Sunshine Act Meetings, 11136 [2020-03922]
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Federal Register / Vol. 85, No. 38 / Wednesday, February 26, 2020 / Notices
Further, in limiting the allocation of
Investment Losses in the Client Origin
Account to those Clearing Participants
that have instructed, or are deemed to
have instructed, ICC to invest cash
Initial Margin in the Client Origin
Account, the Commission believes that
the proposed rule change would help to
minimize risk of loss and of delay in
access to cash Initial Margin by
providing a means for Clearing
Participants to opt out responsibility for
Investment Losses with respect to the
Client Origin Account.
Accordingly, the Commission finds
that the proposed rule change is
consistent with the requirements of Rule
17Ad–22(d)(3).61
D. Consistency With Rule 17Ad–22(d)(8)
Rule 17Ad–22(d)(8) requires that ICC
establish, implement, maintain and
enforce written policies and procedures
reasonably designed to have governance
arrangements that are clear and
transparent to fulfill the public interest
requirements in Section 17A of the Act
applicable to clearing agencies, to
support the objectives of owners and
participants, and to promote the
effectiveness of ICC’s risk management
procedures.62
The Commission believes that the
proposed rule change, in providing that
the ICC Board could modify the amount
of Investment Loss Resources and
Custodial Loss Resources from time to
time, and specifying that such
determination would be risk-based in
light of ICC’s potential exposure to such
losses, would establish clear and
transparent governance arrangements
for determining the amount of such
resources.
Accordingly, the Commission finds
that the proposed rule change is
consistent with the requirements of Rule
17Ad–22(d)(8).63
V. Accelerated Approval of the
Proposed Rule Change, as Modified by
Partial Amendment No. 1 and Partial
Amendment No. 2
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The Commission finds good cause,
pursuant to Section 19(b)(2) of the
Act,64 to approve the proposed rule
change prior to the 30th day after the
date of publication of Partial
61 15
U.S.C. 17Ad–22(d)(3).
62 15 U.S.C. 17Ad–22(d)(8).
63 15 U.S.C. 17Ad–22(d)(8).
64 15 U.S.C. 78s(b)(2).
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Amendment No. 2 in the Federal
Register. As discussed above, Partial
Amendment No. 2 modifies the initial
proposed rule change to (1) differentiate
the treatment of Investment Losses in
the Client Origin Account from the
treatment of Investment Losses in the
House Origin Account and (2) limit the
allocation of Investment Losses to those
Clearing Participants that have
instructed, or are deemed to have
instructed, ICC to invest cash Initial
Margin in the Client Origin Account. In
so doing, Partial Amendment No. 2
provides for a more clear and
comprehensive understanding of the
treatment of Investment Losses and the
impact of the proposed rule change on
Clearing Participants, which helps to
improve the Commission’s review of the
proposed rule change for consistency
with the Act.
For similar reasons as discussed
above, the Commission finds that Partial
Amendment No. 2 is designed to help
assure the prompt and accurate
clearance and settlement of securities
transactions and the safeguarding of
securities and funds which are in the
custody or control of ICC, consistent
with Section 17A(b)(3)(F) of the Act,65
and the equitable allocation of
reasonable dues, fees, and other charges
among ICC’s Clearing Participants,
consistent with the Section 17A(b)(3)(D)
of the Act.66 Accordingly, the
Commission finds good cause for
approving the proposed rule change, as
modified by Partial Amendment No. 2,
on an accelerated basis, pursuant to
Section 19(b)(2) of the Exchange Act.67
VI. Conclusion
On the basis of the foregoing, the
Commission finds that the proposed
rule change, as modified by Partial
Amendment No. 1 and Partial
Amendment No. 2, is consistent with
the requirements of the Act, and in
particular, with the requirements of
Section 17A(b)(3)(F) and (D) of the
Act 68 and Rules 17Ad–22(d)(3) and
(d)(8) thereunder.69
It is therefore ordered pursuant to
Section 19(b)(2) of the Act 70 that the
proposed rule change, as modified by
Partial Amendment No. 1 and Partial
Amendment No. 2 (SR–ICC–2019–010),
be, and hereby is, approved on an
accelerated basis.71
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.72
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020–03775 Filed 2–25–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
7:20 p.m. on Thursday,
February 20, 2020.
PLACE: The meeting was held at the
Commission’s headquarters, 100 F
Street NE, Washington, DC 20549.
STATUS: This meeting was closed to the
public.
MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
attended the closed meeting. Certain
staff members who have an interest in
the matter were also present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)
and (10) and 17 CFR 200.402(a)(3),
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and
(a)(10), permit consideration of the
scheduled matter at the closed meeting.
This notice is being made publicly
available at the earliest practicable time.
The subject matter of the closed
meeting consisted of the following
topic: Other matter relating to
enforcement proceedings.
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
TIME AND DATE:
Dated: February 21, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–03922 Filed 2–24–20; 11:15 am]
BILLING CODE 8011–01–P
65 15
U.S.C. 78q–1(b)(3)(F).
66 15 U.S.C. 78q–1(b)(3)(D).
67 15 U.S.C. 78s(b)(2).
68 15 U.S.C. 78q–1(b)(3)(F), (D).
69 17 CFR 240.17Ad–22(d)(3) and (d)(8).
70 15 U.S.C. 78s(b)(2).
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71 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).
72 17 CFR 200.30–3(a)(12).
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[Federal Register Volume 85, Number 38 (Wednesday, February 26, 2020)]
[Notices]
[Page 11136]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-03922]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meetings
TIME AND DATE: 7:20 p.m. on Thursday, February 20, 2020.
PLACE: The meeting was held at the Commission's headquarters, 100 F
Street NE, Washington, DC 20549.
STATUS: This meeting was closed to the public.
MATTERS TO BE CONSIDERED: Commissioners, Counsel to the Commissioners,
the Secretary to the Commission, and recording secretaries attended the
closed meeting. Certain staff members who have an interest in the
matter were also present.
The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) and (10) and 17 CFR
200.402(a)(3), (a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and (a)(10),
permit consideration of the scheduled matter at the closed meeting.
This notice is being made publicly available at the earliest
practicable time.
The subject matter of the closed meeting consisted of the following
topic: Other matter relating to enforcement proceedings.
CONTACT PERSON FOR MORE INFORMATION: For further information; please
contact Vanessa A. Countryman from the Office of the Secretary at (202)
551-5400.
Dated: February 21, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020-03922 Filed 2-24-20; 11:15 am]
BILLING CODE 8011-01-P
