[Federal Register: March 1, 2006 (Volume 71, Number 40)]
[Notices]
[Page 10511-10512]
[DOCID:fr01mr06-61]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2006-0029; FRL-7759-2]

Carbofuran; Receipt of Application for Emergency Exemption,
Solicitation of Public Comment

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: EPA has received a specific exemption request from the
Louisiana Department of Agriculture and Forestry to use the pesticide
carbofuran (CAS No. 563-66-2) to treat up to 239,063 acres of rice to
control rice water weevil, Lissorhoptrus oryzophilus. The Applicant
proposes the use of an active ingredient which has been the subject of
a special review and is intended for a use that has been the subject of
the special review. EPA is soliciting public comment before making the
decision whether or not to grant the exemption.

DATES: Comments must be received on or before March 16, 2006.

ADDRESSES: Submit your comments, identified by docket identification
(ID) number EPA-HQ-OPP-2006-0029, by one of the following methods:
     http://www.regulations.gov/. Follow the on-line

instructions for submitting comments.
     Mail: Public Information and Records Integrity Branch
(PIRIB) (7502C), Office of Pesticide Programs (OPP), Environmental
Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460-
0001.
     Hand Delivery: Public Information and Records Integrity
Branch (PIRIB) (7502C), Office of Pesticide Programs (OPP),
Environmental Protection Agency, Rm. 119, Crystal Mall 2, 1801
S. Bell St., Arlington, VA. Attention: Docket ID number EPA-HQ-OPP-
2006-0029. The docket facility is open from 8:30 a.m. to 4 p.m., Monday
through Friday, excluding legal holidays. The telephone number for the
docket facility is<PHONE_NUMBER>. Such deliveries are only accepted
during the Docket's normal hours of operation, and special arrangements
should be made for deliveries of boxed information.
    Instructions: Direct your comments to docket ID number EPA-HQ-OPP-
2006-0029. EPA's policy is that all comments received will be included
in the public docket without change and may be made available on-line
at http://www.regulations.gov/, including any personal information

provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through regulations.gov or e-
mail. The regulations.gov website is an ``anonymous access'' system,
which means EPA will not know your identity or contact information
unless you provide it in the body of your comment. If you send an e-
mail comment directly to EPA without going through regulations.gov,
your e-mail address will be captured automatically and included as part
of the comment that is placed in the public docket and made available
on the Internet. If you submit an electronic comment, EPA recommends
that you include your name and other contact information in the body of
your comment and with any disk or CD ROM you submit. If EPA cannot read
your comment due to technical difficulties and cannot contact you for
clarification, EPA may not be able to consider your comment. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses. For additional
information about EPA's public docket, visit the EPA Docket Center
homepage at http://www.epa.gov/epahome/docket.htm/.

    Docket: All documents in the docket are listed in the
regulation.gov index. Although listed in the index, some information is
not publicly available, i.e., CBI or other information whose disclosure
is restricted by statute. Certain other material, such as copyrighted
material, will be publicly available only in hard copy. Publicly
available docket materials are available either electronically at
http://www.regulations.gov/ or in hard copy at the Public Information

and Records Integrity Branch (PIRIB) (7502C), Office of Pesticide
Programs (OPP), Environmental Protection Agency, Rm. 119, Crystal Mall
2, 1801 S. Bell St., Arlington, VA. The docket facility is
open from 8:30 a.m. to 4 p.m., Monday through Friday, excluding legal
holidays. The telephone number for the docket facility is (703) 305-
5805.

FOR FURTHER INFORMATION CONTACT: Libby Pemberton, Registration Division
(7505C), Office of Pesticide Programs, Environmental Protection Agency,
1200 Pennsylvania Ave., NW., Washington, DC 20460-0001; telephone
number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>; e-mail
<EMAIL_ADDRESS>

SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Action Apply to Me?

    You may be potentially affected by this action if you are an
agricultural producer, food manufacturer, or pesticide manufacturer.
Potentially affected entities may include, but are not limited to:
     Crop production (NAICS code 111).
     Animal production (NAICS code 112).
     Food manufacturing (NAICS code 311).
     Pesticide manufacturing (NAICS code 32532).

