80 FR 27798 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 93 (May 14, 2015)

Page Range		27798-27798
FR Document		2015-11597

Federal Register, Volume 80 Issue 93 (Thursday, May 14, 2015)

[Federal Register Volume 80, Number 93 (Thursday, May 14, 2015)]
[Notices]
[Page 27798]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-11597]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736.

Extension:
    Form 12b-25. SEC File No. 270-71, OMB Control No. 3235-0058.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
    The purpose of Form 12b-25 (17 CFR 240.12b-25) is to provide notice 
to the Commission and the marketplace that a public company will be 
unable to timely file a required periodic report or transition report 
pursuant to the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.). If all the filing conditions of the form are satisfied, the 
company is granted an automatic filing extension. Approximately 4,456 
registrants file Form 12b-25 and it takes approximately 2.5 hours per 
response for a total of 11,140 burden hours.
    Written comments are invited on: (a) Whether this proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden imposed by the collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information collected; 
and (d) ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    Please direct your written comments to Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email 
to: PRA_Mailbox@sec.gov.

    Dated: May 8, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-11597 Filed 5-13-15; 8:45 am]
BILLING CODE 8011-01-P

27798 Federal Register / Vol. 80, No. 93 / Thursday, May 14, 2015 / Notices

For the Commission, by the Division of Please direct your written comments settlement price. However, in certain
Trading and Markets, pursuant to delegated to Pamela Dyson, Director/Chief circumstances, such as where the Credit
authority.27 Information Officer, Securities and Derivatives Determinations Committee
Robert W. Errett, Exchange Commission, c/o Remi Pavlik- decides not to hold a cash settlement
Deputy Secretary. Simon, 100 F Street NE., Washington, auction for a particular credit event, or
[FR Doc. 2015–11603 Filed 5–13–15; 8:45 am] DC 20549, or send an email to: PRA_ such an auction is cancelled under the
BILLING CODE 8011–01–P Mailbox@sec.gov. terms of the auction methodology
Dated: May 8, 2015. (including because of a failure to
Robert W. Errett, determine the auction settlement price),
SECURITIES AND EXCHANGE the CDS Contracts provide for a fallback
Deputy Secretary.
COMMISSION settlement method of physical
[FR Doc. 2015–11597 Filed 5–13–15; 8:45 am]
settlement. Under physical settlement of
Proposed Collection; Comment BILLING CODE 8011–01–P
a CDS contract generally, the protection
Request buyer will be entitled to deliver one or
Upon Written Request Copies Available more qualifying deliverable obligations
SECURITIES AND EXCHANGE
From: Securities and Exchange to the protection seller, in which case
COMMISSION
Commission, Office of FOIA Services, the protection seller will be required to
100 F Street NE., Washington, DC [Release No. 34–74917; File No. SR–ICC– pay the protection buyer a defined
20549–2736. 2015–004] physical settlement amount. Under the
current ICC Rules, if physical settlement
Extension: Self-Regulatory Organizations; ICE
Form 12b–25. SEC File No. 270–71, OMB
applies,5 ICC will match clearing
Clear Credit LLC; Order Approving participants (‘‘Participants’’) that are
Control No. 3235–0058. Proposed Rule Change Relating to protection buyers with Participants that
Notice is hereby given that, pursuant Physical Settlement of CDS Contracts are protection sellers in the relevant
to the Paperwork Reduction Act of 1995 contract, and the two Participants will
(44 U.S.C. 3501 et seq.), the Securities May 8, 2015.
be responsible for effecting physical
and Exchange Commission I. Introduction settlement between them. ICC does not
(‘‘Commission’’) is soliciting comments On March 11, 2015, ICE Clear Credit itself perform or guarantee performance
on the collection of information LLC (‘‘ICC’’) filed with the Securities of physical settlement between the
summarized below. The Commission and Exchange Commission matched Participants. Once matching
plans to submit this existing collection (‘‘Commission’’) the proposed rule occurs, the contract is purely a bilateral
of information to the Office of change SR–ICC–2015–004 pursuant to contract between the matched
Management and Budget for extension Section 19(b)(1) of the Securities Participants, and ICC has no further
and approval. Exchange Act of 1934 (‘‘Act’’) 1 and Rule rights or obligations with respect to the
The purpose of Form 12b–25 (17 CFR 19b–4 thereunder.2 The proposed rule contract. ICC does, however, collect and
240.12b–25) is to provide notice to the change was published for comment in hold physical settlement margin as
Commission and the marketplace that a the Federal Register on March 27, collateral agent on behalf of the
public company will be unable to timely 2015.3 The Commission received one protection buyer to secure the
file a required periodic report or comment.4 For the reasons discussed protection seller’s obligations to the
transition report pursuant to the below, the Commission is approving the protection buyer under physical
Securities Exchange Act of 1934 (15 proposed rule change. settlement.
U.S.C. 78a et seq.). If all the filing ICC proposes to amend the ICC Rules
conditions of the form are satisfied, the II. Description of the Proposed Rule relating to physical settlement such that
company is granted an automatic filing Change ICC will be responsible for financial
extension. Approximately 4,456 ICC proposes to amend its rules to performance of physical settlement. ICC
registrants file Form 12b–25 and it takes modify the terms and conditions for notes that under the amended approach,
approximately 2.5 hours per response physical settlement of cleared CDS it would still require payments and
for a total of 11,140 burden hours. Contracts, and to adopt certain new deliveries in the ordinary course under
Written comments are invited on: (a) delivery procedures relating to physical physical settlement to be made directly
Whether this proposed collection of settlement. between the matched buying Participant
information is necessary for the proper Under the current terms of the ICC and selling Participant, with ICC only
performance of the functions of the Clearing Rules (‘‘ICC Rules’’), upon the being obligated to make direct payments
agency, including whether the occurrence of a credit event under a in the case of certain defined settlement
information will have practical utility; cleared CDS Contract, the contract is failure scenarios. ICC believes that this
(b) the accuracy of the agency’s estimate typically settled in cash in accordance proposed rule change will further the
of the burden imposed by the collection with the terms of the ICC Rules, which general policy goals of central clearing
of information; (c) ways to enhance the incorporate the applicable ISDA Credit for CDS transactions, and is consistent
quality, utility, and clarity of the Derivatives Definitions (the ‘‘ISDA with ICC’s financial resources, risk
information collected; and (d) ways to Definitions’’) and the market-standard management procedures and
minimize the burden of the collection of credit default swap auction operational capabilities.6
information on respondents, including methodology for determining the cash ICC proposes to make certain
through the use of automated collection amendments to Chapters 1, 4, 5, 21 and
tkelley on DSK3SPTVN1PROD with NOTICES

techniques or other forms of information 1 15 U.S.C. 78s(b)(1). 22 of the ICC Rules. ICC also proposes
technology. Consideration will be given 2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 34–74563
to comments and suggestions submitted 5 ICC notes that to date, physical settlement has
(Mar. 23, 2015), 80 FR 16471 (Mar. 27, 2015) (File not been necessary for any of the CDS Contracts
in writing within 60 days of this No. SR–ICC–2015–004). cleared by ICC.
publication. 4 See Comment from Kermit Kubitz, dated April 6 ICC notes that a substantially similar approach

17, 2015, available at https://www.sec.gov/ to physical settlement is used in the ICE Clear
27 17 CFR 200.30–3(a)(12). comments/sr-icc-2015-004/icc2015004-1.htm. Europe Limited CDS clearing service.

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Document Created: 2015-12-15 15:33:10
Document Modified: 2015-12-15 15:33:10

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 27798