Federal Register / Vol. 86, No. 29 / Tuesday, February 16, 2021 / Notices 9555 

42 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). 

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 (the ‘‘Rules’’). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule changes will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. While the 

proposed rule changes will apply only 

to companies primarily operating in 

Restrictive Markets, Nasdaq and the SEC 

have identified specific concerns with 

such companies that make the 

imposition of additional initial listing 

criteria on such companies appropriate 

to enhance investor protection, which is 

a central purpose of the Act. Any impact 

on competition, either among listed 

companies or between exchanges, is 

incidental to that purpose. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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 Exchange consents, the Commission 

shall: (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 rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2021–007 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–NASDAQ–2021–007. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. 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–NASDAQ–2021–007 and 

should be submitted on or before March 

9, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.42

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02993 Filed 2–12–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91091; File No. SR–ICEEU– 

2021–003] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Amendments to the ICE Clear Europe 

Delivery Procedures. 

February 9, 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 February 

2, 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 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)(4)(ii) 4 thereunder, such that 

the proposed rule 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 amendments is for ICE Clear 

Europe to amend its Delivery 

Procedures (the ‘‘Delivery Procedures’’) 

to add a new Section 11 and a new Part 

GG to address delivery relating to the 

ICE Futures Abu Dhabi Murban Crude 

Oil Futures Contracts (the ‘‘ICE Murban 

Crude Oil Futures Contracts’’ or the 

‘‘Contracts’’).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 is proposing to 

amend its Delivery Procedures to add a 

new Section 11 and a new Part GG to 

address delivery relating to the ICE 

Murban Crude Oil Futures Contracts. 

The Contracts will be traded on ICE 

Futures Abu Dhabi and cleared by ICE 

Clear Europe. 

New Part GG would set out the 

delivery specifications and procedures 

for deliveries of Murban crude oil under 

the ICE Murban Crude Oil Futures 


khammond on DSKJM1Z7X2PROD with NOTICES
9556 Federal Register / Vol. 86, No. 29 / Tuesday, February 16, 2021 / Notices 

6 15 U.S.C. 78q–1(b)(3)(F). 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 15 U.S.C. 78q–1(b)(3)(F). 

9 17 CFR 240.17Ad–22(e)(10). 

10 17 CFR 240.17Ad–22(e)(10). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f). 

Contract. The amended Delivery 

Procedures would specify the delivery 

mode (with reference to applicable 

requirements of the relevant delivery 

terminal in Fujairah, UAE) and delivery 

loading volume tolerances). Consistent 

with the exchange rules for the 

Contracts, delivery would take place on 

one or more consecutive Terminal 

Loading Days within the Delivery Range 

(which range must fall within the 

Delivery Period). The new Part GG 

would also address requirements as to 

delivery free of encumbrances, and 

determination of delivery quantity and 

price by reference to exchange rules for 

the Contract. The amendments would 

also establish certain timing 

requirements for exchange of futures for 

physical and swap transactions under 

exchange rules. 

New Part GG would provide a 

detailed delivery timetable, from the last 

trading day of the Contract through final 

settlement, including procedures, 

deadlines and requirements for 

nominations or substitutions of delivery 

range and delivery day, loading 

programme, delivery confirmations, 

delivery margin, invoicing, receipt 

confirmations, and other matters. The 

procedures would also address invoice 

calculation with respect to the Contract 

and delivery loading volume tolerances. 

New Part GG would also specify the 

delivery documentation required of 

Buyers and Sellers. 

New Section 11 of the Delivery 

Procedures would provide for an 

alternative delivery procedure for the 

Contracts if the Buyer and Seller agree 

to undertake delivery outside the ICE 

Futures Abu Dhabi Rules (similar to the 

alternative delivery procedure for other 

cleared F&O Contracts). 

(b) Statutory Basis 

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, 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 the 

public interest. The proposed 

amendments are designed to facilitate 

the clearing of a new physically settled 

crude oil futures contract being 

launched for trading by the ICE Futures 

Abu Dhabi exchange and that will be 

cleared by ICE Clear Europe. The 

amendments would set out the 

obligations and roles of the Clearing 

House and the relevant parties for 

delivery under the Contracts, 

supplementing the existing provisions 

of the Rules. ICE Clear Europe believes 

that its financial resources, risk 

management, systems and operational 

arrangements are sufficient to support 

clearing of such Contracts (and to 

address physical delivery under such 

Contracts) and to manage the risks 

associated with such Contracts. As a 

result, in ICE Clear Europe’s view, the 

amendments would be consistent with 

the prompt and accurate clearance and 

settlement of the Contracts as set out in 

the proposed Delivery Procedures 

amendments, and the protection of 

investors and the public interest, 

consistent with the requirements of 

Section 17A(b)(3)(F) of the Act.7 (In ICE 

Clear Europe’s view, the amendments 

would not adversely affect the 

safeguarding of funds or securities in 

the custody or control of the clearing 

agency or for which it is responsible, 

within the meaning of Section 

17A(b)(3)(F).8) 

