83 FR 17575 - Self-Regulatory Organizations; ICE Clear Europe Limited; Order Instituting Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes Related to ICEEU's Recovery and Wind-Down Plans
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 77 (April 20, 2018)
Federal Register Volume 83, Issue 77 (April 20, 2018)
| Page Range | 17575-17577 | |
| FR Document | 2018-08338 |
[Federal Register Volume 83, Number 77 (Friday, April 20, 2018)] [Notices] [Pages 17575-17577] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-08338] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83055; File Nos. SR-ICEEU-2017-016 and SR-ICEEU-2017- 017] Self-Regulatory Organizations; ICE Clear Europe Limited; Order Instituting Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes Related to ICEEU's Recovery and Wind-Down Plans April 17, 2018. I. Introduction On December 29, 2017, 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 of 1934 (``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change (ICEEU-2017-016) concerning the ICE Clear Europe Recovery Plan (``Recovery Plan''). The proposed rule change was published for comment in the Federal Register on January 19, 2018.\3\ On December 29, 2017, ICE Clear Europe filed with the Commission a proposed rule change (ICEEU-2017-017) concerning the ICE Clear Europe Wind-Down Plan (``Wind-Down Plan''). The proposed rule change was published for comment in the Federal Register on January 19, 2018.\4\ On February 27, 2018, the Commission designated a longer period for Commission action on both proposed rule changes.\5\ To date, the Commission has not received any comments on the proposed rule changes. The Commission is publishing this order to institute proceedings pursuant to Section 19(b)(2)(B) \6\ of the Exchange Act to determine whether to approve or disapprove the proposed rule changes. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ Exchange Act Release No. 82496 (Jan. 12, 2018), 83 FR 2855 (Jan. 19, 2018) (SR-ICEEU-2017-016) (``Recovery Plan Notice''). \4\ Exchange Act Release No. 82497 (Jan. 12, 2018), 83 FR 2847 (Jan. 19, 2018) (SR-ICEEU-2017-017) (``Wind-Down Plan Notice''). \5\ Exchange Act Release No. 82786 (Feb. 27, 2018), 83 FR 9345 (Mar. 5, 2018); Exchange Act Release No. 82782 (Feb. 27, 2018), 83 FR 9351 (Mar. 5, 2018). \6\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to the proposed rule changes, nor does it mean that the Commission will ultimately disapprove the proposed rule changes. Rather, as discussed below, the Commission seeks additional input on the proposed rule changes and issues presented by the proposed rule changes. II. Description of the Proposed Rule Changes As a ``covered clearing agency,'' \7\ ICE Clear Europe is required to, among other things, ``establish, implement, maintain and enforce written policies and procedures reasonably designed to . . . maintain a sound risk management framework for comprehensively managing legal, credit, liquidity, operational, general business, investment, custody, and other risks that arise in or are borne by the covered clearing agency, which . . . includes plans for the recovery and orderly wind- down of the covered clearing agency necessitated by credit losses, liquidity shortfalls, losses from general business risk, or any other losses.'' \8\ The Commission has previously clarified that it believes that such recovery and wind-down plans are ``rules'' within the meaning of Section 19(b) of the Exchange Act and Rule 19b-4 thereunder because such plans would constitute changes to a stated policy, practice, or interpretation of a covered clearing agency.\9\ Accordingly, a covered clearing agency, such as ICE Clear Europe, must file its recovery and wind-down plans with the Commission. --------------------------------------------------------------------------- \7\ The term ``covered clearing agency'' is defined in Rule 17Ad-22(a)(5) under the Exchange Act. 17 CFR 240.17Ad-22(a)(5). \8\ 17 CFR 240.17Ad-22(e)(3)(ii). \9\ Standards for Covered Clearing Agencies, Exchange Act Release No. 78961 (Sep. 28, 2016), 81 FR 70786, 70809 (Oct. 13, 2016). --------------------------------------------------------------------------- A. The Recovery Plan (ICEEU-2017-016) According to ICE Clear Europe, the Recovery Plan is based on, and intended to be consistent with, ICE Clear Europe's Rules and Procedures, as well as its existing risk management frameworks, policies, and procedures.