Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices 67451 

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)(4)(ii). 

5Capitalized terms used but not defined herein 

have the meanings specified in the ICE Clear 

Europe Clearing Rules. 

6 ICE Futures Europe is also changing certain 

exchange fees with respect to the IFEU Products at 

the same time. 

7 15 U.S.C. 78q–1(b)(3)(D). Under this provision, 

‘‘[a] clearing agency shall not be registered unless 

Continued 

Commission under section 23(c) of the 

Act. 

Applicant’s Conditions 

Applicant agrees that the order 

granting the requested relief will be 

subject to the following conditions: 

1. The Plans will be authorized by 

Applicant’s stockholders. 

2. Each issuance of Restricted Stock to 

an officer, employee, or Non-Employee 

Director will be approved by the 

Required Majority of Applicant’s 

directors on the basis that such grant is 

in the best interest of Applicant and its 

stockholders. 

3. The amount of voting securities 

that would result from the exercise of all 

of Applicant’s outstanding warrants, 

options and rights, together with any 

Restricted Stock issued under the Plans 

and the 2006 Plan, at the time of 

issuance shall not exceed 25% of the 

outstanding voting securities of the 

Company, except that if the amount of 

voting securities that would result from 

the exercise of all of the Company’s 

outstanding warrants, options and rights 

issued to the Company’s directors, 

officers and employees, together with 

any Restricted Stock issued pursuant to 

the Plans and the 2006 Plan, would 

exceed 15% of the outstanding voting 

securities of the Company, then the total 

amount of voting securities that would 

result from the exercise of all 

outstanding warrants, options and 

rights, together with any Restricted 

Stock issued pursuant to the Plans and 

the 2006 Plan, at the time of issuance 

shall not exceed 20% of the outstanding 

voting securities of the Company. 

4. The amount of Restricted Stock 

issued and outstanding will not at the 

time of issuance of any shares of 

Restricted Stock exceed ten percent of 

Applicant’s outstanding voting 

securities. 

5. The Board will review the Plans at 

least annually. In addition, the Board 

will review periodically the potential 

impact that the issuance of Restricted 

Stock under the Plans could have on 

Applicant’s earnings and net asset value 

per share, such review to take place 

prior to any decisions to grant Restricted 

Stock under the Plans, but in no event 

less frequently than annually. Adequate 

procedures and records will be 

maintained to permit such review. The 

Board will be authorized to take 

appropriate steps to ensure that the 

issuance of Restricted Stock under the 

Plans will be in the best interest of 

Applicant’s stockholders. This authority 

will include the authority to prevent or 

limit the granting of additional 

Restricted Stock under the Plans. All 

records maintained pursuant to this 

condition will be subject to examination 

by the Commission and its staff. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–28318 Filed 12–27–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84892; File No. SR–ICEEU– 

2018–025] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Adopt 

Revised Clearing Fees 

December 20, 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 

18, 2018, ICE Clear Europe Limited 

(‘‘ICE Clear Europe’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

changes described in Items I, II, and III 

below, which Items have been primarily 

prepared by ICE Clear Europe. ICE Clear 

Europe filed the proposed rule changes 

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

Act 3 and Rule 19b–4(f)(4)(ii) 

thereunder,4 so that the proposal 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 

The principal purpose of the 

proposed rule change is to revise 

clearing fees applicable to certain ICE 

Futures Europe Limited (‘‘IFEU’’) 

financials and softs and UK natural gas 

products (‘‘IFEU Products’’). The 

revisions do not involve any changes to 

the ICE Clear Europe Clearing Rules or 

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. 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 

The purpose of the proposed rule 

change is for ICE Clear Europe to modify 

certain clearing fees relating to certain 

IFEU Products 6 as set out below: 

• IFEU Softs: Clearing fee would 

increase from £0.37 to £0.55 per lot; 

• IFEU Equities: Clearing fee would 

increase from £0.20 to £0.21 per lot for 

the following contracts: 

Æ FTSE 100 Futures (Z); 

Æ FTSE 100 Dividend Index Futures 

(YZ); 

Æ FTSE 100 Dividend Index—RDSA 

withholding future (XZ); and 

• ICE’s UK Natural Gas: clearing fee 

would increase from £0.26 to £0.34 for 

screen transactions and decrease from 

£0.58 to £0.46 per lot for block/ 

exchange of futures for physicals (EFP)/ 

exchange of futures for swap (EFS) 

transactions. 

Attached as Exhibit 5 are the circulars 

listing the new fees relating to the IFEU 

Products. The relevant fee schedules 

relating to the IFEU Products will be 

updated and are available at: https://

www.theice.com/fees?=custom. The new 

fees are expected to come into effect on 

January 2, 2019. 

(b) Statutory Basis 

ICE Clear Europe has determined that 

the proposed fee changes set forth above 

are reasonable and appropriate. In 

particular, ICE Clear Europe believes 

that the fees have been set at an 

appropriate level given the costs and 

expenses to ICE Clear Europe in offering 

clearing of such IFEU Products, taking 

into account the investments ICE Clear 

Europe has made in clearing the markets 

for these products. The fees will apply 

to all F&O Clearing Members. ICE Clear 

Europe believes that imposing such 

charges thus provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its Clearing 

Members, within the meaning of Section 

17A(b)(3)(D) of the Act.7 ICE Clear 


amozie on DSK3GDR082PROD with NOTICES1
67452 Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices 

the Commission determines that—(D) The rules of 

the clearing agency provide for the equitable 

allocation of reasonable dues, fees, and other 

charges among its participants.’’ 

8 15 U.S.C. 78q–1. 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(2). 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Europe therefore believes that the 

proposed rule change is consistent with 

the requirements of Section 17A of the 

Act 8 and regulations thereunder 

applicable to it. 

(B) Self-Regulatory Organization’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. Although the 

changes may result in certain additional 

costs to Clearing Members, ICE Clear 

Europe believes that the revised fees 

have been set at an appropriate level 

given the costs and expenses to ICE 

Clear Europe in offering clearing of the 

IFEU Products. ICE Clear Europe does 

not believe that the amendments would 

adversely affect the ability of such 

Clearing Members or other market 

participants generally to engage in 

cleared transactions or to access 

clearing. Since the revised fees will 

apply to all F&O Clearing Members, ICE 

Clear Europe further believes that the 

fees will not otherwise adversely affect 

competition among Clearing Members, 

adversely affect the market for clearing 

services or limit market participants’ 

choices for obtaining clearing services. 

(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 changes to the rules 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 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A) 9 of the Act and Rule 19b– 

4(f)(2) 10 thereunder because it 

establishes a fee or other charge 

imposed by ICE Clear Europe on its 

Clearing Members. Specifically, the 

proposed rule changes will establish 

fees to be paid by Clearing Members to 

ICE Clear Europe in connection with the 

clearing of certain IFEU Products. 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, security-based swap submission 

or advance notice 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–2018–025 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–2018–025. 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 Section, 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#rule-filing. 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–2018–025 and 

should be submitted on or before 

January 18, 2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–28189 Filed 12–27–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84887; File No. SR– 

PEARL–2018–25] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Exchange 

Rule 519, MIAX PEARL Order Monitor 

December 20, 2018. 

Pursuant to the provisions of 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 12, 2018, MIAX PEARL, 

LLC (‘‘MIAX PEARL’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

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 Exchange is filing a proposal to 

amend Exchange Rule 519, MIAX 

PEARL Order Monitor (‘‘MOM’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/pearl at MIAX PEARL’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 

Exchange 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 


amozie on DSK3GDR082PROD with NOTICES1