82 FR 49055 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to Changes to the ICC Clearing Rules
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 203 (October 23, 2017)
Federal Register Volume 82, Issue 203 (October 23, 2017)
| Page Range | 49055-49057 | |
| FR Document | 2017-22887 |
[Federal Register Volume 82, Number 203 (Monday, October 23, 2017)] [Notices] [Pages 49055-49057] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-22887] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81892; File No. SR-ICC-2017-013] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to Changes to the ICC Clearing Rules October 17, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 \2\ notice is hereby given that on October 11, 2017, ICE Clear Credit LLC (``ICC'' or ``ICE Clear Credit'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change described in Items I, II, and III below, which Items have been prepared primarily by ICC. The Commission is publishing this notice and order to solicit comments on the proposed rule change from interested persons and to approve the proposed rule changes on an accelerated basis. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The principal purpose of the proposed rule change is to implement certain amendments to the ICC Clearing Rules (the ``Rules'') relating to implementation of Venezuela sanctions. II. Clearing Agency'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) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (a) Purpose The purpose of the proposed changes is to modify certain provisions of the Rules applicable to cleared CDS contracts (or components thereof) for which the Bolivarian Republic of Venezuela is a reference entity, in light of the sanctions (the ``Venezuela Sanctions'') imposed by Executive Order 13808 of August 24, 2017 [[Page 49056]] Imposing Additional Sanctions With Respect to the Situation in Venezuela \3\ (the ``Executive Order'') and related implementing actions by the U.S. Treasury Department Office of Foreign Asset Control (``OFAC''). --------------------------------------------------------------------------- \3\ 82 FR 41155 (August 29, 2017). --------------------------------------------------------------------------- The amendments will incorporate in the terms and conditions for such contracts the Additional Provisions for Certain Venezuelan Entities: Excluded Obligations and Excluded Deliverable Obligations published by the International Swaps and Derivatives Association, Inc. (``ISDA'') on September 19, 2017 (the ``Venezuela Additional Provisions''). Consistent with the approach expected to be taken throughout the cleared and uncleared CDS market, ICE Clear Credit will make the Venezuela Additional Provisions applicable to relevant CDS contracts cleared by ICE Clear Credit beginning on the industry-wide implementation date (currently expected to be on or around October 20, 2017 (the ``Additional Provisions Effective Date'')). Among other provisions, the Executive Order prohibits transactions in or relating to certain bonds issued by the government of Venezuela, except to the extent permitted by a license issued by OFAC (``Restricted Debt''). The Venezuela Additional Provisions implement this prohibition by excluding Venezuela government bonds that are Restricted Debt from being ``Obligations'' or ``Deliverable Obligations'' under the terms of a CDS contract. As such, credit events with respect to such Restricted Debt could not be used to trigger credit protection under a CDS contract, and such Restricted Debt could not be used in settlement of a CDS contract. Pursuant to the terms of the Venezuela Additional Provisions, these limitations would cease to apply upon the lifting of sanctions under the Executive Order. ICE Clear Credit understands, through discussions with market participants, that market participants generally are expected to adhere to a protocol implementing the Venezuela Additional Provisions for existing contracts in the uncleared CDS market, effective as of the Additional Provisions Effective Date. In an effort to maintain consistency across the CDS market, ICE Clear Credit plans to implement the amendments discussed herein as of the same time. ICE Clear Credit is amending its Rules to incorporate the Venezuela Additional Provisions into existing Contracts. ICE Clear Credit is amending Rule 26C-316, which applies to CDX.EM Contracts, an index CDS contract for which Venezuela may be an index component. New subsection (e) provides that all open positions in CDX.EM Contracts that have a component transaction in which Venezuela is a reference entity will be amended, effective as of the Additional Provisions Effective Date, such that the Venezuela Additional Provisions apply. For clarity, the amendment also updates the transaction terms to reference the updated September 2017 ISDA Credit Derivatives Physical Settlement Matrix that takes into account the Venezuela Additional Provisions. Similarly, ICE Clear Credit is amending Rule 26D-616, which applies to emerging market sovereign single-name CDS contracts. New subsection (c) provides that a sovereign single-name CDS contract referencing Venezuela will be amended, effective as of the Additional Provisions Effective Date, such that the Venezuela Additional Provisions apply. For clarity, the amendment also updates the transaction terms to reference the updated September 2017 ISDA Credit Derivatives Physical Settlement Matrix that takes into account the Venezuela Additional Provisions. (b) Statutory Basis ICE Clear Credit believes that the proposed amendments are consistent with the requirements of Section 17A of the Act \4\ and the regulations thereunder applicable to it, including the standards under Rule 17Ad-22.\5\ Section 17A(b)(3)(F) of the Act \6\ 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, the safeguarding of securities and funds in the custody or control of the clearing agency or for which it is responsible, and the protection of investors and the public interest. Consistent with this Section, the amendments revise the terms of single-name and index CDS contracts referencing Venezuela in order to implement the Venezuela Additional Provisions and comply with the relevant restrictions in the Executive Order. In ICE Clear Credit's view, the amendments will therefore facilitate its ability to continue prompt and accurate clearing of such contracts, consistent with applicable law and the public interest as set out in the Executive Order. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78q-1. \5\ 17 CFR 240.17Ad-22. \6\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- Moreover, the amendments are consistent with Rule 17Ad-22(d)(1), \7\ which requires that each covered clearing agency establish, implement, maintain and enforce written policies and procedures reasonably designed to provide for a well-founded, clear, transparent, and enforceable legal basis for each aspect of its activities in all relevant jurisdictions. As discussed herein, the amendments are designed to facilitate compliance by ICE Clear Credit and its clearing participants with the Venezuela Sanctions imposed by the Executive Order, by permitting clearing to continue in accordance with the restrictions on Restricted Debt imposed by the Executive Order. --------------------------------------------------------------------------- \7\ 17 CFR 240.17Ad-22(d)(1). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition ICE Clear Credit does not believe the proposed amendments would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purposes of the Act. The changes will apply to all clearing participants and other market participants. The changes are being proposed in order to comply with the Executive Order and are being made in conjunction with an industry-wide effort to amend relevant CDS contract terms. ICE Clear Credit does not believe the amendments will impact competition among clearing members or other market participants, affect the ability of market participants to access clearing generally, or affect the cost of clearing. ICE Clear Credit further believes that any impact on clearing results from the restrictions imposed under the Executive Order, and is necessary and appropriate to ensure compliance with those restrictions. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change 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, security-based swap submission, or advance notice is consistent with the Act. Comments may be submitted by any of the following methods: [[Page 49057]] 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-2017-013 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-2017-013. 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, security- based swap submission, or advance notice that are filed with the Commission, and all written communications relating to the proposed rule change, security-based swap submission, or advance notice between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filings will also be available for inspection and copying at the principal office of ICE Clear 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-2017-013 and should be submitted on or before November 13, 2017. IV. Commission's Findings and Order Granting Accelerated Approval of the Proposed Rule Change Section 19(b)(2)(C) of the Act 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.\8\ 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. Rule 17Ad-22(d)(1) \10\ requires a registered clearing agency that is not a covered clearing agency to establish, implement, maintain, and enforce written policies and procedures reasonably designed to provide for a well-founded, transparent, and enforceable legal framework for each aspect of its activities in all relevant jurisdictions. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(2)(C). \9\ 15 U.S.C. 78q-1(b)(3)(F). \10\ 17 CFR 240.17Ad-22(d)(1). --------------------------------------------------------------------------- The Commission finds that the proposed rule change is consistent with Section 17A of the Act and the relevant rules thereunder.\11\ As described above, the proposed rule change is designed to amend ICC's Rules in order to take into account the Venezuela Sanctions by incorporating the Venezuela Additional Provisions. As a result of the proposed rule changes, credit events involving such bonds will not be permitted to trigger credit protection in connection with a CDS contract, nor may such bonds be used to settle a CDS contract. Consequently, the proposed rule changes are in the public interest because they ensure that ICC will be able to continue to promptly and accurately clear single-name and index CDS contracts referencing the Bolivarian Republic of Venezuela in a manner that comports with the Venezuela Sanctions. Therefore, the Commission finds that the proposed rule changes are consistent with the requirements of Section 17A(b)(3)(F) of the Act. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78q-1. --------------------------------------------------------------------------- In addition, by amending its Rules to account for the Venezuela Sanctions described above, the Commission believes ICC's Rules will appropriately establish an enforceable legal framework with respect to the clearance of single-name and index CDS contracts referencing the Bolivarian Republic of Venezuela, and that such framework is transparent as ICC's Clearing Members, as well as other industry participants generally, are aware of such sanctions and restrictions on the relevant contracts. Therefore, the Commission finds that the proposed rule change is consistent with the requirements of Rule 17Ad- 22(d)(1). In its filing, ICC requested that the Commission grant accelerated approval of the proposed rule change pursuant to Section 19(b)(2) of the Act. Under Section 19(b)(2)(C)(iii) of the Act,\12\ the Commission may grant accelerated approval of a proposed rule change if the Commission finds good cause for doing so. ICC believes that accelerated approval is warranted because the proposed rule change is designed to ensure that ICC can continue to clear single-name and index CDS referencing the Bolivarian Republic of Venezuela consistent with the terms of the Venezuela Sanctions, thereby promoting the maintenance of fair and orderly markets in such CDS contracts. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(2)(C)(iii). --------------------------------------------------------------------------- The Commission finds good cause, pursuant to Section 19(b)(2)(C)(iii) of the Act, for approving the proposed rule change on an accelerated basis, prior to the 30th day after the date of publication in the Federal Register because the proposed rule change is intended to comply with the requirements set forth in an Executive Order binding on ICC. Moreover, the proposed rule change must be in place prior to the 30th day after the date of publication in the Federal Register in order to meet the timing of the industry-wide implementation of uniform terms to comply with the Executive Order. V. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the Requirements of the Act and the relevant rules thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\13\ that the proposed rule change (File No. SR-ICC-2017-013) be, and hereby is, approved on an accelerated basis.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(2). \14\ 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). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-22887 Filed 10-20-17; 8:45 am] BILLING CODE 8011-01-P
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organization has given the Commission Comments may be submitted by any of SECURITIES AND EXCHANGE
written notice of its intent to file the the following methods: COMMISSION
proposed rule change at least five
Electronic Comments [Release No. 34–81892; File No. SR–ICC–
business days prior to the date of filing 2017–013]
of the proposed rule change or such • Use the Commission’s Internet
shorter time as designated by the comment form (http://www.sec.gov/ Self-Regulatory Organizations; ICE
Commission,13 the proposed rule rules/sro.shtml); or Clear Credit LLC; Notice of Filing and
change has become effective pursuant to Order Granting Accelerated Approval
Section 19(b)(3)(A) of the Act 14 and • Send an email to rule-comments@
sec.gov. Please include File Number SR– of Proposed Rule Change Relating to
Rule 19b–4(f)(6) thereunder.15 Changes to the ICC Clearing Rules
IEX–2017–33 on the subject line.
A proposed rule change filed under
Paper Comments October 17, 2017.
Rule 19b–4(f)(6) 16 normally does not
become operative prior to 30 days after Pursuant to Section 19(b)(1) of the
the date of the filing. However, pursuant • Send paper comments in triplicate Securities Exchange Act of 1934
to Rule 19b4(f)(6)(iii),17 the Commission to Brent J. Fields, Secretary, Securities (‘‘Act’’) 1 and Rule 19b–4 2 notice is
may designate a shorter time if such and Exchange Commission, 100 F Street hereby given that on October 11, 2017,
action is consistent with the protection NE., Washington, DC 20549–1090. ICE Clear Credit LLC (‘‘ICC’’ or ‘‘ICE
of investors and the public interest. The Clear Credit’’) filed with the Securities
All submissions should refer to File and Exchange Commission
Exchange has asked the Commission to Number SR–IEX–2017–33. This file (‘‘Commission’’) the proposed rule
waive the 30-day operative delay so that number should be included in the change described in Items I, II, and III
the proposal may become operative subject line if email is used. To help the below, which Items have been prepared
immediately upon filing. The Commission process and review your primarily by ICC. The Commission is
Commission notes that the proposed comments more efficiently, please use publishing this notice and order to
rule change does not present any new, only one method. The Commission will solicit comments on the proposed rule
unique or substantive issues, but rather post all comments on the Commission’s change from interested persons and to
is merely updating references to away Internet Web site (http://www.sec.gov/ approve the proposed rule changes on
markets in two of the Exchange’s rules rules/sro.shtml). Copies of the an accelerated basis.
and that waiver of the 30-day operative submission, all subsequent
delay will help prevent potential amendments, all written statements I. Clearing Agency’s Statement of the
confusion to market participants. with respect to the proposed rule Terms of Substance of the Proposed
Therefore, the Commission believes that change that are filed with the Rule Change
waiving the 30-day operative delay is Commission, and all written The principal purpose of the
consistent with the protection of communications relating to the proposed rule change is to implement
investors and the public interest and proposed rule change between the certain amendments to the ICC Clearing
designates the proposed rule change as Commission and any person, other than Rules (the ‘‘Rules’’) relating to
operative upon filing.18 those that may be withheld from the implementation of Venezuela sanctions.
