Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to Part N1 of the Delivery Procedures, 8323-8325 [2023-02604]
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Federal Register / Vol. 88, No. 26 / Wednesday, February 8, 2023 / Notices
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
SUMMARY:
Date of required notice: February
8, 2023.
www.prc.gov, Docket Nos. MC2023–110
and CP2023–111.
Sarah Sullivan,
Attorney, Ethics & Legal Compliance.
[FR Doc. 2023–02685 Filed 2–7–23; 8:45 am]
Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on January 30,
2023, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & First-Class Package
Service Contract 230 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2023–111,
CP2023–112.
SUPPLEMENTARY INFORMATION:
Sarah Sullivan,
Attorney, Ethics & Legal Compliance.
[FR Doc. 2023–02684 Filed 2–7–23; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
International Product Change—Priority
Mail Express International, Priority Mail
International & First-Class Package
International Service Agreement
AGENCY:
ACTION:
Postal ServiceTM.
Notice.
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a Priority
Mail Express International, Priority Mail
International & First-Class Package
International Service contract to the list
of Negotiated Service Agreements in the
Competitive Product List in the Mail
Classification Schedule.
SUMMARY:
DATES:
Date of notice: February 8, 2023.
FOR FURTHER INFORMATION CONTACT:
Christopher C. Meyerson, (202) 268–
7820.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on January 30,
2023, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express International,
Priority Mail International & First-Class
Package International Service Contract
13 to Competitive Product List.
Documents are available at
lotter on DSK11XQN23PROD with NOTICES1
SUPPLEMENTARY INFORMATION:
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16:59 Feb 07, 2023
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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.
BILLING CODE 7710–12–P
DATES:
FOR FURTHER INFORMATION CONTACT:
8323
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96791; File No. SR–ICEEU–
2023–003]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to
Amendments to Part N1 of the Delivery
Procedures
February 2, 2023.
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 January
20, 2023, ICE Clear Europe Limited
(‘‘ICE Clear Europe’’ or the ‘‘Clearing
House’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule changes described in
Items I, II and III below, which Items
have been prepared primarily by ICE
Clear Europe. ICE Clear Europe filed the
proposed rule change pursuant to
Section 19(b)(3)(A) 3 of the Act and Rule
19b–4(f)(4)(ii) 4 thereunder, such that
the proposed rule change 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
ICE Clear Europe Limited (‘‘ICE Clear
Europe’’ or the ‘‘Clearing House’’)
proposes to amend Part N1 of its
Delivery Procedures (‘‘Delivery
Procedures’’ or ‘‘Procedures’’) to update
the delivery timetable for ICE
Deliverable US Emissions Contracts.
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 and discussed
any comments it received on the
proposed rule change. The text of these
1 15
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).
2 17
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(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
(a) Purpose
ICE Clear Europe is proposing to
amend Part N1 of the Delivery
Procedures which applies to ICE
Deliverable US Emissions Contracts (i)
for which physical delivery is specified
as being ‘‘Applicable’’ in the relevant
Contract Terms, (ii) which go to
physical delivery on the expiry date;
and (iii) to which the Clearing House
will announce by Circular that Part N1
specifically applies (such contracts ‘‘ICE
Deliverable US Emissions Contracts’’).5
The Clearing House is proposing to
amend the delivery timetable to remove
extraneous and unnecessary provisions
in the final row relating to the relevant
parties’ obligations on the Delivery Day.
The relevant delivery and payment
obligations are already covered in the
preceding rows of the timetable.
