[Federal Register Volume 86, Number 83 (Monday, May 3, 2021)]
[Notices]
[Pages 23443-23445]
[FR Doc No: 2021-09027]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91673; File No. SR-ICEEU-2021-008]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Amendments to the ICE Clear Europe Delivery Procedures

April 26, 2021.
    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 19, 2021, ICE Clear Europe Limited (``ICE Clear Europe'' or
the ``Clearing House'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule changes described in
Items I, II and III below, which Items have been prepared primarily by
ICE Clear Europe. ICE Clear Europe filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(4)(ii)
\4\ thereunder, such that the proposed rule was immediately effective
upon filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(a).
    \4\ 17 CFR 240.19b-4(f)(4)(ii).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The principal purpose of the proposed amendments is for ICE Clear
Europe to amend its Delivery Procedures (the ``Delivery Procedures'')
in connection with the transition of the trading of Deliverable EU
Emissions Contracts from ICE Futures Europe to ICE Endex.\5\
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    \5\ Capitalized terms used but not defined herein have the
meaning specified in the ICE Clear Europe Clearing Rules (the
``Rules'').
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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 IV 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 Part A of its Delivery
Procedures in connection with the contemplated transition of the
trading of Deliverable EU Emissions Contracts from ICE Futures Europe
to ICE Endex Markets B.V (``ICE Endex'').\6\ The transition is expected
to occur in June 2021.\7\ The Deliverable EU Emissions Contracts being
transitioned will be the EUA Futures and Options, EUA Daily Futures and
EUAA Futures. Following the transition, the contracts will continue to
be cleared by ICE Clear Europe. ICE Clear Europe is also removing from
Part A provisions relating to CER Contracts and Auction Contracts,
which are no longer traded on ICE Futures Europe.
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    \6\ See ICE Futures Europe Circular 21/012 (Feb 8, 2021).
    \7\ See ICE Futures Europe Circular 21/025 (Feb. 25, 2021).
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    Changes would be made throughout Part A to reference ICE Endex as
the relevant exchange in lieu of ICE Futures Europe, including to refer
to the relevant contracts as ``ICE Endex Deliverable EU Emissions
Contracts.'' In connection with the removal of the CER Contracts, the
Clearing House is proposing to remove the definitions of Auction,
Auctioneer Seller, Certified Emission Reduction or CER, CER Contract,
CER Delivery Amount, CER Transfer Request, Kyoto Protocol, Linking
Directive and UNFCCC Independent Transaction Log and related concepts.
The defined term ``Account'' would be renamed ``Registry Account''
(with references to CERs removed), with conforming changes made
throughout Part A.

