81_FR_39860 81 FR 39743 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Revise the ICC Clearing Rules

81 FR 39743 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Revise the ICC Clearing Rules

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 117 (June 17, 2016)

Page Range39743-39745
FR Document2016-14314

Federal Register, Volume 81 Issue 117 (Friday, June 17, 2016)
[Federal Register Volume 81, Number 117 (Friday, June 17, 2016)]
[Notices]
[Pages 39743-39745]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-14314]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78055; File No. SR-ICC-2016-008]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing and Order Granting Accelerated Approval of Proposed Rule Change 
To Revise the ICC Clearing Rules

June 13, 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 June 3, 2016, ICE Clear Credit LLC (``ICC'') 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 ICC. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons 
and to approve the proposed rule change on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The purpose of proposed rule change is to revise the ICC Clearing 
Rules (``ICC Rules'') to add explicit references to certain risk-
related policies currently contained in the ICC Risk Management 
Framework and the ICC Risk Management Model Description document.

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

    In its filing with the Commission, ICC included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. ICC has prepared summaries, set forth in sections A, B, 
and C below, of the most significant aspects of these statements.

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

    ICC proposes changes to ICC Rules 403 and 801 to add explicit 
references to certain risk-related policies currently contained in the 
ICC Risk Management Framework and the ICC Risk Management Model 
Description document related to the minimum time horizon for 
liquidation, anti-procyclicality conditions, and the maintenance of 
cover-2 default resources. The proposed changes are described in detail 
as follows.
    As provided in the ICC Risk Management Model Description document, 
ICC's initial margin methodology applies a minimum of a 5-day time 
horizon as the liquidation period for all ICC cleared instruments. ICC 
proposes amending ICC Rule 403 to explicitly reference this risk policy 
by stating that ICC's initial margin methodology shall incorporate a 
minimum 5-day time horizon for the liquidation period (for both house 
and client-related positions).
    Additionally, as provided in the ICC Risk Management Framework, ICC 
incorporates certain anti-procyclicality measures into its risk 
methodology to account for stable but prudent margin requirements.\3\ 
ICC proposes amending ICC Rule 403 to explicitly reference its current 
anti-procyclicality measures and to provide for additional anti-
procyclicality measures. Specifically, ICC proposes amending ICC Rule 
403 to state that ICC's initial margin methodology shall incorporate 
one or more measures designed to limit procyclicality, including by 
avoiding when possible disruptive or big step changes in margin 
requirements and by establishing transparent and predictable procedures 
for adjusting margin requirements in response to changing market 
conditions. Further, consistent with current ICC risk policies, the 
measures designed to limit procyclicality will demonstrably meet or 
exceed the requirements of measures designed to limit procyclicality 
that assign at least 25% weight to stressed observations in a look-back 
period beginning on April 1, 2007. In addition, changes to ICC Rule 403 
also allow ICC to measure procyclicality limits by reference to a ten 
year historical look-back period for computing initial margin.\4\
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    \3\ See Securities Exchange Act Release No. 34-73877 (December 
18, 2014) (SR-ICC-2014-18).
    \4\ Please note that as ICC uses a look-back period beginning on 
April 1, 2007, this ten year historical period anti-procyclicality 
measure will become available to ICC in 2017.
---------------------------------------------------------------------------

    Finally, as provided in the ICC Risk Management Framework, ICC 
maintains a minimum of cover-2 default resources, in accordance with 
Commodity Futures Trading Commission (``CFTC'') Regulations 39.11 and 
39.33. ICC proposes amending ICC Rule 801(a)(i) to explicitly reference 
this risk policy and state that ICC shall establish the aggregate 
amount of required

