Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the Clearance of Additional Credit Default Swap Contracts, 44473-44474 [2017-20203]

Download as PDF Federal Register / Vol. 82, No. 183 / Friday, September 22, 2017 / Notices Comments are encouraged and will be accepted until November 21, 2017. DATES: Interested persons are invited to submit written comments on the proposed information collection to Human Resources Strategy and Evaluation Solutions, Office of Personnel Management, 1900 E Street NW., Washington, DC 20415, Attention: Coty Hoover, or via email to Organizational_Assessment@opm.gov. FOR FURTHER INFORMATION CONTACT: A copy of this ICR, with applicable supporting documentation, may be obtained by contacting Human Resources Strategy and Evaluation Solutions, Office of Personnel Management, 1900 E Street NW., Washington, DC 20415, Attention: Coty Hoover, or via email to Organizational_ Assessment@opm.gov. SUPPLEMENTARY INFORMATION: As required by the Paperwork Reduction Act of 1995, (Pub. L. 104–13, 44 U.S.C. chapter 35) as amended by the ClingerCohen Act (Pub. L. 104–106), OPM is soliciting comments for this collection. The previous collection (OMB No. 3206–0236, published in the Federal Register on December 26, 2013 at 78 FR 248) has an emergency clearance (published in the Federal Register on May 5, 2017 at 82 FR 21273) that expires January 31, 2018. Comments are particularly invited on: ADDRESSES: 1. Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; 2. Whether our estimate of the public burden of this collection is accurate, and based on valid assumptions and methodology; and 3. Ways in which we can minimize the burden of the collection of information on those who are to respond, through the use of the appropriate technological collection techniques or other forms of information technology. OPM’s Human Resources Strategy and Evaluation Solutions performs assessment and related consultation activities for Federal agencies on a reimbursable basis. The assessment is authorized by various statutes and regulations: Section 4702 of Title 5, U.S.C.; E.O. 12862; E.O. 13715; Section 1128 of the National Defense Authorization Act for Fiscal Year 2004, Public Law 108–136; 5 U.S.C. 1101 note, 1103(a)(5), 1104, 1302, 3301, 3302, 4702, 7701 note; E.O. 13197, 66 FR 7853, 3 CFR 748 (2002); E.O. 10577, 12 FR 1259, 3 CFR, 1954–1958 Comp., p. 218; and Section 4703 of Title 5, United States Code. VerDate Sep<11>2014 18:11 Sep 21, 2017 Jkt 241001 This collection request includes surveys we currently use and plan to use during the next three years to measure agency performance in providing services to meet customer needs. These surveys consist of Likerttype, mark-one, and mark-all-that-apply items, and may include a small number of open-ended comment items. Administration of OPM’s Customer Satisfaction Surveys (OMB No. 3206– 0236) typically consists of approximately 15–20 standard items drawn from an item bank of approximately 50 items; client agencies usually add a small number of custom items to assess satisfaction with specific products and services. The survey is almost always administered electronically. 44473 U.S. Postal Service, 475 L’Enfant Plaza SW., Washington, DC 20260–1000. Telephone: (202) 268–4800. Julie S. Moore. Secretary. [FR Doc. 2017–20394 Filed 9–20–17; 4:15 pm] BILLING CODE 7710–12–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81644; File No. SR–ICC– 2017–008] Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the Clearance of Additional Credit Default Swap Contracts Analysis September 18, 2017. Agency: Human Resources Strategy and Evaluation Solutions, Office of Personnel Management. Title: Customer Satisfaction Surveys. OMB Number: 3206–0236. Frequency: On occasion. Affected Public: Individuals and businesses. Number of Respondents: Approximately 180,000. Estimated Time per Respondent: 7 minutes. Total Burden Hours: 21,000 hours. I. Introduction On June 13, 2017, ICE Clear Credit LLC (‘‘ICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to revise the ICC Rulebook (the ‘‘Rules’’) in order to provide for the clearance of additional Standard Emerging Market Sovereign CDS contracts (together, ‘‘EM Contracts’’). The proposed rule change was published for comment in the Federal Register on July 3, 2017.3 The Commission did not receive comments on the proposed rule change. On August 17, 2017, the Commission designated a longer period for Commission action on the proposed rule change.4 For the reasons discussed below, the Commission is approving the proposed rule change. U.S. Office of Personnel Management. Kathleen M. McGettigan, Acting Director. [FR Doc. 2017–20260 Filed 9–21–17; 8:45 am] BILLING CODE 6325–43–P POSTAL SERVICE Temporary Emergency Committee of the Board of Governors; Sunshine Act Meeting Monday, September 25, 2017, at 1:00 p.m. PLACE: Washington, DC. STATUS: Closed. MATTERS TO BE CONSIDERED: Monday, September 25, 2017, at 1:00 p.m. 1. Strategic Issues. 2. Pricing. 3. Executive Session—Discussion of prior agenda items and Temporary Emergency Committee governance. GENERAL COUNSEL CERTIFICATION: The General Counsel of the United States Postal Service has certified that the meeting may be closed under the Government in the Sunshine Act. DATES AND TIMES: CONTACT PERSON FOR MORE INFORMATION: Julie S. Moore, Secretary of the Board, PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 II. Description of the Proposed Rule Change The purpose of this rule change is to provide the basis for ICC to clear additional credit default swap contracts. Specifically, ICC has proposed amending Subchapter 26D of its Rules to provide for the clearance of additional EM Contracts by including the Kingdom of Saudi Arabia and the Republic of Kazakhstan in the list of specific Eligible SES Reference Entities in Rule 26D–102. ICC represents that these additional EM Contracts have 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 34–81029 (June 27, 2017), 82 FR 30931 (July 3, 2017) (SR– ICC–2017–008) (‘‘Notice’’). 