81 FR 23531 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Additions to Permitted Cover

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 77 (April 21, 2016)

Page Range		23531-23531
FR Document		2016-09206

Federal Register, Volume 81 Issue 77 (Thursday, April 21, 2016)

[Federal Register Volume 81, Number 77 (Thursday, April 21, 2016)]
[Notices]
[Page 23531]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-09206]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77634; File No. SR-ICEEU-2016-004]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Designation of Longer Period for Commission Action on Proposed Rule 
Change Relating to Additions to Permitted Cover

April 15, 2016.
    On February 10, 2016, ICE Clear Europe Limited (``ICE Clear 
Europe'') 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\ 
proposed rule changes to provide additional categories of securities, 
including treasury bills and floating and inflation-linked government 
bonds (the ``Additional Permitted Cover'') to ICE Clear Europe to 
satisfy certain margin requirements. The proposed rule change was 
published for comment in the Federal Register on March 2, 2016.\3\ To 
date, the Commission has not received comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-77234 (Feb. 25, 
2015), 81 FR 10949 (Mar. 2, 2016) (SR-ICEEU-2016-004).
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day from the publication of notice of filing of this proposed rule 
change is April 16, 2016. The Commission is extending the 45-day time 
period for Commission action on the proposed rule change. In order to 
provide the Commission with sufficient time to consider the proposed 
rule change, the Commission finds it is appropriate to designate a 
longer period within which to take action on the proposed rule change.
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    \4\ 15 U.S.C. 78s(b)(2).
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    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates May 31, 2016, as the date by which the Commission 
should either approve or disapprove, or institute proceedings to 
determine whether to disapprove, the proposed rule change (File No. SR-
ICEEU-2016-004).
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    \5\ 15 U.S.C. 78s(b)(2).
    \6\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
Brent J. Fields,
Secretary.
[FR Doc. 2016-09206 Filed 4-20-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 77 / Thursday, April 21, 2016 / Notices 23531