\10\ The Recovery Plan, as further described in the Recovery Plan Notice, (1) identifies the critical services that ICE Clear Europe provides and the business functions that support those services; \11\ (2) outlines a number of stress scenarios that may result in significant losses, a liquidity shortfall, suspension or failure of its critical services and related functions and systems, and damage to other market infrastructures, including both default and non- default loss scenarios and evaluating different impact categories and severity levels of these stress scenarios; \12\ and (3) describes the recovery tools, mechanisms, and options that ICE Clear Europe may use to address a stress scenario and continue to provide its [[Page 17576]] critical services, as well as the actions that would be necessary to implement those recovery tools, mechanisms, and options, including appropriate escalation and early warning procedures and communications with regulators and other relevant stakeholders.\13\ It also considers the implications of certain situations that may be beyond its control, such as interdependencies with other institutions.\14\ --------------------------------------------------------------------------- \10\ Recovery Plan Notice, 83 FR at 2855. \11\ Id. at 2855-56. \12\ Id. at 2856. \13\ Id. at 2856-57. \14\ Id. at 2857. --------------------------------------------------------------------------- The Recovery Plan also addresses the roles and responsibility of ICE Clear Europe Board of Directors, management, and other personnel, including with respect to development, review and approval, testing and maintenance, and liaison with relevant regulatory authorities.\15\ The Recovery Plan includes a description of ICE Clear Europe, its organizational structure, its applicable regulatory regime, and the standards and guidelines that have informed the Recovery Plan.\16\ --------------------------------------------------------------------------- \15\ Id. \16\ Id. --------------------------------------------------------------------------- B. The Wind-Down Plan (ICEEU-2017-017) ICE Clear Europe stated that a wind-down may result from situations where neither the Recovery Plan nor application of its loss allocation rules have succeeded in stopping default losses or non-default losses incurred and, as a result, ICE Clear Europe cannot remain viable as a going concern.\17\ As described further in the Wind-Down Plan Notice, the Wind-Down Plan addresses three particular categories of scenarios in which wind-down may occur: (1) A non-insolvency scenario where the ICE Clear Europe Board of Directors voluntarily decides to wind down the clearing business, (2) an insolvency scenario not linked to clearing member default, and (3) an insolvency scenario linked to a member default.\18\ The Wind-Down Plan sets out a variety of options for wind-down, depending on the scenario involved.\19\ In the case of an insolvency as a result of non-default losses, the Wind-Down Plan contemplates that all open contracts would be terminated and net sums calculated to be payable to or from each clearing member for each account category, in accordance with the applicable rules.\20\ For a voluntary wind-down or a wind-down following a clearing member default, the Wind-Down Plan contemplates that for each product category, ICE Clear Europe would either transfer clearing to another clearing house or terminate clearing.\21\ --------------------------------------------------------------------------- \17\ Wind-Down Plan Notice, 83 FR at 2847. \18\ Id. \19\ Id. \20\ Id. \21\ Id. at 2847-48. --------------------------------------------------------------------------- As stated by ICE Clear Europe, any decision to wind down is expected to be considered over a period of months, involve consultation with members, potential alternative clearing houses, exchange, and regulators, and would need approval by the ICE Clear Europe Board of Directors.\22\ The Wind-Down Plan contemplates that a specific execution plan will be developed for any wind-down, based on the relevant situation.\23\ The Wind-Down Plan also addresses procedural issues related to a wind-down, such as providing appropriate notice to terminate all service agreements and employee contracts, and liquidity considerations during a wind-down.\24\ It also contemplates the establishment of a Wind-Down Planning Committee, which would be tasked with exploring with clearing members, exchanges, alternative clearing houses, and regulators the relevant approaches to wind-down with a goal of minimizing adverse impact on clearing members, and the committee would report to the ICE Clear Europe Board of Directors.