83 FR 9345 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Concerning the ICE Clear Europe Recovery Plan

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 43 (March 5, 2018)

Page Range		9345-9345
FR Document		2018-04339

Federal Register, Volume 83 Issue 43 (Monday, March 5, 2018)

[Federal Register Volume 83, Number 43 (Monday, March 5, 2018)]
[Notices]
[Page 9345]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-04339]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82786; File No. SR-ICEEU-2017-016]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Designation of Longer Period for Commission Action on Proposed Rule 
Change Concerning the ICE Clear Europe Recovery Plan

February 27, 2018.
    On December 29, 2017, ICE Clear Europe Limited (``ICE Clear 
Europe'') filed with the Securities and Exchange Commission 
(``Commission'') proposed rule change SR-ICEEU-2017-016 (``Proposed 
Rule Change'') pursuant to Section 19(b)(1) of the Securities Exchange 
Act of 1934 (``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ 
concerning the ICE Clear Europe Recovery Plan. The Proposed Rule Change 
was published for comment in the Federal Register on January 19, 
2018.\3\ To date, the Commission has not received any comment letters 
to the Proposed Rule Change.
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    \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) (``Notice'').
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    Section 19(b)(2) of the Exchange 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 
this Proposed Rule Change is March 5, 2018. The Commission is extending 
this 45-day time period. In order to provide the Commission with 
sufficient time to consider 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.
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    \4\ 15 U.S.C. 78s(b)(2).
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    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Exchange Act,\5\ designates April 19, 2018 as the date by which the 
Commission shall either approve, disapprove, or institute proceedings 
to determine whether to disapprove proposed rule change SR-ICEEU-2017-
016.
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    \5\ Id.

    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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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-04339 Filed 3-2-18; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 43 / Monday, March 5, 2018 / Notices 9345