[[Page 39744]]

contributions to the Guaranty Fund such that at a minimum ICC will 
maintain pre-funded financial resources sufficient to enable it to meet 
its financial obligations to Clearing Participants (``CPs'') 
notwithstanding a default by the two CPs (including any of their 
affiliated CPs) creating the largest combined loss to ICC in extreme 
but plausible market conditions.
    Section 17A(b)(3)(F) of the Act \5\ requires, among other things, 
that the rules of a clearing agency be designed to promote the prompt 
and accurate clearance and settlement of securities transactions and, 
to the extent applicable, derivative agreements, contracts, and 
transactions and to comply with the provisions of the Act and the rules 
and regulations thereunder. ICC believes that the proposed changes are 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to ICC, in particular, to Section 
17A(b)(3)(F),\6\ because ICC believes that the proposed changes will 
promote the prompt and accurate clearance and settlement of securities 
transactions, derivatives agreements, contracts, and transactions. The 
proposed changes to the ICC Rules to add explicit references to certain 
risk-related policies currently contained in the ICC Risk Management 
Framework and the ICC Risk Management Model Description document 
provide additional clarity and transparency regarding ICC's risk 
management policies and procedures. As such, the proposed rule changes 
are designed to promote the prompt and accurate clearance and 
settlement of securities transactions, derivatives agreements, 
contracts, and transactions within the meaning of Section 17A(b)(3)(F) 
\7\ of the Act.
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    \5\ 15 U.S.C. 78q-1(b)(3)(F).
    \6\ Id.
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    ICC does not believe the proposed revision would have any impact, 
or impose any burden, on competition. ICC is restating certain risk-
related policies in the ICC Rules and not making any substantive 
changes to its overall risk management framework. Therefore, ICC does 
not believe the proposed revision imposes any burden on competition 
that is inappropriate in furtherance of the purposes of the Act.

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. ICC will notify the Commission of any written 
comments received by ICC.

III. 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-ICC-2016-008 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-ICC-2016-008. 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 the filing also will be available 
for inspection and copying at the principal office of ICC and on ICC's 
Web site at https://www.theice.com/clear-credit/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-ICC-2016-008 
and should be submitted on or before July 8, 2016.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    Section 19(b)(2)(C) of the Act \8\ directs the Commission to 
approve a proposed rule change of a self-regulatory organization if it 
finds that such proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to such organization. Section 17A(b)(3)(F) of the Act \9\ 
requires, among other things, that the rules of a registered clearing 
agency be designed to promote the prompt and accurate clearance and 
settlement of securities transactions and, to the extent applicable, 
derivative agreements, contracts, and transactions, to assure the 
safeguarding of securities and funds which are in the custody or 
control of the clearing agency or for which it is responsible, and, in 
general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2)(C).
    \9\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The Commission finds that the proposed revision to the ICC Risk 
Management Framework and the ICC Risk Management Model Description are 
consistent with the requirements of the Act, in particular the 
requirements of Section 17A(b)(3)(F) of the Act,\10\ because the 
proposed changes provide additional clarity and transparency regarding 
ICC's risk management policies and procedures. The Commission finds 
that the proposed rule change promotes the prompt and accurate 
clearance and settlement of securities transactions and, to the extent 
applicable, derivative agreements, contracts, and transactions, and to 
comply with the provisions of the Act and the rules and regulations 
thereunder.
---------------------------------------------------------------------------

    \10\ Id. 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).
---------------------------------------------------------------------------

    ICC has requested that the Commission approve the proposed rule 
change on an accelerated basis for good cause shown pursuant to Section 
19(b)(2). ICC is restating certain risk-related policies in the ICC 
Rules and not making any substantive changes to its overall risk 
management framework. In addition, ICC states that the changes are 
proposed in furtherance of regulatory compliance with European

[[Page 39745]]

Commission's implementing decision \11\ on the equivalence of the 
regulatory framework of the United States of America for central 
counterparties (``CCPs'') that are authorized and supervised by the 
CFTC to the requirements of European Market Infrastructure Regulation 
(``EMIR'') No. 648/2012.\12\ ICC represents that it has submitted an 
application to the European Securities and Markets Authority to be 
recognized as a third country CCP in accordance with EMIR; the proposed 
changes will facilitate this application process and promote regulatory 
compliance with the required equivalency elements. For the above 
reasons, the Commission finds good cause, pursuant to Section 
19(b)(2)(C)(iii) of the Act,\13\ for approving the proposed rule change 
on an accelerated basis.
---------------------------------------------------------------------------

