[Federal Register Volume 78, Number 31 (Thursday, February 14, 2013)]
[Notices]
[Pages 10652-10653]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-03409]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68881; File No. SR-ICC-2012-24]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change To Add Rules Related to the Clearing of European Corporate 
Single-Name CDS

February 8, 2013.
    On December 6, 2012, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change SR-ICC-2012-24 pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The 
proposed rule change was published for comment in the Federal Register 
on December 26, 2012.\3\ The Commission did not receive comments on the 
proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-68482 (December 19, 
2012), 77 FR 76156 (December 26, 2012).
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day from the publication of notice of filing of this proposed rule 
change is February 9, 2013. The Commission is extending this 45-day 
time period.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The proposed rule change relates to ICC's adoption of rules to 
permit the clearing of standard single-name CDS contracts referencing 
European corporate reference entities. The proposed rule change is 
novel because no clearing agency located in the United States currently 
provides clearing services for these products. As a result, and in 
order to provide the Commission with sufficient time to consider the 
proposed rule change, the Commission finds it is appropriate to 
designate a longer period within which to take action on the proposed 
rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\

[[Page 10653]]

designates March 26, 2013, as the date by which the Commission should 
either approve or disapprove, or institute proceedings to determine 
whether to disapprove, the proposed rule change (File No. SR-ICC-2012-
24).
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-03409 Filed 2-13-13; 8:45 am]
BILLING CODE 8011-01-P