81 FR 13010 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Delegation of Authority To Approve Certain Rule and Procedure Amendments

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 48 (March 11, 2016)

Page Range		13010-13011
FR Document		2016-05442
Federal Register, Volume 81 Issue 48 (Friday, March 11, 2016)
[Federal Register Volume 81, Number 48 (Friday, March 11, 2016)]
[Notices]
[Pages 13010-13011]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05442]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77311; File No. SR-ICEEU-2016-002]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to the Delegation of Authority To Approve Certain Rule and 
Procedure Amendments

March 7, 2016.
    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 February 29, 2016, ICE Clear Europe Limited (``ICE Clear Europe'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared primarily by ICE Clear Europe. ICE Clear 
Europe filed the proposed rule change pursuant to section 19(b)(3)(A) 
of the Act,\3\ and Rule 19b-4(f)(4)(i) \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)(4)(i).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    ICE Clear Europe is proposing certain rule changes relating to the 
delegation by the ICE Clear Europe Board of Directors to its President 
and Managing Director (acting together with the Head of Regulation) of 
authority to approve certain rule and procedure amendments.

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 changes is to authorize the President and 
Managing Director of ICE Clear Europe, acting together with the Head of 
Regulation, to approve certain amendments to the ICE Clear Europe 
Clearing Rules and Procedures, without the need for specific Board 
approval. Under existing practice, consistent with the ICE Clear Europe 
Articles, all Rule and Procedure amendments, regardless of 
significance, require Board approval. In light of its experience with 
this practice, the ICE Clear Europe Board has determined that certain 
categories of Rule and Procedure changes do not necessarily need Board 
approval, as discussed herein.
    Accordingly, the ICE Clear Europe Board proposes to delegate to the 
President and Managing Director, acting together with the Head of 
Regulation, authority to approve Rule and Procedure amendments relating 
to business-as-usual product launches and operational processes. These 
categories of amendments would include, for example, amendments 
relating to launches of new cleared products of the same types as 
currently cleared, amendments that reflect changes in operational 
practices and processes, and drafting clarifications, updates and 
corrections to errors. Such amendments would not be required to be 
submitted for approval to the Board. The delegation will not otherwise 
affect other aspects of the Rule and Procedure amendment process, 
including the role of the relevant Risk Committees, consultation with 
Clearing Members and others as appropriate, internal regulatory, 
business and operational reviews and internal or external legal review, 
as appropriate. The delegation, of course, will also not affect 
regulatory submission, filing and approval requirements, as applicable. 
ICE Clear Europe management will report to the Board any Rule and 
Procedure amendments approved under this delegated authority.
    The delegation does not apply to Rule and Procedure changes 
amendments [sic] that are required to ensure compliance with relevant 
legislation directed at ICE Clear Europe as a clearing organization. 
Accordingly, such amendments will continue to require Board approval. 
In addition, even for amendments that may be approved by the President 
and Managing Director (acting together with the Head of Regulation), 
the delegation would not

[[Page 13011]]

preclude submission of amendments to and approval by the Board if ICE 
Clear Europe determined that was appropriate in the particular 
circumstances.
    In ICE Clear Europe's view, the proposed delegation will provide an 
efficient means of approving minor Rule and Procedure changes, 
consistent with the governance requirements of the clearing house. In 
light of its experience with the current approval practice, ICE Clear 
Europe believes that the categories of rule and procedure amendments 
being delegated do not typically rise to the level of significance that 
warrants Board approval, and that requiring the Board to review and 
approve such amendments is not necessarily a good use of the Board's 
time and resources. In approving the delegation of authority, the Board 
concluded that the internal review, consultation and regulatory 
processes around the rule amendment process will ensure appropriate 
review and consideration of any proposed amendments.
2. Statutory Basis
    ICE Clear Europe believes that the changes described herein are 
consistent with the requirements of section 17A of the Act \5\ and the 
regulations thereunder applicable to it, and are consistent with the 
prompt and accurate clearance and settlement of securities transactions 
and, to the extent applicable, derivative agreements, contracts and 
transactions, the safeguarding of securities and funds in the custody 
or control of ICE Clear Europe or for which it is responsible and the 
protection of investors and the public interest, within the meaning of 
section 17A(b)(3)(F) of the Act.\6\ As discussed above, the changes are 
intended to create a more efficient procedure for review and approval 
of certain business-as-usual and operational Rule and Procedure 
amendments. Under the revised practice, such amendments could be 
approved by the President and Managing Director acting together with 
the Head of Regulation, without the need for Board approval. In ICE 
Clear Europe's view, such amendments do not generally warrant the 
Board's detailed review, and the delegation will accordingly permit the 
Board to devote its time and resources to other Clearing House matters. 
The Board will be notified of all amendments approved pursuant to 
delegated authority and will retain oversight of the process. As a 
result, ICE Clear Europe believes the changes will promote the prompt 
and accurate clearance and settlement of securities and derivatives 
transactions, and further the public interest in the safe and effective 
clearing of such transactions. The changes are thus consistent with the 
requirements of section 17A of the Act.\7\
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    \5\ 15 U.S.C. 78q-1.
    \6\ 15 U.S.C. 78q-1(b)(3)(F).
    \7\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed changes to the rules 
would have any impact, or impose any burden, on competition not 
necessary or appropriate in furtherance of the purpose of the Act. The 
amendments relate to ICE Clear Europe's internal approval processes, 
and ICE Clear Europe does not believe that these changes will impose 
any additional costs on Clearing Members or other market participants. 
ICE Clear Europe further does not believe that the amendments will 
adversely affect access to clearing by Clearing Members or their 
customers or otherwise adversely affect Clearing Members or market 
participants or the market for clearing services generally.

