65764 Federal Register / Vol. 83, No. 245 / Friday, December 21, 2018 / Notices 

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)(6). 

5Capitalized terms used but not defined herein 

have the meanings specified in the ICE Clear 

Europe Rules. 

6 15 U.S.C. 78q–1. 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). Rule 19b–4(f)(6) 

requires a self-regulatory organization to give the 

Commission written notice of its intent to file the 

proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. ICE Clear Europe has satisfied this 

requirement. 

10 17 CFR 240.19b–4(f)(6). 

11 17 CFR 240.19b–4(f)(6)(iii). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84834; File No. SR–ICEEU– 

2018–020] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Amendments to the Business 

Continuity Procedures (the ‘‘Business 

Continuity Procedures’’) 

December 17, 2018. 

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 December 

11, 2018, ICE Clear Europe Limited 

(‘‘ICE Clear Europe’’ or ‘‘The Clearing 

House’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change described in 

Items I and II below, which Items have 

been prepared by ICE Clear Europe. ICE 

Clear Europe filed the proposed rule 

change pursuant to Section 19(b)(3)(A) 

of the Act,3 and Rule 19b–4(f)(6) 

thereunder,4 so that the proposed rule 

change was immediately effective upon 

filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

ICE Clear Europe proposes to make 

certain amendments to its Business 

Continuity Procedures.5

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 proposes to modify 

certain details of its Business Continuity 

Procedures. The amendments update 

Clearing House contact information, 

internet addresses and links. The 

amendments also eliminate a reference 

to fax communications to Clearing 

Members, which are no longer to be 

used. 

(b) Statutory Basis 

ICE Clear Europe believes that the 

changes described herein are consistent 

with the requirements of Section 17A of 

the Act 6 and the regulations thereunder 

applicable to it. Section 17A(b)(3)(F) of 

the Act 7 in particular requires, among 

other things, that the rules of the 

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, 

to assure the safeguarding of securities 

and funds in the custody or control of 

the clearing agency or for which it is 

responsible and the protection of 

investors, and, in general, protect 

investors and the public interest. The 

proposed amendments are designed to 

update details regarding contact 

information and notices relating to 

Business Continuity Events to ensure 

that Clearing Members are provided 

with clear and up to date information in 

the event of a Business Continuity 

Event. As a result, in ICE Clear Europe’s 

view, the amendments are consistent 

with the prompt and accurate clearance 

and settlement of transactions and the 

protection of investors and the public 

interest (and will not affect the 

safeguarding of securities or funds in 

the custody or control of the clearing 

agency or for which it is responsible). 

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICE Clear Europe does not believe the 

proposed rule changes would have any 

impact, or impose any burden, on 

competition not necessary or 

appropriate in furtherance of the 

purpose of the Act. The proposed 

changes to the Business Continuity 

Procedures are intended to provide 

updates to contact details and similar 

information. The change will apply 

uniformly across all Clearing Members 

and market participants. ICE Clear 

Europe does not believe the 

amendments will adversely affect 

competition among Clearing Members, 

the cost of clearing, or the ability of 

market participants to clear contracts 

generally. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments relating to the 

proposed rule changes have not been 

solicited or received. ICE Clear Europe 

will notify the Commission of any 

written comments received by ICE Clear 

Europe. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: 

(i) Significantly affect the protection 

of investors or the public interest; 

(ii) impose any significant burden on 

competition; and 

(iii) become operative for 30 days 

from the date on which it was filed, or 

such shorter time as the Commission 

may designate, it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 8 and Rule 19b–4(f)(6) thereunder.9

A proposed rule change filed under 

Rule 19b–4(f)(6) 10 normally does not 

become operative prior to 30 days after 

the date of its filing. However, pursuant 

to Rule 19b4(f)(6)(iii),11 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. ICE 

Clear Europe has requested that the 

Commission waive the 30-day operative 

delay so that ICE Clear Europe may 

implement the proposed rule change 

immediately. ICE Clear Europe believes 

that doing so is appropriate because 

delaying the proposed rule change 

would not benefit Clearing Members, 

their customers or any other market 

participants. The Commission notes that 

the proposed rule change is limited to 

updating Clearing House contact 

information, internet addresses and 

links. The proposed rule change does 

not (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; or (iii) effect the 

safeguarding of funds or securities in 


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Federal Register / Vol. 83, No. 245 / Friday, December 21, 2018 / Notices 65765 

12For purposes of waiving the 30-day operative 

delay, the Commission has considered the proposed 

rule change’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

13 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(iii). 

4 17 CFR 240.19b–4(f)(6). 

5The EMMA IF is currently available on the 

MSRB’s website at http://www.msrb.org/Rules-andInterpretations/MSRB-Rules/Facilities/EMMAFacility.aspx. 

the custody or control of ICE Clear 

Europe or for which it is responsible. 

Waiver of the 30-day operative delay 

would allow ICE Clear Europe to 

immediately update the Business 

Continuity Procedures to reflect the 

current and correct contact information, 

thereby ensuring that Clearing Members 

are able to contact ICE Clear Europe 

during a Business Continuity Event. 

Therefore, the Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest and 

designates the proposed rule change as 

operative upon filing.12

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. 

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 rule-comments@

sec.gov. Please include File Number SR– 

ICEEU–2018–020 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–2018–020. 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–2018–020 

and should be submitted on or before 

January 11, 2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2018–27619 Filed 12–20–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84837; File No. SR–MSRB– 

2018–09] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change to the MSRB’s Facility for the 

Electronic Municipal Market Access 

System (EMMA) 

December 17, 2018. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule 

19b–4 thereunder,2 notice is hereby 

given that on December 7, 2018 the 

Municipal Securities Rulemaking Board 

(the ‘‘MSRB’’ or ‘‘Board’’) 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 by the MSRB. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The MSRB filed with the Commission 

a proposed rule change (‘‘proposed rule 

change’’) to the MSRB’s facility for the 

Electronic Municipal Market Access 

system (EMMA®) to modernize and 

consolidate the information facility for 

the EMMA system, which consists of 

the EMMA Primary Market Disclosure 

Service, the EMMA Continuing 

Disclosure Service, the EMMA Trade 

Price Transparency Service and the 

EMMA Short-Term Obligation Rate 

Transparency Service (‘‘EMMA IF’’). 

The MSRB has filed the proposed rule 

change under Section 19(b)(3)(A)(iii) of 

the Act 3 and Rule 19b–4(f)(6) 4

thereunder, as a noncontroversial rule 

change that renders the proposal 

effective upon filing. The proposed rule 

change would be made operative on 

January 10, 2019. 

The text of the proposed rule change 

is available on the MSRB’s website at 

www.msrb.org/Rules-andInterpretations/SEC-Filings/2018- 

Filings.aspx, at the MSRB’s principal 

office, and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

MSRB 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. The MSRB has 

prepared summaries, set forth in 

Sections A, B, and C below, of the most 

significant aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The proposed rule change consists of 

amendments to the EMMA IF.5 The 

EMMA IF sets forth the material aspects 

of the operation of the EMMA system by 

describing the basic functionality of, 

and the high-level parameters by which 


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