Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the ICC CDS Instrument On-Boarding Policies and Procedures, 66382-66383 [2021-25348]
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Federal Register / Vol. 86, No. 222 / Monday, November 22, 2021 / Notices
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STATUS: This Sunshine Act notice is
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On November 15, 2021, the Commission
published notice of the Committee
meeting (Release Nos. 33–11007; 34–
93573), indicating that the meeting is
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PLACE:
Dated: November 18, 2021.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2021–25544 Filed 11–18–21; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93581; File No. SR–ICC–
2021–019]
jspears on DSK121TN23PROD with NOTICES1
Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving
Proposed Rule Change Relating to the
ICC CDS Instrument On-Boarding
Policies and Procedures
November 16, 2021.
I. Introduction
On September 22, 2021, ICE Clear
Credit LLC (‘‘ICC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
VerDate Sep<11>2014
18:30 Nov 19, 2021
Jkt 256001
of 1934 (the ‘‘Act’’),1 and Rule 19b–4,2
a proposed rule change to revise the ICC
CDS Instrument On-boarding Policies
and Procedures (‘‘Instrument Onboarding Policy’’). The proposed rule
change was published for comment in
the Federal Register on October 5,
2021.3 The Commission did not receive
comments regarding the proposed rule
change. For the reasons discussed
below, the Commission is approving the
proposed rule change.
II. Description of the Proposed Rule
Change
The proposed rule change would
revise Subsection III.A of the Instrument
On-boarding Policy.4 Subsection III.A
discusses the guiding principles that
ICC maintains for considering
instruments for clearing. Such
principles are designed to ensure that
ICC proceeds in a prudent manner with
respect to instrument selection while
also providing the best opportunity for
Clearing Participants to minimize their
risk.
The proposed rule change would
incorporate an additional guiding
principle—ICC should consider
selecting for clearing instruments that
are constituents of the currently
clearable On-The-Run (‘‘OTR’’) indices
in order to provide additional
instruments for Clearing Participants to
hedge and mitigate indirect risk
exposure from the OTR indices. For
other instruments that are not
constituents of currently clearable OTR
indices, the proposed rule change
would not alter the current guiding
principles, which direct ICC to consider
instrument open interest and volume
when selecting instruments for clearing.
Moreover, the proposed rule change
would not alter the overall current
guiding principles for all instruments,
which direct ICC to consider selecting
for clearing instruments that can be
cleared through ICC’s systems and
processes and that support industrywide initiatives and protocols.
III. Discussion and Commission
Findings
Section 19(b)(2)(C) of the Act directs
the Commission to approve a proposed
rule change of a self-regulatory
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Self-Regulatory Organizations; ICE Clear Credit
LLC; Notice of Filing of Proposed Rule Change
Relating to the ICC CDS Instrument On-boarding
Policies and Procedures; Exchange Act Release No.
93177 (Sept. 29, 2021); 86 FR 55037 (Oct. 5, 2021)
(SR–ICC–2021–019) (‘‘Notice’’).
4 Capitalized terms not otherwise defined herein
have the meanings assigned to them in the
Instrument On-boarding Policy or the ICC Rules, as
applicable.
2 17
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
organization if it finds that such
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to such organization.5 For the
reasons given below, the Commission
finds that the proposed rule change is
consistent with Section 17A(b)(3)(F) of
the Act and Rule 17Ad–22(e)(21).6
A. Consistency With Section
17A(b)(3)(F) of the Act
Section 17A(b)(3)(F) of the Act
requires, among other things, that the
rules of ICC be designed to promote the
prompt and accurate clearance and
settlement of securities transactions
and, to the extent applicable, derivative
agreements, contracts, and transactions,
as well as to assure the safeguarding of
securities and funds which are in the
custody or control of ICC or for which
it is responsible.7 As discussed above,
the proposed rule change would add to
the Instrument On-boarding Policy, as a
further guiding principle, that ICC
should consider selecting for clearing
instruments that are constituents of the
currently clearable OTR indices in order
to provide Clearing Participants
additional instruments to hedge and
mitigate indirect risk exposure from the
OTR indices. The Commission believes
that this additional guiding principle
should encourage ICC to select for
clearing instruments that, as
constituents of the currently clearable
OTR indices, could help ICC’s Clearing
Participants mitigate indirect risk
exposure from the OTR indices. The
Commission believes that such potential
risk mitigation would encourage
Clearing Participants to centrally clear
additional transactions, which, in turn,
should promote the prompt and
accurate clearance and settlement of
those instruments.
