82 FR 51662 - Sunshine Act Meetings

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 214 (November 7, 2017)

Page Range		51662-51663
FR Document		2017-24260

Federal Register, Volume 82 Issue 214 (Tuesday, November 7, 2017)

[Federal Register Volume 82, Number 214 (Tuesday, November 7, 2017)]
[Notices]
[Pages 51662-51663]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24260]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

TIME AND DATE: 2:00 p.m. on Thursday, November 9, 2017.

PLACE: Closed Commission Hearing Room 10800.

STATUS: This meeting will be closed to the public.

MATTERS TO BE CONSIDERED: Commissioners, Counsel to the Commissioners, 
the Secretary to the Commission, and recording secretaries will attend 
the closed meeting. Certain staff members who have an interest in the 
matters also may be present.
    The General Counsel of the Commission, or his designee, has 
certified that, in his opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 
200.402(a)(3), (a)(5), (a)(7), (a)(9)(ii) and (a)(10), permit 
consideration of the scheduled matters at the closed meeting.
    Commissioner Stein, as duty officer, voted to consider the items 
listed for the closed meeting in closed session.
    The subject matters of the closed meeting will be:
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings; and
    Other matters relating to enforcement proceedings.

[[Page 51663]]

    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.

CONTACT PERSON FOR MORE INFORMATION: For further information and to 
ascertain what, if any, matters have been added, deleted or postponed; 
please contact Brent J. Fields from the Office of the Secretary at 
(202) 551-5400.

    Dated: November 2, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-24260 Filed 11-3-17; 11:15 am]
BILLING CODE 8011-01-P

51662 Federal Register / Vol. 82, No. 214 / Tuesday, November 7, 2017 / Notices

mechanism of a free and open market 19(b)(3)(A) 6 of the Act and available for Web site viewing and
and a national market system, and, in subparagraph (f)(2) of Rule 19b–4 7 printing in the Commission’s Public
general, to protect investors and the thereunder, because it establishes a due, Reference Room, 100 F Street NE.,
public interest and is not designed to fee, or other charge imposed by the Washington, DC 20549 on official
permit unfair discrimination between Exchange. business days between the hours of
customers, issuers, brokers, or dealers. At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of such
The Exchange believes that it is filing of such proposed rule change, the filing also will be available for
reasonable to increase the annual listing Commission summarily may inspection and copying at the principal
fees for common stocks and warrants temporarily suspend such rule change if office of the Exchange. All comments
because these fees have not been it appears to the Commission that such received will be posted without change.
increased since 2015. In that regard, the action is necessary or appropriate in the Persons submitting comments are
Exchange notes that, since the fees were public interest, for the protection of cautioned that we do not redact or edit
last amended, the Exchange has investors, or otherwise in furtherance of personal identifying information from
improved and increased the services it the purposes of the Act. If the comment submissions. You should
provides to listed companies. These Commission takes such action, the submit only information that you wish
improvements include the continued Commission shall institute proceedings to make available publicly. All
development and enhancement of an under Section 19(b)(2)(B) 8 of the Act to submissions should refer to File
interactive web-based platform designed determine whether the proposed rule Number SR–NYSEAMER–2017–27, and
to improve communication between the change should be approved or should be submitted on or before
Exchange and listed companies, the disapproved. November 28, 2017.
availability to listed companies of the For the Commission, by the Division of
Exchange’s new state-of-the-art IV. Solicitation of Comments
Trading and Markets, pursuant to delegated
conference facilities at 11 Wall Street, Interested persons are invited to authority.9
and continued development and content submit written data, views, and Eduardo A. Aleman,
in an investor relations tool available to arguments concerning the foregoing, Assistant Secretary.
all listed companies which provides including whether the proposed rule [FR Doc. 2017–24132 Filed 11–6–17; 8:45 am]
companies with information enabling change is consistent with the Act.
BILLING CODE 8011–01–P
them to better understand the trading Comments may be submitted by any of
and ownership of their securities. the following methods:
B. Self-Regulatory Organization’s Electronic Comments SECURITIES AND EXCHANGE
Statement on Burden on Competition COMMISSION
• Use the Commission’s Internet
The Exchange does not believe that comment form (http://www.sec.gov/ Sunshine Act Meetings
the proposed rule change will impose rules/sro.shtml); or
any burden on competition that is not • Send an email to rule-comments@ TIME AND DATE: 2:00 p.m. on Thursday,
necessary or appropriate in furtherance sec.gov. Please include File Number SR– November 9, 2017.
of the purposes of the Act. The NYSEAMER–2017–27 on the subject PLACE: Closed Commission Hearing
proposed rule change is designed to line. Room 10800.
ensure that the fees charged by the Paper Comments STATUS: This meeting will be closed to
Exchange accurately reflect the services the public.
provided and benefits realized by listed • Send paper comments in triplicate
MATTERS TO BE CONSIDERED:
companies. The market for listing to Brent J. Fields, Secretary, Securities
Commissioners, Counsel to the
services is extremely competitive. Each and Exchange Commission, 100 F Street
Commissioners, the Secretary to the
listing exchange has a different fee NE., Washington, DC 20549–1090.
Commission, and recording secretaries
schedule that applies to issuers seeking All submissions should refer to File will attend the closed meeting. Certain
to list securities on its exchange. Issuers Number SR–NYSEAMER–2017–27. This staff members who have an interest in
have the option to list their securities on file number should be included on the the matters also may be present.
these alternative venues based on the subject line if email is used. To help the The General Counsel of the
fees charged and the value provided by Commission process and review your Commission, or his designee, has
each listing. Because issuers have a comments more efficiently, please use certified that, in his opinion, one or
choice to list their securities on a only one method. The Commission will more of the exemptions set forth in 5
different national securities exchange, post all comments on the Commission’s U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
the Exchange does not believe that the Internet Web site (http://www.sec.gov/ and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
proposed fee changes impose a burden rules/sro.shtml). Copies of the (a)(9)(ii) and (a)(10), permit
on competition. submission, all subsequent consideration of the scheduled matters
amendments, all written statements at the closed meeting.
C. Self-Regulatory Organization’s with respect to the proposed rule Commissioner Stein, as duty officer,
Statement on Comments on the change that are filed with the voted to consider the items listed for the
Proposed Rule Change Received From Commission, and all written closed meeting in closed session.
Members, Participants, or Others communications relating to the The subject matters of the closed
No written comments were solicited proposed rule change between the meeting will be:
or received with respect to the proposed Commission and any person, other than Institution and settlement of
ethrower on DSK3G9T082PROD with NOTICES