In addition, Rule 17Ad–22(e)(10) 9

requires that each 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. As discussed above, 

the amendments to the Delivery 

Procedures relating to the delivery and 

settlement of Murban crude oil under 

the Contracts would set out the 

obligations and roles of Clearing 

Members and the Clearing House. The 

amendments would also specify the 

mode of delivery and adopt relevant 

procedures, deadlines and 

documentation requirements for such 

deliveries, which would facilitate 

identifying, monitoring and managing 

risks associated with delivery. As such, 

in ICE Clear Europe’s view, the 

amendments are consistent with the 

requirements of Rule 17Ad–22(e)(10).10

(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 

purposes of the Act. The changes are 

being proposed in order to update the 

Delivery Procedures in connection with 

the listing of the Contracts for trading on 

the ICE Futures Abu Dhabi market. ICE 

Clear Europe believes that the Contracts 

would provide additional opportunities 

for interested market participants to 

engage in trading activity in the Murban 

crude oil market. ICE Clear Europe does 

not believe the amendments would 

adversely affect competition among 

Clearing Members, materially affect the 

cost of clearing, adversely affect access 

to clearing in Contracts for Clearing 

Members or their customers, or 

otherwise adversely affect competition 

in clearing services. Accordingly, ICE 

Clear Europe does not believe that the 

amendments would impose any impact 

or burden on competition that is not 

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 

Written comments relating to the 

proposed amendments have not been 

solicited or received by ICE Clear 

Europe. ICE Clear Europe will notify the 

Commission of any comments received 

with respect to the proposed rule 

change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

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

of the Act 11 and paragraph (f) of Rule 

19b–4 12 thereunder. 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–2021–003 on the subject line. 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 29 / Tuesday, February 16, 2021 / Notices 9557 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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–2021–003. 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–2021–003 

and should be submitted on or before 

March 9, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Mathew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02995 Filed 2–12–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91090; File No. SR–ICC– 

2021–004] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change Relating to the 

ICC Governance Playbook 

February 9, 2021. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 

29, 2021, ICE Clear Credit LLC (‘‘ICC’’) 

filed with the Securities and Exchange 

Commission the proposed rule change 

as described in Items I, II and III below, 

which Items have been prepared 

primarily by ICC. 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 update and 

formalize the ICC Governance Playbook. 

These revisions do not require any 

changes to the ICC Clearing Rules (the 

‘‘Rules’’). 

II. Clearing Agency’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, security-based swap 

submission, or advance notice and 

discussed any comments it received on 

the proposed rule change, securitybased swap submission, or advance 

notice. 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) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

ICC proposes to update and formalize 

the Governance Playbook. 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. ICC proposes 

to update and formalize the Governance 

Playbook following Commission 

approval of the proposed rule change. 

The proposed rule change is described 

in detail as follows. 

The Governance Playbook 

consolidates governance arrangements 

set forth in ICC’s Rules, operating 

agreement, and other ICC policies and 

procedures. The Governance Playbook 

contains information regarding the 

governance structure at ICC, which 

includes the Board, committees, and 

management. The document is divided 

in six parts and sets out (i) the purpose 

of the document, (ii) an introduction to 

the ICC governance structure, (iii) 

information on the ICC Board of 

Managers (the ‘‘Board’’; each member a 

‘‘Manager’’); (iv) descriptions of the 

committees at ICC, (v) descriptions of 

the special purpose committees at ICC, 

and (vi) a revision history and 

appendix. 

The Board has sole responsibility for 

the control and management of ICC’s 

operations, subject only to prior 

consultation rights of the ICC Risk 

Committee and the ICC Risk 

Management Subcommittee as 

described in Chapter 5 of the ICC Rules. 

The Governance Playbook details 

reporting lines of relevant personnel to 

the Board as well as how the Board 

guides management with respect to 

strategic planning and priority setting. 

Additionally, the Governance Playbook 

describes the composition of the Board, 

and details the fitness standards 

required of each Board member and the 

Board as a whole. Such procedures are 

in place to ensure that the Board 

consists of suitable individuals having 

appropriate skills and incentives and 

that Managers have the appropriate 

experience, skills, and integrity 

necessary to discharge their Board 

responsibilities. The Governance 

Playbook describes the election 

procedures for new Managers and 

specifies who is responsible for electing 

new Managers and for ensuring such 

Managers meet the fitness standards. 

The Governance Playbook contains 

information regarding scheduling of 

meetings and meeting frequency, and 

lists all documents relevant to Board 

operations. The Governance Playbook 

sets forth the process for determining 

the independence of those Managers 

who are required to be independent. 

Additionally, the document lists the 

independence qualifications considered 

as part of such independence 

determinations and describes the annual 

questionnaire process each independent 

Manager is required to complete. The 

performance of the Board and its 

individual Managers is reviewed on an 

annual basis, through a self-evaluation 


khammond on DSKJM1Z7X2PROD with NOTICES