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 changes to the rules 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 rule change has become effective upon filing pursuant 
to section 19(b)(3)(A) \8\ of the Act and Rule 19b-4(f)(1) \9\ 
thereunder. The amendments constitute a stated policy, practice or 
interpretation with respect to the meaning, administration or 
enforcement of an existing rule. At any time within 60 days of the 
filing of the proposed rule change, the Commission summarily may 
temporarily suspend such 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.
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(1).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
changes are 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-2016-002 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-2016-002. 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#rule-filings.
    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-2016-002 
and should be submitted on or before April 1, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05442 Filed 3-10-16; 8:45 am]
 BILLING CODE 8011-01-P
13010 Federal Register / Vol. 81, No. 48 / Friday, March 11, 2016 / Notices

Paper Comments SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
COMMISSION Statement of the Purpose of, and
• Send paper comments in triplicate Statutory Basis for, the Proposed Rule
to Brent J. Fields, Secretary, Securities Change
[Release No. 34–77311; File No. SR–ICEEU–
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
2016–002] 1. Purpose
The purpose of the changes is to
All submissions should refer to File Self-Regulatory Organizations; ICE
authorize the President and Managing
Number SR–NASDAQ–2016–035. This Clear Europe Limited; Notice of Filing
Director of ICE Clear Europe, acting
file number should be included on the and Immediate Effectiveness of a together with the Head of Regulation, to
subject line if email is used. To help the Proposed Rule Change Relating to the approve certain amendments to the ICE
Commission process and review your Delegation of Authority To Approve Clear Europe Clearing Rules and
comments more efficiently, please use Certain Rule and Procedure Procedures, without the need for
only one method. The Commission will Amendments specific Board approval. Under existing
post all comments on the Commission’s practice, consistent with the ICE Clear
March 7, 2016.
Internet Web site (http://www.sec.gov/ Europe Articles, all Rule and Procedure
rules/sro.shtml). Copies of the Pursuant to Section 19(b)(1) of the amendments, regardless of significance,
submission, all subsequent Securities Exchange Act of 1934 require Board approval. In light of its
amendments, all written statements (‘‘Act’’),1 and Rule 19b–4 thereunder,2 experience with this practice, the ICE
with respect to the proposed rule notice is hereby given that on February Clear Europe Board has determined that
change that are filed with the 29, 2016, ICE Clear Europe Limited certain categories of Rule and Procedure
Commission, and all written (‘‘ICE Clear Europe’’) filed with the changes do not necessarily need Board
communications relating to the Securities and Exchange Commission approval, as discussed herein.
(‘‘Commission’’) the proposed rule Accordingly, the ICE Clear Europe
proposed rule change between the
change as described in Items I, II, and Board proposes to delegate to the
Commission and any person, other than
III below, which Items have been President and Managing Director, acting
those that may be withheld from the together with the Head of Regulation,
public in accordance with the prepared primarily by ICE Clear Europe.
authority to approve Rule and
provisions of 5 U.S.C. 552, will be ICE Clear Europe filed the proposed rule
Procedure amendments relating to
available for Web site viewing and change pursuant to section 19(b)(3)(A)
business-as-usual product launches and
printing in the Commission’s Public of the Act,3 and Rule 19b–4(f)(4)(i) 4 operational processes. These categories
Reference Room, 100 F Street NE., thereunder, so that the proposal was of amendments would include, for
Washington, DC 20549, on official effective upon filing with the example, amendments relating to
business days between the hours of Commission. The Commission is launches of new cleared products of the
10:00 a.m. and 3:00 p.m. Copies of the publishing this notice to solicit same types as currently cleared,
filing also will be available for comments on the proposed rule change amendments that reflect changes in
inspection and copying at the principal from interested persons. operational practices and processes, and
office of the Exchange. All comments I. Self-Regulatory Organization’s drafting clarifications, updates and
received will be posted without change; Statement of the Terms of Substance of corrections to errors. Such amendments
the Commission does not edit personal would not be required to be submitted
the Proposed Rule Change
identifying information from for approval to the Board. The
submissions. You should submit only ICE Clear Europe is proposing certain delegation will not otherwise affect
information that you wish to make rule changes relating to the delegation other aspects of the Rule and Procedure
by the ICE Clear Europe Board of amendment process, including the role
available publicly. All submissions
Directors to its President and Managing of the relevant Risk Committees,
should refer to File Number SR–
Director (acting together with the Head consultation with Clearing Members
NASDAQ–2016–035 and should be and others as appropriate, internal
submitted on or before April 1, 2016. of Regulation) of authority to approve
regulatory, business and operational
certain rule and procedure amendments.
For the Commission, by the Division of reviews and internal or external legal
Trading and Markets, pursuant to delegated II. Self-Regulatory Organization’s review, as appropriate. The delegation,
authority.5 Statement of the Purpose of, and of course, will also not affect regulatory
Robert W. Errett, Statutory Basis for, the Proposed Rule submission, filing and approval
Deputy Secretary. Change requirements, as applicable. ICE Clear
[FR Doc. 2016–05440 Filed 3–10–16; 8:45 am]
Europe management will report to the
In its filing with the Commission, ICE Board any Rule and Procedure
BILLING CODE 8011–01–P Clear Europe included statements amendments approved under this
concerning the purpose of and basis for delegated authority.
the proposed rule change. The text of The delegation does not apply to Rule
these statements may be examined at and Procedure changes amendments
the places specified in Item IV below. [sic] that are required to ensure
compliance with relevant legislation
asabaliauskas on DSK3SPTVN1PROD with NOTICES

