Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934,^[1] and Rule 19b-4,^[2] notice is hereby given that on May 29, 2026, ICE Clear Credit LLC (“ICC” or “ICE Clear Credit”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II and III below, which Items have been prepared primarily by ICC. The Commission is publishing this notice to solicit comments on the proposed rule change, security-based swap submission, or advance notice from interested persons.

I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change

The principal purpose of the proposed rule change is to revise the Operational Risk Management ( printed page 34682) Framework (“ORMF”). These revisions do not require any changes to the ICC Credit Default Swap (“CDS”) or U.S. Treasury (“Treasury”) Clearing Rules.^[3]

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, ICC included statements concerning the purpose of and basis for the proposed rule change, security-based swap submission, or advance notice and discussed any comments it received on the proposed rule change, security-based swap submission, or advance notice. The text of these statements may be examined at the places specified in Item IV below. ICC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change, Security-Based Swap Submission, or Advance Notice

(a) Purpose

ICC proposes to revise its ORMF. The ORMF details ICC's dynamic and independent program of risk assessment and oversight that aims to reduce operational incidents, encourage process, and control improvement, bring transparency to operational performance standard monitoring, and fulfill regulatory obligations. The proposed revisions to the ORMF generally consist of clarifications, updates to reflect current practices at ICC, and minor clean-up changes. ICC believes such proposed revisions will facilitate the prompt and accurate clearance and settlement of securities transactions and derivative agreements, contracts, and transactions for which it is responsible. ICC proposes to make such changes effective following Commission approval of the proposed rule change. The proposed revisions are described in detail as follows.

ICC proposes minor terminology updates to improve clarity in Section I, which describes ICC's operational risk lifecycle. The goal of the operational risk lifecycle is to actively identify, assess, monitor, mitigate and report on all plausible sources of operational risk. Accordingly, relevant processes associated with the operational risk lifecycle are currently organized under the following categories: identify, assess, monitor, mitigate, and report. ICC proposes to revise and replace the terminology to explicitly reference risk and add a new category of “risk management” to replace the existing “mitigate” category. As amended, relevant processes associated with the operational risk lifecycle would be organized under the following in the text and in the Operational Risk ‘Lifecycle’ chart in Section I: risk identification, risk assessment, risk management, risk monitoring, and risk reporting. Under the amended language, the “risk assessment” category would also include examining exposure in terms of likelihood and impact, including the effectiveness of existing controls that mitigate identified risks.

This operational lifecycle is used to implement the risk assessment and performance objectives setting and monitoring processes, and accordingly, ICC proposes corresponding terminology revisions to describe such processes in Section I. For instance, ICC proposes to describe the risk assessment process of the operational lifecycle in Section I as actively identifying, assessing, managing, and monitoring all plausible sources of operational risk and ensuring policies and procedures are in place to address the presented risk scenarios. In general, the purpose of the revisions is to ensure that the ORMF clearly reflects the description of the operational life cycle. In Section I.A, under the “Risk Identification” category, ICC proposes to replace a general reference to “treasury” with a more specific reference to “movement of funds” when describing clearing processes. ICC proposes minor updates to the “Risk Assessment” category to ensure its summary of the applicable Risk Assessment guidelines is consistent with the ICE, Inc. Enterprise Risk Management Policy (“ERM Policy”) that sets out those guidelines, including removing reference to “design” and updating reference to “control remediation recommendation, and key control validation” as topics addressed in such policy. ICC also proposes to rename the “Mitigate” category into the “Risk Management” category. ICC proposes minor edits to Sections I.A and I.B to replace verbs with nouns ( e.g., replace “identify” with “identification”), and to replace the “mitigate” category with “management”, including removing references to “mitigate” within its description.

ICC proposes updates to Section II.B. describing the management of risks from relationships with service providers for core services. ICC proposes to include reference to procedures that ICC maintains related to oversight, management and review of ICC's agreements governing the outsourcing of services by ICC to its affiliates. ICC proposes additional edits to reorganize a sentence for clarity regarding an identified ICC service provider for core services. Additional edits replace business services with administrative services to align with a new agreement executed by ICC. ICC proposes clarifications of such administrative services to include facilities, corporate treasury, and internal audit. In Section II.C, ICC further proposes to clarify there are four identified core clearing services and to remove reference to “CDS” so that such clearing services are not product specific. ICC intends for this ORMF to apply to its new Treasury clearing service as well as its existing CDS clearing service.^[4]

ICC proposes to further amend Section II. ICC proposes minor updates to improve clarity in Section II.E., which discusses the Information Security Department,^[5] which is responsible for risk analysis and oversight of information security and physical security/environmental controls. ICC proposes amendments regarding responsibilities of the Operational Oversight Committee (“OOC”), which acts as the forum to discuss changes and improvements to the services provided by the Parent. The proposed changes specify the OOC's receipt and review of the corporate information security policy and updates related to information security metrics, remediation activities, security incidents, and threat intelligence. Additional edits update the ICC members of the OOC to include the ICC President and ICC Chief Operating Officer. In Section II.F., which outlines ICC's technology control functions, ICC proposes to remove a specific reference to CDS clearing, as this ORMF will also apply to ICC's Treasury clearing service, ( printed page 34683) and to update a policy reference to be current.

ICC proposes revisions of Section III regarding the administration of the ORMF. ICC proposes to include references to the Board Risk Committee with respect to the annual review of the ORMF and any material amendments.^[6]

ICC also proposes minor language clarifications and additional grammatical clean-up changes throughout the document that do not change the substance of the ORMF. These clean-up changes include deleting unnecessary definite articles, replacing conjunctions with commas, correcting verb tense and usage ( e.g., changing “do occur” to “occur”), and removing unnecessary prepositions throughout the document. ICC also proposes a minor edit to Section II.A to correct a typographical error to reference “these business processes” instead of “these business process.”