Specifically, the provisions in the final
row relating to final payment to the
Seller are already addressed in the row
titled ‘‘Payment to Seller.’’ Similarly,
the provisions in the final row relating
to the return of Seller’s Delivery Margin
are addressed in the row titled
‘‘Payment to Seller.’’ The amendment
would also remove an inconsistency
between the deleted provision and the
deadline for delivery of Allowances as
set forth in the row titled ‘‘Seller’s
Delivery to the Clearing House.’’ The
amendments would additionally remove
a statement in the final row relating to
the treatment of deliveries after the
specified deadline as being deemed
received on the next business day. ICE
Clear Europe believes that this
statement was unnecessary and could
have been read to imply that a late
delivery was acceptable, which is not
consistent with the deadline set forth in
the row titled ‘‘Seller’s Delivery to the
Clearing House’’ and current Clearing
House practice. The amendments do not
5 Part N1 of the Delivery Procedures (as filed
pursuant to filing SR–ICEEU–2021–023, Exchange
Act Release No. 34–93764 (Dec. 13, 2021), 86 FR
71692 (Dec. 17, 2021)) will not be operative until
the Effective Date referenced below. Part N1, as
amended by the proposed amendment set forth
herein, will come into effect on or about 23
February 2023, with the specific effective date
announced at least one week in advance through
ICE Clear Europe Circular (the ‘‘Effective Date’’).
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Federal Register / Vol. 88, No. 26 / Wednesday, February 8, 2023 / Notices
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otherwise change the terms and
conditions of the relevant contract.
(b) Statutory Basis
ICE Clear Europe believes that the
proposed amendments to the Delivery
Procedures are consistent with the
requirements of Section 17A of the Act 6
and the regulations thereunder
applicable to it. In particular, Section
17A(b)(3)(F) of the Act 7 requires, among
other things, that the rules of a clearing
agency be designed to promote the
prompt and accurate clearance and
settlement of securities transactions
and, to the extent applicable, derivative
agreements, contracts, and transactions,
the safeguarding of securities and funds
in the custody or control of the clearing
agency or for which it is responsible,
and the protection of investors and the
public interest. The proposed changes to
the Delivery Procedures are designed to
clarify the obligations of the relevant
parties for the Delivery Day in the
delivery timetable under Part N1. The
amendments will not change the
manner in which ICE Deliverable US
Emissions Contracts delivered through a
Clearing House Registry Account under
Part N1, once it becomes operative in
accordance with this filing, will be
cleared by the Clearing House.
Accordingly, ICE Clear Europe believes
that the Delivery Procedures, as
amended, are sufficient to support
clearing of such contracts and to manage
the risks associated with such contracts.
As a result, in ICE Clear Europe’s view,
the amendments would be consistent
with the prompt and accurate clearance
and settlement of the contracts, and the
protection of investors and the public
interest consistent with the
requirements of Section 17A(b)(3)(F) of
the Act.8 (In ICE Clear Europe’s view,
the amendments would not affect the
safeguarding of funds or securities in
the custody or control of the clearing
agency or for which it is responsible,
within the meaning of Section
17A(b)(3)(F).9)
In addition, Rule 17Ad–22(e)(10) 10
provides that ‘‘[e]ach covered clearing
agency shall establish, implement,
maintain and enforce written policies
and procedures reasonable designed to,
as applicable [. . .] establish and
maintain transparent written standards
that state its obligations with respect to
the delivery of physical instruments,
and establish and maintain operational
practices that identify, monitor and
6 15
U.S.C. 78q–1.
U.S.C. 78q–1(b)(3)(F).
8 15 U.S.C. 78q–1(b)(3)(F).
9 15 U.S.C. 78q–1(b)(3)(F).
10 17 CFR 240.17Ad–22(e)(10).
manage the risks associated with such
physical deliveries.’’ As discussed
above, the amendments would amend
the delivery specifications for ICE
Deliverable US Emissions Contracts to
clarify the obligations for the Delivery
Day and remove extraneous provisions.
The amendments thus appropriately
clarify the role and responsibilities of
the Clearing House and Clearing
Members with respect to physical
delivery. As a result, ICE Clear Europe
believes the amendments are consistent
with the requirements of Rule 17Ad–
22(e)(10).11
(B) Clearing Agency’s Statement on
Burden on Competition
ICE Clear Europe does not believe the
proposed amendments would have any
impact, or impose any burden, on
competition not necessary or
appropriate in furtherance of the
purposes of the Act. The proposed
amendments to the Delivery Procedures
are intended to make certain
clarifications to the delivery timetable
procedures applicable to the settlement
of ICE Deliverable US Emissions
Contracts. The amendments would not
change the obligations of market
participants. ICE Clear Europe does not
believe the amendments would
adversely affect competition among
Clearing Members, materially affect the
cost of clearing, adversely affect access
to clearing in the new contracts for
Clearing Members or their customers, or
otherwise adversely affect competition
in clearing services. Accordingly, ICE
Clear Europe does not believe that the
amendments would impose any impact
or burden on competition that is not
appropriate in furtherance of the
purpose of the Act.