developing this document is available to change should be disapproved. The 45th below, the Commission is approving the
the NRC staff. This document is issued day after publication of the Notice for proposed rule change.
for comment only and is not intended this Proposed Rule Change is March 5,
II. Description of the Proposed Rule
for interim use. The NRC will review 2018. The Commission is extending this
Change 4
public comments received on the 45-day time period. In order to provide
documents, incorporate suggested the Commission with sufficient time to OCC uses quantitative methods to
changes as necessary, and make the consider the Proposed Rule Change, the make estimates, forecasts, and
final test plan available. Commission finds that it is appropriate projections.5 Specifically, OCC employs
Dated at Rockville, Maryland, this 26th day to designate a longer period within such methods in the context of its credit
of February, 2018. which to take action on the Proposed risk models, margin system and related
For the Nuclear Regulatory Commission. Rule Change. models, and liquidity risk models.6 OCC
Mark Henry Salley, Accordingly, the Commission, refers to the use of such quantitative
pursuant to Section 19(b)(2) of the methods in this context as Risk
Chief, Fire and External Hazard Analysis
Branch, Division of Risk Analysis, Office of Exchange Act,5 designates April 19, Models.7 OCC’s use of models
Nuclear Regulatory Research. 2018 as the date by which the inherently exposes OCC to model risk.8
[FR Doc. 2018–04341 Filed 3–2–18; 8:45 am] Commission shall either approve, Such risk includes the consequences of
disapprove, or institute proceedings to decisions based on incorrect or misused
BILLING CODE 7590–01–P
determine whether to disapprove model outputs.9 The proposed MRM
proposed rule change SR–ICEEU–2017– Policy will apply to all Risk Models that
016. OCC uses to determine, quantify, or
SECURITIES AND EXCHANGE measure actual or potential risk
COMMISSION For the Commission, by the Division of
exposures or risk mitigating actions.10
Trading and Markets, pursuant to delegated
[Release No. 34–82786; File No. SR–ICEEU– authority.6
The MRM Policy details the general
2017–016] framework for OCC’s model risk
Eduardo A. Aleman,
management practices, including
Self-Regulatory Organizations; ICE Assistant Secretary. describing and outlining the roles and
Clear Europe Limited; Notice of [FR Doc. 2018–04339 Filed 3–2–18; 8:45 am] responsibilities of OCC’s Quantitative
Designation of Longer Period for BILLING CODE 8011–01–P Risk Management department (‘‘QRM’’),
Commission Action on Proposed Rule Model Validation Group (‘‘MVG’’), and
Change Concerning the ICE Clear Model Risk Working Group
Europe Recovery Plan SECURITIES AND EXCHANGE (‘‘MRWG’’).11 The MRM Policy also
COMMISSION addresses the roles of OCC’s Legal
February 27, 2018.
On December 29, 2017, ICE Clear department, Management Committee
Europe Limited (‘‘ICE Clear Europe’’) [Release No. 34–82785; File No. SR–OCC– (‘‘MC’’) and Board Risk Committee
2017–011] (‘‘RC’’) in the review and approval of
filed with the Securities and Exchange
Commission (‘‘Commission’’) proposed OCC’s Risk Models.12 The proposed rule
Self-Regulatory Organizations; The change would formalize and update
rule change SR–ICEEU–2017–016 Options Clearing Corporation; Order
(‘‘Proposed Rule Change’’) pursuant to OCC’s MRM Policy.
Approving Proposed Rule Change Under the MRM Policy, QRM will be
Section 19(b)(1) of the Securities Related to The Options Clearing
Exchange Act of 1934 (‘‘Exchange responsible for developing,
Corporation’s Model Risk Management implementing, and monitoring OCC’s
Act’’),1 and Rule 19b–4 thereunder,2 Policy
concerning the ICE Clear Europe Risk Models.13 Regarding model
Recovery Plan. The Proposed Rule February 27, 2018. development, QRM will maintain
Change was published for comment in documentation of the design, theory,
I. Introduction and logic of each Risk Model, including
the Federal Register on January 19,
2018.3 To date, the Commission has not On December 28, 2017, The Options a description of the model, its intended
received any comment letters to the Clearing Corporation (‘‘OCC’’) filed with purpose, assumptions, supporting data,
Proposed Rule Change. the Securities and Exchange limitations, and other details.14 As part
Section 19(b)(2) of the Exchange Act 4 Commission (‘‘Commission’’), pursuant of model implementation, QRM will
provides that, within 45 days of the to Section 19(b)(1) of the Securities and review, evaluate, and propose model
publication of notice of the filing of a Exchange Act of 1934 (‘‘Act’’),1 and changes, including model
proposed rule change, or within such Rule 19b–4 thereunder,2 a proposed rule decommissioning, make
longer period up to 90 days as the change (SR–OCC–2017–011) to recommendations to the MRWG for
Commission may designate if it finds formalize and update OCC’s Model Risk approval of changes, and seek review by
such longer period to be appropriate Management Policy (‘‘MRM Policy’’). the Legal department regarding the
and publishes its reasons for so finding, The proposed rule change was regulatory filing requirements related to
or as to which the self-regulatory published for comment in the Federal
4 All terms with initial capitalization that are not
organization consents, the Commission Register on January 16, 2018.3 The
otherwise defined herein have the same meaning as
shall either approve the proposed rule Commission did not receive any set forth in the OCC By-Laws and Rules.
change, disapprove the proposed rule comments regarding the proposed rule 5 Notice, 83 FR at 2271, n. 6.

change, or institute proceedings to change. For the reasons discussed 6 Id.
sradovich on DSK3GMQ082PROD with NOTICES

determine whether the proposed rule 7 Id.

5 Id. 8 Notice, 83 FR at 2271.

1 15 9 Notice, 83 FR at 2271, n. 5.
U.S.C. 78s(b)(1). 6 17 CFR 200.30–3(a)(31).
2 17 CFR 240.19b–4. 1 15 10 Notice, 83 FR at 2271.
U.S.C. 78s(b)(1).
3 Exchange Act Release No. 82496 (Jan. 12, 2018), 2 17 CFR 240.19b–4. 11 Id.
12 Notice, 83 FR at 2272.
83 FR 2855 (Jan. 19, 2018) (SR–ICEEU–2017–016) 3 Securities Exchange Act Release No. 82473 (Jan.
(‘‘Notice’’). 9, 2018), 83 FR 2271 (Jan. 16, 2018) (SR–OCC– 13 Notice, 83 FR at 2272–73.
4 15 U.S.C. 78s(b)(2). 2017–011) (‘‘Notice’’). 14 Notice, 83 FR at 2272.

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Document Created: 2018-03-03 02:46:05
Document Modified: 2018-03-03 02:46:05

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 9345