Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Certain Charges and Rates of Return Applicable to Margin and Guaranty Fund Deposits, 11962-11964 [2017-03731]
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11962
Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices
available publicly. All submissions
should refer to File Number SR–NYSE–
2017–04, and should be submitted on or
before March 20, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–03803 Filed 2–24–17; 8:45 am]
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.
mstockstill on DSK3G9T082PROD with NOTICES
Extension:
Rule 206(4)–6, SEC File No. 270–513, OMB
Control No. 3235–0571.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
The title for the collection of
information is ‘‘Rule 206(4)–6’’ under
the Investment Advisers Act of 1940 (15
U.S.C. 80b–1 et seq.) (‘‘Advisers Act’’)
and the collection has been approved
under OMB Control No. 3235–0571. The
Commission adopted rule 206(4)–6 (17
CFR 275.206(4)–6), the proxy voting
rule, to address an investment adviser’s
fiduciary obligation to clients who have
given the adviser authority to vote their
securities. Under the rule, an
investment adviser that exercises voting
authority over client securities is
required to: (i) Adopt and implement
written policies and procedures that are
reasonably designed to ensure that the
adviser votes client securities in the best
interest of clients, including procedures
to address any material conflict that
may arise between the interests of the
adviser and the client; (ii) disclose to
clients how they may obtain
information from the adviser on how the
adviser has voted with respect to their
securities; and (iii) describe to clients
the adviser’s proxy voting policies and
procedures and, on request, furnish a
copy of the policies and procedures to
14 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
20:23 Feb 24, 2017
Jkt 241001
the requesting client. The rule is
designed to assure that advisers that
vote proxies for their clients vote those
proxies in their clients’ best interest and
provide clients with information about
how their proxies were voted.
Rule 206(4)–6 contains ‘‘collection of
information’’ requirements within the
meaning of the Paperwork Reduction
Act. The respondents are investment
advisers registered with the Commission
that vote proxies with respect to clients’
securities. Advisory clients of these
investment advisers use the information
required by the rule to assess
investment advisers’ proxy voting
policies and procedures and to monitor
the advisers’ performance of their proxy
voting activities. The information
required by Adviser’s Act rule 204–2, a
recordkeeping rule, also is used by the
Commission staff in its examination and
oversight program. Without the
information collected under the rules,
advisory clients would not have
information they need to assess the
adviser’s services and monitor the
adviser’s handling of their accounts, and
the Commission would be less efficient
and effective in its programs.
The estimated number of investment
advisers subject to the collection of
information requirements under the rule
is 10,942. It is estimated that each of
these advisers is required to spend on
average 10 hours annually documenting
its proxy voting procedures under the
requirements of the rule, for a total
burden of 109,420 hours. We further
estimate that on average, approximately
292 clients of each adviser would
request copies of the underlying policies
and procedures. We estimate that it
would take these advisers 0.1 hours per
client to deliver copies of the policies
and procedures, for a total burden of
319,506 hours. Accordingly, we
estimate that rule 206(4)–6 results in an
annual aggregate burden of collection
for SEC-registered investment advisers
of a total of 428,926 hours.
Written comments are invited on: (a)
Whether the collections of information
are necessary for the proper
performance of the functions of the
Commission, including whether the
information has practical utility; (b) the
accuracy of the Commission’s estimate
of the burdens of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burdens of the collections
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
PO 00000
Frm 00072
Fmt 4703
Sfmt 4703
60 days of this publication. An agency
may not conduct or sponsor a collection
of information unless it displays a
currently valid OMB control number.
No person shall be subject to any
penalty for failing to comply with a
collection of information subject to the
PRA that does not display a valid OMB
control number.
Please direct your written comments
to Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE.,
Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: February 21, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–03773 Filed 2–24–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80071; File No. SR–ICEEU–
2017–001]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change Relating to
Certain Charges and Rates of Return
Applicable to Margin and Guaranty
Fund Deposits
February 21, 2017.
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 February
7, 2017, ICE Clear Europe Limited (‘‘ICE
Clear Europe’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
changes described in Items I, II, and III
below, which Items have been prepared
primarily by ICE Clear Europe. ICE Clear
Europe filed the proposed rule changes
pursuant to Section 19(b)(3)(A) of the
Act,3 and Rule 19b–4(f)(2) thereunder,4
so that the proposal was effective upon
filing with the Commission. 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 principal purpose of the
proposed rule change is for ICE Clear
Europe to modify certain specified
charges and rates of return applicable to
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
2 17
E:\FR\FM\27FEN1.SGM
27FEN1
Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices
margin and guaranty fund deposits
made by Clearing Members.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, ICE
Clear Europe included statements
concerning the purpose of and basis for
the proposed rule change. The text of
these statements may be examined at
the places specified in Item IV below.