At any time within 60 days of the public in accordance with the
II. Clearing Agency’s Statement of the
filing of the proposed rule change, the provisions of 5 U.S.C. 552, will be
Purpose of, and Statutory Basis for, the
Commission summarily may available for Web site viewing and Proposed Rule Change
temporarily suspend such rule change if printing in the Commission’s Public
it appears to the Commission that such Reference Room, 100 F Street NE., In its filing with the Commission, ICC
action is necessary or appropriate in the Washington, DC 20549 on official included statements concerning the
public interest, for the protection of business days between the hours of purpose of and basis for the proposed
investors, or otherwise in furtherance of 10:00 a.m. and 3:00 p.m. Copies of the rule change and discussed any
the purposes of the Act. If the filing will also be available for comments it received on the proposed
Commission takes such action, the inspection and copying at the IEX’s rule change. The text of these statements
Commission shall institute proceedings principal office and on its Internet Web may be examined at the places specified
under Section 19(b)(2)(B) 19 of the Act to site at www.iextrading.com. All in Item IV below. ICC has prepared
determine whether the proposed rule comments received will be posted summaries, set forth in sections (A), (B),
change should be approved or without change; the Commission does and (C) below, of the most significant
disapproved. not edit personal identifying aspects of these statements.
IV. Solicitation of Comments information from submissions. You (A) Clearing Agency’s Statement of the
should submit only information that Purpose of, and Statutory Basis for, the
Interested persons are invited to you wish to make available publicly. All Proposed Rule Change
submit written data, views and submissions should refer to File
arguments concerning the foregoing, Number SR–IEX–2017–33 and should (a) Purpose
including whether the proposed rule be submitted on or before November 13, The purpose of the proposed changes
change is consistent with the Act. 2017. is to modify certain provisions of the
For the Commission, by the Division of Rules applicable to cleared CDS
13 The Exchange has fulfilled this requirement. Trading and Markets, pursuant to delegated contracts (or components thereof) for
14 15 U.S.C. 78s(b)(3)(A).
which the Bolivarian Republic of
ethrower on DSK3G9T082PROD with NOTICES
authority.20
15 17 CFR 240.19b–4(f)(6).
Eduardo A. Aleman, Venezuela is a reference entity, in light
16 Id.
of the sanctions (the ‘‘Venezuela
17 17 CFR 240.19b–4(f)(6)(iii). Assistant Secretary.
18 For purposes only of waiving the 30-day
Sanctions’’) imposed by Executive
[FR Doc. 2017–22884 Filed 10–20–17; 8:45 am]
operative delay, the Commission has considered the Order 13808 of August 24, 2017
BILLING CODE 8011–01–P
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1).
19 15 U.S.C. 78s(b)(2)(B). 20 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 203 / Monday, October 23, 2017 / Notices 49057
Electronic Comments applicable to such organization.8 consistent with the requirements of Rule
• Use the Commission’s Internet Section 17A(b)(3)(F) of the Act 9 17Ad–22(d)(1).
comment form (http://www.sec.gov/ requires, among other things, that the In its filing, ICC requested that the
rules/sro.shtml); or rules of a registered clearing agency be Commission grant accelerated approval
• Send an email to rule-comments@ designed to promote the prompt and
of the proposed rule change pursuant to
sec.gov. Please include File Number SR– accurate clearance and settlement of
Section 19(b)(2) of the Act. Under
ICC–2017–013 on the subject line. securities transactions and, to the extent
applicable, derivative agreements, Section 19(b)(2)(C)(iii) of the Act,12 the
Paper Comments contracts, and transactions, to assure the Commission may grant accelerated
safeguarding of securities and funds approval of a proposed rule change if
Send paper comments in triplicate to the Commission finds good cause for
Secretary, Securities and Exchange which are in the custody or control of
the clearing agency or for which it is doing so. ICC believes that accelerated
Commission, 100 F Street NE.,
responsible, and, in general, to protect approval is warranted because the
Washington, DC 20549–1090.
investors and the public interest. Rule proposed rule change is designed to
All submissions should refer to File ensure that ICC can continue to clear
17Ad–22(d)(1) 10 requires a registered
Number SR–ICC–2017–013. This file
clearing agency that is not a covered single-name and index CDS referencing
number should be included on the
clearing agency to establish, implement, the Bolivarian Republic of Venezuela
subject line if email is used. To help the
maintain, and enforce written policies consistent with the terms of the
Commission process and review your
and procedures reasonably designed to Venezuela Sanctions, thereby promoting
comments more efficiently, please use
provide for a well-founded, transparent, the maintenance of fair and orderly
only one method. The Commission will and enforceable legal framework for
post all comments on the Commission’s markets in such CDS contracts.
