80 FR 10551 - Self-Regulatory Organizations; ICE Clear Credit, LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Revise the ICC Risk Management Framework

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 38 (February 26, 2015)

[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)]
[Notices]
[Page 10551]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-03964]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74341; File No. SR-ICC-2014-24]


Self-Regulatory Organizations; ICE Clear Credit, LLC; Notice of 
Designation of Longer Period for Commission Action on Proposed Rule 
Change To Revise the ICC Risk Management Framework

February 20, 2015.
    On December 22, 2014, 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 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to make revisions 
to the ICC Risk Management Framework (SR-ICC-2014-24). The proposed 
rule change was published for comment in the Federal Register on 
January 9, 2015.\3\ To date, the Commission has not received comments 
on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-73980 (Jan. 5, 2015), 
80 FR 1466 (Jan. 9, 2015) (SR-ICC-2014-24).
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day from the publication of notice of filing of this proposed rule 
change is February 23, 2015. The Commission is extending this 45-day 
time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    ICC's proposed rule change would revise the ICC Risk Management 
Framework to, among other things, incorporate risk model changes 
related to Recovery Rate Sensitivity Requirements, anti-procyclicality, 
and ICC's Guaranty Fund allocation methodology. In order to provide the 
Commission with sufficient time to consider the proposed rule change, 
the Commission finds it is appropriate to designate a longer period 
within which to take action on the proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates April 9, 2015, as the date by which the Commission 
should either approve or disapprove, or institute proceedings to 
determine whether to disapprove, the proposed rule change (File No. SR-
ICC-2014-24).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-03964 Filed 2-25-15; 8:45 am]
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