83 FR 42540 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to the Clearance of an Additional Credit Default Swap Contract
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 163 (August 22, 2018)
Federal Register Volume 83, Issue 163 (August 22, 2018)
| Page Range | 42540-42541 | |
| FR Document | 2018-18057 |
[Federal Register Volume 83, Number 163 (Wednesday, August 22, 2018)] [Notices] [Pages 42540-42541] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-18057] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83864; File No. SR-ICC-2018-007] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to the Clearance of an Additional Credit Default Swap Contract August 16, 2018. On June 13, 2018, ICE Clear Credit LLC (``ICC'') 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 provide for the clearance of an additional credit default swap contract (File No. SR- ICC-2018-007). The proposed rule change was published for comment in the Federal Register on July 3, 2018.\3\ To date, the Commission has not received comments on the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ Securities Exchange Act Release No. 34-83545 (June 28, 2018), 83 FR 31244 (July 3, 2018) (SR-ICC-2018-007) (``Notice''). --------------------------------------------------------------------------- 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 [[Page 42541]] proposed rule change is August 17, 2018. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission is extending the 45-day time period for Commission action on the proposed rule change. ICC proposes to revise the ICC Rulebook to provide for the clearance of an additional Standard Emerging Market Sovereign CDS contract. The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider ICC's proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) \5\ of the Act, designates October 1, 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-ICC-2018-007). --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-18057 Filed 8-21-18; 8:45 am] BILLING CODE 8011-01-P
![42540 Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices
which it was filed, or such shorter time action is necessary or appropriate in the comment submissions. You should
as the Commission may designate, it has public interest, for the protection of submit only information that you wish
become effective pursuant to Section investors, or otherwise in furtherance of to make available publicly. All
19(b)(3)(A) of the Act 18 and Rule 19b– the purposes of the Act. If the submissions should refer to File
4(f)(6) thereunder.19 Commission takes such action, the Number SR–IEX–2018–18, and should
A proposed rule change filed Commission shall institute proceedings be submitted on or before September 12,
pursuant to Rule 19b–4(f)(6) under the under Section 19(b)(2)(B) of the Act 23 to 2018.
Act 20 normally does not become determine whether the proposed rule For the Commission, by the Division of
operative for 30 days after the date of its change should be approved or Trading and Markets, pursuant to delegated
filing. However, pursuant to Rule 19b– disapproved. authority.24
4(f)(6)(iii),21 the Commission may Eduardo A. Aleman,
IV. Solicitation of Comments
designate a shorter time if such action Assistant Secretary.
is consistent with the protection of Interested persons are invited to
submit written data, views, and [FR Doc. 2018–18060 Filed 8–21–18; 8:45 am]
investors and the public interest. In its
filing with the Commission, the arguments concerning the foregoing, BILLING CODE 8011–01–P
Exchange has asked the Commission to including whether the proposed rule
waive the 30-day operative delay so that change is consistent with the Act.
Comments may be submitted by any of SECURITIES AND EXCHANGE
the proposed rule change may become COMMISSION
operative upon filing. The Exchange the following methods:
represents that the proposed rule change Electronic Comments [Release No. 34–83864; File No. SR–ICC–
would protect against executions in the
• Use the Commission’s internet 2018–007]
Opening Process that are significantly
comment form (http://www.sec.gov/
disclocated from recent trading activity Self-Regulatory Organizations; ICE
rules/sro.shtml); or
and may be cancelled pursuant to Rule • Send an email to rule-comments@ Clear Credit LLC; Notice of
11.270. In addition, the Exchange notes sec.gov. Please include File Number SR– Designation of Longer Period for
that while the proposed change to the IEX–2018–18 on the subject line. Commission Action on Proposed Rule
Cross Price Constraint may affect the Change Relating to the Clearance of an
cross price in limited circumstances, Paper Comments Additional Credit Default Swap
there will be no change to the relative • Send paper comments in triplicate Contract
priority of execution for Cross Eligible to Secretary, Securities and Exchange
Orders. Furthermore, the Exchange Commission, 100 F Street NE, August 16, 2018.
states that waiver of the operative delay Washington, DC 20549–1090. On June 13, 2018, ICE Clear Credit
would allow the Exchange to update its All submissions should refer to File LLC (‘‘ICC’’) filed with the Securities
rules without delay to avoid potential Number SR–IEX–2018–18. This file and Exchange Commission
confusion among market participants number should be included on the (‘‘Commission’’), pursuant to Section
regarding the Exchange’s Opening subject line if email is used. To help the 19(b)(1) of the Securities Exchange Act
Process functionality and immediately Commission process and review your (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
protect against dislocated executions in comments more efficiently, please use proposed rule change to provide for the
the Opening Process. The Commission only one method. The Commission will clearance of an additional credit default
does not believe that any new or novel post all comments on the Commission’s swap contract (File No. SR–ICC–2018–
issues are raised by the proposal. For internet website (http://www.sec.gov/ 007). The proposed rule change was
these reasons, the Commission believes rules/sro.shtml). Copies of the published for comment in the Federal
that waiver of the 30-day operative submission, all subsequent Register on July 3, 2018.3 To date, the
delay is consistent with the protection amendments, all written statements Commission has not received comments
of investors and the public interest. with respect to the proposed rule on the proposed rule change.
