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[Federal Register Volume 76, Number 249 (Wednesday, December 28, 2011)]
[Notices]
[Pages 81511-81513]
[FR Doc No: 2011-33230]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2011-D-0893]

Draft Guidance for Industry and Food and Drug Administration
Staff; Center for Devices and Radiological Health Appeals Processes;
Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) is announcing the
availability of the draft guidance entitled ``Center for Devices and
Radiological Health (CDRH) Appeals Processes.'' This document describes
the processes available to outside stakeholders to request additional
review of decisions and actions by CDRH employees. The document also
provides general information about each process as well as guidance on
how to submit related requests to CDRH and FDA. This draft guidance is
not final nor is it in effect at this time.

DATES: Although you can comment on any guidance at any time (see 21 CFR
10.115(g)(5)), to ensure that the Agency considers your comment on this
draft guidance before it begins work on the final version of the
guidance, submit either electronic or written comments on the draft
guidance by April 26, 2012.

ADDRESSES: Submit written requests for single copies of the draft
guidance document entitled ``Center for Devices and Radiological Health
(CDRH) Appeals Processes'' to the Division of Small Manufacturers,
International, and Consumer Assistance, Center for Devices and
Radiological Health, Food and Drug Administration, 10903 New Hampshire
Ave. Bldg. 66, rm. 4613, Silver Spring, MD 20993-0002. Send one self-
addressed adhesive label to assist that office in processing your
request, or fax your request to<PHONE_NUMBER>. See the SUPPLEMENTARY
INFORMATION section for information on electronic access to the
guidance.
    Submit electronic comments on the draft guidance to http://www.regulations.gov. Submit written comments to the Division of Dockets
Management (HFA-305), Food and Drug Administration, 5630 Fishers Lane,
rm. 1061, Rockville, MD 20852. Identify comments with the docket number
found in brackets in the heading of this document.

FOR FURTHER INFORMATION CONTACT: David S. Buckles, Center for Devices
and Radiological Health, Food and Drug Administration, 10903 New
Hampshire Ave. Bldg. 66, rm. G414, Silver Spring, MD 20993-0002, (301)
796-5447.

SUPPLEMENTARY INFORMATION:

I. Background

    The draft guidance for industry and FDA staff entitled ``Center for
Devices and Radiological Health (CDRH) Appeals Processes'' revises,
updates, and combines two previous guidance documents: ``Medical Device
Appeals and Complaints: Guidance for Dispute

Resolution,'' dated February 1998, and ``Resolving Scientific Disputes
Concerning the Regulation of Medical Devices, A Guide to Use of the
Medical Devices Dispute Resolution Panel; Final Guidance for Industry
and FDA,'' dated July 2001. When finalized, ``Center for Devices and
Radiological Health (CDRH) Appeals Processes'' is intended to supersede
the previously listed two guidance documents.
    The draft document is intended to provide clarity to internal and
external audiences regarding CDRH's appeal processes. Individuals
outside of FDA who disagree with a decision or action taken by CDRH and
wish to have it reviewed or reconsidered have several processes for
resolution from which to choose, including requests for supervisory
review of an action, petitions, and hearings. In most cases, it is up
to the party seeking resolution of an adverse action or resolution of a
difference of opinion to determine the appropriate process for a given
circumstance or issue. The guidance describes these mechanisms and
includes the following topics: (1) Appealable actions (i.e., warning
letters, post-approval study requirements, premarket decisions,
deficiency letters, or requests for additional information); (2) paths
and options available at different stages of appeals; (3) use of
expedited or ``paper'' appeals versus appeal meetings or
teleconferences; (4) recommended format for appeals; (5) appeal
authorities; (6) appeal conflicts; and (7) issues that are appropriate
for dispute resolution.

II. Significance of Guidance

    This draft guidance is being issued consistent with FDA's good
guidance practices regulation (21 CFR 10.115). The draft guidance, when
finalized, will represent the Agency's current thinking on CDRH's
appeals processes. It does not create or confer any rights for or on
any person and does not operate to bind FDA or the public. An
alternative approach may be used if such approach satisfies the
requirements of the applicable statute and regulations.

III. Electronic Access

    Persons interested in obtaining a copy of the draft guidance may do
so by using the Internet. A search capability for all CDRH guidance
documents is available at http://www.fda.gov/MedicalDevices/DeviceRegulationandGuidance/GuidanceDocuments/default.htm. Guidance
documents are also available at http://www.regulations.gov. To receive
``Center for Devices and Radiological Health (CDRH) Appeals Processes''
you may either send an email request to<EMAIL_ADDRESS>to receive
an electronic copy of the document or send a fax request to (301) 847-
8149 to receive a hard copy. Please use the document number 1742 to
identify the guidance you are requesting.

IV. Paperwork Reduction Act of 1995

    Under the Paperwork Reduction Act of 1995 (the PRA) (44 U.S.C.
3501-3520), Federal Agencies must obtain approval from the Office of
Management and Budget (OMB) for each collection of information they
conduct or sponsor. ``Collection of information'' is defined in 44
U.S.C. 3502(3) and 5 CFR 1320.3(c) and includes Agency requests or
requirements that members of the public submit reports, keep records,
or provide information to a third party. Section 3506(c)(2)(A) of the
PRA (44 U.S.C. 3506(c)(2)(A)) requires Federal Agencies to provide a
60-day notice in the Federal Register concerning each proposed
collection of information before submitting the collection to OMB for
approval. To comply with this requirement, FDA is publishing notice of
the proposed collection of information set forth in this document.
    With respect to the following collection of information, FDA
invites comments on these topics: (1) Whether the proposed collection
of information is necessary for the proper performance of FDA's
functions, including whether the information will have practical
utility; (2) the accuracy of FDA's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility, and clarity of the information to be collected; and (4) ways
to minimize the burden of the collection of information on respondents,
including through the use of automated collection techniques, when
appropriate, and other forms of information technology.

Draft Guidance for Industry and Food and Drug Administration Staff;
Center for Devices and Radiological Health (CDRH) Appeals Processes

    This draft guidance is intended to describe the processes available
to outside stakeholders to request additional review of decisions and
actions by CDRH employees. There are several processes for resolution,
including a request for supervisory review of an action, petitions, and
hearings. The proposed information collection seeks approval for the
reporting burden associated with requests for additional review of
decisions and actions by CDRH employees under this guidance. The draft
guidance also refers to currently approved information collections
found in FDA regulations.
    The collections of information in 21 CFR 10.30 are approved under
OMB control number 0910-0437; the collections of information in 21 CFR
10.33 are approved under OMB control number 0910-0485; the collections
of information in 21 CFR 10.35 are approved under OMB control number
0910-0078; the collections of information in 21 CFR part 12 are
approved under OMB control number 0910-0231; and the collections of
information under 21 CFR part 900 are approved under OMB control number
0910-0309.
    Description of Respondents: The respondents to this collection of
information are manufacturers, applicants, sponsors, or any other
interested persons requesting additional review of decisions and
actions taken by CDRH employees. The Agency estimates the burden of
this collection of information as follows:

                                  Table 1--Estimated Annual Reporting Burden 1
----------------------------------------------------------------------------------------------------------------
                                                      No. of
         Guidance title               No. of      responses  per   Total annual   Average burden    Total hours
                                    respondents     respondents      responses     per responses
----------------------------------------------------------------------------------------------------------------
Center for Devices and                        50               1              50               8             400
 Radiological Health (CDRH)
 Appeals Processes..............
----------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of
  information.

    FDA estimates it will receive 50 requests annually from outside
stakeholders requesting additional review of decisions and actions by
CDRH employees. The Agency reached this estimate based on data
collected about requests received over the last 2 years. FDA estimates
it will take outside stakeholders approximately 8 hours to prepare a
request based on the Agency's experience with past requests.
    Before the proposed information collection provisions contained in
this draft guidance become effective, FDA will publish a notice in the
Federal Register announcing OMB's decision to approve, modify, or
disapprove the information collection provisions. An Agency may not
conduct or sponsor, and a person is not required to respond to, a
collection of information unless it displays a currently valid OMB
control number.