    This listing is not intended to be exhaustive, but rather provides
a guide for readers regarding entities likely to be affected by this
action. Other types of entities not listed in this unit could also be
affected. The North American Industrial Classification System (NAICS)
codes have been provided to assist you and others in determining
whether this action might apply to certain entities. To determine
whether you or your business may be affected by this action, you should
carefully examine the applicability provisions in Unit II. If you have
any questions regarding the applicability of this action to a
particular entity, consult the person listed under FOR FURTHER
INFORMATION CONTACT.

B. What Should I Consider as I Prepare My Comments for EPA?

    1. Submitting CBI. Do not submit this information to EPA through
http://www.regulations.gov or e-mail. Clearly mark the part or all of the

information that you claim to be CBI. For CBI information in a disk or
CD ROM that you mail to EPA, mark the outside of the disk or CD ROM as
CBI and then identify electronically within the disk or CD ROM the
specific information that is claimed as CBI. In addition to one
complete version of the comment that includes information claimed as
CBI, a copy of the comment that does not contain the information
claimed as CBI must be submitted for inclusion in the public docket.
Information so marked will not be disclosed except in accordance with
procedures set forth in 40 CFR part 2.
    2. Tips for preparing your comments. When submitting comments,
remember to:
    i. Identify the document by docket ID number and other identifying
information (subject heading, Federal Register date and page number).
    ii. Follow directions. The Agency may ask you to respond to
specific questions or organize comments by referencing a Code of
Federal Regulations (CFR) part or section number.
    iii. Explain why you agree or disagree; suggest alternatives and
substitute language for your requested changes.
    iv. Describe any assumptions and provide any technical information
and/or data that you used.
    v. If you estimate potential costs or burdens, explain how you
arrived at your estimate in sufficient detail to allow for it to be
reproduced.
    vi. Provide specific examples to illustrate your concerns, and
suggest alternatives.
    vii. Explain your views as clearly as possible, avoiding the use of
profanity or personal threats.
    viii. Make sure to submit your comments by the comment period
deadline identified.

II. Background

    Under section 18 of the Federal Insecticide, Fungicide, and
Rodenticide Act (FIFRA) (7 U.S.C. 136p), at the discretion of the
Administrator, a Federal or State agency may be exempted from any
provision of FIFRA if the Administrator determines that emergency
conditions exist which require the exemption. The Louisiana Department
of Agriculture and Forestry has requested the Administrator to issue a
specific exemption for the use of carbofuran on rice to control rice
water weevil, Lissorhoptrus oryzophilus. Information in accordance with
40 CFR part 166 was submitted as part of this request.
    As part of this request, the Applicant asserts that the current
emergency situation with respect to weevil management has arisen
primarily from the continuing, and probably increasing, practice of
cultivating crawfish in ponds in close proximity to rice fields in
southern Louisiana. The great majority of crawfish ponds (at least 75%)
are close enough to rice fields to be affected by the management
practices used in rice. All of the insecticides currently registered
for use against the rice water weevil in Louisiana are toxic to
crawfish. The use of carbofuran for weevil control has one significant
advantage over currently used liquid products in that it is formulated
as a granular and thus there is far less potential for drift. The
Applicant states that the estimated economic loss if no effective
weevil controls are available will be 5.6-11 million dollars.
    The Applicant proposes to make no more than one application of 3.0%
carbofuran to 239,063 acres of rice in Louisiana between March 1 and
September 1, 2006. A maximum of 143,437 pounds of active ingredient
will be required.
    This notice does not constitute a decision by EPA on the
application itself. The regulations governing section 18 of FIFRA
require publication of a notice of receipt of an application for a
specific exemption proposing the use of an active ingredient which has
been subject of a special review and is intended for a use that has
been the subject of the special review. The notice provides an
opportunity for public comment on the application.
    The Agency, will review and consider all comments received during
the comment period in determining whether to issue the specific
exemption requested by the Louisiana Department of Agriculture and
Forestry.

List of Subjects

    Environmental protection, Pesticides and pests.