    In addition, throughout Part A, references to the Crystal system
would be updated to references to ECS and/or MFT, reflecting current
Clearing House systems.
    The defined term ``Carbon Emissions Allowance'' or ``EUA'' would be
amended to remove reference to the start date of the validity period
for the ICE Futures EUA Phase 4 Daily Futures Contract because the
referenced date (January 1, 2021) has already passed, and would instead
reference validity during the relevant period.
    In paragraphs 2.2 and 8, a clarification would be made that the
time of the determination of the EDSP for purposes of calculating the
payment owed for delivery under certain contracts would be the end of
the trading period on the Contract Date (as opposed to the last trading
day of the contract month) to be consistent with relevant exchange
rules.
    Certain amendments would be made to the routine delivery timetable
for emissions contracts in paragraph 5, including the following: the
note that some events may occur up to 24 hours earlier would be
removed; various clarifications would be made to the description of
certain steps; the description of consequences of transfer requests
made by the Seller before the deadline for submission would be deleted;
the requirement that with respect to ICE Endex EUA and EUAA Futures
Contracts, the Clearing House, upon receipt of allowances from the
applicable sellers would randomly select the order in which it will
make outbound Transfer Requests to applicable buyers would be deleted
as inapplicable to those contracts; and the timetable would provide
that account sales will be available via MFT.
    Consistent with the removal of provisions referencing auction
contracts, the ICE EUA and EUAA Auction Contracts timetable for routine
and for late and failed delivery would be removed. The delivery
documentation summary would also be deleted as it references an
outdated monthly confirmation form that is not used.
(b) Statutory Basis
    Section 17A(b)(3)(F) of the Act \8\ 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 proposed
amendments are designed to facilitate the transition of trading of the
Deliverable EU Emissions Contracts from ICE Futures Europe to ICE
Endex. Such contracts will continue to be cleared by the Clearing House
in the same manner as they are currently, and will be supported by ICE
Clear Europe's existing financial resources, risk management, systems
and operational arrangements. Accordingly, ICE Clear Europe believes
that its financial resources, risk management, systems and operational
arrangements are sufficient to support clearing of such contracts
following the transition to ICE Endex (and to address physical delivery
under such contracts) and to manage the risks associated with such
contracts. As a result, in ICE Clear Europe's view, the amendments
would be consistent with the prompt and accurate clearance and
settlement of the contracts, and the protection of investors and the
public interest consistent with the requirements of Section
17A(b)(3)(F) of the Act.\9\ (In ICE Clear Europe's view, the amendments
would not affect the safeguarding of funds or securities in the custody
or control of the clearing agency or for which it is responsible,
within the meaning of Section 17A(b)(3)(F).\10\)
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    \8\ 15 U.S.C. 78q-1(b)(3)(F).
    \9\ 15 U.S.C. 78q-1(b)(3)(F).
    \10\ 15 U.S.C. 78q-1(b)(3)(F).
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    In addition, Rule 17Ad-22(e)(10) \11\ requires that each covered
clearing agency establish and maintain transparent written standards
that state its obligations with respect to the delivery of physical
instruments, and establish and maintain operational practices that
identify, monitor and manage the risks associated with such physical
deliveries. As discussed above, the amendments would incorporate into
the Delivery Procedures the amendments necessary to facilitate the
transition of trading of the Deliverable EU Emissions Contracts from
ICE Futures Europe to ICE Endex. Such contracts will continue to be
cleared in the same manner as they are currently cleared, supported by
ICE Clear Europe's existing financial resources, risk management,
systems and operational arrangements. The amendments would remove other
provisions related to contracts that are not currently traded and make
certain other clarifications. As a result, ICE Clear Europe believes
the amendments are consistent with the requirements of Rule 17Ad-
22(e)(10).\12\
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    \11\ 17 CFR 240.17Ad-22(e)(10).
    \12\ 17 CFR 240.17Ad-22(e)(10).
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(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule changes would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purposes of the Act. The changes are
being proposed in order to update the Delivery Procedures in connection
with the transition of the trading of the Emission Contracts from ICE
Futures Europe to ICE Endex and to provide general drafting
clarifications and improvements. The terms of clearing of such
contracts are not otherwise changing. ICE Clear Europe does not believe
the amendments would adversely affect competition among Clearing
Members, materially affect the cost of clearing, adversely affect
access to clearing in the new contracts for Clearing Members or their
customers, or otherwise adversely affect competition in clearing
services. Accordingly, ICE Clear Europe does not believe that the
amendments would impose any impact or burden on competition that is not
appropriate in furtherance of the purpose 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. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \13\ and paragraph (f) of Rule 19b-4 \14\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and

arguments concerning the foregoing, including whether the proposed rule
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_ADDRESS>Please include
File Number SR-ICEEU-2021-008 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ICEEU-2021-008. 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, security-based
swap submission or advance notice 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-2021-008 and should be
submitted on or before May 24, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-09027 Filed 4-30-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 45 (Monday, March 9, 2015)]
[Proposed Rules]
[Pages 12372-12373]
[FR Doc No: 2015-05303]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Chapter 1

[EPA-HQ-OA-2011-0156; FRL-9923-87-OA]

Improving EPA Regulations

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice; request for comment.

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SUMMARY: The Environmental Protection Agency (EPA) is requesting public
input on the agency's periodic retrospective review of its regulations.
Executive Order 13563, ``Improving Regulation and Regulatory Review,''
and Executive Order 13610, ``Identifying and Reducing Regulatory
Burdens,'' call on all federal agencies to conduct a retrospective
analysis of rules that may be outmoded, ineffective, insufficient, or
excessively burdensome and to modify, streamline, expand, or repeal
them in accordance with what has been learned. The EPA is particularly
seeking public input on how the agency can promote regulatory
modernization through business-process streamlining, facilitated by
improved technology.

DATES: Comments must be received on or before April 8, 2015.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-HQ-OA-
2011-0156, to the Federal eRulemaking Portal: http://www.regulations.gov. Follow the online instructions for submitting
comments. Once submitted, comments cannot be edited or withdrawn. EPA
may publish any comment received to its public docket. Do not submit
electronically any information you consider to be Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute. If you need to include CBI as part of your comment, please
visit http://www.epa.gov/dockets/comments.html for instructions.
Multimedia submissions (audio, video, etc.) must be accompanied by a
written comment. The written comment is considered the official comment
and should include discussion of all points you wish to make. For
additional submission methods, the full EPA public comment policy, and
general guidance on making effective comments, please visit http://www.epa.gov/dockets/comments.html.

FOR FURTHER INFORMATION CONTACT: For further information on this
document, please contact Nathaniel Jutras, Office of Policy, 1200
Pennsylvania Avenue NW., Mail Code 1803A, Washington, DC 20460, Phone:
(202) 564-0301; Fax:<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Environmental Protection Agency (EPA) is
committed to a regulatory strategy that effectively achieves the
Agency's mission of protecting the environment and the health, welfare,
and safety of Americans while also supporting economic growth, job
creation, competitiveness, and innovation.
    Recognizing the importance of reducing unnecessary red tape--
especially for America's small businesses--with Executive Orders 13563
and 13610 President Obama launched a historic review of existing rules
to eliminate, streamline or update those that no longer make sense in
their current form. This effort is on track to produce completed
actions that will reduce nearly $20 billion in regulatory costs in the
near term.
    As part of this review, in August 2011 the agency issued its Final
Plan for Periodic Retrospective Reviews of Existing Regulations (http://www.epa.gov/regdarrt/). This Plan was developed after extensive public
outreach that sought input on an agency plan for retrospective review,
as well as on possible reforms to modify, streamline, expand or repeal
existing regulations. That outreach included 20 public meetings, town
halls, and Webinars with over 600 participants. Since 2011, the EPA has
maintained an open comment docket for public feedback on the existing
Plan for Periodic Retrospective Review of Existing Regulations and the
subsequent progress reports. To date, we have completed 21 of our
original 35 retrospective reviews. We added five new reviews in July
2014.
    The EPA views this review process as an ongoing exercise and is
seeking further public input to ensure our regulations continue to
maximize net social benefit. The focus of this new request for input is
on how the agency can promote regulatory modernization through
business-process streamlining facilitated by improved technology. We
specifically solicit comments on the following questions:
    [ssquf] Which regulations, including economically significant
rules, could be transitioned from paper to electronic reporting?
    [ssquf] How can the EPA reduce duplicative reporting requirements
in existing regulations that may overlap other federal requirements?
    [ssquf] How can the EPA streamline or consolidate reporting
requirements to reduce burden?
    [ssquf] Which regulations could benefit from the use of existing
shared services (such as the Substance Registry System) or new shared
services?
    [ssquf] Should the EPA create a joint registry of regulated
facilities with states and tribes to streamline electronic reporting to
multiple programs and maximize burden reduction?
    [ssquf] Which regulations could be improved through the use of
advance monitoring techniques or the development of mobile applications
to facilitate environmental protection?
    [ssquf] Which regulations could be amended to reduce the frequency
of reporting while maintaining effective programs?
    [ssquf] Is the same information being collected in multiple places,
either across different regulations, or across different levels of
government (Federal, State, Tribal, and local)?
    We request that commenters be as specific as possible, include any
supporting data or other information, and provide a citation when
referencing a specific regulation. In addition, in drafting comments,
bear in mind that

the EPA must uphold both its legal obligations under governing statutes
and its mission to protect human health and the environment; and that
the EPA's retrospective review will be tailored to reflect its
resources, rulemaking schedule, and workload.
    Additionally, the EPA published a notice on January 26, 2015
seeking comment on the development of an online portal to serve as a
consolidated entry point for providing information, tools and
streamlined interactions with the EPA by the public and regulated
entities (80 FR 3962). Commenters may wish to review this notice and
consider how such a portal could be used while considering regulations
that the EPA should include in its review.
    The EPA is accepting comments until April 8, 2015. Although the
agency will not respond to individual comments, the EPA values and will
give careful consideration to all input that it receives. Please see
http://www.epa.gov/regdarrt/retrospective/history.html for additional
information and updates.

    Dated: February 26, 2015.
Joel Beauvais,
Associate Administrator, Office of Policy.
[FR Doc. 2015-05303 Filed 3-6-15; 8:45 am]
 BILLING CODE 6560-50-P