Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amendments to the ICE Clear Europe Delivery Procedures, 52962-52963 [2017-24660]

Download as PDF 52962 Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Notices submissions should refer to File Number SR–Phlx–2017–89, and should be submitted on or before December 6, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–24656 Filed 11–14–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–82041; File No. SR–ICEEU– 2017–012] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amendments to the ICE Clear Europe Delivery Procedures November 8, 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 October 31, 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 by ICE Clear Europe. ICE Clear Europe filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act,3 and Rule 19b–4(f)(4)(ii) 4 thereunder, so that the proposal was immediately effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. sradovich on DSK3GMQ082PROD with NOTICES I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change, Security-Based Swap Submission, or Advance Notice The principal purpose of the proposed rule change is to implement certain amendments and updates to the ICE Clear Europe Delivery Procedures relating to European emissions and UK electricity contracts. II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change, Security-Based Swap Submission or Advance Notice In its filing with the Commission, ICE Clear Europe included statements 16 17 CFR 200.30–3(a)(12). 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)(ii). 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) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change, Security-Based Swap Submission or Advance Notice (a) Purpose ICE Clear Europe proposes to implement certain amendments and updates to the ICE Clear Europe Delivery Procedures relating to European emissions and UK electricity contracts. The proposed amendments are designed (i) to update the Delivery Procedures relating to deliveries under European emissions and UK power contracts to be consistent with current practice and reflect the use of updated delivery forms and processes and (ii) to remove certain references to contracts no longer traded. In Part A of the Delivery Procedures (relating to European emissions contracts), ICE Clear Europe is modifying the timing for submission of delivery confirmation forms to be consistent with the timing of the expiration of the relevant contracts. In Part C of the Delivery Procedures (relating to UK electricity contracts), ICE Clear Europe is removing certain references (and related provisions) for contracts that are no longer traded. The amendments also remove references to a pre-delivery authorization process and certain reports that are no longer used, as well as extend the deadline for certain authorization requests, in light of updates to ICE Clear Europe systems. In addition, the amendments modify the timing for submission of certain delivery confirmation forms to be consistent with the timing of the expiration of the relevant contracts. (b) Statutory Basis ICE Clear Europe believes that the proposed amendments are consistent with the requirements of Section 17A of the Act 5 and the regulations thereunder applicable to it, including the standards under Rule 17Ad–22.6 Section 17A(b)(3)(F) of the Act 7 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 1 15 VerDate Sep<11>2014 19:58 Nov 14, 2017 5 15 U.S.C. 78q–1. CFR 240.17Ad–22. 7 15 U.S.C. 78q–1(b)(3)(F). applicable, derivative agreements, contracts, and transactions, the safeguarding of securities and funds in the custody or control of the clearing agency or for which it is responsible, and the protection of investors and the public interest. Rule 17Ad–22(e)(10) 8 requires that each covered clearing agency shall establish, implement, maintain and enforce written policies and procedures reasonably designed to establish and maintain transparent written standards that state its obligations with respect to the delivery of physical instruments, and establish and maintain operational practices that identify, monitor, and manage the risks associated with such physical deliveries. The proposed amendments are being made to update and clarify the ICE Clear Europe delivery procedures to make operational and documentation improvements in the delivery confirmation and notification processes. As a result, in ICE Clear Europe’s view, the amendments will facilitate the prompt and accurate clearance and settlement of cleared transactions, more clearly state the obligations of parties with respect to deliveries and the management of the risks of such deliveries, within the meaning of the Act and Rule 17Ad–22(e). (B) Clearing Agency’s Statement on Burden on Competition ICE Clear Europe does not believe the proposed changes to the rules would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purpose of the Act. ICE Clear Europe is adopting the amendments the Delivery Procedures and Clearing Procedures in order to clarify certain aspects of the exercise and settlement of equity futures and options currently cleared by ICE Clear Europe. ICE Clear Europe does not believe the adoption of related Delivery Procedures and Clearing Procedures amendments would materially affect the cost of clearing these products, adversely affect access to clearing in these products for Clearing Members or their customers, or otherwise adversely affect competition in clearing services. (C) Clearing Agency’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. 