[Federal Register Volume 86, Number 104 (Wednesday, June 2, 2021)]
[Notices]
[Pages 29612-29623]
[FR Doc No: 2021-11529]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92020; File No. SR-ICEEU-2021-010]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing of Proposed Rule Change Relating to the Clearing Rules,
Clearing Procedures, Finance Procedures, Delivery Procedures, CDS
Procedures, Membership Procedures, Complaint Resolution Procedures and
General Contract Terms

May 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 May 13, 2021, ICE Clear Europe Limited (``ICE Clear Europe'' or the
``Clearing House'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule changes described in Items I, II and
III below, which Items have been prepared primarily by ICE Clear
Europe. 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

    ICE Clear Europe Limited proposes to amend its Clearing Rules (the
``Rules'') \3\ (including to the CDS Standard Terms, F&O Standard Terms
and FX Standard Terms annexed thereto), Clearing Procedures, Finance
Procedures, Delivery Procedures, CDS Procedures, Membership Procedures,
Complaint Resolution Procedures and General Contract Terms
(collectively, the ``Amended Documents'') to make various updates and
enhancements.
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    \3\ Capitalized terms used but not defined herein have the
meanings specified in the Rules.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

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

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

(a) Purpose
    ICE Clear Europe is submitting proposed amendments to the Amended
Documents that are intended to make a variety of improvements and
changes, including to (1) update various Rules and procedures to
reflect current laws and regulations such as those relating to post-
default porting, capital requirements, and anti-money laundering
requirements, (2) update various defined terms, (3) update certain
product and Clearing Member termination rules, (4) update certain
notice provisions, (5) clarify membership criteria and obligations for
Clearing Members, (6) clarify how open contract positions are
aggregated and netted, (7) update certain systems references to reflect
current systems and delete obsolete references, (8) amend and clarify
the Complaint Resolution Procedures, (9) update various provisions of
the Delivery Procedures, (10) introduce a summary disciplinary process
and clarify disciplinary processes and (11) make various other drafting
improvements, clarifications and updates, in each case as described in
further detail herein.
a. Removal of ``Default Portability Preference''
    Various amendments are proposed to remove the process whereby Non-
FCM/BD Clearing Members are able to deliver a ``Default Portability
Preference'', with advance, pre-default, porting information to the
Clearing House. This process and mechanism had been developed by ICE
Clear Europe as part of its default planning processes prior to post-
crisis legislation such as EMIR coming into force. EMIR requires post-
default porting notices to be served as a pre-condition to porting,
rendering the default portability preference structure to be of limited
assistance. In addition, and in practice, ICE Clear Europe did not
receive many notices of Default Portability Preferences. After EMIR,
other clearing houses did not use or ceased to use such notices and
potential transferee clearing members are often unwilling to commit to
receive porting in advance. As part of default management planning and
following default drills with industry participation, it was determined
to remove this structure from the Rules. Various changes will be made
to the Rules to remove references to pre-default Porting Notice and,
where appropriate, replace these references

with post-default Porting Notices, as discussed herein.
    This proposal results in a number of proposed changes. In Rule 101,
the definition of ``Default Portability Preference'' definition would
be deleted. The related concept of ``Non-Transfer Positions'' in Rule
101 would be deleted as this defined term would no longer be used
following removal of the Default Portability Preference concept. A new
definition of ``Porting Notice'' (which refers to a post-default
indication of a porting preference) would be introduced in Rule 101,
with a cross-reference to the existing definition of that term in the
Standard Terms Annex.
    In Rule 904, which addresses procedures for post-default transfer
of contracts and margin, various changes are proposed to implement the
remove of Default Portability Preferences. Specifically, changes are
proposed to Rules 904(g) and 904(j) to remove the references to Default
Portability Preference and instead refer to the process around the use
of Porting Notices. Rule 904(g) would be amended to state that consent
to become a Transferee Clearing Member can only be evidenced in a
Porting Notice where that Clearing Member has countersigned the notice
or otherwise agreed in writing. This clarifies that simply being named
by a customer as a potential Transferee Clearing Member is
insufficient. The changes proposed at Rules 904(m), 904(p), 904(u) and
904(w) reflect the deletion of the definition of Default Portability
Preference.
    Related changes are proposed in Rule 907(d), which relates to the
Clearing House's ability to rely on certain information provided to it.
References to Default Portability Preference and Non-Transfer Positions
have been deleted. Instead, in connection with porting the Clearing
House will be entitled to rely on any information provided to it by a
defaulter prior to declaration of default in respect of Contracts,
Customer-CM Transactions, Margin and the Accounts in which Contracts
and Margin were recorded or which relate to particular Customers or
particular groups of Customers. This would allow the Clearing House to
continue to be able to act efficiently in default scenarios, and be
able to rely on more of the relevant information available to it in
relation to the Defaulter. Amendments would also clarify that the
Clearing House has no obligation to inquire of any person as to any
Porting Notice.
    The CDS Standard Terms (paragraph 6), F&O Standard Terms (paragraph
6) and FX Standard Terms (paragraph 6) would be amended to remove
references to Default Portability Preferences and include reference to
Porting Notices.
b. Introducing Consistency to the Definitions Relating to Energy
Transactions
    A series of amendments are proposed to certain definitions relating
to Energy transactions, simplifying and making such terms consistent
with certain amendments previously made to definitions for other F&O
Products.\4\
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    \4\ See Exchange Act Release No. 34-87275 (File No. SR-ICEEU-
2019-020) (Oct. 10, 2019), 84 FR 55649 (Oct. 17, 2019) (changes to
definitions using the term Market).
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    Consistent with such prior amendments, in Rule 101, the ``Energy''
definition would be shortened to refer to the term ``Market'' rather
than naming all specific ICE markets. New definitions would be
introduced for ``Energy Matched Transaction'' (referencing an energy
transaction conducted on a Market) and a revised definition of ``Energy
Transaction'' would be added (covering an Energy Matched Transaction or
an Energy Block Transaction meeting specified criteria). The changes
are consistent with the approach used in the definitions of Financials
& Softs Matched Transaction and Financials & Softs Transactions.
    The introduction to the General Contract Terms would similarly be
amended to remove references to named ICE markets and instead use the
more generic term ``relevant Market''.
c. EFRP (Exchange for Related Position) Definition Amendments
    Several changes to the Rules are proposed to address more clearly
exchange for related position transactions (referred to as EFRPs) under
applicable Market rules, including to revise defined terms and clarify
that such transactions are available on exchanges for products other
than soft commodities.
    In Rule 101, a new ``EFRP'' definition would be added, to be
defined using a similar structure to that for EFP and EFS transactions.
Also in Rule 101, in the ``EFS'' definition would be clarified to refer
only to exchange for swaps or similar transactions under Market Rules
and to remove an existing reference to exchange for related positions,
which would now be covered by the EFRP definition. In the ``Financials
& Softs Block Transaction'' definition, reference to ``Soft Commodity
EFRPs'' would be widened to include all ``EFRP''s under all Market
Rules, as Soft Commodity EFRPs are specific to ICE Futures Europe. This
would be in line with the definitions for EFP and EFS transactions.
Accordingly, the ``Soft Commodity EFRP'' definition (which is not
otherwise used) would be deleted.
d. Amendments to Product Termination Rules
    Rule 105 would be amended to shorten the termination period
(generally from four months to one month) for a service withdrawal for
a product in circumstances in which there is no open interest in the
relevant Set. In such circumstances, in ICE Clear Europe's view, a
longer termination period is unnecessary, since no action is required
by Clearing Members to close out their positions. Proposed amendments
would also clarify that where a product termination occurs following
actions of the relevant exchange (e.g., a de-listing), the notice
period required under the exchange's rules would instead apply and the
exchange would be responsible for providing such notice.
e. Amendments to the Termination Rules for Clearing Members
    Amendments are proposed to Rule 209(d) to facilitate membership
terminations in the context of a corporate group reorganization where a
new Clearing Member that is an Affiliate will be receiving the
terminating Clearing Member's Open Contract Positions. The amendment
would establish an exception to the requirement for terminating
Clearing Members to immediately upon service of a Termination Notice
pay to the Clearing House Assessment Contributions equal to three times
the required relevant guaranty fund contribution. In ICE Clear Europe's
view, such an exception is warranted since all positions would be
received by an affiliated Clearing Member in good standing that would
remain liable with respect to any obligations arising from or related
to the holding of such positions under the Rules (including as to
future Assessment Contributions).
    Rule 209(d) would be further amended to clarify that references in
the Clearing Rules to Assessment Contributions being called or to
Guaranty Fund Contributions being replenished or applied, where the
Clearing Member has provided Permitted Cover to the Clearing House
(whether under Rule 209(d) or prior to the Clearing Member serving its
termination notice or the Termination Date), would be interpreted as a
reference to that Permitted Cover being applied. The new reference to
Permitted Cover which has been provided prior to the serving of a
termination notice or a Termination Date would clarify that, as is
currently intended, the Cover