Moreover, as set forth in the new
guiding principle, the Commission
believes that clearing instruments that
are constituents of the currently
clearable OTR indices could allow ICC’s
Clearing Participants to hedge and
mitigate indirect risk exposure from the
OTR indices. Thus, assuming that ICC
selects such instruments for clearing,
the Commission believes that the new
guiding principle could result in ICC’s
Clearing Participants mitigating their
overall indirect risk exposure to OTR
indices, and thereby could reduce the
overall risks to ICC in clearing and
settling transactions in OTR indices.
The Commission further believes that
5 15
U.S.C. 78s(b)(2)(C).
U.S.C. 78q–1(b)(3)(F) and 17 CFR 240.17Ad–
22(e)(21).
7 15 U.S.C. 78q–1(b)(3)(F).
6 15
E:\FR\FM\22NON1.SGM
22NON1
Federal Register / Vol. 86, No. 222 / Monday, November 22, 2021 / Notices
these risks, if not adequately managed,
could disrupt ICC’s ability to clear and
settle transactions in other products and
safeguard securities and funds in its
custody and control. Thus the
Commission believes that, in directing
ICC to select for clearing instruments
that could allow Clearing Participants to
hedge and mitigate their overall risk
exposure, the proposed rule change
could, in turn, result in a reduction of
risk to ICC and thereby could help
promote the prompt and accurate
clearance and settlement of securities
transactions and help assure the
safeguarding of securities and funds in
ICC’s custody and control.
Therefore, the Commission finds that
the proposed rule change would
promote the prompt and accurate
clearance and settlement of securities
transactions and assure the safeguarding
of securities and funds in ICC’s custody
and control, consistent with the Section
17A(b)(3)(F) of the Act.8
B. Consistency With Rule 17Ad–
22(e)(21)
jspears on DSK121TN23PROD with NOTICES1
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
8 15
U.S.C. 78q–1(b)(3)(F).
CFR 240.17Ad–22(e)(21).
10 17 CFR 240.17Ad–22(e)(21).
9 17
VerDate Sep<11>2014
18:30 Nov 19, 2021
Jkt 256001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–25348 Filed 11–19–21; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Docket No. FAA–2021–0493]
Agency Information Collection
Activities: Requests for Comments;
Clearance of a Renewed Approval of
Information Collection: Part 121
Operating Requirements: Domestic,
Flag, and Supplemental Operations
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice and request for
comments.
AGENCY:
Rule 17Ad–22(e)(21) requires that ICC
establish, implement, maintain and
enforce written policies and procedures
reasonably designed to, among other
things, be efficient and effective in
meeting the requirements of its
participants and the markets it serves.9
As discussed above, the proposed rule
change would add to the Instrument Onboarding Policy, as a further guiding
principle, that ICC should consider
selecting for clearing instruments that
are constituents of the currently
clearable OTR indices in order to
provide Clearing Participants additional
instruments to hedge and mitigate
indirect risk exposure from the OTR
indices. The Commission believes that
this additional guiding principle should
encourage ICC to select for clearing
additional instruments that would serve
the needs of its Clearing Participants in
hedging and mitigating indirect risk
exposure from the OTR indices. The
Commission therefore believes this new
guiding principle could help ICC to be
effective in meeting the requirements of
its participants, consistent with Rule
17Ad–22(e)(21).10
IV. Conclusion
Section 17A(b)(3)(F) of the Act 11 and
Rule 17Ad–22(e)(21).12
It is therefore ordered pursuant to
Section 19(b)(2) of the Act 13 that the
proposed rule change (SR–ICC–2021–
019) be, and hereby is, approved.14
In accordance with the
Paperwork Reduction Act of 1995, FAA
invites public comments about our
intention to request the Office of
Management and Budget (OMB)
approval to renew an information
collection. The Federal Register Notice
with a 60-day comment period soliciting
comments on the following collection of
information was published on June 8,
2021. The collection involves
regulations that prescribe the
requirements governing air carrier
operations. The information collected is
necessary to determine air operators’
compliance with the minimum safety
standards and the applicants’ eligibility
for air operations certification.
DATES: Written comments should be
submitted by December 22, 2021.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
SUMMARY:
11 15
U.S.C. 78q–1(b)(3)(F).
CFR 240.17Ad–22(e)(21).
13 15 U.S.C. 78s(b)(2).
14 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).
15 17 CFR 200.30–3(a)(12).
12 17
PO 00000
Frm 00115
Fmt 4703
Sfmt 9990
66383
for Public Comments’’ or by using the
search function.