6 17 Jkt 244001 PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 8 17 CFR 240.17Ad–22(e)(10). E:\FR\FM\15NON1.SGM 15NON1 Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Notices III. Date of Effectiveness of the Proposed Rule Change, Security-Based Swap Submission and Advance Notice and Timing for Commission Action The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A) 9 of the Act and Rule 19b– 4(f)(4)(ii) 10 thereunder because it effects a change in an existing service of a registered clearing agency that primarily affects the clearing operations of the clearing agency with respect to products that are not securities, including futures that are not security futures, swaps that are not security-based swaps or mixed swaps, and forwards that are not security forwards, and does not significantly affect any securities clearing operations of the clearing agency or any rights or obligations of the clearing agency with respect to securities clearing or persons using such securities-clearing service. 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: sradovich on DSK3GMQ082PROD with NOTICES 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–2017–012 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–2017–012. 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 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). 10 17 VerDate Sep<11>2014 19:58 Nov 14, 2017 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 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ICEEU–2017–012 and should be submitted on or before December 6, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–24660 Filed 11–14–17; 8:45 am] 2018, until on or about May 13, 2018, and at possible additional exhibitions or venues yet to be determined, is in the national interest. FOR FURTHER INFORMATION CONTACT: Elliot Chiu in the Office of the Legal Adviser, U.S. Department of State (telephone: 202–632–6471; email: section2459@state.gov). The mailing address is U.S. Department of State, L/PD, SA–5, Suite 5H03, Washington, DC 20522–0505. SUPPLEMENTARY INFORMATION: The foregoing determinations were made pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), E.O. 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, et seq.; 22 U.S.C. 6501 note, et seq.), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236–3 of August 28, 2000 (and, as appropriate, Delegation of Authority No. 257–1 of December 11, 2015). I have ordered that Public Notice of these determinations be published in the Federal Register. Alyson Grunder, Deputy Assistant Secretary for Policy, Bureau of Educational and Cultural Affairs, Department of State. [FR Doc. 2017–24695 Filed 11–14–17; 8:45 am] BILLING CODE 4710–05–P DEPARTMENT OF STATE [Public Notice 10200] BILLING CODE 8011–01–P U.S. Advisory Commission on Public Diplomacy; Notice of Meeting DEPARTMENT OF STATE The U.S. Advisory Commission on Public Diplomacy will hold a public meeting from 10:00 a.m. until 11:30 p.m., Friday, December 8, 2017, at the Russell Senate Office Building 385 (2 Constitution Ave. NE., Washington, DC 20002). The public meeting will address the future of public diplomacy training. The session will include presentations from leaders in public diplomacy education and professional development from the Foreign Service Institute, as well as other experts. This meeting is open to the public, Members and staff of Congress, the State Department, Defense Department, the media, and other governmental and non-governmental organizations. An RSVP is required. To attend and make any requests for reasonable accommodation, email Michelle Bowen at BowenMC1@state.gov by 5 p.m. on Wednesday, December 6, 2017. Please arrive for the meeting by 9:45 a.m. to allow for a prompt start. [Public Notice: 10198] Notice of Determinations; Culturally Significant Objects Imported for Exhibition Determinations: ‘‘Michel Sittow: Estonian Painter at the Courts of Renaissance Europe’’ Exhibition Notice is hereby given of the following determinations: I hereby determine that certain objects to be included in the exhibition ‘‘Michel Sittow: Estonian Painter at the Courts of Renaissance Europe,’’ imported from abroad for temporary exhibition within the United States, are of cultural significance. The objects are imported pursuant to loan agreements with the foreign owners or custodians. I also determine that the exhibition or display of the exhibit objects at the National Gallery of Art, Washington, District of Columbia, from on or about January 28, SUMMARY: 11 17 Jkt 244001 52963 PO 00000 CFR 200.30–3(a)(12). Frm 00091 Fmt 4703 Sfmt 4703 E:\FR\FM\15NON1.SGM 15NON1

