82 FR 51663 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change, Security-Based Swap Submission or Advance Notice Relating to the ICE Clear Europe Procyclicality Framework
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 214 (November 7, 2017)
Federal Register Volume 82, Issue 214 (November 7, 2017)
| Page Range | 51663-51665 | |
| FR Document | 2017-24130 |
[Federal Register Volume 82, Number 214 (Tuesday, November 7, 2017)] [Notices] [Pages 51663-51665] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-24130] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81994; File No. SR-ICEEU-2017-013] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change, Security-Based Swap Submission or Advance Notice Relating to the ICE Clear Europe Procyclicality Framework November 1, 2017. 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 October 23, 2017, ICE Clear Europe Limited (``ICE Clear Europe'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule changes described in Items I, II, and III below, which Items have been prepared primarily by ICE Clear Europe. 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. --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The principal purpose of the changes is to adopt a new policy framework for addressing the procyclicality of its risk management policies by establishing such a framework that addresses the risk appetite, model design, monitoring and assessment and management of procyclicality in the risk models used by ICE Clear Europe to manage default risk. II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements. (A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (a) Purpose The purpose of the Procyclicality Framework is to establish an overall framework for the risk appetite, model design, monitoring and assessment and management of procyclicality in the risk models used by ICE Clear Europe to manage default risk. The European Market Infrastructure Regulation \3\ (``EMIR'') and related implementing standards require that a central counterparty (``CCP'') ensure that its margin framework provides, among other matters, stable and prudent margin requirements that limit procyclicality to the extent that the soundness and financial security of the central counterparty is not negatively affected.\4\ Those standards also require that central counterparties implement at least one of several specified options for mitigating procyclicality with respect to margin requirements.\5\ --------------------------------------------------------------------------- \3\ Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, as well as various implementing regulations and technical standards. \4\ Article 28 of Commission Delegated Regulation (EU) No 153/ 2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties. \5\ The CPMI-IOSCO Principles for Financial Market Infrastructures (``PFMIs'') similarly provide that a clearing house should limit procyclicality for margin requirements and haircuts. See Principles 5 (Collateral) and 6 (Margin). --------------------------------------------------------------------------- Although ICE Clear Europe's current margin policies incorporate the anti-procyclicality (``APC'') measures required by EMIR (and ICE Clear Europe does not propose to change such measures at this time), it is proposing to adopt the Procyclicality Framework in order to provide a more defined framework for considering the impact of procyclicality on margining, membership, collateral haircuts, stress testing and concentration risk policies. The framework is designed to set out (1) the aspects of ICE Clear Europe risk policies relevant to procyclicality considerations, (2) how the clearing house will assess procyclicality (both as a qualitative and a quantitative matter) and (3) how the clearing house will factor considerations of procyclicality into its response to emerging risks. Although ``procyclicality'' is not expressly defined in EMIR, ICE Clear Europe considers procyclicality for purposes of the proposed framework to be the extent to which changes in market conditions can have an effect on a clearing member's ability to manage its liquidity to meet ICE Clear Europe's changing margin requirements. For example, a typical initial margin model would require increased margin in stressed margin conditions, and such increases may potentially occur rapidly and/or over-react to the change in conditions. Such margin increases, in turn, may stress a clearing member's ability to obtain liquidity to meet the increased requirements. The framework identifies sources of procyclicality, in particular in margin models, stress testing, and collateral haircut policies, and references existing mitigation strategies and stress testing arrangements used by the clearing house. Stress testing scenarios that are based on models similar to margin models but targeting a higher confidence quantile may also be procyclical due to changing market conditions, which may lead to increased stress shock results and therefore in default fund requirements. The framework also addresses how ICE Clear Europe intends to address procyclicality on an ongoing basis. Under the framework, ICE Clear Europe will assess