\25\ --------------------------------------------------------------------------- \22\ Id. at 2848. \23\ Id. \24\ Id. \25\ Id. at 2849. --------------------------------------------------------------------------- III. Proceedings To Determine Whether To Approve or Disapprove the Proposed Rule Changes and Grounds for Disapproval Under Consideration The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Exchange Act to determine whether the proposed rule changes should be approved or disapproved.\26\ Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule changes. As noted above, institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to comment on the proposed rule changes and provide arguments to support the Commission's analysis as to whether to approve or disapprove the proposals. --------------------------------------------------------------------------- \26\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- Pursuant to Section 19(b)(2)(B) of the Exchange Act,\27\ the Commission is providing notice of the grounds for disapproval under consideration. The Commission is instituting proceedings to allow for additional analysis of, and input from, commenters with respect to the proposed rule changes' consistency with the Exchange Act \28\ and the rules thereunder, including the following provisions: --------------------------------------------------------------------------- \27\ 15 U.S.C. 78s(b)(2)(B). \28\ 15 U.S.C. 78q-1. ---------------------------------------------------------------------------Section 17A(b)(3)(F) of the Exchange Act, which requires that the rules of a clearing agency be designed to, among other things, promote the prompt and accurate clearance and settlement of securities transactions, assure the safeguarding of securities and funds which are in the custody or control of the clearing agency for which it is responsible, and, in general, to protect investors and the public interest; \29\ --------------------------------------------------------------------------- \29\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- Rule 17Ad-22(e)(2) under the Exchange Act, which requires that a covered clearing agency establish, implement, maintain, and enforce written policies and procedures reasonably designed to provide for governance arrangements that are clear and transparent and support the public interest requirements in Section 17A of the Exchange Act applicable to clearing agencies, and the objectives of owners and participants; \30\ --------------------------------------------------------------------------- \30\ 17 CFR 240.17Ad-22(e)(2). --------------------------------------------------------------------------- Rule 17Ad-22(e)(3)(ii) under the Exchange Act, which requires that covered clearing agencies, among other things, ``establish, implement, maintain and enforce written policies and procedures reasonably designed to . . . maintain a sound risk management framework for comprehensively managing legal, credit, liquidity, operational, general business, investment, custody, and other risks that arise in or are borne by the covered clearing agency, which . . . includes plans for the recovery and orderly wind-down of the covered clearing agency necessitated by credit losses, liquidity shortfalls, losses from general business risk, or any other losses;'' and Rules 17Ad-22(e)(15)(i)-(ii) under the Exchange Act,\31\ which require a covered clearing agency to establish, implement, maintain and enforce written policies and procedures reasonably designed to determine the amount of liquid net assets funded by equity based upon its general business risk profile and the length of time required to achieve a recovery or orderly wind-down, as appropriate, of its critical operations and services if such action is taken and to establish, implement, maintain and enforce written policies and procedures reasonably designed to provide for holding liquid net assets funded by equity equal to the greater of either six [[Page 17577]] months of its current operating expenses or the amount determined by the board of directors to be sufficient to ensure a recovery or orderly wind-down of critical operations and services of the covered clearing agency, as contemplated by the plans established under Rule 17Ad- 22(e)(3)(ii).