Agencies

[Federal Register Volume 82, Number 219 (Wednesday, November 15, 2017)]
[Notices]
[Pages 52962-52963]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24660]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82041; File No. SR-ICEEU-2017-012]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to Amendments to the ICE Clear Europe Delivery Procedures

November 8, 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 October 31, 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 by ICE Clear Europe. ICE Clear Europe filed 
the proposed rule change pursuant to Section 19(b)(3)(A) of the Act,\3\ 
and Rule 19b-4(f)(4)(ii) \4\ thereunder, so that the proposal was 
immediately 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)(ii).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change, Security-Based Swap Submission, or Advance Notice

    The principal purpose of the proposed rule change is to implement 
certain amendments and updates to the ICE Clear Europe Delivery 
Procedures relating to European emissions and UK electricity contracts.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change, Security-Based Swap Submission or 
Advance Notice

    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) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change, Security-Based Swap Submission or 
Advance Notice

(a) Purpose
    ICE Clear Europe proposes to implement certain amendments and 
updates to the ICE Clear Europe Delivery Procedures relating to 
European emissions and UK electricity contracts. The proposed 
amendments are designed (i) to update the Delivery Procedures relating 
to deliveries under European emissions and UK power contracts to be 
consistent with current practice and reflect the use of updated 
delivery forms and processes and (ii) to remove certain references to 
contracts no longer traded.
    In Part A of the Delivery Procedures (relating to European 
emissions contracts), ICE Clear Europe is modifying the timing for 
submission of delivery confirmation forms to be consistent with the 
timing of the expiration of the relevant contracts.
    In Part C of the Delivery Procedures (relating to UK electricity 
contracts), ICE Clear Europe is removing certain references (and 
related provisions) for contracts that are no longer traded. The 
amendments also remove references to a pre-delivery authorization 
process and certain reports that are no longer used, as well as extend 
the deadline for certain authorization requests, in light of updates to 
ICE Clear Europe systems. In addition, the amendments modify the timing 
for submission of certain delivery confirmation forms to be consistent 
with the timing of the expiration of the relevant contracts.
(b) Statutory Basis
    ICE Clear Europe believes that the proposed amendments are 
consistent with the requirements of Section 17A of the Act \5\ and the 
regulations thereunder applicable to it, including the standards under 
Rule 17Ad-22.\6\
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78q-1.
    \6\ 17 CFR 240.17Ad-22.
---------------------------------------------------------------------------

    Section 17A(b)(3)(F) of the Act \7\ 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, the safeguarding of securities and funds in the custody 
or control of the clearing agency or for which it is responsible, and 
the protection of investors and the public interest. Rule 17Ad-
22(e)(10) \8\ requires that each covered clearing agency shall 
establish, implement, maintain and enforce written policies and 
procedures reasonably designed to establish and maintain transparent 
written standards that state its obligations with respect to the 
delivery of physical instruments, and establish and maintain 
operational practices that identify, monitor, and manage the risks 
associated with such physical deliveries. The proposed amendments are 
being made to update and clarify the ICE Clear Europe delivery 
procedures to make operational and documentation improvements in the 
delivery confirmation and notification processes. As a result, in ICE 
Clear Europe's view, the amendments will facilitate the prompt and 
accurate clearance and settlement of cleared transactions, more clearly 
state the obligations of parties with respect to deliveries and the 
management of the risks of such deliveries, within the meaning of the 
Act and Rule 17Ad-22(e).
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1(b)(3)(F).
    \8\ 17 CFR 240.17Ad-22(e)(10).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed changes to the rules 
would have any impact, or impose any burden, on competition not 
necessary or appropriate in furtherance of the purpose of the Act. ICE 
Clear Europe is adopting the amendments the Delivery Procedures and 
Clearing Procedures in order to clarify certain aspects of the exercise 
and settlement of equity futures and options currently cleared by ICE 
Clear Europe. ICE Clear Europe does not believe the adoption of related 
Delivery Procedures and Clearing Procedures amendments would materially 
affect the cost of clearing these products, adversely affect access to 
clearing in these products for Clearing Members or their customers, or 
otherwise adversely affect competition in clearing services.

(C) Clearing Agency'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.

[[Page 52963]]

III. Date of Effectiveness of the Proposed Rule Change, Security-Based 
Swap Submission and Advance Notice and Timing for Commission Action

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A) \9\ of the Act and Rule 19b-4(f)(4)(ii) \10\ 
thereunder because it effects a change in an existing service of a 
registered clearing agency that primarily affects the clearing 
operations of the clearing agency with respect to products that are not 
securities, including futures that are not security futures, swaps that 
are not security-based swaps or mixed swaps, and forwards that are not 
security forwards, and does not significantly affect any securities 
clearing operations of the clearing agency or any rights or obligations 
of the clearing agency with respect to securities clearing or persons 
using such securities-clearing service. 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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-2017-012 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-2017-012. 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 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. Persons 
submitting comments are cautioned that we do not redact or edit 
personal identifying information from comment submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-ICEEU-2017-012 and should be 
submitted on or before December 6, 2017.

For the Commission, by the Division of Trading and Markets, pursuant 
to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24660 Filed 11-14-17; 8:45 am]
 BILLING CODE 8011-01-P
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