Therefore, the Commission hereby change that are filed with the Section 19(b)(2) of the Act 4 provides
waives the operative delay and Commission, and all written that within 45 days of the publication of
designates the proposed rule change communications relating to the notice of the filing of a proposed rule
operative upon filing.22 proposed rule change between the change, or within such longer period up
At any time within 60 days of the Commission and any person, other than to 90 days as the Commission may
filing of the proposed rule change, the those that may be withheld from the designate if it finds such longer period
Commission summarily may public in accordance with the to be appropriate and publishes its
temporarily suspend such rule change if provisions of 5 U.S.C. 552, will be reasons for so finding or as to which the
it appears to the Commission that such available for website viewing and self-regulatory organization consents,
printing in the Commission’s Public the Commission shall either approve the
18 15 U.S.C. 78s(b)(3)(A).
Reference Room, 100 F Street NE, proposed rule change, disapprove the
19 17 CFR 240.19b–4(f)(6). As required under Rule
Washington, DC 20549 on official proposed rule change, or institute
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file business days between the hours of proceedings to determine whether the
the proposed rule change, along with a brief 10:00 a.m. and 3:00 p.m. Copies of the proposed rule change should be
description and text of the proposed rule change,
filing also will be available for disapproved. The 45th day from the
at least five business days prior to the date of filing publication of notice of filing of this
inspection and copying at the principal
amozie on DSK3GDR082PROD with NOTICES1
of the proposed rule change, or such shorter time
as designated by the Commission. office of the Exchange. All comments
24 17 CFR 200.30–3(a)(12).
20 17 CFR 240.19b–4(f)(6).
received will be posted without change.
21 17 CFR 240.19b–4(f)(6)(iii). 1 15 U.S.C. 78s(b)(1).
Persons submitting comments are 2 17 CFR 240.19b–4.
22 For purposes only of waiving the 30-day
cautioned that we do not redact or edit 3 Securities Exchange Act Release No. 34–83545
operative delay, the Commission also has
considered the proposed rule’s impact on personal identifying information from (June 28, 2018), 83 FR 31244 (July 3, 2018) (SR–
efficiency, competition, and capital formation. See ICC–2018–007) (‘‘Notice’’).
15 U.S.C. 78c(f). 23 15 U.S.C. 78s(b)(2)(B). 4 15 U.S.C. 78s(b)(2).
VerDate Sep<11>2014 16:34 Aug 21, 2018 Jkt 244001 PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 E:\FR\FM\22AUN1.SGM 22AUN1](https://thefederalregister.org/doc/83_FR_42703/page/1.svg)
![Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices 42541
proposed rule change is August 17, I. Self-Regulatory Organization’s offering is at risk of having incurred
2018. Statement of the Terms of Substance of unnecessary dilution of its shareholders
The Commission is extending the 45- the Proposed Rule Change or indebtedness if the related
day time period for Commission action The Exchange proposes to adopt acquisition fails to close. Subscription
initial and continued listing standards Receipts provide investors with
on the proposed rule change. ICC
for subscription receipts and fees for flexibility to elect to invest in the post
proposes to revise the ICC Rulebook to
their listing. merger company and not in the
provide for the clearance of an company in its pre-merger form.
additional Standard Emerging Market The text of the proposed rule change
is available on the Exchange’s website at Nasdaq has received inquiries from
Sovereign CDS contract. The market participants about the possibility
Commission finds it appropriate to http://nasdaq.cchwallstreet.com, at the
principal office of the Exchange, and at of the use of Subscription Receipts as a
designate a longer period within which fundraising alternative for listed
the Commission’s Public Reference
to take action on the proposed rule companies. As a result of this interest,
Room.
change so that it has sufficient time to the Exchange is now proposing to adopt
consider ICC’s proposed rule change. II. Self-Regulatory Organization’s listing standards for Subscription
Accordingly, the Commission, Statement of the Purpose of, and Receipts. Under the proposed rule,
Statutory Basis for, the Proposed Rule Nasdaq will initially list Subscription
pursuant to Section 19(b)(2) 5 of the Act,
Change Receipts on the Capital Market pursuant
designates October 1, 2018, as the date
In its filing with the Commission, the to proposed Rule 5520 if they meet the
by which the Commission should either
Exchange included statements following requirements: 3
approve or disapprove, or institute (a) The security that the Subscription
proceedings to determine whether to concerning the purpose of and basis for
the proposed rule change and discussed Receipts are exchangeable for must be
disapprove, the proposed rule change listed on the Nasdaq Global Select,
(File No. SR–ICC–2018–007). any comments it received on the
proposed rule change. The text of these Global or Capital Market.