rule change. those that may be withheld from the injunctive actions;
public in accordance with the Institution and settlement of
III. Date of Effectiveness of the
provisions of 5 U.S.C. 552, will be administrative proceedings; and
Proposed Rule Change and Timing for Other matters relating to enforcement
Commission Action 6 15 proceedings.
U.S.C. 78s(b)(3)(A).
The foregoing rule change is effective 7 17 CFR 240.19b–4(f)(2).
upon filing pursuant to Section 8 15 U.S.C. 78s(b)(2)(B). 9 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 82, No. 214 / Tuesday, November 7, 2017 / Notices 51663

At times, changes in Commission any comments it received on the factor considerations of procyclicality
priorities require alterations in the proposed rule change. The text of these into its response to emerging risks.
scheduling of meeting items. statements may be examined at the Although ‘‘procyclicality’’ is not
CONTACT PERSON FOR MORE INFORMATION: places specified in Item IV below. ICE expressly defined in EMIR, ICE Clear
For further information and to ascertain Clear Europe has prepared summaries, Europe considers procyclicality for
what, if any, matters have been added, set forth in sections (A), (B), and (C) purposes of the proposed framework to
deleted or postponed; please contact below, of the most significant aspects of be the extent to which changes in
Brent J. Fields from the Office of the such statements. market conditions can have an effect on
Secretary at (202) 551–5400. a clearing member’s ability to manage
(A) Clearing Agency’s Statement of the its liquidity to meet ICE Clear Europe’s
Dated: November 2, 2017. Purpose of, and Statutory Basis for, the changing margin requirements. For
Brent J. Fields, Proposed Rule Change example, a typical initial margin model
Secretary. (a) Purpose would require increased margin in
[FR Doc. 2017–24260 Filed 11–3–17; 11:15 am]
The purpose of the Procyclicality stressed margin conditions, and such
BILLING CODE 8011–01–P Framework is to establish an overall increases may potentially occur rapidly
framework for the risk appetite, model and/or over-react to the change in
design, monitoring and assessment and conditions. Such margin increases, in
SECURITIES AND EXCHANGE management of procyclicality in the risk turn, may stress a clearing member’s
COMMISSION models used by ICE Clear Europe to ability to obtain liquidity to meet the
[Release No. 34–81994; File No. SR–ICEEU– manage default risk. The European increased requirements.
The framework identifies sources of
2017–013] Market Infrastructure Regulation 3
procyclicality, in particular in margin
(‘‘EMIR’’) and related implementing
Self-Regulatory Organizations; ICE models, stress testing, and collateral
standards require that a central
Clear Europe Limited; Notice of Filing haircut policies, and references existing
counterparty (‘‘CCP’’) ensure that its
of Proposed Rule Change, Security- mitigation strategies and stress testing
margin framework provides, among
Based Swap Submission or Advance arrangements used by the clearing
other matters, stable and prudent
Notice Relating to the ICE Clear house. Stress testing scenarios that are
margin requirements that limit
Europe Procyclicality Framework based on models similar to margin
procyclicality to the extent that the models but targeting a higher
November 1, 2017. soundness and financial security of the confidence quantile may also be
Pursuant to Section 19(b)(1) of the central counterparty is not negatively procyclical due to changing market
Securities Exchange Act of 1934 affected.4 Those standards also require conditions, which may lead to increased
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 that central counterparties implement at stress shock results and therefore in
notice is hereby given that on October least one of several specified options for default fund requirements. The
23, 2017, ICE Clear Europe Limited mitigating procyclicality with respect to framework also addresses how ICE Clear