ICE Clear Europe 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
1. Purpose
The purpose of the proposed rule
change is for ICE Clear Europe to modify
certain specified charges and rates of
return applicable to margin and
guaranty fund deposits made by
Clearing Members. (ICE Clear Europe
imposes a charge on Clearing Members
for margin and guaranty fund deposits
in the form of securities, and pays a
return to Clearing Members on margin
and guaranty fund deposits in the form
of cash.) The amendments will increase
the charge on deposits in the form of
securities by 2.5 basis points across all
account types, and reduce the rate of
return on deposits in the form of cash
by 2.5 basis points, as a result of an
increase in the charge against the ICE
Deposit Rate from 5 basis points to 7.5
basis points.5 Attached as Exhibit 5 is a
Circular to Clearing Members specifying
the revised charges and rates of return
for margin and guaranty fund deposits.
(The Circular also restates certain
application and annual fees, which have
not been changed.) The proposed
changes allow ICE Clear Europe to
continue to cover its increased costs in
relation to its treasury management
activities and ensure that the rates of
return offered remain competitive with
other market infrastructures.
mstockstill on DSK3G9T082PROD with NOTICES
2. Statutory Basis
ICE Clear Europe has determined that
the charges and rates of return set forth
5 Pursuant to a telephone conversation between
staff in the Office of Clearance and Settlement of the
Division of Trading and Markets and outside
counsel for ICE Clear Europe, and subsequent email
confirmation, this sentence has been amended by
staff from the Office of Clearance and Settlement to
delete language describing the increase in charges
on deposits as being ‘‘in general’’ and to clarify that
the reduction in the rate of return results from an
increase in the charge against the ICE Deposit Rate
to 7.5 basis points.
VerDate Sep<11>2014
20:23 Feb 24, 2017
Jkt 241001
in the circular are reasonable and
appropriate for margin and guaranty
fund deposits. In particular, ICE Clear
Europe believes that the fees and rates
of return have been set at an appropriate
level given the costs and expenses to
ICE Clear Europe in accepting,
maintaining, holding and investing, as
appropriate, such deposits. The charges
and rates of return will apply to all
Clearing Members. ICE Clear Europe
believes that imposing such charges and
rates of return thus provides for the
equitable allocation of reasonable dues,
fees, and other charges among its
Clearing Members, within the meaning
of Section 17A(b)(3)(D) of the Act.6 ICE
Clear Europe therefore believes that the
proposed rule change is consistent with
the requirements of Section 17A of the
Act and regulations thereunder
applicable to it.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
ICE Clear Europe does not believe the
proposed rule changes would have any
impact, or impose any burden, on
competition not necessary or
appropriate in furtherance of the
purpose of the Act. Although the
changes may result in certain additional
costs to Clearing Members, ICE Clear
Europe believes that the revised fees
and rates of return have been set at an
appropriate level given the costs and
expenses to ICE Clear Europe in
accepting, maintaining, holding and
investing, as appropriate, margin and
guaranty fund deposits. ICE Clear
Europe does not believe that the
amendments would adversely affect the
ability of such Clearing Members or
other market participants generally to
engage in cleared transactions or to
access clearing. Since the revised
charges and rates of return will apply to
all Clearing Members, ICE Clear Europe
further believes that the fees will not
otherwise adversely affect competition
among Clearing Members, adversely
affect the market for clearing services, or
limit market participants’ choices for
obtaining clearing services.
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 changes to the rules have not
been solicited or received. ICE Clear
Europe will notify the Commission of
any written comments received by ICE
Clear Europe.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective upon filing pursuant to Section
19(b)(3)(A) 7 of the Act and Rule 19b–
4(f)(2) 8 thereunder because the
proposed rule change establishes a fee
or other charge imposed by ICE Clear
Europe on its Clearing Members, within
the meaning of Rule 19b–4(f)(2). At any
time within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
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–
ICEEU–2017–001 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–ICEEU–2017–001. 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
7 15
6 15
PO 00000
U.S.C. 78q–1(b)(3)(F).
Frm 00073
Fmt 4703
Sfmt 4703
11963
8 17
E:\FR\FM\27FEN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
27FEN1
11964
Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices
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 Europe and on ICE
Clear Europe’s Web site at https://
www.theice.com/clear-europe/
regulation#rule-filings.
