81 FR 6063 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise the ICC Risk Management Framework
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 23 (February 4, 2016)
Federal Register Volume 81, Issue 23 (February 4, 2016)
| Page Range | 6063-6064 | |
| FR Document | 2016-02060 |
[Federal Register Volume 81, Number 23 (Thursday, February 4, 2016)] [Notices] [Pages 6063-6064] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-02060] [[Page 6063]] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76997; File No. SR-ICC-2016-001] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise the ICC Risk Management Framework January 29, 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 January 27, 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. ICC filed the proposed rule change pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(6) \4\ thereunder, so that the proposed rule change was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \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)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change ICC proposes a revision to the ICC Risk Management Framework to formalize the reporting line of the ICC Chief Risk Officer. This revision does not require any change to the ICC Clearing Rules. 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 revising its Risk Management Framework to address a CFTC recommendation regarding ICC's governance arrangements by including language regarding the ability of risk management personnel to access the Board. Specifically, ICC added language regarding the reporting line of ICC's Chief Risk Officer, namely that the ICC Chief Risk Officer reports to the Chairperson of the ICC Risk Committee, who is also a non-executive manager on the Board.\5\ ICC's policy has always allowed for the ICC Chief Risk Officer to report to the Chairperson of the ICC Risk Committee; such changes formalize this policy in the ICC Risk Management Framework. --------------------------------------------------------------------------- \5\ See ICC Rule 505(c). --------------------------------------------------------------------------- Section 17(A)(b)(3)(F) of the Act \6\ requires, among other things, that the rules of a clearing agency be designed to protect investors and the public interest and to comply with the provisions of the Act and the rules and regulations thereunder. ICC believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to ICC, in particular, Section 17(A)(b)(3)(F),\7\ because ICC believes that the proposed rule change will protect investors and the public interest, as the proposed revision provides additional clarity regarding ICC's governance arrangements, specifically the reporting line of the ICC Chief Risk Officer. As such, the proposed rule change is designed to protect investors and the public interest within the meaning of Section 17(A)(b)(3)(F) \8\ of the Act. In addition, the proposed revision is consistent with the relevant requirements of Rule 17Ad-22,\9\ as the revision provides further clarify [sic] and transparency regarding ICC's governance arrangements, in accordance with the requirements of Rule 17Ad-22(d)(8).\10\ Further, through this Risk Management Framework revision, ICC is complying with a directive from the CFTC regarding ICC's governance arrangements. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78q-1(b)(3)(F). \7\ Id. \8\ Id. \9\ 17 CFR 240.17Ad-22. \10\ 17 CFR 240.17Ad-22(d)(8). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition ICC does not believe the proposed rule change would have any impact, or impose any burden, on competition. ICC is formalizing the reporting line of its Chief Risk Officer and not making any substantive changes to its overall risk management framework. Therefore, ICC does not believe the proposed rule changes impose 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. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) \11\ of the Act and Rule 19b-4(f)(6) \12\ thereunder. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii) \14\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \13\ Id. \14\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- ICC has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. According to ICC, the proposed rule change does not present any novel or controversial issues. Rather, ICC is merely formalizing its policy of allowing the ICC's Chief Risk Officer to report to the Chairperson of the ICC Risk Committee. Accordingly, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission designates the proposed rule change to be operative upon filing.\15\ --------------------------------------------------------------------------- \15\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 [[Page 6064]] investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse 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-2016-001 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-2016-001. 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 ICE Clear Credit and on ICE Clear Credit'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-2016-001 and should be submitted on or before February 25, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-02060 Filed 2-3-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 23 / Thursday, February 4, 2016 / Notices 6063
SECURITIES AND EXCHANGE CFTC recommendation regarding ICC’s competition that is inappropriate in
COMMISSION governance arrangements by including furtherance of the purposes of the Act.
language regarding the ability of risk
[Release No. 34–76997; File No. SR–ICC– C. Self-Regulatory Organization’s
management personnel to access the
2016–001] Statement on Comments on the
Board. Specifically, ICC added language
Proposed Rule Change Received From
Self-Regulatory Organizations; ICE regarding the reporting line of ICC’s
Members, Participants or Others
Clear Credit LLC; Notice of Filing and Chief Risk Officer, namely that the ICC
Immediate Effectiveness of Proposed Chief Risk Officer reports to the Written comments relating to the
Rule Change To Revise the ICC Risk Chairperson of the ICC Risk Committee, proposed rule change have not been
Management Framework who is also a non-executive manager on solicited or received. ICC will notify the
the Board.5 ICC’s policy has always Commission of any written comments
January 29, 2016. allowed for the ICC Chief Risk Officer to received by ICC.
