1 SUPPORTING STATEMENT 1. IDENTIFICATION OF THE INFORMATION COLLECTION a) This information request, which EPA is tracking under Information Collection Request ( ICR) 1038.11, covers the procedures for requesting information in Requests for Proposals ( RFP) and Invitations for Bids ( IFB). The current OMB control number is 2030 0006.

b) The Office of Acquisition Management in EPA issues RFPs or IFBs to vendors who are interested in selling products or services to the Agency. The method for soliciting bids or proposals from the public is set forth in the Federal Acquisition Regulation ( FAR). FAR 14.201 1 sets forth the uniform format for IFBs while FAR 15.406 1 sets forth the format for RFPs. RFPs are generally issued for more complex services or supplies and are used more frequently by EPA than are IFBs.

2. NEED FOR AND USE OF THE COLLECTION a) The legal authority for this collection is 41 USC 253. Collection of responses to Agency RFPs and IFBs is essential to the Agency's mission. Contractor provided supplies and services, such as emergency and remedial clean up services, treatability studies, and equipment are all procured through this process. A description of the supplies or services needed is developed by the requiring office. The contracting office composes an RFP or IFB based on these needs.

b) Information provided by vendors in response to an RFP/ IFB is used to evaluate which vendor will provide the best product in terms of quality, timeliness and price. This evaluation is completed by the contracting staff and may include input from the requiring office.

3. THE RESPONDENTS AND THE INFORMATION REQUESTED a) Respondents will normally be large or small businesses, profit making or nonprofit, which are interested in selling their goods or services to the Agency. Typically, these respondents fall into one of the following Standard Industrial Classifications: 1629  dredging and surface cleanup activities, 3821  laboratory apparatus, 7379  computer related services and 8748  business consulting services.

b) FAR Parts 14 and 15 set forth the types of information requested in an IFB and RFP. This information request will discuss information which EPA requests in IFBs or RFPs, and which is not specifically addressed in FAR clauses or certifications already cleared through the Office of Management and Budget ( OMB). Information collections required by FAR 15.8, Price Negotiation, are approved by OMB under Control Number 900 0013. All information collections required by FAR and approved by OMB are listed in FAR 1.106. 2 c) For IFBs, the Agency requires the respondent to provide:

1) prices for the supplies/ services requested 2) a list of contracts, by number, for the same or similar supplies/ services to include a description of the product, type of contract awarded, and a list of the Agencies to which this product was provided.

d) For RFPs the respondents must provide the following:

1) prices for the supplies/ services requested;

2) information on past performance;

3) technical and cost information; and 4) general financial and organizational information e) In order to submit the information requested, a respondent would have to gather available data, such as history of previous contracts. In formulating pricing or cost information, a respondent may have to research or analyze company financial records. Information would then be compiled, reviewed and recorded.

Public Notice In compliance with the Paperwork Reduction Act ( 44 U. S. C. 3501 et seq.), the Agency notified the public through a Federal Register notice on the submission of this ICR on September 10, 2003 ( 68 FR 53368). No comments were received.

4. THE INFORMATION COLLECTED AGENCY ACTIVITIES COLLECTION METHODOLOGY AND INFORMATION MANAGEMENT a) Agency activities in preparing the IFB/ RFP include the following tasks: developing the specifications or statement of work, putting together the solicitation, answering respondent questions, and reviewing respondent data.

b) Respondent data will be reviewed by a contract specialist and technical specialist, if required. Computer software will be used to review and check cost or pricing data for correctness and completeness. A copy of the response will be kept in the contract file.

c) SMALL ENTITY FLEXIBILITY The information collected is essential to evaluating the respondents' ability to meet the 3 Agency's needs for supplies and services. This information must be provided by both large and small businesses. Only the minimum information necessary to ensure the submission of complete and proper bids and proposals is required. Because the information is necessary for bid review and proposal evaluation, separate or simplified procedures cannot be developed for small businesses.

d) COLLECTION SCHEDULE This information is collected on a one time basis when the Agency has a requirement for supplies or services. RFPs/ IFBs are mailed to respondents who are interested in providing the required products or services to the Government.

5. NONDUPLICATION CONSULTATION AND OTHER COLLECTION CRITERIA a) Information requested in an IFB/ RFP is unique to a specific procurement; this information cannot be obtained from any other source.

b) The following vendors were contacted to discuss this collection activity:

Representative Firm Phone Barbara Gleason Laucks Testing, Inc. ( 206) 767 5060 Mike Pierce Compuchem Lab, Inc. ( 919) 248 6415 Craig Roberts EDS, Corp. ( 703) 742 1587 Keven Loughman Unisys ( 703) 847 3818 Kim Bradbury Veratas Software Corp. ( 800) 327 2232 Each individual consulted indicated that he/ she understood the need for the information collected and did not find the collection excessively burdensome. Estimated time to complete the information collection, given by each firm, was considered in the " Respondent Burden Estimate."

c) IFBs and RFPs are only issued when the Agency has a need for a particular supply or service. Respondents reply only if they are interested in selling products or providing services to the Government.

d) This information is in accordance with OMB's general guidelines for Federal data collection with the exception of requiring the same information from small business as from large businesses.

e) Information collected under this request, particularly cost and pricing data, is treated as Confidential Business Information( CBI). CBI is protected from public release in accordance with the Agency's confidentially regulation, 40 CFR Part 2.201 et seq. 4 6. ESTIMATING THE BURDEN AND COST OF THE COLLECTION a) ESTIMATING RESPONDENT BURDEN ( i). Labor Costs Respondent burden estimates for this collection are divided into two categories: burden for responding to an IFB and burden for responding to an RFP. Sealed bidding, or responding to an IFB is a simpler process than responding to an RFP. Only fixed price contracts can be awarded through the sealed bidding process and the Agency requires much less information in IFBs. More complex, cost reimbursement contracts are awarded in response to RFPs. The Agency requires extensive cost and pricing and technical data in RFPs.

Respondent Burden/ Cost Estimate for IFBs Collection Activity Burden Hours Cost 1. Read IFB and research 2 hrs $ 196.76 information requested 2. Create/ gather information 4 hrs $ 196.56 3. Compile/ review information 1 hr $ 98.38 4. Type report lhr $ 26.99 TOTAL 8 hrs. $ 518.69 Steps 1 and 3 of the information collection are generally completed by a company program manager. This is an administrative person responsible for coordinating with the technical and financial specialists and placing the proposal or bid. Specialists, both financial and scientific, are responsible for completing step 2. Information compiled by the technicians is put in report format by a typist. EPA's Cost Advisory Branch estimates the loaded hourly rate for a program manager is $ 98.38, for a technician the rate is $ 49.14 and for a typist the rate is $ 26.99. These rates are based on the Cost Advisory Branch's experience with EPA contract rates which they audit routinely. Rates are also consistent with prior information collection clearances, adjusted for inflation using the Data Resource Index ( DRI). Estimated time to complete each step is based on consultations with contractors and Agency contracting staff.

Based on the Agency's tracking system for contracts, in FY 02, 102 bids were submitted, and for FY 03, 67 bids were received as of September 25, 2003. However, for FY 03 there are still outstanding bids that were received the last week of the fiscal year and into FY 04 that are 5 not included in this number. Also, it is estimated that an average of 28 IFBs will be issued in the coming year ( see paragraph c) Estimating Agency Burden and Cost) and approximately four ( 4) bids will be received per IFB based on historical information available at this time. Taking into consideration the above, it is estimated that 112 bids will be received in the coming year. The estimate of 112 bids is in line with the number of bids received in prior years. With each response taking 8 hours to complete, the total estimated contractor burden for completing IFBs is 896 hours. The annual cost to respondents is $ 58,093.28 ( 112 bids x $ 518.69 per bid). Respondents Burden/ Cost Estimate for RFPs Collection Activity Burden Hours Cost 1. Read RFP/ research information 30 hrs $ 2,951.40 2. create/ gather information 118 hrs $ 5,798.52 3. compile/ review information 67 hrs $ 6,591.46 4. type/ report information 36 hrs $ 971.64 TOTAL 251 hrs $ 16,313.02 The rates and division of labor is the same for IFBs and RFPs. ( Rates and duties are discussed above.) The total burden hours to respond to one RFP is 251 hours. Agency records show in FY 02 that there were 966 proposals received. As of September 25, 2003, information available in ICMS for FY 03 showed that there was 231 proposals received in the Agency. Although this is a substantial decrease from FY 02, the FY 03 data is not complete because there will be additional proposals received the last week of the fiscal year and some in FY 04 in response to FY 03 solicitations. Because there has been a continued decrease in the number of proposals received over the past four years, we anticipate a continued 10% reduction in proposals received for the coming year based on the information provided above and as a result of increased use of other Agency's contract vehicles, and increased use of contract reform measures such as oral proposals. Therefore, we are utilizing a projected quantity of 869 ( 966  10%) proposals to calculate the contractor burden for this information collection request. This puts the total hourly burden for RFPs at 218,119 hours. Annual cost for RFP information collection is estimated at $ 14,176,014 ( 869 proposals x $ 16,313.02 cost per respondent).

The total respondent burden for both IFBs and RFPs is 219,015 hours for 981 respondents. Total annual cost for IFBs and RFPs is estimated at $ 14,251,635.

( ii) Capital/ Start up Costs Because it will not be necessary for respondents to acquire any capital goods to provide the requested information, EPA has estimated no incurred capital/ start up 6 costs.

( iii) Operating and Maintenance Costs Operating and Maintenance costs, which include such items as file storage, photocopying, and postage, are negligible.

c) ESTIMATING AGENCY BURDEN AND COST Agency burden is presented separately for IFBs and RFPs. As noted before, much more time is needed to review respondent data on an RFP because there is more data to review and the data is more complex.

Agency Burden/ Cost Estimate for IFBs Collection Activity Burden Hours Cost 1. Develop specifications 38 hrs $ 1,653.00 2. Compile IFB 30 hrs $ 1,097.40 3. Review data received contract specialist 24 hrs $ 877.92 contract officer 4 hrs $ 205.60 TOTAL 96 hrs $ 3,833.92 Specifications are developed by a technical specialist in the program office. Salary for a technical specialist was calculated at the GS 13 level. The estimate includes GS 13 salary, with a step 5 midpoint, at $ 37.50 per hour, multiplied by a factor of 1.16 to account for benefits, which yields a loaded rate of $ 43.50. A contract specialist is responsible for compiling the IFB, consultations with the technical specialist concerning contractual requirements, and reviewing the respondents' bids. The rate for the contract specialist is calculated at a GS 12 level, with a step 5 midpoint, and an hourly loaded rate of $ 31.53 is utilized. The contract specialist is supervised by a contracting officer who will review the contract specialist's findings concerning the information received. Contracting officers who would be performing this effort at the Agency are GS 13s, so the loaded hourly rate is $ 43.50 as described in the preceding paragraph.

Agency records indicate that 8 IFBs were issued in FY 02 and in FY 03, there were 13 IFBs issued. This number has decreased substantially since the last renewal which included 62 IFBs. This number can fluctuate significantly any given year depending upon the contract cycle 7 and program needs. Therefore, we estimate that there will be approximately 28 IFBs issued any given which is an average of IFBs issued over a three year period. Therefore, total Agency burden for IFBs is 2688 hours ( 28 IFBs per year x 96 hours per IFB.) Total Agency cost for IFB preparation is calculated at $ 3,833.92 per IFB times 28 IFBs for a total of $ 75,624.

Agency Burden / Cost Estimate for RFPs Collection Activity Burden Hours Cost 1. Develop specifications 80 hrs $ 3,480.00 2. Compile IFB 40 hrs $ 1,463.20 3. Answer respondent questions 40 hrs $ 1,463.20 4. Review cost data contract specialist 80 hrs $ 2,926.40 contract officer 24 hrs $ 1,233.60 cost analyst 60 hrs $ 2,194.80 manager 4 hrs $ 241.88 TOTAL 328 hrs $ 13,003.08 Due to the increase in the amount and complexity of data required under an RFP, some of the labor categories involved in the review are more skilled than those required to evaluate an IFB. For example, a contract specialist who completes steps 2, 3, and 4 above, would be a GS 13. The contracting officer would be a GS 14. An audit of the cost data would be performed by a cost analyst who would generally be a GS 13. A managerial review is also required, and would be accomplished at the GS 15 level. All rates are calculated as described in above, utilizing the medium salary for the grade, multiplied by a factor of 1.16 to account for benefits. A GS 13 is calculated at $ 43.50 per hour; a GS 14 at $ 51.40 per hour, and a GS 15 at $ 60.47 per hour.

