Federal Register / Vol. 77, No. 85 / Wednesday, May 2, 2012 / Notices 26067 

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

5 15 U.S.C. 78q–1(b)(3)(F). 

6 15 U.S.C. 78q–1. 

7 15 U.S.C. 78s(b)(2). 

8 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition and capital formation. 15 

U.S.C. 78c(f). 

9 17 CFR 200.30–3(a)(12). 

Initial Payment under a CDS Contract is 

established at the time the contract is 

executed and may be payable from 

either the protection buyer to the 

protection seller or vice versa. Under 

the current ICE Clear Europe Rules (by 

way of the incorporated ISDA Credit 

Derivatives Definitions), and consistent 

with practice in the market for 

uncleared credit default swaps, the 

Initial Payment is required to be made 

on the third business day following the 

trade date. ICE Clear Europe proposed to 

amend the definition of Initial Payment 

in its Clearing Rules to provide instead 

that the Initial Payment is to be made 

on the first business day following the 

trade date (or, if the transaction is 

accepted for clearing after the trade 

date, the Initial Payment is to be made 

on the first business day following the 

date of acceptance for clearing). ICE 

Clear Europe believes that this change 

from T+3 settlement to T+1 settlement 

will reduce settlement risk for the 

clearinghouse and clearing members 

and improve margin efficiency (as 

margin requirements will no longer 

need to take into account the additional 

risk from a T+3 as opposed to a T+1 

settlement rule). ICE Clear Europe’s CDS 

Risk Committee approved the proposed 

rule changes. 

The other proposed changes in the 

ICE Clear Europe Rules reflect updates 

to cross-references and defined terms 

and similar drafting clarifications, and 

do not affect the substance of the ICE 

Clear Europe Rules or cleared products. 

III. Discussion 

Section 19(b)(2)(B) of the Act 4 directs 

the Commission to approve a proposed 

rule change of a self-regulatory 

organization if it finds that such 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to such organization. Section 

17A(b)(3)(F) of the Act 5 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. 

By accelerating the Initial Payment 

date, the proposed rule change will 

reduce settlement risk for the 

clearinghouse and clearing members 

and improve margin efficiency (as 

margin requirements will no longer 

need to take into account the additional 

risk from a T+3 as opposed to a T+1 

settlement rule), thereby promoting the 

prompt and accurate clearance and 

settlement of derivative agreements, 

contracts, and transactions, and assuring 

the safeguarding of securities and funds 

which are in the custody or control of 

ICE Clear Europe. As a result, the 

proposed rule change is consistent with 

the requirements of Section 17A(b)(3)(F) 

of the Act. 

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposal is 

consistent with the requirements of the 

Act and in particular with the 

requirements of Section 17A of the Act 6

and the rules and regulations 

thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,7 that the 

proposed rule change (File No. SR– 

ICEEU–2012–04) be, and hereby is, 

approved.8

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Kevin O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–10539 Filed 5–1–12; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 7866] 

Culturally Significant Objects Imported 

for Exhibition Determinations: 

‘‘American Encounters: Thomas Cole 

and the American Landscape’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, and Delegation of 

Authority No. 236–3 of August 28, 2000 

(and, as appropriate, Delegation of 

Authority No. 257 of April 15, 2003), I 

hereby determine that the objects to be 

included in the exhibition ‘‘American 

Encounters: Thomas Cole and the 

American Landscape,’’ imported from 

abroad by the High Museum of Art for 

temporary exhibition within the United 

States, are of cultural significance. The 

objects are imported pursuant to loan 

agreements with the foreign owners or 

custodians. I also determine that the 

exhibition or display of the exhibit 

objects at The Crystal Bridges Museum 

of American Art in Bentonville, 

Arkansas from on or about May 12 until 

on or about August 13, 2012; the High 

Museum of Art in Atlanta, Georgia from 

on or about September 22, 2012 until on 

or about January 6, 2013; and possible 

additional exhibitions or venues yet to 

be determined; is in the national 

interest. I have ordered that Public 

Notice of these Determinations be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a list of 

the exhibit objects, contact Ona M. 

Hahs, Attorney-Adviser, Office of the 

Legal Adviser, U.S. Department of State 

(telephone: 202–632–6473). The mailing 

address is U.S. Department of State, 

SA–5, L/PD, Fifth Floor (Suite 5H03), 

Washington, DC 20522–0505. 

Dated: April 27, 2012. 

J. Adam Ereli, 

Principal Deputy Assistant Secretary, Bureau 

of Educational and Cultural Affairs, 

Department of State. 

[FR Doc. 2012–10598 Filed 5–1–12; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF TRANSPORTATION 

Intelligent Transportation Systems 

Program Advisory Committee; Notice 

of Meeting 

AGENCY: ITS Joint Program Office, 

Research and Innovative Technology 

Administration, U.S. Department of 

Transportation. 

ACTION: Notice. 

The Intelligent Transportation 

Systems (ITS) Program Advisory 

Committee (ITS PAC) will hold a 

meeting on May 24, 2012, from 8:00 

a.m. to 4:00 p.m. (EDT), in conference 

room #7 of the U.S. Department of 

Transportation (U.S. DOT) Conference 

Center on the lobby level of the U.S. 

DOT West Building, 1200 New Jersey 

Avenue SE, Washington, DC 20590. 

The ITS PAC, established under 

Section 5305 of Public Law 109–59, 

Safe, Accountable, Flexible, Efficient 

Transportation Equity Act: A Legacy for 

Users, August 10, 2005, and re-chartered 

on January 23, 2012, was created to 

advise the Secretary of Transportation 

on all matters relating to the study, 

development, and implementation of 

intelligent transportation systems. 

Through its sponsor, the ITS Joint 

Program Office, the ITS PAC makes 

recommendations to the Secretary 

regarding ITS Program needs, objectives, 

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