[Federal Register Volume 85, Number 161 (Wednesday, August 19, 2020)]
[Notices]
[Pages 51124-51125]
[FR Doc No: 2020-18089]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89545; File No. SR-CboeBZX-2020-053]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change, as Modified by Amendment No. 1, To List and Trade Shares of the
2x Long VIX Futures ETF, a Series of VS Trust, Under Rule 14.11(f)(4)
(``Trust Issued Receipts'')

August 13, 2020.
    On June 23, 2020, Cboe BZX Exchange, Inc. (``BZX'') 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 list and trade
shares of the 2x Long VIX Futures ETF, a series of VS Trust, under Rule
14.11(f)(4) (``Trust Issued Receipts''). On June 26, 2020, the Exchange
filed Amendment No. 1 to the proposed rule change. The proposed rule
change, as modified by Amendment No. 1, was published for comment in
the Federal Register on July 10, 2020.\3\ 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 August 24,

2020. The Commission is extending this 45-day time period.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 89234 (July 6,
2020), 85 FR 41644. Comments on the proposed rule change can be
found at: https://www.sec.gov/comments/sr-cboebzx-2020-053/srcboebzx2020053.htm.
    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\5\ designates October 8, 2020, as the date by which the Commission
shall either approve or disapprove or institute proceedings to
determine whether to disapprove the proposed rule change (File Number
SR-CboeBZX-2020-053), as modified by Amendment No. 1.
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-18089 Filed 8-18-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 83 (Monday, May 3, 2021)]
[Notices]
[Pages 23445-23453]
[FR Doc No: 2021-09025]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91676; File No. SR-LCH SA-2021-001]

Self-Regulatory Organizations; LCH SA; Notice of Filing of
Proposed Rule Change Relating to the Clearing of Single-Name Credit
Default Swaps by U.S. Customers

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 13, 2021, Banque Centrale de Compensation, which conducts
business under the name LCH SA (``LCH SA''), filed with the Securities
and Exchange Commission (``Commission'') the proposed rule change
described in Items I, II and III below, which Items have been prepared
primarily by LCH SA. 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. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    (a) Banque Centrale de Compensation, which conducts business under
the name LCH SA (``LCH SA''), is proposing to amend its (i) CDS
Clearing Rule Book (the ``Rule Book''), (ii) CDS Clearing Supplement
(the ``Clearing Supplement''), (iii) some of its CDS Clearing
Procedures (the ``Procedures''), and (iv) FCM Clearing Regulations
(``Clearing Regulations''), to allow LCH SA to offer clearing services
in respect of single-name credit default swaps (``CDS'') that are
``security-based swaps'' (``SBS'') (``Single-Name CDS'') to be
submitted by Clearing Members on behalf of their U.S. Clients for
clearing by LCH SA.\3\ LCH SA is also proposing to revise a number of
its rules to make additional amendments and conforming and clarifying
amendments for consistency purposes. The text of the proposed rule
change has been annexed as Exhibit 5. The launch of clearing Single-
Name CDS for U.S. Clients will be contingent upon LCH SA's receipt of
all necessary regulatory approvals, including the approval by the
Commission of the proposed rule change described herein.
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    \3\ Capitalized terms used but not defined herein shall have the
meaning specified in the Rule Book, the Clearing Supplement, the
Procedures and the Clearing Regulations, as applicable.
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    (b) Not applicable.
    (c) Not applicable.

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

    In its filing with the Commission, LCH SA 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. LCH SA has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of these statements.

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

(a) Purpose
    The purpose of the proposed rule change is to revise LCH SA's rules
and procedures to (1) allow LCH SA to extend its clearing services in
respect of Single-Name CDS for U.S. Clients of Clearing Members and (2)
make additional amendments and conforming and clarifying amendments for
consistency purposes.
(1) Amendments To Permit LCH SA To Offer Clearing Services in Relation
to the Clearing of Single-Name CDS for U.S. Clients
    Under the derivatives regulatory regime established by Title VII of
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,
the SEC was given regulatory authority over derivatives that qualify as
``security-based swaps'' and the US Commodity Futures Trading
Commission (``CFTC'') was given regulatory authority over derivatives
that qualify as ``swaps.'' As a result of this division of regulatory
responsibility, certain index CDS that are not based on a narrow-based
security index constitute ``swaps'' subject to the regulations of the
CFTC. On the other hand, Single-Name CDS constitute ``security-based
swaps'' subject to the regulations of the SEC. Currently, U.S. Clients
are permitted to clear index CDS that qualify as ``swaps'' at LCH SA
but not Single-Name CDS.
    A Single-Name CDS is a contract based on the credit risk of a
single issuer (a ``Reference Entity'') in which the

buyer of protection transfers the credit risk of the Reference Entity
to the seller of protection without transferring the underlying
obligation of the Reference Entity. The key terms of a Single-Name CDS
include, among other things, (1) the identity of the Reference Entity,
(2) the agreed upon notional amount, (3) the maturity date, (4)
required payments by the protection buyer, (5) ``credit events'' that
result in an obligation from the protection seller to the protection
buyer, and (6) settlement terms. Upon the launch of clearing of Single-
Name CDS for U.S. Clients, LCH SA will provide central counterparty
services for such Single-Name CDS that are accepted for clearing.
    The proposed changes described below would allow U.S. Clients to
clear Single-Name CDS at LCH SA.
i. Rule Book
a. Changes to Defined Terms
    The Rule Book would be amended to add several new defined terms in
order to accommodate the extension of LCH SA's CDS Clearing Services in
respect of Single-Name CDS submitted to LCH SA for clearing on behalf
of U.S. Clients. Specifically, LCH SA proposes to add a definition for
``BD'' as a legal entity that is a ``broker'' or ``dealer'' as defined
in Section 3(a)(4) or 3(a)(5) of the Securities Exchange Act of 1934
(the ``Exchange Act''), respectively, and is registered in such
capacity with the SEC and a member in good standing of FINRA (a defined
term of ``FINRA'' would be added to the Rule Book and defined as the
Financial Industry Regulatory Authority, Inc., or any successor
thereto). The term ``FCM Clearing Member'' would in turn be retitled as
``FCM/BD Clearing Member'' and would be defined as any FCM, BD, or
legal entity that is both an FCM and BD that has been admitted as a
clearing member. ``FCM Client'' would likewise be retitled as ``FCM/BD
Client'' and would mean any Client that is (i) a Cleared Swaps Customer
of an FCM/BD Clearing Member to which the FCM/BD Clearing Member
provides CDS Client Clearing Services with respect to positions in FCM/
BD Cleared Transactions that are ``Cleared Swaps,'' or (ii) an SBS
Customer of an FCM/BD Clearing Member to which the FCM/BD Clearing
Member provides CDS Client Clearing Services with respect to positions
in FCM/BD Cleared Transactions that are SBS. A defined term ``SBS
Customer'' would be added to the Rule Book and would be defined as
``security-based swap customer'' (as defined in Exchange Act Rule 15c3-
3) \4\ of an FCM/BD Clearing Member to which the FCM/BD Clearing Member
provides CDS Client Clearing Services with respect to positions in FCM/
BD Cleared Transactions that are SBS in one or more accounts described
in the FCM/BD SBS Client Account Structure.
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    \4\ 17 CFR 240.15c3-3.
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    A new defined term ``Cleared Swap'' would be added in the Rule
Book, in order to differentiate between ``swaps'' and ``SBS'' and the
different account structures for each (as further described below), to
mean an ``FCM/BD Cleared Transaction'' (i) constituting a ``Cleared
Swap'' as defined in CFTC Regulation 22.1 \5\ or (ii) constituting an
SBS that is held in the FCM/BD Swaps Client Account Structure.\6\ A
``Cleared Swaps Customer,'' in turn, would be defined as (i) a
``Cleared Swaps Customer,'' as defined in CFTC Regulation 22.1, of an
FCM/BD Clearing Member with respect to Cleared Swaps that is an
eligible contract participant as defined in Section 1a(18) of the U.S.
Commodity Exchange Act, other than subparagraph (C) thereof, or as may
be further defined by CFTC Regulations, and (ii) a person that would be
a ``Cleared Swaps Customer,'' as defined in CFTC Regulation 22.1, of an
FCM/BD Clearing Member with respect to any transaction constituting an
SBS that is a Cleared Swap, as if such transaction is a Cleared Swap
for purposes of the definition of ``Cleared Swaps Customer'' in CFTC
Regulation 22.1.\7\ ``Cleared Swaps Customer Collateral'' would be
defined as ``Cleared Swaps Customer Collateral,'' as defined in CFTC
Regulation 22.1, with respect to Cleared Swaps, including with respect
to any transaction constituting an SBS that is a Cleared Swap, as if
such transaction is a Cleared Swap for purposes of the definition of
``Cleared Swaps Customer Collateral'' in CFTC Regulation 22.1.\8\
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    \5\ 17 CFR 22.1
    \6\ SBS held in the FCM/BD Swaps Client Account structure would
include SBS eligible for portfolio margining as contemplated in the
Commission's Order Granting Conditional Exemptions under the
Securities Exchange Act of 1934 in connection with Portfolio
Margining of Swaps and Security-Based Swaps. See Order Granting
Conditional Exemptions Under the Securities Exchange Act of 1934 in
Connection With Portfolio Margining of Swaps and Security-Based
Swaps, Exchange Act Release No. 68433 (Dec. 14, 2012), 77 FR 75211
(Dec. 19, 2012) (the ``Portfolio Margining Order'').
    \7\ 17 CFR 22.1
    \8\ 17 CFR 22.1
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    The defined terms in the Rule Book which relate to the account
structure in which collateral for Cleared Swaps and SBS would be held
would be revised to accommodate three account structures: (1) A
separate account structure for Cleared Swaps, (2) a separate account
structure for SBS, and (3) an account structure in which an FCM/BD
Clearing Member that is both an FCM and a BD may elect to clear and
hold margin for FCM/BD Cleared Transactions that are SBS for FCM/BD
Clients on a commingled basis with Cleared Swaps in accordance with the
Portfolio Margining Order. Each account structure is described in
further detail below and the defined terms (and the changes to existing
defined terms) with respect to those account structures would include:
     ``FCM/BD Client Account Structure'' would mean the
accounts comprising the FCM/BD Swaps Client Account Structure and the
FCM/BD SBS Client Account Structure set out in the Rule Book and
registered in the CDS Clearing System in the name of an FCM/BD Clearing
Member.
     ``FCM/BD Swaps Client Account Structure'' would mean the
accounts comprising the FCM/BD Swaps Client Account Structure and
registered in the CDS Clearing System in the name of an FCM/BD Clearing
Member.
     ``FCM/BD SBS Client Account Structure'' would mean the
accounts comprising the FCM/BD SBS Client Account Structure and
registered in the CDS Clearing System in the name of an FCM/BD Clearing
Member.
     ``FCM/BD Client Collateral Account'' would mean an FCM/BD
Swaps Client Collateral Account and/or an FCM/BD SBS Client Collateral
Account.
     ``FCM/BD Swaps Client Collateral Account'' would mean an
account opened in the books of LCH SA to record the Collateral held by
LCH SA for the benefit of an FCM/BD Clearing Member's FCM/BD Clients
with respect to Cleared Swaps, the aggregate value of such Collateral
being divided among, and recorded in: (i) The FCM/BD Swaps Client
Financial Account; (ii) the FCM/BD Swaps Buffer Financial Account; and
(iii) the FCM/BD Swaps Unallocated Client Collateral Financial Account.
     ``FCM/BD SBS Client Collateral Account'' would mean an
account opened in the books of LCH SA to record the Collateral held by
LCH SA for the benefit of an FCM/BD Clearing Member's SBS Customers
with respect to FCM/BD Cleared Transactions that are SBS (excluding any
SBS transactions held in the FCM/BD Swaps Client Account Structure as
Cleared Swaps), the aggregate value of such Collateral being divided
among, and recorded in: (i) The FCM/BD SBS Client Financial Accounts;
(ii) the FCM/BD SBS Buffer Financial Account; and (iii) the FCM/

BD SBS Client Excess Collateral Financial Account.
     ``FCM/BD Client Financial Account'' would mean an FCM/BD
Swaps Client Financial Account or an FCM/BD SBS Client Financial
Account.
     ``FCM/BD Swaps Client Financial Account'' would mean a
segregated account opened in the books of LCH SA for each Cleared Swaps
Customer of an FCM/BD Clearing Member with a view to record the Legally
Segregated Value related to Cleared Swaps of such Cleared Swaps
Customer as determined by LCH SA in accordance with the CDS Clearing
Rules.
     ``FCM/BD SBS Client Financial Account'' would mean a
segregated account opened in the books of LCH SA for an SBS Customer of
an FCM/BD Clearing Member with a view to record the Legally Segregated
Value related to SBS (excluding SBS that are held in the FCM/BD Swaps
Client Account Structure as Cleared Swaps) of such FCM/BD Clearing
Member's SBS Customer as determined by LCH SA in accordance with the
CDS Clearing Rules.
     ``FCM/BD Client Margin Account'' would mean an FCM/BD
Swaps Client Margin Account or an FCM/BD SBS Client Margin Account.
     ``FCM/BD Swaps Client Margin Account'' would mean an
account opened by LCH SA in the name of an FCM/BD Clearing Member for
the benefit of each Cleared Swaps Customer of such FCM/BD Clearing
Member in the CDS Clearing System for risk management purposes, in
which the FCM/BD Cleared Transactions of such Client that are Cleared
Swaps are netted and corresponding Open Positions are registered, and
each FCM/BD Client related Cleared Swaps positions corresponding to
Eligible Intraday Transactions and Irrevocable Backloading STM
Transactions pre-registered in the Account Structure of such FCM/BD
Clearing Member (if so applicable) are recorded, in order to calculate
the FCM/BD Client Margin Requirement and Client NPV Payment Requirement
of such FCM/BD Clearing Member in respect of such FCM/BD Client.
     ``FCM/BD SBS Client Margin Account'' would mean an account
opened by LCH SA in the name of an FCM/BD Clearing Member for the
benefit of each SBS Customer of such FCM/BD Clearing Member in the CDS
Clearing System for risk management purposes, in which the SBS of the
SBS Customers (excluding SBS that are held in the FCM/BD Swaps Client
Account Structure as Cleared Swaps) are netted and corresponding Open
Positions are registered, and each FCM/BD Client related SBS positions
(excluding SBS transactions that are held in the FCM/BD Swaps Client
Account Structure as Cleared Swaps) corresponding to Eligible Intraday
Transactions and Irrevocable Backloading STM Transactions pre-
registered in the Account Structure of such FCM/BD Clearing Member (if
so applicable) are recorded, in order to calculate the FCM/BD Client
Margin Requirement and Client NPV Payment Requirement of such FCM/BD
Clearing Member in respect of such SBS Customer.
     ``FCM/BD Client Trade Account'' would mean an FCM/BD Swaps
Client Trade Account or an FCM/BD SBS Client Trade Account.
     ``FCM/BD Swaps Client Trade Account'' would mean an
account opened by LCH SA in the name of an FCM/BD Clearing Member for
the benefit of a Customer of such FCM/BD Clearing Member in order to
register all Cleared Swaps (including any SBS that are held in the FCM/
BD Swaps Client Account Structure as Cleared Swaps) in relation to such
FCM/BD Client.
     ``FCM/BD SBS Client Trade Account'' would mean an account
opened by LCH SA in the name of an FCM/BD Clearing Member for the
benefit of an SBS Customer of such FCM/BD Clearing Member in order to
register all SBS cleared by such FCM/BD Clearing Member (excluding SBS
that are held in the FCM/BD Swaps Client Account Structure as Cleared
Swaps) in relation to such SBS Customer.
     ``FCM/BD Buffer Financial Account'' would mean an FCM/BD
Swaps Buffer Financial Account or an FCM/BD SBS Buffer Financial
Account.
     ``FCM/BD Swaps Buffer Financial Account'' would mean a
segregated account opened in the books of LCH SA to record the value of
an FCM/BD Clearing Member's FCM/BD Client Collateral Buffer with
respect to Cleared Swaps.
     ``FCM/BD SBS Buffer Financial Account'' would mean a
segregated account opened in the books of LCH SA to record the value of
an FCM/BD Clearing Member's FCM/BD SBS Client Collateral Buffer.
     ``FCM/BD Client Collateral Buffer'' would mean FCM/BD
Swaps Client Collateral Buffer or FCM/BD SBS Client Collateral Buffer.
     ``FCM/BD Swaps Client Collateral Buffer'' would mean the
aggregate value of Collateral transferred by an FCM/BD Clearing Member
to LCH SA, comprising such FCM/BD Clearing Member's own property, and
recorded in such FCM/BD Clearing Member's FCM/BD Swaps Buffer Financial
Account which may be used by LCH SA to meet obligations in respect of
the Cleared Swaps of Cleared Swaps Customers, including for the purpose
of satisfying the Notional and Collateral Checks performed by LCH SA in
respect of Eligible Intraday Transactions comprising one or more Client
Trade Leg(s).
     ``FCM/BD SBS Client Collateral Buffer'' would mean the
aggregate value of Collateral transferred by an FCM/BD Clearing Member
to LCH SA, comprising such FCM/BD Clearing Member's own property, and
recorded in such FCM/BD Clearing Member's FCM/BD SBS Buffer Financial
Account which may be used by LCH SA to meet obligations in respect of
the FCM/BD Cleared Transactions of SBS Customers, including for the
purpose of satisfying the Notional and Collateral Checks performed by
LCH SA in respect of Eligible Intraday Transactions comprising one or
more Client Trade Leg(s).
     ``FCM/BD Available Client Collateral Buffer'' would mean
the FCM/BD Swaps Available Client Collateral Buffer or the FCM/BD SBS
Available Client Collateral Buffer.
     ``FCM/BD Swaps Available Client Collateral Buffer'' would
mean the portion of the FCM/BD Swaps Client Collateral Buffer which, at
the relevant time, is not allocated to any FCM/BD Swaps Client Margin
Account and is available to be used to enable the novation of Client
Trade Legs.
     ``FCM/BD SBS Available Client Collateral Buffer'' would
mean the portion of the FCM/BD SBS Client Collateral Buffer which, at
the relevant time, is not allocated to any FCM/BD SBS Client Margin
Account and is available to be used to enable the novation of Client
Trade Legs.
     ``FCM/BD Swaps Client Excess Collateral'' would mean the
amount of any FCM/BD Excess Collateral attributable to an FCM/BD Swaps
Client Margin Account and held on an intraday basis prior to the next
Morning Call before it is transferred to the related FCM/BD Clearing
Member's FCM/BD Swaps Unallocated Client Collateral Financial Account.
     ``FCM/BD SBS Client Excess Collateral'' would mean the
FCM/BD Client Excess Collateral as set out in the proposed new Article
<IP_ADDRESS>(ii) of the Rule Book.
     ``FCM/BD SBS Client Excess Collateral Financial Account''
would mean a segregated account opened in the books of LCH SA to record
the value of FCM/BD SBS Client Excess Collateral as determined by LCH
SA.

     ``FCM/BD Swaps Unallocated Client Collateral Financial
Account'' would mean a segregated account opened in the books of LCH SA
to record the value of FCM/BD Swaps Unallocated Client Excess
Collateral as determined by LCH SA.
     ``FCM/BD Swaps Unallocated Client Excess Collateral''
would mean the FCM/BD Client Excess Collateral as set out in the
proposed amended Section 6.2.5 of the Rule Book.
    Changes to the Rule Book would also be made in certain
jurisdictional definitions to reflect that SBS would be available for
Clearing to U.S. Clients. Specifically, ``Non-U.S. CCM'' would be
defined, when used in the context of an Original Transaction, as a CCM
that has its residence in, is organized under the laws of, or has its
principal place of business located in, a jurisdiction other than the
United States, its territories or possessions and is not a registered
BD or FCM. A ``Non-U.S. CCM Client'' would be defined as a CCM Client
that is not a U.S. CCM Client. A ``U.S. CCM Client'' would be defined
as a Client of an FCM or a BD or any Client that has its residence in,
is organized under the laws of, or has its principal place of business
located in the United States, its territories or possessions.
    The following defined terms in Chapter 1, Section 1.1.1 would also
include conforming changes to accommodate the clearing of Single-Name
CDS for U.S. Clients: ``Account Structure,'' ``Affiliate,'' ``Allocated
Client Collateral Buffer,'' ``Available Client Collateral Buffer,''
``Backup Clearing Member,'' ``Carrying Clearing Member,'' ``CCM,''
``CDS Clearing Rules,'' ``CDS Clearing Service,'' ``Cleared
Transaction,'' ``Client,'' ``Client Account Structure,'' ``Client
Assets,'' ``Client Collateral Account,'' ``Client Collateral Buffer,''
``Client Collateral Buffer Shortfall,'' ``Client Collateral Buffer
Threshold,'' ``Client Excess Collateral,'' ''Client Margin Account,''
''Client Margin Requirement,'' ''Client Margin Shortfall,'' ''Client
Termination Amount,'' ''Client Trade Account,'' ``Excess Collateral,''
``Excess Collateral Threshold,'' ``FCM Allocated Client Collateral
Buffer,'' ``FCM CDS Clearing Regulations,'' ``FCM Cleared
Transaction,'' ``FCM Client Collateral Buffer Shortfall,'' ``FCM Client
Collateral Buffer Threshold,'' ``FCM Client Excess Collateral,'' ``FCM
Client Margin Requirement,'' ``FCM Client Margin Shortfall,'' ``FCM
Client Termination Amount,'' ``FCM Excess Collateral,'' ``FCM House
Cleared Transaction,'' ``FCM House Collateral Account,'' ``FCM House
Excess Collateral,'' ``FCM House Excess Collateral Shortfall,'' ``FCM
House Excess Collateral Threshold,'' ``FCM House Margin Account,''
``FCM House Margin Requirement,'' ``FCM House Margin Shortfall,'' ``FCM
Margin Balance,'' ``FCM Required Collateral Amount,'' ``General
Member,'' ``House Collateral Account,'' ``House Excess Collateral,''
``House Excess Collateral Shortfall,'' ``House Excess Collateral
Threshold,'' ``House Margin Account,'' ``House Margin Requirement,''
``House Margin Shortfall,'' ``Legally Segregated Value,'' ``Margin
Account,'' ``Margin Balance,'' ``Notional and Collateral Check,''
``Porting FCM Cleared Transaction,'' ``Receiving Clearing Member,''
``Required Collateral Amount,'' and ``Select Member.''
    In addition to the foregoing changes, various other conforming and
clarifying changes would be made throughout Title I (General Provisions
& Legal Framework) to incorporate terms to accommodate Single-Name CDS
cleared for FCM/BD Clients. Those conforming and clarifying changes are
set forth in Articles <IP_ADDRESS>(xix) and (xxi), <IP_ADDRESS>(vii), (x) and
(xi), <IP_ADDRESS>, <IP_ADDRESS>(iv), <IP_ADDRESS>(vi), <IP_ADDRESS>, <IP_ADDRESS> (ii)--(iv),
<IP_ADDRESS>, and <IP_ADDRESS>.
b. Membership and Clearing Operations
    Article <IP_ADDRESS> of the Rule Book would be revised to provide that,
without prejudice to the membership requirements set out in the CDS
Clearing Rules and applicable law, both FCMs and BDs are eligible to
become FCM/BD Clearing Members.
    Additional conforming and clarifying changes would be made
throughout Title II (Legal Obligations) to include terms for Single-
Name CDS and certain other clarifying changes, including in Article
<IP_ADDRESS>, <IP_ADDRESS> (iv), (xxi), (xxiv), and (xxv), <IP_ADDRESS>, <IP_ADDRESS>,
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, and <IP_ADDRESS>.
c. Risk Management
    The procedures with respect to the return of collateral are set
forth in Article <IP_ADDRESS> of the Rule Book and would be revised, in the
case of an FCM/BD Clearing Member, so that if the FCM/BD Margin Balance
of an FCM/BD Client Financial Account exceeds the relevant FCM/BD
Client Margin Requirement prior to the Morning Call or the value of the
Collateral attributed to the FCM/BD Buffer Financial Account exceeds
the FCM/BD Client Collateral Buffer Threshold, then the amount of the
excess: (1) If related to Cleared Swaps, will be reclassified as FCM/BD
Swaps Unallocated Client Excess Collateral; and (2) if related to SBS
(excluding SBS that are held in the FCM/BD Swaps Client Account
Structure as Cleared Swaps (as described below)), will be reclassified
as FCM/BD SBS Client Excess Collateral, and thereafter may be returned
to the FCM/BD Clearing Member.
    Other conforming changes in Title IV (Risk Management) of the Rule
Book are set forth in Article <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>,
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>(i), (x), (xv) and (xix),
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>(i), <IP_ADDRESS>, and <IP_ADDRESS>.
d. CDS Client Clearing Services Provided by a CCM
    Article <IP_ADDRESS>, which relates to the provision of CDS Client
Clearing Services and sets limitations on the scope of services that
may be provided by a Clearing Member that is a CCM, previously
provided, in clause (v), that a Non-U.S. CCM shall not provide CDS
Client Clearing Services to any U.S. CCM Client with respect to an
Original Transaction that is SBS and that a U.S. CCM shall not provide
any CDS Client Clearing Services to any U.S. CCM Client with respect to
an Original Transaction that is SBS. Clause (v) of Article <IP_ADDRESS>
would be deleted in its entirety. Separately, clause (vi) would be re-
numbered as clause (v) and would provide that a CCM shall not provide
CDS Client Clearing Services to any U.S. CCM Client with respect to an
Original Transaction (which would include any SBS) unless such CCM is
an FCM and/or BD.
e. CDS Client Clearing Services Provided by an FCM/BD Clearing Member
    Article <IP_ADDRESS>(vi) previously provided that an FCM shall not
provide CDS Client Clearing Services to any FCM Client with respect to
SBS; it would be revised to delete that restriction.
    Article <IP_ADDRESS> sets forth the required account structure for FMC/
BD Clearing Members. Article <IP_ADDRESS>(i) would set forth the required
account structure for an FCM (which may also be a BD) with respect to
any Cleared Swaps, which would entail:
     An FCM/BD Swaps Client Trade Account for each Cleared
Swaps Customer.
     An FCM/BD Swaps Client Margin Account for each Cleared
Swaps Customer.
     An FCM/BD Swaps Client Financial Account for each Cleared
Swaps Customer.
     An FCM/BD Swaps Unallocated Client Collateral Financial
Account.
     An FCM/BD Swaps Buffer Financial Account.
     An FCM/BD Swaps Client Collateral Account.

    For an FCM/BD Clearing Member that is a BD (which may also be an
FCM), with respect to SBS (excluding SBS that are permitted to be held
in an account with Cleared Swaps), Article <IP_ADDRESS>(ii) would require
the following account structure:
     An FCM/BD SBS Client Trade Account for each SBS Customer.
\9\
---------------------------------------------------------------------------

    \9\ Article <IP_ADDRESS>, which relates to the establishments of
trade accounts, would be revised to provide for the establishment of
FCM/BD SBS Client Trade Accounts for SBS Customers.
---------------------------------------------------------------------------

     An FCM/BD SBS Client Margin Account for each SBS
Customer.\10\
---------------------------------------------------------------------------

    \10\ Article <IP_ADDRESS>, which relates to the establishment of
client margin accounts, would be revised to provide for the
establishment of FCM/BD SBS Client Margin Accounts for SBS
Customers. Article <IP_ADDRESS> would be revised to provide that FCM/BD
Cleared Transactions (i) registered in an FCM/BD Swaps Client Trade
Account for a Cleared Swaps Customer will be allocated to the
corresponding FCM/BD Cleared Swaps Client Margin Account and (ii)
registered in an FCM/BD SBS Client Trade Account for an SBS Customer
will be allocated to the corresponding FCM/BD SBS Client Margin
Account, for the purpose of the determination of the Open Positions
and NPV Payment Requirements attributable to such FCM/BD Client.
---------------------------------------------------------------------------

     An FCM/BD SBS Client Financial Account for each SBS
Customer.\11\
---------------------------------------------------------------------------

    \11\ Article <IP_ADDRESS>, which relates to the establishment of
Client Financial Accounts, would be revised to include a new clause
(ii) (a) setting forth the establishment of an FCM/BD SBS Client
Financial Account for each SBS Customer, in which LCH SA will record
the value of Collateral provided by the FCM/BD Clearing Member in
respect of such SBS Customer's Open Positions in SBS.
---------------------------------------------------------------------------

     An FCM/BD SBS Client Excess Collateral Financial
Account.\12\
---------------------------------------------------------------------------

    \12\ Article <IP_ADDRESS>(ii)(c) would be added to provide that LCH
SA shall open an FCM/BD SBS Client Excess Collateral Financial
Account, in which LCH SA will record the value of FCM/BD SBS Client
Excess Collateral. Article <IP_ADDRESS> (ii) would provide that an FCM/BD
Clearing Member is not permitted to maintain any FCM/BD Client
Excess Collateral on a day-to-day basis with respect to SBS, but may
hold FCM/BD Client Excess Collateral on an intraday basis and that
LCH SA shall transfer the value of any FCM/BD Client Excess
Collateral that is reflected in any FCM/BD SBS Client Financial
Account of the FCM/BD Clearing Member prior to the Morning Call to
the FCM/BD Clearing Member's FCM/BD SBS Client Excess Collateral
Financial Account. In addition, Article <IP_ADDRESS>(iv) would provide
that LCH SA shall hold FCM/BD SBS Client Excess Collateral in the
FCM/BD SBS Client Excess Collateral Financial Account for the
benefit of FCM/BD Clearing Member's FCM/BD Clients that are SBS
customers as a class in accordance with SEC regulations and
Applicable Law and that upon the request of an FCM/BD Clearing
Member, LCH SA will return FCM/BD SBS Client Excess Collateral to
such FCM/BD Clearing Member.
---------------------------------------------------------------------------

     An FCM/BD SBS Buffer Financial Account.\13\
---------------------------------------------------------------------------

    \13\ Article <IP_ADDRESS>(ii)(b) would be added to provide that LCH
SA shall open an FCM/BD SBS Buffer Financial Account, in which LCH
SA will record the value of Collateral provided as FCM/BD SBS Client
Collateral Buffer.
---------------------------------------------------------------------------

     An FCM/BD SBS Client Collateral Account.\14\
---------------------------------------------------------------------------

    \14\ Article <IP_ADDRESS>(ii)(d) would be added to provide that LCH
SA shall open an FCM/BD SBS Client Collateral Account in which LCH
SA will record the Collateral held by LCH SA recorded in the
foregoing accounts.
---------------------------------------------------------------------------

    A new Article <IP_ADDRESS>(iii) would also be added to provide that an
FCM/BD Clearing Member that is both an FCM and a BD may elect to clear
and hold margin for FCM/BD Cleared Transactions that are SBS for FCM/BD
Clients in the FCM/BD Swaps Client Account Structure on a commingled
basis with Cleared Swaps and margin such combined positions on a
portfolio basis in compliance with Applicable Laws, provided that each
FCM/BD Client participating in the portfolio margining shall be an
eligible contract participant as defined in Section 1a(18) of the
Commodity Exchange Act. Upon such election, FCM/BD Cleared Transactions
that are SBS will be included as ``Cleared Swaps'' and maintained in
the FCM/BD Swaps Client Account Structure.
    Articles <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>,
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>,
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>,
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, and
<IP_ADDRESS> would also include certain conforming and clarifying changes.
f. Default Management
    Appendix I of the Rule Book (CDS Default Management Process),
Clause 1.1 which provides for the definition of ``Transaction
Categories'' would be amended to provide that different categories of
Cleared Transactions will include ``Single Name Cleared Transactions''
for consistency purposes. Clause 3.3 of Appendix I would also be
amended to provide that the CDS Default Management Process shall be
carried out in a manner consistent with the requirements of the SIPC
(which is the Securities Investor Protection Corporation or any
successor thereto in accordance with the proposed definition of new
defined term of ``SIPC'' in Section 1.1.1 of the Rule Book), Exchange
Act and SEC Regulations. Clause 5.4 of Appendix I, which relates to the
Competitive Bidding Process, would be revised to provide in Clause
5.4.1, that a Non-Defaulting Clearing Member that is a BD but not an
FCM is not required to participate in Competitive Bidding for an
Auction Package containing any Cleared Swaps and that a Non-Defaulting
Clearing Member that is an FCM but not a BD is not required to
participate in Competitive Bidding for an Auction Package containing
any SBS.
    Other conforming changes in Appendix I are set forth in Clauses
3.3, 4.2.1, 4.2.2, 4.2.3, 4.2.5, 4.2.8, 4.3.1, 4.4.3, 4.5.2, 8.1.4,
8.5, 8.7 and 8.9.
ii. Clearing Supplement
    Various clarifying and conforming changes would be made to the
Clearing Supplement to account for the clearing of SBS for FCM/BD
Clients. Specifically, certain references to ``FCM'' therein would be
replaced with ``FCM/BD.'' Those changes are set forth in Sections 1.7
and 9.2(c) of Parts A and B of the Clearing Supplement and in Sections
1.7 and 6.10(b) and (d) of Part C of the Clearing Supplement.
iii. Procedures
    Section 2 of the Procedures (Margin, NPV Payment and Price
Alignment) would include conforming changes in Sections 2.2, 2.3, 2.5,
and 2.16.
    Section 3 of the Procedures (Collateral, Variation Margin and Cash
Payment) would be amended, in Section 3.3(b), which relates to the
Collateral Account structure, to add a reference to the FCM/BD SBS
Client Collateral Account to record the collateral held by LCH SA for
the benefit of an FCM/BD Clearing Member's SBS Customers with respect
to SBS (excluding SBS that are held in an account in the FCM/BD Swaps
Client Account Structure), the aggregate value of such Collateral being
divided amongst, and recorded in: the FCM/BD SBS Client Financial
Account; the FCM/BD SBS Buffer Financial Account; and the FCM/BD SBS
Client Excess Collateral Financial Account.
    Section 3.7(a) would be amended to provide that with respect to the
Clients of a Clearing Member, LCH SA will perform Collateral Calls, in
respect of SBS, with a ``TARGET2 Account'' used to make Collateral
Calls in relation to the Client Margin Requirements with respect to SBS
(excluding SBS held in the FCM/BD Swaps Client Account Structure) and
FCM/BD Client Collateral Buffer Threshold of each FCM/BD Clearing
Member, which for the avoidance of doubt would form part of the LCH SBS
Client Segregated Depository Account. Section 3.7(b) would also be
amended to provide that an FCM/BD Clearing Member must hold three
``TARGET2 Accounts,'' for purposes of Collateral Calls in respect of
(i) its FCM/BD House Margin Requirement and FCM/BD House Excess
Collateral Threshold, (ii) its Client Margin Requirement(s) with
respect to Cleared Swaps and FCM/BD Client Collateral Buffer Threshold
and (iii) its Client Margin Requirement(s) with respect to SBS
(excluding SBS that are held in the FCM/BD Swaps Client

Account Structure) and FCM/BD Client Collateral Buffer Threshold.
Section 3.7(g) would be amended to provided that, in respect of an FCM/
BD SBS Client Excess Collateral Financial Account, the FCM/BD Clearing
Member may request LCH SA to return some or all FCM/BD SBS Client
Excess Collateral in the form of Euro denominated Cash Collateral
provided that the requested amount does not exceed the FCM/BD SBS
Client Excess Collateral recorded in its FCM/BD SBS Client Collateral
Account.
    Section 3.8(a)-(b) of the Procedures would be amended to provide
that with respect to Clients of a Clearing Member, LCH SA would open
(i) a multi-currency account used to credit non-Euro, non-USD Cash
Collateral which is transferred by an FCM/BD Clearing Member to be
recorded in its FCM/BD SBS Client Collateral Account, which would form
part of the LCH SBS Client Segregated Depository Account for purposes
of the FCM/BD CDS Clearing Regulations and (ii) an account used to
credit USD Cash Collateral which is transferred by FCM/BD Clearing
Members to be recorded in their FCM/BD SBS Client Collateral Account,
which would also form part of the LCH SBS Client Segregated Depository
Account for purposes of the FCM/BD CDS Clearing Regulations. With
respect to excess collateral, Section 3.8(h) and (i), which relate to
the return of collateral would be amended to provide for the return of
excess collateral in respect of SBS. Section 3.18(c) would be amended
to provide that LCH SA will open a cash account used to debit or credit
USD to satisfy Cash Payments and/or Variation Margin Collateral
Transfer obligations in USD with respect to all relevant Client Cleared
Transactions of each FCM/BD Clearing Member that are SBS (excluding SBS
that are held in the FCM/BD Swaps Client Account Structure). Other
conforming changes in Section 3 of the Procedures are included in the
recital and Sections 3.2, 3.3, 3.4, 3.7(a), (d), (f) and (g), 3.8(a),
(b), (c), (f), (g), (h) and (i), 3.9(d) and (e), 3.10(b), 3.14, 3.17
and 3.18.
    Section 4 of the Procedures (Eligibility Requirements) would be
amended to delete the provision in Section 4.1 which previously
provided that (i) in respect of an FCM Client, a U.S. CCM Client of a
Non-U.S. CCM or a CCM Client of a U.S. CCM, the Original Transaction
may not be a Single Name CDS or any other SBS identified as such in a
Clearing Notice; and (ii) in respect of a Non-U.S. CCM Client, the
Original Transaction may not be a Single Name CDS or any other SBS
identified as such in a Clearing Notice unless such transaction is
cleared through a Non-U.S. CCM.
    Section 5 of the Procedures (CDS Clearing Operations) would be
revised to include conforming changes in Sections 5.6 and 5.11.
iv. Clearing Regulations
    The Clearing Regulations, currently titled as ``FCM CDS Clearing
Regulations,'' would be retitled as the ``FCM/BD CDS Clearing
Regulations.''
    Various defined terms in the Clearing Regulations would be updated
to accommodate the extension of LCH SA's clearing services in respect
of Single-Name CDS to U.S. Clients. The defined term ``FCM Cleared
Swaps Client Segregated Depository Account'' would be retitled as the
``FCM/BD Cleared Swaps Client Segregated Depository Account'' and
references in that definition to ``FCM Clients'' would be replaced with
``Cleared Swap Customers.'' Similarly, the references in the defined
term ``LCH Cleared Swaps Client Segregated Depository Account'' to
``FCM Clients'' would be replaced with ``Cleared Swaps Customers'' and
references to ``Cleared Transactions'' therein would refer to Cleared
Transactions that are ``Cleared Swaps.'' A new defined term ``LCH SBS
Client Segregated Depository Account'' would be added and would mean an
omnibus account maintained by an FCM/BD Clearing Member for its SBS
Customers with a Bank, which is segregated in accordance with the
Exchange Act and SEC Regulations and contains collateral deposited by
such SBS Customers in connection with FCM/BD Cleared Transactions that
are SBS cleared for such SBS Customers by such FCM/BD Clearing Member,
excluding any SBS held in the FCM/BD Swaps Client Account Structure
that are permitted to be held in an account with Cleared Swaps as
defined in CFTC Regulation 22.1 under Applicable Law. A new defined
term for ``Bank'' would also be added, to refer to a ``Bank'' as
defined in Section 3(a)(6) of the Exchange Act. Finally, the defined
term ``LCH Cleared Swaps Proprietary Depository Account'' would be
replaced with the general term of ``LCH Proprietary Depository
Account''.
    Regulation 1 of the Clearing Regulations (Governing Law and
Jurisdiction) would be updated to replace references to ``FCM'' with
``FCM/BD'' and to provide that the Clearing Regulations shall also be
construed in accordance with the Exchange Act.
    Regulation 2 (Depositary Accounts) of the Clearing Regulations
would be revised to provide for the relevant accounts for SBS. Each
FCM/BD would be required to establish and maintain an FCM/BD SBS Client
Segregated Depository Account on behalf of its SBS Customers in
accordance with applicable provisions of the Exchange Act and SEC
regulations, including but not limited to Section 3E and Section 15(c)
of the Exchange Act \15\ and Exchange Act Rule 15c3-3.\16\ The Clearing
Regulations would require that the SBS Client Segregated Depository
Account be maintained with a Bank in accordance with the Exchange Act
and SEC Regulations. The FCM/BD SBS Client Segregated Depository
Account maintained by each FCM/BD Clearing Member would be designated
as a ``Special Reserve Bank Account for the Exclusive Benefit of the
Cleared Security-Based Swap Customers'' of the FCM/BD Clearing Member
as provided in Exchange Act Rule 15c3-3(p).\17\ LCH SA would be
required to open an LCH SBS Client Segregated Depository Account on
behalf of the SBS Customers of FCM/BD Clearing Members in accordance
with applicable provisions of the Exchange Act and SEC Regulations.
This account shall be maintained with a Bank and shall contain no
assets other than Collateral deposited by FCM/BD Clearing Members in
connection with the clearing of SBS held in the FCM/BD SBS Client
Account Structure on behalf of their SBS Customers. The LCH SBS Client
Segregated Depository Account maintained by LCH SA shall be designated
as a ``Special Clearing Account for the Exclusive Benefit of the
Cleared Security-Based Swaps Customers'' of the FCM/BD Clearing Member
for purposes of the Exchange Act and SEC Regulations.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78c-5, 78o(c).
    \16\ 17 CFR 240.15c3-3.
    \17\ 17 CFR 240.15c3-3(p).
---------------------------------------------------------------------------

    Regulation 3 (Collateral) of the Clearing Regulations would be
updated to provide that securities or cash deposited will be subject to
a security interest and held in either an LCH Cleared Swaps Client
Segregated Depository Account or an LCH SBS Client Segregated
Depository Account, as applicable. Regulation 3 would also be updated
to provide that no collateral deposited in an FCM/BD Clearing Member's
LCH Cleared Swaps Client Segregated Depository Account or LCH SBS
Client Segregated Depository Account shall be applied on or in respect
of payment or satisfaction of any of the FCM/BD Clearing Member's
liabilities to LCH SA as recorded in any

of the FCM/BD Clearing Member's Proprietary Accounts.
    Regulation 4 (Transfer) of the Clearing Regulations would be
amended to provide that if an FCM/BD Clearing Member is a Defaulting
Clearing Member, any action taken by LCH SA pursuant to the CDS
Clearing Rule Book (including the CDS Default Management Process
appended thereto) would be taken in compliance with the U.S. Commodity
Exchange Act or the Exchange Act and SEC Regulation, as applicable, and
applicable bankruptcy laws regarding the liquidation or transfer of
Cleared Swaps carried by an FCM on behalf of its Cleared Swaps
Customers or SBS carried by a BD on behalf of its SBS Customers.
    Regulation 5 (Security Interest) of the Clearing Regulations would
be revised to specify that each FCM/BD Clearing Member grants LCH SA a
first security interest in and a first priority and unencumbered first
lien upon any and all cash, securities, receivables, rights and
intangibles and any other Collateral or assets deposited with or
transferred to LCH SA, or otherwise held by LCH SA, including all
property deposited in an LCH SBS Client Segregated Depository Account.
Regulation 5 would also clarify that notwithstanding such security
interest, in no event shall LCH SA's security interest in the
Collateral in an LCH SBS Client Segregated Depository Account held on
behalf of the FCM/BD Clearing Member's Clients be exercised to satisfy
any obligations or liabilities of such FCM/BD Clearing Member other
than in connection with obligations or liabilities relating to Cleared
Swaps cleared by such FCM/BD Clearing Member on behalf of its Cleared
Swaps Customers or relating to SBS cleared by such FCM/BD Clearing
Member on behalf of its SBS Customers.
    Additional clarifying and conforming changes in the Clearing
Regulations would be set forth in the Clearing Regulations, including
the use of new defined terms such as FCM/BD Clearing Members, FCM/BD
Cleared Transactions, FCM/BD Clients, Cleared Swaps, Cleared Swaps
Customers, FCM/BD Swaps Client Financial Account.
(2) Additional Amendments
    Appendix I of the Rule Book (CDS Default Management Process) would
be amended to provide that each Non-Defaulting Clearing Member would
never be required to bid for more than 100% of the relevant Auction
Package. Therefore, Clause 5.4.4, which relates to the calculation of
the Minimum Bid Size for each Non-Defaulting Clearing Member required
to bid for an Auction Package, is revised by repealing and replacing
the current calculation formula applied by LCH SA to determine the
Minimum Bid Size with the following one: MBS = min ([A/B] x C; 100%).
An equivalent amendment is proposed to be made to Clause 5.9.1, which
deals with the Recalculated Minimum Bid Size to be determined in the
context of a second round of Competitive Bidding, to ensure that each
Non-Defaulting Clearing Member will not be required to bid for more
than 100% of the relevant Residual Auction Package by adding a
reference to the ``maximum value for the Bid Credit of the Minimum Bid
Size'' at the end of indent (i).
    Clause 8.1.1 of Appendix 1 of the Rule Book would be amended to
remove a reference to the Early Termination Trigger Date at the end of
the paragraph for consistency purpose since all payment and delivery
obligations in the context of the Early Termination process will be
made at the date and times as set out in the following provisions of
Clause 8.
    Regulation 6 (Rules Relating to FCM/BD Cleared Swaps Client
Segregated Accounts) of the Clearing Regulations would be also modified
to implement CFTC Letter No 19-17 of July 10, 2019 (``Advisory and
Time-Limited No-Action Relief with Respect to the Treatment of Separate
Accounts by Futures Commission Merchants'') pursuant to which a
Derivatives Clearing Organization may permit the Futures Commission
Merchant to treat the separate accounts of a customer as accounts of
separate entities subject to a number of conditions provided for in
that letter. Therefore, Regulation 6(e) would be amended to allow FCM/
BD Clearing Members to benefit from this no-action relief regarding the
withdrawal of the Cleared Swaps Customer funds by providing that
references to ``Cleared Swaps Customer'' shall include all Cleared
Swaps Customers for the same beneficial owner, unless the FCM/BD
Clearing Member complies with the relevant conditions set out in CFTC
Letter No. 19-17 of July 10, 2019. Other technical and conforming
changes to Regulation 6 are included in Regulation 6(a) and 6(e).
    In addition to the foregoing changes, the amendments to the Rule
Book, Clearing Supplement, Procedures and Clearing Regulations also
contain typographical corrections, cross-references corrections, clean-
up changes, and similar technical corrections as well as various
conforming references to the new or revised defined terms.

(b) Statutory Basis

    LCH SA believes that the proposed rule change and the extension of
the CDSClear Service in respect of Single-Name CDS for FCM/BD Clients
is consistent with the requirements of Section 17A of the Exchange Act
\18\ and the regulations thereunder, including the standards under
Exchange Act Rule 17Ad-22.\19\ Section 17A(b)(3)(F) of the Exchange Act
\20\ 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 derivative agreements, contracts, and
transactions. As noted above, the proposed rule change is designed to
provide for the clearing of Single-Name CDS to FCM/BD Clients. From a
financial risk management and margin requirements and an operational
point of view, clearing Single-Name CDS would not require changes to
the existing operational procedures as Single-Name CDS transactions are
already cleared by LCH SA for Clearing Members admitted as CCMs for
their own account and for the account of their Non U.S. Clients.
Therefore, LCH SA believes that the clearing of Single-Name CDS for
U.S. Clients and the related changes described herein are consistent
with the prompt and accurate clearance and settlement of securities
transactions and derivative agreements, contracts and transactions, in
accordance with Section 17A(b)(3)(F) of the Exchange Act.\21\
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78q-1.
    \19\ 17 CFR 240.17Ad-22.
    \20\ 15 U.S.C. 78q-1(b)(3)(F).
    \21\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    In addition, the proposed amendments also satisfy the relevant
requirements of Exchange Act Rule 17Ad-22 (e)(1), (4), (13), (14), (17)
and (18).\22\ Exchange Act Rule 17Ad-22(e)(1) \23\ requires that a
covered clearing agency 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. The proposed
rule change would modify LCH SA's existing rules and procedures to
clearly define the requirements for Single-Name CDS and establish a
legal framework for LCH SA to clear Single-Name CDS on behalf of U.S.
Clients. The proposed rule change would also make certain clarifying
and conforming changes in the Rule Book. LCH SA therefore

believes that the proposed rule change is consistent with the
requirements of Exchange Act Rule 17Ad-22(e)(1).\24\
---------------------------------------------------------------------------

    \22\ 17 CFR 240.17Ad-22(e)(1), (4), (13), (14), (17) and (18).
    \23\ 17 CFR 240.17Ad-22(e)(1).
    \24\ 17 CFR 240.17Ad-22(e)(1).
---------------------------------------------------------------------------

    Exchange Act Rule 17Ad-22(e)(4) \25\ requires that a covered
clearing agency establish, implement, maintain and enforce written
policies and procedures reasonably designed to effectively identify,
measure, monitor, and manage its credit exposures to participants and
those arising from its payment, clearing, and settlement processes.
Exchange Act Rule 17Ad-22(e)(14) \26\ requires that a covered clearing
agency establish, implement, maintain and enforce written policies and
procedures reasonably designed to enable, when the covered clearing
agency provides central counterparty services for SBS or engages in
activities that the Commission has determined to have a more complex
risk profile, the segregation and portability of positions of a
participant's customers and the collateral provided to the covered
clearing agency with respect to those positions and effectively protect
such positions and related collateral from the default or insolvency of
that participant. Further, Exchange Act Rule 17Ad-22(e)(13) \27\
requires a covered clearing agency to establish, implement, maintain,
and enforce written policies and procedures reasonably designed to
ensure the covered clearing agency has the authority and operational
capacity to take timely action to contain losses and liquidity demands
and continue to meet its obligations, by, at a minimum, requiring the
covered clearing agency's participants and, when practicable, other
stakeholders to participate in the testing and review of its default
procedures, including any close-out procedures, at least annually and
following material changes thereto. Finally, Exchange Act Rule 17Ad-
22(e)(17) \28\ requires that a covered clearing agency establish,
implement, maintain and enforce written policies and procedures
reasonably designed to manage the covered clearing agency's operational
risks by, among other things, identifying the plausible sources of
operational risk, both internal and external, and mitigating their
impact through the use of appropriate systems, policies, procedures,
and controls.
---------------------------------------------------------------------------

    \25\ 17 CFR 240.17Ad-22(e)(4).
    \26\ 17 CFR 240.17Ad-22(e)(14).
    \27\ 17 CFR 240.17Ad-22(e)(13).
    \28\ 17 CFR 240.17Ad-22(e)(17).
---------------------------------------------------------------------------

    Consistent with Exchange Act Rule 17Ad-22(e)(4),\29\ LCH SA will
apply its existing practices, policies, and procedures with respect to
the identification, measuring, monitoring, and management of its credit
exposures to Clearing Members for Single-Name CDS being cleared on
behalf of U.S. Clients, and which, among other things, give LCH SA the
discretion to suspend a Clearing Member or required Credit Quality
Margin to be paid where LCH SA deems it necessary to contain its
exposure.
---------------------------------------------------------------------------

    \29\ 17 CFR 240.17Ad-22(e)(4).
---------------------------------------------------------------------------

    LCH SA will apply its existing margin methodology, segregation
requirements and existing default management policies and procedures
for Single Name CDS to be cleared on behalf of U.S. Clients, including
the procedures for participation in a competitive auction process for a
Defaulting Clearing Member's transactions and the appointment of at
least five Clearing Members to be part of the CDS Default Management
Group, to allow LCH SA to take timely action to contain losses and
liquidity demands, in accordance with Exchange Act Rule 17Ad-
22(e)(13).\30\ Similarly, in providing clearing for Single-Name CDS on
behalf of U.S. Clients, LCH SA will apply its existing practices,
policies, and procedures with respect to the portability of accounts,
including as to the portability of accounts from Defaulting Clearing
Members to an appointed Backup Clearing Member, allowing the protection
of collateral from Clearing Member default or insolvency consistent
with Exchange Act Rule 17Ad-22(e)(14).\31\ LCH SA will also apply its
existing practices, policies, and procedures with respect to the
management of operational risk in providing clearing for Single-Name
CDS on behalf of U.S. Clients and consistent with Exchange Act Rule
17Ad-22(e)(17).\32\ Finally, Exchange Act Rule 17Ad-22(e)(18) requires
a covered clearing agency to establish, implement, maintain and enforce
written policies and procedures reasonably designed to establish
objective, risk-based, and publicly disclosed criteria for
participation, which permit fair and open access by direct, and where
relevant, indirect participants and other financial market utilities,
require participants to have sufficient financial resources and robust
operational capacity to meet obligations arising from participation in
the clearing agency, and monitor compliance with such participation
requirements on an ongoing basis. As noted above, the proposed rule
change would extend existing participation requirements to persons
proposing to enter into Single-Name CDS on behalf of their FCM/BD
Clients and make clear that such persons must have operational capacity
and the applicable regulatory registrations in respect of Single-Name
CDS on behalf of their FCM/BD Clients. Therefore, LCH SA believes that
the proposed rule change is consistent with the requirements of
Exchange Act Rule 17Ad-22(e)(18).\33\ Further, the membership
requirements applicable to persons proposing to enter into Single-Name
CDS on behalf of their FCM/BD Clients are designed to identify persons
with sufficient operational capacity and expertise in relation to
Single-Name CDS; such requirements or criteria apply to every and all
persons applying to enter into Single-Name CDS clearing service equally
and, as such, are not designed to permit unfair discrimination in the
admission of participants or among participants in the use of LCH SA,
in accordance with Section 17A(b)(3)(F) of the Exchange Act.\34\
---------------------------------------------------------------------------

    \30\ 17 CFR 240.17Ad-22(e)(13).
    \31\ 17 CFR 240.17Ad-22(e)(14).
    \32\ 17 CFR 240.17Ad-22(e)(17).
    \33\ 17 CFR 240.17Ad-22(e)(18).
    \34\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Clearing Agency's Statement on Burden on Competition

    Section 17A(b)(3)(I) of the Exchange Act requires that the rules of
a clearing agency not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\35\ LCH SA does
not believe that its clearing of Single-Name CDS on behalf of FCM/BD
Clients will adversely affect competition in the trading market for
those contracts or CDS generally. By allowing LCH SA to clear Single-
Name CDS for FCM/BD Clients, market participants will have additional
choices on where to clear and which products to use for risk management
purposes, which, in turn, will promote competition and further the
development of CDS for risk management. In addition, LCH SA will apply
its existing fair and open access criteria to the clearing of Single-
Name CDS on behalf of FCM/BD Clients and will apply the same criteria
to every person who proposes to enter into the clearing of Single-Name
CDS on behalf of their Clients. Such criteria are designed to identify
persons with sufficient operational capacity and expertise in relation
to Single-Name CDS as part of the membership requirements that are
necessary and appropriate for LCH SA to manage the risk arising from
allowing persons to transact in Single-Name CDS. Accordingly, LCH SA
does not believe that the proposed rule change will

impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78q-1(b)(3)(I).
---------------------------------------------------------------------------

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 change have not been
solicited or received. LCH SA will notify the Commission of any written
comments received by LCH SA.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form
    (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-LCH SA-2021-001 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-LCH SA-2021-001. 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 the filing also will be available for inspection
and copying at the principal office of LCH SA and on LCH SA's website
at: https://www.lch.com/resources/rulebooks/proposed-rule-changes.
    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-LCH SA-2021-001 and should
be submitted on or before May 24, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
---------------------------------------------------------------------------

    \36\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-09025 Filed 4-30-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: April 17, 2009 (Volume 74, Number 73)]
[Notices]
[Page 17843-17844]
[DOCID:fr17ap09-47]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 12628-002]

The City of Nashua, IA; Notice of Application Accepted for Filing
and Soliciting Motions to Intervene and Protests

April 10, 2009.
    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection.
    a. Type of Application: Original Minor License.
    b. Project No.: 12628-002.
    c. Date Filed: January 13, 2009.
    d. Applicant: The City of Nashua, Iowa.

    e. Name of Project: Cedar Lake Dam Hydroelectric Project.
    f. Location: The project would be located at the existing Cedar
Lake Dam, on the Cedar River, in Chickasaw County, Iowa. The project
would not occupy any Federal land.
    g. Filed Pursuant to: Federal Power Act 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Ms. Rebecca Neal, The City of Nashua, 402
Main Street, Nashua, IA 50658;<PHONE_NUMBER>.
    i. FERC Contact: Michael Watts<EMAIL_ADDRESS>(202) 502-
6123.
    j. Deadline for Filing Motions to Intervene and Protests: 60 days
from the issuance date of this notice.
    All documents (original and eight copies) should be filed with:
Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission, 888
First Street, NE., Washington, DC 20426.
    The Commission's Rules of Practice require all intervenors filing
documents with the Commission to serve a copy of that document on each
person on the official service list for the project. Further, if an
intervenor files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency.
    Motions to intervene and protests may be filed electronically via
the Internet in lieu of paper. The Commission strongly encourages
electronic filings. See 18 CFR 385.2001(a)(1)(iii) and the instructions
on the Commission's Web site (http://www.ferc.gov) under the ``e-
Filing'' link. For a simpler method of submitting text only comments,
click on ``Quick Comment.''
    k. This application has been accepted, but is not ready for
environmental analysis at this time.
    l. Project Description: The existing dam and integral powerhouse
are owned by the City of Nashua and were constructed in 1917 and used
for power generation until 1965. The City is proposing to rehabilitate
the project and install new turbine generators and associated
equipment. The proposed project would consist of: (1) An existing 15.5-
foot-high concrete dam with a 258-foot-long spillway equipped with four
6-foot-high taintor gates, a 6-foot-high control gate, and three 4-
foot-high flashboards; (2) an existing 405-acre reservoir with a normal
full pond elevation of 960.1 feet above mean sea level; (3) an existing
50-foot-wide concrete intake structure connected to; (4) an existing
powerhouse to contain four new turbine generating units with a total
installed capacity of 800 kilowatts; (5) a new 75-foot-long, 13.8-
kilovolt overhead transmission line; and (6) appurtenant facilities.
The proposed project would generate an estimated average annual
generation of 3,285 megawatt hours. The project would operate in a run-
of-river mode.
    m. A copy of the application is available for review at the
Commission's Public Reference Room or may 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, contact FERC Online
Support at<EMAIL_ADDRESS>or toll-free at 1-866-208-3676,
or for TTY,<PHONE_NUMBER>. A copy is also available for inspection and
reproduction at the address in item h above.
    You may also register online at http://www.ferc.gov/docs-filing/
esubscription.asp to be notified via e-mail of new filings and
issuances related to this or other pending projects. For assistance,
contact FERC Online Support.
    n. Anyone may submit a protest or a motion to intervene in
accordance with the requirements of Rules of Practice and Procedure, 18
CFR 385.210, 385.211, and 385.214. In determining the appropriate
action to take, the Commission will consider all protests filed, but
only those who file a motion to intervene in accordance with the
Commission's Rules may become a party to the proceeding. Any protests
or motions to intervene must be received on or before the specified
deadline date for the particular application.
    When the application is ready for environmental analysis, the
Commission will issue a public notice requesting comments,
recommendations, terms and conditions, or prescriptions.
    All filings must (1) bear in all capital letters the title
``PROTEST'' or ``MOTION TO INTERVENE,'' ``NOTICE OF INTENT TO FILE
COMPETING APPLICATION,'' or ``COMPETING APPLICATION''; (2) set forth in
the heading the name of the applicant and the project number of the
application to which the filing responds; (3) furnish the name,
address, and telephone number of the person protesting or intervening;
and (4) otherwise comply with the requirements of 18 CFR 385.2001
through 385.2005. Agencies may obtain copies of the application
directly from the applicant. A copy of any protest or motion to
intervene must be served upon each representative of the applicant
specified in the particular application.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-8809 Filed 4-16-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 237 (Monday, December 12, 2022)]
[Notices]
[Pages 76097-76100]
[FR Doc No: 2022-26944]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. PA-58; File No. S7-28-22]

Privacy Act of 1974; System of Records

AGENCY: Securities and Exchange Commission.

ACTION: Notice of a new system of records.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission (SEC) proposes to
establish SEC-35, Reasonable and Religious Accommodation Programs under
the Privacy Act of 1974. The information in the system concerns
employees, applicants, and members of the public who request or receive
reasonable accommodations based on a medical condition or disability,
or a sincerely held religious belief, practice, or observance. The SEC
collects this information to evaluate, approve, deny, or implement
requests for reasonable accommodations. This system will also allow the
SEC to track and report the processing of requests for reasonable
accommodations.

DATES: The changes will become effective January 6, 2023, to permit
public comment on the routine uses. The Commission will publish a new
notice if the effective date is delayed to review comments or if
changes are made based on comments received. To assure consideration,
comments should be received on or before January 6, 2023.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/other.shtml); or
     Send an email to [email protected]. Please include
File Number S7-28-22 on the subject line.

Paper Comments

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

All submissions should refer to S7-28-22. This file number should be
included on the subject line if email is used. To help 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/other.shtml). Typically, comments are also
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 a.m. and 3 p.m. Operating
conditions may limit access to the Commission's public reference room.
All comments received will be posted without change; we do not edit
personal identifying information from submissions. You should submit
only information that you wish to make publicly available.

FOR FURTHER INFORMATION CONTACT: Ronnette McDaniel, Privacy and
Information Assurance Branch Chief,<PHONE_NUMBER> or
[email protected].

SUPPLEMENTARY INFORMATION: In order to collect and maintain information
to evaluate, approve, deny, or implement requests for reasonable
accommodation based on a medical condition or disability, or a
sincerely held religious belief, practice, or observance, the SEC is
establishing SEC-35, Reasonable and Religious Accommodation Programs,
under the Privacy Act. The SEC is committed to providing reasonable
accommodations related to a disability or sincerely held religious
belief to allow SEC personnel to perform the essential functions of
their jobs, participate in programs, and enjoy the benefits of
employment. Records may include email correspondence with SEC personnel
and requestors regarding reasonable accommodations, documentation
submitted in support of a request for a reasonable accommodation, and
reasonable accommodation determinations. Information from this system
of records will be collected, maintained, and disclosed in accordance
with applicable law, regulations, and statutes, including, but not
limited to, Title VII of the Civil Rights Act of 1964, as amended, 42
U.S.C. 2000e et seq.; Sections 501, 503, 504, and 508 of the
Rehabilitation Act of 1973; and the Americans with Disabilities Act of
1990, as amended, 42 U.S.C. 12101 et seq.

SYSTEM NAME AND NUMBER:
    SEC-35 Reasonable and Religious Accommodation Programs.

SECURITY CLASSIFICATION:
    Non-classified.

SYSTEM LOCATION:
    Securities and Exchange Commission (SEC), 100 F Street NE,
Washington, DC 20549. Files may also be maintained in the following SEC
Regional Offices: Atlanta Regional Office (ARO), 950 East Paces Ferry
Road NE, Suite 900, Atlanta, GA 30326-1382; Boston Regional Office
(BRO), 33 Arch Street, 24th Floor, Boston, MA 02110-1424; Chicago
Regional Office (CHRO), 175 W Jackson Boulevard, Suite 1450, Chicago,
IL 60604; Denver Regional Office (DRO), Byron Rogers Federal Office
Building, 1961 Stout Street Suite 1700, Denver, CO 80294-1961; Fort
Worth Regional Office (FWRO), Burnett Plaza, 801 Cherry Street, Suite
1900, Unit 18, Fort Worth, TX 76102; Los Angeles Regional Office
(LARO), 444 South Flower Street, Suite 900, Los Angeles, CA 90071;
Miami Regional Office (MIRO), 801 Brickell Avenue, Suite 1950, Miami,
FL 33131; New York Regional Office (NYRO), 100 Pearl Street, Suite 20-
100, New York, NY 10004-2616; Philadelphia Regional Office (PLRO), One
Penn Center, 1617 John F. Kennedy Boulevard, Suite 520, Philadelphia,
PA 19103-1844; Salt Lake Regional Office (SLRO), 351 S West Temple St.,
Suite 6.100, Salt Lake City, UT 84101; and San Francisco Regional
Office (SFRO), 44 Montgomery Street, Suite 2800, San Francisco, CA
94104.

SYSTEM MANAGER(S):
    Chief Human Capital Officer (CHCO), Securities and Exchange
Commission, Office of Human Resources, 100 F Street, NE, Washington, DC
20549.

AUTHORITY FOR MAINTENANCE OF THE SYSTEM:
    Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C.
2000e et seq.; Sections 501, 503, 504, and 508 of the Rehabilitation
Act of 1973;), Americans with Disabilities Act of 1990, as amended
(ADA), Executive Order 13164, Requiring Federal Agencies To Establish
Procedures To Facilitate the Provision of Reasonable Accommodation
(July 26, 2000); 5 CFR part 339; 29 CFR part 1602 and 1614; and
Employment Opportunity Commission (EEOC) religious accommodation
program regulations and guidance.

PURPOSE(S) OF THE SYSTEM:
    The information in the system concerns employees, applicants, and
members of the public who request or receive reasonable accommodations
based on a medical condition or disability, or a sincerely held
religious belief, practice, or observance. The SEC collects this
information to evaluate, approve, deny, or implement requests for
reasonable accommodations. This system will also allow the SEC to track
and report the processing of requests for reasonable accommodations.

CATEGORIES OF INDIVIDUALS COVERED BY THE SYSTEM:
    SEC personnel (political appointees, employees, consultants,
detailees, interns, and volunteers) who request or receive reasonable
accommodations during their employment; contractors, job applicants,
and members of the public who request reasonable accommodations
(Requestors); and individuals whom SEC personnel or Requestors
authorize to submit information in support of their request (e.g.,
family members or attorneys).

CATEGORIES OF RECORDS IN THE SYSTEM:
    Information collected and maintained may include, but is not
limited to:

--Email correspondence with SEC personnel and Requestors regarding
reasonable accommodations, documentation submitted in support of a
request for a reasonable accommodation, and reasonable accommodation
determinations.
--Specific data elements may include: name, work address, work
phone, work email address, office name, office location, position
title, occupational series, pay grade, bargaining unit status,
reasonable accommodation requested, reasonable accommodation request
date, medical information, disability condition, work related
limitations, disability status, religious beliefs, reason for
seeking a reasonable accommodation, position related information,
case notes, accommodation decision, decision basis, effective date
of approved accommodation, decision-making official name and title,
and contact information for individuals authorized to submit
information in support of a request and for individuals responsible
for processing requests.

RECORD SOURCE CATEGORIES:
    Information is obtained from the requesting individual to whom the
accommodation applies; persons authorized to act on behalf of the
requesting individual (e.g., spouse, union representative, legal
counsel, or colleague); authorized individuals responsible for
processing requests such as the Disability Program Officer (DPO),
Reasonable Accommodation Coordinator (RAC), or Chief Human Capital
Officer (CHCO); an employee's supervisor; medical provider(s); medical
institutions; and agency medical physician(s).

ROUTINE USES OF RECORDS MAINTAINED IN THE SYSTEM, INCLUDING CATEGORIES
OF USERS AND THE PURPOSES OF SUCH USES:
    In addition to those disclosures generally permitted under 5 U.S.C.
552a(b) of the Privacy Act, these records or information contained
therein may specifically be disclosed outside the Commission as a
routine use pursuant to 5 U.S.C. 552 a(b)(3) as follows:
    1. When (1) it is suspected or confirmed that the security or
confidentiality of information in the system of records has been
compromised; (2) the SEC has determined that as a result of the
suspected or confirmed compromise there is a risk of harm to economic
or property interests, identity theft or fraud, or harm to the security
or integrity of this system or other systems or programs (whether
maintained by the SEC or another agency or entity) that rely upon the
compromised information; and (3) the disclosure is made to such
agencies, entities, and persons who are reasonably necessary to assist
in connection with the SEC's efforts to respond to the suspected or
confirmed compromise and prevent, minimize, or remedy such harm.
    2. Where there is an indication of a violation or potential
violation of law, whether civil, criminal, or regulatory in nature, the
relevant records may be referred to the appropriate agency, whether
federal, state, local, or foreign, charged with the responsibility of
investigating or prosecuting such violation or charged with enforcing
or implementing the applicable statute, rule, regulation, or order.
    3. In connection with any judicial or administrative proceeding in
which the Commission or past or present members of its staff is a party
or otherwise involved in an official capacity.
    4. To any persons during the course of any inquiry, examination, or
investigation conducted by the SEC's staff, or in connection with civil
litigation, if the staff has reason to believe that the person to whom
the record is disclosed may have further information about the matters
related therein, and those matters appeared to be relevant at the time
to the subject matter of the inquiry.
    5. To respond to subpoenas in any litigation or other proceeding.
    6. To a Congressional office from the record of an individual in
response to an inquiry from the Congressional office made at the
request of that individual.
    7. To members of Congress, the Government Accountability Office, or
others charged with monitoring the work of the Commission or conducting
records management inspections.
    8. To interns, grantees, experts, contractors, and others who have
been engaged by the Commission to assist in the performance of a
service related to this system of records and who need access to the
records for the purpose of assisting the Commission in the efficient
administration of its programs. Recipients of these records shall be
required to comply with the requirements of the Privacy Act of 1974, as
amended, 5 U.S.C. 552a.
    9. To any person who is or has agreed to be subject to the
Commission's Rules of Conduct regarding non-disclosure, particularly 17
CFR 200.735-3(b)(2), or has otherwise agreed to comply with provisions
restricting the disclosure of SEC nonpublic information.
    10. To another Federal agency or Federal entity, when the SEC
determines that information from this system of records is reasonably
necessary to assist the recipient agency or entity in (1) responding to
a suspected or confirmed breach or (2) preventing, minimizing, or
remedying the risk of harm to individuals, the recipient agency or
entity (including its information systems, programs, and operations),
the Federal Government, or national security, resulting from a
suspected or confirmed breach.

POLICIES AND PRACTICES FOR STORAGE OF RECORDS:
    Records in this system of records are stored electronically or on
paper in secure facilities. Electronic records are stored on the SEC's
secure network. Records are maintained in electronic format and on
paper in file folders in Microsoft outlook with Access to and use of
these records limited to those persons whose official duties require
such access and on electronic media through computerized records stored
in the case management system.

POLICIES AND PRACTICES FOR RETRIEVAL OF RECORDS:
    These records are retrieved by the Requestor's name and/or case
number that is assigned to the request in the systems of records and/or
by office or region.

POLICIES AND PRACTICES FOR RETENTION AND DISPOSAL OF RECORDS:
    The records will be maintained until they become inactive, at which
time they will be retired or destroyed in accordance with records
schedules of the United States Securities and Exchange Commission, and
as approved by the National Archives and Records Administration.

ADMINISTRATIVE, TECHNICAL, AND PHYSICAL SAFEGUARDS:
    Access to SEC facilities, data centers, and information or
information systems is limited to authorized personnel with official
duties requiring access. SEC facilities are equipped with security
cameras and, at certain SEC facilities, 24-hour security guard service.
Computerized records are safeguarded in a secured environment. Security
protocols meet the promulgating guidance as established by the National
Institute of Standards and Technology (NIST) Security Standards from
Access Control to Data Encryption and Security Assessment &
Authorization (SA&A). Records are maintained in a secure, password-
protected electronic system that will utilize commensurate safeguards
that may include: firewalls, intrusion detection and prevention
systems, and role-based access controls. Additional safeguards will
vary by program. All records are protected from unauthorized access
through appropriate administrative, operational, and technical
safeguards. These safeguards include: restricting access to authorized
personnel who have a ``need to know''; using locks; and using

password protection identification features. Contractors and other
recipients providing services to the Commission shall be required to
maintain equivalent safeguards.

RECORD ACCESS PROCEDURES:
    Persons seeking to gain access to any record contained in this
system of records may inquire in writing in accordance with
instructions in SEC Privacy Act Regulations; 17 CFR 200.301 et seq.
Address such request to: FOIA/PA Officer, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-2465

CONTESTING RECORD PROCEDURES:
    Persons seeking to contest the content of any record contained in
this system of records may inquire in writing in accordance with
instructions in SEC Privacy Act Regulations, 17 CFR 200.301 et seq.
Address such requests to: FOIA/PA Officer, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-2465.

NOTIFICATION PROCEDURES:
    See ``Record Access Procedures'' above.

EXEMPTIONS PROMULGATED FOR THE SYSTEM:
    None.

HISTORY:
    New SORN.

    By the Commission.

    Dated: December 7, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-26944 Filed 12-9-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: April 30, 2010 (Volume 75, Number 83)]
[Notices]
[Page 22786-22787]
[DOCID:fr30ap10-73]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9143-7]

Proposed Consent Decree, Clean Air Act Citizen Suit

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of Proposed Consent Decree; Request for Public Comment.

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SUMMARY: In accordance with section 113(g) of the Clean Air Act, as
amended (``CAA'' or the ``Act''), 42 U.S.C. 7413(g), notice is hereby
given of a proposed consent decree to address a lawsuit filed by Sierra
Club in the United States District Court for the Western District of
Wisconsin: Sierra Club v. Jackson, No. 09-cv-0751 (W.D. WI). Plaintiff
filed a deadline suit to compel the Administrator to respond to an
administrative petition seeking EPA's objection to a CAA Title V
operating permit issued by the Wisconsin Department of Natural
Resources to Wisconsin Public Service Corporation's J.P. Pulliam
Generating Station in Green Bay, Wisconsin. Under the terms of the
proposed consent decree, EPA has agreed to respond to the petition by
June 4, 2010, or within 20 days of the entry date of this Consent
Decree, whichever is later.

DATES: Written comments on the proposed consent decree must be received
by June 1, 2010.

ADDRESSES: Submit your comments, identified by Docket ID number EPA-HQ-
OGC-2010-XXXX, online at http://www.regulations.gov (EPA's preferred
method); by e-mail to<EMAIL_ADDRESS>by mail to EPA Docket Center,
Environmental Protection Agency, Mailcode: 2822T, 1200 Pennsylvania
Ave., NW., Washington, DC 20460-0001; or by hand delivery or courier to
EPA Docket Center, EPA West, Room 3334, 1301 Constitution Ave., NW.,
Washington, DC, between 8:30 a.m. and 4:30 p.m. Monday through Friday,
excluding legal holidays. Comments on a disk or CD-ROM should be
formatted in Word or ASCII file, avoiding the use of special characters
and any form of encryption, and may be mailed to the mailing address
above.

FOR FURTHER INFORMATION CONTACT: Amy Branning, Air and Radiation Law
Office (2344A), Office of General Counsel, U.S. Environmental
Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460;
telephone:<PHONE_NUMBER>; fax number<PHONE_NUMBER>; e-mail address:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Additional Information About the Proposed Consent Decree

    This proposed consent decree would resolve a lawsuit alleging that
the Administrator failed to perform a nondiscretionary duty to grant or
deny, within 60 days of submission, an administrative petition to
object to a CAA Title V permit issued by the Wisconsin Department of
Natural Resources to Wisconsin Public Service Corporation's J.P.
Pulliam Generating Station in Green Bay, Wisconsin. Under the terms of
the proposed consent decree, EPA has agreed to respond to the petition
by June 4, 2010, or within 20 days of the entry date of this Consent
Decree, whichever is later. In addition, the proposed consent decree
further states that, within 15 business days following signature, EPA
shall deliver notice of such action to the Office of the Federal
Register for prompt publication and, if EPA's response contains an
objection in whole or in part, transmit the signed response to the
Wisconsin Department of Natural Resources. The proposed consent decree
sets the attorneys' fees at $2,624.71, and states that, after EPA
fulfills its obligations under the decree, the case shall be dismissed
with prejudice.
    For a period of thirty (30) days following the date of publication
of this notice, the Agency will accept written comments relating to the
proposed consent decree from persons who are not named as parties or
intervenors to the litigation in question. EPA or the Department of
Justice may withdraw or withhold consent to the proposed consent decree
if the comments disclose facts or considerations that indicate that
such consent is inappropriate, improper, inadequate, or inconsistent
with the requirements of the Act. Unless EPA or the Department of
Justice determines that consent to this consent decree should be
withdrawn, the terms of the decree will be affirmed.

II. Additional Information About Commenting on the Proposed Consent
Decree

A. How can I get a copy of the consent decree?

    The official public docket for this action (identified by Docket ID
No. EPA-HQ-OGC-2010-XXXX) contains a copy of the proposed consent
decree. The official public docket is available for public viewing at
the Office of Environmental Information (OEI) Docket in the EPA Docket
Center, EPA West, Room 3334, 1301 Constitution Ave., NW., Washington,
DC. The EPA Docket Center Public Reading Room is open from 8:30 a.m. to
4:30 p.m., Monday through Friday, excluding legal holidays. The
telephone number for the Public Reading Room is<PHONE_NUMBER>, and the
telephone number for the OEI Docket is<PHONE_NUMBER>.
    An electronic version of the public docket is available through
http://www.regulations.gov. You may use http://www.regulations.gov to
submit or view public comments, access the index listing of the
contents of the official public docket, and to access those documents
in the public docket that are available electronically. Once in the
system, key in the appropriate docket identification number then select
``search''.
    It is important to note that EPA's policy is that public comments,
whether submitted electronically or on paper, will be made available
for public viewing online at http://www.regulations.gov without change,

unless the comment contains copyrighted material, CBI, or other
information whose disclosure is restricted by statute. Information
claimed as CBI and other information whose disclosure is restricted by
statute is not included in the official public docket or in the
electronic public docket. EPA's policy is that copyrighted material,
including copyrighted material contained in a public comment, will not
be placed in EPA's electronic public docket but will be available only
in printed, paper form in the official public docket. Although not all
docket materials may be available electronically, you may still access
any of the publicly available docket materials through the EPA Docket
Center.

B. How and to whom do I submit comments?

    You may submit comments as provided in the ADDRESSES section.
Please ensure that your comments are submitted within the specified
comment period. Comments received after the close of the comment period
will be marked ``late.'' EPA is not required to consider these late
comments.
    If you submit an electronic comment, EPA recommends that you
include your name, mailing address, and an e-mail address or other
contact information in the body of your comment and with any disk or CD
ROM you submit. This ensures that you can be identified as the
submitter of the comment and allows EPA to contact you in case EPA
cannot read your comment due to technical difficulties or needs further
information on the substance of your comment. Any identifying or
contact information provided in the body of a comment will be included
as part of the comment that is placed in the official public docket,
and made available in EPA's electronic public docket. 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.
    Use of the http://www.regulations.gov website to submit comments to
EPA electronically is EPA's preferred method for receiving comments.
The electronic public docket system is an ``anonymous access'' system,
which means EPA will not know your identity, e-mail address, or other
contact information unless you provide it in the body of your comment.
In contrast to EPA's electronic public docket, EPA's electronic mail
(e-mail) system is not an ``anonymous access'' system. If you send an
e-mail comment directly to the Docket without going through http://
www.regulations.gov, your e-mail address is automatically captured and
included as part of the comment that is placed in the official public
docket, and made available in EPA's electronic public docket.

    Dated: April 23, 2010.
Richard B. Ossias,
Associate General Counsel.
[FR Doc. 2010-10149 Filed 4-29-10; 8:45 am]
BILLING CODE 6560-50-P