For the Commission, by the Division of (b) The issuer of the Subscription
statements may be examined at the
Trading and Markets, pursuant to delegated Receipts must not have received a Staff
places specified in Item IV below. The
authority.6 Delisting Determination with respect to
Exchange has prepared summaries, set
Eduardo A. Aleman,
the security the Subscription Receipts
forth in sections A, B, and C below, of
are exchangeable for and must not have
Assistant Secretary. the most significant aspects of such
been notified about a deficiency in any
[FR Doc. 2018–18057 Filed 8–21–18; 8:45 am] statements.
continued listing standard with respect
BILLING CODE 8011–01–P A. Self-Regulatory Organization’s to the issuer of the Subscription
Statement of the Purpose of, and Receipts or the security the Subscription
Statutory Basis for, the Proposed Rule Receipts are exchangeable for, except
SECURITIES AND EXCHANGE Change with respect to a corporate governance
COMMISSION requirement where the issuer has
1. Purpose
received a grace period under Rule
[Release No. 34–83861; File No. SR– The Exchange proposes to adopt 5810(c)(3)(E).4
NASDAQ–2018–059] initial and continued listing standards (c) The proceeds of the Subscription
for the listing of Subscription Receipts Receipts offering must be designated
Self-Regulatory Organizations; The on the Nasdaq Capital Market and fees solely for use in connection with the
Nasdaq Stock Market LLC; Notice of for their listing. consummation of a specified acquisition
Filing and Immediate Effectiveness of Subscription Receipts are a financing that is the subject of a binding
Proposed Rule Change To Adopt Initial technique that has been used for many acquisition agreement (the ‘‘Specified
and Continued Listing Standards for years by Canadian public companies. Acquisition’’).
Subscription Receipts and Fees for Typically, Canadian companies use (d) The proceeds of the Subscription
Subscription Receipts as a means of Receipts offering must be held in an
Their Listing
providing cash consideration in merger interest-bearing custody account by an
August 16, 2018. or acquisition transactions. Subscription independent custodian.
Receipts are sold in a public offering (e) The Subscription Receipts will
Pursuant to Section 19(b)(1) of the that occurs after the execution of an promptly be redeemed for cash (i) at any
Securities Exchange Act of 1934 acquisition agreement. The proceeds of
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 the Subscription Receipt offering are 3 As described in more detail below, these
notice is hereby given that, on August held in a custody account and, if the requirements are each either identical or
3, 2018, The Nasdaq Stock Market LLC substantially similar to those in Section 102.08 of
related acquisition closes, the the NYSE Listed Company Manual for the initial
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the Subscription Receipt holders receive a listing of Subscription Receipts.
Securities and Exchange Commission specified number of shares of the issuer. 4 Rule 5810(c)(3)(E) provides a grace period for a
(‘‘SEC’’ or ‘‘Commission’’) the proposed If the acquisition does not close, then company to regain compliance if the company fails
rule change as described in Items I, II, to meet the majority board independence or the
the Subscription Receipts are redeemed audit committee composition requirements due to
and III below, which Items have been for their original purchase price plus one vacancy, or fails to meet the audit committee
prepared by the Exchange. The any interest accrued on the custody composition requirements because an audit
Commission is publishing this notice to account. The benefit of Subscription committee member ceases to be independent for
amozie on DSK3GDR082PROD with NOTICES1
reasons outside of her control. The grace period is
solicit comments on the proposed rule Receipts to the issuer is that they until the earlier of the company’s next annual
change from interested persons. provide a contingent form of financing shareholders meeting or one year from the event
that only becomes permanent if the that caused the deficiency to cure the deficiency.
5 15 acquisition is completed. By contrast, a However, if the company’s next annual
U.S.C. 78s(b)(2).
shareholders’ meeting is held sooner than 180 days
6 17 CFR 200.30–3(a)(31). company financing the cash after the event that caused the deficiency, then the
1 15 U.S.C. 78s(b)(1). consideration for an acquisition by company has 180 days from the event that caused
2 17 CFR 240.19b–4. means of a traditional equity or debt the deficiency to cure it.
VerDate Sep<11>2014 16:34 Aug 21, 2018 Jkt 244001 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 E:\FR\FM\22AUN1.SGM 22AUN1](https://thefederalregister.org/doc/83_FR_42703/page/2.svg)
Document Created: 2018-08-22 00:39:11
Document Modified: 2018-08-22 00:39:11
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 83 FR 42540 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR