83 FR 14901 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Amendments to the ICE Clear Europe CDS Clearing Stress Testing Policy

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 67 (April 6, 2018)

Page Range		14901-14902
FR Document		2018-07010

Federal Register, Volume 83 Issue 67 (Friday, April 6, 2018)

[Federal Register Volume 83, Number 67 (Friday, April 6, 2018)]
[Notices]
[Pages 14901-14902]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-07010]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82978; File No. SR-ICEEU-2018-001]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Designation of Longer Period for Commission Action on Proposed Rule 
Change Relating to Amendments to the ICE Clear Europe CDS Clearing 
Stress Testing Policy

April 2, 2018.
    On February 6, 2018, ICE Clear Europe Limited (``ICE Clear Europe) 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to

[[Page 14902]]

revise its Credit Default Swap (``CDS'') Clearing Stress Testing Policy 
(``Stress Testing Policy'') to, among other things, re-categorize 
certain CDS stress testing scenarios, address specific wrong way risk, 
introduce new forward looking credit event scenarios, and make certain 
enhancements and clarifications (File No. SR-ICEEU-2018-001). The 
proposed rule change was published for comment in the Federal Register 
on February 16, 2018.\3\ To date, the Commission has not received 
comments on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-82692 (February 6, 
2018); 83 FR 7096 (February 16, 2018) (SR-ICEEU-2018-001).
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period, up to 90 days, as the Commission may 
designate if it finds such longer period to be appropriate and 
publishes its reasons for so finding, or as to which the self-
regulatory organization consents, the Commission shall either approve 
the proposed rule change, disapprove the proposed rule change, or 
institute proceedings to determine whether the proposed rule change 
should be disapproved. The 45th day from the publication of notice of 
filing of this proposed rule change is April 2, 2018.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. ICE Clear Europe proposes to revise 
its Stress Testing Policy to re-categorize existing CDS stress testing 
scenarios, add provisions to address specific wrong way risk, introduce 
new forward looking credit event scenarios, and make certain 
enhancements and clarifications. The Commission finds it is appropriate 
to designate a longer period within which to take action on the 
proposed rule change so that it has sufficient time to consider ICE 
Clear Europe's proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates May 17, 2018 as the date by which the Commission 
should either approve or disapprove, or institute proceedings to 
determine whether to disapprove, the proposed rule change (File No. SR-
ICEEU-2018-001).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018-07010 Filed 4-5-18; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 67 / Friday, April 6, 2018 / Notices 14901