\32\ --------------------------------------------------------------------------- \31\ 17 CFR 240.17Ad-22(e)(15)(i)-(ii). \32\ 17 CFR 240.17Ad-22(e)(3)(ii). --------------------------------------------------------------------------- IV. Request for Written Comments The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues raised by the proposed rule changes. In particular, the Commission invites the written views of interested persons concerning whether the proposed rule changes are inconsistent with Section 17A(b)(3)(F) of the Exchange Act \33\ and Rules 17Ad-22(e)(2),\34\ 17Ad-22(e)(3)(ii),\35\ and 17Ad-22(e)(15)(i)-(ii) \36\ under the Exchange Act, or any other provision of the Exchange Act or rules and regulations thereunder. --------------------------------------------------------------------------- \33\ 15 U.S.C. 78q-1(b)(3)(F). \34\ 17 CFR 240.17Ad-22(e)(2). \35\ 17 CFR 240.17Ad-22(e)(3)(ii). \36\ 17 CFR 240.17Ad-22(e)(15)(i)-(ii). --------------------------------------------------------------------------- Although there do not appear to be any issues relevant to approval or disapproval that would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b-4, any request for an opportunity to make an oral presentation.\37\ --------------------------------------------------------------------------- \37\ Section 19(b)(2) of the Exchange Act, as amended by the Securities Acts Amendments of 1975, Public Law 94-29, 89 Stat. 97 (1975), grants the Commission flexibility to determine what type of proceeding--either oral or notice and opportunity for written comments--is appropriate for consideration of a particular proposal by a self-regulatory organization. See Securities Acts Amendments of 1975, Report of the Senate Committee on Banking, Housing and Urban Affairs to Accompany S. 249, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). --------------------------------------------------------------------------- Interested persons are invited to submit written data, views, and arguments regarding whether the proposed rule changes should be approved or disapproved on or before May 11, 2018. Any person who wishes to file a rebuttal to any other person's submission must file that rebuttal on or before May 25, 2018. 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 rule-comments@sec.gov. Please include File Number SR-ICEEU-2017-016 and SR-ICEEU-2017-017 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. All submissions should refer to SR-ICEEU-2017-016 and SR-ICEEU-2017- 017. These file numbers 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 website (http://www.sec.gov/rules/sro.shtml). Copies of the submissions, all subsequent amendments, all written statements with respect to the proposed rule changes that are filed with the Commission, and all written communications relating to the proposed rule changes 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 website 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 the filings also will be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe's website at https://www.theice.com/clear-europe. 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-2017-016 and SR-ICEEU-2017-017 and should be submitted on or before May 11, 2018. If comments are received, any rebuttal comments should be submitted on or before May 25, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\38\ Eduardo A. Aleman, Assistant Secretary. --------------------------------------------------------------------------- \38\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2018-08338 Filed 4-19-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 77 / Friday, April 20, 2018 / Notices 17575
proceeding, pursuant to 39 U.S.C. 505 SECURITIES AND EXCHANGE II. Description of the Proposed Rule
(Public Representative). Section II also COMMISSION Changes
establishes comment deadline(s) As a ‘‘covered clearing agency,’’ 7 ICE
pertaining to each request. [Release No. 34–83055; File Nos. SR–
ICEEU–2017–016 and SR–ICEEU–2017–017] Clear Europe is required to, among other
The public portions of the Postal things, ‘‘establish, implement, maintain
Service’s request(s) can be accessed via Self-Regulatory Organizations; ICE and enforce written policies and
the Commission’s website (http:// Clear Europe Limited; Order Instituting procedures reasonably designed to . . .
www.prc.gov). Non-public portions of Proceedings To Determine Whether To maintain a sound risk management
the Postal Service’s request(s), if any, Approve or Disapprove Proposed Rule framework for comprehensively
can be accessed through compliance Changes Related to ICEEU’s Recovery managing legal, credit, liquidity,
and Wind-Down Plans operational, general business,
with the requirements of 39 CFR
investment, custody, and other risks
3007.40. April 17, 2018. that arise in or are borne by the covered