FOR FURTHER INFORMATION CONTACT:
Sandra Ray by email at: Sandra.ray@
faa.gov; phone: 412–329–3088.
SUPPLEMENTARY INFORMATION:
Public Comments Invited: You are
asked to comment on any aspect of this
information collection, including (a)
Whether the proposed collection of
information is necessary for FAA’s
performance; (b) the accuracy of the
estimated burden; (c) ways for FAA to
enhance the quality, utility and clarity
of the information collection; and (d)
ways that the burden could be
minimized without reducing the quality
of the collected information.
OMB Control Number: 2120–0008.
Title: Part 121 Operating
Requirements: Domestic, Flag, and
Supplemental Operations.
Form Numbers: None.
Type of Review: Renewal of an
information collection.
Background: The Federal Register
Notice with a 60-day comment period
soliciting comments on the following
collection of information was published
on June 8, 2021 (86 FR 30513). Under
the authority of Title 49 CFR, section
44701, title 14 CFR prescribes the terms,
conditions, and limitations as are
necessary to ensure safety in air
transportation. Title 14 CFR part 121
prescribes the requirements governing
air carrier operations. The information
collected is used to determine air
operators’ compliance with the
minimum safety standards and the
applicants’ eligibility for air operations
certification. Each operator which seeks
to obtain, or is in possession of an air
carrier operating certificate, must
comply with the requirements of part
121 which include maintaining data
which is used to determine if the air
carrier is operating in accordance with
minimum safety standards.
Respondents: 66 Part 121 Air Carriers.
Frequency: Information is collected
on occasion.
Estimated Average Burden per
Response: Varies per Response and
Requirement type.
Estimated Total Annual Burden:
1,455,260 Hours.
Issued in Washington, DC, on November
17, 2021.
Sandra L. Ray,
Aviation Safety Inspector, AFS–260.
[FR Doc. 2021–25427 Filed 11–19–21; 8:45 am]
BILLING CODE 4910–13–P
E:\FR\FM\22NON1.SGM
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]]>Agencies
[Federal Register Volume 86, Number 222 (Monday, November 22, 2021)]
[Notices]
[Pages 66382-66383]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-25348]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93581; File No. SR-ICC-2021-019]
Self-Regulatory Organizations; ICE Clear Credit LLC; Order
Approving Proposed Rule Change Relating to the ICC CDS Instrument On-
Boarding Policies and Procedures
November 16, 2021.
I. Introduction
On September 22, 2021, ICE Clear Credit LLC (``ICC'') filed with
the Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (the
``Act''),\1\ and Rule 19b-4,\2\ a proposed rule change to revise the
ICC CDS Instrument On-boarding Policies and Procedures (``Instrument
On-boarding Policy''). The proposed rule change was published for
comment in the Federal Register on October 5, 2021.\3\ The Commission
did not receive comments regarding the proposed rule change. For the
reasons discussed below, the Commission is approving the proposed rule
change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Self-Regulatory Organizations; ICE Clear Credit LLC; Notice
of Filing of Proposed Rule Change Relating to the ICC CDS Instrument
On-boarding Policies and Procedures; Exchange Act Release No. 93177
(Sept. 29, 2021); 86 FR 55037 (Oct. 5, 2021) (SR-ICC-2021-019)
(``Notice'').
---------------------------------------------------------------------------
II. Description of the Proposed Rule Change
The proposed rule change would revise Subsection III.A of the
Instrument On-boarding Policy.\4\ Subsection III.A discusses the
guiding principles that ICC maintains for considering instruments for
clearing. Such principles are designed to ensure that ICC proceeds in a
prudent manner with respect to instrument selection while also
providing the best opportunity for Clearing Participants to minimize
their risk.
---------------------------------------------------------------------------
\4\ Capitalized terms not otherwise defined herein have the
meanings assigned to them in the Instrument On-boarding Policy or
the ICC Rules, as applicable.
---------------------------------------------------------------------------
The proposed rule change would incorporate an additional guiding
principle--ICC should consider selecting for clearing instruments that
are constituents of the currently clearable On-The-Run (``OTR'')
indices in order to provide additional instruments for Clearing
Participants to hedge and mitigate indirect risk exposure from the OTR
indices. For other instruments that are not constituents of currently
clearable OTR indices, the proposed rule change would not alter the
current guiding principles, which direct ICC to consider instrument
open interest and volume when selecting instruments for clearing.
Moreover, the proposed rule change would not alter the overall current
guiding principles for all instruments, which direct ICC to consider
selecting for clearing instruments that can be cleared through ICC's
systems and processes and that support industry-wide initiatives and
protocols.