    \11\ See European Commission Implementing Decision (EU) 2016/
377, dated 15 March 2016.
    \12\ See Regulation (EU) No 648/2012, dated 4 July 2012.
    \13\ 15 U.S.C. 78s(b)(2)(C)(iii).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered pursuant to Section 19(b)(2) of the Act 
that the proposed rule change (SR-ICC-2016-008) be, and hereby is, 
approved on an accelerated basis.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-14314 Filed 6-16-16; 8:45 am]
BILLING CODE 8011-01-P



                                                                                Federal Register / Vol. 81, No. 117 / Friday, June 17, 2016 / Notices                                                       39743

                                                companies and preparers routinely use                   SECURITIES AND EXCHANGE                                 document related to the minimum time
                                                tools the Commission makes available to                 COMMISSION                                              horizon for liquidation, anti-
                                                submit test filings to help identify and                                                                        procyclicality conditions, and the
                                                                                                        [Release No. 34–78055; File No. SR–ICC–
                                                correct technical errors prior to EDGAR                                                                         maintenance of cover-2 default
                                                                                                        2016–008]
                                                filing. Similar tools to submit test filings                                                                    resources. The proposed changes are
                                                will be available to those filers choosing              Self-Regulatory Organizations; ICE                      described in detail as follows.
                                                to file in Inline XBRL. Because we                      Clear Credit LLC; Notice of Filing and                     As provided in the ICC Risk
                                                expect that Inline XBRL filers would                    Order Granting Accelerated Approval                     Management Model Description
                                                utilize available tools to submit test                  of Proposed Rule Change To Revise                       document, ICC’s initial margin
                                                filings to identify and correct any                     the ICC Clearing Rules                                  methodology applies a minimum of a 5-
                                                technical errors prior to EDGAR filing,                                                                         day time horizon as the liquidation
                                                we believe that such suspensions                        June 13, 2016.                                          period for all ICC cleared instruments.
                                                should be similarly rare for Inline XBRL                   Pursuant to Section 19(b)(1) of the                  ICC proposes amending ICC Rule 403 to
                                                filers.                                                 Securities Exchange Act of 1934                         explicitly reference this risk policy by
                                                                                                        (‘‘Act’’) 1 and Rule 19b–4 thereunder,2                 stating that ICC’s initial margin
                                                III. Conclusion                                         notice is hereby given that on June 3,                  methodology shall incorporate a
                                                  Based on the foregoing, we find it is                 2016, ICE Clear Credit LLC (‘‘ICC’’) filed              minimum 5-day time horizon for the
                                                appropriate in the public interest and                  with the Securities and Exchange                        liquidation period (for both house and
                                                                                                        Commission (‘‘Commission’’) the                         client-related positions).
                                                consistent with the protection of
                                                                                                        proposed rule change as described in                       Additionally, as provided in the ICC
                                                investors to grant companies that choose
                                                                                                        Items I, II and III below, which Items                  Risk Management Framework, ICC
                                                to use Inline XBRL when filing financial                                                                        incorporates certain anti-procyclicality
                                                statements in their Exchange Act                        have been prepared primarily by ICC.
                                                                                                        The Commission is publishing this                       measures into its risk methodology to
                                                periodic and current reports a time-                                                                            account for stable but prudent margin
                                                limited and conditional exemption from                  notice to solicit comments on the
                                                                                                        proposed rule change from interested                    requirements.3 ICC proposes amending
                                                certain requirements of the Interactive                                                                         ICC Rule 403 to explicitly reference its
                                                Data File exhibit.                                      persons and to approve the proposed
                                                                                                        rule change on an accelerated basis.                    current anti-procyclicality measures and
                                                  Accordingly, it is hereby ordered                                                                             to provide for additional anti-
                                                pursuant to Section 36(a) of the                        I. Self-Regulatory Organization’s                       procyclicality measures. Specifically,
                                                Exchange Act that any company that                      Statement of the Terms of Substance of                  ICC proposes amending ICC Rule 403 to
                                                complies with each of the conditions                    the Proposed Rule Change                                state that ICC’s initial margin
                                                below is exempt from the requirement                       The purpose of proposed rule change                  methodology shall incorporate one or
                                                to submit an instance document as                       is to revise the ICC Clearing Rules (‘‘ICC              more measures designed to limit