The Commission invites comments on clearing agency, which . . . includes
I. Introduction
whether the Postal Service’s request(s) plans for the recovery and orderly wind-
in the captioned docket(s) are consistent On December 29, 2017, ICE Clear down of the covered clearing agency
with the policies of title 39. For Europe Limited (‘‘ICE Clear Europe’’) necessitated by credit losses, liquidity
request(s) that the Postal Service states filed with the Securities and Exchange shortfalls, losses from general business
concern market dominant product(s), Commission (‘‘Commission’’), pursuant risk, or any other losses.’’ 8 The
applicable statutory and regulatory to Section 19(b)(1) of the Securities Commission has previously clarified
requirements include 39 U.S.C. 3622, 39 Exchange Act of 1934 (‘‘Exchange that it believes that such recovery and
U.S.C. 3642, 39 CFR part 3010, and 39 Act’’) 1 and Rule 19b–4 thereunder,2 a wind-down plans are ‘‘rules’’ within the
CFR part 3020, subpart B. For request(s) proposed rule change (ICEEU–2017– meaning of Section 19(b) of the
that the Postal Service states concern 016) concerning the ICE Clear Europe Exchange Act and Rule 19b–4
Recovery Plan (‘‘Recovery Plan’’). The thereunder because such plans would
competitive product(s), applicable
proposed rule change was published for constitute changes to a stated policy,
statutory and regulatory requirements
comment in the Federal Register on practice, or interpretation of a covered
include 39 U.S.C. 3632, 39 U.S.C. 3633, January 19, 2018.3 On December 29, clearing agency.9 Accordingly, a
39 U.S.C. 3642, 39 CFR part 3015, and 2017, ICE Clear Europe filed with the covered clearing agency, such as ICE
39 CFR part 3020, subpart B. Comment Commission a proposed rule change Clear Europe, must file its recovery and
deadline(s) for each request appear in (ICEEU–2017–017) concerning the ICE wind-down plans with the Commission.
section II. Clear Europe Wind-Down Plan (‘‘Wind-
A. The Recovery Plan (ICEEU–2017–
II. Docketed Proceeding(s) Down Plan’’). The proposed rule change
016)
was published for comment in the
1. Docket No(s).: CP2017–72; Filing Federal Register on January 19, 2018.4 According to ICE Clear Europe, the
Title: USPS Notice of Change in Prices On February 27, 2018, the Commission Recovery Plan is based on, and intended
Pursuant to Amendment to Priority Mail designated a longer period for to be consistent with, ICE Clear Europe’s
Contract 271; Filing Acceptance Date: Commission action on both proposed Rules and Procedures, as well as its
April 16, 2018; Filing Authority: 39 CFR rule changes.5 To date, the Commission existing risk management frameworks,
3015.50; Public Representative: has not received any comments on the policies, and procedures.10 The
proposed rule changes. The Commission Recovery Plan, as further described in
Christopher C. Mohr; Comments Due:
is publishing this order to institute the Recovery Plan Notice, (1) identifies
April 24, 2018. the critical services that ICE Clear
proceedings pursuant to Section
2. Docket No(s).: CP2018–206; Filing 19(b)(2)(B) 6 of the Exchange Act to Europe provides and the business
Title: Notice of United States Postal determine whether to approve or functions that support those services; 11
Service of Filing a Functionally disapprove the proposed rule changes. (2) outlines a number of stress scenarios
Equivalent Global Expedited Package Institution of proceedings does not that may result in significant losses, a
Services 7 Negotiated Service indicate that the Commission has liquidity shortfall, suspension or failure
Agreement and Application for Non- reached any conclusions with respect to of its critical services and related
Public Treatment of Materials Filed the proposed rule changes, nor does it functions and systems, and damage to
Under Seal; Filing Acceptance Date: mean that the Commission will other market infrastructures, including
April 16, 2018; Filing Authority: 39 CFR ultimately disapprove the proposed rule both default and non-default loss
3015.50; Public Representative: changes. Rather, as discussed below, the scenarios and evaluating different
Christopher C. Mohr; Comments Due: Commission seeks additional input on impact categories and severity levels of
April 24, 2018. the proposed rule changes and issues these stress scenarios; 12 and (3)
presented by the proposed rule changes. describes the recovery tools,
This Notice will be published in the mechanisms, and options that ICE Clear
Federal Register. Europe may use to address a stress
1 15 U.S.C. 78s(b)(1).
