarity and transparency regarding ICC's risk 
management policies and procedures. As such, the proposed rule changes 
are designed to promote the prompt and accurate clearance and 
settlement of securities transactions, derivatives agreements, 
contracts, and transactions within the meaning of Section 17A(b)(3)(F) 
\7\ of the Act.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78q-1(b)(3)(F).
    \6\ Id.
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

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

    ICC does not believe the proposed revision would have any impact, 
or impose any burden, on competition. ICC is restating certain risk-
related policies in the ICC Rules and not making any substantive 
changes to its overall risk management framework. Therefore, ICC does 
not believe the proposed revision 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. 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-2016-008 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-2016-008. 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 the 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-2016-008 
and should be submitted on or before July 8, 2016.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    Section 19(b)(2)(C) of the Act \8\ directs the Commission to 
approve a proposed rule change of a self-regulatory organization if it 
finds that such proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to such organization. Section 17A(b)(3)(F) of the Act \9\ 
requires, among other things, that the rules of a registered clearing 
agency be 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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2)(C).
    \9\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The Commission finds that the proposed revision to the ICC Risk 
Management Framework and the ICC Risk Management Model Description are 
consistent with the requirements of the Act, in particular the 
requirements of Section 17A(b)(3)(F) of the Act,\10\ because the 
proposed changes provide additional clarity and transparency regarding 
ICC's risk management policies and procedures. The Commission finds 
that the proposed rule change promotes the prompt and accurate 
clearance and settlement of securities transactions and, to the extent 
applicable, derivative agreements, contracts, and transactions, and to 
comply with the provisions of the Act and the rules and regulations 
thereunder.
---------------------------------------------------------------------------

    \10\ Id. 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).
---------------------------------------------------------------------------

    ICC has requested that the Commission approve the proposed rule 
change on an accelerated basis for good cause shown pursuant to Section 
19(b)(2). ICC is restating certain risk-related policies in the ICC 
Rules and not making any substantive changes to its overall risk 
management framework. In addition, ICC states that the changes are 
proposed in furtherance of regulatory compliance with European

[[Page 39745]]

Commission's implementing decision \11\ on the equivalence of the 
regulatory framework of the United States of America for central 
counterparties (``CCPs'') that are authorized and supervised by the 
CFTC to the requirements of European Market Infrastructure Regulation 
(``EMIR'') No. 648/2012.\12\ ICC represents that it has submitted an 
application to the European Securities and Markets Authority to be 
recognized as a third country CCP in accordance with EMIR; the proposed 
changes will facilitate this application process and promote regulatory 
compliance with the required equivalency elements. For the above 
reasons, the Commission finds good cause, pursuant to Section 
19(b)(2)(C)(iii) of the Act,\13\ for approving the proposed rule change 
on an accelerated basis.
---------------------------------------------------------------------------

    \11\ See European Commission Implementing Decision (EU) 2016/
377, dated 15 March 2016.
    \12\ See Regulation (EU) No 648/2012, dated 4 July 2012.
    \13\ 15 U.S.C. 78s(b)(2)(C)(iii).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered pursuant to Section 19(b)(2) of the Act 
that the proposed rule change (SR-ICC-2016-008) be, and hereby is, 
approved on an accelerated basis.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-14314 Filed 6-16-16; 8:45 am]
BILLING CODE 8011-01-P
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