III. Discussion and Commission Findings
Section 19(b)(2)(C) of the Act directs the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
such proposed rule change is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to such
organization.\5\ For the reasons given below, the Commission finds that
the proposed rule change is consistent with Section 17A(b)(3)(F) of the
Act and Rule 17Ad-22(e)(21).\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2)(C).
\6\ 15 U.S.C. 78q-1(b)(3)(F) and 17 CFR 240.17Ad-22(e)(21).
---------------------------------------------------------------------------
A. Consistency With Section 17A(b)(3)(F) of the Act
Section 17A(b)(3)(F) of the Act requires, among other things, that
the rules of ICC be designed to promote the prompt and accurate
clearance and settlement of securities transactions and, to the extent
applicable, derivative agreements, contracts, and transactions, as well
as to assure the safeguarding of securities and funds which are in the
custody or control of ICC or for which it is responsible.\7\ As
discussed above, the proposed rule change would add to the Instrument
On-boarding Policy, as a further guiding principle, that ICC should
consider selecting for clearing instruments that are constituents of
the currently clearable OTR indices in order to provide Clearing
Participants additional instruments to hedge and mitigate indirect risk
exposure from the OTR indices. The Commission believes that this
additional guiding principle should encourage ICC to select for
clearing instruments that, as constituents of the currently clearable
OTR indices, could help ICC's Clearing Participants mitigate indirect
risk exposure from the OTR indices. The Commission believes that such
potential risk mitigation would encourage Clearing Participants to
centrally clear additional transactions, which, in turn, should promote
the prompt and accurate clearance and settlement of those instruments.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
Moreover, as set forth in the new guiding principle, the Commission
believes that clearing instruments that are constituents of the
currently clearable OTR indices could allow ICC's Clearing Participants
to hedge and mitigate indirect risk exposure from the OTR indices.
Thus, assuming that ICC selects such instruments for clearing, the
Commission believes that the new guiding principle could result in
ICC's Clearing Participants mitigating their overall indirect risk
exposure to OTR indices, and thereby could reduce the overall risks to
ICC in clearing and settling transactions in OTR indices. The
Commission further believes that
[[Page 66383]]
these risks, if not adequately managed, could disrupt ICC's ability to
clear and settle transactions in other products and safeguard
securities and funds in its custody and control. Thus the Commission
believes that, in directing ICC to select for clearing instruments that
could allow Clearing Participants to hedge and mitigate their overall
risk exposure, the proposed rule change could, in turn, result in a
reduction of risk to ICC and thereby could help promote the prompt and
accurate clearance and settlement of securities transactions and help
assure the safeguarding of securities and funds in ICC's custody and
control.
Therefore, the Commission finds that the proposed rule change would
promote the prompt and accurate clearance and settlement of securities
transactions and assure the safeguarding of securities and funds in
ICC's custody and control, consistent with the Section 17A(b)(3)(F) of
the Act.\8\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
B. Consistency With Rule 17Ad-22(e)(21)
Rule 17Ad-22(e)(21) requires that ICC establish, implement,
maintain and enforce written policies and procedures reasonably
designed to, among other things, be efficient and effective in meeting
the requirements of its participants and the markets it serves.\9\ As
discussed above, the proposed rule change would add to the Instrument
On-boarding Policy, as a further guiding principle, that ICC should
consider selecting for clearing instruments that are constituents of
the currently clearable OTR indices in order to provide Clearing
Participants additional instruments to hedge and mitigate indirect risk
exposure from the OTR indices. The Commission believes that this
additional guiding principle should encourage ICC to select for
clearing additional instruments that would serve the needs of its
Clearing Participants in hedging and mitigating indirect risk exposure
from the OTR indices. The Commission therefore believes this new
guiding principle could help ICC to be effective in meeting the
requirements of its participants, consistent with Rule 17Ad-
22(e)(21).\10\
---------------------------------------------------------------------------
\9\ 17 CFR 240.17Ad-22(e)(21).
\10\ 17 CFR 240.17Ad-22(e)(21).
---------------------------------------------------------------------------
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 \11\ and Rule 17Ad-22(e)(21).\12\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78q-1(b)(3)(F).
\12\ 17 CFR 240.17Ad-22(e)(21).
---------------------------------------------------------------------------
It is therefore ordered pursuant to Section 19(b)(2) of the Act
\13\ that the proposed rule change (SR-ICC-2021-019) be, and hereby is,
approved.\14\
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(2).
\14\ 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).
\15\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-25348 Filed 11-19-21; 8:45 am]
BILLING CODE 8011-01-P
