83 FR 64171 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, Relating to Amendments to the ICE Clear Europe Limited Liquidity Plan
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 239 (December 13, 2018)
Federal Register Volume 83, Issue 239 (December 13, 2018)
| Page Range | 64171-64173 | |
| FR Document | 2018-26945 |
[Federal Register Volume 83, Number 239 (Thursday, December 13, 2018)] [Notices] [Pages 64171-64173] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-26945] [[Page 64171]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84754; File No. SR-ICEEU-2018-015] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, Relating to Amendments to the ICE Clear Europe Limited Liquidity Plan December 7, 2018. I. Introduction On October 22, 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 of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change (SR-ICEEU-2018-015) to amend its Liquidity Plan \3\ to (i) refer to approved financial institutions (``AFI'') (such as investment agents and custodians) more generally, rather than to specific institutions; (ii) add an additional default scenario; (iii) revise procedures related to liquid resources and make other miscellaneous updates, including (a) clarifying the sources of liquidity to be relied upon in stress scenarios, (b) indicating which resources are excluded from those considered potential sources of liquidity, (c) updating key risk and performance indicators used in determining credit and liquidity standards of investments, and (d) removing unnecessary risk default scenarios and correcting typographical errors; and (iv) streamline its internal reporting process. The proposed rule change was published for comment in the Federal Register on November 9, 2018.\4\ On November 30, ICE Clear Europe filed Amendment No. 1 to the proposed rule change to make a technical change to the Liquidity Plan. The Commission did not receive comments on the proposed rule change. The Commission is publishing this notice to solicit comment on Amendment No. 1 from interested persons and is approving the proposed rule change, as modified by Amendment No. 1, on an accelerated basis. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ Capitalized terms used in this order, but not defined herein, have the same meaning as in the ICE Clear Europe Rules. \4\ Securities and Exchange Act Release No. 34-84533 (November 5, 2018), 83 FR 56107 (November 9, 2018) (SR-ICEEU-2018-015) (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change A. Changes to Approved Financial Institution ICE Clear Europe proposes to amend its Liquidity Plan to reflect changes in its treasury arrangements and certain other enhancements.\5\ Specifically, the approved AFI default and AFI plus Member default liquidity stress testing scenarios have been revised to refer to AFIs more generally, rather than to specific institutions.\6\ Currently, these two scenarios refer to specific institutions. However, ICE Clear Europe believes that because it may use a number of different financial institutions in these roles at various times, not naming a specific institution would assist in keeping its Liquidity Plan up to date as these service providers change.\7\ --------------------------------------------------------------------------- \5\ Notice, 83 FR 56107. \6\ Id. \7\ Id. --------------------------------------------------------------------------- B. Additional Default Scenario ICE Clear Europe proposes to amend the Liquidity Plan to add a new Central Securities Depository (CSD) default scenario, which is defined as a CSD being unable to process settlements.\8\ Currently, the Liquidity Plan does not have a stress testing scenario assessing the liquidity impact of the possibility that CSDs such as Euroclear Bank or Euroclear UK & Ireland cease to be functional and not able to process settlements. Under the scenario being proposed, available liquidity is assessed against the expected net cash payment outflow for a single day on a per currency basis, to determine if such a default could result in a delay in payment to clearing members.\9\ --------------------------------------------------------------------------- \8\ Id. \9\ Id. --------------------------------------------------------------------------- C. Updates and Clarifications to Liquidity Stress Testing Scenarios Other proposed updates and clarifications to the Liquidity Plan include: adding intra-day overdraft facilities to the sources used for the risk tolerance and risk appetite evaluations in the liquidity stress testing scenarios; eliminating references to an ICE Inc. (ICE Clear Europe's parent company) credit facility; in calculating the investment loss component of liquidity stress losses in clearing member default scenario, time deposits are assumed to have a 100% liquidity loss; for liquidity stress testing scenarios that look at cash invested with a one-day maturity, U.S. dollar investments in reverse repurchase agreements in assets denominated in Euro or pounds sterling will be excluded from available liquidity resources and cross-currency investments for Euro and British pounds sterling balances are not permitted; key risk and performance indicators used by ICE Clear Europe to determine if investments meet its credit and liquidity standards have been added; typographical errors corrected and a cross-reference to various treasury operating procedures was updated; and certain risk default scenarios have been removed.\10\ --------------------------------------------------------------------------- \10\ Id. --------------------------------------------------------------------------- D. Changes in Reporting and Governance ICE Clear Europe has also proposed changes related to its internal reporting process. Specifically, several weekly and monthly liquidity reports will no longer be sent to the Board Risk Committee and the Board. Instead, the Audit Committee will receive certain liquidity metrics, the Business Risk Committee will receive a liquidity management summary and other summary data, and the Board will receive collateral and investment data, certain liquidity metrics and assessments, and key risk and performance indicators.\11\ --------------------------------------------------------------------------- \11\ Id. --------------------------------------------------------------------------- Other proposed revisions to the Liquidity Plan include that the Executive Risk Committee, as opposed to the Business Control Committee, will review the plan annually and that aspects of the Liquidity Plan will be tested annually.\12\ --------------------------------------------------------------------------- \12\ Id. --------------------------------------------------------------------------- III. Discussion and Commission Findings Section 19(b)(2)(C) of the Act directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such organization.\13\ For the reasons given below, the Commission finds that the proposal is consistent with Section 17A(b)(3)(F) of the Act, and Rule 17Ad-22(e)(7). --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(2)(C). --------------------------------------------------------------------------- A. Consistency With Section 17A(b)(3)(F) Section 17A(b)(3)(F) of the Act requires, among other things, that the rules of a registered clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivatives agreements, [[Page 64172]] contracts and transactions, and to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible and, in general, to protect investors and the public interest.\14\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- The Commission believes that the proposed changes described above, taken as a whole, should improve ICE Clear Europe's ability to monitor and test its liquidity in a variety of scenarios. First, by referring to AFIs generally, ICE Clear Europe can efficiently plan for the default by any AFI rather than having its plans linked to a particular financial institution. This gives ICE Clear Europe the ability to replace an AFI with another AFI without needing to first change the text of its Liquidity Plan. This in turn would promote ICE Clear Europe's ability manage the liquidity needed to promptly and accurately clear and settle securities transactions and to safeguard the securities and funds which are in its custody or control or for which it is responsible by helping to ensure that ICE Clear Europe always has an AFI to serve as an investment agent and/or custodian. Similarly, the Commission believes that the other amendments described above serve to enhance the Liquidity Plan, thereby promoting prompt and accurate clearance and settlement and the safeguarding of funds and securities. For example, the Commission believes that adding a new default scenario to liquidity stress testing and clarifying the sources used to evaluate risk tolerance and appetite would enhance ICE Clear Europe's ability to use the Liquidity Plan to anticipate liquidity risks and the sources necessary to cope with such risks. Further, the Commission believes that excluding investments in repurchase agreements with foreign currency as collateral from available liquid resources would assist ICE Clear Europe in avoiding reliance on assets considered to contain more risk, thereby bolstering ICE Clear Europe's overall approach to liquidity management. Likewise, the Commission believes that the manner in which ICE Clear Europe has added to and revised its key risk and performance indicators would enhance the compliance tool used to test if investments made by investment agents meet credit and liquidity requirements. As a result, the Commission believes that these proposed changes to the Liquidity Plan would in turn assist ICE Clear Europe in maintaining a level of liquidity sufficient to promptly and accurately clear and settle transactions and safeguard securities and funds. The Commission therefore finds that the proposed rule changes are consistent with the requirements of Section 17A(b)(3)(F) of the Act.\15\ --------------------------------------------------------------------------- \15\ Id. --------------------------------------------------------------------------- B. Consistency With Rule 17Ad-22(e)(7) Rule 17Ad-22(e)(7) requires in relevant part that a clearing agency establish, implement, maintain and enforce written policies and procedures reasonably designed to effectively measure, monitor, and manage the liquidity risk that arises in or is borne by it, including through liquidity testing and by holding qualified liquid resources.\16\ As described above, ICE Clear Europe proposes to refer in its liquidity stress testing procedures to third party financial institutions that serve as investment agents or custodians in general terms rather than naming a specific institution. The Commission believes that this change would bolster the Liquidity Plan by enhancing the efficiency of the process ICE Clear Europe will use to account for changes in such agents. This in turn would contribute to ICE Clear Europe's ability to manage its liquidity risks. --------------------------------------------------------------------------- \16\ 17 CFR 240.17Ad-22(e)(7). --------------------------------------------------------------------------- As described above, ICE Clear Europe proposes to add a CSD default scenario to its stress testing procedures. The Commission believes that adding another default scenario would enhance ICE Clear Europe's Liquidity Plan by anticipating specifically how to prepare for a default of a key participant in the clearing process, thereby furthering ICE Clear Europe's ability to effectively measure, monitor, and manage its liquidity risk. The Commission believes that the various other updates to the Liquidity Plan described above would help ICE Clear Europe to effectively measure, monitor, and manage its liquidity risk. For instance, clarifying in the Liquidity Plan that ICE Clear Europe has intra-day overdraft facilities to rely upon in various stress scenarios would explain with greater specificity what sources of liquidity are available to ICE Clear Europe to manage its liquidity risk. Additionally, as noted above, other changes to the Liquidity Plan include the fact that time deposits are assumed to have 100% liquidity loss similar to other unsecured investments and that in scenarios which include cash invested with a one day maturity, collateral underlying investments that are denominated in foreign currency are excluded from available liquid resources. The Commission believes that these changes would enhance ICE Clear Europe's ability to manage liquidity risk by specifying more clearly which resources constitute potential measures to manage liquidity risk for the purposes of Rule 17Ad-22(e)(7) and which resources do not. As described above, the Liquidity Plan also updates the table of key performance indicators that it uses to determine if investments meet credit and liquidity standards. For instance, the Liquidity Plan now includes, among others, ratings checks for unsecured investments and repo balance per counterparty. The Commission believes the proposed changes to the key risk and performance indicators would enhance ICE Clear Europe's liquidity monitoring by giving it more tools to monitor investments and hence its liquidity. As described above, ICE Clear Europe also is revising its reporting process so that certain reports would no longer be routinely provided to the Board but rather to the Audit and Business Risk Committees. The Commission believes these changes would enhance the Liquidity Plan by prioritizing reporting to the most relevant level. Additionally, ICE Clear Europe is revising its procedures so that certain testing is done on an annual rather than periodic basis, the Liquidity Plan is reviewed by the Executive Risk Committee, and certain irrelevant risk default scenarios have been removed. Overall, the Commission believes that these changes will enable ICE Clear Europe to efficiently measure and monitor its liquidity risk by ensuring that relevant scenarios are reviewed by appropriate staff on a regular basis. As a result of the foregoing, the Commission finds that the proposed rule change is consistent with the requirements of Rule 17Ad- 22(e)(7).\17\ --------------------------------------------------------------------------- \17\ Id. --------------------------------------------------------------------------- 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 CommentsUse 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-2018-015 on the subject line. [[Page 64173]] 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-2018-015. 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 website (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 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 such filings will also 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/regulation#rule-filing. 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-2018-015 and should be submitted on or before January 3, 2019. V. Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1 In its filing, ICE Clear Europe requested that the Commission grant accelerated approval of the proposed rule change pursuant to Section 19(b)(2) of the Exchange Act.\18\ Under Section 19(b)(2)(C)(iii) of the Act,\19\ the Commission may grant accelerated approval of a proposed rule change if the Commission finds good cause for doing so. ICE Clear Europe believes that accelerated approval is warranted because the proposed rule change, as modified by Amendment No. 1, is not expected to change the rights or obligations of clearing members or other persons using the clearing service or the terms or conditions of any cleared contract. Accordingly, ICE Clear Europe does not believe that any delay in implementing amendments with respect to such matters will benefit clearing members, their customers or any other market participants. Rather, ICE Clear Europe is seeking to enable the full onboarding of additional treasury service providers as soon as possible. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(2). \19\ 15 U.S.C. 78s(b)(2)(C)(iii). --------------------------------------------------------------------------- The Commission finds good cause, pursuant to Section 19(b)(2)(C)(iii) of the Act,\20\ for approving the proposed rule change, as modified by Amendment No. 1, on an accelerated basis, prior to the 30th day after the date of publication of notice in the Federal Register, because the proposed rule change is required as soon as possible in order to facilitate ICE Clear Europe's efforts to provide further treasury services. The Commission also finds good cause to approve the proposed rule change, as modified by Amendment No. 1, prior to the thirtieth day after the date of publication of the notice of Amendment No. 1 in the Federal Register. As discussed above, ICE Clear Europe submitted Amendment No. 1 to make a technical change to the Liquidity Plan. The Commission believes that Amendment No. 1 does not raise any novel issues or alter the proposed changes in any way. In addition, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with the Exchange Act and applicable rules thereunder for the reasons discussed above. Accordingly, the Commission finds good cause to approve the proposed rule change, as modified by Amendment No. 1, on an accelerated basis, pursuant to Section 19(b)(2) of the Exchange Act. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(2)(C)(iii). --------------------------------------------------------------------------- VI. Conclusion On the basis of the foregoing, the Commission finds that the proposed rule change is consistent with the requirements of Section 17A of the Act,\21\ and Rule 17Ad-22(e)(7) \22\ thereunder. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78q-1. \22\ 17 CFR 240.17Ad-22(e)(7). --------------------------------------------------------------------------- It is therefore ordered pursuant to Section 19(b)(2) of the Act \23\ that the proposed rule change (File Number SR-ICEEU-2018-015), as modified by Amendment No. 1, be, and hereby is, approved on an accelerated basis.\24\ --------------------------------------------------------------------------- \23\ 15 U.S.C. 78s(b)(2). \24\ In approving the proposed rule change, the Commission considered the proposal's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\25\ --------------------------------------------------------------------------- \25\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2018-26945 Filed 12-12-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 239 / Thursday, December 13, 2018 / Notices 64171
SECURITIES AND EXCHANGE II. Description of the Proposed Rule Euro or pounds sterling will be
COMMISSION Change excluded from available liquidity
resources and cross-currency
A. Changes to Approved Financial
[Release No. 34–84754; File No. SR–ICEEU– investments for Euro and British pounds
2018–015]
Institution
sterling balances are not permitted; key
ICE Clear Europe proposes to amend risk and performance indicators used by
Self-Regulatory Organizations; ICE its Liquidity Plan to reflect changes in ICE Clear Europe to determine if
Clear Europe Limited; Notice of Filing its treasury arrangements and certain investments meet its credit and liquidity
of Amendment No. 1 and Order other enhancements.5 Specifically, the standards have been added;
Granting Accelerated Approval of a approved AFI default and AFI plus typographical errors corrected and a
Proposed Rule Change, as Modified by Member default liquidity stress testing cross-reference to various treasury
Amendment No. 1, Relating to scenarios have been revised to refer to operating procedures was updated; and
Amendments to the ICE Clear Europe AFIs more generally, rather than to certain risk default scenarios have been
Limited Liquidity Plan specific institutions.6 Currently, these removed.10
December 7, 2018.
two scenarios refer to specific
institutions. However, ICE Clear Europe D. Changes in Reporting and
I. Introduction believes that because it may use a Governance
On October 22, 2018, ICE Clear number of different financial ICE Clear Europe has also proposed
Europe Limited (‘‘ICE Clear Europe’’) institutions in these roles at various changes related to its internal reporting
filed with the Securities and Exchange times, not naming a specific institution process. Specifically, several weekly
Commission (‘‘Commission’’), pursuant would assist in keeping its Liquidity and monthly liquidity reports will no
to Section 19(b)(1) of the Securities Plan up to date as these service longer be sent to the Board Risk
Exchange Act of 1934 (‘‘Act’’),1 and providers change.7 Committee and the Board. Instead, the
Rule 19b–4 thereunder,2 a proposed rule Audit Committee will receive certain
B. Additional Default Scenario
change (SR–ICEEU–2018–015) to amend liquidity metrics, the Business Risk
its Liquidity Plan 3 to (i) refer to ICE Clear Europe proposes to amend Committee will receive a liquidity
approved financial institutions (‘‘AFI’’) the Liquidity Plan to add a new Central management summary and other
(such as investment agents and Securities Depository (CSD) default summary data, and the Board will
custodians) more generally, rather than scenario, which is defined as a CSD receive collateral and investment data,
to specific institutions; (ii) add an being unable to process settlements.8 certain liquidity metrics and
additional default scenario; (iii) revise Currently, the Liquidity Plan does not assessments, and key risk and
procedures related to liquid resources have a stress testing scenario assessing performance indicators.11
and make other miscellaneous updates, the liquidity impact of the possibility Other proposed revisions to the
including (a) clarifying the sources of that CSDs such as Euroclear Bank or Liquidity Plan include that the
liquidity to be relied upon in stress Euroclear UK & Ireland cease to be Executive Risk Committee, as opposed
scenarios, (b) indicating which functional and not able to process to the Business Control Committee, will
resources are excluded from those settlements. Under the scenario being review the plan annually and that
considered potential sources of proposed, available liquidity is assessed aspects of the Liquidity Plan will be
liquidity, (c) updating key risk and against the expected net cash payment tested annually.12
performance indicators used in outflow for a single day on a per
III. Discussion and Commission
determining credit and liquidity currency basis, to determine if such a
Findings
standards of investments, and (d) default could result in a delay in
payment to clearing members.9 Section 19(b)(2)(C) of the Act directs
removing unnecessary risk default
the Commission to approve a proposed
scenarios and correcting typographical C. Updates and Clarifications to rule change of a self-regulatory
errors; and (iv) streamline its internal Liquidity Stress Testing Scenarios organization if it finds that such
reporting process. The proposed rule
Other proposed updates and proposed rule change is consistent with
change was published for comment in
clarifications to the Liquidity Plan the requirements of the Act and the
the Federal Register on November 9,
include: adding intra-day overdraft rules and regulations thereunder
2018.4 On November 30, ICE Clear
facilities to the sources used for the risk applicable to such organization.13 For
Europe filed Amendment No. 1 to the
tolerance and risk appetite evaluations the reasons given below, the
proposed rule change to make a
in the liquidity stress testing scenarios; Commission finds that the proposal is
technical change to the Liquidity Plan.
eliminating references to an ICE Inc. consistent with Section 17A(b)(3)(F) of
The Commission did not receive
(ICE Clear Europe’s parent company) the Act, and Rule 17Ad–22(e)(7).
comments on the proposed rule change.
credit facility; in calculating the
The Commission is publishing this A. Consistency With Section
investment loss component of liquidity
notice to solicit comment on 17A(b)(3)(F)
stress losses in clearing member default
Amendment No. 1 from interested Section 17A(b)(3)(F) of the Act
scenario, time deposits are assumed to
persons and is approving the proposed requires, among other things, that the
have a 100% liquidity loss; for liquidity
rule change, as modified by Amendment rules of a registered clearing agency be
stress testing scenarios that look at cash
No. 1, on an accelerated basis. designed to promote the prompt and
invested with a one-day maturity, U.S.
accurate clearance and settlement of
amozie on DSK3GDR082PROD with NOTICES1
1 15
dollar investments in reverse repurchase
U.S.C. 78s(b)(1). securities transactions and, to the extent
2 17
agreements in assets denominated in
CFR 240.19b–4.
3 Capitalized terms used in this order, but not
applicable, derivatives agreements,
5 Notice, 83 FR 56107.
defined herein, have the same meaning as in the
6 Id. 10 Id.
ICE Clear Europe Rules.
4 Securities and Exchange Act Release No. 34– 7 Id. 11 Id.
8 Id. 12 Id.
84533 (November 5, 2018), 83 FR 56107 (November
9, 2018) (SR–ICEEU–2018–015) (‘‘Notice’’). 9 Id. 13 15 U.S.C. 78s(b)(2)(C).
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![Federal Register / Vol. 83, No. 239 / Thursday, December 13, 2018 / Notices 64173
Paper Comments modified by Amendment No. 1, is not For the Commission, by the Division of
expected to change the rights or Trading and Markets, pursuant to delegated
• Send paper comments in triplicate authority.25
to Secretary, Securities and Exchange obligations of clearing members or other
persons using the clearing service or the Brent J. Fields,
Commission, 100 F Street NE,
terms or conditions of any cleared Secretary.
Washington, DC 20549–1090.
contract. Accordingly, ICE Clear Europe [FR Doc. 2018–26945 Filed 12–12–18; 8:45 am]
All submissions should refer to File
does not believe that any delay in BILLING CODE 8011–01–P
Number SR–ICEEU–2018–015. This file
implementing amendments with respect
number should be included on the
to such matters will benefit clearing
subject line if email is used. To help the
members, their customers or any other DEPARTMENT OF STATE
Commission process and review your
market participants. Rather, ICE Clear
comments more efficiently, please use [Public Notice: 10627]
Europe is seeking to enable the full
only one method. The Commission will
onboarding of additional treasury Overseas Schools Advisory Council;
post all comments on the Commission’s
service providers as soon as possible. Notice of Meeting
internet website (http://www.sec.gov/
The Commission finds good cause,
rules/sro.shtml). Copies of the The Overseas Schools Advisory
pursuant to Section 19(b)(2)(C)(iii) of
submission, all subsequent Council, Department of State, will hold
the Act,20 for approving the proposed
amendments, all written statements its Annual Committee Meeting on
rule change, as modified by Amendment
with respect to the proposed rule Wednesday, January 16, 2019 from 1:00
No. 1, on an accelerated basis, prior to
change that are filed with the p.m. until 4:00 p.m. at the Melrose
the 30th day after the date of
Commission, and all written Georgetown Hotel, Clifton Room, 2430
publication of notice in the Federal
communications relating to the Pennsylvania Ave. A second meeting
Register, because the proposed rule
proposed rule change between the will be held on Thursday, January 17,
change is required as soon as possible
Commission and any person, other than 2019 from 9:00 a.m. until approximately
in order to facilitate ICE Clear Europe’s
those that may be withheld from the 2:00 p.m. in Conference Room 1482,
efforts to provide further treasury
public in accordance with the Department of State, 2201 C Street NW,
services. The Commission also finds
provisions of 5 U.S.C. 552, will be Washington, DC The meetings are open
good cause to approve the proposed rule
available for website viewing and to the public.