V. Comments

    Interested persons may submit to the Division of Dockets Management
(see ADDRESSES) either electronic or written comments regarding this
document. It is only necessary to send one set of comments. It is no
longer necessary to send two copies of mailed comments. Identify
comments with the docket number found in brackets in the heading of
this document. Received comments may be seen in the Division of Dockets
Management between 9 a.m. and 4 p.m., Monday through Friday.

    Dated: December 21, 2011.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2011-33230 Filed 12-27-11; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register: May 1, 2009 (Volume 74, Number 83)]
[Notices]
[Page 20357-20358]
[DOCID:fr01my09-93]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Noise Exposure Map Notice, Gainesville Regional Airport,
Gainesville, FL

AGENCY: Federal Aviation Administration, DOT.

ACTION: Notice.

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SUMMARY: The Federal Aviation Administration (FAA) announces its
determination that the Noise Exposure Maps submitted by the Gainesville
Alachua County Regional Airport Authority for Gainesville Regional
Airport under the provisions of 49 U.S.C. 47501 et seq. (Aviation
Safety and Noise Abatement Act) and 14 CFR part 150 are in compliance
with applicable requirements.

DATES: Effective Date: The effective date of the FAA's determination on
the noise exposure maps is April 20, 2009.

FOR FURTHER INFORMATION CONTACT: Ms. Lindy McDowell, Federal Aviation
Administration, Orlando Airports District Office, 5950 Hazeltine
National Drive, Suite 400, Orlando, Florida 32822,<PHONE_NUMBER> X130.

SUPPLEMENTARY INFORMATION: This notice announces that the FAA finds
that the Noise Exposure Maps submitted for Gainesville Regional Airport
are in compliance with applicable requirements of Title 14 Code of
Federal Regulations (CFR) Part 150, effective April 20, 2009. Under 49
U.S.C. section 47503 of the Aviation Safety and Noise Abatement Act
(the Act), an airport operator may submit to the FAA Noise Exposure
Maps which meet applicable regulations and which depict non-compatible
land uses as of the date of submission of such maps, a description of
projected aircraft operations, and the ways in which such operations
will affect such maps. The Act requires such maps to be developed in
consultation with interested and affected parties in the local
community, government agencies, and persons using the airport. An
airport operator who has submitted Noise Exposure Maps that are found
by FAA to be in compliance with the requirements of 14 CFR part 150,
promulgated pursuant to the Act, may submit a Noise Compatibility
Program for FAA approval which sets forth the measures the airport
operator has taken or proposes to take to reduce existing non-
compatible uses and prevent the introduction of additional non-
compatible uses.
    The FAA has completed its review of the Noise Exposure Maps and
accompanying documentation submitted by Gainesville Alachua County
Regional Airport Authority. The documentation that constitutes the
``Noise Exposure Maps'' as defined in Sec.  150.7 of 14 CFR part 150
includes: Figure 7-1(A), Existing (2007) Noise Contour Map; Figure 7-
2(A), Future (2012) Noise Contour Map; Table 5-1, 2007 Operations;
Table 5-2, 2007 Itinerant Operations and Fleet Mix; Table 5-3, 2007
Local Operations and Fleet Mix, Table 5-4, 2012 Operations; Table 5-5,
2012 Itinerant Operations and Fleet Mix; Table 5-6, 2012 Local
Operations and Fleet Mix; Figure 5-1, East Flow Corridors 2007, 2012 &
2027; Figure 5-2, West Flow Corridors 2007, 2012 & 2027; Figure 5-3,
Helicopter Corridors 2007, 2012 & 2027; Composite Corridors 2007, 2012
& 2027; Table 5-9, Itinerant Departure Track Use Percentages; Table 5-
11, Local Track Use Percentages; Table 5-12, Rotorcraft Arrival Track
Use Percentages; Table 5-13, Rotorcraft Arrival Track Use Percentages;
Table 6-1; 2007 Noise Contour Surface Areas; Table 6-2, 2012 Noise
Contour Surface Areas; Figure 6-1, 2007 Noise Contour Map; Figure 6-2,
2012 Noise Contour Map; Table 7-3, 2007 Noise Exposure Contour
Population Summary; and Table 7-4, 2012 Noise Exposure Contour
Population Summary. The FAA has determined that these Noise Exposure
Maps and accompanying documentation are in compliance with applicable
requirements. This determination is effective on April 20, 2009.
    FAA's determination on the airport operator's Noise Exposure Maps
is limited to a finding that the maps were developed in accordance with
the procedures contained in Appendix A of 14 CFR part 150. Such
determination does not constitute approval of the airport operator's
data, information or plans, or a commitment to approve a Noise
Compatibility Program or to fund the implementation of that Program. If
questions arise concerning the precise relationship of specific
properties to noise exposure contours depicted on a Noise Exposure Map
submitted under Section 47503 of the Act, it should be noted that the
FAA is not involved in any way in determining the relative locations of
specific properties with regard to the depicted noise exposure
contours, or in interpreting the Noise Exposure Maps to resolve
questions concerning, for example, which properties should be covered
by the provisions of Section 47506 of the Act. These functions are
inseparable from the ultimate land use control and planning
responsibilities of local government. These local responsibilities are
not changed in any way under 14 CFR part 150 or through FAA's review of
Noise Exposure Maps.
    Therefore, the responsibility for the detailed overlaying of noise
exposure contours onto the map depicting properties on the surface
rests exclusively with the airport operator that submitted those maps,
or with those public agencies and planning agencies with which
consultation is required under Section 47503 of the Act. The FAA has
relied on the certification by the airport operator, under Sec.  150.21
of 14 CFR part 150, that the statutorily required consultation has been
accomplished.
    Copies of the full Noise Exposure Maps documentation and of the
FAA's evaluation of the maps are available for examination at the
following locations: Federal Aviation Administration, Orlando Airports
District Office, 5950 Hazeltine National Drive, Suite 400, Orlando,
Florida 32822.
    Questions may be directed to the individual named above under the
heading, FOR FURTHER INFORMATION CONTACT.

    Issued in Orlando, Florida, on April 20, 2009.
Julian C. Brown,
Acting Manager, Orlando Airports District Office.
[FR Doc. E9-9954 Filed 4-30-09; 8:45 am]

BILLING CODE 4910-13-M


[Federal Register Volume 83, Number 34 (Tuesday, February 20, 2018)]
[Notices]
[Pages 7288-7289]
[FR Doc No: 2018-03363]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2017-0374]

Commercial Driver's License Standards; Commercial Vehicle
Training Association's Exemption Application for States To Facilitate
the Issuance of Licensing Documents to Citizens of Puerto Rico

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of exemption application; request for public comment.

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SUMMARY: FMCSA announces that it has received an application from the
Commercial Vehicle Training Association (CVTA) on behalf of the States
for an exemption from concerning proof of U.S. citizenship or lawful
permanent residence, and concerning proof that the State to which the
application is made is the applicant's State of domicile, to enable
State driver licensing agencies (SDLAs) to accept commercial learner's
permit (CLP) and commercial driver's license (CDL) applications from
individuals relocating from Puerto Rico. The CVTA explained that it is
seeking the exemption to assist citizens of Puerto Rico relocating from
the U.S. territory to any of the States in the aftermath of Hurricane
Irma. Through this exemption the SDLA would be allowed to follow the
Department of Homeland Security's exception process for persons who,
for reasons beyond their control, are unable to present all necessary
documents and must rely on alternate documents to establish identity. A
CLP document issued under this exemption must be limited to 90 days'
validity and is subject to the applicant being actively enrolled in a
CDL training school within that State. A CDL document issued under this
exemption must be limited to six months' validity, at which time the
individual would be required to provide proof that the State that
issued the CDL is his/her State of domicile. All other requirements
must be satisfied upon initial issuance of the CLP or CDL. Elsewhere in
today's issue of the Federal Register, the Agency has granted a limited
90-day waiver to provide the States with this flexibility in the short-
term while the exemption is under consideration.