4 Securities Exchange Act Release No. 34–81413 (August 17, 2017), 82 FR 40026 (August 23, 2017) (SR–ICC–2017–008). 2 17 E:\FR\FM\22SEN1.SGM 22SEN1 44474 Federal Register / Vol. 82, No. 183 / Friday, September 22, 2017 / Notices terms consistent with the other EM Contracts approved for clearing at ICC and governed by Subchapter 26D of the Rules.5 ICC has also represented that clearing of the additional EM Contracts will not require any changes to ICC’s Risk Management Framework or other policies and procedures constituting rules within the meaning of the Act.6 III. Discussion and Commission Findings Section 19(b)(2)(C) of the Act directs the Commission to approve a proposed rule change of a self-regulatory organization if the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such selfregulatory organization.7 Section 17A(b)(3)(F) of the Act 8 requires that, 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, 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 rule change is consistent with the requirements of Section 17A of the Act 9 and the rules and regulations thereunder applicable to ICC. The Commission has reviewed the terms and conditions of these contracts and has determined that they are substantially similar to the other contracts listed in Subchapter 26D of the ICC Rules, all of which ICC currently clears, the key difference being that the underlying reference obligations will be issuances by the Kingdom of Saudi Arabia and the Republic of Kazakhstan, the new Eligible SES Reference Entities. Moreover, the Commission has reviewed the Notice and ICC’s Rules, policies and procedures, which provide that the additional EM Contracts will be cleared pursuant to ICC’s existing clearing arrangements and related financial safeguards, protections and risk management procedures.10 In addition, the Commission has evaluated information submitted by ICC, including data on volume, open interest, and the number of ICC clearing participants 82 FR at 30931. at 30931–32. 7 15 U.S.C. 78s(b)(2)(C). 8 15 U.S.C. 78q–1(b)(3)(F). 9 15 U.S.C. 78q–1. 10 Notice, 82 FR at 30932. 6 Id. 18:11 Sep 21, 2017 IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act 12 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,13 that the proposed rule change (File No. SR–ICC– 2017–008) be, and hereby is, approved.14 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–20203 Filed 9–21–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 32821; File No. 812–14741] AQR Funds, et al. September 18, 2017. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice. AGENCY: Notice of an application for an order pursuant to: (a) Section 6(c) of the 11 15 U.S.C. 78q–1(b)(3)(F). U.S.C. 78q–1. 13 15 U.S.C. 78s(b)(2). 14 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). 15 17 CFR 200.30–3(a)(12). 12 15 5 Notice, VerDate Sep<11>2014 (‘‘CPs’’) that currently trade in the additional EM Contracts as well as certain model parameters for the additional EM Contracts. Based on this review, the Commission finds that ICC’s rules, policies, and procedures are reasonably designed to price and measure the potential risk presented by these products; collect financial resources in proportion to such risk; and liquidate these products in the event of a CP default. Thus, the Commission finds that acceptance of the additional EM Contracts, on the terms and conditions set out in ICC’s Rules, is consistent with the prompt and accurate clearance of and settlement of securities transactions and derivative agreements, contracts and transactions cleared by ICC, the safeguarding of securities and funds in the custody or control of ICC, and the protection of investors and the public interest, within the meaning of Section 17A(b)(3)(F) of the Act.11 Jkt 241001 PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 Investment Company Act of 1940 (‘‘Act’’) granting an exemption from sections 18(f) and 21(b) of the Act; (b) section 12(d)(1)(J) of the Act granting an exemption from section 12(d)(1) of the Act; (c) sections 6(c) and 17(b) of the Act granting an exemption from sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Act; and (d) section 17(d) of the Act and rule 17d–1 under the Act to permit certain joint arrangements and transactions. Applicants request an order that would permit certain registered open-end management investment companies to participate in a joint lending and borrowing facility. Applicants: AQR Funds (the ‘‘Trust’’), registered under the Act as an open-end management investment company, and AQR Capital Management, LLC (‘‘AQR’’), registered as an investment adviser under the Investment Advisers Act of 1940. Filing Dates: The application was filed on February 2, 2017 and amended on July 6, 2017. Hearing or Notification of Hearing: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on October 13, 2017 and should be accompanied by proof of service on the applicants, in the form of an affidavit, or, for lawyers, a certificate of service. Pursuant to Rule 0–5 under the Act, hearing requests should state the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission’s Secretary. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090; Applicants: AQR Capital Management, LLC, Two Greenwich Plaza, 4th Floor, Greenwich, CT 06830. FOR FURTHER INFORMATION CONTACT: James Maclean, Senior Counsel, at (202) 551–7794, or Robert Shapiro, Branch Chief, at (202) 551–7758 (Division of Investment Management, Chief Counsel’s Office). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission’s Web site by searching for the file number, or an applicant using the Company name box, at http:// E:\FR\FM\22SEN1.SGM 22SEN1