                                                described in this order as part of its                  Rules’’) to add explicit references to                  procyclicality, including by avoiding
                                                Interactive Data File exhibit with Forms                certain risk-related policies currently                 when possible disruptive or big step
                                                6–K, 8–K, 10–Q, 10–K, 20–F and 40–F                     contained in the ICC Risk Management                    changes in margin requirements and by
                                                for reports due before March 30, 2020.                  Framework and the ICC Risk                              establishing transparent and predictable
                                                                                                        Management Model Description                            procedures for adjusting margin
                                                Conditions
                                                                                                        document.                                               requirements in response to changing
                                                   The company must                                                                                             market conditions. Further, consistent
                                                                                                        II. Self-Regulatory Organization’s                      with current ICC risk policies, the
                                                   (a) file an Inline XBRL document as                  Statement of the Purpose of, and                        measures designed to limit
                                                prescribed in the EDGAR Filer Manual;                   Statutory Basis for, the Proposed Rule                  procyclicality will demonstrably meet
                                                   (b) file the Interactive Data File as                Change                                                  or exceed the requirements of measures
                                                prescribed in the EDGAR Filer Manual                       In its filing with the Commission, ICC               designed to limit procyclicality that
                                                for Inline XBRL filers as an exhibit to                 included statements concerning the                      assign at least 25% weight to stressed
                                                the Inline XBRL document;                               purpose of and basis for the proposed                   observations in a look-back period
                                                   (c) use XBRL tags within the Inline                  rule change and discussed any                           beginning on April 1, 2007. In addition,
                                                XBRL document that reflect the same                     comments it received on the proposed                    changes to ICC Rule 403 also allow ICC
                                                information in the corresponding data                   rule change. The text of these statements               to measure procyclicality limits by
                                                as the HTML format part of the official                 may be examined at the places specified                 reference to a ten year historical look-
                                                filing;                                                 in Item IV below. ICC has prepared                      back period for computing initial
                                                                                                        summaries, set forth in sections A, B,                  margin.4
                                                   (d) state in the exhibit index item                                                                             Finally, as provided in the ICC Risk
                                                referencing the Interactive Data File that              and C below, of the most significant
                                                                                                        aspects of these statements.                            Management Framework, ICC maintains
                                                the instance document does not appear                                                                           a minimum of cover-2 default resources,
                                                in the Interactive Data File because its                A. Self-Regulatory Organization’s                       in accordance with Commodity Futures
                                                XBRL tags are embedded within the                       Statement of the Purpose of, and                        Trading Commission (‘‘CFTC’’)
                                                Inline XBRL document;                                   Statutory Basis for, the Proposed Rule                  Regulations 39.11 and 39.33. ICC
                                                   (e) not file in plain text ASCII; and                Change                                                  proposes amending ICC Rule 801(a)(i) to
                                                   (f) not rely on the hardship                           ICC proposes changes to ICC Rules                     explicitly reference this risk policy and
                                                                                                                                                                state that ICC shall establish the
sradovich on DSK3TPTVN1PROD with NOTICES




                                                exemptions in Rules 201 and 202 of                      403 and 801 to add explicit references
                                                Regulation S–T.                                         to certain risk-related policies currently              aggregate amount of required
                                                                                                        contained in the ICC Risk Management
                                                  By the Commission.                                                                                              3 See Securities Exchange Act Release No. 34–
                                                                                                        Framework and the ICC Risk
                                                Brent J. Fields,                                                                                                73877 (December 18, 2014) (SR–ICC–2014–18).
                                                                                                        Management Model Description                              4 Please note that as ICC uses a look-back period
                                                Secretary.
                                                                                                                                                                beginning on April 1, 2007, this ten year historical
                                                [FR Doc. 2016–14306 Filed 6–16–16; 8:45 am]               1 15   U.S.C. 78s(b)(1).                              period anti-procyclicality measure will become
                                                BILLING CODE 8011–01–P                                    2 17   CFR 240.19b–4.                                 available to ICC in 2017.



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                                                39744                              Federal Register / Vol. 81, No. 117 / Friday, June 17, 2016 / Notices

                                                contributions to the Guaranty Fund                         C. Self-Regulatory Organization’s                      should submit only information that
                                                such that at a minimum ICC will                            Statement on Comments on the                           you wish to make available publicly. All
                                                maintain pre-funded financial resources                    Proposed Rule Change Received From                     submissions should refer to File
                                                sufficient to enable it to meet its                        Members, Participants or Others                        Number SR–ICC–2016–008 and should
                                                financial obligations to Clearing                            Written comments relating to the                     be submitted on or before July 8, 2016.
                                                Participants (‘‘CPs’’) notwithstanding a                   proposed rule change have not been                     IV. Commission’s Findings and Order
                                                default by the two CPs (including any of                   solicited or received. ICC will notify the             Granting Accelerated Approval of
                                                their affiliated CPs) creating the largest                 Commission of any written comments                     Proposed Rule Change
                                                combined loss to ICC in extreme but                        received by ICC.
                                                plausible market conditions.                                                                                         Section 19(b)(2)(C) of the Act 8 directs
                                                                                                           III. Solicitation of Comments                          the Commission to approve a proposed
                                                   Section 17A(b)(3)(F) of the Act 5
                                                                                                             Interested persons are invited to                    rule change of a self-regulatory
                                                requires, among other things, that the
                                                                                                           submit written data, views, and                        organization if it finds that such
                                                rules of a clearing agency be designed to
                                                                                                           arguments concerning the foregoing,                    proposed rule change is consistent with
                                                promote the prompt and accurate
                                                                                                           including whether the proposed rule                    the requirements of the Act and the
                                                clearance and settlement of securities                     change is consistent with the Act.                     rules and regulations thereunder
                                                transactions and, to the extent                            Comments may be submitted by any of                    applicable to such organization. Section
                                                applicable, derivative agreements,                         the following methods:                                 17A(b)(3)(F) of the Act 9 requires, among
                                                contracts, and transactions and to                                                                                other things, that the rules of a
                                                comply with the provisions of the Act                      Electronic Comments
                                                                                                                                                                  registered clearing agency be designed
                                                and the rules and regulations                                • Use the Commission’s Internet                      to promote the prompt and accurate
                                                thereunder. ICC believes that the                          comment form (http://www.sec.gov/                      clearance and settlement of securities
                                                proposed changes are consistent with                       rules/sro.shtml); or                                   transactions and, to the extent
                                                the requirements of the Act and the                          • Send an email to rule-comments@                    applicable, derivative agreements,
                                                rules and regulations thereunder                           sec.gov. Please include File Number SR–                contracts, and transactions, to assure the
                                                applicable to ICC, in particular, to                       ICC–2016–008 on the subject line.                      safeguarding of securities and funds
                                                Section 17A(b)(3)(F),6 because ICC                         Paper Comments                                         which are in the custody or control of
                                                believes that the proposed changes will                                                                           the clearing agency or for which it is
                                                promote the prompt and accurate                               • Send paper comments in triplicate                 responsible, and, in general, to protect
                                                clearance and settlement of securities                     to Secretary, Securities and Exchange                  investors and the public interest.
                                                transactions, derivatives agreements,                      Commission, 100 F Street NE.,
                                                                                                           Washington, DC 20549–1090.                                The Commission finds that the
                                                contracts, and transactions. The                                                                                  proposed revision to the ICC Risk
                                                proposed changes to the ICC Rules to                       All submissions should refer to File                   Management Framework and the ICC
                                                add explicit references to certain risk-                   Number SR–ICC–2016–008. This file                      Risk Management Model Description are
                                                related policies currently contained in                    number should be included on the                       consistent with the requirements of the
                                                the ICC Risk Management Framework                          subject line if email is used. To help the             Act, in particular the requirements of
                                                                                                           Commission process and review your                     Section 17A(b)(3)(F) of the Act,10
                                                and the ICC Risk Management Model
                                                                                                           comments more efficiently, please use                  because the proposed changes provide
                                                Description document provide
                                                                                                           only one method. The Commission will                   additional clarity and transparency
                                                additional clarity and transparency                        post all comments on the Commission’s
                                                regarding ICC’s risk management                                                                                   regarding ICC’s risk management
                                                                                                           Internet Web site (http://www.sec.gov/                 policies and procedures. The
                                                policies and procedures. As such, the                      rules/sro.shtml). Copies of the
                                                proposed rule changes are designed to                                                                             Commission finds that the proposed
                                                                                                           submission, all subsequent                             rule change promotes the prompt and
                                                promote the prompt and accurate                            amendments, all written statements
                                                clearance and settlement of securities                                                                            accurate clearance and settlement of
                                                                                                           with respect to the proposed rule                      securities transactions and, to the extent
                                                transactions, derivatives agreements,                      change that are filed with the                         applicable, derivative agreements,
                                                contracts, and transactions within the                     Commission, and all written                            contracts, and transactions, and to
                                                meaning of Section 17A(b)(3)(F) 7 of the                   communications relating to the                         comply with the provisions of the Act
                                                Act.                                                       proposed rule change between the                       and the rules and regulations
                                                                                                           Commission and any person, other than                  thereunder.
                                                B. Self-Regulatory Organization’s
                                                                                                           those that may be withheld from the
                                                Statement on Burden on Competition                                                                                   ICC has requested that the
                                                                                                           public in accordance with the
                                                                                                           provisions of 5 U.S.C. 552, will be                    Commission approve the proposed rule
                                                   ICC does not believe the proposed                                                                              change on an accelerated basis for good
                                                revision would have any impact, or                         available for Web site viewing and
                                                                                                           printing in the Commission’s Public                    cause shown pursuant to Section
                                                impose any burden, on competition. ICC                                                                            19(b)(2). ICC is restating certain risk-
                                                is restating certain risk-related policies                 Reference Room, 100 F Street NE.,
                                                                                                           Washington, DC 20549, on official                      related policies in the ICC Rules and not
                                                in the ICC Rules and not making any                                                                               making any substantive changes to its
                                                                                                           business days between the hours of
                                                substantive changes to its overall risk                                                                           overall risk management framework. In
                                                                                                           10:00 a.m. and 3:00 p.m. Copies of the
                                                management framework. Therefore, ICC                                                                              addition, ICC states that the changes are
                                                                                                           filing also will be available for
                                                does not believe the proposed revision                                                                            proposed in furtherance of regulatory
                                                                                                           inspection and copying at the principal
sradovich on DSK3TPTVN1PROD with NOTICES




                                                imposes any burden on competition that                     office of ICC and on ICC’s Web site at                 compliance with European
                                                is inappropriate in furtherance of the                     https://www.theice.com/clear-credit/
                                                purposes of the Act.                                       regulation.                                              8 15  U.S.C. 78s(b)(2)(C).
                                                                                                                                                                    9 15  U.S.C. 78q–1(b)(3)(F).
                                                                                                              All comments received will be posted                   10 Id. In approving the proposed rule change, the
                                                  5 15    U.S.C. 78q–1(b)(3)(F).                           without change; the Commission does                    Commission considered the proposal’s impact on
                                                  6 Id.                                                    not edit personal identifying                          efficiency, competition, and capital formation. 15
                                                  7 15    U.S.C. 78q–1(b)(3)(F).                           information from submissions. You                      U.S.C. 78c(f).



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                                                                                Federal Register / Vol. 81, No. 117 / Friday, June 17, 2016 / Notices                                            39745

                                                Commission’s implementing decision 11                   SUPPLEMENTARY INFORMATION:     Pursuant                DATES:  By this notice, the FHWA, on
                                                on the equivalence of the regulatory                    to section IO(a) of the Federal Advisory               behalf of Caltrans, is advising the public
                                                framework of the United States of                       Committee Act (5 U.S.C. Appendix 2),                   of final agency actions subject to 23
                                                America for central counterparties                      SBA announces the meetings of the                      U.S.C. 139(l)(1). A claim seeking
                                                (‘‘CCPs’’) that are authorized and                      National SBDC Advisory Board. This                     judicial review of the Federal agency
                                                supervised by the CFTC to the                           Board provides advice and counsel to                   actions on the highway project will be
                                                requirements of European Market                         the SBA Administrator and Associate                    barred unless the claim is filed on or
                                                Infrastructure Regulation (‘‘EMIR’’) No.                Administrator for Small Business                       before November 14, 2016. If the Federal
                                                648/2012.12 ICC represents that it has                  Development Centers.                                   law that authorizes judicial review of a
                                                submitted an application to the                            The purpose of these meetings is to                 claim provides a time period of less
                                                European Securities and Markets                         discuss following issues pertaining to                 than 150 days for filing such claim, then
                                                Authority to be recognized as a third                   the SBDC Advisory Board:                               that shorter time period still applies.
                                                country CCP in accordance with EMIR;                    SBA Update Annual                                      FOR FURTHER INFORMATION CONTACT: For
                                                the proposed changes will facilitate this               Meetings Board                                         Caltrans: James Shankel, Senior
                                                application process and promote                         Assignments                                            Environmental Planner, California
                                                regulatory compliance with the required                 Member Roundtable                                      Department of Transportation District 8,
                                                equivalency elements. For the above                     FOR FURTHER INFORMATION CONTACT: The                   Division of Environmental Planning,
                                                reasons, the Commission finds good                      meeting is open to the public however                  464 West 4th Street, 6th Floor, MS 827,
                                                cause, pursuant to Section                              advance notice of attendance is                        San Bernardino, California, 92401–1400,
                                                19(b)(2)(C)(iii) of the Act,13 for                      requested. Anyone wishing to be a                      during normal business hours from 8:00
                                                approving the proposed rule change on                   listening participant must contact                     a.m. to 5:00 p.m., telephone (909) 383–
                                                an accelerated basis.                                   Monika Nixon by fax or email. Her                      6379, or email James.Shankel@
                                                                                                        contact information is Monika Nixon,                   dot.ca.gov.
                                                V. Conclusion                                           Program Specialist, 409 Third Street
                                                                                                                                                               SUPPLEMENTARY INFORMATION: Effective
                                                  It is therefore ordered pursuant to                   SW., Washington, DC 20416, Phone,
                                                                                                                                                               July 1, 2007, the Federal Highway
                                                Section 19(b)(2) of the Act that the                    202–205–7310, Fax 202–481–5624,
                                                                                                        email, monika.nixon@sba.gov.                           Administration (FHWA) assigned, and
                                                proposed rule change (SR–ICC–2016–
                                                                                                           Additionally, if you need                           the California Department of
                                                008) be, and hereby is, approved on an
                                                                                                        accommodations because of a disability                 Transportation (Caltrans) assumed,
                                                accelerated basis.
                                                                                                        or require additional information, please              environmental responsibilities for this
                                                  For the Commission by the Division of                                                                        project pursuant to 23 U.S.C. 327.
                                                Trading and Markets, pursuant to delegated