provided at that earlier stage could also be included as part of, for
example, any applications of Guaranty Fund by the Clearing House under
Part 9 or Part 11.
    Further amendments to Rule 209(d) would clarify for the avoidance
of doubt that the following obligations would apply to a terminating
Clearing Member until Open Contract Positions have been closed, the
Termination Date has passed and all Guaranty Fund Contributions have
been returned under Rule 1102(g): Application of Guaranty Fund
Contributions, application of Assessment Contributions (to the extent
paid under Rule 209(d) or otherwise prior to the Termination Date),
position limits under Part 6, disciplinary actions under Part 10 and
the declaration and consequences of an Event of Default under Part 9 of
the Rules. This amendment is not intended to change the current
requirements under the Rules, but rather to state those requirements
more clearly in a single provision and thereby facilitate the Clearing
House's enforcing its rules during a termination period.
    The proposed amendments to Rule 209(d) overall reflect the Clearing
House's experience with both default planning and recent Clearing
Member terminations involving group reorganizations.
f. Notice Provisions
    These proposed changes are designed to clarify and provide greater
flexibility as to delivery of notices under the Rules. The changes have
been informed by default simulation planning and in particular the
requirements around default notices under Rule 901, but are not limited
to that context. Rules 113(a) and 113(a)(i) would be amended to delete
the references to telephone as a valid mode of service of notices
(since this is not supported operationally) and to replace it with
email. The email address last notified to the Clearing House by a
Clearing Member would become an option for service of notices. The
addition of new Rule 113(a)(ii) would clarify that the Clearing House
may also validly deliver notices to a process agent nominated by the
Clearing Member to act as its agent. Rule 113(e) already referred to
such agents for service of process, and would be expanded to explicitly
refer to service of other contractual notices and communications. A
further change to Rule 113(a) clarifies that delivery in accordance
with this section would be deemed made to the Clearing Member or
Sponsored Principal (also if made to an agent appointed by the Clearing
Member or Sponsored Principal).
    Rule 113(c) and 113(d) would be amended to clarify the precise time
when effective service is deemed to be made for communications by fax,
email and courier, and that effective service and delivery can be
achieved outside of opening hours on a business day, consistent with
current operational practices.
    Rule 1901(n) is similarly proposed to be amended to make clear that
process agents for Sponsored Principals will act as agents for service
of process of any notice, order or other communication under the Rules
and the Sponsored Principal Agreement.
    To conform to the Rules, amendments to paragraph 4.2E of the
summary table at paragraph 4.2 of the Membership Procedures would
provide that termination of a Clearing Membership Agreement or
membership as a Clearing Member would become effective no less than 30
Business Days after the date of the Termination Notice Time or pursuant
to Rule 917(c) instead of no less than three months' advance notice if
termination is not for cause and otherwise as specified in and allowed
pursuant to the Rules.
    Additionally, updates would be made throughout the summary table at
paragraph 4.2 of the Membership Procedures to the email address to
which Clearing Members should send certain notifications.
g. Clarifying Clearing Membership Criteria and Clearing Member
Obligations
    Rule 201(a)(ix) would be amended to reference that under existing
Rule 201(b), the Clearing House may require that potential Clearing
Members enter into additional annexes or agreements to the Clearing
Membership Agreement in order to be, and remain, eligible for Clearing
Membership. Some such annexes have had to be developed to cater for
local law issues arising in certain EU member states as part of
Clearing Members' post-Brexit group legal structuring. This change
would clarify the basis in the Rules for the Clearing House to require
such additional documentation to be executed, where necessary.
    Rule 202(a)(xxii) would be amended to extend the requirement for
Clearing Members to have competent persons accessible to the Clearing
House, to also include two hours prior to the start of the business
day. This is consistent with current operational practice and is
necessary to ensure that staff are available to process and deal with
queries in relation to morning margin calls.
    New Rule 301(o) would allow the Clearing House to request
information when needed on account balances of nominated accounts of
the Clearing Member at financial institutions, including for the
purpose of calling on available cash where the Clearing Member has
failed to meet a payment obligation or determining whether the Clearing
Member is or is likely to be in default. This change would address
issues that have arisen in practice where payment banks have refused to
provide such information to the Clearing House. This consent, as part
of the Rules, should promote the sharing of this important information.
h. Greater flexibility in Financial Reporting by Clearing Members
    It is proposed that Rule 205(a)(ii) be amended to give the Clearing
House greater flexibility to accept different kinds of financial
statements (for example, semi-annual accounts) from Clearing Members as
part of their financial reporting obligations, in circumstances where
that Clearing Member does not produce a quarterly financial statement
for its regulators. This amendment would also result in a conforming
change to the summary table at paragraph 4.2 of the Membership
Procedures.
    The amendment would formalize current operational practice for
those Clearing Members who do not draw up regulatory quarterly
financials and means that the basis for accepting such reporting would
be set forth in the Rules rather than pursuant to a separate
arrangement, increasing transparency.
    In addition, Rule 205(a)(ii) as well as the summary table at
paragraph 4.2 of the Membership Procedures would be amended to change
the deadline for submitting financial statements from 30 to 45 days
after the relevant period so that the deadline aligns with other
regulatory reporting deadlines (for example, the FCA deadlines).
i. Clarifying CDS Contract Formation
    Rule 401(o) would be amended to make clear that where a CDS
Contract of a Non-FCM/BD Clearing Member for a customer account arises
pursuant to Rule 401, a Customer-CM CDS Transaction arises between the
Customer and the Non-FCM/BD Clearing Member at the same time as the
Contract. The current rule does not specify the timing of the Customer-
CM CDS Transaction, and the amendment would reflect the equivalent rule
for F&O in Rule 401(n) and eliminate an unintended drafting
distinction.