DATES: Comments must be submitted no later than March 22, 2018.

ADDRESSES: You may submit comments identified by Federal Docket
Management System (FDMS) Number FMCSA-2017-0374 by any of the following
methods:
     Federal eRulemaking Portal: www.regulations.gov. See the
Public Participation and Request for Comments section below for further
information.
     Mail: Docket Management Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue SE, West Building, Ground Floor,
Room W12-140, Washington, DC 20590-0001.
     Hand Delivery or Courier: West Building, Ground Floor,
Room W12-140, 1200 New Jersey Avenue SE, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
     Fax: 1-202-493-2251.
     Each submission must include the Agency name and the
docket number for this notice. Note that DOT posts all comments
received without change to www.regulations.gov, including any personal
information included in a comment. Please see the Privacy Act heading
below.
    Docket: For access to the docket to read background documents or
comments, go to www.regulations.gov at any time or visit Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue SE,
Washington, DC, between 9 a.m. and 5 p.m., ET, Monday through Friday,
except Federal holidays. The on-line FDMS is available 24 hours each
day, 365 days each year.
    Privacy Act: In accordance with 5 U.S.C. 553(c), DOT solicits
comments from the public to better inform its rulemaking process. DOT
posts these comments, without edit, including any personal information
the commenter provides, to www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

FOR FURTHER INFORMATION CONTACT: Ms. Nikki McDavid, Chief of the
Commercial Driver's License Division, Office of Safety Programs, 202-
366-0831, Federal Motor Carrier Safety Administration, 1200 New Jersey
Avenue SE, Washington, DC 20590-0001.

SUPPLEMENTARY INFORMATION:

Public Participation and Request for Comments

    FMCSA encourages you to participate by submitting comments and
related materials.

Submitting Comments

    If you submit a comment, please include the docket number for this
notice (FMCSA-2017-0374), indicate the specific section of this
document to which the comment applies, and provide a reason for
suggestions or recommendations. You may submit your comments and
material online or by fax, mail, or hand delivery, but please use only
one of these means. FMCSA recommends that you include your name and a
mailing address, an email address, or a phone number in the body of
your document so the Agency can contact you if it has questions
regarding your submission.
    To submit your comments online, go to www.regulations.gov and put
the docket number, ``FMCSA-2017-0374'' in the ``Keyword'' box, and
click ``Search.'' When the new screen appears, click on ``Comment
Now!'' button and type your comment into the text box in the following
screen. Choose whether you are submitting your comment as an individual
or on behalf of a third party and then submit. If you submit your
comments by mail or hand delivery, submit them in an unbound format, no
larger than 8\1/2\ by 11 inches, suitable for copying and electronic
filing. If you submit comments by mail and would like to know that they
reached the facility, please enclose a stamped, self-addressed postcard
or envelope. FMCSA will consider all comments and material received
during the comment period and may grant or not grant this application
based on your comments.

Legal Basis

    FMCSA has authority under 49 U.S.C. 31136(e) and 31315 to grant
exemptions from certain parts of the Federal Motor Carrier Safety
Regulations (FMCSRs). FMCSA must publish a notice of each exemption
request in the Federal Register (49 CFR 381.315(a)). The Agency must
provide the public an opportunity to inspect the information relevant
to the application, including any safety analyses that have been
conducted. The Agency must also provide an opportunity for public
comment on the request.
    The Agency reviews safety analyses and public comments submitted,
and determines whether granting the exemption would likely achieve a
level of safety equivalent to, or greater than, the level that would be
achieved by the current regulation (49 CFR 381.305). The decision of
the Agency must be published in the Federal Register (49 CFR
381.315(b)) with the reasons for denying or granting the application
and, if granted, the name of the person or class of persons receiving
the exemption, and the regulatory provision from which the exemption is
granted. The notice must also specify the effective period and explain
the terms and conditions of the exemption. The

exemption may be renewed (49 CFR 381.300(b)).
    The Administrator of FMCSA has been delegated authority under 49
CFR 1.73(g) to carry out the functions vested in the Secretary by 49
U.S.C. chapter 311, subchapters I and III, relating to commercial motor
vehicle programs and safety regulation.

Background

    Currently, FMCSA requires individuals seeking a CDL to provide to
the State proof of citizenship or lawful permanent residency. The
FMCSRs include a list of acceptable documents States may accept as
proof of citizenship or lawful permanent residency (see Table 1 to 49
CFR 383.71). FMCSA also requires each person to provide proof that the
State to which the CDL application is submitted is his/her State of
domicile.

CVTA's Request

    The CVTA requested relief from FMCSA's CDL requirements concerning
proof of U.S. citizenship and domicile in the State that issues the
commercial learner's permit (CLP) or commercial driver's license (CDL)
to enable citizens of Puerto Rico who seek training at commercial
driving schools in any of the 50 States or the District of Columbia. In
the aftermath of Hurricane Irma, a number of residents of Puerto Rico
have or will soon relocate from the U.S. Territory to one of the
States. Some of these residents of Puerto Rico may wish to pursue a
career as a commercial motor vehicle driver upon arrival in any of the
States.
    The CVTA requests that FMCSA provide an exemption allowing the
SDLAs the same flexibility that the DHS provides in its Real ID rules
(see 6 CFR 37.11(h)), when, for reasons beyond their control, an
applicant for a Real ID is unable to present necessary documents and
must rely on alternate methods to establish identity. The CVTA also
requests that FMCSA provide an exemption allowing CLP candidates to
provide a temporary address for the purposes of obtaining the CLP and
CDL. The organization suggests that States limit the duration of the
CDL document to 6 months before it must be renewed and require a long-
term or permanent address, at that time. CVTA argues that the
limitations of the exemption would achieve the requisite level of
safety by preventing individuals from maintaining a CDL with no known
permanent address. A copy of the CVTA's request is included in the
docket identified at the beginning of this notice.

    Issued on: February 9, 2018.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2018-03363 Filed 2-16-18; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register Volume 76, Number 87 (Thursday, May 5, 2011)]
[Notices]
[Pages 25730-25732]
[FR Doc No: 2011-10936]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64371; File No. SR-NASDAQ-2011-056]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change to Adopt Additional Listing
Requirements for Reverse Mergers

April 29, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 18, 2011, The NASDAQ Stock Market LLC (``Nasdaq'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
substantially prepared by Nasdaq. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    Nasdaq proposes to adopt additional listing requirements for a
company that has become public through a reverse merger. Nasdaq will
implement the proposed rule for applications received after approval.
    The text of the proposed rule change is below. Proposed new
language is in italics; proposed deletions are in brackets.\3\
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    \3\ Changes are marked to the rule text that appears in the
electronic manual of Nasdaq found at http://nasdaqomx.cchwallstreet.com.
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5110. Change of Control, Bankruptcy and Liquidation, and Reverse
Mergers

(a)-(b) No change
(c) Reverse Mergers between a Private Operating Company and a Public
Shell Company
    A Company that is formed by a combination between a private
operating company and a public shell company shall be eligible to
submit an application for initial listing only after the combined
entity has: (i) Traded for at least six months in the over-the-counter
market, on another national securities exchange, or on a listed foreign
market, following the filing with the Commission or Other Regulatory
Authority of audited financial statements for the combined entity; and
(ii) maintained a Bid Price of $4 per share or higher on at least 30 of
the 60 trading days immediately preceding the filing of the initial
listing application.
    In addition, such a company may only be approved for listing if,
following the business combination, it has timely filed: (i) In the
case of a domestic issuer, at least two required periodic financial
reports with the Commission or Other Regulatory Authority; or (ii) in
the case of a Foreign Private Issuer, one or more reports including
financial statements for a period not less than six months.
    This Rule 5110(c) shall not apply if the Company lists in
connection with a firm commitment, underwritten public offering.
* * * * *