                                                                                                        contact Monika Nixon at the
                                                                                                        information above.                                     Notice is hereby given that the Caltrans
                                                authority.14                                                                                                   and USFWS have taken final agency
                                                Robert W. Errett,                                       Miguel L’ Heureux,                                     actions subject to 23 U.S.C. 139(l)(1) by
                                                Deputy Secretary.                                       White House Liaison.                                   issuing licenses, permits, and approvals
                                                [FR Doc. 2016–14314 Filed 6–16–16; 8:45 am]             [FR Doc. 2016–14263 Filed 6–16–16; 8:45 am]            for the following highway project in the
                                                BILLING CODE 8011–01–P                                  BILLING CODE 8025–01–P                                 State of California: Construction of an
                                                                                                                                                               eastbound truck-climbing lane and
                                                                                                                                                               westbound truck-descending lane, and
                                                SMALL BUSINESS ADMINISTRATION                           DEPARTMENT OF TRANSPORTATION                           construction of 10-foot inside and 12-
                                                                                                                                                               foot outside shoulders in both
                                                National Small Business Development                     Federal Highway Administration                         directions—on a portion of State Route
                                                Center Advisory Board Meeting                                                                                  60 (SR–60) located in unincorporated
                                                                                                        Notice of Final Federal Agency Actions                 Riverside County, between Gilman
                                                AGENCY: U.S. Small Business                             on Proposed Highway in California                      Springs Road at Post Mile (PM) 22.10
                                                Administration (SBA).
                                                                                                        AGENCY:  Federal Highway                               and PM 26.61, which is approximately
                                                ACTION: Notice of open Federal Advisory
                                                                                                        Administration (FHWA), DOT.                            1.369 miles west of Jack Rabbit Trail.
                                                Committee meetings.                                                                                            The total length of the project is 4.51
                                                                                                        ACTION: Notice of Limitation on Claims
                                                SUMMARY:   The SBA is issuing this notice               for Judicial Review of Actions by the                  miles. The purpose of the SR–60 Truck
                                                to announce the location, date, time and                California Department of Transportation                Lanes Project is to improve operational
                                                agenda for the 4th quarter meetings of                  (Caltrans), pursuant to 23 U.S.C. 327,                 performance, improve safety, and
                                                the National Small Business                             and the United States Fish and Wildlife                improve traffic flow on the regional
                                                Development Center (SBDC) Advisory                      Service (USFWS).                                       transportation system. The nearest
                                                Board.                                                                                                         incorporated cities are Moreno Valley,
                                                                                                        SUMMARY:   The FHWA, on behalf of                      located adjacent to the west side of
                                                DATES: The meetings for the 4th quarter
                                                                                                        Caltrans, is issuing this notice to                    Gilman Spring Road and Beaumont,
                                                will be held on the following dates:                    announce actions taken by Caltrans, and                located approximately one mile east of
                                                Tuesday, July 19,2016 at 1:00 p.m. EST,                 USFWS, that are final within the                       the eastern limits of this project.
                                                Tuesday, August 16, 2016 at 1:00 p.m.                   meaning of 23 U.S.C. 139(l)(1). The                       The actions by the Federal agencies,
                                                EST Tuesday, September 20, 2016 at                      actions relate to a proposed highway                   and the laws under which such actions
                                                1:00 p.m. EST.                                          project, on State Route 60 (SR–60)                     were taken, are described in the
                                                ADDRESSES: These meetings will be held                  between Gilman Springs Road at Post                    Environmental Assessment (EA) with a
sradovich on DSK3TPTVN1PROD with NOTICES




                                                via conference call.                                    Mile (PM) 22.10 and PM 26.61, located                  Finding of No Significant Impact
                                                                                                        approximately 1.369 miles west of Jack                 (FONSI) for the project, approved on
                                                  11 See European Commission Implementing
                                                                                                        Rabbit Trail, in a portion of                          May 16, 2016, and in other documents
                                                Decision (EU) 2016/377, dated 15 March 2016.
                                                  12 See Regulation (EU) No 648/2012, dated 4 July      unincorporated Riverside County, State                 in the project records. The EA/FONSI,
                                                2012.                                                   of California. Those actions grant                     and other project records are available
                                                  13 15 U.S.C. 78s(b)(2)(C)(iii).                       licenses, permits, and approvals for the               by contacting Caltrans at the address
                                                  14 17 CFR 200.30–3(a)(12).                            project.                                               provided above. The Caltrans EA and


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Document Created: 2016-06-17 01:05:21
Document Modified: 2016-06-17 01:05:21
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 39743 

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