Administrative Declaration Amendment of a Disaster for the Commonwealth of Pennsylvania, 10613 [2021-03530]
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Federal Register / Vol. 86, No. 33 / Monday, February 22, 2021 / Notices
tkelley on DSKBCP9HB2PROD with NOTICES
As noted above, ICE Clear Europe
utilizes seconded representatives of
Clearing Members to serve on ICE Clear
Europe’s CDS Default Committee to
manage the portfolios of defaulting
clearing members. The proposed rule
changes would update and clarify the
requirements for a Clearing Member to
be eligible to serve on the CDS Default
Committee as well as clarify the
procedures to be used by the CDS
Default Committee if such Clearing
Member is unable to fulfill its upcoming
rotation obligation. The proposed rule
changes also describe the process ICE
Clear Europe follows when a CDS
Committee-Eligible Clearing Member is
unable to take part in the CDS Default
Committee. The proposed changes also
make various changes to the procedures
clarifying the fact that CDS Default
Committee Members and participants
are subject to confidentiality
requirements and that these participants
have the benefit of all exclusions and
limitations of liability available to ICE
Clear Europe. Further, the CDS Policy
changes clarify the detailed resources
available to CDS Default Committee
Members necessary for carrying out
their functions.
Taken together, the Commission
believes that these changes and
clarifications with respect to CDS
Default Committee participation and the
process for when a CDS CommitteeEligible Clearing Member cannot
participate in the CDS Default
Committee should allow ICE Clear
Europe to better ensure that the
committee is comprised of participants
who possess the requisite knowledge
and experience to assist in a default
management process. The Commission,
in turn, believes that this should help
ICE Clear Europe more effectively
manage defaults, ensuring ICEEU’s
ability to continue functioning, thereby
promoting the prompt and accurate
clearance and settlement of transactions.
For the reasons stated above, the
Commission finds that the proposed
rule change is consistent with the
Section 17A(b)(3)(F) of the Act.15
B. Consistency With Rule 17Ad–
22(e)(13)
Rule 17Ad–22(e)(13) requires that ICE
Clear Europe establish, implement,
maintain and enforce written policies
and procedures reasonably designed, as
applicable, to ensure ICE Clear Europe
has the authority and operational
capacity to take timely action to contain
losses and liquidity demands and
continue to meet its obligations by, at a
minimum, requiring its Clearing
15 15
U.S.C. 78q–1(b)(3)(F).
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19:48 Feb 19, 2021
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Members and, when practicable, other
stakeholders to participate in the testing
and review of its default procedures,
including any close-out procedures, at
least annually and following material
changes thereto.16
As noted above, the proposed changes
to the CDS Procedures would define the
requirements for Clearing Members to
become eligible to participate in the
CDS Default Committee as well as the
process for addressing situations when
parties postpone their participation will
ensure that the committee is staffed
with appropriate representatives. The
Commission believes that these changes
should help to ensure ICE Clear Europe
has the operational capacity to take
timely action to contain losses.
In addition, as noted above, the
proposed rule change would revise the
CDS Default Management Policy to
specify that it will engage in testing and
review of its default procedures at least
quarterly and perform simulation
exercises as least annually, which is
conducted in coordination with its
clearing members as well as internal
stakeholders such as the Clearing Risk
Department, senior clearing house
management, and the CDS Default
Committee. Further, the Policy would
be amended to state that these default
tests would be planned to take into
account various scenarios that are tested
and approved by the stakeholders,
including senior management. The
Commission believes that this
additional detail regarding the testing of
ICE Clear Europe’s default procedures
would support ICE Clear Europe’s
ability to meet its obligations through
regular testing and review of its default
procedures with the requisite
stakeholders.
For these reasons, the Commission
finds that the proposed rule change is
consistent with Rule 17Ad–22(e)(13).17
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act, and in
particular, with the requirements of
Section 17A(b)(3)(F) of the Act 18 and
Rules 17Ad-22(e)(3)(i) and (e)(13).19
It is therefore ordered pursuant to
Section 19(b)(2) of the Act 20 that the
proposed rule change, as modified by
Partial Amendment No. 1 (SR–ICEEU–
16 15
U.S.C. 17Ad–22(e)(13).
U.S.C. 17Ad–22(e)(13).
18 15 U.S.C. 78q–1(b)(3)(F).
19 17 CFR 240.17Ad–22(e)(3)(i) and (e)(13).
20 15 U.S.C. 78s(b)(2).
17 15
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10613
2020–018), be, and hereby is,
approved.21
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–03493 Filed 2–19–21; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #16815 and #16816;
Pennsylvania Disaster Number PA–00108]
Administrative Declaration
Amendment of a Disaster for the
Commonwealth of Pennsylvania
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
This is an amendment of the
Administrative declaration of a disaster
for the Commonwealth of Pennsylvania
dated 12/18/2020.
Incident: Tropical Storm Isaias.
Incident Period: 08/04/2020.
DATES: Issued on 02/17/2021.
Physical Loan Application Deadline
Date: 03/18/2021.
Economic Injury (EIDL) Loan
Application Deadline Date: 09/20/2021.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT:
SUMMARY:
A. Escobar, Office of Disaster
Assistance, U.S. Small Business
Administration, 409 3rd Street SW,
Suite 6050, Washington, DC 20416,
(202) 205–6734.
The notice
of an Administrative declaration for the
Commonwealth of Pennsylvania, dated
12/18/2020 is hereby amended to
extend the deadline for filing
applications for physical damages as a
result of this disaster to 03/18/2021.
All other information in the original
declaration remains unchanged.
SUPPLEMENTARY INFORMATION:
(Catalog of Federal Domestic Assistance
Number 59008)
Tami Perriello,
Acting Administrator.
[FR Doc. 2021–03530 Filed 2–19–21; 8:45 am]
BILLING CODE 8026–03–P
21 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).
22 17 CFR 200.30–3(a)(12).
E:\FR\FM\22FEN1.SGM
22FEN1
Agencies
[Federal Register Volume 86, Number 33 (Monday, February 22, 2021)]
[Notices]
[Page 10613]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03530]
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SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #16815 and #16816; Pennsylvania Disaster Number
PA-00108]
Administrative Declaration Amendment of a Disaster for the
Commonwealth of Pennsylvania
AGENCY: U.S. Small Business Administration.
ACTION: Amendment 1.
-----------------------------------------------------------------------
SUMMARY: This is an amendment of the Administrative declaration of a
disaster for the Commonwealth of Pennsylvania dated 12/18/2020.
Incident: Tropical Storm Isaias.
Incident Period: 08/04/2020.
DATES: Issued on 02/17/2021.
Physical Loan Application Deadline Date: 03/18/2021.
Economic Injury (EIDL) Loan Application Deadline Date: 09/20/2021.
ADDRESSES: Submit completed loan applications to: U.S. Small Business
Administration, Processing and Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT:
A. Escobar, Office of Disaster Assistance, U.S. Small Business
Administration, 409 3rd Street SW, Suite 6050, Washington, DC 20416,
(202) 205-6734.
SUPPLEMENTARY INFORMATION: The notice of an Administrative declaration
for the Commonwealth of Pennsylvania, dated 12/18/2020 is hereby
amended to extend the deadline for filing applications for physical
damages as a result of this disaster to 03/18/2021.
All other information in the original declaration remains
unchanged.
(Catalog of Federal Domestic Assistance Number 59008)
Tami Perriello,
Acting Administrator.
[FR Doc. 2021-03530 Filed 2-19-21; 8:45 am]
BILLING CODE 8026-03-P