Pursuant to Section 19(b)(1) of the report to the Chairperson of the ICC Risk III. Date of Effectiveness of the
Securities Exchange Act of 1934 Committee; such changes formalize this Proposed Rule Change and Timing for
(‘‘Act’’) 1 and Rule 19b–4 thereunder 2 policy in the ICC Risk Management Commission Action
notice is hereby given that on January Framework.
27, 2016, ICE Clear Credit LLC (‘‘ICC’’) Section 17(A)(b)(3)(F) of the Act 6 Because the foregoing proposed rule
filed with the Securities and Exchange requires, among other things, that the change does not:
Commission (‘‘Commission’’) the rules of a clearing agency be designed to (i) Significantly affect the protection
proposed rule change as described in protect investors and the public interest of investors or the public interest;
Items I, II, and III below, which Items and to comply with the provisions of (ii) impose any significant burden on
have been prepared primarily by ICC. the Act and the rules and regulations competition; and
ICC filed the proposed rule change thereunder. ICC believes that the (iii) become operative for 30 days
pursuant to Section 19(b)(3)(A) 3 of the proposed rule change is consistent with from the date on which it was filed, or
Act and Rule 19b–4(f)(6) 4 thereunder, the requirements of the Act and the such shorter time as the Commission
so that the proposed rule change was rules and regulations thereunder may designate, it has become effective
effective upon filing with the applicable to ICC, in particular, Section pursuant to Section 19(b)(3)(A) 11 of the
Commission. The Commission is 17(A)(b)(3)(F),7 because ICC believes Act and Rule 19b–4(f)(6) 12 thereunder.
publishing this notice to solicit that the proposed rule change will A proposed rule change filed under
comments on the proposed rule change protect investors and the public interest, Rule 19b–4(f)(6) 13 normally does not
from interested persons. as the proposed revision provides become operative for 30 days after the
additional clarity regarding ICC’s date of filing. However, pursuant to
I. Self-Regulatory Organization’s Rule 19b–4(f)(6)(iii) 14 the Commission
governance arrangements, specifically
Statement of the Terms of Substance of may designate a shorter time if such
the reporting line of the ICC Chief Risk
the Proposed Rule Change action is consistent with the protection
Officer. As such, the proposed rule
ICC proposes a revision to the ICC change is designed to protect investors of investors and the public interest.
Risk Management Framework to and the public interest within the ICC has asked the Commission to
formalize the reporting line of the ICC meaning of Section 17(A)(b)(3)(F) 8 of waive the 30-day operative delay so that
Chief Risk Officer. This revision does the Act. In addition, the proposed the proposal may become operative
not require any change to the ICC revision is consistent with the relevant immediately upon filing. According to
Clearing Rules. requirements of Rule 17Ad–22,9 as the ICC, the proposed rule change does not
revision provides further clarify [sic] present any novel or controversial
II. Self-Regulatory Organization’s issues. Rather, ICC is merely formalizing
Statement of the Purpose of, and and transparency regarding ICC’s
governance arrangements, in accordance its policy of allowing the ICC’s Chief
Statutory Basis for, the Proposed Rule Risk Officer to report to the Chairperson
Change with the requirements of Rule 17Ad–
22(d)(8).10 Further, through this Risk of the ICC Risk Committee. Accordingly,
In its filing with the Commission, ICC Management Framework revision, ICC is the Commission believes that waiving
included statements concerning the complying with a directive from the the 30-day operative delay is consistent
purpose of and basis for the proposed CFTC regarding ICC’s governance with the protection of investors and the
rule change and discussed any arrangements. public interest. Therefore, the
comments it received on the proposed Commission designates the proposed
rule change. The text of these statements B. Self-Regulatory Organization’s rule change to be operative upon
may be examined at the places specified Statement on Burden on Competition filing.15
in Item IV below. ICC has prepared ICC does not believe the proposed At any time within 60 days of the
summaries, set forth in sections A, B, rule change would have any impact, or filing of the proposed rule change, the
and C below, of the most significant impose any burden, on competition. ICC Commission summarily may
aspects of these statements. is formalizing the reporting line of its temporarily suspend such rule change if
Chief Risk Officer and not making any it appears to the Commission that such
A. Self-Regulatory Organization’s action is necessary or appropriate in the
Statement of the Purpose of, and substantive changes to its overall risk
management framework. Therefore, ICC public interest, for the protection of
Statutory Basis for, the Proposed Rule
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Change does not believe the proposed rule
11 15 U.S.C. 78s(b)(3)(A).