5210. Prerequisites for Applying to List on The Nasdaq Stock Market

(a)-(h) No change
(i) Reverse Mergers between a Private Operating Company and a Public
Shell Company
    A security issued by a Company formed by a combination between a
private operating company and a public shell company shall be eligible
for initial listing only if the conditions set forth in Rule 5110(c)
are satisfied.
* * * * *

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, Nasdaq included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. Nasdaq has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In recent months there has been an extraordinary level of public
attention to listed companies that went public via a reverse merger,
where an unlisted operating company becomes a public company by merging
with a public shell.\4\ The financial press, short sellers and others
have raised allegations of widespread fraudulent behavior by these
companies, leading to concerns that their financial statements cannot
be relied upon. Concerns have also been raised that certain individuals
who aggressively promote these transactions have significant regulatory
histories or have engaged in transactions that are disproportionately
beneficial to them at the expense of public shareholders. The Public
Company Accounting Oversight Board (``PCAOB'') has also identified
issues with the audits of these companies and, in response, has issued
Staff Audit Practice Alert No. 6/July 12, 2010 and Staff Research Note
2011-P1/March 2011, cautioning registered accounting firms to
follow certain specified auditing practices. The SEC recently took an
enforcement action based on a firm's audit of a reverse merger
company.\5\ In addition, Nasdaq is aware of situations where it
appeared that promoters and others intended to manipulate prices higher
to satisfy Nasdaq's initial listing bid price requirement and where
companies have, for example, gifted stock to artificially satisfy the
300 round lot public holder requirement. Nasdaq does not list companies
in instances such as these, where it appears the company has achieved
compliance with a requirement in an inappropriate manner.
---------------------------------------------------------------------------

    \4\ See, e.g., Beware This Chinese Expor, Barron's (August 28,
2010), available at http://online.barrons.com/article/SB50001424052970204304404575449812943183940.html. See also Speech by
SEC Commissioner by Commissioner Luis A. Aguilar: Facilitating Real
Capital Formation (April 4, 2011), available at http://www.sec.gov/news/speech/2011/spch040411laa.htm. [sic]
    \5\ In re Moore Stephens Wurth Frazer and Torbet, Order
Instituting Public Administrative and Cease-and-Desist Proceedings,
Securities Act Release No. 9166 (December 20, 2010).
---------------------------------------------------------------------------

    In response to these concerns, Nasdaq staff has, over the past
year, adopted heightened review procedures for reverse merger
applicants. However, Nasdaq also believes that additional requirements
for listing reverse merger companies are appropriate to discourage
inappropriate behavior on the part of companies, promoters and others.
Accordingly, Nasdaq proposes to adopt certain ``seasoning''
requirements for reverse mergers.\6\
---------------------------------------------------------------------------

    \6\ Reverse merger companies that list on Nasdaq in conjunction
with a firm commitment underwritten public offering will not be
subject to the proposed rule. These transactions are more similar to
IPOs, in that the SEC reviews the registration statement and the
underwriters and other experts are strictly liable under the federal
securities laws for any misstatements.
---------------------------------------------------------------------------

    Specifically, Nasdaq proposes to prohibit a company going public
via a reverse merger from applying to list until six months after the
combined entity submits audited financial statements to the SEC.\7\
Further, Nasdaq proposes to require that the company maintain a $4 bid
price on at least 30 of the 60 trading days immediately prior to
submitting the application. Finally, under the proposed rule, Nasdaq
would not approve any reverse merger for listing until the company has
filed at least two financial reports with the SEC if it is a domestic
issuer (this could be two quarterly filings or a quarterly and an
annual filing) or one financial report covering at least a six month
period if it is a foreign private issuer (this could be an interim
report on Form 6-K or an annual report on Form 20-F). While most
companies will satisfy this requirement due to the six month delay
before they can apply, Nasdaq believes that it is important to assure
that this requirement be satisfied in all cases.
---------------------------------------------------------------------------

    \7\ A company must file a Form 8-K within four days of
completing a reverse merger. The Form 8-K must contain audited
financial statements and information comparable to the information
provided in a Form 10 for the registration of securities. See Form
8-K Items 2.01, 5.06, and 9.01(c).
---------------------------------------------------------------------------

    Nasdaq believes that this proposal will result in significant
investor protection benefits. Specifically, a six month seasoning
requirement will allow FINRA more time to view trading patterns and
uncover potentially manipulative trading.\8\ It will also result in a
more bona fide shareholder base and assure that the $4 bid price was
not satisfied through a quick manipulative scheme. Requiring additional
SEC filings will tend to improve the reliability of the reported
financial results, since the auditors will have reviewed several
quarters, at least, of the public company's operating results, as will
the company's audit committee. To the extent the company had adopted
new internal controls at the time of the merger, those too will have
been in place and able to exert a corrective influence over any
previous flaws in the company's financial reporting process.
---------------------------------------------------------------------------

    \8\ The Commission notes that FINRA has regulatory authority
over transactions in the over-the-counter market.
---------------------------------------------------------------------------

2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\9\ in general and with Section
6(b)(5) of the Act,\10\ in particular in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. The proposed rule change is
designed to enhance investor protection by imposing additional
requirements on a category of companies that have raised regulatory
concerns.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f.
    \10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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 (i) as the Commission may
designate up to 90 days of such date 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, as amended, is consistent with

the Act. Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2011-056 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2011-056. This
file number should be included on the subject line if e-mail 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 on
official business days between the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for inspection and copying at the
principal office of Nasdaq. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NASDAQ-2011-056, and should be submitted on or before
May 26, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-10936 Filed 5-4-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: April 15, 2009 (Volume 74, Number 71)]
[Notices]
[Page 17475]
[DOCID:fr15ap09-66]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RD09-5-000]

North American Electric Reliability Corporation; Notice of Filing

April 8, 2009.
    Take notice that on March 5, 2009, pursuant to section 215(d)(1) of
the Federal Power Act and part 39.5 of the Federal Energy Regulatory
Commission's Regulations, The North American Electric Reliability
Corporation (NERC) filed a petition seeking approval for
interpretations of requirements in its Commission-approved NERC
Reliability Standard, VAR-002-1a--Generator Operation for Maintaining
Network Voltage Schedules, designated as VAR-002-1.1b.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date. On or
before the comment date, it is not necessary to serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://
www.ferc.gov. Persons unable to file electronically should submit an
original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on May 8, 2009.

