80 FR 12213 - In the Matter of China Infrastructure Investment Corp., Order of Suspension of Trading
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 44 (March 6, 2015)
Federal Register Volume 80, Issue 44 (March 6, 2015)
| Page Range | 12213-12213 | |
| FR Document | 2015-05370 |
[Federal Register Volume 80, Number 44 (Friday, March 6, 2015)] [Notices] [Page 12213] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-05370] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] In the Matter of China Infrastructure Investment Corp., Order of Suspension of Trading March 4, 2015. It appears to the Securities and Exchange Commission (``Commission'') that there is a lack of current and accurate information concerning the securities of China Infrastructure Investment Corp. (``CIIC'') because, among other things, it: (1) Has not filed any periodic reports since the Form 10-Q for the period ending September 30, 2011, filed on November 14, 2011; and (2) filed a Form 8-K on December 16, 2011, stating that the Chief Financial Officer (``CFO'') whose signature appears on Forms 10-K and 10-K/A for the year ending June 30, 2011, and on Form 10-Q for the quarter ending September 30, 2011, had resigned from CIIC on September 21, 2011, and had not prepared, reviewed, signed or authorized these filings. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of CIIC is suspended for the period from 9:30 a.m. EST on March 4, 2015, through 11:59 p.m. EDT on March 17, 2015. By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-05370 Filed 3-4-15; 4:15 pm] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 12213
with the Commission.1 Based on the Q for the period ending September 30, rule change to March 2, 2015. The
Commission’s experience with 2011, filed on November 14, 2011; and Commission received no comment
disclosure documents, we estimate that (2) filed a Form 8–K on December 16, letters in response to the proposed rule
the burden from compliance with Form 2011, stating that the Chief Financial change. For the reasons discussed
1–E and the offering circular requires Officer (‘‘CFO’’) whose signature below, the Commission is approving the
approximately 100 hours per filing. The appears on Forms 10–K and 10–K/A for proposed rule change.
annual burden hours for compliance the year ending June 30, 2011, and on
with Form 1–E and the offering circular II. Description
Form 10–Q for the quarter ending
would be 100 hours (1 response x 100 September 30, 2011, had resigned from FICC filed the proposed rule change
hours per response). Estimates of the CIIC on September 21, 2011, and had to amend the clearing rules of the
burden hours are made solely for the not prepared, reviewed, signed or Government Securities Division
purposes of the PRA, and are not authorized these filings. (‘‘GSD’’) and of the Mortgage-Backed
derived from a comprehensive or even The Commission is of the opinion that Securities Division (‘‘MBSD’’)
a representative survey or study of the the public interest and the protection of concerning a default by FICC.5 The FICC
costs of SEC rules and forms. investors require a suspension of trading Default Rules were added to GSD’s and
Written comments are invited on: (a) in the securities of the above-listed MBSD’s rules in 2010 and 2012,
Whether the proposed collection of company. respectively, to make explicit the close-
information is necessary for the proper Therefore, it is ordered, pursuant to out netting of obligations between FICC
performance of the functions of the Section 12(k) of the Securities Exchange and its clearing members in the event
agency, including whether the Act of 1934, that trading in the that FICC becomes insolvent or defaults
information will have practical utility; securities of CIIC is suspended for the on its obligations to its clearing
(b) the accuracy of the agency’s estimate period from 9:30 a.m. EST on March 4, members.6 FICC represented that the
of the burden of the collection of 2015, through 11:59 p.m. EDT on March FICC Default Rules provide clarity to
information; (c) ways to enhance the 17, 2015. clearing member firms in their
quality, utility, and clarity of the application of balance sheet netting to
By the Commission.
information collected; and (d) ways to their positions with FICC under U.S.
Jill M. Peterson,
minimize the burden of the collection of GAAP.7 FICC further represented that
information on respondents, including Assistant Secretary.
the FICC Default Rules allow clearing
through the use of automated collection [FR Doc. 2015–05370 Filed 3–4–15; 4:15 pm]
members to comply with Basel Accord
techniques or other forms of information BILLING CODE 8011–01–P Standards relating to netting, and
technology. Consideration will be given thereby enable clearing members to
to comments and suggestions submitted calculate their capital requirements on
in writing within 60 days of this SECURITIES AND EXCHANGE
the basis of their net credit exposure.8
publication. COMMISSION The existing FICC Default Rules cover
Please direct your written comments [Release No. 34–74411; File No. SR–FICC– three general types of default: Voluntary
to Pamela Dyson, Director/Chief 2014–09] proceedings defaults; involuntary
Information Officer, Securities and proceedings defaults; and non-
Exchange Commission, C/O Remi Self-Regulatory Organizations; Fixed insolvency related defaults. Under the
Pavlik-Simon, 100 F Street NE., Income Clearing Corporation; Order existing FICC Default Rules, FICC states
Washington, DC 20549; or send an email Approving Proposed Rule Change To that it is considered in default with
to: PRA_Mailbox@sec.gov. Amend the Rules of the Government respect to voluntary proceedings
Dated: March 2, 2015. Securities Division and the Mortgage- defaults (i) immediately upon the
Brent J. Fields, Backed Securities Division Regarding dissolution of FICC, (ii) the voluntary
Secretary. the Default of Fixed Income Clearing institution of proceedings by FICC
Corporation seeking a judgment of insolvency or
[FR Doc. 2015–05217 Filed 3–5–15; 8:45 am]
BILLING CODE 8011–01–P March 2, 2015. bankruptcy or other similar relief, or
(iii) the voluntary presentation by FICC
I. Introduction of a petition for its winding up or
SECURITIES AND EXCHANGE On November 12, 2014, the Fixed liquidation.
COMMISSION Income Clearing Corporation (‘‘FICC’’) Under the existing FICC Default
filed with the Securities and Exchange Rules, FICC is considered in default
[File No. 500–1]
Commission (‘‘Commission’’) proposed
5 In 2010, the Commission approved a proposed
In the Matter of China Infrastructure rule change SR–FICC–2014–09 pursuant
rule change filed by FICC to add Rule 22B to the
Investment Corp., Order of Suspension to Section 19(b)(1) of the Securities GSD rules (‘‘GSD Default Rule’’). See Securities
of Trading Exchange Act of 1934 (‘‘Act’’) 1 and Rule Exchange Act Release No. 63038 (October 5, 2010),
19b–4 thereunder.2 The proposed rule 75 FR 62899 (October 13, 2010) (File No. SR–FICC–
March 4, 2015. change was published for comment in 2010–04). In 2012, the Commission approved a
It appears to the Securities and proposed rule change filed by FICC to add Rule 17A
the Federal Register on December 2, to the MBSD rules (‘‘MBSD Default Rule’’, and
Exchange Commission (‘‘Commission’’) 2014.3 On January 9, 2015, pursuant to together with the GSD Default Rule, ‘‘FICC Default
that there is a lack of current and Section 19(b)(2)(A)(ii) of the Act,4 FICC Rules’’). See Securities Exchange Act Release No.
accurate information concerning the consented to an extension of the time 66550 (March 9, 2012), 77 FR 15155 (March 14,
mstockstill on DSK4VPTVN1PROD with NOTICES
securities of China Infrastructure 2012) (File No. SR–FICC–2008–01).
for Commission action on the proposed 6 See Securities Exchange Act Release No. 63038
Investment Corp. (‘‘CIIC’’) because,
(October 5, 2010), 75 FR 62899 (October 13, 2010)
among other things, it: (1) Has not filed 1 15 U.S.C. 78s(b)(1). (File No. SR–FICC–2010–04) and Securities
any periodic reports since the Form 10– 2 17 CFR 240.19b–4. Exchange Act Release No. 66550 (March 9, 2012),
3 See Securities Exchange Act Release No. 73682 77 FR 15155 (March 14, 2012) (File No. SR–FICC–
1 According to Commission records, one issuer (November 25, 2014), 79 FR 71481 (December 2, 2008–01).
filed two notifications on Form 1–E, together with 2014) (File No. SR–FICC–2014–09). 7 See Id.
offering circulars, during 2013 and 2014. 4 15 U.S.C. 78s(b)(2)(A)(ii). 8 See Id.
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Document Created: 2018-02-21 09:33:15
Document Modified: 2018-02-21 09:33:15
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 12213 |
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