consequences of potential accidents. The with the radiological contamination risks occupational radiation exposure. The
proposed level of insurance coverage is posed by the site. In addition, such insurance exempted regulation is not associated with
commensurate with the reduced levels would be significantly in excess of construction, so there is no significant
consequences of credible nuclear accidents at other decommissioning reactor facilities that construction impact. The exempted
FCS. Therefore, the NRC staff concludes that have been granted similar exemptions by the regulation does not concern the source term
granting the requested exemption will not NRC. (i.e., potential amount of radiation in an
present an undue risk to the health and safety The NRC staff finds that compliance with accident), nor mitigation. Therefore, there is
of the public. the existing rule would result in an undue no significant increase in the potential for, or
hardship or other costs that are significantly consequences of, a radiological accident. In
C. Consistent with the Common Defense and in excess of those contemplated when the addition, there would be no significant
Security. regulation was adopted and are significantly impacts to biota, water resources, historic
The proposed exemption would not in excess of those incurred by others properties, cultural resources, or
eliminate any requirements associated with similarly situated. socioeconomic conditions in the region. The
physical protection of the site and would not Therefore, the special circumstances requirement for onsite property damage
adversely affect OPPD’s ability to physically required by 10 CFR 50.12(a)(2)(ii) and 10 CFR insurance involves surety, insurance, and
secure the site or protect special nuclear 50.12(a)(2)(iii) exist. indemnity matters. Therefore, pursuant to 10
material. Physical security measures at FCS CFR 51.22(b) and 51.22(c)(25), no
E. Environmental Considerations. environmental impact statement or
are not affected by the requested exemption.
Therefore, the proposed exemption is The requested exemption includes surety, environmental assessment need be prepared
consistent with the common defense and insurance, or indemnity requirements, and in connection with the approval of this
security. belongs to a category of actions that the exemption request.
Commission, by rule or regulation, has
D. Special Circumstances. declared to be a categorical exclusion, after IV. Conclusions.
Under 10 CFR 50.12(a)(2)(ii), special first finding that the category of actions does Accordingly, the Commission has
circumstances are present if the application not individually or cumulatively have a determined that, pursuant to 10 CFR 50.12(a),
of the regulation in the particular significant effect on the human environment. the exemption is authorized by law, will not
circumstances would not serve the Specifically, the exemption is categorically present an undue risk to the public health
underlying purpose of the rule or is not excluded under 10 CFR 51.22(c)(25)(vi)(H). and safety, and is consistent with the
necessary to achieve the underlying purpose In addition, the NRC staff has determined common defense and security. Also, special
of the rule. The underlying purpose of 10 that there would be no significant impacts to circumstances are present. Therefore, the
CFR 50.54(w)(1) is to provide reasonable biota, water resources, historic properties, Commission hereby grants OPPD an
assurance that adequate funds will be cultural resources, or socioeconomic exemption from the requirements of 10 CFR
available to stabilize reactor conditions and conditions in the region. As such, there are 50.54(w)(1), to permit the licensee to reduce
cover onsite cleanup costs associated with no extraordinary circumstances present that its onsite property damage insurance to a
site decontamination, following an accident would preclude reliance on this categorical level of $50 million.
that results in the release of a significant exclusion. Therefore, pursuant to 10 CFR The exemption is effective beginning April
amount of radiological material. Because FCS 51.22(b), no environmental impact statement 7, 2018.
is permanently shut down and defueled, it is need be prepared in connection with the Dated at Rockville, Maryland, this 29th day
no longer possible for the radiological approval of this exemption request. of March, 2018.
consequences of design-basis accidents or Under 10 CFR 51.22(c)(25), granting of an For the Nuclear Regulatory Commission.
other credible events at FCS to exceed the exemption from the requirements of any
limits of the EPA PAGs at the exclusion area regulation of Chapter I to 10 CFR is a Joseph G. Giitter,
boundary. The licensee has evaluated the categorical exclusion provided that (i) there Director, Division of Operating Reactor
consequences of highly unlikely, beyond- is no significant hazards consideration; (ii) Licensing, Office of Nuclear Reactor
design-basis conditions involving a loss of there is no significant change in the types or Regulation.
coolant from the SFP. The analyses show that significant increase in the amounts of any [FR Doc. 2018–07033 Filed 4–5–18; 8:45 am]
as of April 7, 2018, the likelihood of such an effluents that may be released offsite; (iii)
BILLING CODE 7590–01–P
event leading to a large radiological release there is no significant increase in individual
is negligible. The NRC staff’s evaluation of or cumulative public or occupational
the licensee’s analyses confirm this radiation exposure; (iv) there is no significant
conclusion. construction impact; (v) there is no SECURITIES AND EXCHANGE
The NRC staff also finds that the licensee’s significant increase in the potential for or COMMISSION
proposed $50 million level of onsite consequences from radiological accidents;
insurance is consistent with the bounding and (vi) the requirements from which an [Release No. 34–82978; File No. SR–ICEEU–
cleanup and decontamination cost, as exemption is sought involve: surety, 2018–001]
discussed in the basis provided in SECY–96– insurance, or indemnity requirements.
256. Therefore, the staff concludes that the The Director, Division of Operating Reactor Self-Regulatory Organizations; ICE
application of the current requirements in 10 Licensing, Office of Nuclear Reactor Clear Europe Limited; Notice of
CFR 50.54(w)(1) to maintain $1.06 billion in Regulation, has determined that approval of Designation of Longer Period for
onsite insurance coverage is not necessary to the exemption request involves no significant Commission Action on Proposed Rule
achieve the underlying purpose of the rule hazards consideration because reducing the Change Relating to Amendments to
for the permanently shutdown and defueled licensee’s onsite property damage insurance the ICE Clear Europe CDS Clearing
FCS reactor. for FCS does not 1) involve a significant Stress Testing Policy
Under 10 CFR 50.12(a)(2)(iii), special increase in the probability or consequences
circumstances are present whenever of an accident previously evaluated; or 2) April 2, 2018.
compliance would result in undue hardship create the possibility of a new or different On February 6, 2018, ICE Clear
or other costs that are significantly in excess kind of accident from any accident Europe Limited (‘‘ICE Clear Europe)
of those contemplated when the regulation previously evaluated; or 3) involve a filed with the Securities and Exchange
daltland on DSKBBV9HB2PROD with NOTICES

