80 FR 48385 - Self-Regulatory Organizations; ICE Clear Credit, LLC; Order Approving Proposed Rule Change To Correct Inconsistent Provisions Regarding the Risk Management Subcommittee

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 155 (August 12, 2015)

Page Range		48385-48386
FR Document		2015-19764
Federal Register, Volume 80 Issue 155 (Wednesday, August 12, 2015)
[Federal Register Volume 80, Number 155 (Wednesday, August 12, 2015)]
[Notices]
[Pages 48385-48386]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-19764]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75634; File No. SR-ICC-2015-012]


Self-Regulatory Organizations; ICE Clear Credit, LLC; Order 
Approving Proposed Rule Change To Correct Inconsistent Provisions 
Regarding the Risk Management Subcommittee

August 6, 2015.

I. Introduction

    On June 10, 2015, 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 amend the ICC 
Clearing Rules (``Rules'') to correct inconsistent provisions regarding 
the Risk Management Subcommittee (SR-ICC-2015-012). The proposed rule 
change was published for comment in the Federal Register on June 22, 
2015.\3\ The Commission did not receive comments on the proposed rule 
change. For the reasons discussed below, the Commission is granting 
approval of the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-75179 (Jun. 16, 
2015), 80 FR 35689 (Jun. 22, 2015) (SR-ICC-2015-012).
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II. Description of the Proposed Rule Change

    ICC has stated that the proposed rule change is intended to correct 
inconsistent provisions regarding the Risk Management Subcommittee, 
described in detail as follows. ICC has stated that, in describing the 
independence requirements for certain Risk Management Subcommittee 
members in Rule 511(a)(iii), the rule mistakenly referred to U.S. 
Commodity Futures Trading Commission (``CFTC'') Regulation 1.3(ccc), a 
proposed regulation that, to date, the CFTC has not adopted. ICC 
proposes revising Rule 511(a)(iii) to remove the improper reference to 
CFTC Regulation 1.3(ccc) and replace the rule cite with a reference to 
ICC's Independence Requirements, which are defined in Rule 503.
    Additionally, Independent Risk Management Subcommittee managers 
were previously defined as ``Independent Public Directors'' in Rules 
511 and 512. ICC proposes re-defining such independent Risk Management 
Subcommittee managers to ``Independent ICE Subcommittee Managers'' and 
updating references in Rules 511 and 512 to reflect the new defined 
term. ICC also proposes clarifying language to specify that such 
Independent ICE Subcommittee Managers are appointed by the ICC Board. 
Finally, ICC proposes revising Rule 512 to clarify that for purposes of 
Rule 507(a), which sets forth meeting frequency requirements, the Risk 
Management Subcommittee shall meet when deemed necessary or desirable 
by the Risk Management Subcommittee or its chairperson.

III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \4\ directs the Commission to 
approve a proposed rule change of a self-regulatory organization if the 
Commission finds that such proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to such self-regulatory organization. Section 17A(b)(3)(F) 
of the Act \5\ requires, among other things, that the rules of a 
clearing agency are designed to protect investors and the public 
interest. Rule 17Ad-22(d)(8) \6\ further requires a registered clearing 
agency that performs central counterparty services to establish, 
implement, maintain and enforce written policies and procedures 
reasonably designed to, among other things, have governance 
arrangements that are clear and transparent to fulfill the public 
interest requirements in Section 17A of the Act \7\ applicable to 
clearing agencies and to promote the effectiveness of the clearing 
agency's risk management procedures.
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    \4\ 15 U.S.C. 78s(b)(2)(C).
    \5\ 15 U.S.C. 78q-1(b)(3)(F).
    \6\ 17 CFR 240.17Ad-22(d)(8).
    \7\ 15 U.S.C. 78q-1.
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    Currently, the independence requirements in ICC Rule 511 for 
certain Risk Management Subcommittee members incorrectly reference a 
CFTC regulation that has not been adopted. The proposed rule change 
would replace the incorrect CFTC rule citation with the requirement 
that certain members of the Risk Management Subcommittee meet ICC's 
Independence Requirements as defined in ICC Rule 503 \8\ (the 
Independent ICE Subcommittee Managers). Additionally, the proposed rule 
change would clarify that the Independent ICE Subcommittee Managers are 
appointed by the ICC Board. Finally, the proposed rule

