Sunshine Act Meetings, 66036 [2019-26168]

Download as PDF 66036 Federal Register / Vol. 84, No. 231 / Monday, December 2, 2019 / 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 the filing also will be available for inspection and copying at the principal office of the Exchange. 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–NYSECHX–2019–22, and should be submitted on or before December 23, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–25966 Filed 11–29–19; 8:45 am] BILLING CODE 8011–01–P Sunshine Act Meetings Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Commission will host the SEC State of Our Securities Markets Conference on Wednesday, December 4, 2019 beginning at 9:30 a.m. (ET). PLACE: The event will be held at the SEC Headquarters, 100 F Street NE, Washington, DC 20549. The event’s panel discussions will be webcast on the Commission’s website at www.sec.gov. STATUS: This meeting will be open to the public. MATTERS TO BE CONSIDERED: This Sunshine Act notice is being issued because a majority of the Commission may attend the conference. The SEC Chairman will participate in a fireside chat during the event. Additionally, other SEC Commissioners may be in attendance. The event will include discussions concerning the everchanging economic, risk and market environment and what those changes mean for the structure and function of the securities markets. Areas of focus will include global macroeconomic trends—and their impacts on capital markets; changes to the global equity and credit markets—including how today’s markets differ from those of the jbell on DSKJLSW7X2PROD with NOTICES 11 17 17:10 Nov 29, 2019 Dated: November 27, 2019. Vanessa A. Countryman, Secretary. (A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change [FR Doc. 2019–26168 Filed 11–27–19; 4:15 pm] (a) Purpose ICE Clear Credit proposes amendments to its Rules to incorporate changes to the 2014 Definitions that are intended to address so-called ‘‘narrowly tailored credit events’’. In the wake of certain credit events and potential credit events in the CDS market in recent years, the International Swaps and Derivatives Association, Inc. (‘‘ISDA’’), in consultation with market participants, has developed and published the 2019 Narrowly Tailored Credit Event Supplement to the 2014 ISDA Credit Derivatives Definitions (the ‘‘NTCE Supplement’’).2 The NTCE Supplement, if applied to a CDS transaction, effects two principal changes to the 2014 Definitions: (1) A change to the definition of the ‘‘Failure to Pay’’ credit event designed to exclude certain narrowly tailored credit events and (2) a change to the process for determining the Outstanding Principal Balance of an obligation to address certain obligations of a reference entity that were issued at a discount. As described by ISDA in the attached guidance to the NTCE Supplement, the supplement was published in light of concerns among market participants and regulators about ‘‘instances of [CDS] market participants entering into arrangements with corporations that are narrowly tailored to trigger a credit event for CDS contracts while minimizing the impact on the corporation, in order to increase payment to the buyers of CDS protection.’’ 3 ISDA has expressed concern that ‘‘narrowly tailored defaults . . . could negatively impact the efficiency, reliability and fairness of the overall CDS market.’’ Regulators have also expressed concern with narrowly tailored or manufactured credit events, including a joint statement by the heads of the Commission, the Commodity Futures Trading Commission and the UK Financial Conduct Authority that CONTACT PERSON FOR MORE INFORMATION: BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–87612; File No. SR–ICC– 2019–013] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the ICC Clearing Rules Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, 15 U.S.C. 78s(b)(1) and Rule 19b–4, 17 CFR 240.19b–4, notice is hereby given that on November 15, 2019, ICE Clear Credit LLC (‘‘ICE Clear Credit’’ or ‘‘ICC’’) filed with the Securities and Exchange Commission the proposed rule change, security-based swap submission, or advance notice as described in Items I, II, and III below, which Items have been prepared primarily by ICC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 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 make certain changes to the ICC Clearing Rules (the ‘‘Rules’’) 1 to incorporate amendments to the industry-standard ISDA 2014 Credit Derivatives Definitions (the ‘‘2014 Definitions’’) that are being adopted in the broader CDS market to address socalled narrowly tailored credit events and related matters. II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICC included statements concerning the purpose of and basis for the proposed rule change, security-based swap submission, or advance notice and 1 Capitalized terms used but not defined herein have the meanings specified in the Rules. CFR 200.30–3(a)(12). VerDate Sep<11>2014 For further information, please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. discussed any comments it received on the proposed rule change, securitybased swap submission, or advance notice. The text of these statements may be examined at the places specified in Item IV below. ICC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements. November 25, 2019. SECURITIES AND EXCHANGE COMMISSION TIME AND DATE: early 2000s; and market concentration and fragmentation within certain areas of the securities markets, including relevant causes and potential risks and effects. Jkt 250001 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 2 The NTCE Supplement is published on the ISDA website at https://www.isda.org/a/KDqME/ Final-NTCE-Supplement.pdf. 3 NTCE Supplement, Guidance on the interpretation of the definition of ‘‘Failure to Pay’’. E:\FR\FM\02DEN1.SGM 02DEN1

Agencies

[Federal Register Volume 84, Number 231 (Monday, December 2, 2019)]
[Notices]
[Page 66036]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26168]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

TIME AND DATE: Notice is hereby given, pursuant to the provisions of 
the Government in the Sunshine Act, Public Law 94-409, that the 
Commission will host the SEC State of Our Securities Markets Conference 
on Wednesday, December 4, 2019 beginning at 9:30 a.m. (ET).

PLACE: The event will be held at the SEC Headquarters, 100 F Street NE, 
Washington, DC 20549. The event's panel discussions will be webcast on 
the Commission's website at www.sec.gov.

STATUS: This meeting will be open to the public.

MATTERS TO BE CONSIDERED: This Sunshine Act notice is being issued 
because a majority of the Commission may attend the conference. The SEC 
Chairman will participate in a fireside chat during the event. 
Additionally, other SEC Commissioners may be in attendance. The event 
will include discussions concerning the ever-changing economic, risk 
and market environment and what those changes mean for the structure 
and function of the securities markets. Areas of focus will include 
global macroeconomic trends--and their impacts on capital markets; 
changes to the global equity and credit markets--including how today's 
markets differ from those of the early 2000s; and market concentration 
and fragmentation within certain areas of the securities markets, 
including relevant causes and potential risks and effects.

CONTACT PERSON FOR MORE INFORMATION: For further information, please 
contact Vanessa A. Countryman from the Office of the Secretary at (202) 
551-5400.

    Dated: November 27, 2019.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2019-26168 Filed 11-27-19; 4:15 pm]
 BILLING CODE 8011-01-P