Kimberly D. Bose,
Secretary.
 [FR Doc. E9-8562 Filed 4-14-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 225 (Tuesday, November 22, 2011)]
[Notices]
[Page 72191]
[FR Doc No: 2011-30127]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP12-16-000]

Gulf South Pipeline Company, LP; Notice of Application

    Take notice that on November 7, 2011, Gulf South Pipeline Company,
LP (Gulf South), filed in Docket No. CP12-16-000, an application
pursuant to section 7(b) of the Natural Gas Act (NGA) and Part 157 of
the Commission's regulations, requesting authorization to abandon by
sale to the City of Pensacola d/b/a Energy Services of Pensacola (ESP)
approximately 34.39 miles of mainline, lateral, and appurtenant
facilities off of its Index 301 at the end of its interstate system in
Florida, all as more fully set forth in the application which is on
file with the Commission and open to public inspection. This filing may
also be viewed on the Commission's Web site at http://www.ferc.gov
using the ``eLibrary'' link. Enter the docket number, excluding the
last three digits, in the docket number field to access the document.
For assistance, call<PHONE_NUMBER> or TTY,<PHONE_NUMBER>.
    Any questions regarding this application should be directed to M.L.
Gutierrez, Director, Regulatory Affairs, Gulf South Pipeline Company,
LP, 9 Greenway Plaza, Suite 2800, Houston, Texas 77046, or by calling
(713) 479-8252 (telephone) or<PHONE_NUMBER> (fax),
<EMAIL_ADDRESS>    Pursuant to Section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either:
complete its environmental assessment (EA) and place it into the
Commission's public record (eLibrary) for this proceeding, or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or EA for this
proposal. The filing of the EA in the Commission's public record for
this proceeding or the issuance of a Notice of Schedule for
Environmental Review will serve to notify federal and state agencies of
the timing for the completion of all necessary reviews, and the
subsequent need to complete all federal authorizations within 90 days
of the date of issuance of the Commission staff's FEIS or EA.
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the comment date stated below, file with the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit 14 copies of filings made with the Commission and must mail a
copy to the applicant and to every other party in the proceeding. Only
parties to the proceeding can ask for court review of Commission orders
in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party to the proceeding. The Commission's
rules require that persons filing comments in opposition to the project
provide copies of their protests only to the party or parties directly
involved in the protest.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commenters will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with the Commission's environmental review process.
Environmental commenters will not be required to serve copies of filed
documents on all other parties. However, the non-party commenters will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and will not have the right to seek court
review of the Commission's final order.
    Motions to intervene, protests and comments may be filed
electronically via the internet in lieu of paper; see, 18 CFR
385.2001(a) (1) (iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. The Commission strongly encourages
electronic filings.
    Comment Date: December 7, 2011.

    Dated: November 16, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-30127 Filed 11-21-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 137 (Tuesday, July 19, 2022)]
[Notices]
[Page 43065]
[FR Doc No: 2022-15305]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95270; File No. SR-FINRA-2022-013]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Designation of a Longer Period for
Commission Action on a Proposed Rule Change To Amend FINRA Rule 6730 To
Enhance TRACE Reporting Obligations for U.S. Treasury Securities

July 13, 2022.
    On May 23, 2022, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') 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 to amend FINRA Rule 6730 to enhance Trade
Reporting and Compliance Engine (TRACE) reporting obligations for U.S.
Treasury Securities. The proposed rule change was published for comment
in the Federal Register on June 3, 2022.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 95003 (May 27,
2022), 87 FR 33844 (June 3, 2022). Comments received on the proposed
rule change are available at: https://www.sec.gov/comments/sr-finra-2022-013/srfinra2022013.htm.
---------------------------------------------------------------------------

    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 this proposed rule change
is July 18, 2022.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is extending this 45-day time period. The Commission
finds that it is appropriate to designate a longer period within which
to take action on the proposed rule change in order to consider the
proposed rule change and the comments received. Accordingly, pursuant
to Section 19(b)(2) of the Act,\5\ the Commission designates September
1, 2022, as the date by which the Commission shall approve or
disapprove, or institute proceedings to determine whether to
disapprove, the proposed rule change (File No. SR-FINRA-2022-013).
---------------------------------------------------------------------------

    \5\ Id.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-15305 Filed 7-18-22; 8:45 am]
BILLING CODE P


[Federal Register Volume 83, Number 198 (Friday, October 12, 2018)]
[Notices]
[Pages 51715-51720]
[FR Doc No: 2018-22204]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84375; File No. SR-ICEEU-2018-012)

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Order Granting Accelerated Approval of Proposed Rule
Change, as Modified by Amendment No. 1, Relating to Intraday Margining

October 5, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 24, 2018, ICE Clear Europe Limited (``ICE Clear Europe'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule changes described in Items I and II below, which Items
have been prepared by ICE Clear Europe. On October 4, 2018, ICE Clear
Europe filed Amendment No. 1 to the proposed rule change.\3\ The
Commission is publishing this notice to solicit comments on the
proposed rule change, as modified by Amendment No. 1, from interested
persons and to approve 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\ Amendment No. 1 added an additional confidential exhibit to
the filing.
---------------------------------------------------------------------------

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

    ICE Clear Europe proposes to amend its Finance Procedures and
certain related policies to expand the hours covered by its intraday
margining process and make certain related changes to the intraday
margining process and process for deposit of cash balances.

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

    In its filing with the Commission, ICE Clear Europe included
statements concerning the purpose of and basis for the proposed rule
change and discussed any comments it received on the proposed rule
change. The text of these statements may be examined at the places
specified in Item III below. ICE Clear Europe has prepared summaries,
set forth in sections (A), (B), and (C) below, of the most significant
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

(a) Purpose
    ICE Clear Europe is proposing to amend its intraday risk management
processes for certain F&O client and house accounts to extend the
intraday margining hours (which currently run from 9:00 a.m.-6:00 p.m.)
to 7:30 a.m.-8:00 p.m. (with a payment deadline of 9:00 p.m.), London
time, to cover the active portions of the trading day in relevant F&O
contracts.\4\
---------------------------------------------------------------------------

    \4\ Capitalized terms used herein but not otherwise defined have
the meaning set forth in the ICE Clear Europe Clearing Rules, which
are available at https://www.theice.com/publicdocs/clear_europe/rulebooks/rules/Clearing_Rules.pdf.
---------------------------------------------------------------------------

    ICE Clear Europe is adopting these amendments to facilitate
compliance with margin requirements under European Union regulations
and related implementing legislation and technical

standards applicable to it as an authorized central counterparty under
the European Market Infrastructure Regulation (EMIR).\5\
---------------------------------------------------------------------------

    \5\ The amendments principally address requirements under
Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012
supplementing Regulation (EU) No 648/2012 of the European Parliament
and of the Council with regard to regulatory technical standards on
requirements for central counterparties, as amended by Commission
Delegated Regulation (EU) 2016/822 of 21 April 2016 as regards the
time horizons for the liquidation period to be considered for the
different classes of financial instruments (as so amended, ``RTS
153/2013''). Specifically, Article 26(1)(c) of RTS 153/2013 requires
ICE Clear Europe, among other matters, to be in a position to issue
and collect margin calls on at least an hourly basis during the
active trading day for futures products that are gross-margined
using a one business day margin period of risk.
---------------------------------------------------------------------------

    These amendments will principally affect F&O energy contracts
cleared by ICE Clear Europe. Specifically, the extended margining hours
and updated materiality threshold changes will apply to all gross
margined client accounts (i.e., those client accounts margined on a
``gross'' basis using a minimum one business day margin period of risk
(``MPOR'')) \6\ and F&O house accounts.
---------------------------------------------------------------------------

    \6\ Contracts using a one-day MPOR are generally F&O energy
contracts. Other F&O Contracts using a 2 (or more) business day
MPOR, and CDS Contracts (using a 5 business day MPOR) are not
subject to the hourly intraday margin requirement under Article
26(1)(c) of RTS 153/2013.
---------------------------------------------------------------------------