Stacy L. Ruble, 2 17 CFR 240.19b–4.
scenario and continue to provide its
3 Exchange Act Release No. 82496 (Jan. 12, 2018),
Secretary. 7 The term ‘‘covered clearing agency’’ is defined
83 FR 2855 (Jan. 19, 2018) (SR–ICEEU–2017–016)
sradovich on DSK3GMQ082PROD with NOTICES
[FR Doc. 2018–08286 Filed 4–19–18; 8:45 am] (‘‘Recovery Plan Notice’’). in Rule 17Ad–22(a)(5) under the Exchange Act. 17
4 Exchange Act Release No. 82497 (Jan. 12, 2018), CFR 240.17Ad–22(a)(5).
BILLING CODE 7710–FW–P
8 17 CFR 240.17Ad–22(e)(3)(ii).
83 FR 2847 (Jan. 19, 2018) (SR–ICEEU–2017–017)
9 Standards for Covered Clearing Agencies,
(‘‘Wind-Down Plan Notice’’).
5 Exchange Act Release No. 82786 (Feb. 27, 2018), Exchange Act Release No. 78961 (Sep. 28, 2016), 81
83 FR 9345 (Mar. 5, 2018); Exchange Act Release FR 70786, 70809 (Oct. 13, 2016).
10 Recovery Plan Notice, 83 FR at 2855.
No. 82782 (Feb. 27, 2018), 83 FR 9351 (Mar. 5,
2018). 11 Id. at 2855–56.
6 15 U.S.C. 78s(b)(2)(B). 12 Id. at 2856.
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![Federal Register / Vol. 83, No. 77 / Friday, April 20, 2018 / Notices 17577
months of its current operating expenses Paper Comments SECURITIES AND EXCHANGE
or the amount determined by the board COMMISSION
of directors to be sufficient to ensure a • Send paper comments in triplicate
recovery or orderly wind-down of to Secretary, Securities and Exchange
[Release No. 34–83057/April 17, 2018]
critical operations and services of the Commission, 100 F Street NE,
covered clearing agency, as Washington, DC 20549. Order Making Fiscal Year 2018 Annual
contemplated by the plans established All submissions should refer to SR– Adjustments to Transaction Fee Rates
under Rule 17Ad–22(e)(3)(ii).32 ICEEU–2017–016 and SR–ICEEU–2017–
I. Background
IV. Request for Written Comments 017. These file numbers should be
The Commission requests that included on the subject line if email is Section 31 of the Securities Exchange
interested persons provide written used. To help the Commission process Act of 1934 (‘‘Exchange Act’’) requires
submissions of their views, data, and and review your comments more each national securities exchange and
arguments with respect to the issues efficiently, please use only one method. national securities association to pay
raised by the proposed rule changes. In The Commission will post all comments transaction fees to the Commission.1
particular, the Commission invites the on the Commission’s internet website Specifically, Section 31(b) requires each
written views of interested persons (http://www.sec.gov/rules/sro.shtml). national securities exchange to pay to
concerning whether the proposed rule Copies of the submissions, all the Commission fees based on the
changes are inconsistent with Section subsequent amendments, all written aggregate dollar amount of sales of
17A(b)(3)(F) of the Exchange Act 33 and statements with respect to the proposed certain securities (‘‘covered sales’’)
Rules 17Ad–22(e)(2),34 17Ad– rule changes that are filed with the transacted on the exchange.2 Section
22(e)(3)(ii),35 and 17Ad–22(e)(15)(i)– Commission, and all written 31(c) requires each national securities
(ii) 36 under the Exchange Act, or any communications relating to the association to pay to the Commission
other provision of the Exchange Act or proposed rule changes between the fees based on the aggregate dollar
rules and regulations thereunder. Commission and any person, other than amount of covered sales transacted by or
Although there do not appear to be those that may be withheld from the through any member of the association
any issues relevant to approval or public in accordance with the other than on an exchange.3
disapproval that would be facilitated by provisions of 5 U.S.C. 552, will be Section 31 of the Exchange Act
an oral presentation of views, data, and available for website viewing and requires the Commission to annually
arguments, the Commission will printing in the Commission’s Public adjust the fee rates applicable under
consider, pursuant to Rule 19b–4, any Reference Room, 100 F Street NE, Sections 31(b) and (c) to a uniform