(‘‘ICE Clear Europe’’) filed with the margin requirements.5 Europe intends to address procyclicality
Although ICE Clear Europe’s current on an ongoing basis. Under the
Securities and Exchange Commission
margin policies incorporate the anti- framework, ICE Clear Europe will assess
(‘‘Commission’’) the proposed rule
procyclicality (‘‘APC’’) measures procyclicality by monitoring the 95th
changes described in Items I, II, and III
required by EMIR (and ICE Clear Europe percentile expected shortfall of the 5-
below, which Items have been prepared
does not propose to change such day percentage change in initial margin
primarily by ICE Clear Europe. The
measures at this time), it is proposing to (or other relevant risk mitigant) over a
Commission is publishing this notice to
adopt the Procyclicality Framework in rolling 250-day window. ICE Clear
solicit comments on the proposed rule
order to provide a more defined Europe established this period, in
change from interested persons.
framework for considering the impact of consultation with Clearing Members, as
I. Clearing Agency’s Statement of the procyclicality on margining, an appropriate period to reflect short-
Terms of Substance of the Proposed membership, collateral haircuts, stress term spikes in margin. ICE Clear Europe
Rule Change testing and concentration risk policies. will also monitor the largest percentage
The principal purpose of the changes The framework is designed to set out (1) changes to facilitate observation of both
is to adopt a new policy framework for the aspects of ICE Clear Europe risk the maximum and a tail estimate to
addressing the procyclicality of its risk policies relevant to procyclicality remove extreme outliers. A red-amber-
management policies by establishing considerations, (2) how the clearing green (‘‘R–A–G’’) escalation framework
such a framework that addresses the risk house will assess procyclicality (both as will be used with respect to
appetite, model design, monitoring and a qualitative and a quantitative matter) implementing APC measures based on
assessment and management of and (3) how the clearing house will certain defined thresholds for expected
procyclicality in the risk models used 95th percentile expected shortfall
3 Regulation (EU) No 648/2012 of the European
by ICE Clear Europe to manage default metric, which are detailed in an
Parliament and of the Council of 4 July 2012 on
risk. OTC derivatives, central counterparties and trade appendix to the framework. The
repositories, as well as various implementing escalation framework specifies
II. Clearing Agency’s Statement of the regulations and technical standards. appropriate responses where the
Purpose of, and Statutory Basis for, the 4 Article 28 of Commission Delegated Regulation
expected shortfall level is at an amber
Proposed Rule Change (EU) No 153/2013 of 19 December 2012
or green level. ICE Clear Europe will
ethrower on DSK3G9T082PROD with NOTICES

supplementing Regulation (EU) No 648/2012 of the
In its filing with the Commission, ICE European Parliament and of the Council with regard assess procyclicality both on a regular
Clear Europe included statements to regulatory technical standards on requirements basis in monitoring model performance
concerning the purpose of and basis for for central counterparties. and making margin rate adjustments as
5 The CPMI–IOSCO Principles for Financial
the proposed rule change and discussed part of risk model design.
Market Infrastructures (‘‘PFMIs’’) similarly provide
that a clearing house should limit procyclicality for
The framework requires that the
1 15 U.S.C. 78s(b)(1). margin requirements and haircuts. See Principles 5 model design process take into
2 17 CFR 240.19b–4. (Collateral) and 6 (Margin). consideration the procyclicality

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Document Created: 2018-10-25 10:26:11
Document Modified: 2018-10-25 10:26:11

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
Dates		2:00 p.m. on Thursday, November 9, 2017.
FR Citation		82 FR 51662