    ICE Clear Europe is also amending certain policies relating to the
deposit of uninvested cash margin with banks in light of potential
increases in cash balances arising from the above changes in intraday
margining, consistent with requirements under EMIR. (These amendments
to the investment policies may apply to all product categories.)
Finance Procedures
    As part of these changes, ICE Clear Europe is proposing to amend
Parts 5 and 6 of the Finance Procedures to address intraday margining
procedures and certain other matters. Paragraph 5.5 is amended to
clarify the circumstances in which the Clearing House would invoke a
contingency method for transfer of margin, which would occur if an
Approved Financial Institution or the Clearing House itself experiences
a failure in its ability to send or receive SWIFT messages. Paragraph
6.1(i) is amended to provide that intraday margin calls for F&O
Contracts can be made between 7:30 and 20:00 London time. (The existing
period for intraday margin calls for other (i.e., CDS) Contracts
remains unchanged at from 9:00 to 19:00 London time.) Where a
contingency method applies under paragraph 5.5, intraday margin calls
can be made up to 21:00 London time. The amendments also clarify that
all intraday margin calls within these hours must be met within 60
minutes of notification by the Clearing House. Margin calls made
outside of these hours must be met by the later of (x) within 60
minutes after notification, if any settlement system used by the
Clearing House for the relevant currency is open at the time, or (y)
within 60 minutes after the time at which such settlement system
becomes open for business following the notification of the margin call
by the Clearing House.
    Corresponding changes are also made to the table following Part 5
of the Finance Procedures. A row has been inserted stating the timing
for intraday margin instructions, as discussed above. Corresponding
changes are also being made to the existing rows relating to routine
end-of-day instructions, routine end-of-day instructions for financials
& softs contracts that settle in JPY only and the revised 21:00 London
time cut-off time for intraday instructions in the event of a
contingency.
Cash Investment Policies
    Because of the possibility that it will hold additional cash
balances as a result of the extended margining hours discussed above
(since it may be difficult to invest such balances if received later in
the day), ICE Clear Europe is proposing to amend the Investment
Management Policy and adopt a new set of Unsecured Credit Limits
Procedures. Certain other updates and clarifications are being made to
the Investment Management Policy as well.
    In general, the changes to the Investment Management Policy will
permit the Clearing House to hold additional uninvested balances, by
eliminating the current fixed dollar limits and replacing them with the
new Unsecured Credit Limits Procedures, which provide more flexible
allocation guidelines based on the capital of the deposit bank and
other factors. The amendments remain consistent with the requirements
under EMIR that the Clearing House maintain at least 95% of its cash in
qualifying investments on average during each calendar month, such that
deposits in banks will be limited to the remaining 5% on average.\7\
---------------------------------------------------------------------------

    \7\ Article 45, RTS 153/2013.
---------------------------------------------------------------------------

    The Investment Management Policy has also been revised to
distinguish more clearly between central bank deposits and commercial
bank deposits, both of which are authorized for deposit of cash. For
commercial bank deposits, the $50 million per counterparty bank limit
has been removed and replaced with the Unsecured Credit Limits
Procedures, as discussed below. The 5% limit on investments in bank
obligations in a 30-day period has been revised to refer to an average
level over a calendar month, consistent with the EMIR limitations.
    Certain clarifications (unrelated to the extended margin hours) are
being made to the limits on investments in sovereign obligations and
central bank deposits. For sovereign obligations, for EUR denominated
investments, no more than 15% of the total EUR balance of the
investment portfolio must be invested in sovereign obligations of a
single issuer; and no more than 20% of the total balance of the
investment portfolio per currency may be invested in a single issue of
a sovereign issuer. Pursuant to the proposed amendments, there is no
limitation on maturity for central bank obligations and central bank
deposits. The amended policy lists the Dutch National Bank, Bank of
England and Federal Reserve as acceptable central banks for this
purpose.
    The proposed amendments also update the policy review section to
remove certain details, clarify the procedures for escalation of
defined risk management thresholds triggers and provide that the policy
will be reviewed in accordance with internal governance processes and
regulatory requirements. ICE Clear Europe does not anticipate that
these amendments will substantively change its process for policy
review at this time, but the amendments will facilitate consolidation
and harmonization of internal governance processes across various
Clearing House policies.
    ICE Clear Europe is further proposing various clarifications and
updates throughout the Investment Management Policy including to the
description of the board risk policy and related management thresholds
and the objectives of the counterparty rating system. References to the
Clearing Risk and Finance departments have been updated throughout the
document.
    The Clearing House is adopting the new Unsecured Credit Limits
Procedures, which establish a limit methodology for determining the
amount of cash that may be placed in an unsecured deposit with a
particular bank. The procedures establish basic requirements for any
deposit bank as to regulation and credit rating (with the possibility
of an exception where determined appropriate by the executive risk
committee). For each qualifying institution, a limit will be
established at 3% of the entity's capital minus other exposures vis-a-
vis ICE Clear Europe or

if the entity relies on a parent guaranty, 80% of the amount guaranteed
thereunder. (The 3% limit is based on the Clearing House's credit
judgment as to the appropriate level of unsecured risk to take from a
bank counterparty.) The limit is subject to a minimum level of USD 50
million (or a lesser level determined by the Clearing House) and a
maximum level of USD 200 million. ``Other exposures'' for this purpose
include uncollateralized stress losses or exposures arising from other
financial services provided by ICE Clear Europe to the institution.\8\
The methodology also provides for ongoing monitoring of deposit banks
for purposes of updating limits as necessary, and addresses governance
and exception handling.
---------------------------------------------------------------------------

    \8\ ICE Clear Europe contemplates a specific exception for
Euroclear Bank SA/NV, in light of the particular function of that
entity as a central securities depository and the accompanying
limitations on its business that would allow a limit of USD 200
million notwithstanding that 3% of its capital would be a lower
figure.
---------------------------------------------------------------------------