ICE Clear Europe has prepared
summaries, set forth in sections A, B, directed at ICE Clear Europe as a
and C below, of the most significant clearing organization. Accordingly, such
aspects of such statements. amendments will continue to require
Board approval. In addition, even for
1 15 U.S.C. 78s(b)(1). amendments that may be approved by
2 17 CFR 240.19b–4. the President and Managing Director
3 15 U.S.C. 78s(b)(3)(A). (acting together with the Head of
5 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(4)(i). Regulation), the delegation would not

VerDate Sep<11>2014 17:56 Mar 10, 2016 Jkt 238001 PO 00000 Frm 00153 Fmt 4703 Sfmt 4703 E:\FR\FM\11MRN1.SGM 11MRN1
Federal Register / Vol. 81, No. 48 / Friday, March 11, 2016 / Notices 13011

preclude submission of amendments to and further the public interest in the Comments may be submitted by any of
and approval by the Board if ICE Clear safe and effective clearing of such the following methods:
Europe determined that was appropriate transactions. The changes are thus
Electronic Comments
in the particular circumstances. consistent with the requirements of
In ICE Clear Europe’s view, the section 17A of the Act.7 • Use the Commission’s Internet
proposed delegation will provide an comment form (http://www.sec.gov/
efficient means of approving minor Rule B. Self-Regulatory Organization’s
rules/sro.shtml) or
Statement on Burden on Competition
and Procedure changes, consistent with • Send an email to rule-comments@
the governance requirements of the ICE Clear Europe does not believe the sec.gov. Please include File Number SR–
clearing house. In light of its experience proposed changes to the rules would ICEEU–2016–002 on the subject line.
with the current approval practice, ICE have any impact, or impose any burden,
Clear Europe believes that the categories Paper Comments
on competition not necessary or
of rule and procedure amendments appropriate in furtherance of the • Send paper comments in triplicate
being delegated do not typically rise to purpose of the Act. The amendments to Secretary, Securities and Exchange
the level of significance that warrants relate to ICE Clear Europe’s internal Commission, 100 F Street NE.,
Board approval, and that requiring the approval processes, and ICE Clear Washington, DC 20549–1090.
Board to review and approve such Europe does not believe that these
amendments is not necessarily a good All submissions should refer to File
changes will impose any additional Number SR–ICEEU–2016–002. This file
use of the Board’s time and resources. costs on Clearing Members or other
In approving the delegation of authority, number should be included on the
market participants. ICE Clear Europe subject line if email is used. To help the
the Board concluded that the internal further does not believe that the
review, consultation and regulatory Commission process and review your
amendments will adversely affect access comments more efficiently, please use
processes around the rule amendment to clearing by Clearing Members or their
process will ensure appropriate review only one method. The Commission will
customers or otherwise adversely affect post all comments on the Commission’s
and consideration of any proposed Clearing Members or market
amendments. Internet Web site (http://www.sec.gov/
participants or the market for clearing rules/sro.shtml). Copies of the
2. Statutory Basis services generally. submission, all subsequent
ICE Clear Europe believes that the C. Self-Regulatory Organization’s amendments, all written statements
changes described herein are consistent Statement on Comments on the with respect to the proposed rule
with the requirements of section 17A of Proposed Rule Change Received From change that are filed with the
the Act 5 and the regulations thereunder Members, Participants or Others Commission, and all written
applicable to it, and are consistent with communications relating to the