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants or Others
Written comments relating to the
proposed amendment has not been
solicited or received by ICE Clear
Europe. ICE Clear Europe will notify the
Commission of any comments received
with respect to the proposed rule
change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 12 and paragraph (f) of Rule
19b–4 13 thereunder. At any time within
7 15
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16:59 Feb 07, 2023
11 17
CFR 240.17Ad–22(e)(10).
U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f).
12 15
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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.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change 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–2023–003 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–2023–003. 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 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 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.
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.
E:\FR\FM\08FEN1.SGM
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Federal Register / Vol. 88, No. 26 / Wednesday, February 8, 2023 / Notices
You should submit only information
that you wish to make available
publicly. All submissions should refer
to File Number SR–ICEEU–2023–003
and should be submitted on or before
March 1, 2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–02604 Filed 2–7–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96793; File No. SR–CBOE–
2023–008]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Its Fees
Schedule
February 2, 2023.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
20, 2023, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
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.
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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to amend
its Fees Schedule. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/CBOELegal
RegulatoryHome.aspx), at the
Exchange’s Office of the Secretary, and
at the Commission’s Public Reference
Room.
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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16:59 Feb 07, 2023
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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
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
Fees Schedule to modify the fee for the
SPX (and SPXW) Floor Market-Maker
Tier Appointment Fee.3
By way of background, Exchange Rule
5.50(g)(2) provides that the Exchange
may establish one or more types of tier
appointments and Exchange Rule
5.50(g)(2)(B) provides such tier
appointments are subject to such fees
and charges the Exchange may establish.
In 2010, the Exchange established the
SPX Tier Appointment and adopted an
initial fee of $3,000 per Market-Maker
trading permit, per month.4 The SPX
(and SPXW) Tier Appointment fee for
Floor Market-Makers currently applies
to any Market-Maker that executes any
contracts in SPX and/or SPXW on the
trading floor.5 The Exchange now seeks
to increase the fee for the SPX/SPXW
Floor Market-Maker Tier Appointment
from $3,000 per Market-Maker Floor
3 The Exchange initially filed the proposed fee
change, among other changes, on June 1, 2022 (SR–
CBOE–2022–026). On June 10, 2022, the Exchange
withdrew that filing and submitted SR–CBOE–
2022–029. On August 5, 2022, the Exchange
withdrew that filing and submitted SR–CBOE–
2022–042. On September 26, 2022, the Exchange
withdrew that filing and submitted SR–CBOE–
2022–050 to address the proposed fee change
relating to the SPX/SPXW Floor Market-Maker Tier
Appointment Fee. On November 23, 2022, the
Exchange advised of its intent to withdraw that
filing and submitted SR–CBOE–2022–060. On
January 20, 2023, the Exchange withdrew SR–
CBOE–2022–060 and submitted this filing. No
comment letters were received in connection with
any of the foregoing rule filings.
4 See Securities Exchange Act Release No. 62386
(June 25, 2010), 75 FR 38566 (July 2, 2010) (SR–
CBOE–2010–060).
5 The Exchange notes that the fee is not assessed
to a Market-Maker Floor Permit Holder who only
executes SPX (including SPXW) options
transactions as part of multi-class broad-based
index spread transactions. See Cboe Options Fees
Schedule, Market-Maker Tier Appointment Fees,
Notes.
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8325
Trading Permit to $5,000 per MarketMaker Floor Trading Permit.