request for an opportunity to make an Washington, DC 20549, on official adjusted rate.4 Specifically, the
oral presentation.37 Commission must adjust the fee rates to
business days between the hours of
Interested persons are invited to a uniform adjusted rate that is
10:00 a.m. and 3:00 p.m. Copies of the
submit written data, views, and reasonably likely to produce aggregate
arguments regarding whether the filings also will be available for
inspection and copying at the principal fee collections (including assessments
proposed rule changes should be on security futures transactions) equal
approved or disapproved on or before office of ICE Clear Europe and on ICE
Clear Europe’s website at https:// to the regular appropriation to the
May 11, 2018. Any person who wishes
www.theice.com/clear-europe. Commission for the applicable fiscal
to file a rebuttal to any other person’s
year.5
submission must file that rebuttal on or All comments received will be posted
before May 25, 2018. Comments may be without change. Persons submitting The Commission is required to
submitted by any of the following comments are cautioned that we do not publish notice of the new fee rates
methods: redact or edit personal identifying under Section 31 not later than 30 days
information from comment submissions. after the date on which an Act making
Electronic Comments a regular appropriation for the
You should submit only information
• Use the Commission’s internet that you wish to make available applicable fiscal year is enacted.6 On
comment form (http://www.sec.gov/ March 23, 2018, the President signed
publicly.
rules/sro.shtml); or into law the Consolidated
• Send an email to rule-comments@ All submissions should refer to File Appropriations Act, 2018, which
sec.gov. Please include File Number SR– Number SR–ICEEU–2017–016 and SR– includes total appropriations of
ICEEU–2017–016 and SR–ICEEU–2017– ICEEU–2017–017 and should be $1,896,507,052 to the SEC for fiscal year
017 on the subject line. submitted on or before May 11, 2018. If 2018.
comments are received, any rebuttal
32 17 CFR 240.17Ad–22(e)(3)(ii). comments should be submitted on or 1 15 U.S.C. 78ee.
33 15 U.S.C. 78q–1(b)(3)(F). before May 25, 2018. 2 15 U.S.C. 78ee(b).
34 17 CFR 240.17Ad–22(e)(2). 3 15 U.S.C. 78ee(c).
35 17 CFR 240.17Ad–22(e)(3)(ii).
For the Commission, by the Division of 4 In some circumstances, the SEC also must make
36 17 CFR 240.17Ad–22(e)(15)(i)–(ii). Trading and Markets, pursuant to delegated a mid-year adjustment to the fee rates applicable
37 Section 19(b)(2) of the Exchange Act, as authority.38 under Sections 31(b) and (c).
5 15 U.S.C. 78ee(j)(1) (the Commission must
amended by the Securities Acts Amendments of Eduardo A. Aleman,
1975, Public Law 94–29, 89 Stat. 97 (1975), grants adjust the rates under Sections 31(b) and (c) to a
sradovich on DSK3GMQ082PROD with NOTICES
the Commission flexibility to determine what type Assistant Secretary. ‘‘uniform adjusted rate that, when applied to the
of proceeding—either oral or notice and [FR Doc. 2018–08338 Filed 4–19–18; 8:45 am] baseline estimate of the aggregate dollar amount of
opportunity for written comments—is appropriate sales for such fiscal year, is reasonably likely to
BILLING CODE 8011–01–P
for consideration of a particular proposal by a self- produce aggregate fee collections under [Section 31]
regulatory organization. See Securities Acts (including assessments collected under [Section
Amendments of 1975, Report of the Senate 31(d)]) that are equal to the regular appropriation
Committee on Banking, Housing and Urban Affairs to the Commission by Congress for such fiscal
to Accompany S. 249, S. Rep. No. 75, 94th Cong., year.’’).
1st Sess. 30 (1975). 38 17 CFR 200.30–3(a)(12). 6 15 U.S.C. 78ee(g).
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Document Created: 2018-04-20 00:03:12
Document Modified: 2018-04-20 00:03:12
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| FR Citation | 83 FR 17575 |
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