procyclicality by monitoring the 95th percentile expected shortfall of the 5-day percentage change in initial margin (or other relevant risk mitigant) over a rolling 250-day window. ICE Clear Europe established this period, in consultation with Clearing Members, as an appropriate period to reflect short-term spikes in margin. ICE Clear Europe will also monitor the largest percentage changes to facilitate observation of both the maximum and a tail estimate to remove extreme outliers. A red- amber-green (``R-A-G'') escalation framework will be used with respect to implementing APC measures based on certain defined thresholds for expected 95th percentile expected shortfall metric, which are detailed in an appendix to the framework. The escalation framework specifies appropriate responses where the expected shortfall level is at an amber or green level. ICE Clear Europe will assess procyclicality both on a regular basis in monitoring model performance and making margin rate adjustments as part of risk model design. The framework requires that the model design process take into consideration the procyclicality [[Page 51664]] characteristics of the model. This should include analysis of the performance of APC measures during periods of increasing volatility (in light of defined threshold conditions specified in the framework), in a range of market conditions, including stress periods. In addition to the quantitative metrics, there are a number of qualitative inputs that are given consideration under the framework. For example, ICE Clear Europe will take into consideration the periodicity of margin updates and will attempt to mitigate the effect of such updates by communicating any such updates to the cleared markets up to a week in advance. The framework also includes procedures for considering the impact of prospective margin changes on the portfolios of Clearing Members and communicating with Clearing Members that may be significantly affected by such changes. The framework also takes into account the activities of other CCPs in the relevant market (including whether they are implementing APC measures), expectations of market participants, the potential for moral hazard created by an expectation of gradual margin changes (which may not be possible in extreme situations), and the ability of the clearing house to override normal APC measures in extreme circumstances. The framework recognizes that different APC measures and thresholds may be appropriate in different markets based on their historical performance. ICE Clear Europe also takes into account the different liquidity resources and practices of different types of Clearing Members, including banks, broker-dealers and other traders, and the need for margin add-ons to mitigate particular liquidity and/or concentration risks. The framework also sets out APC considerations for new products and material changes in existing products. Appendices to the framework set out more specific analysis of procyclicality for F&O and CDS products. These analyses are calculated using several different measures of procyclicality, on both whole period and stressed period bases, and both taking into account price change effects and without price change effects, among other factors. The appendices also detail an ICE Clear Europe approach to back testing initial margin calculations, both with and without anti-procyclicality measures under its existing margin policies. Pursuant to the framework, ICE Clear Europe will disclose its APC methodology on its Web site. The framework further provides for ongoing governance, including the role of the chief risk officer, and review by the relevant product risk committees and board risk committee, as appropriate. (b) Statutory Basis ICE Clear Europe believes that the proposed APC framework is consistent with the requirements of Section 17A of the Act \6\ and the regulations thereunder applicable to it, including the standards under Rule 17Ad-22.\7\ Section 17A(b)(3)(F) of the Act \8\ 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. The proposed amendments are designed to enhance and formalize the overall assessment and management of procyclicality in the clearing house's margin and haircut models, among other matters, consistent with regulatory requirements under EMIR. The model is thus intended to strengthen the risk models and procedures already used by the clearing house, particularly the margin model, and limit on an ongoing basis the risks of procyclicality for Clearing Members and the clearing house itself. The framework will also provide greater clarity and transparency for Clearing Members and others as to the clearing house's approach to managing procyclicality. As a result, ICE Clear Europe believes that the proposed changes will promote the prompt and accurate clearance and settlement of cleared transactions, and in general protect investors and the public interest, within the meaning of Section 17A(b)(3)(F).