[Federal Register Volume 78, Number 204 (Tuesday, October 22, 2013)]
[Notices]
[Pages 62762-62763]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-24557]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70606; File No. SR-ICC-2013-06]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Correct 
Minor Grammatical Errors, Remove Obsolete References and Comply With a 
Commission Recommendation

October 3, 2013.
    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 September 24, 2013, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I, II, and III below, which Items have 
been prepared primarily by ICC. ICC filed the proposal pursuant to 
Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(3) thereunder,\4\ 
so that the proposal was effective upon filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(3).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The purpose of proposed rule change is to amend the ICC Clearing 
Rules (the ``Rules'') in order to correct minor grammatical errors, 
remove obsolete references and comply with a Commission recommendation 
to provide for consistent language within the Rules and Section 
19(d)(1) of the Act.\5\
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    \5\ 15 U.S.C. 78s(d)(1).
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

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

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

    The proposed revisions are intended to correct minor grammatical 
errors, remove obsolete references, and comply with a Commission 
recommendation to provide for consistent language within the Rules and 
Section 19(d)(1) of the Act. ICC believes such changes will facilitate 
the prompt and accurate clearance and settlement of securities 
transactions and derivative agreements, contracts, and transactions for 
which it is responsible. The proposed Rule revisions are described in 
detail as follows.
    In Rule 402(b), the term ``the Clearing House'' was removed and 
replaced with ``ICE Clear Credit'' in order to remain consistent with 
the Rules. In Rules

[[Page 62763]]

502(d)-(h), several erroneous placements of ``and'' were corrected.
    In Rules 201(b)(i) and 206(a)(iii), references to the ``U.K. 
Financial Services Authority'' were removed and replaced with 
references to the ``U.K. Prudential Regulatory Authority.'' In Rule 
201(b)(i), ``the European Securities and Markets Authority'' was added 
to the sample list of competent authorities for capital adequacy 
regulation listed in the membership qualification rules. Further, in 
Rule 206(a)(iii), ``the European Securities and Markets Authority'' was 
added to the list of regulatory agencies from which the receipt of 
specific notices requires Participant notification to ICC.
    In Rule 503(a)(v) the specifically listed original nine Participant 
Appointees were removed from the Rules as the Participant Appointees 
are determined annually according to the procedure in Rule 503(a)(vi). 
Rule 503(a)(vi) was updated to change the word ``anniversary'' to the 
word ``date'' for clarification. Rule 503(a)(viii) was deleted and 
replaced with ``Intentionally omitted.'' because Rule 503(a)(viii) 
dealt with contingencies for an interim period that has since passed. 
Correspondingly, the definition of ``DCO/SCA Conversion Date'' was 
removed from Rule 102, as the term is no longer referred to in the 
Rules. In Rule 503(a)(x), language referring to an interim period that 
has since passed was removed. In Rules 801(b) and 802(b) obsolete 
references to deadlines for actions required of ICC that have since 
been completed were removed.
    Per Commission recommendation, the word ``promptly'' was added to 
Rule 712(c) in order to provide for consistency of language within the 
Rules and Section 19(d)(1) of the Act.
    The proposed rule changes do not require any changes to the ICC 
risk management framework including the ICC margin methodology, 
guaranty fund methodology, pricing parameters and pricing model.
    Section 17A(b)(3)(F) of the Act \6\ requires, among other things, 
that the rules of a clearing agency be designed to promote the prompt 
and accurate clearance and settlement of securities transactions and, 
to the extent applicable, derivative agreements, contracts, and 
transactions and to comply with the provisions of the Act and the rules 
and regulations thereunder. ICC believes that the proposed rule changes 
are consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to ICC, in particular, to Section 
17(A)(b)(3)(F), because ICC believes that the proposed rule changes 
will facilitate the prompt and accurate settlement of swaps and 
contribute to the safeguarding of securities and funds associated with 
swap transactions which are in the custody or control of ICC or for 
which it is responsible.
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    \6\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The correction of minor grammatical errors, removal of obsolete 
references and compliance with a Commission recommendation to provide 
for consistent language within the Rules and Section 19(d)(1) of the 
Act apply consistently across all market participants. Therefore, ICC 
does not believe the proposed rule change would have any impact, or 
impose any burden, on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments relating to the proposed rule change have not been 
solicited or received. ICC will notify the Commission of any written 
comments received by ICC.

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

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A) \7\ of the Act and Rule 19b-4(f)(3) \8\ 
thereunder because correcting minor grammatical errors, removing 
obsolete references and complying with a Commission recommendation to 
provide for consistent language within the Rules and Section 19(d)(1) 
are concerned solely with the administration of ICC. At any time within 
60 days of the filing of the proposed rule change, the Commission 
summarily may temporarily suspend such rule change if it appears to the 
Commission that such action is necessary or appropriate in the public 
interest, for the protection of investors, or otherwise in furtherance 
of the purposes of the Act.
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(3).
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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 protected]. Please include 
File Number SR-ICC-2013-06 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ICC-2013-06. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filings also will be available 
for inspection and copying at the principal office of ICE Clear Credit 
and on ICE Clear Credit's Web site at https://www.theice.com/notices/Notices.shtml?regulatoryFilings.
    All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly. All submissions should refer to File Number SR-ICC-2013-06 
and should be submitted on or before November 12, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-24557 Filed 10-21-13; 8:45 am]
BILLING CODE 8011-01-P