    Dated: February 16, 2006.
Rachel C. Holloman,
Acting Director, Registration Division, Office of Pesticide Programs.
[FR Doc. 06-1848 Filed 2-28-06; 8:45 am]

BILLING CODE 6560-50-S


[Federal Register Volume 84, Number 30 (Wednesday, February 13, 2019)]
[Notices]
[Pages 3838-3842]
[FR Doc No: 2019-02114]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85072; File No. SR-ICEEU-2019-001]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Order Granting Accelerated Approval of Proposed Rule
Change Relating to Clearing Member Termination

February 7, 2019.
    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 January 30, 2019, ICE Clear Europe Limited (``ICE Clear Europe'' or
the ``Clearing House'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change described in Items
I and II below, which Items have been prepared by ICE Clear Europe. The
Commission is publishing this notice and order to solicit comments on
the proposed rule change from interested persons and to approve the
proposed rule change on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    ICE Clear Europe proposes to amend certain provisions of its
Clearing Rules \3\ relating to termination by the Clearing House of the
membership of a CDS Clearing Member.
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    \3\ Capitalized terms used but not defined herein have the
meanings 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 proposes to amend certain provisions of its Rules
(and specifically its Continuing CDS Rule Provisions as defined
therein) relating to termination by the Clearing House of the
membership of a CDS Clearing Member.
    The Continuing CDS Rule Provisions are certain provisions of the
Rules as they were in effect prior to the adoption of rule amendments
relating to recovery, wind-down and default management for the F&O
Contract Category,\4\ and which continued in effect with respect to the
CDS Contract Category, as provided in ICE Clear Europe Circular C14/012
of 31 January 2014 and in the definition thereof in the Rules.
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    \4\ ICE Clear Europe adopted these rules, relating to Clearing
House recovery and wind-down for the F&O and FX Contract Categories,
in 2014. Exchange Act Release No. 34-71450 (SR-ICEEU-2014-013) (Jan.
31, 2014), 79 FR 7250 (Feb. 6, 2014).
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    The Continuing CDS Rule Provisions include Rule 209 as it relates
to the CDS Contract Category and/or CDS Clearing Members. Under Rule
209(b) under the Continuing CDS Rule Provisions, the Clearing House may
terminate the clearing membership of a CDS Clearing Member on not less
than three months' notice.\5\ ICE Clear Europe proposes to change the
notice period for such a termination to 30 Business Days. Such change
would be made through an amendment to the definition of

``Continuing CDS Rule Provisions'' in the Rules, as set forth in
Exhibit 5.
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    \5\ ICE Clear Europe may use this provision to terminate the
membership of a Clearing Member for a variety of reasons. It may,
for example, be used in a scenario where such termination is
required in order for the Clearing House and its operations to
remain in compliance with applicable laws in relevant jurisdictions.
    The Clearing House has the right to terminate a CDS Clearing
Member without notice in a variety of other circumstances, generally
relating to the conduct or circumstances of the Clearing Member, as
specified in Rule 209(a) of the Continuing CDS Rule Provisions.
Those provisions would be unaffected by the proposed amendment.
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    The change would make the notice period for termination of a CDS
Clearing Member consistent with the notice period for termination of an
F&O Clearing Member, which is also 30 Business Days under the Rules.
The current difference in treatment exists for historical reasons
relating the timing of the adoption of recovery, wind-down and default
management related rules for the F&O product category as compared to
the CDS product category. At this time, ICE Clear Europe does not
believe that there is a substantive reason to have a different notice
period for CDS Clearing Members. Furthermore, the current provision
creates a disparity among F&O Clearing Members, as the three-month
notice period also applies to F&O Clearing Members that are also CDS
Clearing Members, whereas the 30 Business Day notice period applies to
F&O Clearing Members that are not CDS Clearing Members.
    In particular, in a scenario where ICE Clear Europe determined that
it was necessary or appropriate to terminate the membership of a
Clearing Member or a group or category of Clearing Members, ICE Clear
Europe believes that having the shorter, 30 Business Day notice period
apply to all Clearing Members, both CDS and F&O (including joint CDS
and F&O Clearing Members), will avoid the additional disruption that
would be caused by having different notice periods for different
categories of Clearing Member.
    ICE Clear Europe is proposing to adopt the amendment now in
connection with the expected departure of the United Kingdom (``UK'')
from the European Union (``EU''), which pursuant to the European Union
(Withdrawal) Act 2018 will occur on March 29, 2019. When the UK ceases
to be an EU member state, there may be regulatory limitations on ICE
Clear Europe's ability to provide clearing services to persons located
in the EU. As a result, it may become necessary for ICE Clear Europe to
terminate the membership of a Clearing Member or a group or category of
Clearing Members in advance of March 29, 2019 in order for the Clearing
House to remain in compliance with applicable laws in all relevant
jurisdictions. Failure to terminate EU-based Clearing Members in that
scenario, in an orderly and timely way, could, among other
consequences, result in legal uncertainty as to the rights and
obligations of the Clearing House and its Clearing Members, and thus
cause potential disruptions to clearing operations generally, including
for clearing members in non-EU jurisdictions.
(b) Statutory Basis
    ICE Clear Europe believes that the changes described herein are
consistent with the requirements of Section 17A of the Act \6\ and the
regulations thereunder applicable to it. Section 17A(b)(3)(F) of the
Act \7\ in particular requires, among other things, that the rules of
the 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, to
assure the safeguarding of securities and funds in the custody or
control of the clearing agency or for which it is responsible and, in
general, protect investors and the public interest. When the UK ceases
to be an EU member state, there may be limitations on ICE Clear
Europe's ability to provide clearing services to persons located in the
EU. As a result, it may become necessary for ICE Clear Europe to
terminate the membership of a Clearing Member or a group or category of
Clearing Members in order to remain in compliance with applicable laws
and to avoid resulting legal uncertainty and related potential
disruptions to the functioning of the Clearing House, including with
respect to default management, use and protection of margin and
guaranty fund contributions and other matters. As a result, in ICE
Clear Europe's view, the amendments will facilitate the continued
prompt and accurate clearance and settlement of cleared transactions,
the safeguarding of securities and funds in the custody or control of
ICE Clear Europe or for which it is responsible, and the protection of
investors and the public interest, within the meaning of Section
17A(b)(3)(F) of the Act.\8\
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    \6\ 15 U.S.C. 78q-1.
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
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    Section 17A(b)(3)(F) further requires that the rules of the
clearing agency not be designed to permit unfair discrimination in the
admission of participants or among participants in the use of the
clearing agency.\9\ The proposed amendments eliminate an unnecessary
distinction between the termination notice period for CDS Clearing
Members and F&O Clearing Members. In so doing, the amendments will also
better enable the Clearing House to manage any scenario in which it may
determine to terminate Clearing Members (or a category of Clearing
Members), in response to the UK's expected departure from the EU and
the resulting potential limitations on ICE Clear Europe's ability to
provide clearing services to persons located in the EU. As a result, in
ICE Clear Europe's view, the amendments will facilitate the continued
prompt and accurate clearance and settlement of cleared transactions
and will avoid unfair discrimination among Clearing Members, within the
meaning of Section 17A(b)(3)(F).\10\
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    \9\ 15 U.S.C. 78q-1(b)(3)(F).
    \10\ 15 U.S.C. 78q-1(b)(3)(F).
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    The amendments are also consistent with Rule 17Ad-22(e)(1), which
requires in relevant part that a covered clearing agency have policies
and procedures reasonably designed to ``provide for a well-founded,
clear, transparent and enforceable legal basis for each aspect of its
activities in all relevant jurisdictions.'' \11\ As noted above, the
amendments will permit the Clearing House to terminate the membership
of CDS Clearing Members, on the same basis as F&O Clearing Members,
where the Clearing House determines it is necessary or appropriate to
do so in order to remain in compliance with applicable laws in all
relevant jurisdictions.
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    \11\ 17 CFR 240.17Ad-22(e)(1).
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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 purpose of the Act. The amendments
will provide for a uniform notice period for termination of Clearing
Members, across the F&O and CDS product categories. As such, ICE Clear
Europe does not believe the amendments will in themselves materially
affect the cost of, or access to, clearing. Although the market for
cleared services may be adversely affected if ICE Clear Europe
terminates the membership of Clearing Members or categories of Clearing
Members, the amendments will, in ICE Clear Europe's view, assist with
Clearing House with mitigating and managing any such adverse
consequences. As a result, ICE Clear Europe does not believe the
proposed rule changes impose any burden on competition that is
inappropriate in furtherance of the purposes of the Act.

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

    Written comments relating to the proposed rule changes have not
been

solicited or received. ICE Clear Europe will notify the Commission of
any written comments received by ICE Clear Europe.\12\
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    \12\ ICE Clear Europe has previously conducted public
consultations with respect to proposed rule changes (not ultimately
adopted) that included the change in termination notice period
addressed in these amendments. See ICE Clear Europe Circular C17107
(Sept. 22, 2017) and C13009 (Feb. 15, 2013), available at https://www.theice.com/clear-europe/circulars. No comments were received in
those consultations with respect to that proposed change.
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml) or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-ICEEU-2019-001 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-2019-001. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filings will also be available for inspection
and copying at the principal office of ICE Clear Europe and on ICE
Clear Europe's website at https://www.theice.com/clear-europe/regulation. 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-2019-001 and should be
submitted on or before March 6, 2019.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    Section 19(b)(2)(C) of the Act directs the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
such proposed rule change is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to such
organization.\13\ For the reasons given below, the Commission finds
that the proposed rule change is consistent with Section 17A(b)(3)(F)
of the Act \14\ and Rule 17Ad-22(e)(1) thereunder.\15\
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    \13\ 15 U.S.C. 78s(b)(2)(C).
    \14\ 15 U.S.C. 78q-1(b)(3)(F).
    \15\ 17 CFR 240.17Ad-22(e)(1).
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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, 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.\16\
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    \16\ 15 U.S.C. 78q-1(b)(3)(F).
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    As discussed above, when the UK withdraws from the EU on March 29,
2019, ICE Clear Europe believes that, in certain circumstances, there
may be regulatory limitations on its ability to provide clearing
services to persons located in the EU. As a result, ICE Clear Europe
believes it may become necessary to terminate the membership of
Clearing Members located in the EU in advance of March 29, 2019 to
remain in compliance with applicable EU law. In that event, the
Commission believes the proposed rule change would allow ICE Clear
Europe to terminate the membership of such Clearing Members. As
discussed above, Rule 209 of the Continuing CDS Rule Provisions
currently provides CDS Clearing Members with three months' notice
before ICE Clear Europe may terminate their membership (as opposed to
30 business days for F&O Clearing Members). If, as a result of the UK
ceasing to be an EU member state on March 29, 2019, it becomes unlawful
under applicable law for ICE Clear Europe to continue providing
clearing services to persons located in the EU, under current Rule 209
ICE Clear Europe would not be able to terminate the membership of such
Clearing Members because the deadline for providing three months'
notice in advance of March 29, 2019 has already passed. By changing the
notice required for termination of CDS Clearing Members from three
months to thirty business days, consistent with the existing notice
period for F&O Clearing Members, the Commission believes that the
proposed rule change would allow ICE Clear Europe to terminate the
membership of CDS Clearing Members if it determines that doing so is
necessary to avoid providing clearing services to persons located in
the EU without legal authorization.
    The Commission further understands that, in the event that it
becomes unlawful for ICE Clear Europe to provide clearing services for
persons located in the EU as a result of the UK withdrawing from the
EU, ICE Clear Europe could incur legal liability, and its personnel
could incur personal legal liability. Potential sanctions for such
legal liability could include, among other penalties, monetary
penalties and fines, potentially putting at risk funds which are in the
custody or control of ICE Clear Europe or for which it is responsible.
Moreover, providing clearing services to persons located in the EU
without legal authorization could potentially put at risk ICE Clear
Europe's ability to safeguard securities and funds held on behalf of
such persons by negating the legal basis for holding such securities
and funds. Thus, by allowing ICE Clear Europe to terminate the
membership of CDS Clearing Members located in the EU if necessary to
avoid providing clearing services to such Clearing Members in
contravention of applicable law after March 29, 2019, the Commission
believes that the proposed rule change would 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.
    Conversely, the Commission believes that, to help mitigate
potential disruption to the CDS markets that could result from the
termination of the membership of EU-based CDS Clearing Members, it
would be beneficial for ICE Clear Europe to have (i) sufficient time
prior to March 29, 2019 to determine

whether it will be able to provide clearing services to persons located
in the EU after the UK's withdrawal from the EU without violating
applicable law, and (ii) Rules that provide it with sufficient
flexibility to avoid prematurely terminating the membership of EU-based
CDS Clearing Members in the event that it makes such a determination.
Under the current Rule requiring three months' notice ICE Clear Europe
cannot terminate the membership of EU-based CDS Clearing Members prior
to March 29, 2019. The Commission believes that, by aligning the
termination notice period for CDS Clearing Members with the thirty
business days' notice period for F&O Clearing Members, the proposed
rule change would allow ICE Clear Europe additional time to determine
whether it will be able to provide clearing services to persons located
in the EU after the UK's withdrawal from the EU without violating
applicable law and, if no such determination is made, still provide ICE
Clear Europe sufficient time to provide notice of termination of
membership to EU-based CDS Clearing Members prior to March 29, 2019. In
allowing ICE Clear Europe to avoid prematurely or unnecessarily
terminating the membership of EU-based CDS Clearing Members, the
Commission believes that the proposed rule change would help ICE Clear
Europe avoid the potential disruptions that could result from Clearing
Members in the EU no longer being able to clear at ICE Clear Europe.
For example, if a Clearing Member in the EU is not able to clear CDS
contracts at ICE Clear Europe and is unable to either reduce its
positions or transfer them to an alternative clearing house, then the
Clearing Member may need to cease entering into CDS contracts with its
clients. Such a potential disruption to the clearing of CDS contracts
could negatively affect the prompt and accurate clearance and
settlement of such contracts, and, in general, the protection of
investors and the public interest.
    Section 17A(b)(3)(F) further requires that the rules of ICE Clear
Europe not be designed to permit unfair discrimination in the admission
of participants or among participants in the use of the clearing
agency.\17\ As discussed above, the proposed rule change would resolve
a disparity in ICE Clear Europe's rules. Under the current rules,
Clearing Members that only clear F&O products are provided thirty
business days' notice before ICE Clear Europe may terminate their
membership, while Clearing Members that clear CDS contracts (including
those that also clear F&O products) are provided three months' notice.
The Commission understands that, as ICE Clear Europe explains above,
this disparity is the result of ICE Clear Europe adopting recovery,
wind-down and default management rules with respect to the F&O product
category but not yet adopting similar rules with respect to the CDS
product category. Further, the Commission agrees with ICE Clear Europe
that there is no substantive reason for this difference in notice
periods and that allowing it to continue could result in unfair
discrimination between those Clearing Members that only clear F&O
products and those Clearing Members that also clear CDS contracts. The
Commission finds that the proposed rule change would resolve this
disparity and help avoid potential unfair discrimination between F&O
Clearing Members and CDS Clearing Members.
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    \17\ 15 U.S.C. 78q-1(b)(3)(F).
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    For these reasons, the Commission finds that the proposed rule
change is consistent with Section 17A(b)(3)(F) of the Exchange Act.\18\
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    \18\ 15 U.S.C. 78q-1(b)(3)(F).
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(B) Consistency With Rule 17Ad-22(e)(1)

    Rule 17Ad-22(e)(1) requires that ICE Clear Europe establish,
implement, maintain and enforce written policies and procedures
reasonably designed to provide for a well-founded, clear, transparent,
and enforceable legal basis for each aspect of its activities in all
relevant jurisdictions.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 240.17Ad-22(e)(1).
---------------------------------------------------------------------------

    As discussed above, ICE Clear Europe believes that, in certain
circumstances, it could become unlawful under applicable law to
continue providing clearing services to EU-based Clearing Members after
the UK's withdrawal from the EU on March 29, 2019. In that event, ICE
Clear Europe may determine that it must terminate the membership of
such Clearing Members prior to that date in order to remain in
compliance with applicable law. However, because Rule 209 of the
Continuing CDS Rule Provisions currently provides CDS Clearing Members
with three months' notice before ICE Clear Europe may terminate their
membership, ICE Clear Europe would not be able to terminate the
membership of EU-based CDS Clearing Members by March 29, 2019 because
the deadline for providing notice by that time has already passed. The
Commission believes that the proposed rule change would remedy this
issue by permitting ICE Clear Europe to provide thirty business days'
notice rather than three months, which would be consistent with the
current notice requirement for F&O Clearing Members and allow ICE Clear
Europe sufficient time to determine whether it must terminate the
membership of EU-based Clearing Members and, if such a determination is
made, provide the required notice. At the same time, if ICE Clear
Europe determines that it continues to be able to comply with
applicable laws and still provide clearing services to EU-based
Clearing Members after March 29, 2019, the proposed rule change would
allow ICE Clear Europe to avoid prematurely terminating the membership
of such Clearing Members. Thus, by permitting ICE Clear Europe to
remain in compliance with applicable law and with its own Rules, and by
providing ICE Clear Europe sufficient time to determine whether it must
terminate the membership of EU-based CDS Clearing Members to remain in
compliance with applicable law, the Commission believes that the
proposed rule change would allow ICE Clear Europe to provide for a
well-founded, clear, transparent, and enforceable legal basis for its
clearing services as required by Rule 17Ad-22(e)(1).
    For these reasons, the Commissions finds that the proposed rule
change is consistent with Rule 17Ad-22(e)(1).\20\
---------------------------------------------------------------------------

    \20\ 17 CFR 240.17Ad-22(e)(1).
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(C) Accelerated Approval of the Proposed Rule Change

    In its filing, ICE Clear Europe requests that the Commission grant
accelerated approval of the proposed rule change pursuant to Section
19(b)(2)(C)(iii) of the Exchange Act.\21\ Under Section
19(b)(2)(C)(iii) of the Act,\22\ 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, in the event that ICE Clear Europe determines that
it must terminate the membership of EU-based Clearing Members to remain
in compliance with applicable law following the UK's withdrawal from
the EU on March 29, 2019, the thirty business day notice period that
would be afforded by the proposed rule change is necessary to provide
ICE Clear Europe with sufficient time prior to that date to provide
such Clearing Members with the required notice of termination.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78s(b)(2)(C)(iii).
    \22\ Id.
---------------------------------------------------------------------------

    The Commission finds good cause, pursuant to Section
19(b)(2)(C)(iii) of

the Act,\23\ for approving the proposed rule change 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 to
permit ICE Clear Europe to terminate the membership of EU-based CDS
Clearing Members prior to the UK's withdrawal from the EU on March 29,
2019 should ICE Clear Europe determine that such termination is
necessary to remain in compliance with applicable law after that date.
Additionally, the Commission notes that the proposed rule change would
help ICE Clear Europe to avoid prematurely terminating the membership
of EU-based CDS Clearing Members in the event that ICE Clear Europe
determines that it can continue to provide clearing services to such
members after March 29, 2019 while remaining in compliance with
applicable law.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78s(b)(2)(C)(iii).
---------------------------------------------------------------------------

V. Conclusion

    On the basis of the foregoing, the Commission finds that the
proposed rule change is consistent with the requirements of the Act and
in particular with the requirements of Section 17A(b)(3)(F) of the Act
\24\ and the Rule 17Ad-22(e)(1) \25\ thereunder.
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    \24\ 15 U.S.C. 78q-1(b)(3)(F).
    \25\ 17 CFR 240.17Ad-22(e)(1).
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    It is therefore ordered pursuant to Section 19(b)(2) of the Act
\26\ that the proposed rule change (SR-ICEEU-2019-001) be, and hereby
is, approved on an accelerated basis.\27\
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    \26\ 15 U.S.C. 78s(b)(2).
    \27\ 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).
    \28\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-02114 Filed 2-12-19; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 162 (Monday, August 22, 2016)]
[Notices]
[Pages 56674-56675]
[FR Doc No: 2016-19907]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2016-0002]

Final Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Final notice.

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SUMMARY: Flood hazard determinations, which may include additions or
modifications of Base Flood Elevations (BFEs), base flood depths,
Special Flood Hazard Area (SFHA) boundaries or zone designations, or
regulatory floodways on the Flood Insurance Rate Maps (FIRMs) and where
applicable, in the supporting Flood Insurance Study (FIS) reports have
been made final for the communities listed in the table below.
    The FIRM and FIS report are the basis of the floodplain management
measures that a community is required either to adopt or to show
evidence of having in effect in order to qualify or remain qualified
for participation in the Federal Emergency Management Agency's (FEMA's)
National Flood Insurance Program (NFIP). In addition, the FIRM and FIS
report are used by insurance agents and others to calculate appropriate
flood insurance premium rates for buildings and the contents of those
buildings.

DATES: The effective date of August 3, 2016 which has been established
for the FIRM and, where applicable, the supporting FIS report showing
the new or modified flood hazard information for each community.

ADDRESSES: The FIRM, and if applicable, the FIS report containing the
final flood hazard information for each community is available for
inspection at the respective Community Map Repository address listed in
the tables below and will be available online through the FEMA Map
Service Center at www.msc.fema.gov by the effective date indicated
above.

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
500 C Street SW., Washington, DC 20472,<PHONE_NUMBER>, or (email)
<EMAIL_ADDRESS>or visit the FEMA Map Information
eXchange (FMIX) online at www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) makes the final determinations listed below for the new or
modified flood hazard information for each community listed.
Notification of these changes has been published in newspapers of local
circulation and 90 days have elapsed since that publication. The Deputy
Associate Administrator for Mitigation has resolved any appeals
resulting from this notification.
    This final notice is issued in accordance with section 110 of the
Flood Disaster Protection Act of 1973, 42 U.S.C. 4104, and 44 CFR part
67. FEMA has developed criteria for floodplain management in floodprone
areas in accordance with 44 CFR part 60.
    Interested lessees and owners of real property are encouraged to
review the new or revised FIRM and FIS report available at the address
cited below for each community or online through the FEMA Map Service
Center at www.msc.fema.gov.
    The flood hazard determinations are made final in the watersheds
and/or communities listed in the table below.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: August 3, 2016.
Roy E. Wright,
Deputy Associate Administrator for Insurance and Mitigation, Department
of Homeland Security, Federal Emergency Management Agency.

    I. Non-watershed-based studies:

------------------------------------------------------------------------
                                             Community map repository
               Community                             address
------------------------------------------------------------------------
             Napa County, California, and Incorporated Areas
                         Docket No.: FEMA-B-1502
------------------------------------------------------------------------
City of American Canyon................  Community Development
                                          Department, 4381 Broadway
                                          Street, Suite 201, American
                                          Canyon, CA 94503.
City of Napa...........................  Public Works Department, 1600
                                          1st Street, Napa, CA 94559.
Unincorporated Areas of Napa County....  Public Works Department, 1195
                                          3rd Street, Suite 201, Napa,
                                          CA 94559.
------------------------------------------------------------------------

            Solano County, California, and Incorporated Areas
                         Docket No.: FEMA-B-1502
------------------------------------------------------------------------
City of Benicia........................  Public Works Division, 250 East
                                          L Street, Benicia, CA 94510.
City of Fairfield......................  Public Works, Engineering
                                          Division, 1000 Webster Street,
                                          Fairfield, CA 94533.
City of Suisun City....................  Public Works Department, 701
                                          Civic Center Boulevard, Suisun
                                          City, CA 94585.
City of Vallejo........................  Public Works, 555 Santa Clara
                                          Street, Vallejo, CA 94590.
Unincorporated Areas of Solano County..  Public Works Department, 675
                                          Texas Street, Suite 5500,
                                          Fairfield, CA 94553.
------------------------------------------------------------------------
            Saunders County, Nebraska, and Incorporated Areas
                         Docket No.: FEMA-B-1511
------------------------------------------------------------------------
City of Wahoo..........................  City Hall, 605 North Broadway
                                          Street, Wahoo, NE 68066.
Unincorporated Areas of Saunders County  Saunders County Courthouse, 433
                                          North Chestnut Street, Wahoo,
                                          NE 68066.
------------------------------------------------------------------------

[FR Doc. 2016-19907 Filed 8-19-16; 8:45 am]
BILLING CODE 9110-12-P