80 FR 48937 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Revised Fee Schedule

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 157 (August 14, 2015)

Page Range		48937-48938
FR Document		2015-20008
Federal Register, Volume 80 Issue 157 (Friday, August 14, 2015)
[Federal Register Volume 80, Number 157 (Friday, August 14, 2015)]
[Notices]
[Pages 48937-48938]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-20008]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75657; File No. SR-ICEEU-2015-014]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt 
Revised Fee Schedule

August 10, 2015.
    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 August 3, 2015, ICE Clear Europe Limited (``ICE Clear Europe'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change described in Items I, II and III below, which 
Items have been primarily prepared by ICE Clear Europe. ICE Clear 
Europe filed the proposal pursuant to Section 19(b)(3)(A) of the 
Act,\3\ and Rule 19b-4(f)(2) \4\ thereunder, so that the proposal was 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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    \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)(2).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The principal purpose of the proposed rule change is to specify 
certain fees applicable to the maintenance of certain segregated 
customer accounts at ICE Clear Europe.

II. Self-Regulatory Organization'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. 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. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is for ICE Clear Europe to 
specify certain fees (and related volume discounts) applicable to 
segregated customer accounts, margin flow co-mingled accounts (also 
known as ``individually segregated, operationally co-mingled'' or 
``ISOC'' accounts) and individually segregated sponsored accounts of 
Non-FCM/BD Clearing Members that are required to be made available 
under the European Market Infrastructure Regulation (EMIR) 
(collectively, the ``EMIR Customer Accounts''). Certain such accounts 
may also be used by Non-FCM/BD Clearing Members prior to EMIR 
authorization of ICE Clear Europe.
    Specifically, an application fee and an annual fee will apply to 
various EMIR Customer Accounts as follows:

------------------------------------------------------------------------
                                    Application fee       Annual fee
------------------------------------------------------------------------
Segregated Customer Accounts      Waived............  Waived.
 (``F'', ``S'' and ``T'').
ISOC Account (``I'' and ``J''     Waived............  [euro]5,000 per
 Account).                                             annum per
                                                       Individual
                                                       Customer.
Individually Segregated           [euro]10,000 per    [euro]25,000 per
 Sponsored Account (``Sponsored    Sponsored           annum per
 Account'').                       Principal.          Sponsored
                                                       Principal.
------------------------------------------------------------------------

    The rule change also establishes volume discounts applicable where 
a client establishes a number of separate individually segregated 
accounts, detailed as follows:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                             Sponsored
                                                              Minimum      Cost per ISOC   Minimum cost      principal      Cost per SP    Minimum cost
                   Number of accounts                        number of     account (EUR       of ISOC       application    account (EUR    of SP package
                                                             accounts          p.a.)          package           fee            p.a.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Individual Accounts.....................................               1           5,000           5,000          10,000          25,000          35,000
50 or more..............................................              50           3,300         165,000             N/A          16,500         825,000
100 or more.............................................             100           2,150         215,000             N/A          10,750       1,085,000
--------------------------------------------------------------------------------------------------------------------------------------------------------


[[Page 48938]]