j. Clarifying How Open Contract Positions Are Aggregated and Netted
    The proposed amendments at Rule 406(b) and (c) address contractual
netting for F&O contracts. The proposed changes would align the
provisions for F&O Contracts more closely with the corresponding rule
on contractual netting for CDS contracts in Rule 406(d) et seq.
    In particular, the changes would address aggregation of open
contract positions of an F&O Clearing Member in addition to netting of
such positions, and would clarify that the process for aggregation or
netting takes place via contractual novation.
k. Clarifying How the Clearing House May Amend Contract Terms
    It is proposed that Rule 409(a) be amended so that the Clearing
House can evidence its consent to amendments, waivers and variations of
the Contract Terms by way of Circular. This has been the usual way of
issuing such amendments, waivers and variations, and would conform the
Rules with operational practice.
l. Pledged Collateral Not for Settlement Payments
    It is proposed that Rule 1603(c) be amended to clarify that only
``original'' or ``initial'' types of Margin payments be provided in the
form of Pledged Collateral, and that such collateral excludes Variation
Margin, Mark-to-Market Margin and FX Mark-to-Market Margin, which is
provided to or by the Clearing House by outright transfer of cash as a
settlement payment. The change is intended to be consistent with
amendments previously made to the Rules to clarify that such variation
and mark-to-market margin are settlement payments rather than
collateral, and was inadvertently omitted from such prior
amendments.\5\
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    \5\ Exchange Act Release No. 34-88665 (File No. SR-ICEEU-2020-
003) (Apr. 16, 2020), 85 FR 22892 (Apr. 23, 2020).
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m. Hedging Following an Event of Default
    Rule 903(c) would be amended to clarify that the Clearing House's
right to authorize hedging transactions in a Default scenario would
include transactions on a Market, any other Exchange or over the
counter. The amendments would also provide that such transactions
taking place on an exchange which is not a Market, or where requested
or directed otherwise by the Clearing House, need not themselves be
cleared. These amendments come out of default event simulations and
planning.
n. Affiliate Cross-Defaults
    It is proposed that Rule 901(a)(iv) be amended to clarify that the
declaration of an Event of Default in respect of one Clearing Member is
a circumstance in which the Clearing House can declare an Event of
Default in respect of another Clearing Member that is a Group Company.
In the Clearing House's view, this is the effect of Rule 901(a) as it
stands already, but the Clearing House has decided to clarify this
expressly in light of questions raised in default planning exercises.
o. ``Eligible Contract Participant'' Status
    Rule 201(a)(xx) would be amended to provide that the requirement
that a Clearing Member be an ``eligible contract participant'' \6\ only
applies if it is to be a CDS Clearing member or an FX Clearing member.
Such status would not be required under U.S. law for a Clearing Member
that is only an F&O Clearing Member. The amendment reflects that such
status is required under applicable U.S. law for persons that trade
swaps and security-based swaps (such as CDS), but not for futures.\7\
Section 10 of the F&O Standard Terms would for similar reasons be
amended to remove a requirement that an F&O Clearing Member and
Customer be an eligible contract participant. Rule 1901(b)(xv) would
also be amended to provide that the requirement that a Sponsored
Principal be an eligible contract participant only applies in relation
to CDS Contracts and FX Contracts.
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    \6\ Commodity Exchange Act Section 1a(18), 7 U.S.C. 1a(18).
    \7\ See Section 6(l) of the Act, 15 U.S.C. 78f(l); Commodity
Exchange Act Section 2(e), 7 U.S.C. 2(e).
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p. Corrected Names of Internal Risk Committees
    It is proposed that Rule 916(d) be amended to change the term
``Risk Committee'' to ``relevant product risk committee''. This
reflects that there are different product risk committees addressing
topics specific to F&O and CDS which take on this role. The Risk
Committee established under EMIR has different competencies. The
changes clarify and align the Rules to current Clearing House
governance processes.
    In the Finance Procedures paragraph 14(2) and 14(3), reference to
the CDS Risk Committee and FX Risk Committee would be corrected to
``CDS Product Risk Committee'' and ``FX Product Risk Committee'' to
reflect the correct committee names. The same change would be made
throughout the CDS Procedures where ``CDS Risk Committee'' is currently
used.
q. Amendments to Complaint Resolution Procedures
    Various clarifications and amendments are proposed throughout the
Complaint Resolution Procedures.
    Paragraph 1.1 would be amended to reframe the Complaint Resolution
Procedures based on ICE Clear Europe's obligations as a CCP under
EMIR.\8\
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    \8\ As a result of ICE Clear Europe Circular C20/163, this
reference to EMIR is to be interpreted as including a reference to
EMIR as applicable in the United Kingdom under the European Union
(Withdrawal) Act 2018. See Exchange Act Release No. 34-90746 (File
No. SR-ICEEU-2020-016) (Dec. 21, 2020), 85 FR 85704 (Dec. 29, 2020).
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    Throughout the procedures, the term ``Complaints Resolution
Procedure'' would be replaced with ``Complaint Resolution Procedures''
to correct a typographical error and for consistency with the term used
in Rule 101.
    Paragraph 1.1 would be amended to use the defined term ``Person''
(which is defined in Rule 101) rather than ``person''. This would be
reflected as a global change throughout the Complaint Resolution
Procedures. Further amendments in paragraphs 1.1 and 1.2 would be made
to provide for an independent ``Commissioner,'' who is responsible for
the investigation of complaints generally, and for the appointment of
an ``Investigator'' to investigate a particular complaint. Minor
drafting updates would be made in paragraph 1.3 to improve clarity.
    Additional drafting changes throughout the procedures would be made
to refer where appropriate to ``Eligible Complaint'' instead of
complaint. This would clarify that only Eligible Complaints (and not
other complaints) would be subject to this process. As a result, the
defined term ``Complaint'' has been replaced globally by the undefined
term ``complaint'', to allow a distinction between complaints generally
speaking and those that qualify as ``Eligible Complaints'' within the
scope of the procedures.
    The definition of ``Eligible Complaints'' in paragraph 2.1 would be
broadened to include complaints against any Directors, officers,
employees or committees (or committee members) of the Clearing House,
which ICE Clear Europe believes is the proper scope for the Complaint
Resolution Procedures. The amendments would also clarify that Eligible
Complaints may relate to the manner in which the Clearing House has
failed to perform applicable regulatory functions.

    Minor drafting amendments would be made in paragraph 2.2 to correct
typographical errors and use of defined terms.
    Paragraph 3.6 would be amended to include ``investigation of the''
before ``Eligible Complaint'' for drafting clarity.
    A drafting improvement would be made in paragraph 4.1 to clarify
that acknowledgment of the complaint by the Clearing House must be made
promptly, and in any case within 5 Business Days of receipt.
    New paragraph 4.2 would be added to allow the Clearing House to
refer complaints to another recognized body or authorized person where
they consider that such entity is entirely or partly responsible for
the subject matter of the complaint. For example, a complaint might
better be administered by an exchange for which the Clearing House
clears. New paragraph 4.3 would be added to set out the process whereby
the Clearing House would be able to refer such a complaint. The
amendments are intended to clarify existing procedures, and avoid a
situation where the Clearing House would be forced to address a
duplicative complaint or a complaint better handled by another entity.
    Paragraph 4.4 would be amended to correct minor typographical
errors.
    The amendments to paragraph 4.5 would clarify that the Investigator
must be an individual who has no personal interest or involvement in
the matter of the Eligible Complaint. The amendments to that paragraph
would also make typographical corrections and similar drafting
improvements.
    Paragraph 4.7 would be amended to make clear that the Investigator
would not be required to disclose any information about the
Complainant's identity when drafting their report of the Eligible
Complaint. This paragraph would also be amended to correct minor
typographical errors and to update cross-references.
    Paragraph 4.8 would be amended to include delivery disputes and
appeals in the list of potential ongoing matters that could warrant
delay in the consideration of an Eligible Complaint. A similar change
would also be made in paragraph 4.12. Certain typographical errors
would also be corrected.
    Paragraph 4.11 would be amended to clarify that where the Clearing
House objects to the referral of a complaint to the Commissioner under
specified circumstances (such that the Clearing House can conclude its
own investigation), it must submit to the Commissioner the reasons for
that determination. Several cross-references in the paragraph would
also be updated.
    Paragraph 4.12 would be amended to expand the list of ongoing
matters that would justify delay in the Commissioner's consideration of
an Eligible Complaint to be consistent with the list at paragraph 4.8,
and also reference other processes under Part 10 of the Rules.
    Paragraph 4.14 would be amended with minor non-substantive drafting
improvements.
    Paragraph 5 would be amended to clarify that the Investigator
recommends rather than takes remedial action himself.
    Paragraph 6.3 would be amended to add ``appeal process'' to the
list of dispute resolution procedures that a Complainant cannot use if
it requires the referral of any Eligible Complaint to the Commissioner
pursuant to the Complaint Resolution Procedures. Reference to
``mediation'' has also been deleted (as unnecessary in light of the
other listed types of dispute resolution).
    Paragraph 7.2 would be amended to clarify that the Commissioner
does not have to continue investigating a complaint if the complaint is
not an Eligible Complaint. Paragraph 7.3 would be amended to make clear
that the Commissioner would only be required to produce a final
response where the complaint is an Eligible Complaint.
    Paragraph 7.6 would be amended to ensure that the Commissioner has
access to all relevant personnel (including directors, officers and
other persons to whom functions have been outsourced) that may be
needed for the purposes of the Eligible Complaint.
    Paragraph 7.8 would be amended to obligate the Clearing House to
inform the Complainant of an alternative Commissioner, when one is
appointed, within five Business Days of the date of appointment.
    Paragraph 8.1 would be amended to state explicitly that the
Clearing House is required to consider the Commissioner's report and
recommendations, in addition to informing the Commissioner of any
proposed steps it would take in response to the report and
recommendations. Certain other non-substantive drafting clarifications
would be made as well.
    Paragraphs 8.2 and 8.3 would be amended to correct typographical
errors.
    Paragraph 11 would be amended to include the Investigator as a
person subject to the confidentiality obligations with respect to the
complaint, and make certain drafting clarifications.
r. Amendments to CDS Procedures Relating to List of Eligible Single
Name Reference Entities
    Paragraph 11.4 would be amended such that the Clearing House be
required to update certain relevant information relating to CDS
Contracts on its website after making certain updates relating to
Permitted Single Name Fixed Rates and Eligible Single Name Reference
Entities instead of giving notice by Circular of such actions.
s. Amendments to CDS Procedures To Allow Clearing Members To Nominate
Affiliates
    Paragraph 4.4(f) of the CDS Procedures would be amended to clarify
that CDS Clearing Members could designate an Affiliate that is also a
CDS Clearing Member to accept CDS Contracts in lieu of it for CDS
Contracts arising as a result of the existing CDS end-of-day pricing
process pursuant to Rule 401(a)(xi).
    A similar same change would be made at paragraph 11.5, to allow
designation of an Affiliate to accept transactions arising out of the
existing auction process to be used in the case of self-referencing CDS
transactions. This reflects existing practice for CDS Clearing Members,
as documented in certain arrangements between the Clearing House and
certain CDS Clearing Members allowing this to take place, but was
unintentionally omitted from the CDS Procedures.
t. Clarifications to CDS Clearing Member Sign Off of Weekly Cycles
    It is proposed that new paragraph 3.5 be added to the CDS
Procedures to require CDS Clearing Members to provide sign off via
email on weekly cycles by the time specified by the Clearing House.
This change would document existing operational processes.
u. Adjustments to Clearing Member Capital Requirements
    It is proposed that paragraph 3.5(a) of the Membership Procedures
would be amended to lower, from 50% to 25%, the portion of a Clearing
Member's Capital requirement that may be covered by subordinated loans
before the Clearing House would require a written undertaking from the
Clearing Member to not repay subordinated loans without the consent of
the Clearing House. This change would align the Clearing Member capital
requirement more closely with Basel III requirements. The Basel II
standard for ``tier 2'' instruments was set at 50% of total capital,
i.e., Tier 2 capital including

certain subordinated debt instruments could be of an amount equal to
tier 1 (essentially share capital) (Section B, Annex 1a, Basel II).
This was changed in Basel III (LEX 20.1) to involve greater
restrictions on the usage of subordinated debt in general subject,
where subordinated debt may be used, to an upper limit of 25%. This
proposed change in capital requirements promotes greater consistency
with its existing operational implementation of capital requirements
for Clearing Members, albeit remaining more liberal than Basel III. All
of the Clearing Members are located in countries which have implemented
Basel III and this change is not considered to be material for any of
them, whilst at the same time making the Clearing House's capital
requirements more robust.
    It is further proposed that paragraph 3.5 of the Membership
Procedures would be amended to remove irrevocable letters of credit as
a potential method that Clearing Members or Sponsored Principals may
use to satisfy capital requirements. Instead, the Clearing House could,
at its discretion, require a Clearing Member to post additional cash or
collateral in addition to the normal margin requirements pursuant to
the amendments.
v. Replacement of Prospectus Directive
    Amendments are proposed to Part 1501 of the Rules to change the
definition of ``Prospectus Directive'' to ``Prospectus Regulation'' as
the EU Prospectus Directive has been repealed and replaced with the
Prospectus Regulation. Conforming changes would be made to the
definitions of ``Offer to the Public'', ``Relevant Member State'' and
``Securities''. The definition of ``2010 PD Amending Directive'' (and
references thereto) would be deleted as this is also no longer in
force. Conforming changes would be made in Rule 1503 to remove obsolete
legislative references.
w. Changes to Clearing Member Account Requirements
    Amendments to the Finance Procedures in paragraphs 4.1(a)(i) and
(iv) and 4.4(a)(i) and (iv) are proposed to the account requirements
for members to reflect that ICE Clear Europe clears both EUR and USD
denominated CDS contracts and as such all CDS Clearing Members are
required to have both EUR and USD accounts (and need not have a GBP
account).
x. Updates for Changes to Applicable Anti-Money Laundering Law
    Amendments are proposed in Rule 101 to update the definition of
``Money Laundering Directive'' to reflect the implementation of the
fifth EU Anti-Money Laundering Directive. A definition of ``Money
Laundering Regulations'' is also proposed to be added to the rules to
reference the applicable UK regulations corresponding to that Directive
(including after its exit from the European Union).
    In Rule 201(a)(xxix) and 1901(d)(xi), the reference to `simplified
due diligence' is proposed to be removed. This reflects the repeal and
restatement of the former U.K.'s Money Laundering Regulations 2007
pursuant to the Money Laundering, Terrorist Financing and Transfer of
Funds (Information on the Payer) Regulations 2017, which removed
simplified due diligence as the default option for a defined list of
entities and replaced this with a discretion on in-scope firms to apply
risk-based levels of due diligence.
    Rule 201(a)(xxxi) is proposed to be amended to include anti-money
laundering laws to the list of applicable laws that are required to be
acceptable to the Clearing House in a jurisdiction for Clearing
Members.
    New Rule 201(a)(xxxiii) is proposed to be added to require Clearing
Members to have adequate policies, procedures, systems and controls
relating to Applicable Laws, including relating to anti-money
laundering and the prevention of financial crime.
    Amendments are proposed to Rules 202(a)(xii) and 1901(m) to update
relevant references to relevant laws, clarify that the Clearing Member
is required to make certain representations and warranties to the
Clearing House with respect to the matters in those subsections,
require the Clearing Member to have the necessary authority from
customers and others to disclose the necessary information about
beneficial owners in order to comply with requirements under Applicable
Laws, and to retain copies of documents required to be retained under
anti-money laundering laws.
    A similar amendment is proposed to Rule 1607(g) to require FCM/BD
Customers to also obtain the authority from ``beneficial owners'' to
disclose information to the Clearing Member and Clearing House
necessary for anti-money laundering due diligence.
    Similar amendments are also proposed to the CDS Standard Terms
3(q), F&O Standard Terms 3(r) and FX Standard Terms 3(q) to require
Customers to obtain the necessary authority from beneficial owners to
make disclosure to the Clearing Member and Clearing House necessary for
anti-money laundering due diligence.
    A new paragraph 1.1(d) of the Delivery Procedures would obligate
Clearing Members to conduct appropriate AML due diligence for any
transferors/transferees and provide relevant documentation to the
Clearing House and/or Clearing Member. The amendments at paragraphs 5.4
and 5.5 of the Delivery Procedures would clarify that transferors and
transferees that are customers would be bound by the F&O Standard
Terms, including with respect to delivery of information, and also
clarify that transferors/transferees are not customers of the Clearing
House for purposes of relevant anti-money laundering laws and other
Applicable Law.
y. Amendments To Reflect Updates to ICE Clear Europe Systems
    New definitions of ``ECS'', ``MFT'', ``ICE FEC'' and ``MPFE'',
reflecting various existing ICE Clear Europe systems, are proposed in
the Delivery Procedures so that there is consistent usage across the
Procedures.
    An amendment is proposed to Clearing Procedures paragraph 1.1(a) as
the referenced PTMS/ACT systems are legacy systems no longer used by
the Clearing House, and have been replaced with ICE FEC.
    Amendments are proposed to Clearing Procedures paragraphs 1.1(f)
and 3.1(c) to remove the definitions of MFT and ECS as these terms
would now be defined in the Delivery Procedures.
    Similar amendments are proposed to Finance Procedures paragraphs
3.10, 3.11, 3.21 and 4.5 to ensure that the use of defined term ``ECS''
is consistent.
z. Clarifications Relating to Negative EDSP
    The definition of ``Exchange Delivery Settlement Price'' in Rule
101 would be amended to clarify, for the avoidance of doubt, that the
EDSP can be positive, negative or zero.
    Rule 703(b) would be revised to clarify the process for payment
obligations if the EDSP is a negative number.
aa. Clarification to the Finance Procedures
    Amendments are proposed to paragraph 6.1(i)(ix) of the Finance
Procedures to clarify that the additional margin requirement that
applies where payment of variation or mark-to-market margin is made in
a currency other than the contractual currency would apply on a
Currency Holiday. This reflects current Clearing House practice.

bb. Amendments to Delivery Procedures
    Various changes are proposed to the Delivery Procedures to update
provisions to update various operational practices and make other
drafting improvements.
    It is proposed that a new paragraph 7 be added to the Delivery
Procedures to reference the alternative delivery procedure for Emission
Contracts as set out in paragraph A.7 of the Delivery Procedures.
Subsequent paragraphs would be renumbered and conforming amendments to
cross-references would be made.
    Various changes would made throughout to remove references to the
legacy ICE System Crystal, and update this to refer to ECS, MFT and ICE
FEC which are the systems now used by the Clearing House. Similarly,
changes are proposed to delete Delivery Documentation Summaries and
form references where ECS has replaced the manual submission of forms
to the Clearing House. These changes are made throughout the Delivery
Procedures, including in relation to ICE Gasoil Futures (in Part B),
and ICE Futures UK Natural Gas Contracts (in Part D), ICE Endex TTF
Natural Gas Contracts (in Part F), ICE Endex Gaspool Natural Gas
Contracts (in Part G), ICE Endex NCG Natural Gas (in Part H), ICE Endex
ZTP Natural Gas Contracts (in Part I), ICE Deliverable US Emissions
Contracts (in Part N), Financials & Softs White Sugar Contracts (in
Part Q), Financials & Softs Gilt Contract (in Part U) and Equity
Futures/Options (in Part Z).
    In Part A (ICE Deliverables EU Emissions Contracts), references to
``Account'', which is no longer a defined term in the Delivery
Procedures, would be corrected to reference the defined term,
``Registry Account''. The defined term, ``Contract Date'', would be
amended such that it would no longer include a Business Day on which
the Delivery Period commences for those trades executed on a Business
Day. Section 9.3 would be deleted as unnecessary as Part A no longer
references auction contracts.
    Also in Part A, the procedures following the entry into an EADP
Agreement by a Clearing Member and the Clearing House would be amended
such that the existing Contract would no longer be liquidated, but
instead dealt with in the manner specified in the EADP. If the existing
Contract were to be liquidated under the EADP, this would be done on
the basis of the Exchange Delivery Settlement Price. Delivery under the
EADP Agreement would be subject to the requirements set out in the
entirety of paragraph 7 instead of just paragraph 7.3. The amendments
would provide that the Clearing Members and Clearing House would have a
reasonable period of time after the Failed Delivery to enter into an
EADP Agreement or effect delivery under EADP instead of only until the
close of business on the Business Day following the day of the Failed
Delivery before the Clearing House refers the matter to the relevant
exchange. Pursuant to the amendments, the Clearing House would also
consider what reasonable next steps it should take. The Clearing House
could decide to take one of the listed steps, but pursuant to the
amendments would not be limited by the list and would not be required
to Invoice Back affected Contracts.
    Part M (ICE Endex German Power Futures) would be deleted as these
contracts have been delisted from the relevant exchange.
    In Part N, outdated references to ICE OTC Contracts would be
deleted.
    In Part U, new provisions relating to failed settlement and non-
delivery of securities under a Financials & Softs Gilt Contract would
be added, including as to the steps the Clearing House can take to
promote settlement in accordance with the contract terms and the
requirements of the CREST central securities depository and allocation
of the costs of such steps to the Clearing Member that failed to make
delivery. These changes are intended to reflect existing practices and
provide consistency with provisions of the Delivery Procedures for
other contracts, including Part Z.
    In Part Z, relating to Equity Futures and Options, various updates
would be made to reference the correct settlement facilities and
relevant settlement details and settlement procedures. The treatment of
corporate events relating to underlying securities would be clarified
through reference to the relevant Exchange corporate action policy.
Provisions dealing with failed deliveries and partial deliveries would
also be clarified, including as to the steps the Clearing House may
take to facilitate delivery, the rights and responsibilities of the
buying clearing member with respect to onward deliveries under other
contracts and the allocation of costs to clearing members. The buying-
in timetable would also be clarified. Other typographical corrections
and similar drafting clarifications would be made throughout Part Z.
    In the first table in Part FF, with respect to the receipt of
documents by the Clearing House, the statement that in the event of
non-availability of any of the listed delivery documents, Seller may
substitute a letter of indemnity in favor of the Buyer would be
removed.
    Various other typographical corrections and updates to use of
defined terms and cross-references are made throughout the Delivery
Procedures.
cc. Introduction of a Summary Disciplinary Process and Other
Disciplinary Process Updates
    Amendments would be made to the Rules to introduce a summary fining
power for the Clearing House (in line with other ICE exchanges for
which ICE Clear Europe provides clearing services) and to make certain
minor drafting improvements to the disciplinary process provisions of
the Rules. The intention behind these provisions is to introduce a more
streamlined sanctioning process for clear-cut and minor rules
violations, examples of which are cited in the rule itself and
discussed further below, rather than having these subject to the formal
and more cumbersome proceedings of a disciplinary committee.
    In Rule 101, the definition of ``Appeal Panel'' would be amended to
include reference to the new Summary Disciplinary Process. Also in Rule
101, a new definition of ``Summary Disciplinary Process'' would be
introduced.
    A minor amendment is proposed to Rule 102(j) to refer to new Rule
1008 in the context of disciplinary proceedings under the Rules. An
amendment is proposed to Rule 102(p) to clarify that Disciplinary
Panels, Summary Disciplinary Committees and Appeal Panels are also able
to exercise discretion in the same way as the Clearing House.
    Amendments are proposed to 1002(i) and 1003(b) to make reference to
the new Summary Disciplinary Process. In 1005(c), the word
``exclusive'' would be deleted in relation to discretion, as Rule
102(p) now governs this matter.
    New Rule 1005(g) would be added to make clear that Rule 1005
applies as the appeal process for the Summary Disciplinary Process.
    Proposed Rule 1008 would be introduced to set out the new summary
disciplinary process against a Clearing Member, clarifying the
situations in which these new Rules apply, the sanctioning power of the
Summary Disciplinary Process and the process by which the Summary
Disciplinary Process would be conducted. The Summary Disciplinary
Process may be applied in relation to: The late filing or submission of
any document, notice or information; the late making of any payment;
any failure to record a

Contract in the correct Account; the late making or taking of any
delivery; any breach of Rule 202(a)(xix) (participation in default
management simulations, new technology testing and other exercises);
any breach of Rule 503(g) (the submission of end-of-day prices relating
to Sets of CDS Contracts required of Clearing Members to aid in the
establishment of Mark-to-Market Prices); any breach of a position limit
under Part 6 of the Rules; any breach of any provision of the Rules or
Procedures considered by the Clearing House to be of a factual nature
where the Clearing House holds sufficient evidence of such facts; any
breach of any provision of the Rules or Procedures considered by the
Clearing House to be minor in nature; or any breach of the Rules or
Procedures which the Clearing House considered would be appropriately
addressed by the Summary Disciplinary Process.
    Sanctions pursuant to proposed Rule 1008 would be limited to the
following: Issuance of a private warning or reprimand naming the
Clearing Member or a Clearing Member Customer, client or
Representative; a fine of up to [pound]50,000; or any combination of
the foregoing.
    Proposed Rule 1008 would also specify the process of imposing any
sanction, including the notice process by the Clearing House, the
opportunity for a Clearing Member to appeal, the grounds for appeal and
the actions the appeal panel may take (i.e., to affirm, vary or revoke
a sanction). It would also allow the Clearing House to provide further
guidance by way of Circular in relation to the operation of the Summary
Disciplinary Process.
dd. Other Proposed Drafting Enhancements and Improvements
    A number of other drafting enhancements, clarifications and
improvements are proposed.
    This includes a number of amendments to the definitions in Rule
101. A new definition of ``Acceptance Time'' would be added. The
definition is consistent with the definitions currently in the CDS
Procedures and FX Procedures, and would be added to the Rules for
clarity given that the term is used in the Rules, e.g., Rule 1204 and
also in paragraph 10 of Standard Terms annexes.
    In the definition of ``Applicable Law'', a reference to ``the
FSMA'' would be added. This important piece of UK legislation for CCPs,
such as ICE Clear Europe, was unintentionally omitted from the
``Applicable Law'' definition.
    In the ``Clearing Organisation'' definition, a reference to
``securities clearing agency'' would be added, to ensure that the
defined term includes securities clearing agencies regulated by the
SEC.
    In the ``Defaulter'' definition, amendments would clarify that the
defined term refers to a person in respect of whom an Event of Default
has occurred, rather than a person in respect of whom a Default Notice
has been issued.
    A new definition of ``FINRA'' referencing the U.S. Financial
Industry Regulatory Authority, the self-regulatory body of several US
clearing members, would be added. The term is currently used but in the
definition of Regulatory Authority, but is not defined.
    The definition of ``Original Margin'' would be amended to clarify
that buyer's security, seller's security and delivery margin would all
be included.
    The ``Regulatory Authority'' definition would also be updated to
include reference to ``National Futures Association'', a self-
regulatory body in the U.S. which supervises several clearing members.
    The definition of ``Rule Change'' would be amended expressly to
include changes to the Contract Terms. Rule 109(b)(vii) and (viii) and
109(k) already assume that the definition ``Rule Change'' covers
changes to Contract Terms, but the definition itself is inconsistently
narrower. The cross reference to Rule 109 would be clarified to reflect
that it is not the sole provision governing the process for Rule
Changes.
    In the definition of ``Segregated Customer'', typographical
corrections would be made.
    The definitions of ``Transferee'' and ``Transferor'' would be
revised to clarify that the subject of a transfer or delivery is a
Deliverable (as defined in the Rules).
    Rule 201(a)(v) is proposed to be amended to correct an erroneous
use of the singular ``Contract'' when the plural ``Contracts'' should
be used.
    Rules 304(a)(ii)(A), 304(a)(ii)(B) and 1901(e) would be amended to
correctly reference the term ``Nominated Bank Account''.
    A clarification is proposed to Rule 401(g) to reflect that under
existing practice and as stated and assumed elsewhere in the Rules
(e.g., Rule 906, Clearing Procedures), Clearing Members can have
multiple Proprietary Position Accounts.
    Rule 406(a) would be amended to remove an erroneous reference to
the legacy term ``Clearing Processing System'' and replace it with the
correct defined term ``ICE System''.
    Rule 904(b) would be amended to correct the use of an incorrect
term ``Market-to-Market Value'' to the correct definition ``Mark-to-
Market Price''. A change would similarly be made at Rule 905(g) to
delete a reference to ``Market-to-Market Value'' as well as the unused
term Reference Price.
    An amendment is proposed to Rule 905(b)(ix) to reflect that there
may be multiple Defaulters rather than just one.
    Amendments to Rule 908(i) would correct typographical errors and an
incorrect cross-reference.
    Rule 908(ii) would be amended to reflect that the applicable
modifications would be set out in the Default Auction Procedures as
opposed to a Circular.
    In the definition of ``MTM/VM'' in Rule 913(a)(xxxi), amendments
would be proposed to reflect that MTM/VM is transferred to rather than
held as a deposit by the Clearing House.
    The definition of ``Product Termination Amount'' in Rule
913(a)(xxxviii) is proposed to be deleted as this term is already
defined in Rule 916.
    A minor amendment is proposed to Rule 913(a)(lviii) to clarify for
the avoidance of doubt that amounts payable in respect of transfers are
included in the definition of ``Transfer Cost''.
    A correction would be made to Rule 915(e) to refer to correctly
reference all categories of mark-to-market or variation margin for all
product categories.
    Clarifications would be made to Rule 916(i) to be clear that
Guaranty Fund and Assessment contributions due pursuant to Rule 916(i)
are subject to the provisions of Rule 917 (including the limitations
thereon during a Cooling-off Period).
    Rule 918(d) would be clarified to refer to any Event of Default
rather than multiple Events of Default.
    It is proposed to incorporate references to Rules 916 and 918 into
Rule 1102(g) to reflect that these Rules are also applicable in certain
cases to determining the return of Guaranty Fund contributions.
    Rule 1901(d)(vi) would be deleted because the Council Directive
referenced by this provision has been repealed. Subsequent provisions
would be renumbered and cross-references in other provisions updated.
    A typographical error in the title of Part 23 would be corrected.
    Other typographical and similar corrections would be made in
various provisions of the Rules, including 102(q), 202(a)(xxi),
203(a)(xx) and 504(c)(vi).
    Part 3(b) of the F&O Standard Terms would be amended to more
clearly state that Customer-CM F&O Transactions would arise in
accordance with Part 4 of the Rules. This change would align

with the drafting used in the other Standard Terms.
    Proposed clarifications would be made to Rule 1607(d)(iii), CDS
Standard Terms 7(iii), F&O Standard Terms 7(iii) and FX Standard Terms
7(iii) to refer to ``Personal Data'' rather than ``Personal Data of its
Data Subjects''. This change eliminates unnecessary language.
    A minor change is proposed to paragraph 15.4(b) of the Finance
Procedures to delete an outdated reference to the Continuing CDS Rule
Provisions, which are no longer in effect.
(b) Statutory Basis
    ICE Clear Europe believes that the proposed rule changes are
consistent with the requirements of Section 17A of the Act \9\ and the
regulations thereunder applicable to it, including the standards under
Rule 17Ad-22.\10\ In particular, Section 17A(b)(3)(F) of the Act
requires that that rule changes be consistent with the prompt and
accurate clearance and settlement of securities transactions and
derivative agreements, contracts and transactions cleared by ICE Clear
Europe, the safeguarding of securities and funds in the custody or
control of ICE Clear Europe or for which it is responsible, and the
protection of investors and the public interest.\11\ As discussed
herein, the proposed rule changes are principally designed to clarify
various aspects of the Rules and Procedures to improve drafting and to
update the Rules and Procedures to ensure consistency with current
operational practices and processes as well as current applicable laws
and regulations. In ICE Clear Europe's view, these changes would
therefore facilitate the prompt and accurate clearance and settlement
of transactions through the Clearing House and would generally be
consistent with the protection of investors and the public interest.
Furthermore, ensuring that the Rules and Procedures are clear,
including with respect to matters such as portability, will enhance the
safeguarding of securities and funds in the custody or control of the
Clearing House or for which it is responsible. As such, ICE Clear
Europe believes the amendments are consistent with the requirements of
Section 17A(b)(3)(F) of the Act.\12\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78q-1.
    \10\ 17 CFR 240.17Ad-22.
    \11\ 15 U.S.C. 78q-1(b)(3)(F).
    \12\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Further, Section 17A(b)(3)(G) of the Act \13\ requires that
clearing agency rules provide that its participants shall be
appropriately disciplined for violations of the rules including by
fine, censure or any other fitting sanction. Section 17A(b)(3)(H) of
the Act \14\ requires that a clearing agency provide a fair procedure
with respect to the disciplining of participants. The addition of the
new Summary Disciplinary Process would enable the Clearing House to
impose appropriate fines or to censure appropriate parties in the event
of a rule violation. It would also specify the process of imposing any
sanction, including the notice process by the Clearing House, the
opportunity for a Clearing Member to appeal, the grounds for appeal and
the actions the appeal panel may take (i.e., to affirm, vary or revoke
a sanction). As such, by enabling appropriate disciplining of
participants and providing a fair procedure relating to this process,
ICE Clear Europe believes the amendments are consistent with the
requirements of Section 17A(b)(3)(G) and (H) of the Act.\15\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78q-1(b)(3)(G).
    \14\ 15 U.S.C. 78q-1(b)(3)(H).
    \15\ 15 U.S.C. 78q-1(b)(3)(G) and (H).
---------------------------------------------------------------------------

    The amendments are also consistent with the relevant specific
requirements of Rule 17Ad-22,\16\ as set forth in the following
discussion:
---------------------------------------------------------------------------

    \16\ 17 CFR 240.17Ad-22.
---------------------------------------------------------------------------

(i) Portability
    Rule 17Ad-22(e)(14) \17\ requires that clearing agencies maintain
policies and procedures which enable the segregation and portability of
customer's positions and collateral. The amendments provide greater
clarity with respect to providing porting instructions. The amendments
would remove the existing process whereby Non-FCM/BD Clearing Members
may deliver a ``Default Portability Preference'', with advance porting
information, to the Clearing House, an option that was rarely used and
that has proven to be impractical and has been superseded by
requirements under EMIR that post-default porting notices be served
prior to porting, which limited the value of instructions provided
prior to default. The amendments will also clarify the process for
providing post-default porting notices. The amendments will thus
facilitate the process of post-default porting in a manner consistent
with applicable regulations, including the requirements of Rule 17Ad-
22(e)(14),\18\ while avoiding the concerns created by the existing
process.
---------------------------------------------------------------------------

    \17\ 17 CFR 240.17Ad-22(e)(14) which states that ``[e]ach
covered clearing agency shall establish, implement, maintain and
enforce written policies and procedures reasonably designed to, as
applicable: (14) Enable, when the covered clearing agency provides
central counterparty services for security-based swaps 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.''
    \18\ 17 CFR 240.17Ad-22(e)(14).
---------------------------------------------------------------------------

    Further, proposed amendments to Rule 209(d) would facilitate the
process of porting positions, pre-default, in the context of a
corporate group reorganization where a new Clearing Member that is an
Affiliate will be receiving the terminating Clearing Member's Open
Contract Positions, and thereby facilitate the Clearing House's
compliance with requirements of Rule 17Ad-22(e)(14) \19\ to enable
portability of customer positions and collateral.
---------------------------------------------------------------------------

    \19\ 17 CFR 240.17Ad-22(e)(14).
---------------------------------------------------------------------------

(ii) Operational Risk
    Rule 17Ad-22(e)(17)(i) \20\ requires that a clearing agency manage
its operational risks through appropriate policies and procedures. The
amendments to the notices provisions would facilitate electronic
notice, including for default notices under Rule 901 and other notices
more generally under Rule 113. These clarifications better ensure
appropriate and timely notices will be provided, reducing operational
risks relating to timely receipt of notices.
---------------------------------------------------------------------------

    \20\ 17 CFR 240.17Ad-22(e)(17)(i) which states that ``[e]ach
covered clearing agency shall establish, implement, maintain and
enforce written policies and procedures reasonably designed to, as
applicable: (17) Manage the covered clearing agency's operational
risks by: (i) 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.''
---------------------------------------------------------------------------

    Further, proposed amendments to Rule 202(a)(xxii) would extend the
requirement for Clearing Members to have competent persons accessible
to the Clearing House to also include the two hours prior to the start
of the business day, to ensure that operational policies are consistent
with consistent with operational practices and ensures that staff are
available to process and deal with questions in relation to morning
margin calls. The amendment would thus reduce the operational risks of
not being able to address such calls in a timely manner.
    The proposed changes at Rule 301(o) enhance the Clearing House's
ability to request information when needed on account balances,
including for the purpose of calling on available cash where the
Clearing Member has failed to meet a payment obligation, and are
expected to reduce operational risks that may arise where the Clearing
House may not otherwise have access to such information.

(iii) Legal Basis
    Rule 17Ad-22(e)(1) \21\ requires that a clearing agency provide for
a well-founded legal basis for each aspect of its activities in all
relevant jurisdictions. The amendments to Rule 201(a)(ix) would clarify
that the Clearing House may require that potential Clearing Members
enter into additional annexes/agreements to the Clearing Membership
Agreement in accordance with Rule 201(b) in order to be, and remain,
eligible for Clearing Membership. The Clearing House would expect to
impose such requirements where necessary to comply with or address
post-Brexit local law group structuring issues, including as applicable
to its Clearing Members located in certain EU member states. This
change would clarify the legal basis under the Rules for the Clearing
House to require additional documentation to be executed, where
necessary.
---------------------------------------------------------------------------

    \21\ 17 CFR 240.17Ad-22(e)(1) which states that ``[e]ach covered
clearing agency shall establish, implement, maintain and enforce
written policies and procedures reasonably designed to, as
applicable: (1) Provide for a well-founded, clear, transparent, and
enforceable legal basis for each aspect of its activities in all
relevant jurisdictions.''
---------------------------------------------------------------------------

    The proposed amendments to Rule 1901(b)(xv), Rule 1901(d)(ix), Rule
201(a)(xx) and Section 10 of the F&O Standard Terms, which would remove
the requirement for Clearing Members, Customer and Sponsored Principals
to be ``eligible contract participants'' if they are solely engaging in
F&O Contracts, is intended to remove an unnecessary requirement for
such Contracts while ensuring that the membership requirements remain
compliant with applicable US laws.
    The amendments to paragraph 3.5(a) of the Membership Procedures to
lower the threshold at which the Clearing House will require a written
undertaking from a Clearing Member to not repay subordinated loans will
align the Rules more closely with Basel III requirements applicable to
Clearing Members.
    The various amendments to address applicable anti-money laundering
laws in the EU and UK, including to address requirements to provide
necessary information for due diligence checks, are intended to
facilitate compliance by the Clearing House, Clearing Members,
Sponsored Principals and Customers with applicable anti-money
laundering laws. Similarly, amendments to the Delivery Procedures would
obligate Clearing Members to conduct appropriate anti-money laundering
AML due diligence for any transferors/transferees and provide relevant
documentation to the Clearing House and/or Clearing Member. These
requirements support the well-founded basis for the Clearing House's
operation under applicable anti-money laundering laws.
    Overall, these changes, as well the numerous other changes to
improve the drafting and clarity of the Rules and Procedures, are
generally consistent with establishing a well-founded legal framework
for the Clearing House's operations, within the meaning of Rule 17Ad-
22(e)(1).\22\
---------------------------------------------------------------------------

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

(iv) Margin
    Rule 17Ad-22(e)(6) require that a covered clearing agency establish
a risk-based margin system that, among other matters, ``[m]arks
participant positions to market and collects margin, including
variation margin . . ., at least daily.'' \23\ Rule 1603(c) would be
amended to clarify that only ``original'' or ``initial'' types of
Margin payments would be provided in the form of Pledged Collateral,
and that such collateral excludes Variation Margin, Mark-to-Market
Margin and FX Mark-to-Market Margin which is provided to or by the
Clearing House by outright transfer of cash as a settlement payment.
This amendment is consistent with the treatment of variation and mark-
to-market margin as settlement payments,\24\ as provided elsewhere in
the Rules and Procedures, and in ICE Clear Europe's view is consistent
with the margin framework requirements under Rule 17Ad-22(e)(6).\25\
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    \23\ 17 CFR 240.17Ad-22(e)(6).
    \24\ As discussed above, the amendments are also consistent with
the approach provided for in Exchange Act Release No. 34-88665 (File
No. SR-ICEEU-2020-003) (Apr. 16, 2020), 85 FR 22892 (Apr. 23, 2020).
    \25\ 17 CFR 240.17Ad-22(e)(6).
---------------------------------------------------------------------------

(v) Settlement and Physical Delivery
    Rule 17Ad-22(e)(10) requires that a covered clearing agency
``establish and maintain transparent written standards that state its
obligations with respect to the delivery of physical instruments, and
establish and maintain operational practices that identify, monitor,
and manage the risks associated with such physical deliveries.'' \26\
The proposed amendment to the definition of ``Exchange Delivery
Settlement Price'' in the Rules will clarify for the avoidance of doubt
that the EDSP can be positive, negative or zero. The amendments will
also clarify the procedure for payment of the EDSP in a physical
settlement where the EDSP is negative. The amendments will thus clarify
and enhance the settlement process in such case, consistent with Rule
17Ad-22(e)(10).\27\
---------------------------------------------------------------------------

    \26\ 17 CFR 240.17Ad-22(e)(10).
    \27\ 17 CFR 240.17Ad-22(e)(10).
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    Proposed amendments to the Delivery Procedures will clarify other
aspects of the physical settlement process. Proposed new paragraph 7 to
the Delivery Procedures will contemplate an alternative delivery
procedure for certain Emission Contracts in the event of a failed
delivery. In Part U, new provisions relating to failed settlement and
non-delivery of securities under a Financials & Softs Gilt Contract
would be added, including as to the steps the Clearing House can take
to promote settlement in accordance with the contract terms and the
requirements of the CREST central securities depository and allocation
of the costs of such steps to the Clearing Member that failed to make
delivery. Updates to Part Z would be made to reference the correct
settlement facilities and relevant settlement details and settlement
procedures. Part Z provisions dealing with failed deliveries and
partial deliveries would also be clarified. Throughout the Delivery
Procedures, the delivery documentation summaries, timetables and other
relevant provisions will be updated and clarified to reflect current
operational processes and Clearing House systems and to remove outdated
references and language. Taken together, these changes will establish
and update transparent written standards associated with physical
deliveries, consistent with the requirements of Rule 17Ad-
22(e)(10).\28\
---------------------------------------------------------------------------

    \28\ 17 CFR 240.17Ad-22(e)(10).
---------------------------------------------------------------------------

(vi) Governance Arrangements
    Rule 17Ad-22(e)(2)(i) \29\ requires that a clearing agency have
governance arrangements that are clear and transparent. The proposed
amendments to Rule 916(d) would change ``Risk Committee'' to ``relevant
product risk committee'' to reflect the different product risk
committees addressing topics specific to F&O and CDS Contracts. Similar
changes would be made to references to relevant risk committees in
certain Procedures, as discussed above. In ICE Clear Europe's view,
these amendments would clarify governance descriptions in the Rules and
Procedures to more clearly and accurately reflect established
arrangements, and are thus consistent with Rule 17Ad-22(e)(2)(i).
---------------------------------------------------------------------------

    \29\ 17 CFR 240.17Ad-22(e)(2)(i) which states that ``[e]ach
covered clearing agency shall establish, implement, maintain and
enforce written policies and procedures reasonably designed to, as
applicable: (2) Provide for governance arrangements that: (i) Are
clear and transparent;''.

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

(vii) Membership Criteria
    Rule 17Ad-22(e)(18) requires covered clearing agencies to establish
criteria for participation which ensures participants have sufficient
financial resources and robust operational capacity to meet obligations
arising from participation and to monitor compliance.\30\ Proposed
amendments would extend the hours during which staff are available to
process and deal with questions in relation to morning margin calls,
which strengthen operational capacity to meet obligations arising from
participation. The amendments would also clarify certain requirements
as to member Capital, including to reference updated capital standards
and to limit the use of certain subordinated debt as capital. These
amendments are intended to be consistent with the requirements of the
Basel III capital framework applicable to most Clearing Members. In ICE
Clear Europe view, the amendments accordingly set appropriate Capital
requirements for Clearing Members, consistent with the requirements of
Rule 17Ad-22(e)(18).
---------------------------------------------------------------------------

    \30\ 17 CFR 240.17Ad-22(e)(18).
---------------------------------------------------------------------------

(viii) Default Management
    Rule 17Ad-22(e)(13) \31\ requires a covered clearing agency to
ensure that it ``has the authority and operational capacity to take
timely action to contain losses and liquidity demands'' in the case of
default.
---------------------------------------------------------------------------

    \31\ 17 CFR 240.17Ad-22(e)(13).
---------------------------------------------------------------------------

    The amendments would, as noted above, clarify certain aspects of
the Clearing House's default management procedures, including the use
of post-default porting notices and the manner of delivering default
notices. The amendments would clarify the ability of the Clearing House
to use hedging post-default, and clarify certain aspects of the
definition of Event of Default, particularly in connection with
defaults of affiliated Clearing Members. A number of other drafting
improvements would be made in the Part 9 of the Rules, as discussed
above. In ICE Clear Europe's view, these amendments will generally
enhance the Clearing House's default management procedures and
facilitate its ability to take timely action in the case of a default
to contain losses, consistent with the requirements of Rule 17Ad-
22(e)(13).\32\
---------------------------------------------------------------------------

    \32\ 17 CFR 240.17Ad-22(e)(13).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed amendments would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purpose of the Act. The amendments
are generally intended to improve drafting clarity in the Rules and
Procedures and update various provisions to refer to current laws and
operational and other processes, including with respect to such matters
as portability, settlement and delivery procedures, updated system
references, anti-money laundering procedures and similar matters.
Overall, ICE Clear Europe does not expect the amendments would impose
any material new obligations on Clearing Member. Further, ICE Clear
Europe does not expect that the proposed changes will adversely affect
access to clearing or the ability of Clearing Members, their customers
or other market participants to continue to clear contracts. ICE Clear
Europe also does not believe the amendments would materially affect the
cost of clearing or otherwise limit market participants' choices for
selecting clearing services. Accordingly, ICE Clear Europe does not
believe the amendments would impose any burden on competition not
necessary or appropriate in furtherance of the purpose of the Act.

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

    ICE Clear Europe conducted a consultation with respect to the
proposed amendments to the Rules set forth herein.\33\ No written
comments relating to the proposed amendments have been received by ICE
Clear Europe. ICE Clear Europe will notify the Commission of any
comments received with respect to the proposed rule change.
---------------------------------------------------------------------------

    \33\ ICE Clear Europe Circular C21/013 (Feb. 2, 2021).
---------------------------------------------------------------------------

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-ICEEU-2021-010 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ICEEU-2021-010. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filings will also be available for inspection
and copying at the principal office of ICE Clear Europe and on ICE
Clear Europe's website at https://www.theice.com/clear-europe/regulation.
    All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-ICEEU-2021-010 and should be
submitted on or before June 23, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
---------------------------------------------------------------------------

    \34\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-11529 Filed 6-1-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 132 (Tuesday, July 12, 2022)]
[Notices]
[Pages 41322-41323]
[FR Doc No: 2022-14798]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2022-N-1349]

Mikart, LLC, et al.; Withdrawal of Approval of 31 Abbreviated New
Drug Applications

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA or Agency) is
withdrawing approval of 31 abbreviated new drug applications (ANDAs)
from multiple applicants. The applicants notified the Agency in writing
that the drug products were no longer marketed and requested that the
approval of the applications be withdrawn.

DATES: Approval is withdrawn as of August 11, 2022.

FOR FURTHER INFORMATION CONTACT: Martha Nguyen, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 75, Rm. 1676, Silver Spring, MD 20993-0002, 240-
402-6980, [email protected].

SUPPLEMENTARY INFORMATION: The applicants listed in the table have
informed FDA that these drug products are no longer marketed and have
requested that FDA withdraw approval of the applications under the
process described in Sec.  314.150(c) (21 CFR 314.150(c)). The
applicants have also, by their requests, waived their opportunity for a
hearing. Withdrawal of approval of an application or abbreviated
application under Sec.  314.150(c) is without prejudice to refiling.

----------------------------------------------------------------------------------------------------------------
            Application No.                               Drug                               Applicant
----------------------------------------------------------------------------------------------------------------
ANDA 040846...........................  Hydrocodone Bitartrate and Acetaminophen  Mikart, LLC, 1750
                                         Tablets, 325 milligrams (mg); 2.5 mg.     Chattahoochee Ave. NW,
                                                                                Atlanta, GA 30318.
ANDA 040851...........................  Benzonatate Capsules, 100 mg, 150 mg,     Do.
                                         and 200 mg.
ANDA 072903...........................  Ibuprofen Tablets, 200 mg...............  ANI Pharmaceuticals, Inc., 210
                                                                                Main St. West, Baudette, MN
                                                                                56623.
ANDA 073519...........................  Tolmetin Sodium Capsules, Equivalent to   Do.
                                         (EQ) 400 mg base.
ANDA 074267...........................  Guanabenz Acetate Tablets, EQ 4 mg base   Do.
                                         and EQ 8 mg base.
ANDA 074498...........................  Indapamide Tablets, 1.25 mg and 2.5 mg..  Do.
ANDA 074840...........................  Etodolac Capsules, 200 mg and 300 mg....  Do.
ANDA 074844...........................  Etodolac Capsules, 200 mg and 300 mg....  Do.
ANDA 075212...........................  Ranitidine Hydrochloride (HCl) Tablets,   Do.
                                         EQ 75 mg base.
ANDA 076030...........................  Flecainide Acetate Tablets, 50 mg, 100    Do.
                                         mg, and 150 mg.
ANDA 076086...........................  Fluconazole Tablets, 50 mg, 100 mg, 150   Do.
                                         mg, and 200 mg.
ANDA 077426...........................  Ranitidine HCl Tablets, EQ 150 mg base    Do.
                                         and EQ 300 mg base.
ANDA 077641...........................  Zonisamide Capsules, 25 mg, 50 mg, and    Do.
                                         100 mg.
ANDA 077979...........................  Alprazolam Extended Release Tablets, 0.5  Do.
                                         mg, 1 mg, 2 mg, and 3 mg.
ANDA 085269...........................  Meclizine HCl Tablets, 12.5 mg..........  Do.
ANDA 085740...........................  Meclizine HCI Tablets, 25 mg............  Do.
ANDA 087296...........................  Chlorthalidone Tablets, 25 mg...........  Do.
ANDA 088164...........................  Chlorthalidone Tablets, 25 mg...........  Do.
ANDA 088641...........................  Glucamide Tablets, 250 mg...............  Do.
ANDA 088732...........................  Meclizine HCl Tablets, 12.5 mg..........  Do.
ANDA 088768...........................  Chlorpropamide Tablets, 100 mg..........  Do.
ANDA 088826...........................  Chlorpropamide Tablets, 250 mg..........  Do.
ANDA 090572...........................  Cetirizine HCl, Syrup 5 mg/5 milliliters  Tris Pharma, Inc., 2031 U.S.
                                         (mL).                                     Hwy. 130, Suite D, Monmouth
                                                                                Junction, NJ 08852.
ANDA 090906...........................  Levetiracetam Tablets, 250 mg, 500 mg,    Alvogen PB Research and
                                         750 mg, and 1 gram (gm).                  Development, U.S. Agency for
                                                                                Lotus Pharmaceutical Co.,
                                                                                Ltd., Nantou Plant, 44
                                                                                Whippany Rd., Suite 300,
                                                                                Morristown, NJ 07960.
ANDA 201944...........................  Potassium Chloride Extended Release       Tris Pharma, Inc.
                                         Capsules, 8 milliequivalent (mEq) and
                                         10 mEq.
ANDA 202095...........................  Levetiracetam Extended Release Tablets,   Alvogen PB Research and
                                         500 mg and 750 mg.                        Development, U.S. Agency for
                                                                                Lotus Pharmaceutical Co.,
                                                                                Ltd.
ANDA 202246...........................  Levonorgestrel Tablets, 1.5 mg..........  Alvogen, Inc., 44 Whippany
                                                                                Rd., Suite 300, Morristown,
                                                                                NJ 07960.
ANDA 203298...........................  Calcium Acetate Capsules, 667 mg........  Alvogen PB Research and
                                                                                Development, U.S. Agency for
                                                                                Lotus Pharmaceutical Co.,
                                                                                Ltd.
ANDA 204180...........................  Amiloride HCl Tablets, 5 mg.............  USpharma Windlas, LLC, 115
                                                                                Blue Jay Dr., Suite 101,
                                                                                Liberty, MO 64068.
ANDA 205442...........................  Linezolid Injection, 600 mg/300 mL (2 mg/ Hospira, Inc., 275 North Field
                                         mL).                                      Dr., Bldg. H1, Lake Forest,
                                                                                IL 60045.
ANDA 205790...........................  Prasugrel Tablets, EQ 5 mg base and EQ    USpharma Windlas, LLC.
                                         10 mg base.
----------------------------------------------------------------------------------------------------------------

    Therefore, approval of the applications listed in the table, and
all amendments and supplements thereto, is hereby withdrawn as of
August 11, 2022. Approval of each entire application is withdrawn,
including any strengths and dosage forms inadvertently missing from the
table. Introduction or delivery for introduction into interstate
commerce of products without approved new drug applications violates
section 301(a) and

(d) of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 331(a) and
(d)). Drug products that are listed in the table that are in inventory
on August 11, 2022 may continue to be dispensed until the inventories
have been depleted or the drug products have reached their expiration
dates or otherwise become violative, whichever occurs first.

    Dated: July 1, 2022.
Lauren K. Roth,
Associate Commissioner for Policy.
[FR Doc. 2022-14798 Filed 7-11-22; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 87, Number 116 (Thursday, June 16, 2022)]
[Notices]
[Pages 36355-36356]
[FR Doc No: 2022-12947]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-306, OMB Control No. 3235-0522]

Proposed Collection; Comment Request: Extension; Rule 701

Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
    Rule 701(17 CFR 230.701) under the Securities Act of 1933
(``Securities Act'') (15 U.S.C. 77a et seq.) provides an exemption for
certain issuers from the registration requirements of the Securities
Act for limited offerings and sales of securities issued under
compensatory benefit plans or contracts. The purpose of Rule 701 is to
ensure that a basic level of information is available to employees and
others when substantial amounts of securities are issued in
compensatory arrangements. We estimate that approximately 800 companies
annually rely on the Rule 701 exemption and that it takes 2 hours to
prepare each response. We estimate

that 25% of the 2 hours per response (0.5 hours) is prepared by the
company for a total annual reporting burden of 400 hours (0.5 hours per
response x 800 responses).
    Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden imposed by the collection of information; (c) ways to
enhance the quality, utility, and clarity of the information collected;
and (d) ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication by August 15, 2022.
    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 control number.
    Please direct your written comment to David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to:
[email protected].

    Dated: June 10, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12947 Filed 6-15-22; 8:45 am]
BILLING CODE 8011-01-P