(b) Statutory Basis
    ICE Clear Europe believes that the proposed amendments are
consistent with the requirements of Section 17A of the Act \9\ and the
regulations thereunder applicable to it, including the standards under
Rule 17Ad-22.\10\ In particular, Section 17A(b)(3)(F) of the Act \11\
requires, among other things, that the rules of a clearing agency be
designed to promote the prompt and accurate clearance and settlement of
securities transactions and, to the extent applicable, derivative
agreements, contracts, and transactions, the safeguarding of securities
and funds in the custody or control of the clearing agency or for which
it is responsible, and the protection of investors and the public
interest. The amendments will facilitate the management of intraday
risk faced by the Clearing House for certain F&O Contracts, by
extending the daily hours in which the Clearing House may call for
intraday margin. These changes will in turn promote the prompt and
accurate clearance and settlement of transactions through the Clearing
House. The changes will also enhance the Clearing House's procedures
for investment of cash received by it, in recognition that it may
receive higher cash balances as a result of additional intraday calls
for margining. The enhanced procedures provide new guidelines for
allocating deposits across different banks based on their
capitalization and other factors. In ICE Clear Europe's view, these
changes will enhance the safeguarding of funds in the custody of the
Clearing House or over which it has control. ICE Clear Europe also
notes that the amendments are intended to facilitate compliance with
certain specific requirements under EMIR, and thereby are consistent
with the public interest as it applies to the operation of the Clearing
House as an authorized central counterparty under European Union
regulations.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78q-1.
    \10\ 17 CFR 240.17Ad-22.
    \11\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Further, the amendments are consistent with requirements of Rule
17Ad-22 \12\ regarding margin and credit risk management. Rule 17Ad-
22(b)(1) and (2) \13\ in particular require that ICE Clear Europe
measure its credit exposure at least once per day and use margin
requirements to limit its exposures to participants under normal market
conditions. Consistent with these requirements, the proposed amendments
require the Clearing House to measure its intraday credit exposures
during additional hours and to collect margin if appropriate, reducing
its credit risk to Clearing Members. The proposed amendments are also
consistent with Rule 17Ad-22(e)(4)(i) \14\, as the additional ability
to conduct intraday margining will help the Clearing House maintain
sufficient financial resources to cover its credit exposures to
Clearing Members. The enhancements to the margin system are further
consistent with the requirements to maintain margin levels to cover
potential losses from participants pursuant to Rule 17Ad-22(e)(6)(i)-
(iii).\15\
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    \12\ 17 CFR 240.17Ad-22.
    \13\ 17 CFR 240.17Ad-22(b)(1) and (2). The rule states that: [a]
Registered clearing agency that performs central counterparty
services shall establish, implement, maintain and enforce written
policies and procedures reasonably designed to:
     (1) Measure its credit exposures to its participants at least
once a day and limit its exposures to potential losses from defaults
by its participants under normal market conditions so that the
operations of the clearing agency would not be disrupted and non-
defaulting participants would not be exposed to losses that they
cannot anticipate or control.
    (2) Use margin requirements to limit its credit exposures to
participants under normal market conditions and use risk-based
models and parameters to set margin requirements and review such
margin requirements and the related risk-based models and parameters
at least monthly.''
    \14\ 17 CFR 240.17Ad-22(e)(4)(i). The rule states that: ``[e]ach
covered clearing agency shall establish, implement, maintain and
enforce written policies and procedures reasonably designed to, as
applicable: (4) Effectively identify, measure, monitor, and manage
its credit exposures to participants and those arising from its
payment, clearing, and settlement processes, including by: (i)
Maintaining sufficient financial resources to cover its credit
exposure to each participant fully with a high degree of
confidence;''
    \15\ 17 CFR 240.17Ad-22(e)(6)(i)-(iii). The rule states that:
``[e]ach covered clearing agency shall establish, implement,
maintain and enforce written policies and procedures reasonably
designed to, as applicable: (6) Cover, if the covered clearing
agency provides central counterparty services, its credit exposures
to its participants by establishing a risk-based margin system that,
at a minimum: (i) Considers, and produces margin levels commensurate
with, the risks and particular attributes of each relevant product,
portfolio, and market; (ii) Marks participant positions to market
and collects margin, including variation margin or equivalent
charges if relevant, at least daily and includes the authority and
operational capacity to make intraday margin calls in defined
circumstances; (iii) Calculates margin sufficient to cover its
potential future exposure to participants in the interval between
the last margin collection and the close out of positions following
a participant default;''
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    ICE Clear Europe's amendments to the Investment Management Policy
and adoption of the Unsecured Credit Limit Procedures to tailor deposit
limits to the particular characteristics of deposit banks is consistent
with Rule 17Ad-22(e)(9) \16\, as it will mitigate the credit and
liquidity risk arising from conducting its money settlements in
commercial bank money.
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    \16\ 17 CFR 240.17Ad-22(e)(9). The rule states that: ``[e]ach
covered clearing agency shall establish, implement, maintain and
enforce written policies and procedures reasonably designed to, as
applicable: (9) Conduct its money settlements in central bank money,
where available and determined to be practical by the board of
directors of the covered clearing agency, and minimize and manage
credit and liquidity risk arising from conducting its money
settlements in commercial bank money if central bank money is not
used by the covered clearing agency.''
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(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed amendments would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purposes of the Act. The amendments
are being adopted to facilitate compliance with European Union
requirements applicable to intraday margin requirements and to extend
the hours covered by its intraday risk management process. The
amendments will affect all F&O Clearing Members that trade contracts in
the relevant categories. Although the amendments could impose certain
additional costs on Clearing Members, as a result of additional
intraday margin calls, which may have financing and liquidity
implications for F&O Clearing Members, these result from the
requirements imposed by EU regulations, and in any case reflect the
risks presented by the trading activities of the F&O Clearing Members.
Furthermore, any such increased margin requirements will result in risk
management benefits for the Clearing House, through improved ability to
address risks throughout the trading day, consistent with the goals of
the relevant EU regulations and also in

furtherance of the risk management requirements of the Act. In light of
these considerations, ICE Clear Europe does not believe the amendments
will adversely affect competition among clearing members, the market
for clearing services generally or access to clearing in cleared
products by clearing members or other market participants. ICE Clear
Europe believes that any impact on competition is appropriate 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 by ICE Clear Europe. ICE Clear Europe will notify
the Commission of any comments received with respect to the proposed
rule change.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as modified by Amendment No. 1, is consistent with the Act.
Comments may be submitted by any of the following methods:

Electronic Comments

     Use 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-2018-012 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-ICEEU-2018-012. 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, security-based swap submission or advance notice 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. 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-2018-012 and should be
submitted on or before November 2, 2018.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change, as Modified by Amendment No. 1

    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. \17\ For the reasons given below, the Commission finds
that the proposal is consistent with Section 17A(b)(3)(F) of the Act
\18\ and Rules 17Ad-22(e)(6)(ii) and 17Ad-22(e)(16) thereunder.\19\
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    \17\ 15 U.S.C. 78s(b)(2)(C).
    \18\ 15 U.S.C. 78q-1(b)(3)(F).
    \19\ 17 CFR 240.17Ad-22(e)(6)(ii) and (e)(16).
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(A) Consistency With Section 17A(b)(3)(F) of the Act

    Section 17A(b)(3)(F) of the Act requires, among other things, that
the rules of ICE Clear Europe be designed to promote the prompt and
accurate clearance and settlement of securities transactions and, to
the extent applicable, derivative agreements, contracts, and
transactions, as well as to assure the safeguarding of securities and
funds which are in the custody or control of ICE Clear Europe or for
which it is responsible, and, in general, to protect investors and the
public interest.
(a) Finance Procedures
    As discussed above, the proposed rule change, as modified by
Amendment No. 1, would amend ICE Clear Europe's Finance Procedures to
extend the period for intraday margin calls for F&O Contracts to cover
the active portions of the trading day for such F&O contracts (i.e.,
from 7:30 and 20:00 London time) and to require clearing participants
to satisfy margin calls during these hours within 60 minutes of
notification by ICE Clear Europe.\20\ The Commission believes that this
aspect of the proposed rule change should expand ICE Clear Europe's
ability to call additional intraday margin, as necessary, by extending
the window during which ICE Clear Europe may call such margin. In
addition, as discussed above, the proposed rule change would provide
that, for margin calls outside of these hours, clearing participants
would be required to meet margin calls by the later of (x) within 60
minutes after notification, if any settlement system used by ICE Clear
Europe for the relevant currency is open at the time, or (y) within 60
minutes after the time at which such settlement system becomes open for
business following the notification of the margin call. The Commission
believes that these provisions should help ensure that ICE Clear Europe
collects intraday margin on a timely basis by setting standard
specified time periods in which clearing participants must meet margin
calls. Thus, the Commission believes that these aspects of the proposed
rule change should enable ICE Clear Europe to collect additional
intraday margin as necessary to cover the risks related to the relevant
F&O contracts.
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    \20\ The Commission understands that, pursuant to EMIR
requirements, ICE Clear Europe must be in a position to issue and
collect margin calls on at least an hourly basis during the active
trading day for futures products that are gross-margined using a one
business day margin period of risk. See supra note 5.
---------------------------------------------------------------------------

    The Commission believes that the ability of ICE Clear Europe to
collect intraday margin and have such margin available to support ICE
Clear Europe's ability to manage financial risk exposure that may arise
in the course of its ongoing clearance and settlement activities
should, in turn, help promote the prompt and accurate clearance and
settlement of securities transactions, derivative agreements,
contracts, and transactions. Similarly, the proposed rule change should
enhance ICE Clear Europe's ability to help assure the safeguarding of
securities and funds which are in the custody or control of ICE Clear
Europe or for which it is responsible because intraday margin
collections will increase the overall amount of financial resources ICE
Clear Europe maintains to address potential loss exposures that could
arise from a Clearing Member default or other stressed market
conditions. Finally, for both of these reasons, the Commission

believes the proposed rule change, as modified by Amendment No. 1, is
consistent with protecting investors and the public interest.
(b) Investment Management Policy
    The proposed rule change, as modified by Amendment No. 1, would
also amend the Investment Management Policy to address potential
additional cash balances that could accrue as a result of the
additional margin collected during the extended margining hours
discussed above. Specifically, these changes include: (i) With respect
to sovereign obligations, providing that for EUR denominated
investments, no more than 15% of the total EUR balance of the
investment portfolio must be invested in sovereign obligations of a
single issuer, and no more than 20% of the total balance of the
investment portfolio per currency may be invested in a single issue of
a sovereign issuer; (ii) with respect to central bank deposits,
removing the limitation on maturity for central bank obligations and
central bank deposits and identifying the Dutch National Bank, Bank of
England, and Federal Reserve as acceptable central banks for that
purpose; and (iii) with respect to commercial bank deposits, removing
the $50 million per counterparty bank limit, replacing it with the
Unsecured Credit Limits Procedures, including the regulation and credit
rating requirements for deposit banks and the revised limits for each
qualifying institution, and revising the 5% limit on investments in
bank obligations in a 30-day period to refer to an average level over a
calendar month.
    With respect to the changes regarding investments in sovereign
obligations, the Commission believes that these changes provide
reasonable limitations on ICE Clear Europe's investment portfolio that
should help ensure that it is not overly concentrated in securities of
a single sovereign issuer or in a single issue of a sovereign issuer.
With respect to the changes regarding central bank deposits, the
Commission believes that the proposed rule change should facilitate ICE
Clear Europe's use of central bank deposits, which should, in turn,
have minimal credit, market, and liquidity risks. With respect to the
changes regarding commercial bank deposits, the Commission believes the
Unsecured Credit Limits Procedures as they relate to the qualifications
and ongoing monitoring of deposit banks should help ICE Clear Europe
ensure that the banks in which it holds deposits are creditworthy and
subject to adequate regulatory oversight. The Commission further
believes that the revised limitation methodology in the Unsecured
Credit Limits Procedures should help ICE Clear Europe to ensure that
its deposits do not present an outsize risk to any particular deposit
bank.
    Taken together, the Commission believes that these changes to the
Investment Management Policy should help assure the safeguarding of
securities and funds in ICE Clear Europe's custody and control,
including any additional cash collected as intraday margin resulting
from the changes described above,\21\ which, in turn, helps promote the
prompt and accurate clearance and settlement of securities transactions
by ICE Clear Europe. Likewise, the safeguarding of securities and funds
in ICE Clear Europe's control would further the protection of investors
and the public interest by ensuring that ICE Clear Europe has
appropriate funds available to clear and settle transactions.
Therefore, the Commission finds that the proposed rule change, as
modified by Amendment No. 1, would promote the prompt and accurate
clearance and settlement of securities transactions, assure the
safeguarding of securities and funds in ICE Clear Europe's custody and
control, and, in general, protect investors and the public interest,
consistent with Section 17A(b)(3)(F) of the Act.\22\
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    \21\ ICE Clear Europe also proposed to amend the Investment
Management Policy governance processes, update the description of
the board risk policy and related risk management thresholds, and
update references to the Clearing Risk and Finance departments. The
Commission believes these changes would help ensure that the
Investment Management Policy is maintained and that any issues
resulting in a breach of a risk management threshold are
appropriately addressed. The Commission believes that this would
help maintain the efficacy of the Investment Management Policy
which, as discussed, the Commission believes is necessary to help
safeguard ICE Clear Europe's investments, including its investment
of cash associated with margin requirements.
    \22\ 15 U.S.C. 78q-1(b)(3)(F).
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(B) Consistency With Rule 17Ad-22(e)(6)(ii)

    Rule 17Ad-22(e)(6)(ii) requires that ICE Clear Europe establish,
implement, maintain and enforce written policies and procedures
reasonably designed to cover its credit exposures to its participants
by establishing a risk-based margin system that marks participant
positions to market and collects margin, including variation margin or
equivalent charges if relevant, at least daily and includes the
authority and operational capacity to make intraday margin calls in
defined circumstances.\23\
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    \23\ 17 CFR 240.17Ad-22(e)(6)(ii).
---------------------------------------------------------------------------

    As discussed above, the Commission believes that the amendments to
the Finance Procedures would allow ICE Clear Europe to request
additional intraday margin, as necessary, by extending the window
during which ICE Clear Europe may call such margin. Moreover, the
Commission believes that the amendments to the Finance Procedures
regarding when participants must satisfy margin calls should help
ensure that ICE Clear Europe collects intraday margin on a timely
basis. The Commission believes that both of these aspects of the
proposed rule change should therefore help ensure that ICE Clear
Europe's risk-based margin system includes the authority and
operational capacity to make intraday margin calls.
    Therefore, for the above reasons the Commission finds that these
aspects of the proposed rule change, as modified by Amendment No. 1,
are consistent with Rule 17Ad-22(e)(6)(ii).\24\
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    \24\ Id.
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(C) Consistency With Rule 17Ad-22(e)(16)

    Rule 17Ad-22(e)(16) requires that ICE Clear Europe establish,
implement, maintain and enforce written policies and procedures
reasonably designed to safeguard its own and its participants' assets,
minimize the risk of loss and delay in access to these assets, and
invest such assets in instruments with minimal credit, market, and
liquidity risks.\25\
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    \25\ 17 CFR 240.17Ad-22(e)(16).
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    As discussed above, the proposed rule change would amend ICE Clear
Europe's Investment Management Policy. For the reasons discussed above
in connection with Section 17A(b)(3)(F), the Commission believes that
these aspects of the proposed rule change would help ensure that ICE
Clear Europe safeguards its own and its participants' assets--
specifically, ICE Clear Europe's deposits of cash, which would include
cash posted by clearing participants to satisfy their margin and
Guaranty Fund requirements--and minimize the risk of loss or delay of
such assets. For the same reasons, the Commission believes that the
changes to the Investment Management Policy would help ensure that ICE
Clear Europe invests such assets in instruments with minimal credit,
market, and liquidity risks.
    Therefore, for the above reasons the Commission finds that these
aspects of the proposed rule change, as modified by Amendment No. 1,
are consistent with Rule 17Ad-22(e)(16).\26\
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    \26\ Id.
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V. Basis for Accelerated Approval

    In its filing, ICE Clear Europe requested that the Commission grant

accelerated approval of the proposed rule change pursuant to Section
19(b)(2)(C)(iii) of the Exchange Act.\27\ Under Section
19(b)(2)(C)(iii) of the Act,\28\ 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 required to comply with requirements under the European
Market Infrastructure Regulation that ICE Clear Europe have the ability
to call for intraday margin for relevant F&O contracts, and ICE Clear
Europe is seeking to comply with those requirements as soon as
possible.\29\
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78s(b)(2)(C)(iii).
    \28\ 15 U.S.C. 78s(b)(2)(C)(iii).
    \29\ See supra note 5.
---------------------------------------------------------------------------

    The Commission finds good cause, pursuant to Section
19(b)(2)(C)(iii) of the Act,\30\ 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 comply
with the aforementioned requirements.\31\ Additionally, the Commission
notes that the proposed changes do not impede compliance with relevant
U.S. law, including Section 17A(b)(3)(F) of the Act.\32\
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    \30\ 15 U.S.C. 78s(b)(2)(C)(iii).
    \31\ See id.
    \32\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

VI. Conclusion

    On the basis of the foregoing, the Commission finds that the
proposal is consistent with the requirements of the Act, and in
particular, with the requirements of Section 17A(b)(3)(F) of the Act
\33\ and Rules 17Ad-22(e)(6)(ii) and 17Ad-22(e)(16) thereunder.\34\
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    \33\ Id.
    \34\ 17 CFR 240.17Ad-22(e)(6)(ii) and (e)(16).
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    It is therefore ordered pursuant to Section 19(b)(2) of the Act
\35\ that the proposed rule change (SR-ICEEU-2018-012), as modified by
Amendment No. 1, be, and hereby is, approved on an accelerated
basis.\36\
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    \35\ 15 U.S.C. 78s(b)(2).
    \36\ 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.\37\
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    \37\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-22204 Filed 10-11-18; 8:45 am]
 BILLING CODE 8011-01-P