    The rule change also specifies the timing of payment of such fees, 
with annual fees initially becoming due on August 31, 2015, as set 
forth in further detail in a Circular to be published by ICE Clear 
Europe.
2. Statutory Basis
    ICE Clear Europe has determined that the fees are reasonable and 
appropriate to charge for establishing and maintaining EMIR Customer 
Accounts for Non-FCM/BD Clearing Members. In particular, ICE Clear 
Europe believes that the fees, and related volume discounts from them, 
have been set at an appropriate level given the costs and expenses to 
ICE Clear Europe in offering and maintaining the relevant EMIR Customer 
Accounts. The fees (and related discounts) apply equally to all Non-
FCM/BD Clearing Members that use EMIR Customer Accounts. ICE Clear 
Europe believes that imposing such clearing fees is consistent with the 
requirements of Section 17A of the Act \5\ and the regulations 
thereunder applicable to it, and in particular provides for the 
equitable allocation of reasonable dues, fees, and other charges among 
its Clearing Members, within the meaning of Section 17A(b)(3)(D) of the 
Act.\6\ ICE Clear Europe thus believes that the proposed rule change is 
consistent with the requirements of Section 17A of the Act and 
regulations thereunder applicable to it.
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    \5\ 15 U.S.C. 78q-1.
    \6\ 15 U.S.C. 78q-1(b)(3)(D).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule change would 
have any impact, or impose any burden, on competition not necessary or 
appropriate in furtherance of the purpose of the Act. As noted above, 
ICE Clear Europe believes that the fees and related discounts have been 
set at an appropriate level given the costs and expenses to ICE Clear 
Europe in offering and maintaining the relevant EMIR Customer Accounts. 
The fees and related discounts apply equally to all Non-FCM/BD Clearing 
Members that use EMIR Customer Accounts. ICE Clear Europe does not 
believe that the amendments would adversely affect the ability of such 
Clearing Members or other market participants generally to engage in 
cleared transactions or to access clearing. ICE Clear Europe further 
believes that the fees will not otherwise adversely affect competition 
among Clearing Members, adversely affect the market for clearing 
services or limit market participants' choices for obtaining clearing 
services.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments relating to the proposed rule change have not been 
solicited or received. ICE Clear Europe will notify the Commission of 
any written comments received by ICE Clear Europe.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing proposed rule change has become effective upon filing 
pursuant to Section 19(b)(3)(A) \7\ of the Act and Rule 19b-4(f)(2) \8\ 
thereunder because it establishes a fee or other charge imposed by ICE 
Clear Europe on its Clearing Members. Specifically, the proposed rule 
change will establish fees to be paid by Non-FCM/BD Clearing Members to 
ICE Clear Europe in connection with EMIR Customer Accounts. At any time 
within 60 days of the filing of the proposed rule change, the 
Commission summarily may temporarily suspend such proposed 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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 (http://www.sec.gov/rules/sro.shtml) or
     Send an email to [email protected]. Please include 
File Number SR-ICEEU-2015-014 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-2015-014. 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 Web site (http://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 Web site 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 Web site at https://www.theice.com/clear-europe/regulation. All comments received will be posted without change; 
the Commission does not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-
ICEEU-2015-014 and should be submitted on or before September 4, 2015.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-20008 Filed 8-13-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 157 / Friday, August 14, 2015 / Notices 48937

Annual Time Burden
Form No. responses (minutes) (hours)

G–346 .......................................................................................................................................... 4,830 5 403
G–346sum ................................................................................................................................... 2,070 5 172

Total ...................................................................................................................................... 6,900 ........................ 575

Additional Information or Comments: (‘‘Act’’),1 and Rule 19b–4 thereunder,2 these statements may be examined at
Copies of the forms and supporting notice is hereby given that on August 3, the places specified in Item IV below.
documents can be obtained from Dana 2015, ICE Clear Europe Limited (‘‘ICE ICE Clear Europe has prepared
Hickman at (312) 751–4981 or Clear Europe’’) filed with the Securities summaries, set forth in sections A, B,
Dana.Hickman@RRB.GOV. and Exchange Commission and C below, of the most significant
Comments regarding the information (‘‘Commission’’) the proposed rule aspects of such statements.
collection should be addressed to change described in Items I, II and III
Charles Mierzwa, Railroad Retirement below, which Items have been primarily A. Self-Regulatory Organization’s
Board, 844 North Rush Street, Chicago, prepared by ICE Clear Europe. ICE Clear Statement of the Purpose of, and
Illinois, 60611–2092 or Europe filed the proposal pursuant to Statutory Basis for, the Proposed Rule
Charles.Mierzwa@RRB.GOV and to the Section 19(b)(3)(A) of the Act,3 and Rule Change
OMB Desk Officer for the RRB, Fax: 19b–4(f)(2) 4 thereunder, so that the 1. Purpose
202–395–6974, Email address: proposal was effective upon filing with
OIRA_Submission@omb.eop.gov. the Commission. The Commission is The purpose of the proposed rule
publishing this notice to solicit change is for ICE Clear Europe to specify
Charles Mierzwa,
comments on the proposed rule change certain fees (and related volume
Chief of Information Resources Management.
from interested persons. discounts) applicable to segregated
[FR Doc. 2015–20079 Filed 8–13–15; 8:45 am]
I. Self-Regulatory Organization’s customer accounts, margin flow co-
BILLING CODE 7905–01–P
Statement of the Terms of Substance of mingled accounts (also known as
the Proposed Rule Change ‘‘individually segregated, operationally
co-mingled’’ or ‘‘ISOC’’ accounts) and
SECURITIES AND EXCHANGE The principal purpose of the individually segregated sponsored
COMMISSION proposed rule change is to specify accounts of Non-FCM/BD Clearing
certain fees applicable to the
[Release No. 34–75657; File No. SR–ICEEU– Members that are required to be made
maintenance of certain segregated
2015–014] available under the European Market
customer accounts at ICE Clear Europe.
Infrastructure Regulation (EMIR)
Self-Regulatory Organizations; ICE II. Self-Regulatory Organization’s (collectively, the ‘‘EMIR Customer
Clear Europe Limited; Notice of Filing Statement of the Purpose of, and Accounts’’). Certain such accounts may
and Immediate Effectiveness of Statutory Basis for, the Proposed Rule also be used by Non-FCM/BD Clearing
Proposed Rule Change To Adopt Change Members prior to EMIR authorization of
Revised Fee Schedule ICE Clear Europe.
In its filing with the Commission, ICE
August 10, 2015. Clear Europe included statements Specifically, an application fee and an
Pursuant to Section 19(b)(1) of the concerning the purpose of and basis for annual fee will apply to various EMIR
Securities Exchange Act of 1934 the proposed rule change. The text of Customer Accounts as follows:

Application fee Annual fee

Segregated Customer Accounts (‘‘F’’, ‘‘S’’ and ‘‘T’’) ............................... Waived ........................................... Waived.
ISOC Account (‘‘I’’ and ‘‘J’’ Account) ...................................................... Waived ........................................... Ö5,000 per annum per Individual
Customer.
Individually Segregated Sponsored Account (‘‘Sponsored Account’’) .... Ö10,000 per Sponsored Principal .. Ö25,000 per annum per Spon-
sored Principal.

The rule change also establishes individually segregated accounts,
volume discounts applicable where a detailed as follows:
client establishes a number of separate

Minimum Cost per ISOC Minimum cost Sponsored Cost per SP Minimum cost
Number of accounts number of account of ISOC principal account of SP package
accounts (EUR p.a.) package application fee (EUR p.a.)
asabaliauskas on DSK5VPTVN1PROD with NOTICES

Individual Accounts .................................. 1 5,000 5,000 10,000 25,000 35,000
50 or more ............................................... 50 3,300 165,000 N/A 16,500 825,000
100 or more ............................................. 100 2,150 215,000 N/A 10,750 1,085,000

1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A).
2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(2).

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48938 Federal Register / Vol. 80, No. 157 / Friday, August 14, 2015 / Notices

The rule change also specifies the market participants’ choices for comments more efficiently, please use
timing of payment of such fees, with obtaining clearing services. only one method. The Commission will
annual fees initially becoming due on post all comments on the Commission’s
C. Self-Regulatory Organization’s
August 31, 2015, as set forth in further Internet Web site (http://www.sec.gov/
Statement on Comments on the
detail in a Circular to be published by rules/sro.shtml). Copies of the
Proposed Rule Change Received From
ICE Clear Europe. submission, all subsequent
Members, Participants or Others amendments, all written statements
2. Statutory Basis Written comments relating to the with respect to the proposed rule
ICE Clear Europe has determined that proposed rule change have not been change that are filed with the
the fees are reasonable and appropriate solicited or received. ICE Clear Europe Commission, and all written
to charge for establishing and will notify the Commission of any communications relating to the
maintaining EMIR Customer Accounts written comments received by ICE Clear proposed rule change between the
for Non-FCM/BD Clearing Members. In Europe. Commission and any person, other than
particular, ICE Clear Europe believes those that may be withheld from the
III. Date of Effectiveness of the
that the fees, and related volume public in accordance with the
Proposed Rule Change and Timing for
discounts from them, have been set at provisions of 5 U.S.C. 552, will be
Commission Action
an appropriate level given the costs and available for Web site viewing and
expenses to ICE Clear Europe in offering The foregoing proposed rule change printing in the Commission’s Public
and maintaining the relevant EMIR has become effective upon filing Reference Room, 100 F Street NE.,
Customer Accounts. The fees (and pursuant to Section 19(b)(3)(A) 7 of the Washington, DC 20549, on official
related discounts) apply equally to all Act and Rule 19b–4(f)(2) 8 thereunder business days between the hours of
Non-FCM/BD Clearing Members that because it establishes a fee or other 10:00 a.m. and 3:00 p.m. Copies of such
use EMIR Customer Accounts. ICE Clear charge imposed by ICE Clear Europe on filings will also be available for
Europe believes that imposing such its Clearing Members. Specifically, the inspection and copying at the principal
clearing fees is consistent with the proposed rule change will establish fees office of ICE Clear Europe and on ICE
requirements of Section 17A of the Act 5 to be paid by Non-FCM/BD Clearing Clear Europe’s Web site at https://
and the regulations thereunder Members to ICE Clear Europe in www.theice.com/clear-europe/
applicable to it, and in particular connection with EMIR Customer regulation. All comments received will
provides for the equitable allocation of Accounts. At any time within 60 days be posted without change; the
reasonable dues, fees, and other charges of the filing of the proposed rule change, Commission does not edit personal
among its Clearing Members, within the the Commission summarily may identifying information from
meaning of Section 17A(b)(3)(D) of the temporarily suspend such proposed rule submissions. You should submit only
Act.6 ICE Clear Europe thus believes change if it appears to the Commission information that you wish to make
that the proposed rule change is that such action is necessary or available publicly. All submissions
consistent with the requirements of appropriate in the public interest, for should refer to File Number SR–ICEEU–
the protection of investors, or otherwise 2015–014 and should be submitted on
Section 17A of the Act and regulations
in furtherance of the purposes of the or before September 4, 2015.
thereunder applicable to it.
Act. For the Commission, by the Division of
B. Self-Regulatory Organization’s Trading and Markets, pursuant to delegated
Statement on Burden on Competition IV. Solicitation of Comments
authority.9
Interested persons are invited to Robert W. Errett,
ICE Clear Europe does not believe the submit written data, views, and
proposed rule change would have any Deputy Secretary.
arguments concerning the foregoing, [FR Doc. 2015–20008 Filed 8–13–15; 8:45 am]
impact, or impose any burden, on including whether the proposed rule
competition not necessary or change is consistent with the Act.
BILLING CODE 8011–01–P
appropriate in furtherance of the Comments may be submitted by any of
purpose of the Act. As noted above, ICE the following methods:
Clear Europe believes that the fees and SECURITIES AND EXCHANGE
related discounts have been set at an Electronic Comments COMMISSION
appropriate level given the costs and • Use the Commission’s Internet [Release No. 34–75656; File No. SR–ICC–
expenses to ICE Clear Europe in offering comment form (http://www.sec.gov/ 2015–014]
and maintaining the relevant EMIR rules/sro.shtml) or
Customer Accounts. The fees and • Send an email to rule-comments@ Self-Regulatory Organizations; ICE
related discounts apply equally to all sec.gov. Please include File Number SR– Clear Credit LLC; Notice of Filing and
Non-FCM/BD Clearing Members that ICEEU–2015–014 on the subject line. Immediate Effectiveness of Proposed
use EMIR Customer Accounts. ICE Clear Rule Change To Implement Single
Europe does not believe that the Paper Comments Name Backloading Incentive Program
amendments would adversely affect the • Send paper comments in triplicate August 10, 2015.
ability of such Clearing Members or to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the
other market participants generally to Commission, 100 F Street NE., Securities Exchange Act of 1934
engage in cleared transactions or to Washington, DC 20549–1090.
asabaliauskas on DSK5VPTVN1PROD with NOTICES

(‘‘Act’’) 1 and Rule 19b–4 thereunder 2
access clearing. ICE Clear Europe further All submissions should refer to File notice is hereby given that on July 30,
believes that the fees will not otherwise Number SR–ICEEU–2015–014. This file 2015, ICE Clear Credit LLC (‘‘ICC’’) filed
adversely affect competition among number should be included on the with the Securities and Exchange
Clearing Members, adversely affect the subject line if email is used. To help the Commission (‘‘Commission’’) the
market for clearing services or limit Commission process and review your
9 17 CFR 200.30–3(a)(12).
5 15 U.S.C. 78q–1. 7 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
6 15 U.S.C. 78q–1(b)(3)(D). 8 17 CFR 240.19b–4(f)(2). 2 17 CFR 240.19b–4.

VerDate Sep<11>2014 18:50 Aug 13, 2015 Jkt 235001 PO 00000 Frm 00135 Fmt 4703 Sfmt 4703 E:\FR\FM\14AUN1.SGM 14AUN1
Document Created: 2018-02-23 10:59:34
Document Modified: 2018-02-23 10:59:34
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 48937