(b) Statutory Basis

ICC believes that the proposed changes are consistent with the requirements of Section 17A of the Securities Exchange Act of 1934 (“Act”) ^[7] and the regulations thereunder applicable to it, including the applicable standards under Rule 17Ad-22.^[8] In particular, Section 17A(b)(3)(F) of the Act ^[9] requires that the rule change be consistent with the prompt and accurate clearance and settlement of securities transactions and derivative agreements, contracts and transactions cleared by ICC, the safeguarding of securities and funds in the custody or control of ICC or for which it is responsible, and the protection of investors and the public interest. ICC believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to ICC, in particular, to Section 17A(b)(3)(F),^[10] because the proposed rule change enhances ICC's ability to control its operational risk by ensuring that the ORMF clearly, transparently, and accurately reflects ICC's operational risk lifecycle and associated governance practices. This operational lifecycle is used to implement the risk assessment and performance objectives setting and monitoring processes, and accordingly, ICC proposes corresponding terminology revisions to describe such processes. ICC proposes to revise the labeling across categories to improve consistency, including by incorporating risk-based modifiers, and to add a new category of “risk management” to replace the existing “mitigate” category. Additionally, the proposed changes to the “Risk Assessment” component ensure its summary of the applicable Risk Assessment guidelines is consistent with the ERM Policy which sets out those guidelines. As such, the proposed rule change is designed to promote the prompt and accurate clearance and settlement of securities transactions, derivatives agreements, contracts, and transactions; to contribute to the safeguarding of securities and funds associated with security-based swap transactions in ICC's custody or control, or for which ICC is responsible; and, in general, to protect investors and the public interest within the meaning of Section 17A(b)(3)(F) of the Act.^[11]

The amendments would also satisfy relevant requirements of Rule 17Ad-22.^[12] Rule 17Ad-22(e)(2)(i) and (v) ^[13] requires each covered clearing agency to establish, implement, maintain, and enforce written policies and procedures reasonably designed to provide for governance arrangements that are clear and transparent and specify clear and direct lines of responsibility. The proposed revisions to the ORMF enhance ICC's ability to satisfy these requirements by clarifying the operational risk lifecycle and incorporating updates relating to the review of the ORMF by the Board Risk Committee. Further, ICC's proposed amendments regarding responsibilities of the OOC, which acts as the forum to discuss changes and improvements to the services provided by the Parent, specify the OOC's receipt and review of the corporate information security policy and updates related to information security metrics, remediation activities, security incidents, and threat intelligence. Additional edits update the ICC members of the OOC. Such changes improve the accuracy and transparency of ICC's governance arrangements and improve the clarity of the lines of responsibility. In ICC's view, the proposed changes are therefore consistent with the requirements of Rule 17Ad-22(e)(2)(i) and (v).^[14]

Rule 17Ad-22(e)(21) ^[15] requires each covered clearing agency to establish, implement, maintain, and enforce written policies and procedures reasonably designed to be efficient and effective in meeting the requirements of its participants and the markets it serves, and have its management regularly review the efficiency and effectiveness of its (i) clearing and settlement arrangements; (ii) operating structure, including risk management policies, procedures, and systems; (iii) scope of products cleared or settled; and (iv) use of technology and communication procedures. As noted above, the operational risk lifecycle is used to implement ICC's risk assessment and performance objectives setting and monitoring processes. The proposed revisions more clearly set out the operational risk lifecycle thereby promoting ICC's ability to be efficient and effective in meeting the requirements of its participants and the markets it serves. Further, the proposed revisions clarify responsibilities regarding review of risk assessments and operational risk reporting to appropriate parties, which would promote management's regular review of the efficiency and effectiveness of ICC's clearing and settlement arrangements, operating structure, product scope, and use of technology and communication procedures. The proposed rule changes are thus reasonably designed to meet the requirements of Rule 17Ad-22(e)(21).^[16]

(B) Clearing Agency's Statement on Burden on Competition

ICC does not believe the proposed rule change would have any impact, or impose any burden, on competition. The proposed revisions to the ORMF generally consist of clarifications, updates to reflect current practices at ICC, and minor clean-up changes. The proposed changes to revise the ORMF will apply uniformly across all market participants. ICC does not believe these amendments would affect the costs of clearing or the ability of market participants to access clearing. Therefore, ICC does not believe the proposed rule change would impose any burden on competition that is inappropriate in furtherance of the purposes of the Act.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others

Written comments relating to the proposed amendments have not been solicited or received. ICC will notify the Commission of any written comments ( printed page 34684) received with respect to the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action

Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will:

(A) by order approve or disapprove such proposed rule change, or

(B) institute proceedings to determine whether the proposed rule change should be disapproved.

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 Comments

• Use the Commission's internet comment form (https://www.sec.gov/​rules-regulations/​self-regulatory-organization-rulemaking); or
• Send an email torule-comments@sec.gov. Please include file number SR-ICC-2026-004 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 file number SR-ICC-2026-004. 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 of submission. The Commission will post all comments on the Commission's internet website (https://www.sec.gov/​rules-regulations/​self-regulatory-organization-rulemaking). Copies of the filing will be available for inspection and copying at the principal office of ICE Clear Credit and on ICE Clear Credit's website at https://www.ice.com/​clear-credit/​regulation.

Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR-ICC-2026-004 and should be submitted on or before June 29, 2026.