changes impose any burden on 12 17
ICC proposes revising its Risk CFR 240.19b–4(f)(6).
13 Id.
Management Framework to address a 5 See ICC Rule 505(c). 14 17
6 15 U.S.C. 78q–1(b)(3)(F).
CFR 240.19b–4(f)(6)(iii).
15 For purposes only of waiving the 30-day
1 15 U.S.C. 78s(b)(1). 7 Id.
operative delay, the Commission has also
2 17 CFR 240.19b–4. 8 Id.
considered the proposed rule’s impact on
3 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 240.17Ad–22.
efficiency, competition, and capital formation. See
4 17 CFR 240.19b–4(f)(6). 10 17 CFR 240.17Ad–22(d)(8). 15 U.S.C. 78c(f).
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![6064 Federal Register / Vol. 81, No. 23 / Thursday, February 4, 2016 / Notices
investors, or otherwise in furtherance of For the Commission, by the Division of notification by writing to the
the purposes of the Act. Trading and Markets, pursuant to delegated Commission’s Secretary.
authority.16
IV. Solicitation of Comments ADDRESSES: Secretary, U.S. Securities
Robert W. Errett,
and Exchange Commission, 100 F Street
Interested persons are invited to Deputy Secretary. NE., Washington, DC 20549–1090;
submit written data, views, and [FR Doc. 2016–02060 Filed 2–3–16; 8:45 am] Applicants, c/o Kenneth S. Gerstein,
arguments concerning the foregoing, BILLING CODE 8011–01–P Esq., Schulte Roth & Zabel LLP, 919
including whether the proposed rule Third Avenue, New York, NY 10022.
change is consistent with the Act.
FOR FURTHER INFORMATION CONTACT:
Comments may be submitted by any of SECURITIES AND EXCHANGE
the following methods: COMMISSION Vanessa M. Meeks, Senior Counsel, or
Melissa R. Harke, Branch Chief, at (202)
Electronic Comments [Investment Company Act Release No. 551–6825 (Chief Counsel’s Office,
31975; 812–14518] Division of Investment Management).
• Use the Commission’s Internet
comment form (http://www.sec.gov/ Susa Registered Fund, LLC and Susa SUPPLEMENTARY INFORMATION: The
rules/sro.shtml); or Fund Management LLP; Notice of following is a summary of the
• Send an email to rule- Application application. The complete application
comments@sec.gov. Please include File may be obtained via the Commission’s
Number SR–ICC–2016–001 on the January 29, 2016. Web site by searching for the file
subject line. AGENCY: Securities and Exchange number, or an applicant using the
Commission (‘‘Commission’’). Company name box, at http://
Paper Comments www.sec.gov/search/search.html or by
ACTION: Notice of an application under
Send paper comments in triplicate to section 6(c) of the Investment Company calling (202) 551–8090.
Secretary, Securities and Exchange Act of 1940 (the ‘‘Act’’) for an Applicants’ Representations
Commission, 100 F Street NE., exemption from sections 18(c) and 18(i)
Washington, DC 20549–1090. of the Act and for an order pursuant to 1. The Fund is a continuously offered
All submissions should refer to File section 17(d) of the Act and rule 17d– non-diversified closed-end management
Number SR–ICC–2016–001. This file 1 under the Act. investment company registered under
number should be included on the the Act and organized as a Delaware
subject line if email is used. To help the SUMMARY OF APPLICATION: Applicants limited liability company.
Commission process and review your request an order to permit certain 2. The Adviser, a limited liability
comments more efficiently, please use registered closed-end management partnership incorporated under the laws
only one method. The Commission will investment companies to issue multiple of England and Wales, is registered with
post all comments on the Commission’s classes of limited liability company the Commission as an investment
Internet Web site (http://www.sec.gov/ interests (‘‘Interests’’) and to impose adviser under the Investment Advisers
rules/sro.shtml). Copies of the asset-based service and/or distribution Act of 1940, as amended (the ‘‘Advisers
submission, all subsequent and contingent deferred sales loads Act’’).
amendments, all written statements (‘‘CDSCs’’). 3. The Fund will continuously offer
with respect to the proposed rule APPLICANTS: Susa Registered Fund, LLC Interests in private placements in
change that are filed with the (the ‘‘Fund’’) and Susa Fund reliance on the provisions of Regulation
Commission, and all written Management LLP (the ‘‘Adviser’’) D under the Securities Act of 1933, as
communications relating to the (together, the ‘‘Applicants’’). amended (‘‘Securities Act’’).1 Interests
proposed rule change between the FILING DATES: The application was filed in the Fund are not listed on any
Commission and any person, other than on July 23, 2015 and amended on securities exchange and do not trade on
those that may be withheld from the October 13, 2015. an over-the-counter system such as
public in accordance with the HEARING OR NOTIFICATION OF HEARING:
NASDAQ. Applicants do not expect that
provisions of 5 U.S.C. 552, will be An order granting the requested relief any secondary market will develop for
available for Web site viewing and will be issued unless the Commission Interests.
printing in the Commission’s Public orders a hearing. Interested persons may 4. The Fund currently issues a single
Reference Room, 100 F Street NE., request a hearing by writing to the class of Interests (‘‘Initial Class’’) at net
Washington, DC 20549, on official Commission’s Secretary and serving asset value. The Fund proposes to offer
business days between the hours of applicants with a copy of the request, multiple classes of Interests at net asset
10:00 a.m. and 3:00 p.m. Copies of the personally or by mail. value that may (but would not
filing also will be available for Hearing requests should be received necessarily) be subject to a front-end
inspection and copying at the principal by the Commission by 5:30 p.m. on sales load, an asset-based service fee
office of ICE Clear Credit and on ICE February 23, 2016, and should be and/or distribution fee, and/or an Early
Clear Credit’s Web site at https:// accompanied by proof of service on the Repurchase Fee (defined below), in each
www.theice.com/clear-credit/regulation. applicants, in the form of an affidavit, case as set forth in the Fund’s
All comments received will be posted or, for lawyers, a certificate of service. confidential private placement
without change; the Commission does Pursuant to rule 0–5 under the Act,
asabaliauskas on DSK5VPTVN1PROD with NOTICES
not edit personal identifying hearing requests should state the nature 1 Interests in the Fund will be sold only to
information from submissions. You persons who are both: (a) ‘‘accredited investors,’’ as
of the writer’s interest, any facts bearing defined in Regulation D under the Securities Act;
should submit only information that upon the desirability of a hearing on the and (b) ‘‘qualified clients,’’ as defined in rule 205–
you wish to make available publicly. All matter, the reason for the request, and 3 under the Advisers Act. The Fund reserves the
submissions should refer to File the issues contested. Persons who wish right to register Interests under the Securities Act
Number SR–ICC–2016–001 and should and to conduct a public offering of Interests in the
to be notified of a hearing may request future. These Interests will be offered subject to
be submitted on or before February 25, minimum initial and subsequent purchase
2016. 16 17 CFR 200.30–3(a)(12). requirements.
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Document Created: 2016-02-04 00:31:24
Document Modified: 2016-02-04 00:31:24
| 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 6063 |
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