Agencies

[Federal Register Volume 82, Number 183 (Friday, September 22, 2017)]
[Notices]
[Pages 44473-44474]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-20203]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81644; File No. SR-ICC-2017-008]


Self-Regulatory Organizations; ICE Clear Credit LLC; Order 
Approving Proposed Rule Change Relating to the Clearance of Additional 
Credit Default Swap Contracts

September 18, 2017.

I. Introduction

    On June 13, 2017, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to revise the ICC 
Rulebook (the ``Rules'') in order to provide for the clearance of 
additional Standard Emerging Market Sovereign CDS contracts (together, 
``EM Contracts''). The proposed rule change was published for comment 
in the Federal Register on July 3, 2017.\3\ The Commission did not 
receive comments on the proposed rule change. On August 17, 2017, the 
Commission designated a longer period for Commission action on the 
proposed rule change.\4\ For the reasons discussed below, the 
Commission is approving the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-81029 (June 27, 
2017), 82 FR 30931 (July 3, 2017) (SR-ICC-2017-008) (``Notice'').
    \4\ Securities Exchange Act Release No. 34-81413 (August 17, 
2017), 82 FR 40026
     (August 23, 2017) (SR-ICC-2017-008).
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II. Description of the Proposed Rule Change

    The purpose of this rule change is to provide the basis for ICC to 
clear additional credit default swap contracts. Specifically, ICC has 
proposed amending Subchapter 26D of its Rules to provide for the 
clearance of additional EM Contracts by including the Kingdom of Saudi 
Arabia and the Republic of Kazakhstan in the list of specific Eligible 
SES Reference Entities in Rule 26D-102. ICC represents that these 
additional EM Contracts have

[[Page 44474]]

terms consistent with the other EM Contracts approved for clearing at 
ICC and governed by Subchapter 26D of the Rules.\5\ ICC has also 
represented that clearing of the additional EM Contracts will not 
require any changes to ICC's Risk Management Framework or other 
policies and procedures constituting rules within the meaning of the 
Act.\6\
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    \5\ Notice, 82 FR at 30931.
    \6\ Id. at 30931-32.
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III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act directs the Commission to approve a 
proposed rule change of a self-regulatory organization if the 
Commission finds that the proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to such self-regulatory organization.\7\ Section 
17A(b)(3)(F) of the Act \8\ requires that, 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, 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2)(C).
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
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    The Commission finds that the rule change is consistent with the 
requirements of Section 17A of the Act \9\ and the rules and 
regulations thereunder applicable to ICC. The Commission has reviewed 
the terms and conditions of these contracts and has determined that 
they are substantially similar to the other contracts listed in 
Subchapter 26D of the ICC Rules, all of which ICC currently clears, the 
key difference being that the underlying reference obligations will be 
issuances by the Kingdom of Saudi Arabia and the Republic of 
Kazakhstan, the new Eligible SES Reference Entities. Moreover, the 
Commission has reviewed the Notice and ICC's Rules, policies and 
procedures, which provide that the additional EM Contracts will be 
cleared pursuant to ICC's existing clearing arrangements and related 
financial safeguards, protections and risk management procedures.\10\ 
In addition, the Commission has evaluated information submitted by ICC, 
including data on volume, open interest, and the number of ICC clearing 
participants (``CPs'') that currently trade in the additional EM 
Contracts as well as certain model parameters for the additional EM 
Contracts. Based on this review, the Commission finds that ICC's rules, 
policies, and procedures are reasonably designed to price and measure 
the potential risk presented by these products; collect financial 
resources in proportion to such risk; and liquidate these products in 
the event of a CP default. Thus, the Commission finds that acceptance 
of the additional EM Contracts, on the terms and conditions set out in 
ICC's Rules, is consistent with the prompt and accurate clearance of 
and settlement of securities transactions and derivative agreements, 
contracts and transactions cleared by ICC, the safeguarding of 
securities and funds in the custody or control of ICC, and the 
protection of investors and the public interest, within the meaning of 
Section 17A(b)(3)(F) of the Act.\11\
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    \9\ 15 U.S.C. 78q-1.
    \10\ Notice, 82 FR at 30932.
    \11\ 15 U.S.C. 78q-1(b)(3)(F).
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IV. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act and in 
particular with the requirements of Section 17A of the Act \12\ and the 
rules and regulations thereunder.
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    \12\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\13\ that the proposed rule change (File No. SR-ICC-2017-008) be, 
and hereby is, approved.\14\
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    \13\ 15 U.S.C. 78s(b)(2).
    \14\ 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).
    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-20203 Filed 9-21-17; 8:45 am]
 BILLING CODE 8011-01-P