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–ICEEU–2017–001 and
should be submitted on or before March
20, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–03731 Filed 2–24–17; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–80072; File No. SR–
NYSEArca–2017–17]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change To Amend Rule 6.37B
Regarding Market Maker Quotations
February 21, 2017.
mstockstill on DSK3G9T082PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on February
10, 2017, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. 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 amend
Rule 6.37B regarding Market Maker
Quotations, including to adopt a Market
Maker Light Only Quotation. The
proposed rule change is available on the
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
20:23 Feb 24, 2017
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
self-regulatory organization 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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
VerDate Sep<11>2014
Exchange’s Web site at www.nyse.com,
at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
Jkt 241001
The purpose of this filing is to modify
Rule 6.37B regarding Market Maker
Quotations. Rule 6.37B(a) provides that
a Market Maker may enter quotes in the
option issues included in its
appointment. The Exchange proposes to
amend Rule 6.37B(a) to define Market
Maker quotes, add a new quote type,
and specify how such quotes would be
processed when a series is open for
trading.
Defining Market Maker Quotes and
Adopting Market Maker Light Only
Quotes
First, the Exchange proposes to define
Market Maker quotes to provide that
‘‘[t]he term ‘quote’ or ‘quotation’ means
a bid or offer entered by a Market Maker
that updates the Market Maker’s
previous bid or offer, if any.’’ 4 This
proposed definition, which would add
clarity, transparency, and internal
consistency to Exchange rules, is
identical or substantially identical to the
way quotes are defined on at least two
other options exchanges.5 Consistent
with this change, the Exchange also
proposes to modify the current
definition of ‘‘Quote with Size’’ to
include a cross reference to the
proposed definition of quotation, which
4 See
proposed Rule 6.37B(a)(1).
e.g., International Securities Exchange Rule
100(42). See also BOX Options Exchange LLC Rule
100(a)(55) (providing that ‘‘[t]he term ‘quote’ or
‘quotation’ means a bid or offer entered by a Market
Maker as a firm order that updates the Market
Maker’s previous bid or offer, if any’’).
5 See,
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
would add clarity and transparency to
Exchange rules.6
Second, the Exchange proposes to add
a Market Maker Light Only Quotation
(‘‘MMLO’’) to provide Market Makers
the option to designate incoming quotes
to trade solely with displayed interest
on the Consolidated Book.7 This
proposed change would allow Market
Makers to designate quotes as MMLO to
prevent such quotes from trading with
undisplayed liquidity upon arrival.
Once an MMLO is added to the
Consolidated Book, the MMLO
designation no longer applies and any
unexecuted portion could trade with
displayed and undisplayed interest. The
Exchange believes that this functionality
would give Market Makers greater
control over the circumstances in which
their quotes interact with contra-side
trading interest on the Exchange. This
increase in control is desirable from the
perspective of Market Makers because it
is difficult for them to account for
undisplayed liquidity in their quoting
models.8 Because the options market is
quote driven, Market Makers are vital to
the price discovery process, the
Exchange believes that the proposed
MMLO would provide Market Makers
with a greater level of determinism, in
terms of managing their exposure, and
thus may encourage more aggressive
liquidity provision, resulting in more
trading opportunities and tighter
spreads. Accordingly, the Exchange
believes that the proposal would
improve overall market quality and
enhance competition on the Exchange to
the benefit to all market participants.
The Exchange notes that all market
participants, including Market Makers,
already have the ability to avoid trading
with undisplayed liquidity by entering
Post No Preference Light Order (‘‘PNPLight Orders’’), which have existed on
the Exchange since 2009.9 With the
adoption of the MMLO, the Exchange is
proposing a similar functionality for use
6 See proposed Rule 6.1(b)(33) (providing that
‘‘the term ‘Quote with Size’ means a quotation (as
defined in Rule 6.37B(a)(1)) to buy or sell a specific
number of option contracts at a specific price that
a Market Maker has submitted to the NYSE Arca OX
trading system through an electronic interface’’).
7 See proposed Rule 6.37B(a)(2).
8 The Exchange understands that, while a Market
Maker’s quoting algorithm can take into account
displayed liquidity in the marketplace, the
algorithm may not be able to accurately account for
the risk of interacting with undisplayed liquidity.
9 See Securities Exchange Act Release 59603
(March 19, 2009), 74 FR 13279 (March 26, 2009)
(SR–NYSEArca–2009–21) (immediately effective
filing to adopt PNP-Light Order type). See also Rule
6.62(v) (defining PNP-Light Orders as non-routable
orders that are only eligible to execute against
displayed liquidity).
E:\FR\FM\27FEN1.SGM
27FEN1
]]>Agencies
[Federal Register Volume 82, Number 37 (Monday, February 27, 2017)]
[Notices]
[Pages 11962-11964]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03731]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-80071; File No. SR-ICEEU-2017-001]
Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to Certain Charges and Rates of Return Applicable to Margin
and Guaranty Fund Deposits
February 21, 2017.