was adopted, or that are significantly in significant reduction in a margin of safety.
The exempted financial protection regulation
Commission (‘‘Commission’’), pursuant
excess of those incurred by others similarly
situated. is unrelated to the operation of FCS. to Section 19(b)(1) of the Securities
The NRC staff concludes that if the Accordingly, there is no significant change in Exchange Act (‘‘Act’’),1 and Rule 19b–4
licensee was required to continue to maintain the types or significant increase in the thereunder,2 a proposed rule change to
an onsite insurance level of $1.06 billion, the amounts of any effluents that may be released
associated insurance premiums would be in offsite; and no significant increase in 1 15 U.S.C. 78s(b)(1).
excess of those necessary and commensurate individual or cumulative public or 2 17 CFR 240.19b–4.

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14902 Federal Register / Vol. 83, No. 67 / Friday, April 6, 2018 / Notices

revise its Credit Default Swap (‘‘CDS’’) SECURITIES AND EXCHANGE the most significant aspects of such
Clearing Stress Testing Policy (‘‘Stress COMMISSION statements.
Testing Policy’’) to, among other things,
[Release No. 34–82982; File No. SR– A. Self-Regulatory Organization’s
re-categorize certain CDS stress testing
NASDAQ–2018–026] Statement of the Purpose of, and
scenarios, address specific wrong way
Statutory Basis for, the Proposed Rule
risk, introduce new forward looking Self-Regulatory Organizations; The Change
credit event scenarios, and make certain
Nasdaq Stock Market LLC; Notice of
enhancements and clarifications (File 1. Purpose
Filing and Immediate Effectiveness of
No. SR–ICEEU–2018–001). The Nasdaq proposes that the Shares of
Proposed Rule Change To Modify That
proposed rule change was published for the Fund will no longer be listed and
the Validea Market Legends ETF Will
comment in the Federal Register on traded as an actively-managed ETF in
Be Passively-Managed Rather Than
February 16, 2018.3 To date, the accordance with the Order, but will
Actively-Managed
Commission has not received comments instead operate under the generics for
on the proposed rule change. April 2, 2018. passively-managed ETFs set forth under
Section 19(b)(2) of the Act 4 provides Pursuant to Section 19(b)(1) of the Nasdaq Rule 5705(b). Nasdaq represents
that within 45 days of the publication of Securities Exchange Act of 1934 and confirms that the Fund meets such
notice of the filing of a proposed rule (‘‘Act’’),1 and Rule 19b–4 thereunder,2 generics [sic]
change, or within such longer period, notice is hereby given that on April 2, The impetus for the change is that the
up to 90 days, as the Commission may 2018, The Nasdaq Stock Market LLC Fund will begin tracking an index and
designate if it finds such longer period (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the thus no longer be actively-managed.
to be appropriate and publishes its Securities and Exchange Commission There are no other changes being
reasons for so finding, or as to which the (‘‘SEC’’ or ‘‘Commission’’) the proposed proposed to be made to the Fund.
self-regulatory organization consents, rule change as described in Items I and
the Commission shall either approve the 2. Statutory Basis
II below, which Items have been
proposed rule change, disapprove the prepared by the Exchange. The Nasdaq believes that the proposed
proposed rule change, or institute Commission is publishing this notice to rule change is consistent with Section
proceedings to determine whether the solicit comments on the proposed rule 6(b) of the Act,4 in general, and furthers
proposed rule change should be change from interested persons. the objectives of Section 6(b)(5) of the
disapproved. The 45th day from the Act,5 in particular, in that it is designed
publication of notice of filing of this I. Self-Regulatory Organization’s to promote just and equitable principles
