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

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,