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 February 7, 2017, ICE Clear Europe Limited (``ICE Clear Europe'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule changes described in Items I, II, and III below, which
Items have been prepared primarily by ICE Clear Europe. ICE Clear
Europe filed the proposed rule changes pursuant to Section 19(b)(3)(A)
of the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\ so that the proposal
was effective upon filing with the Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The principal purpose of the proposed rule change is for ICE Clear
Europe to modify certain specified charges and rates of return
applicable to
[[Page 11963]]
margin and guaranty fund deposits made by Clearing Members.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, ICE Clear Europe included
statements concerning the purpose of and basis for the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. ICE Clear Europe 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
1. Purpose
The purpose of the proposed rule change is for ICE Clear Europe to
modify certain specified charges and rates of return applicable to
margin and guaranty fund deposits made by Clearing Members. (ICE Clear
Europe imposes a charge on Clearing Members for margin and guaranty
fund deposits in the form of securities, and pays a return to Clearing
Members on margin and guaranty fund deposits in the form of cash.) The
amendments will increase the charge on deposits in the form of
securities by 2.5 basis points across all account types, and reduce the
rate of return on deposits in the form of cash by 2.5 basis points, as
a result of an increase in the charge against the ICE Deposit Rate from
5 basis points to 7.5 basis points.\5\ Attached as Exhibit 5 is a
Circular to Clearing Members specifying the revised charges and rates
of return for margin and guaranty fund deposits. (The Circular also
restates certain application and annual fees, which have not been
changed.) The proposed changes allow ICE Clear Europe to continue to
cover its increased costs in relation to its treasury management
activities and ensure that the rates of return offered remain
competitive with other market infrastructures.
---------------------------------------------------------------------------
\5\ Pursuant to a telephone conversation between staff in the
Office of Clearance and Settlement of the Division of Trading and
Markets and outside counsel for ICE Clear Europe, and subsequent
email confirmation, this sentence has been amended by staff from the
Office of Clearance and Settlement to delete language describing the
increase in charges on deposits as being ``in general'' and to
clarify that the reduction in the rate of return results from an
increase in the charge against the ICE Deposit Rate to 7.5 basis
points.
---------------------------------------------------------------------------
2. Statutory Basis
ICE Clear Europe has determined that the charges and rates of
return set forth in the circular are reasonable and appropriate for
margin and guaranty fund deposits. In particular, ICE Clear Europe
believes that the fees and rates of return have been set at an
appropriate level given the costs and expenses to ICE Clear Europe in
accepting, maintaining, holding and investing, as appropriate, such
deposits. The charges and rates of return will apply to all Clearing
Members. ICE Clear Europe believes that imposing such charges and rates
of return thus provides for the equitable allocation of reasonable
dues, fees, and other charges among its Clearing Members, within the
meaning of Section 17A(b)(3)(D) of the Act.\6\ ICE Clear Europe
therefore believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act and regulations thereunder
applicable to it.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
ICE Clear Europe does not believe the proposed rule changes would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purpose of the Act. Although the
changes may result in certain additional costs to Clearing Members, ICE
Clear Europe believes that the revised fees and rates of return have
been set at an appropriate level given the costs and expenses to ICE
Clear Europe in accepting, maintaining, holding and investing, as
appropriate, margin and guaranty fund deposits. ICE Clear Europe does
not believe that the amendments would adversely affect the ability of
such Clearing Members or other market participants generally to engage
in cleared transactions or to access clearing. Since the revised
charges and rates of return will apply to all Clearing Members, ICE
Clear Europe further believes that the fees will not otherwise
adversely affect competition among Clearing Members, adversely affect
the market for clearing services, or limit market participants' choices
for obtaining clearing services.
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 changes to the rules have
not been solicited or received. ICE Clear Europe will notify the
Commission of any written comments received by ICE Clear Europe.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A) \7\ of the Act and Rule 19b-4(f)(2) \8\
thereunder because the proposed rule change establishes a fee or other
charge imposed by ICE Clear Europe on its Clearing Members, within the
meaning of Rule 19b-4(f)(2). At any time within 60 days of the filing
of the proposed rule change, the Commission summarily may temporarily
suspend such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-ICEEU-2017-001 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-ICEEU-2017-001. 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
[[Page 11964]]
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 Europe and on ICE Clear Europe's Web site
at https://www.theice.com/clear-europe/regulation#rule-filings.
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-ICEEU-2017-001
and should be submitted on or before March 20, 2017.
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\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03731 Filed 2-24-17; 8:45 am]
BILLING CODE 8011-01-P