\9\ In addition, the changes are consistent with the requirements of Rule 17Ad-22(e)(2),\10\ which requires that a clearing agency have governance arrangements that are clear and transparent, prioritize the safety and efficiency of the clearing agency and support the public interest requirements of Section 17A of the Act applicable to clearing agencies and the objectives of owners and participants, among other matters. The amendments also generally strengthen the clearing house's risk management procedures, consistent with the requirements of Rule 17Ad-22(e)(3) and (6).\11\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 78q-1. \7\ 17 CFR 240.17Ad-22. \8\ 15 U.S.C. 78q-1(b)(3)(F). \9\ 15 U.S.C. 78q-1(b)(3)(F). \10\ 17 CFR 240.17Ad-22(e)(2). \11\ 17 CFR 240.17Ad-22(e)(3) and (6). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition ICE Clear Europe 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 proposed changes are designed to provide additional protections against the effects of procyclicality by setting forth a methodology to identify and mitigate such risks, consistent with the requirements of EMIR. As such, the changes are intended to reduce the potential liquidity burden for Clearing Members of increases in margin requirements during stressed scenarios. As a result, ICE Clear Europe does not believe the changes will adversely affect the cost to clearing members or other market participants of clearing services. The changes will otherwise not affect the terms or conditions of any cleared contract or the standards or requirements for participation in or use of the Clearing House. The changes should not, in the Clearing House's view, adversely affect competition among Clearing Members, or the ability of market participants to access clearing services generally. As a result, ICE Clear Europe believes that any impact on competition is appropriate in furtherance of the purposes of the Act. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed changes to the rules have not been solicited or received. ICE Clear Europe will notify the Commission of any written comments received by ICE Clear Europe. III. Date of Effectiveness of the Proposed Rule Change Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change or (B) institute proceedings to determine whether the proposed rule change should be disapproved. [[Page 51665]] 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-ICEEU-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-ICEEU-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 Europe and on ICE Clear Europe's Web site at https://www.theice.com/notices/Notices.shtml?regulatoryFilings. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-ICEEU-2017-013 and should be submitted on or before November 28, 2017. --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-24130 Filed 11-6-17; 8:45 am] BILLING CODE 8011-01-P
![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
VerDate Sep<11>2014 17:29 Nov 06, 2017 Jkt 244001 PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 E:\FR\FM\07NON1.SGM 07NON1](https://thefederalregister.org/doc/82_FR_51877/page/1.svg)
![Federal Register / Vol. 82, No. 214 / Tuesday, November 7, 2017 / Notices 51665
IV. Solicitation of Comments and should be submitted on or before should be received by the Commission
November 28, 2017. by 5:30 p.m. on November 28, 2017 and
Interested persons are invited to should be accompanied by proof of
submit written data, views, and For the Commission, by the Division of
Trading and Markets, pursuant to delegated service on the applicants, in the form of
arguments concerning the foregoing, authority.12 an affidavit, or, for lawyers, a certificate
including whether the proposed rule of service. Pursuant to Rule 0–5 under
Eduardo A. Aleman,
change is consistent with the Act. the Act, hearing requests should state
Comments may be submitted by any of Assistant Secretary.
[FR Doc. 2017–24130 Filed 11–6–17; 8:45 am]
the nature of the writer’s interest, any
the following methods: facts bearing upon the desirability of a
BILLING CODE 8011–01–P
Electronic Comments hearing on the matter, the reason for the
request, and the issues contested.
• Use the Commission’s Internet Persons who wish to be notified of a
SECURITIES AND EXCHANGE
comment form (http://www.sec.gov/ hearing may request notification by
COMMISSION
rules/sro.shtml) or writing to the Commission’s Secretary.
• Send an email to rule-comments@ [Investment Company Act Release No.
ADDRESSES: Secretary, U.S. Securities
32894; File No. 812–14776]
sec.gov. Please include File Number SR– and Exchange Commission, 100 F Street
ICEEU–2017–013 on the subject line. Princeton Fund Advisors, LLC. et al. NE., Washington, DC 20549–1090.
Paper Comments Applicants: Thompson Hine LLP, 41
November 2, 2017. South High Street, Suite 1700,
• Send paper comments in triplicate AGENCY: Securities and Exchange Columbus, OH 43215.
to Secretary, Securities and Exchange Commission (‘‘Commission’’). FOR FURTHER INFORMATION CONTACT:
Commission, 100 F Street NE., ACTION: Notice. Rochelle Kauffman Plesset, Senior
Washington, DC 20549–1090. Counsel, at (202) 551–6840 or David
Notice of an application for an order
All submissions should refer to File Marcinkus, Branch Chief, at (202) 551–
under section 12(d)(1)(J) of the
Number SR–ICEEU–2017–013 This file 6882 (Division of Investment
Investment Company Act of 1940 (the
number should be included on the Management, Chief Counsel’s Office).