[[Page 48386]]

change clarifies that the Risk Management Subcommittee shall meet when 
deemed necessary or desirable by the Risk Management Subcommittee or 
its chairperson. The Commission believes that these proposed 
clarifications are reasonably designed to ensure that ICC's governance 
arrangements are clear and transparent to fulfill the public interest 
requirements in Section 17A of the Act.\9\ Accordingly, the Commission 
finds that the proposed rule change is consistent with Section 17A of 
the Act \10\ and the rules thereunder applicable to ICC.
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    \8\ ICC Rule 503 defines the ICC ``Independence Requirements'' 
to include the requirements of each of the New York Stock Exchange 
listing standards, the U.S. Securities Exchange Act of 1934, as 
amended, and Intercontinental Exchange, Inc.'s Board of Director 
Governance Principles.
    \9\ 15 U.S.C. 78q-1.
    \10\ 15 U.S.C. 78q-1.
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IV. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act and in 
particular with the requirements of Section 17A of the Act \11\ and the 
rules and regulations thereunder.
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    \11\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\12\ that the proposed rule change (File No. SR-ICC-2015-012) be, 
and hereby is, approved.\13\
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    \12\ 15 U.S.C. 78s(b)(2).
    \13\ 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).

    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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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19764 Filed 8-11-15; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 155 / Wednesday, August 12, 2015 / Notices 48385

Paper Comments SECURITIES AND EXCHANGE Rules 511 and 512 to reflect the new
COMMISSION defined term. ICC also proposes
• Send paper comments in triplicate clarifying language to specify that such
to Brent J. Fields, Secretary, Securities [Release No. 34–75634; File No. SR–ICC–
2015–012]
Independent ICE Subcommittee
and Exchange Commission, 100 F Managers are appointed by the ICC
Street, NE., Washington, DC 20549– Self-Regulatory Organizations; ICE Board. Finally, ICC proposes revising
1090. Clear Credit, LLC; Order Approving Rule 512 to clarify that for purposes of
Proposed Rule Change To Correct Rule 507(a), which sets forth meeting
All submissions should refer to File
Inconsistent Provisions Regarding the frequency requirements, the Risk
Number SR–MIAX–2015–51. This file
Risk Management Subcommittee Management Subcommittee shall meet
number should be included on the when deemed necessary or desirable by
subject line if email is used. To help the August 6, 2015. the Risk Management Subcommittee or
Commission process and review your its chairperson.
comments more efficiently, please use I. Introduction
only one method. The Commission will On June 10, 2015, ICE Clear Credit III. Discussion and Commission
post all comments on the Commission’s LLC (‘‘ICC’’) filed with the Securities Findings
Internet Web site (http://www.sec.gov/ and Exchange Commission Section 19(b)(2)(C) of the Act 4 directs
rules/sro.shtml). Copies of the (‘‘Commission’’), pursuant to Section the Commission to approve a proposed
submission, all subsequent 19(b)(1) of the Securities Exchange Act rule change of a self-regulatory
amendments, all written statements of 1934 (‘‘Act’’) 1 and Rule 19b–4 organization if the Commission finds
with respect to the proposed rule thereunder,2 a proposed rule change to that such proposed rule change is
amend the ICC Clearing Rules (‘‘Rules’’) consistent with the requirements of the
change that are filed with the
to correct inconsistent provisions Act and the rules and regulations
Commission, and all written
regarding the Risk Management thereunder applicable to such self-
communications relating to the Subcommittee (SR–ICC–2015–012). The
proposed rule change between the regulatory organization. Section
proposed rule change was published for 17A(b)(3)(F) of the Act 5 requires, among
Commission and any person, other than comment in the Federal Register on
those that may be withheld from the other things, that the rules of a clearing
June 22, 2015.3 The Commission did not agency are designed to protect investors
public in accordance with the receive comments on the proposed rule and the public interest. Rule 17Ad–
provisions of 5 U.S.C. 552, will be change. For the reasons discussed 22(d)(8) 6 further requires a registered
available for Web site viewing and below, the Commission is granting clearing agency that performs central
printing in the Commission’s Public approval of the proposed rule change. counterparty services to establish,
Reference Room, 100 F Street NE., implement, maintain and enforce
II. Description of the Proposed Rule
Washington, DC 20549 on official written policies and procedures
Change
business days between the hours of reasonably designed to, among other
10:00 a.m. and 3:00 p.m. Copies of such ICC has stated that the proposed rule
change is intended to correct things, have governance arrangements
filing also will be available for that are clear and transparent to fulfill
inspection and copying at the principal inconsistent provisions regarding the
Risk Management Subcommittee, the public interest requirements in
office of the Exchange. All comments Section 17A of the Act 7 applicable to
described in detail as follows. ICC has
received will be posted without change; clearing agencies and to promote the
stated that, in describing the
the Commission does not edit personal independence requirements for certain effectiveness of the clearing agency’s
identifying information from Risk Management Subcommittee risk management procedures.
submissions. You should submit only members in Rule 511(a)(iii), the rule Currently, the independence
information that you wish to make mistakenly referred to U.S. Commodity requirements in ICC Rule 511 for certain
available publicly. All submissions Futures Trading Commission (‘‘CFTC’’) Risk Management Subcommittee
should refer to File Number SR–MIAX– Regulation 1.3(ccc), a proposed members incorrectly reference a CFTC
2015–51, and should be submitted on or regulation that, to date, the CFTC has regulation that has not been adopted.
before September 2, 2015. not adopted. ICC proposes revising Rule The proposed rule change would
511(a)(iii) to remove the improper replace the incorrect CFTC rule citation
For the Commission, by the Division of with the requirement that certain
Trading and Markets, pursuant to delegated reference to CFTC Regulation 1.3(ccc)
and replace the rule cite with a members of the Risk Management
authority.17 Subcommittee meet ICC’s Independence
reference to ICC’s Independence
Robert W. Errett, Requirements as defined in ICC Rule
Requirements, which are defined in
Deputy Secretary. Rule 503. 503 8 (the Independent ICE
[FR Doc. 2015–19761 Filed 8–11–15; 8:45 am] Additionally, Independent Risk Subcommittee Managers). Additionally,
BILLING CODE 8011–01–P Management Subcommittee managers the proposed rule change would clarify
were previously defined as that the Independent ICE Subcommittee
‘‘Independent Public Directors’’ in Rules Managers are appointed by the ICC
511 and 512. ICC proposes re-defining Board. Finally, the proposed rule
such independent Risk Management
4 15 U.S.C. 78s(b)(2)(C).
Subcommittee managers to
mstockstill on DSK4VPTVN1PROD with NOTICES