each aspect of its activities in all
Internet Web site (http://www.sec.gov/ relevant jurisdictions. The Commission finds good cause,
rules/sro.shtml). Copies of the The Commission finds that the pursuant to Section 19(b)(2)(C)(iii) of
submission, all subsequent proposed rule change is consistent with the Act, for approving the proposed rule
amendments, all written statements Section 17A of the Act and the relevant change on an accelerated basis, prior to
with respect to the proposed rule rules thereunder.11 As described above, the 30th day after the date of
change, security-based swap the proposed rule change is designed to publication in the Federal Register
submission, or advance notice that are amend ICC’s Rules in order to take into because the proposed rule change is
filed with the Commission, and all account the Venezuela Sanctions by intended to comply with the
written communications relating to the incorporating the Venezuela Additional requirements set forth in an Executive
proposed rule change, security-based Provisions. As a result of the proposed Order binding on ICC. Moreover, the
swap submission, or advance notice rule changes, credit events involving proposed rule change must be in place
between the Commission and any such bonds will not be permitted to prior to the 30th day after the date of
person, other than those that may be trigger credit protection in connection publication in the Federal Register in
withheld from the public in accordance with a CDS contract, nor may such order to meet the timing of the industry-
with the provisions of 5 U.S.C. 552, will bonds be used to settle a CDS contract.
be available for Web site viewing and wide implementation of uniform terms
Consequently, the proposed rule to comply with the Executive Order.
printing in the Commission’s Public changes are in the public interest
Reference Room, 100 F Street NE., because they ensure that ICC will be V. Conclusion
Washington, DC 20549, on official able to continue to promptly and
business days between the hours of accurately clear single-name and index On the basis of the foregoing, the
10:00 a.m. and 3:00 p.m. Copies of such CDS contracts referencing the Bolivarian Commission finds that the proposal is
filings will also be available for Republic of Venezuela in a manner that consistent with the Requirements of the
inspection and copying at the principal comports with the Venezuela Sanctions. Act and the relevant rules thereunder.
office of ICE Clear Credit and on ICE Therefore, the Commission finds that It is therefore ordered, pursuant to
Clear Credit’s Web site at https:// the proposed rule changes are consistent Section 19(b)(2) of the Act,13 that the
www.theice.com/clear-credit/regulation. with the requirements of Section proposed rule change (File No. SR–ICC–
All comments received will be posted 17A(b)(3)(F) of the Act. 2017–013) be, and hereby is, approved
without change; the Commission does In addition, by amending its Rules to on an accelerated basis.14
not edit personal identifying account for the Venezuela Sanctions
information from submissions. You described above, the Commission For the Commission, by the Division of
should submit only information that believes ICC’s Rules will appropriately Trading and Markets, pursuant to delegated
you wish to make available publicly. All establish an enforceable legal framework authority.15
submissions should refer to File with respect to the clearance of single- Eduardo A. Aleman,
Number SR–ICC–2017–013 and should name and index CDS contracts Assistant Secretary.
be submitted on or before November 13, referencing the Bolivarian Republic of [FR Doc. 2017–22887 Filed 10–20–17; 8:45 am]
2017. Venezuela, and that such framework is BILLING CODE 8011–01–P
IV. Commission’s Findings and Order transparent as ICC’s Clearing Members,
Granting Accelerated Approval of the as well as other industry participants
Proposed Rule Change generally, are aware of such sanctions
and restrictions on the relevant
ethrower on DSK3G9T082PROD with NOTICES
Section 19(b)(2)(C) of the Act directs contracts. Therefore, the Commission 12 15 U.S.C. 78s(b)(2)(C)(iii).
the Commission to approve a proposed finds that the proposed rule change is 13 15 U.S.C. 78s(b)(2).
rule change of a self-regulatory 14 In approving the proposed rule change, the
organization if it finds that such 8 15 U.S.C. 78s(b)(2)(C). Commission considered the proposal’s impact on
proposed rule change is consistent with 9 15 U.S.C. 78q–1(b)(3)(F). efficiency, competition and capital formation. 15
the requirements of the Act and the 10 17 CFR 240.17Ad–22(d)(1). U.S.C. 78c(f).
rules and regulations thereunder 11 15 U.S.C. 78q–1. 15 17 CFR 200.30–3(a)(12).
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Document Created: 2017-10-21 02:35:51
Document Modified: 2017-10-21 02:35:51
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 49055 |
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