In connection with the proposed
change, the Exchange also proposes to
update Footnote 24 in the Fees
Schedule, as well as remove the
reference to Footnote 24 in the MarketMaker Tier Appointment Fee Table. By
way of background, in June 2020, the
Exchange adopted Footnote 24 to
describe pricing changes that would
apply for the duration of time the
Exchange trading floor was being
operated in a modified manner in
connection with the COVID–19
pandemic.6 Among other changes,
Footnote 24 provided that the monthly
fee for the SPX/SPXW Floor MarketMaker Tier Appointment Fee was to be
increased to $5,000 per Trading Permit
from $3,000 per Trading Permit. As the
Exchange now proposes to maintain the
$5,000 rate on a permanent basis (i.e.,
regardless of whether the Exchange is
operating in a modified state due to
COVID–19 pandemic), the Exchange
proposes to eliminate the reference to
the SPX/SPXW Floor Market-Maker Tier
Appointment Fee in Footnote 24.7
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.8 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 9 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 10 requirement that
the rules of an exchange not be designed
6 See Securities Exchange Act Release No. 89189
(June 30, 2020), 85 FR 40344 (July 6, 2020) (SR–
CBOE–2020–058).
7 The Exchange notes that since its transition to
a new trading floor facility on June 6, 2022, it has
not been operating in a modified manner. As such
Footnote 24 (i.e., the modified fee changes it
describes) does not currently apply.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
10 Id.
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]]>Agencies
[Federal Register Volume 88, Number 26 (Wednesday, February 8, 2023)]
[Notices]
[Pages 8323-8325]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02604]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96791; File No. SR-ICEEU-2023-003]
Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Amendments to Part N1 of the Delivery Procedures
February 2, 2023.
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 January 20, 2023, ICE Clear Europe Limited (``ICE Clear Europe'' or
the ``Clearing House'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule changes described in
Items I, II and III below, which Items have been prepared primarily by
ICE Clear Europe. ICE Clear Europe filed the proposed rule change
pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(4)(ii)
\4\ thereunder, such that the proposed rule change 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
ICE Clear Europe Limited (``ICE Clear Europe'' or the ``Clearing
House'') proposes to amend Part N1 of its Delivery Procedures
(``Delivery Procedures'' or ``Procedures'') to update the delivery
timetable for ICE Deliverable US Emissions Contracts.
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 and discussed any comments it received on 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
ICE Clear Europe is proposing to amend Part N1 of the Delivery
Procedures which applies to ICE Deliverable US Emissions Contracts (i)
for which physical delivery is specified as being ``Applicable'' in the
relevant Contract Terms, (ii) which go to physical delivery on the
expiry date; and (iii) to which the Clearing House will announce by
Circular that Part N1 specifically applies (such contracts ``ICE
Deliverable US Emissions Contracts'').\5\ The Clearing House is
proposing to amend the delivery timetable to remove extraneous and
unnecessary provisions in the final row relating to the relevant
parties' obligations on the Delivery Day. The relevant delivery and
payment obligations are already covered in the preceding rows of the
timetable. Specifically, the provisions in the final row relating to
final payment to the Seller are already addressed in the row titled
``Payment to Seller.'' Similarly, the provisions in the final row
relating to the return of Seller's Delivery Margin are addressed in the
row titled ``Payment to Seller.'' The amendment would also remove an
inconsistency between the deleted provision and the deadline for
delivery of Allowances as set forth in the row titled ``Seller's
Delivery to the Clearing House.'' The amendments would additionally
remove a statement in the final row relating to the treatment of
deliveries after the specified deadline as being deemed received on the
next business day. ICE Clear Europe believes that this statement was
unnecessary and could have been read to imply that a late delivery was
acceptable, which is not consistent with the deadline set forth in the
row titled ``Seller's Delivery to the Clearing House'' and current
Clearing House practice. The amendments do not
[[Page 8324]]
otherwise change the terms and conditions of the relevant contract.
---------------------------------------------------------------------------
\5\ Part N1 of the Delivery Procedures (as filed pursuant to
filing SR-ICEEU-2021-023, Exchange Act Release No. 34-93764 (Dec.
13, 2021), 86 FR 71692 (Dec. 17, 2021)) will not be operative until
the Effective Date referenced below. Part N1, as amended by the
proposed amendment set forth herein, will come into effect on or
about 23 February 2023, with the specific effective date announced
at least one week in advance through ICE Clear Europe Circular (the
``Effective Date'').
---------------------------------------------------------------------------
(b) Statutory Basis
ICE Clear Europe believes that the proposed amendments to the
Delivery Procedures are consistent with the requirements of Section 17A
of the Act \6\ and the regulations thereunder applicable to it. In
particular, Section 17A(b)(3)(F) of the Act \7\ requires, among other
things, that the rules of a clearing agency be designed to promote the
prompt and accurate clearance and settlement of securities transactions
and, to the extent applicable, derivative agreements, contracts, and
transactions, the safeguarding of securities and funds in the custody
or control of the clearing agency or for which it is responsible, and
the protection of investors and the public interest. The proposed
changes to the Delivery Procedures are designed to clarify the
obligations of the relevant parties for the Delivery Day in the
delivery timetable under Part N1. The amendments will not change the
manner in which ICE Deliverable US Emissions Contracts delivered
through a Clearing House Registry Account under Part N1, once it
becomes operative in accordance with this filing, will be cleared by
the Clearing House. Accordingly, ICE Clear Europe believes that the
Delivery Procedures, as amended, are sufficient to support clearing of
such contracts and to manage the risks associated with such contracts.
As a result, in ICE Clear Europe's view, the amendments would be
consistent with the prompt and accurate clearance and settlement of the
contracts, and the protection of investors and the public interest
consistent with the requirements of Section 17A(b)(3)(F) of the Act.\8\
(In ICE Clear Europe's view, the amendments would not affect the
safeguarding of funds or securities in the custody or control of the
clearing agency or for which it is responsible, within the meaning of
Section 17A(b)(3)(F).\9\)
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-1.
\7\ 15 U.S.C. 78q-1(b)(3)(F).
\8\ 15 U.S.C. 78q-1(b)(3)(F).
\9\ 15 U.S.C. 78q-1(b)(3)(F).
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In addition, Rule 17Ad-22(e)(10) \10\ provides that ``[e]ach
covered clearing agency shall establish, implement, maintain and
enforce written policies and procedures reasonable designed to, as
applicable [. . .] establish and maintain transparent written standards
that state its obligations with respect to the delivery of physical
instruments, and establish and maintain operational practices that
identify, monitor and manage the risks associated with such physical
deliveries.'' As discussed above, the amendments would amend the
delivery specifications for ICE Deliverable US Emissions Contracts to
clarify the obligations for the Delivery Day and remove extraneous
provisions. The amendments thus appropriately clarify the role and
responsibilities of the Clearing House and Clearing Members with
respect to physical delivery. As a result, ICE Clear Europe believes
the amendments are consistent with the requirements of Rule 17Ad-
22(e)(10).\11\
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\10\ 17 CFR 240.17Ad-22(e)(10).
\11\ 17 CFR 240.17Ad-22(e)(10).
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(B) Clearing Agency's Statement on Burden on Competition
ICE Clear Europe does not believe the proposed amendments would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
amendments to the Delivery Procedures are intended to make certain
clarifications to the delivery timetable procedures applicable to the
settlement of ICE Deliverable US Emissions Contracts. The amendments
would not change the obligations of market participants. ICE Clear
Europe does not believe the amendments would adversely affect
competition among Clearing Members, materially affect the cost of
clearing, adversely affect access to clearing in the new contracts for
Clearing Members or their customers, or otherwise adversely affect
competition in clearing services. Accordingly, ICE Clear Europe does
not believe that the amendments would impose any impact or burden on
competition that is not appropriate in furtherance of the purpose of
the Act.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others
Written comments relating to the proposed amendment has not been
solicited or received by ICE Clear Europe. ICE Clear Europe will notify
the Commission of any comments received with respect to the proposed
rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \12\ and paragraph (f) of Rule 19b-4 \13\
thereunder. 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.
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change 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 [email protected]. Please include
File Number SR-ICEEU-2023-003 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-2023-003. 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 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 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.
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.
[[Page 8325]]
You should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-ICEEU-2023-003
and should be submitted on or before March 1, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-02604 Filed 2-7-23; 8:45 am]
BILLING CODE 8011-01-P