‘‘Act’’) for an exemption from sections
subject line if email is used. To help the 12(d)(1)(A) and (B) of the Act and under SUPPLEMENTARY INFORMATION: The
Commission process and review your sections 6(c) and 17(b) of the Act for an following is a summary of the
comments more efficiently, please use exemption from sections 17(a)(1) and (2) application. The complete application
only one method. The Commission will of the Act. The requested order would may be obtained via the Commission’s
post all comments on the Commission’s permit open-end management Web site by searching for the file
Internet Web site (http://www.sec.gov/ investment companies registered under number, or for an applicant using the
rules/sro.shtml). Copies of the the Act to acquire shares of open-end Company name box, at http://
submission, all subsequent management investment companies www.sec.gov/search/search.htm, or by
amendments, all written statements registered under the Act that are outside calling (202) 551–8090.
with respect to the proposed rule of the same group of investment Summary of the Application
change, security-based swap submission companies as the acquiring companies.
or advance notice that are filed with the 1. Applicants request an order to
APPLICANTS: Northern Lights Fund
Commission, and all written permit (a) registered open-end
Trust, a Delaware statutory trust
communications relating to the management investment companies (the
registered under the Act as an open-end
proposed rule change, security-based ‘‘Investing Funds’’) that are not part of
management investment company with
swap submission or advance notice the same ‘‘group of investment
multiple series (the ‘‘Trust’’); Princeton
between the Commission and any companies,’’ within the meaning of
Fund Advisors, LLC, a Deleware limited
person, other than those that may be section 12(d)(1)(G)(ii) of the Act, as the
liability company (the ‘‘Adviser’’),
withheld from the public in accordance Trust, to acquire shares in series of the
registered as an investment adviser
with the provisions of 5 U.S.C. 552, will Trust 1 advised by the Adviser in excess
under the Investment Advisers Act of
be available for Web site viewing and of the limits in sections 12(d)(1)(A) of
1940; and Foreside Distribution
printing in the Commission’s Public the Act and (b) the Funds, their
Services, L.P., a Delaware limited
Reference Room, 100 F Street NE., principal underwriters and any broker
liability company, and Northern Lights
Washington, DC 20549, on official Distributors, LLC, a Nebraska limited 1 Applicants request that the order apply to (1)
business days between the hours of liability company (together the each existing series of the Trust that currently is
10:00 a.m. and 3:00 p.m. Copies of such ‘‘Distributors’’), each registered as a part of the same ‘‘group of investment companes’’
filings will also be available for broker-dealer under the Securities as the Trust and is advised by the Adviser, (2) to
inspection and copying at the principal Exchange Act of 1934 (‘‘Exchange Act’’). any future series of the Trust, and any other existing
office of ICE Clear Europe and on ICE or future registered open-end management
FILING DATES: The application was filed investment companies and any series thereof that
Clear Europe’s Web site at https:// on May 16, 2017 and amended on are, or may in the future be, advised by the Advisor
www.theice.com/notices/ August 16, 2017. and that are part of the same group of investment
Notices.shtml?regulatoryFilings. companies (each, a ‘‘Fund’’ and collectively the
HEARING OR NOTIFICATION OF HEARING: An ‘‘Funds’’), and (3) any principal underwriter and
All comments received will be posted order granting the requested relief will distributor for a Fund. Certain of the Funds may
without change. Persons submitting be issued unless the Commission orders have obtained exemptions from the Commission
ethrower on DSK3G9T082PROD with NOTICES
comments are cautioned that we do not necessary to permit their shares to be listed and
a hearing. Interested persons may traded on a national securities exchange at
redact or edit personal identifying request a hearing by writing to the negotiated prices and, accordingly, to operate as an
information from comment submissions. Commission’s Secretary and serving exchange-traded fund (‘‘ETF’’). For purposes of the
You should submit only information applicants with a copy of the request, request for relief, the term ‘‘group of investment
that you wish to make available companies’’ means any two or more registered
personally or by mail. Hearing requests investment companies that hold themselves out to
publicly. All submissions should refer investors as related companies for purposes of
to File Number SR–ICEEU–2017–013 12 17 CFR 200.30–3(a)(12). investment and investor services.
VerDate Sep<11>2014 17:29 Nov 06, 2017 Jkt 244001 PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 E:\FR\FM\07NON1.SGM 07NON1](https://thefederalregister.org/doc/82_FR_51877/page/3.svg)
Document Created: 2018-10-25 10:25:36
Document Modified: 2018-10-25 10:25:36
| 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 | 82 FR 51663 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR