83 FR 46000 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to ICC's Risk Management Model Description Document and ICC's Risk Management Framework

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 176 (September 11, 2018)

[Federal Register Volume 83, Number 176 (Tuesday, September 11, 2018)]
[Notices]
[Page 46000]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-19637]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84032; File No. SR-ICC-2018-008]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Designation of Longer Period for Commission Action on Proposed Rule 
Change Relating to ICC's Risk Management Model Description Document and 
ICC's Risk Management Framework

September 5, 2018.
    On July 5, 2018, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission'') a proposed rule 
change to transition ICC from a stress-based methodology to a Monte 
Carlo-based methodology for the spread-response and recovery-rate-
sensitivity-response components of the initial margin model (SR-ICC-
2018-008) (``Proposed Rule Change''), pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder.\2\ The Proposed Rule Change was published for comment in 
the Federal Register on July 24, 2018.\3\ The Commission did not 
receive any 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. 83662 (July 18, 2018), 
83 FR 35033 (July 24, 2018) (SR-ICC-2018-008).
---------------------------------------------------------------------------

    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 after publication of the notice for the Proposed Rule Change 
is September 7, 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. The Commission finds that 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 and 
take action on the Proposed Rule Change.
    Accordingly, pursuant to Section 19(b)(2) of the Act \5\ and for 
the reasons stated above, the Commission designates October 22, 2018 as 
the date by which the Commission shall either approve, disapprove, or 
institute proceedings to determine whether to disapprove proposed rule 
change SR-ICC-2018-008.
---------------------------------------------------------------------------

    \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)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-19637 Filed 9-10-18; 8:45 am]
 BILLING CODE 8011-01-P