change that are filed with the Register on March 2, 2016.3 To date, the notice is hereby given that on March 31,
Commission, and all written Commission has not received comments 2016, ICE Clear Credit LLC (‘‘ICC’’) filed
communications relating to the on the proposal. with the Securities and Exchange
proposed rule change between the Section 19(b)(2) of the Act 4 provides Commission (‘‘Commission’’) the
Commission and any person, other than that within 45 days of the publication of proposed rule change as described in
those that may be withheld from the notice of the filing of a proposed rule Items I, II, and III below, which Items
public in accordance with the change, or within such longer period up have been prepared primarily by ICC.
provisions of 5 U.S.C. 552, will be to 90 days as the Commission may The Commission is publishing this
available for Web site viewing and designate if it finds such longer period notice to solicit comments on the
printing in the Commission’s Public to be appropriate and publishes its proposed rule change from interested
Reference Room, 100 F Street NE., reasons for so finding or as to which the persons.
Washington, DC 20549, on official self-regulatory organization consents,
the Commission shall either approve the I. Self-Regulatory Organization’s
business days between the hours of Statement of the Terms of Substance of
10:00 a.m. and 3:00 p.m. Copies of the proposed rule change, disapprove the
proposed rule change, or institute the Proposed Rule Change
filing also will be available for
inspection and copying at the principal proceedings to determine whether the The principal purpose of the
office of the Exchange. All comments proposed rule change should be proposed rule change is to update and
received will be posted without change; disapproved. The 45th day from the formalize ICC’s Stress Testing
the Commission does not edit personal publication of notice of filing of this Framework.
identifying information from proposed rule change is April 16, 2016. II. Self-Regulatory Organization’s
submissions. You should submit only The Commission is extending the 45- Statement of the Purpose of, and
information that you wish to make day time period for Commission action Statutory Basis for, the Proposed Rule
available publicly. All submissions on the proposed rule change. In order to Change
should refer to File Number SR– provide the Commission with sufficient
time to consider the proposed rule In its filing with the Commission, ICC
BatsEDGX–2016–09 and should be
change, the Commission finds it is included statements concerning the
submitted on or before May 12, 2016.
appropriate to designate a longer period purpose of and basis for the proposed
For the Commission, by the Division of within which to take action on the rule change and discussed any
Trading and Markets, pursuant to delegated comments it received on the proposed
proposed rule change.
authority.19 rule change. The text of these statements
Accordingly, the Commission,
Brent J. Fields, pursuant to Section 19(b)(2) of the Act,5 may be examined at the places specified
Secretary. designates May 31, 2016, as the date by in Item IV below. ICC has prepared
[FR Doc. 2016–09203 Filed 4–20–16; 8:45 am] which the Commission should either summaries, set forth in sections A, B,
BILLING CODE 8011–01–P approve or disapprove, or institute and C below, of the most significant
proceedings to determine whether to aspects of these statements.
disapprove, the proposed rule change A. Self-Regulatory Organization’s
SECURITIES AND EXCHANGE (File No. SR–ICEEU–2016–004).
COMMISSION Statement of the Purpose of, and
For the Commission, by the Division of Statutory Basis for, the Proposed Rule
Trading and Markets, pursuant to delegated Change
[Release No. 34–77634; File No. SR–ICEEU– authority.6
2016–004] Brent J. Fields, ICC proposes to update and formalize
Secretary.
its Stress Testing Framework. The Stress
Self-Regulatory Organizations; ICE Testing Framework sets forth stress
[FR Doc. 2016–09206 Filed 4–20–16; 8:45 am]
Clear Europe Limited; Notice of testing practices instituted by ICC,
BILLING CODE 8011–01–P
Designation of Longer Period for which are focused on ensuring the
Commission Action on Proposed Rule adequacy of systemic risk protections.
Change Relating to Additions to SECURITIES AND EXCHANGE The framework is designed to:
Permitted Cover COMMISSION Articulate the types of stress tests
executed and the main purpose of each
April 15, 2016. [Release No. 34–77633; File No. SR–ICC– type of test; describe how stress tests are
On February 10, 2016, ICE Clear 2016–005] conducted; define the actual test
Europe Limited (‘‘ICE Clear Europe’’) scenarios currently executed; outline
Self-Regulatory Organizations; ICE
filed with the Securities and Exchange the range of remedial actions available
Clear Credit LLC; Notice of Filing of
Commission (‘‘Commission’’), pursuant (which, depending on the results, may
Proposed Rule Change To Update and
to Section 19(b)(1) of the Securities include enhancements to the risk
Formalize the ICC Stress Testing
Exchange Act of 1934 (‘‘Act’’),1 and methodology or certain Clearing
Framework
Rule 19b–4 thereunder,2 proposed rule Participant (‘‘CP’’) specific action); and
changes to provide additional categories April 15, 2016. explain how stress test results are used
of securities, including treasury bills Pursuant to Section 19(b)(1) of the in the governance process.
and floating and inflation-linked Securities Exchange Act of 1934 ICC continues to evolve its stress
government bonds (the ‘‘Additional (‘‘Act’’) 1 and Rule 19b-4 thereunder 2 testing practices for many reasons,
including an increase in the number and
jstallworth on DSK7TPTVN1PROD with NOTICES

Permitted Cover’’) to ICE Clear Europe
to satisfy certain margin requirements. 3 Securities Exchange Act Release No. 34–77234 type of instruments eligible for clearing,
The proposed rule change was (Feb. 25, 2015), 81 FR 10949 (Mar. 2, 2016) (SR– and evolution of the CDS market and
ICEEU–2016–004).
published for comment in the Federal 4 15 U.S.C. 78s(b)(2).
the cleared portfolios themselves. The
5 15 U.S.C. 78s(b)(2). stress testing framework helps ICC
19 17 CFR 200.30–3(a)(12). 6 17 CFR 200.30–3(a)(31). identify potential weaknesses in the risk
1 15 U.S.C. 78s(b)(1). 1 15 U.S.C. 78s(b)(1). management methodology currently
2 17 CFR 240.19b–4. 2 17 CFR 240.19b–4. used. As such, the framework allows

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Document Created: 2016-04-21 01:17:15
Document Modified: 2016-04-21 01:17:15

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		81 FR 23531