5 15 U.S.C. 78q–1(b)(3)(F).
‘‘Independent ICE Subcommittee 6 17 CFR 240.17Ad–22(d)(8).
Managers’’ and updating references in 7 15 U.S.C. 78q–1.
8 ICC Rule 503 defines the ICC ‘‘Independence
1 15 U.S.C. 78s(b)(1). Requirements’’ to include the requirements of each
2 17 CFR 240.19b–4. of the New York Stock Exchange listing standards,
3 Securities Exchange Act Release No. 34–75179 the U.S. Securities Exchange Act of 1934, as
(Jun. 16, 2015), 80 FR 35689 (Jun. 22, 2015) (SR– amended, and Intercontinental Exchange, Inc.’s
17 17 CFR 200.30–3(a)(12). ICC–2015–012). Board of Director Governance Principles.

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48386 Federal Register / Vol. 80, No. 155 / Wednesday, August 12, 2015 / Notices

change clarifies that the Risk Dated: August 10, 2015. review the Commission’s Public
Management Subcommittee shall meet Brent J. Fields, Meeting Rules of Conduct, which are
when deemed necessary or desirable by Secretary. posted on the Commission’s Web site,
the Risk Management Subcommittee or [FR Doc. 2015–19993 Filed 8–10–15; 4:15 pm] www.srbc.net. As identified in the
its chairperson. The Commission BILLING CODE 8011–01–P
public hearing notices referenced above,
believes that these proposed written comments on the Regulatory
clarifications are reasonably designed to Program projects, the amendments to
ensure that ICC’s governance the Comprehensive Plan, and request for
SUSQUEHANNA RIVER BASIN
arrangements are clear and transparent conditional transfer that were the
COMMISSION
to fulfill the public interest subject of a public hearing, and are
requirements in Section 17A of the Act.9 Commission Meeting listed for action at the business meeting,
Accordingly, the Commission finds that are subject to a comment deadline of
the proposed rule change is consistent AGENCY: Susquehanna River Basin August 17, 2015. Written comments
with Section 17A of the Act 10 and the Commission. pertaining to any other matters listed for
rules thereunder applicable to ICC. ACTION: Notice. action at the business meeting may be
mailed to the Susquehanna River Basin
IV. Conclusion SUMMARY: The Susquehanna River Basin Commission, 4423 North Front Street,
On the basis of the foregoing, the Commission will hold its regular Harrisburg, Pennsylvania 17110–1788,
Commission finds that the proposal is business meeting on September 10, or submitted electronically through
consistent with the requirements of the 2015, in Binghamton, New York. Details http://www.srbc.net/pubinfo/
Act and in particular with the concerning the matters to be addressed publicparticipation.htm. Any such
requirements of Section 17A of the at the business meeting are contained in comments mailed or electronically
Act 11 and the rules and regulations the SUPPLEMENTARY INFORMATION section submitted must be received by the
thereunder. of this notice. Commission on or before September 4,
It is therefore ordered, pursuant to DATES: September 10, 2015, at 9:00 a.m. 2015, to be considered.
Section 19(b)(2) of the Act,12 that the ADDRESSES: DoubleTree by Hilton Authority: Pub. L. 91–575, 84 Stat. 1509 et
proposed rule change (File No. SR–ICC– Binghamton, Grand Riverside Room, seq., 18 CFR parts 806, 807, and 808.
2015–012) be, and hereby is, 225 Water Street, Binghamton, NY Dated: August 6, 2015.
approved.13 13901.
Stephanie L. Richardson,
For the Commission, by the Division of FOR FURTHER INFORMATION CONTACT: Secretary to the Commission.
Trading and Markets, pursuant to delegated Jason E. Oyler, General Counsel, [FR Doc. 2015–19718 Filed 8–11–15; 8:45 am]
authority.14 telephone: (717) 238–0423, ext. 1312; BILLING CODE 7040–01–P
Robert W. Errett, fax: (717) 238–2436.
Deputy Secretary. SUPPLEMENTARY INFORMATION: The
[FR Doc. 2015–19764 Filed 8–11–15; 8:45 am] business meeting will include actions or OFFICE OF THE UNITED STATES
BILLING CODE 8011–01–P presentations on the following items: (1) TRADE REPRESENTATIVE
Informational presentation of interest to
the Upper Susquehanna Subbasin area; Determination Regarding Waiver of
SECURITIES AND EXCHANGE (2) resolution to correct Exhibit A Discriminatory Purchasing
COMMISSION attached to Resolution No. 2013–11; (3) Requirements With Respect to Goods
release of proposed rulemaking for and Services of New Zealand
Sunshine Act Meeting public comment; (4) amendment of the
Comprehensive Plan for the Water AGENCY: Office of the United States
Federal Register Citation of Previous Trade Representative.
Announcement: Resources of the Susquehanna River
Basin; (5) ratification/approval of grants; ACTION: Determination Regarding
[To Be Published]
(6) regulatory compliance matter for Waiver of Discriminatory Purchasing
STATUS: Closed Meeting. Requirements under the Trade
Downs Racing L.P.; (7) Panda Power
PLACE: 100 F Street NE., Washington, Agreements Act of 1979.
Funds request for transfer of ownership
DC. of Hummel Station LLC (Docket Nos.
DATE AND TIME OF PREVIOUSLY ANNOUNCED 20081222 and 20081222–2); and (8) DATES: Effective Date: August 12, 2015.
MEETING: Thursday, August 13, 2015. Regulatory Program projects. The FOR FURTHER INFORMATION CONTACT:
CHANGE IN THE MEETING: Cancellation of business meeting may also include Scott Pietan, Director of International
Meeting. requests to extend emergency Procurement Policy, (202) 395–9646, or
The Closed Meeting scheduled for certificates for Aqua Pennsylvania, Inc. Arthur Tsao, Assistant General Counsel,
Thursday, August 13, 2015 at 2:00 p.m. and Furman Foods, Inc. (202) 395–6987, Office of the United
has been cancelled. Projects, amendments to the States Trade Representative.
For further information please contact Comprehensive Plan, and request for SUPPLEMENTARY INFORMATION: On
the Office of the Secretary at (202) 551– conditional transfer listed for October 29, 2014, the WTO Committee
5400. Commission action are those that were on Government Procurement approved
the subject of a public hearing the accession of New Zealand to the
mstockstill on DSK4VPTVN1PROD with NOTICES

9 15 U.S.C. 78q–1. conducted by the Commission on World Trade Organization (‘‘WTO’’)
10 15 U.S.C. 78q–1. August 6, 2015, and identified in the Agreement on Government Procurement
11 15 U.S.C. 78q–1.
notice for such hearing, which was (‘‘GPA’’). New Zealand submitted its
12 15 U.S.C. 78s(b)(2).
published in 80 FR 39190, July 8, 2015. instrument of accession to the Secretary-
13 In approving the proposed rule change, the
General of the WTO on July 13, 2015.
Commission considered the proposal’s impact on Opportunity To Appear and Comment The GPA will enter into force for New
efficiency, competition and capital formation. 15
U.S.C. 78c(f). Interested parties are invited to attend Zealand on August 12, 2015. The United
14 17 CFR 200.30–3(a)(12). the business meeting and encouraged to States, which is also a party to the GPA,

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Document Created: 2016-09-27 22:26:57
Document Modified: 2016-09-27 22:26:57
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 48385