change, as modified by Amendment No.
printing in the Commission’s Public The Overseas Schools Advisory
1, prior to the thirtieth day after the date
Reference Room, 100 F Street, NE, Council works closely with the U.S.
of publication of the notice of
Washington, DC 20549, on official business community in improving
Amendment No. 1 in the Federal
business days between the hours of American-sponsored schools overseas
Register. As discussed above, ICE Clear
10:00 a.m. and 3:00 p.m. Copies of such that are assisted by the Department of
Europe submitted Amendment No. 1 to
filings will also be available for State and attended by dependents of
make a technical change to the Liquidity
inspection and copying at the principal U.S. government employees, and the
Plan. The Commission believes that
office of ICE Clear Europe and on ICE children of employees of U.S.
Amendment No. 1 does not raise any
Clear Europe’s website at https:// corporations and foundations abroad.
novel issues or alter the proposed
www.theice.com/clear-europe/ These meetings will deal with issues
changes in any way. In addition, the
regulation#rule-filing. All comments related to the work and the support
Commission finds that the proposed
received will be posted without change. provided by the Overseas Schools
rule change, as modified by Amendment
Persons submitting comments are Advisory Council to the American-
No. 1, is consistent with the Exchange
cautioned that we do not redact or edit sponsored overseas schools. There will
Act and applicable rules thereunder for
personal identifying information from be a report and discussion about the
the reasons discussed above.
comment submissions. You should status of the Council-sponsored projects
Accordingly, the Commission finds
submit only information that you wish on child protection and special needs.
good cause to approve the proposed rule
to make available publicly. All Moreover, the Regional Education
change, as modified by Amendment No.
submissions should refer to File Officers in the Office of Overseas
1, on an accelerated basis, pursuant to
Number SR–ICEEU–2018–015 and Schools will make presentations on the
Section 19(b)(2) of the Exchange Act.
should be submitted on or before activities and initiatives in the
January 3, 2019. VI. Conclusion American-sponsored overseas schools.
V. Accelerated Approval of Proposed On the basis of the foregoing, the Members of the public may attend the
Rule Change, as Modified by Commission finds that the proposed meetings and join in the discussion,
Amendment No. 1 rule change is consistent with the subject to the instructions of the Chair.
requirements of Section 17A of the Admission of public members will be
In its filing, ICE Clear Europe limited to the seating available. Access
requested that the Commission grant Act,21 and Rule 17Ad–22(e)(7) 22
thereunder. to the Department of State is controlled,
accelerated approval of the proposed and individual building passes are
rule change pursuant to Section 19(b)(2) It is therefore ordered pursuant to
Section 19(b)(2) of the Act 23 that the required for all attendees. Persons who
of the Exchange Act.18 Under Section plan to attend should advise the office
proposed rule change (File Number SR–
19(b)(2)(C)(iii) of the Act,19 the of Mr. Thomas Shearer, Department of
ICEEU–2018–015), as modified by
Commission may grant accelerated State, Office of Overseas Schools,
Amendment No. 1, be, and hereby is,
approval of a proposed rule change if telephone 202–261–8200, prior to
amozie on DSK3GDR082PROD with NOTICES1
approved on an accelerated basis.24
the Commission finds good cause for January 9, 2019. Each visitor will be
doing so. ICE Clear Europe believes that 20 15 U.S.C. 78s(b)(2)(C)(iii). asked to provide his/her date of birth
accelerated approval is warranted 21 15 U.S.C. 78q–1. and either driver’s license or passport
because the proposed rule change, as 22 17 CFR 240.17Ad–22(e)(7).
23 15 U.S.C. 78s(b)(2). efficiency, competition, and capital formation. 15
18 15 U.S.C. 78s(b)(2). 24 In approving the proposed rule change, the U.S.C. 78c(f).
19 15 U.S.C. 78s(b)(2)(C)(iii). Commission considered the proposal’s impact on 25 17 CFR 200.30–3(a)(12).
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Document Created: 2018-12-13 01:15:11
Document Modified: 2018-12-13 01:15:11
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