proposed rule change is April 2, 2018. Statement of the Terms of Substance of of trade, to remove impediments to and
The Commission is extending the 45- the Proposed Rule Change perfect the mechanism of a free and
day time period for Commission action The Exchange proposes that shares open market and a national market
on the proposed rule change. ICE Clear (‘‘Shares’’) of the Validea Market system, and, in general to protect
Europe proposes to revise its Stress Legends ETF (‘‘Fund’’) will no longer be investors and the public interest.
Testing Policy to re-categorize existing listed and traded as an actively- Nasdaq believes that this proposed
CDS stress testing scenarios, add managed exchange-traded fund (‘‘ETF’’) rule change will help to inform and to
provisions to address specific wrong in accordance with the SEC’s approval protect investors and the public interest
way risk, introduce new forward order (‘‘Order’’),3 but will instead through disclosing that the Fund will no
looking credit event scenarios, and operate under the generics for passively- longer be actively managed, but instead
make certain enhancements and managed ETFs set forth under Nasdaq passively-managed through the tracking
clarifications. The Commission finds it Rule 5705(b). of an index.
is appropriate to designate a longer The text of the proposed rule change
period within which to take action on B. Self-Regulatory Organization’s
is available on the Exchange’s website at Statement on Burden on Competition
the proposed rule change so that it has http://nasdaq.cchwallstreet.com, at the
sufficient time to consider ICE Clear principal office of the Exchange, and at The Exchange does not believe that
Europe’s proposed rule change. the Commission’s Public Reference the proposed rule change will impose
Accordingly, the Commission, Room. any burden on competition not
pursuant to Section 19(b)(2) of the Act,5 necessary or appropriate in furtherance
designates May 17, 2018 as the date by II. Self-Regulatory Organization’s of the purposes of the Act. As noted
which the Commission should either Statement of the Purpose of, and above, the Fund will no longer be listed
approve or disapprove, or institute Statutory Basis for, the Proposed Rule and traded in accordance with the
proceedings to determine whether to Change Order,6 but will instead operate under
disapprove, the proposed rule change In its filing with the Commission, the the generics for passively-managed ETFs
(File No. SR–ICEEU–2018–001). Exchange included statements set forth under Nasdaq Rule 5705(b).
For the Commission, by the Division of concerning the purpose of and basis for The Exchange does not intend for or
Trading and Markets, pursuant to delegated the proposed rule change and discussed expect that such change will have any
authority.6 any comments it received on the impact on competition.
Robert W. Errett, proposed rule change. The text of these C. Self-Regulatory Organization’s
Deputy Secretary. statements may be examined at the Statement on Comments on the
[FR Doc. 2018–07010 Filed 4–5–18; 8:45 am] places specified in Item IV below. The Proposed Rule Change Received From
daltland on DSKBBV9HB2PROD with NOTICES

BILLING CODE 8011–01–P Exchange has prepared summaries, set Members, Participants, or Others
forth in sections A, B, and C below, of
3 Securities Exchange Act Release No. 34–82692
No written comments were either
(February 6, 2018); 83 FR 7096 (February 16, 2018) 1 15 U.S.C. 78s(b)(1). solicited or received.
(SR–ICEEU–2018–001). 2 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(2). 3 See Exchange Act Release No. 73480; (Oct. 31, 4 15U.S.C. 78f(b).
5 15 U.S.C. 78s(b)(2). 5 15U.S.C. 78f(b)(5).
2014), 79 FR 66022 (Nov. 6, 2014) (SR–NASDAQ–
6 17 CFR 200.30–3(a)(31). 2014–090). 6 Supra, note 3.

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Document Created: 2018-11-01 09:15:36
Document Modified: 2018-11-01 09:15:36

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		83 FR 14901