Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Revised Clearing Fees, 67451-67452 [2018-28189]

Download as PDF amozie on DSK3GDR082PROD with NOTICES1 Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices Commission under section 23(c) of the Act. condition will be subject to examination by the Commission and its staff. Applicant’s Conditions Applicant agrees that the order granting the requested relief will be subject to the following conditions: 1. The Plans will be authorized by Applicant’s stockholders. 2. Each issuance of Restricted Stock to an officer, employee, or Non-Employee Director will be approved by the Required Majority of Applicant’s directors on the basis that such grant is in the best interest of Applicant and its stockholders. 3. The amount of voting securities that would result from the exercise of all of Applicant’s outstanding warrants, options and rights, together with any Restricted Stock issued under the Plans and the 2006 Plan, at the time of issuance shall not exceed 25% of the outstanding voting securities of the Company, except that if the amount of voting securities that would result from the exercise of all of the Company’s outstanding warrants, options and rights issued to the Company’s directors, officers and employees, together with any Restricted Stock issued pursuant to the Plans and the 2006 Plan, would exceed 15% of the outstanding voting securities of the Company, then the total amount of voting securities that would result from the exercise of all outstanding warrants, options and rights, together with any Restricted Stock issued pursuant to the Plans and the 2006 Plan, at the time of issuance shall not exceed 20% of the outstanding voting securities of the Company. 4. The amount of Restricted Stock issued and outstanding will not at the time of issuance of any shares of Restricted Stock exceed ten percent of Applicant’s outstanding voting securities. 5. The Board will review the Plans at least annually. In addition, the Board will review periodically the potential impact that the issuance of Restricted Stock under the Plans could have on Applicant’s earnings and net asset value per share, such review to take place prior to any decisions to grant Restricted Stock under the Plans, but in no event less frequently than annually. Adequate procedures and records will be maintained to permit such review. The Board will be authorized to take appropriate steps to ensure that the issuance of Restricted Stock under the Plans will be in the best interest of Applicant’s stockholders. This authority will include the authority to prevent or limit the granting of additional Restricted Stock under the Plans. All records maintained pursuant to this For the Commission, by the Division of Investment Management, pursuant to delegated authority. Brent J. Fields, Secretary. VerDate Sep<11>2014 18:13 Dec 27, 2018 Jkt 247001 [FR Doc. 2018–28318 Filed 12–27–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–84892; File No. SR–ICEEU– 2018–025] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Revised Clearing Fees December 20, 2018. 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 December 18, 2018, 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 primarily prepared 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)(4)(ii) thereunder,4 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. I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change The principal purpose of the proposed rule change is to revise clearing fees applicable to certain ICE Futures Europe Limited (‘‘IFEU’’) financials and softs and UK natural gas products (‘‘IFEU Products’’). The revisions do not involve any changes to the ICE Clear Europe Clearing Rules or Procedures.5 II. Clearing Agency’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 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)(4)(ii). 5 Capitalized terms used but not defined herein have the meanings specified in the ICE Clear Europe Clearing Rules. 67451 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 (a) Purpose The purpose of the proposed rule change is for ICE Clear Europe to modify certain clearing fees relating to certain IFEU Products 6 as set out below: • IFEU Softs: Clearing fee would increase from £0.37 to £0.55 per lot; • IFEU Equities: Clearing fee would increase from £0.20 to £0.21 per lot for the following contracts: Æ FTSE 100 Futures (Z); Æ FTSE 100 Dividend Index Futures (YZ); Æ FTSE 100 Dividend Index—RDSA withholding future (XZ); and • ICE’s UK Natural Gas: clearing fee would increase from £0.26 to £0.34 for screen transactions and decrease from £0.58 to £0.46 per lot for block/ exchange of futures for physicals (EFP)/ exchange of futures for swap (EFS) transactions. Attached as Exhibit 5 are the circulars listing the new fees relating to the IFEU Products. The relevant fee schedules relating to the IFEU Products will be updated and are available at: https:// www.theice.com/fees?=custom. The new fees are expected to come into effect on January 2, 2019. (b) Statutory Basis ICE Clear Europe has determined that the proposed fee changes set forth above are reasonable and appropriate. In particular, ICE Clear Europe believes that the fees have been set at an appropriate level given the costs and expenses to ICE Clear Europe in offering clearing of such IFEU Products, taking into account the investments ICE Clear Europe has made in clearing the markets for these products. The fees will apply to all F&O Clearing Members. ICE Clear Europe believes that imposing such charges 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.7 ICE Clear 1 15 2 17 PO 00000 Frm 00241 Fmt 4703 Sfmt 4703 6 ICE Futures Europe is also changing certain exchange fees with respect to the IFEU Products at the same time. 7 15 U.S.C. 78q–1(b)(3)(D). Under this provision, ‘‘[a] clearing agency shall not be registered unless E:\FR\FM\28DEN1.SGM Continued 28DEN1 67452 Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices Europe therefore believes that the proposed rule change is consistent with the requirements of Section 17A of the Act 8 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 have been set at an appropriate level given the costs and expenses to ICE Clear Europe in offering clearing of the IFEU Products. 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 fees will apply to all F&O 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. amozie on DSK3GDR082PROD with NOTICES1 (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 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)(2) 10 thereunder because it establishes a fee or other charge imposed by ICE Clear Europe on its Clearing Members. Specifically, the proposed rule changes will establish fees to be paid by Clearing Members to ICE Clear Europe in connection with the clearing of certain IFEU Products. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may the Commission determines that—(D) The rules of the clearing agency provide for the equitable allocation of reasonable dues, fees, and other charges among its participants.’’ 8 15 U.S.C. 78q–1. 9 15 U.S.C. 78s(b)(3)(A). 10 17 CFR 240.19b–4(f)(2). VerDate Sep<11>2014 18:13 Dec 27, 2018 Jkt 247001 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, security-based swap submission or advance notice 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–2018–025 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–2018–025. 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 website (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 website viewing and printing in the Commission’s Public Reference Section, 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 website at https:// www.theice.com/clear-europe/ regulation#rule-filing. 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 PO 00000 Frm 00242 Fmt 4703 Sfmt 4703 to make available publicly. All submissions should refer to File Number SR–ICEEU–2018–025 and should be submitted on or before January 18, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Brent J. Fields, Secretary. [FR Doc. 2018–28189 Filed 12–27–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–84887; File No. SR– PEARL–2018–25] Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Exchange Rule 519, MIAX PEARL Order Monitor December 20, 2018. Pursuant to the provisions of 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 December 12, 2018, MIAX PEARL, LLC (‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend Exchange Rule 519, MIAX PEARL Order Monitor (‘‘MOM’’). The text of the proposed rule change is available on the Exchange’s website at https://www.miaxoptions.com/rulefilings/pearl at MIAX PEARL’s principal office, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\28DEN1.SGM 28DEN1

Agencies

[Federal Register Volume 83, Number 248 (Friday, December 28, 2018)]
[Notices]
[Pages 67451-67452]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-28189]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84892; File No. SR-ICEEU-2018-025]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Adopt Revised Clearing Fees

December 20, 2018.
    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 December 18, 2018, 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 primarily prepared 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)(4)(ii) thereunder,\4\ 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)(4)(ii).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The principal purpose of the proposed rule change is to revise 
clearing fees applicable to certain ICE Futures Europe Limited 
(``IFEU'') financials and softs and UK natural gas products (``IFEU 
Products''). The revisions do not involve any changes to the ICE Clear 
Europe Clearing Rules or Procedures.\5\
---------------------------------------------------------------------------

    \5\ Capitalized terms used but not defined herein have the 
meanings specified in the ICE Clear Europe Clearing Rules.
---------------------------------------------------------------------------

II. Clearing Agency'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) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

(a) Purpose
    The purpose of the proposed rule change is for ICE Clear Europe to 
modify certain clearing fees relating to certain IFEU Products \6\ as 
set out below:
---------------------------------------------------------------------------

    \6\ ICE Futures Europe is also changing certain exchange fees 
with respect to the IFEU Products at the same time.
---------------------------------------------------------------------------

     IFEU Softs: Clearing fee would increase from [pound]0.37 
to [pound]0.55 per lot;
     IFEU Equities: Clearing fee would increase from 
[pound]0.20 to [pound]0.21 per lot for the following contracts:
    [cir] FTSE 100 Futures (Z);
    [cir] FTSE 100 Dividend Index Futures (YZ);
    [cir] FTSE 100 Dividend Index--RDSA withholding future (XZ); and
     ICE's UK Natural Gas: clearing fee would increase from 
[pound]0.26 to [pound]0.34 for screen transactions and decrease from 
[pound]0.58 to [pound]0.46 per lot for block/exchange of futures for 
physicals (EFP)/exchange of futures for swap (EFS) transactions.
    Attached as Exhibit 5 are the circulars listing the new fees 
relating to the IFEU Products. The relevant fee schedules relating to 
the IFEU Products will be updated and are available at: https://www.theice.com/fees?=custom. The new fees are expected to come into 
effect on January 2, 2019.
(b) Statutory Basis
    ICE Clear Europe has determined that the proposed fee changes set 
forth above are reasonable and appropriate. In particular, ICE Clear 
Europe believes that the fees have been set at an appropriate level 
given the costs and expenses to ICE Clear Europe in offering clearing 
of such IFEU Products, taking into account the investments ICE Clear 
Europe has made in clearing the markets for these products. The fees 
will apply to all F&O Clearing Members. ICE Clear Europe believes that 
imposing such charges 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.\7\ ICE Clear

[[Page 67452]]

Europe therefore believes that the proposed rule change is consistent 
with the requirements of Section 17A of the Act \8\ and regulations 
thereunder applicable to it.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1(b)(3)(D). Under this provision, ``[a] 
clearing agency shall not be registered unless the Commission 
determines that--(D) The rules of the clearing agency provide for 
the equitable allocation of reasonable dues, fees, and other charges 
among its participants.''
    \8\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

(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 have been set at an 
appropriate level given the costs and expenses to ICE Clear Europe in 
offering clearing of the IFEU Products. 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 fees will 
apply to all F&O 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

    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)(2) \10\ 
thereunder because it establishes a fee or other charge imposed by ICE 
Clear Europe on its Clearing Members. Specifically, the proposed rule 
changes will establish fees to be paid by Clearing Members to ICE Clear 
Europe in connection with the clearing of certain IFEU Products. 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)(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, security-based swap submission or advance notice 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-2018-025 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-2018-025. 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 website (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 website viewing and printing in 
the Commission's Public Reference Section, 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 website at https://www.theice.com/clear-europe/regulation#rule-filing. 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-2018-025 
and should be submitted on or before January 18, 2019.

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

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

Brent J. Fields,
Secretary.
[FR Doc. 2018-28189 Filed 12-27-18; 8:45 am]
BILLING CODE 8011-01-P
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