the prompt and accurate clearance and Written comments relating to the proposed rule change between the
settlement of securities transactions proposed changes to the rules have not Commission and any person, other than
and, to the extent applicable, derivative been solicited or received. ICE Clear those that may be withheld from the
agreements, contracts and transactions, Europe will notify the Commission of public in accordance with the
the safeguarding of securities and funds any written comments received by ICE provisions of 5 U.S.C. 552, will be
in the custody or control of ICE Clear Clear Europe. available for Web site viewing and
Europe or for which it is responsible III. Date of Effectiveness of the printing in the Commission’s Public
and the protection of investors and the Proposed Rule Change and Timing for Reference Room, 100 F Street NE.,
public interest, within the meaning of Commission Action Washington, DC 20549, on official
section 17A(b)(3)(F) of the Act.6 As business days between the hours of
discussed above, the changes are The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of such
intended to create a more efficient effective upon filing pursuant to section filings will also be available for
procedure for review and approval of 19(b)(3)(A) 8 of the Act and Rule 19b– inspection and copying at the principal
certain business-as-usual and 4(f)(1) 9 thereunder. The amendments office of ICE Clear Europe and on ICE
operational Rule and Procedure constitute a stated policy, practice or Clear Europe’s Web site at https://
amendments. Under the revised interpretation with respect to the www.theice.com/clear-europe/
practice, such amendments could be meaning, administration or enforcement regulation#rule-filings.
approved by the President and of an existing rule. At any time within All comments received will be posted
Managing Director acting together with 60 days of the filing of the proposed rule without change; the Commission does
the Head of Regulation, without the change, the Commission summarily may not edit personal identifying
need for Board approval. In ICE Clear temporarily suspend such rule change if information from submissions. You
Europe’s view, such amendments do not it appears to the Commission that such should submit only information that
generally warrant the Board’s detailed action is necessary or appropriate in the you wish to make available publicly. All
review, and the delegation will public interest, for the protection of submissions should refer to File
accordingly permit the Board to devote investors, or otherwise in furtherance of Number SR–ICEEU–2016–002 and
its time and resources to other Clearing the purposes of the Act. should be submitted on or before April
House matters. The Board will be 1, 2016.
IV. Solicitation of Comments
notified of all amendments approved
For the Commission, by the Division of
asabaliauskas on DSK3SPTVN1PROD with NOTICES

pursuant to delegated authority and will Interested persons are invited to
Trading and Markets, pursuant to delegated
retain oversight of the process. As a submit written data, views, and authority.10
result, ICE Clear Europe believes the arguments concerning the foregoing,
Robert W. Errett,
changes will promote the prompt and including whether the proposed rule
Deputy Secretary.
accurate clearance and settlement of changes are consistent with the Act.
[FR Doc. 2016–05442 Filed 3–10–16; 8:45 am]
securities and derivatives transactions,
7 15 BILLING CODE 8011–01–P
U.S.C. 78q–1.
5 15 U.S.C. 78q–1. 8 15 U.S.C. 78s(b)(3)(A).
6 15 U.S.C. 78q–1(b)(3)(F). 9 17 CFR 240.19b–4(f)(1). 10 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 22:31 Mar 10, 2016 Jkt 238001 PO 00000 Frm 00154 Fmt 4703 Sfmt 4703 E:\FR\FM\11MRN1.SGM 11MRN1
Document Created: 2016-03-11 01:51:41
Document Modified: 2016-03-11 01:51:41
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		81 FR 13010