82 FR 52962 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amendments to the ICE Clear Europe Delivery Procedures

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 219 (November 15, 2017)

Page Range		52962-52963
FR Document		2017-24660
Federal Register, Volume 82 Issue 219 (Wednesday, November 15, 2017)
[Federal Register Volume 82, Number 219 (Wednesday, November 15, 2017)]
[Notices]
[Pages 52962-52963]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24660]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82041; File No. SR-ICEEU-2017-012]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to Amendments to the ICE Clear Europe Delivery Procedures

November 8, 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 31, 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 by ICE Clear Europe. ICE Clear Europe filed 
the proposed rule change pursuant to Section 19(b)(3)(A) of the Act,\3\ 
and Rule 19b-4(f)(4)(ii) \4\ thereunder, so that the proposal was 
immediately effective upon filing with the Commission. The Commission 
is publishing this notice to solicit comments on the proposed rule 
change from interested persons.
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    \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)(ii).
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change, Security-Based Swap Submission, or Advance Notice

    The principal purpose of the proposed rule change is to implement 
certain amendments and updates to the ICE Clear Europe Delivery 
Procedures relating to European emissions and UK electricity contracts.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change, Security-Based Swap Submission or 
Advance Notice

    In its filing with the Commission, ICE Clear Europe included 
statements concerning the purpose of and basis for 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, Security-Based Swap Submission or 
Advance Notice

(a) Purpose
    ICE Clear Europe proposes to implement certain amendments and 
updates to the ICE Clear Europe Delivery Procedures relating to 
European emissions and UK electricity contracts. The proposed 
amendments are designed (i) to update the Delivery Procedures relating 
to deliveries under European emissions and UK power contracts to be 
consistent with current practice and reflect the use of updated 
delivery forms and processes and (ii) to remove certain references to 
contracts no longer traded.
    In Part A of the Delivery Procedures (relating to European 
emissions contracts), ICE Clear Europe is modifying the timing for 
submission of delivery confirmation forms to be consistent with the 
timing of the expiration of the relevant contracts.
    In Part C of the Delivery Procedures (relating to UK electricity 
contracts), ICE Clear Europe is removing certain references (and 
related provisions) for contracts that are no longer traded. The 
amendments also remove references to a pre-delivery authorization 
process and certain reports that are no longer used, as well as extend 
the deadline for certain authorization requests, in light of updates to 
ICE Clear Europe systems. In addition, the amendments modify the timing 
for submission of certain delivery confirmation forms to be consistent 
with the timing of the expiration of the relevant contracts.
(b) Statutory Basis
    ICE Clear Europe believes that the proposed amendments are 
consistent with the requirements of Section 17A of the Act \5\ and the 
regulations thereunder applicable to it, including the standards under 
Rule 17Ad-22.\6\
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    \5\ 15 U.S.C. 78q-1.
    \6\ 17 CFR 240.17Ad-22.
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    Section 17A(b)(3)(F) of the Act \7\ 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. Rule 17Ad-
22(e)(10) \8\ requires that each covered clearing agency shall 
establish, implement, maintain and enforce written policies and 
procedures reasonably designed to establish and maintain transparent 
written standards that state its obligations with respect to the 
delivery of physical instruments, and establish and maintain 
operational practices that identify, monitor, and manage the risks 
associated with such physical deliveries. The proposed amendments are 
being made to update and clarify the ICE Clear Europe delivery 
procedures to make operational and documentation improvements in the 
delivery confirmation and notification processes. As a result, in ICE 
Clear Europe's view, the amendments will facilitate the prompt and 
accurate clearance and settlement of cleared transactions, more clearly 
state the obligations of parties with respect to deliveries and the 
management of the risks of such deliveries, within the meaning of the 
Act and Rule 17Ad-22(e).
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    \7\ 15 U.S.C. 78q-1(b)(3)(F).
    \8\ 17 CFR 240.17Ad-22(e)(10).
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(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed changes to the rules 
would have any impact, or impose any burden, on competition not 
necessary or appropriate in furtherance of the purpose of the Act. ICE 
Clear Europe is adopting the amendments the Delivery Procedures and 
Clearing Procedures in order to clarify certain aspects of the exercise 
and settlement of equity futures and options currently cleared by ICE 
Clear Europe. ICE Clear Europe does not believe the adoption of related 
Delivery Procedures and Clearing Procedures amendments would materially 
affect the cost of clearing these products, adversely affect access to 
clearing in these products for Clearing Members or their customers, or 
otherwise adversely affect competition in clearing services.

(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.

[[Page 52963]]

III. Date of Effectiveness of the Proposed Rule Change, Security-Based 
Swap Submission and Advance Notice and Timing for Commission Action

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A) \9\ of the Act and Rule 19b-4(f)(4)(ii) \10\ 
thereunder because it effects a change in an existing service of a 
registered clearing agency that primarily affects the clearing 
operations of the clearing agency with respect to products that are not 
securities, including futures that are not security futures, swaps that 
are not security-based swaps or mixed swaps, and forwards that are not 
security forwards, and does not significantly affect any securities 
clearing operations of the clearing agency or any rights or obligations 
of the clearing agency with respect to securities clearing or persons 
using such securities-clearing service. 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 investors, or otherwise in furtherance of the 
purposes of the Act.
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f).
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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 Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml) or
     Send an email to [email protected]. Please include 
File Number SR-ICEEU-2017-012 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-2017-012. 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 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/clear-europe/regulation#rule-filings.
    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-2017-012 and should be 
submitted on or before December 6, 2017.

For the Commission, by the Division of Trading and Markets, pursuant 
to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24660 Filed 11-14-17; 8:45 am]
 BILLING CODE 8011-01-P
52962 Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Notices

submissions should refer to File concerning the purpose of and basis for applicable, derivative agreements,
Number SR–Phlx–2017–89, and should the proposed rule change. The text of contracts, and transactions, the
be submitted on or before December 6, these statements may be examined at safeguarding of securities and funds in
2017. the places specified in Item IV below. the custody or control of the clearing
For the Commission, by the Division of ICE Clear Europe has prepared agency or for which it is responsible,
Trading and Markets, pursuant to delegated summaries, set forth in sections (A), (B), and the protection of investors and the
authority.16 and (C) below, of the most significant public interest. Rule 17Ad–22(e)(10) 8
Eduardo A. Aleman, aspects of such statements. requires that each covered clearing
Assistant Secretary. agency shall establish, implement,
(A) Clearing Agency’s Statement of the
maintain and enforce written policies
[FR Doc. 2017–24656 Filed 11–14–17; 8:45 am] Purpose of, and Statutory Basis for, the
and procedures reasonably designed to
BILLING CODE 8011–01–P Proposed Rule Change, Security-Based
establish and maintain transparent
Swap Submission or Advance Notice
written standards that state its
SECURITIES AND EXCHANGE (a) Purpose obligations with respect to the delivery
COMMISSION ICE Clear Europe proposes to of physical instruments, and establish
implement certain amendments and and maintain operational practices that
[Release No. 34–82041; File No. SR–ICEEU– identify, monitor, and manage the risks
2017–012]
updates to the ICE Clear Europe
Delivery Procedures relating to associated with such physical
European emissions and UK electricity deliveries. The proposed amendments
Self-Regulatory Organizations; ICE are being made to update and clarify the
Clear Europe Limited; Notice of Filing contracts. The proposed amendments
are designed (i) to update the Delivery ICE Clear Europe delivery procedures to
and Immediate Effectiveness of a make operational and documentation
Proposed Rule Change Relating to Procedures relating to deliveries under
European emissions and UK power improvements in the delivery
Amendments to the ICE Clear Europe confirmation and notification processes.
Delivery Procedures contracts to be consistent with current
practice and reflect the use of updated As a result, in ICE Clear Europe’s view,
November 8, 2017. delivery forms and processes and (ii) to the amendments will facilitate the
Pursuant to Section 19(b)(1) of the remove certain references to contracts prompt and accurate clearance and
Securities Exchange Act of 1934 no longer traded. settlement of cleared transactions, more
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 In Part A of the Delivery Procedures clearly state the obligations of parties
notice is hereby given that on October (relating to European emissions with respect to deliveries and the
31, 2017, ICE Clear Europe Limited contracts), ICE Clear Europe is management of the risks of such
(‘‘ICE Clear Europe’’) filed with the modifying the timing for submission of deliveries, within the meaning of the
Securities and Exchange Commission delivery confirmation forms to be Act and Rule 17Ad–22(e).
(‘‘Commission’’) the proposed rule consistent with the timing of the (B) Clearing Agency’s Statement on
changes described in Items I, II, and III expiration of the relevant contracts. Burden on Competition
below, which Items have been prepared In Part C of the Delivery Procedures
(relating to UK electricity contracts), ICE ICE Clear Europe does not believe the
by ICE Clear Europe. ICE Clear Europe
Clear Europe is removing certain proposed changes to the rules would
filed the proposed rule change pursuant have any impact, or impose any burden,
to Section 19(b)(3)(A) of the Act,3 and references (and related provisions) for
contracts that are no longer traded. The on competition not necessary or
Rule 19b–4(f)(4)(ii) 4 thereunder, so that appropriate in furtherance of the
the proposal was immediately effective amendments also remove references to a
pre-delivery authorization process and purpose of the Act. ICE Clear Europe is
upon filing with the Commission. The adopting the amendments the Delivery
Commission is publishing this notice to certain reports that are no longer used,
as well as extend the deadline for Procedures and Clearing Procedures in
solicit comments on the proposed rule order to clarify certain aspects of the
change from interested persons. certain authorization requests, in light
of updates to ICE Clear Europe systems. exercise and settlement of equity futures
I. Clearing Agency’s Statement of the In addition, the amendments modify the and options currently cleared by ICE
Terms of Substance of the Proposed timing for submission of certain Clear Europe. ICE Clear Europe does not
Rule Change, Security-Based Swap delivery confirmation forms to be believe the adoption of related Delivery
Submission, or Advance Notice consistent with the timing of the Procedures and Clearing Procedures
The principal purpose of the expiration of the relevant contracts. amendments would materially affect the
proposed rule change is to implement cost of clearing these products,
(b) Statutory Basis adversely affect access to clearing in
certain amendments and updates to the
ICE Clear Europe Delivery Procedures ICE Clear Europe believes that the these products for Clearing Members or
relating to European emissions and UK proposed amendments are consistent their customers, or otherwise adversely
electricity contracts. with the requirements of Section 17A of affect competition in clearing services.
the Act 5 and the regulations thereunder (C) Clearing Agency’s Statement on
II. Clearing Agency’s Statement of the applicable to it, including the standards
Purpose of, and Statutory Basis for, the Comments on the Proposed Rule
under Rule 17Ad–22.6 Change Received From Members,
Proposed Rule Change, Security-Based Section 17A(b)(3)(F) of the Act 7
Swap Submission or Advance Notice Participants or Others
requires, among other things, that the
sradovich on DSK3GMQ082PROD with NOTICES

In its filing with the Commission, ICE rules of a clearing agency be designed to Written comments relating to the
Clear Europe included statements promote the prompt and accurate proposed changes to the rules have not
clearance and settlement of securities been solicited or received. ICE Clear
16 17 CFR 200.30–3(a)(12). transactions and, to the extent Europe will notify the Commission of
1 15 U.S.C. 78s(b)(1). any written comments received by ICE
2 17 CFR 240.19b–4. 5 15 U.S.C. 78q–1. Clear Europe.
3 15 U.S.C. 78s(b)(3)(A). 6 17 CFR 240.17Ad–22.
4 17 CFR 240.19b–4(f)(ii). 7 15 U.S.C. 78q–1(b)(3)(F). 8 17 CFR 240.17Ad–22(e)(10).

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Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Notices 52963

III. Date of Effectiveness of the amendments, all written statements 2018, until on or about May 13, 2018,
Proposed Rule Change, Security-Based with respect to the proposed rule and at possible additional exhibitions or
Swap Submission and Advance Notice change that are filed with the venues yet to be determined, is in the
and Timing for Commission Action Commission, and all written national interest.
The foregoing rule change has become communications relating to the FOR FURTHER INFORMATION CONTACT:
effective upon filing pursuant to Section proposed rule change between the Elliot Chiu in the Office of the Legal
19(b)(3)(A) 9 of the Act and Rule 19b– Commission and any person, other than Adviser, U.S. Department of State
4(f)(4)(ii) 10 thereunder because it effects those that may be withheld from the (telephone: 202–632–6471; email:
a change in an existing service of a public in accordance with the section2459@state.gov). The mailing
registered clearing agency that primarily provisions of 5 U.S.C. 552, will be address is U.S. Department of State,
affects the clearing operations of the available for Web site viewing and L/PD, SA–5, Suite 5H03, Washington,
clearing agency with respect to products printing in the Commission’s Public DC 20522–0505.
that are not securities, including futures Reference Room, 100 F Street NE., SUPPLEMENTARY INFORMATION: The
that are not security futures, swaps that Washington, DC 20549, on official foregoing determinations were made
are not security-based swaps or mixed business days between the hours of pursuant to the authority vested in me
swaps, and forwards that are not 10:00 a.m. and 3:00 p.m. Copies of such by the Act of October 19, 1965 (79 Stat.
security forwards, and does not filings will also be available for 985; 22 U.S.C. 2459), E.O. 12047 of
significantly affect any securities inspection and copying at the principal March 27, 1978, the Foreign Affairs
clearing operations of the clearing office of ICE Clear Europe and on ICE Reform and Restructuring Act of 1998
agency or any rights or obligations of the Clear Europe’s Web site at https:// (112 Stat. 2681, et seq.; 22 U.S.C. 6501
clearing agency with respect to www.theice.com/clear-europe/ note, et seq.), Delegation of Authority
securities clearing or persons using such regulation#rule-filings. No. 234 of October 1, 1999, Delegation
securities-clearing service. At any time All comments received will be posted of Authority No. 236–3 of August 28,
within 60 days of the filing of the without change. Persons submitting 2000 (and, as appropriate, Delegation of
proposed rule change, the Commission comments are cautioned that we do not Authority No. 257–1 of December 11,
summarily may temporarily suspend redact or edit personal identifying 2015). I have ordered that Public Notice
such rule change if it appears to the information from comment submissions. of these determinations be published in
Commission that such action is You should submit only information the Federal Register.
necessary or appropriate in the public that you wish to make available
interest, for the protection of investors, publicly. All submissions should refer Alyson Grunder,
or otherwise in furtherance of the to File Number SR–ICEEU–2017–012 Deputy Assistant Secretary for Policy, Bureau
purposes of the Act. and should be submitted on or before of Educational and Cultural Affairs,
December 6, 2017. Department of State.
IV. Solicitation of Comments [FR Doc. 2017–24695 Filed 11–14–17; 8:45 am]
For the Commission, by the Division of
Interested persons are invited to Trading and Markets, pursuant to delegated BILLING CODE 4710–05–P
submit written data, views, and authority.11
arguments concerning the foregoing, Eduardo A. Aleman,
including whether the proposed rule DEPARTMENT OF STATE
Assistant Secretary.
change is consistent with the Act. [Public Notice 10200]
[FR Doc. 2017–24660 Filed 11–14–17; 8:45 am]
Comments may be submitted by any of
BILLING CODE 8011–01–P
the following methods: U.S. Advisory Commission on Public
Electronic Comments Diplomacy; Notice of Meeting
• Use the Commission’s Internet DEPARTMENT OF STATE The U.S. Advisory Commission on
comment form (http://www.sec.gov/ Public Diplomacy will hold a public
[Public Notice: 10198]
rules/sro.shtml) or meeting from 10:00 a.m. until 11:30
• Send an email to rule-comments@ Notice of Determinations; Culturally p.m., Friday, December 8, 2017, at the
sec.gov. Please include File Number SR– Significant Objects Imported for Russell Senate Office Building 385 (2
ICEEU–2017–012 on the subject line. Exhibition Determinations: ‘‘Michel Constitution Ave. NE., Washington, DC
Sittow: Estonian Painter at the Courts 20002).
Paper Comments The public meeting will address the
of Renaissance Europe’’ Exhibition
• Send paper comments in triplicate future of public diplomacy training. The
to Secretary, Securities and Exchange SUMMARY: Notice is hereby given of the session will include presentations from
Commission, 100 F Street NE., following determinations: I hereby leaders in public diplomacy education
Washington, DC 20549–1090. determine that certain objects to be and professional development from the
All submissions should refer to File included in the exhibition ‘‘Michel Foreign Service Institute, as well as
Number SR–ICEEU–2017–012. This file Sittow: Estonian Painter at the Courts of other experts.
number should be included on the Renaissance Europe,’’ imported from This meeting is open to the public,
subject line if email is used. To help the abroad for temporary exhibition within Members and staff of Congress, the State
Commission process and review your the United States, are of cultural Department, Defense Department, the
comments more efficiently, please use significance. The objects are imported media, and other governmental and
non-governmental organizations. An
sradovich on DSK3GMQ082PROD with NOTICES

only one method. The Commission will pursuant to loan agreements with the
post all comments on the Commission’s foreign owners or custodians. I also RSVP is required. To attend and make
Internet Web site (http://www.sec.gov/ determine that the exhibition or display any requests for reasonable
rules/sro.shtml). Copies of the of the exhibit objects at the National accommodation, email Michelle Bowen
submission, all subsequent Gallery of Art, Washington, District of at BowenMC1@state.gov by 5 p.m. on
Columbia, from on or about January 28, Wednesday, December 6, 2017. Please
9 15 U.S.C. 78s(b)(3)(A). arrive for the meeting by 9:45 a.m. to
10 17 CFR 240.19b–4(f). 11 17 CFR 200.30–3(a)(12). allow for a prompt start.

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Document Created: 2018-10-25 10:35:58
Document Modified: 2018-10-25 10:35:58
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 52962