Agency records indicate that a total of 201 RFPs were issued in FY 02 and 188 issued in FY 03. Although this number can fluctuate any given year, we anticipate issuing 5% fewer IFBs in the coming year due the continued decrease in RFPs issued in the past four years which is due to increased use of other Agency contract vehicles. Therefore, a quantity of 178 RFPs was utilized to calculate the following estimated total Agency burden hours. 178 RFPs requiring 328 hours each, represents a total Agency burden of 58,384 hours associated with this element. Total Agency cost is estimated at $ 2,314,548.20 for 178 RFPs at $ 13,003.08 each.

Agency burden for IFBs and RFPs combined is 77,938 hours and $ 2,390,172.20. 8 d) REASONS FOR CHANGE IN BURDEN The last information collection clearance request approved by OMB contained 246,527 hours for 1,261 responses. This request estimates 219,015 burden hours for 981 responses. Overall, the respondent burden has decreased by 27,512 hours. This decrease is due to a decrease in the number of proposals anticipated as a result of Government wide contract reform measures. There are also smaller adjustments in the time required to complete each submission due to increased use of and improvements in technology.

e) BURDEN STATEMENT The annual public reporting and recordkeeping burden for this collection of information is estimated to average 223.25 hours per response. Burden means the total time, effort, or financial resources expended by persons to generate, maintain, retain, or disclose or provide information to or for a Federal agency. This includes the time needed to review instructions; develop, acquire, install, and utilize technology and systems for the purposes of collecting, validating, and verifying information, processing and maintaining information, and disclosing and providing information; adjust the existing ways to comply with any previously applicable instructions and requirements; train personnel to be able to respond to a collection of information; search data sources; complete and review the collection of information; and transmit or otherwise disclose the information. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. The OMB control numbers for EPA's regulations are listed in 40 CFR part 9 and 48 CFR chapter 15. To comment on the Agency's need for this information, the accuracy of the provided burden estimates, and any suggested methods for minimizing respondent burden, including the use of automated collection techniques, EPA has established a public docket for this ICR under Docket ID No. OAR 2003 0170, which is available for public viewing at the Air and Radiation Docket in the EPA Docket Center ( EPA/ DC), EPA West, Room B102, 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 Reading Room is ( 202) 566 1744, and the telephone number for the Air and Radiation Docket is ( 202) 566 1742. An electronic version of the public docket is available through EPA Dockets ( EDOCKET) at http:// www. epa. gov/ edocket. Use EDOCKET to submit or view public comments, access the index listing of the contents of the public docket, and to access those documents in the public docket that are available electronically. Once in the system, select " search," then key in the docket ID number identified above. Also, you can send comments to the Office of Information and Regulatory Affairs, Office of Management and Budget, 725 17th Street, NW, Washington, DC 20503, Attention: Desk Office for EPA. Please include the EPA Docket ID No. OAR 2003 0170 and OMB control number 2030 0006 in any correspondence.


[Federal Register: August 24, 2009 (Volume 74, Number 162)]
[Notices]
[Page 42659]
[DOCID:fr24au09-44]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 13565-000]

Claire Fay and Charles Hotchkin; Notice of Application Tendered
for Filing With the Commission, Soliciting Additional Study Requests,
Intent To Waive Three Stage Consultation, and Establishing an Expedited
Schedule for Processing

August 14, 2009.

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection.
    a. Type of Application: Exemption from licensing.
    b. Project No.: P-13565-000.
    c. Date filed: August 4, 2009.
    d. Applicant: Claire Fay and Charles Hotchkin.
    e. Name of Project: Alder Brook Mini Hydro Project.
    f. Location: On the Alder Brook, near the town of Richford,
Franklin County, Vermont. This project does not occupy federal lands.
    g. Filed Pursuant to: Public Utilities Regulatory Policies Act of
1978, 16 U.S.C. 2705, 2708.
    h. Applicant Contact: Mr. Charles Hotchkin, 321 Prive Hill Road,
Richford, Vermont 05476.<PHONE_NUMBER>.
    i. FERC Contact: Michael Spencer<EMAIL_ADDRESS>(202)
502-6093.
    j. Cooperating Agencies: We are asking Federal, state, and local
agencies and Indian tribes with jurisdiction and/or special expertise
with respect to environmental issues to cooperate with us in the
preparation of the environmental document. Agencies who would like to
request cooperating status should follow the instructions for filing
comments described in item k below.
    k. Pursuant to Section 4.32(b)(7) of 18 CFR of the Commission's
regulations, if any resource agency, Indian tribe, or person believes
that an additional scientific study should be conducted in order to
form a factual basis for complete analysis of the application on its
merits, the resource agency, Indian tribe, or person must file a
request for the study with the Commission no later than 60 days from
the application filing date, and serve a copy of the request on the
applicant.
    l. Deadline for filing additional study requests and requests for
cooperating agency status: With this notice, we are waiving the 60-day
timeframe in Section 4.32(b)(7) of 18 CFR for requesting additional
studies and requests for cooperating agency status. Instead, requests
for studies and cooperating agency status will be due 30 days from the
date of this notice.
    Additional study requests and requests for cooperating agency
status 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/docs-filing/ferconline.asp) under the ``e-filing''
link. For a simpler method of submitting text only comments, click on
``Quick Comment.'' All paper documents (original and eight copies)
should be filled with: Kimberly D. Bose, Secretary, Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426.
    m. The application is not ready for environmental analysis at this
time.
    n. Project Description: The Alder Brook Mini Hydro Project would
consist of the following: (1) A 4-foot-wide by 8-foot-long by 3-foot-
high drop inlet to be located below the Town of Richford's culvert on
Alder Brook; (2) a 12-inch-diameter, 250-foot-long penstock; (3) a shed
containing one generating unit with total installed generating capacity
of 7.0 kilowatts (kW); and (4) a 170-foot-long transmission line from
the shed to the barn. The project would have an average annual
generation of 37,621 kilowatt-hours.
    o. A copy of the application is on file with the Commission and is
available for public inspection. This filing may also be viewed on the
Web at http://www.ferc.gov using the ``eLibrary'' link. Enter the
docket number, excluding the last three digits in the docket number
filed to access the documents. For assistance, please contact FERC
Online Support at<EMAIL_ADDRESS>or toll free at (866) 208-
3676 or for TTY, contact<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.
    p. With this notice, we are initiating consultation with the
Vermont State Historic Preservation Officer (SHPO), as required by
section 106, National Historic Preservation Act, and the regulations of
the Advisory Council on Historic Preservation, 36 CFR 800.4.
    q. Procedural schedule and final amendments: We intend to accept
the consultation that has occurred on this project during the pre-
filing period as satisfying our requirements for the standard 3-stage
consultation process under 18 CFR 4.38 and for National Environmental
Policy Act scoping. In addition, Commission staff propose to issue a
single environmental assessment rather than issue a draft and final EA.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-20234 Filed 8-21-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 90 (Wednesday, May 9, 2012)]
[Notices]
[Page 27225]
[FR Doc No: 2012-11169]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER12-1675-000]

Flanders Energy LLC; Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
Flanders Energy LLC's application for market-based rate authority, with
an accompanying rate tariff, noting that such application includes a
request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is May 22, 2012.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive email notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please email<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: May 2, 2012.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2012-11169 Filed 5-8-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 150 (Tuesday, August 5, 2014)]
[Notices]
[Pages 45565-45570]
[FR Doc No: 2014-18377]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72701; File No. SR-ICC-2014-11]

Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing of Proposed Rule Change To Revise Rules To Provide for the 2014
ISDA Definitions

July 29, 2014.
    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 July 24, 2014, ICE Clear Credit LLC (``ICC'') 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 ICC. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The principal purpose of the proposed change is to amend ICC rules
to incorporate references to revised Credit Derivatives Definitions, as
published by the International Swaps and Derivatives Association, Inc.
(``ISDA'') on February 21, 2014 (the ``2014 ISDA Definitions'').
Consistent with the approach being taken throughout the CDS market, the
industry standard 2014 ISDA Definitions will be applicable to certain
products cleared by ICC beginning on September 22, 2014.

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

    In its filing with the Commission, ICC included statements
concerning the purpose of and basis for the proposed rule change 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. ICC has prepared summaries, set forth in sections A, B,
and C below, of the most significant aspects of these statements.

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

1. Purpose
    ICC submits proposed amendments to the ICC Clearing Rules (the
``ICC Rules'') to incorporate references to the 2014 ISDA Definitions
to be effective by the industry implementation date of September 22,
2014. ICC principally proposes to (i) revise the ICC Rules to make
proper distinctions between the 2014 ISDA Definitions and the ISDA
Credit Derivatives Definitions published previously in 2003 (as amended
in 2009, the ``2003 ISDA Definitions'') and related documentation; and
(ii) make conforming changes throughout the ICC Rules to reference
provisions from the proper ISDA Definitions. ICC also submits the ICC
Restructuring Procedures revised to reflect proper distinctions between
the 2003 ISDA Definitions and the 2014 ISDA Definitions. Finally, the
ICC Risk Management Framework has been revised to reflect appropriate
portfolio treatment between CDS Contracts cleared under the 2003 and
2014 ISDA Definitions.
    As described by ISDA, the 2014 Definitions make a number of changes
from the 2003 ISDA Definitions to the standard terms for CDS Contracts,
including (i) introduction of new terms applicable to credit events
involving financial reference entities and settlement of such credit
events, (ii) introduction of new terms applicable to credit events
involving sovereign reference entities and settlement of such credit
events, (iii) implementation of standard reference obligations
applicable to certain reference entities, and (iv) various other
improvements and drafting updates that reflect market experience and
developments since the 2009 amendments to the 2003 ISDA Definitions.
    Commencing on the implementation date of September 22, 2014, ICC
intends to accept for clearing new transactions in eligible contracts
that reference the 2014 ISDA Definitions. In addition, the amendments
will provide for the conversion of certain existing contracts (so-
called ``Converting Contracts'') currently based on the 2003 ISDA
Definitions into contracts based on the 2014 ISDA Definitions. (This
approach is consistent with expected industry practice for similar
contracts not cleared by ICC, which will be subject to a multilateral
amendment ``protocol'' sponsored by ISDA.) For contracts that are not
Converting Contracts, ICC expects to continue to accept for clearing
both new transactions referencing the 2014 ISDA Definitions and new
transactions referencing the 2003 ISDA Definitions (and such contracts
based on different definitions will not be fungible). The ISDA protocol
implementation has been developed with a high level of industry
involvement and consultation. ICC understands, through industry
consensus, that ICC Participants plan to adhere to the ISDA protocol
and would desire ICC to convert certain contracts cleared at ICC into
contracts based on the 2014 ISDA Definitions, consistent with the ISDA
protocol. Therefore, in an effort to achieve consistency across the CDS
marketplace, ICC's implementation plan is intended to be fully
consistent with the planned ISDA protocol implementation. ICC will
publish on its Web site a list of Converting Contracts, which is
expected to be the same as the list of contracts subject to the ISDA
protocol. (Most ICC Contracts will be Converting Contracts with certain
exceptions including CDS on sovereigns and certain financial reference
entities.)
    ICC proposes to amend Chapters 20, 21, 22 and 26 of the ICC Rules
and the ICC Restructuring Procedures and ICC Risk Management Framework
to provide for the 2014 ISDA Definitions. All capitalized terms not
defined herein are defined in the ICC Rules. Each of these changes is
described in detail as follows.
    Chapter 20 of the ICC Rules (Credit Default Swaps), has been
amended to provide new definitions for ``2003/2014 Changeover Effective
Date,'' ``2003 Definitions,'' ``2003-Type CDS Contract,'' ``2014
Definitions,'' ``2014-Type CDS Contract,'' ``Applicable Credit
Derivatives Definitions'' and ``Converting Contacts.'' The new
definitions accommodate the 2014 ISDA Definitions and provide terms
that allow for distinctions between the 2014 ISDA Definitions and the
2003 ISDA Definitions and have been applied throughout the ICC Rules.
Additionally, the references in the definitions of ``CDS Restructuring
Rules'' and ``DC Rules'' are updated. Rule 20-103 ``Interpretation
Relating to Index CDS Contracts'' is added to clarify that the
determination of whether the 2003 or 2014 ISDA Definitions applies may
be made separately for each component transaction in the index.
Finally, Rule 20-617(g) is revised to remove a cross-reference to the
definition of ``SR Auction'' because SR Auction is defined as
appropriate in multiple Subchapters, specifically, 26B, 26D and 26G.
    Chapter 21 (Regional CDS Committees and Dispute Resolution
Procedures) and Chapter 22 (CDS Physical Settlement) of the ICC Rules
have been revised to include references, as appropriate, to the 2014
ISDA Definitions as well as the current 2003 ISDA Definitions. Within
Chapter 21, ICC Rules 2101-02(a), (c), (d), (e), (f), 2103-02(c) and
2106-04 are updated to make reference to the parallel provisions of the
2014 ISDA Definitions in conjunction with the existing references to
specific provisions of the 2003 ISDA Definitions. In addition, those
rules are updated to incorporate certain new concepts in the 2014 ISDA
Definitions, particularly the concept of Asset Package Credit Events
for financial and sovereign reference entities. Such events may result
in the delivery of a specified asset package in lieu of an otherwise
qualifying deliverable obligation, and the revised rules provide for
certain decisions that may need to be taken with respect to such asset
packages in such circumstances. In Chapter 22, ICC Rules 2202(d) and
2203(a) also are updated to make parallel reference to the provisions
of the 2014 ISDA Definitions in conjunction with the existing
references to specific provisions of the 2003 ISDA Definitions.
    Chapter 26 of the ICC Rules (Cleared CDS Products) is revised as
applicable to implement the definitional changes in Chapter 20 of the
ICC Rules and the 2014 ISDA Definitions. These changes include
clarification of reference to provisions within the DC Rules,
clarification as to whether previous references to ``Credit Derivatives
Definitions'' are to the 2003 ISDA Definitions or the 2014 ISDA
Definitions and the addition of provisions consistent with the 2014
ISDA Definitions. The revisions to Chapter 26 are intended to ensure
that all ICC Cleared CDS Products are treated consistently with the
Applicable ISDA Definitions in effect from time to time, as is in
practice today.
    Subchapter 26A (CDX Untranched North American IG/HY/XO) is revised
as follows. In ICC Rule 26A-102 (Definitions), the definition of
``CDX.NA

Untranched Terms Supplement'' is updated to include a reference to the
new ``CDX Untranched Transactions Standard Terms Supplement'' expected
to be published by Markit North America, Inc. on or about September 20,
2014 to incorporate the 2014 ISDA Definitions, in addition to the
existing references to the CDX Untranched Standard Terms Supplements
published on March 20, 2008 and January 31, 2011. Additionally in ICC
Rule 26A-102 (Definitions), the definition of ``List of Eligible CDX.NA
Untranched Indexes'' is revised in part (e) to state that the List of
Eligible CDX.NA Untranched Indexes will specify the Applicable Credit
Derivatives Definitions for each component of the Index, if applicable.
ICC Rule 26A-316 (Updating Index Version of Fungible Contracts After a
Credit Event or a Succession Event; Updating Relevant Untranched
Standard Terms Supplement) is revised in part (a) to add parallel
references to Successor determinations under the 2014 ISDA Definitions
and in part (d) to provide that CDX.NA Untranched Contracts that are
Converting Contracts will be deemed amended as of the 2003/2014
Changeover Date to reference the updated CDX Untranched Standard Terms
Supplement. ICC Rule 26A-317 (Terms of CDX.NA Untranched Contracts) is
revised to add references to provisions of the proper ISDA Definitions
and Relevant CDX Untranched Terms Supplement versions for the CDX
Untranched Contracts that ICC clears. Corresponding changes to
provision numbering are made as necessary. Specifically, ICC Rule 26A-
317(a) reorganizes and consolidates existing provisions that apply to
each CDX.NA Untranched Contract or component thereof to which the 2003
ISDA Definitions apply. ICC Rule 26A-317(a)(ix) was previously 26A-
317(j) and has been reproduced with amended reference to the 2003 ISDA
Definitions and the correct provisions within the 2003 ISDA
Definitions. Correspondingly, ICC Rule 26A-317(b) is added to the ICC
Rules to provide analogous terms that apply to each CDX.NA Untranched
Contract or component thereof to which the 2014 ISDA Definitions apply.
ICC Rule 26A-317(c) was previously the first sentence of 26A-317(i) and
is unchanged and applies consistently to each CDX.NA Untranched
Contract (whether under the 2003 or 2014 ISDA Definitions). ICC Rule
26A-317(d) is renumbered and the reference to the CDX.NA Untranched
Terms Supplement is generalized, but otherwise remains unchanged.
    Subchapter 26B (Standard North American Corporate (``SNAC'') Single
Name) is revised as follows: In ICC Rule 26B-102 (Definitions), the
definitions of ``Eligible SNAC Reference Obligations,'' ``List of
Eligible SNAC Reference Entities'' and ``SNAC Contract Reference
Obligations'' are updated to include reference to the Applicable Credit
Derivatives Definitions and to provide for the use of Standard
Reference Obligations, Financial Reference Entity Terms and eligible
Seniority Levels under the 2014, ISDA Definitions, where applicable.
The restrictions on ``self-referencing'' transactions in ICC Rules 26B-
203 (Restriction on Activity) and 26B-206 (Notices Required of
Participants with Respect to SNAC Contracts) are revised to cover, in
addition to transactions referencing CDS Participants, also
transactions referencing Non-Participant Parties for whom such CDS
Participant is acting. ICC Rule 26B-309 (Acceptance of SNAC Contracts
by ICE Clear Credit) is revised in part (b)(iii) to add ``Relevant'' to
the definition of Restructuring Credit Event (reflecting the use of
that defined term in Subchapter 26E of the ICC Rules) and in part (e)
to address relevant successor or other events under both 2003 and 2014-
Type CDS Contracts. ICC Rule 26B-315 (Terms of the Cleared SNAC
Contract) is revised to provide reference to provisions of the proper
ISDA Definitions, and corresponding changes to provision numbering are
made as necessary. Specifically, ICC Rule 26B-315(d) reorganizes and
consolidates existing provisions that apply to each SNAC Contract to
which the 2003 ISDA Definitions apply. Correspondingly, ICC Rule 26B-
315(e) is added to the ICC Rules to provide analogous provisions that
apply to each SNAC Contract to which the 2014 ISDA Definitions apply.
ICC Rule 26B-315(f) was previously the first sentence of 26B-315(h) and
is unchanged (and applies to both SNAC Contracts under both the 2003
and 2014 ISDA Definitions). ICC Rule 26B-315(g) is revised to refer to
the Applicable Credit Derivatives Definitions, as appropriate,
including, in the case of 2014-Type CDS Contracts, any supplemental or
additional provisions or Financial Reference Entity Terms specified as
applicable in the List of Eligible SNAC Reference Entities. ICC Rule
26B-616 (Contract Modification) is revised in part (a) to provide for
successors to SNAC Contracts and Standard Reference Obligations, as
applicable under the ISDA Definitions, and part (b) is added to provide
that SNAC Contracts that are Converting Contracts will be deemed
amended as of the 2003/2014 Changeover Effective Date to be 2014-Type
CDS Contracts.
    Subchapter 26C (CDX Untranched Emerging Markets) is revised as
follows: In ICC Rule 26C-102 (Definitions), the definition of ``CDX.EM
Untranched Terms Supplement'' is updated to include a reference to the
new ``CDX Emerging Markets Untranched Transactions Standard Terms
Supplement'' expected to be published by Markit North America, Inc. on
or about September 20, 2014 to incorporate the 2014 ISDA Definitions,
in addition to the existing reference to the CDX.EM Untranched Standard
Terms Supplement published on January 31, 2011. Additionally in ICC
Rule 26C-102 (Definitions), the definition of ``List of Eligible CDX.EM
Untranched Indexes'' is revised in part (e) to state that the List of
Eligible CDX.EM Untranched Indexes will specify reference to the
Applicable Credit Derivatives Definitions for each component of the
Index, if applicable. ICC Rule 26C-316 (Updating Index Version of
Fungible Contracts After a Credit Event or a Succession Event; Updating
Relevant Untranched Standard Terms Supplement) is revised in part (a)
to add parallel references to Successor determinations under the 2014
ISDA Definitions and in part (d) to provide that CDX.EM Untranched
Contracts that are Converting Contracts will be deemed amended as of
the 2003/2014 Changeover Date to reference the updated CDX.EM
Untranched Terms Supplement. ICC Rule 26C-317 (Terms of CDX.EM
Untranched Contracts) is revised to add references to provisions of the
proper ISDA Definitions and Relevant CDX.EM Untranched Terms Supplement
versions for the CDX.EM Untranched Contracts that ICC clears.
Corresponding changes to provision numbering are made as necessary.
Specifically, ICC Rule 26C-317(a) reorganizes and consolidates existing
provisions that apply to each CDX.EM Untranched Contract or component
thereof to which the 2003 ISDA Definitions apply. Correspondingly, ICC
Rule 26C-317(b) is added to the ICC Rules to provide analogous terms
that apply to each CDX.EM Untranched Contract or component thereof to
which the 2014 ISDA Definitions apply. ICC Rule 26C-317(c) was
previously the first sentence of 26C-317(g) and is unchanged and
applies consistently to each CDX.NA Untranched Contract. ICC Rule 26C-
317(d) was previously the first sentence of 26C-317(i) and is
generalized to apply consistently to each CDX.EM Untranched Contract
(whether under the 2003 or 2014 ISDA Definitions). ICC Rule 26C-317(e)
is

generalized to apply to both the 2003 and 2014 ISDA Definitions with
the same effect of stating that the Reference Obligation for a
Restructured Entity will be specified by ICC following consultation
with the ICC Risk Committee.
    Subchapter 26D (Standard Emerging Sovereign (``SES'') Single Name)
is revised as follows. In ICC Rule 26D-102 (Definitions), the
definition of ``Eligible SES Reference Entities'' is revised to correct
a typo and correctly identify the reference entity for a cleared
product as the Bolivarian Republic of Venezuela and the definitions of
``Eligible SES Reference Obligations,'' ``List of Eligible SES
Reference Entities'' and ``SES Contract Reference Obligations'' are
updated to include reference to the Applicable Credit Derivatives
Definitions and to provide for the use of a Standard Reference
Obligation under the 2014 ISDA Definitions, where applicable. The
restrictions on ``self-referencing'' transactions in ICC Rules 26D-203
(Restriction on Activity) and 26D-206 (Notices Required of Participants
with Respect to SES Contracts) are revised to cover, in addition to
transactions referencing CDS Participants, also transactions
referencing Non-Participant Parties for whom such CDS Participant is
acting. ICC Rule 26D-309 (Acceptance of SES Contracts by ICE Clear
Credit) is revised in part (b)(iii) to add ``Relevant'' to the
definition of Restructuring Credit Event (reflecting the use of that
defined term in Subchapter 26E of the ICC Rules), in part (c) to, in
addition to CDS Participant, also provide for Non-Participant Parties
for whom such CDS Participant is acting and in part (e) to address
relevant successor or other events under both 2003 and 2014-Type CDS
Contracts. ICC Rule 26D-315 (Terms of the Cleared SES Contract) is
revised to provide reference to provisions of the proper ISDA
Definitions, and corresponding changes to provision numbering are made
as necessary. Specifically, ICC Rule 26D-315(d) reorganizes and
consolidates existing provisions that apply to each SES Contract to
which the 2003 ISDA Definitions apply. Correspondingly, ICC Rule 26D-
315(e) is added to the ICC Rules to provide analogous provisions that
apply to each SES Contract to which the 2014 ISDA Definitions apply.
ICC Rule 26D-315(f) was previously the first sentence of 26D-315(h) and
is unchanged (and applies to both 2003 and 2014-Type CDS Contracts. ICC
Rule 26D-315(g) remains unchanged; the previous reference was 26D-
315(k). ICC Rule 26D-315(h) is revised to refer to the Applicable
Credit Derivatives Definitions, as appropriate. ICC Rule 26D-616
(Contract Modification) is revised in part (a) to provide for
successors to SES Contracts and Standard Reference Obligations, as
applicable under the relevant ISDA Definitions, and part (b) is added
to provide that SES Contracts that are Converting Contracts will be
deemed amended as of the 2003/2014 Changeover Effective Date to be
2014-Type CDS Contracts.
    Subchapter 26E is updated to provide for the differences in the
treatment of Relevant Restructuring Contracts under the 2003 ISDA
Definitions and 2014 ISDA Definitions. Specifically, in ICC Rule 26E-
102 (Definitions) the definitions of ``Matched Restructuring Pair,''
``Relevant Restructuring Contract,'' ``Relevant Restructuring Credit
Event'' and ``Restructuring CDS Contract'' are updated to allow for
application of either the 2003 ISDA Definitions or the 2014 ISDA
Definitions as relevant. Additionally, the definition of ``Triggered
Restructuring CDS Contract'' as well as ICC Rules 26E-104(a) and (b)
are updated to include provisions consistent with the 2014 ISDA
Definitions.
    Subchapter 26F (iTraxx Europe) is revised as follows: In ICC Rule
26F-102 (Definitions), the definition of ``iTraxx Europe Untranched
Terms Supplement'' is updated to include reference to the new ``iTraxx
Europe Untranched Standard Terms Supplement'' expected to be published
by Markit North America, Inc. on or about September, 20 2014 to
incorporate the 2014 ISDA Definitions, in addition to the existing
reference to the iTraxx Europe Untranched Standard Terms Supplement
published on November 23, 2009. Additionally in ICC Rule 26F-102
(Definitions), the definition of ``List of Eligible iTraxx Europe
Untranched Indexes'' is revised in part (e) to state that the List of
Eligible iTraxx Europe Untranched Indexes will include reference to the
Applicable Credit Derivatives Definitions for each component of the
Index, if applicable. ICC Rule 26F-309 (Acceptance of iTraxx Europe
Untranched Contracts by ICE Clear Credit) is revised to correct a typo
from ``clauses'' to ``clause.'' ICC Rule 26F-316 (Updating Index
Version of Fungible Contracts After a Credit Event or a Succession
Event; Updating Relevant Untranched Standard Terms Supplement) is
revised in part (a) to add parallel references to Successor
determinations under the 2014 ISDA Definitions and in part (d) to
provide that iTraxx Europe Untranched Contracts that are Converting
Contracts will be deemed amended as of the 2003/2014 Changeover Date to
reference the updated iTraxx Europe Untranched Terms Supplement. ICC
Rule 26F-317 (Terms of iTraxx Europe Untranched Contracts) is revised
to add references to provisions of the proper ISDA Definitions and
Relevant iTraxx Europe Untranched Terms Supplement versions for the
iTraxx Europe Untranched Contracts that ICC clears. Corresponding
changes to provision numbering are made as necessary. Specifically, ICC
Rule 26F-317(a) reorganizes and consolidates existing provisions that
apply to each iTraxx Europe Untranched Contract or component thereof to
which the 2003 ISDA Definitions apply. Correspondingly, ICC Rule 26F-
317(b) is added to the ICC Rules to provide analogous terms that apply
to each iTraxx Europe Untranched Contract or component thereof to which
the 2014 ISDA Definitions apply. ICC Rule 26F-317(c) was previously the
first sentence of ICC Rule 26F-317(f) and is unchanged and applies
consistently to each iTraxx Europe Untranched Contract (whether under
the 2003 or 2014 ISDA Definitions). ICC Rule 26F-317(d), which provides
for the determination of a Reference Obligation for a Restructured
Entity, is revised slightly to accommodate a Standard Reference
Obligation, if applicable. ICC Rule 26F-317(e)(vi) is generalized to
provide for the Relevant iTraxx Europe Untranched Terms Supplement.
    Subchapter 26G (Standard European Corporate (``STEC'') Single Name)
is revised throughout to change ``SDEC'' to ``STEC'' to follow the
industry standard acronym, and as follows: In ICC Rule 26G-102
(Definitions), the definitions of ``Eligible STEC Reference
Obligations,'' ``List of Eligible STEC Reference Entities'' and ``STEC
Contract Reference Obligations'' are updated to include reference to
the Applicable Credit Derivatives Definitions and to provide for the
use of a Standard Reference Obligation under the 2014 ISDA Definitions
and eligible Seniority Levels, where applicable. The restrictions on
``self-referencing'' transactions in ICC Rules 26G-203 (Restriction on
Activity) and 26G-206 (Notices Required of Participants with Respect to
STEC Contracts) are revised to cover, in addition to transactions
referencing a CDS Participant, also transactions referencing Non-
Participant Parties for whom such CDS Participant is acting. ICC Rule
26G-309 (Acceptance of STEC Contracts by ICE Clear Credit) is revised
in part (b)(iii) to add ``Relevant'' to the definition of

Restructuring Credit Event (reflecting the use of that defined term in
Subchapter 26E of the ICC Rules) and in part (e) to address relevant
successor or other events under both 2003 and 2014-Type CDS Contracts.
ICC Rule 26G-315 (Terms of the Cleared STEC Contract) is revised to
provide reference to provisions of the proper ISDA Definitions, and
corresponding changes to provision numbering are made as necessary.
Specifically, ICC Rule 26G-315(d) reorganizes and consolidates existing
provisions that apply to each STEC Contract to which the 2003 ISDA
Definitions apply. Correspondingly, ICC Rule 26G-315(e) is added to the
ICC Rules to provide analogous terms that apply to each STEC Contract
to which the 2014 ISDA Definitions apply. ICC Rule 26G-315(f) was
previously the first sentence of 26G-315(h) and is unchanged (and
applies to both 2003 and 2014-Type CDS Contracts). ICC Rule 26G-315(g)
remains unchanged; the previous reference was 26G-315(k). ICC Rule 26G-
315(h) is revised to refer to the Applicable Credit Derivatives
Definitions and eligible Seniority Level, as appropriate. ICC Rule 26G-
616 (Contract Modification) is revised in part (a) to provide for
successors to STEC Contracts and Standard Reference Obligations, as
applicable under the relevant ISDA Definitions, and part (b) is added
to provide that STEC Contracts that are Converting Contracts will be
deemed amended as of the 2003/2014 Changeover Effective Date to be
2014-Type CDS Contracts.
    Subchapter 26H (Standard European Financial Corporate (``STEFC'')
Single Name) is added to the ICC Rules to provide for the clearance of
STEFC Single Names. Such contracts will be subject only to the 2014
ISDA Definitions. STEFC Contracts have similar terms to the Standard
European Corporate Single Name CDS contracts (``STEC Contracts'')
currently cleared by ICC and governed by Section 26G of the ICC Rules,
the Standard Emerging Sovereign CDS contracts (``SES Contracts'')
currently cleared by ICC and governed by Section 26D of the Rules.
Accordingly, the proposed rules found in Section 26H largely mirror the
ICC rules for STEC Contracts in Section 26G, with certain modifications
that reflect differences in terms and market conventions between those
contracts and STEFC Contracts (including that STEFC Contracts
incorporate additional Financial Reference Entity terms under the 2014
ISDA Definitions). STEFC Contracts will be denominated in Euros. Rule
26H-102 (Definitions) sets forth the definitions used for the STEFC
Contracts. The definitions are substantially similar to the definitions
found in Subchapter 26G of the ICC Rulebook, but contain reference only
to the 2014 ISDA Definitions and contain other conforming changes.
Rules 26H-203 (Restriction on Activity), 26H-206 (Notices Required of
Participants with respect to STEFC Contracts), 26H-303 (STEFC Contract
Adjustments), 26H-309 (Acceptance of STEFC Contracts by ICE Clear
Credit), 26H-315 (Terms of the Cleared STEFC Contract), 26H-316
(Relevant Physical Settlement Matrix Updates), 26H-502 (Specified
Actions), and 26H-616 (Contract Modification) reflect or incorporate
the basic contract specifications for STEFC Contracts and are
substantially similar to corresponding sections of Subchapter 26G of
the ICC Rulebook.
    The ICC Restructuring Procedures supplement the provisions of
Subchapter 26E of the ICC Rules with respect to Relevant Restructuring
Contracts. The ICC Restructuring Procedures are amended throughout to
reflect revisions to defined terms in the ICC Rules including
``Relevant Restructuring Contract,'' ``Relevant Restructuring Credit
Event,'' and ``Applicable Credit Derivatives Definitions'' as defined
in ICC Rules 26E-102 (Definitions) and 20-102 (Definitions) and to make
appropriate distinctions between the applicability of the 2003 ISDA
Definitions and the 2014 ISDA Definitions and provisions therein.
    The ICC Risk Management Framework has been revised to provide for
appropriate portfolio treatment between CDS Contracts cleared under the
2003 and 2014 Definitions. In the ICC Risk Management Framework, each
index, sub-index or underlying single name is deemed a separate ``Risk
Factor.'' The revisions to the ICC Risk Management Framework introduce
a ``Risk Sub-Factor'' as a specific single name and any unique
combination of instrument attributes (e.g., restructuring clause, 2003
or 2014 ISDA Definitions, debt tier, etc). The union of all Risk Sub-
Factors that share the same underlying single name form a single name
Risk Factor. The portfolio treatment at the Risk Sub-Factor level is
provided for in the Risk Management Framework, as appropriate.
Additionally, the ICC Risk Management Framework has been revised to
include long and short positions of Risk Sub-Factors for a single name
Risk Factor into the Jump-to-Default requirement. Finally, the ICC Risk
Management Framework has been revised to include other cleanup and
clarification changes (e.g., to address the difference in risk time
horizon between North American and European instruments).
2. Statutory Basis
    Section 17A(b)(3)(F) of the Act \3\ requires, among other things,
that the rules of a clearing agency be designed to promote the prompt
and accurate clearance and settlement of securities transactions, and
to the extent applicable, derivative agreements, contracts and
transactions and to comply with the provisions of the Act and the rules
and regulations thereunder. ICC believes that the proposed rule change
is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to ICC, in particular, to Section
17A(b)(3)(F) \4\ and Rule 17Ad-22,\5\ because ICC believes that the
proposed rule change will assure the prompt and accurate clearance and
settlement of securities transactions, derivatives agreements,
contracts, and transactions. ICC believes the proposed change to the
ICC Rules, Restructuring Procedures and Risk Management Framework
conforms to the Applicable Credit Definitions as published by ISDA in
conjunction with an industry-wide effort. As part of this effort, CDS
market participants have developed the 2014 ISDA Definitions to reflect
market experience since the ISDA Credit Derivatives Definitions were
last significantly amended in 2009 (including credit events involving
financial and sovereign entities), and to make various related
improvements and clarifications to the terms of CDS contracts and the
operation of the CDS market. The change to the ICC Rules thus
incorporates references to the 2014 ISDA Definitions in order to permit
clearing of contracts referencing the new definitions, and
distinguishes where applicable between the 2014 ISDA Definitions and
the 2003 ISDA Definitions. ICC plans to accept for clearing contracts
referencing the industry standard 2014 ISDA Definitions beginning with
the planned industry-wide implementation on September 22, 2014 (and to
convert certain existing contracts to the new definitions as of that
date). ICC believes the revisions to the ICC Rules, Restructuring
Procedures and Risk Management Framework are necessary in order to
permit clearing of contracts on the new terms, and to provide the
market with the necessary assurances that ICC plans to implement the
Applicable Credit Definitions consistent

with industry practice. As such, the proposed rule change is designed
to promote the prompt and accurate clearance and settlement of
securities transactions, derivatives agreements, contracts, and
transactions within the meaning of Section 17A(b)(3)(F) \6\ of the Act.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78q-1(b)(3)(F).
    \4\ Id.
    \5\ 17 CFR 240.17Ad-22.
    \6\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

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

    The proposed change to the ICC Rules in order to incorporate
references to the 2014 ISDA Definitions will apply consistently across
all Participants and Non-Participant Parties and facilitates changes
sought to be made by the industry throughout the CDS market. ICC does
not expect that the proposed change will affect access to clearing for
Participants or their customers, or materially affect the cost of
clearing. As a result, ICC does not believe the proposed rule change
would have any impact, or impose any burden, on competition not
appropriate in furtherance of the purposes of the Act.

C. Self-Regulatory Organization'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 by ICC. ICC will notify the Commission of any written
comments received by ICC.

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-ICC-2014-11 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-ICC-2014-11. 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 Web site (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 Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filings also will be available
for inspection and copying at the principal office of ICC and on ICC's
Web site at https://www.theice.com/clear-credit/regulation.
    All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-ICC-2014-11
and should be submitted on or before August 26, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-18377 Filed 8-4-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 100 (Friday, May 22, 2020)]
[Notices]
[Page 31199]
[FR Doc No: 2020-11100]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4473-DR; Docket ID FEMA-2020-0001]

Puerto Rico; Amendment No. 7 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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

SUMMARY: This notice amends the notice of a major disaster for the
Commonwealth of Puerto Rico (FEMA-4473-DR), dated January 16, 2020, and
related determinations.

DATES: The amendment was issued May 11, 2020.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that the incident
period for this declared disaster is now December 28, 2019, and
continuing.

The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidentially Declared Disaster Areas; 97.049, Presidentially
Declared Disaster Assistance--Disaster Housing Operations for
Individuals and Households; 97.050, Presidentially Declared Disaster
Assistance to Individuals and Households--Other Needs; 97.036,
Disaster Grants--Public Assistance (Presidentially Declared
Disasters); 97.039, Hazard Mitigation Grant.

Pete Gaynor,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2020-11100 Filed 5-21-20; 8:45 am]
 BILLING CODE 9111-23-P