34438 Federal Register / Vol. 75, No. 116 / Thursday, June 17, 2010 / Notices 

16 44 U.S.C. 3507(d). 

17 7 U.S.C. 19(a). 

described in Part 16 of the Commission’s 

regulations in the manner described in Parts 

15 and 16 of the Commission’s regulations 

with respect to all Cleared-Only Contracts. 

(p) ICE Clear shall apply large trader 

reporting requirements to all Cleared-Only 

Contracts in accordance with its rules, and 

each FCM and ESP acting pursuant to this 

order shall provide to the Commission the 

types of information described in Parts 17 

and 18 of the Commission’s regulations in 

the manner described in Parts 15, 17, and 18 

of the Commission’s regulations with respect 

to all Cleared-Only Contracts in which it 

participates. 

(q) ICE Clear and ICE Futures shall at all 

times fulfill all representations made in their 

requests for Commission action under 

Sections 4(c) and 4d of the Act and all 

supporting materials thereto. 

V. Request for Comment 

The Commission requests comment 

on all aspects of the issues presented by 

this amended exemption request. 

VI. Related Matters 

A. Paperwork Reduction Act 

The Paperwork Reduction Act of 1995 

(‘‘PRA’’) 16 imposes certain requirements 

on federal agencies (including the 

Commission) in connection with their 

conducting or sponsoring any collection 

of information as defined by the PRA. 

The amended exemption would not, if 

approved, require a new collection of 

information from any entities that 

would be subject to the exemption. 

B. Cost-Benefit Analysis 

Section 15(a) of the Act,17 requires the 

Commission to consider the costs and 

benefits of its action before issuing an 

order under the Act. By its terms, 

Section 15(a) does not require the 

Commission to quantify the costs and 

benefits of an order or to determine 

whether the benefits of the order 

outweigh its costs. Rather, Section 15(a) 

simply requires the Commission to 

‘‘consider the costs and benefits’’ of its 

action. 

Section 15(a) of the Act further 

specifies that costs and benefits shall be 

evaluated in light of five broad areas of 

market and public concern: protection 

of market participants and the public; 

efficiency, competitiveness, and 

financial integrity of futures markets; 

price discovery; sound risk management 

practices; and other public interest 

considerations. Accordingly, the 

Commission could in its discretion give 

greater weight to any one of the five 

enumerated areas and could in its 

discretion determine that, 

notwithstanding its costs, a particular 

order was necessary or appropriate to 

protect the public interest or to 

effectuate any of the provisions or to 

accomplish any of the purposes of the 

Act. 

The Commission is considering the 

costs and benefits of an amended 

exemption order in light of the specific 

provisions of Section 15(a) of the Act, as 

follows: 

1. Protection of market participants 

and the public. The contracts that are 

the subject of the amended exemption 

request will only be entered into by 

persons who are ‘‘appropriate persons’’ 

as set forth in Section 4(c) of the Act. 

2. Efficiency, competition, and 

financial integrity. Extending the 

exemption granted under Part 35 to 

allow the clearing of Long-Dated Swap 

Contracts may promote liquidity and 

transparency in the markets for OTC 

derivatives in coffee, sugar, and cocoa, 

as well as for futures on those 

commodities. Extending the exemption 

also may promote financial integrity by 

increasing the benefits of clearing in 

these OTC markets. 

3. Price discovery. Price discovery 

may be enhanced through market 

competition. 

4. Sound risk management practices. 

Clearing of Long-Dated Swap Contracts 

may foster risk management by the 

participant counterparties. ICE Clear’s 

risk management practices in clearing 

these transactions would be subject to 

the Commission’s supervision and 

oversight. 

5. Other public interest 

considerations. The requested amended 

exemption may encourage market 

competition in agricultural derivative 

products without unnecessary 

regulatory burden. As noted above, 

however, there are pending financial 

services reform bills that would affect 

the trading and clearing requirements 

for agricultural swap contracts. 

After considering these factors, the 

Commission has determined to seek 

comment on the request for an amended 

exemption order as discussed above. 

The Commission also invites public 

comment on its application of the costbenefit provision. 

* * * * * 

Issued in Washington, DC, on June 14, 

2010 by the Commission. 

Sauntia S. Warfield, 

Assistant Secretary of the Commission. 

[FR Doc. 2010–14682 Filed 6–16–10; 8:45 am] 

BILLING CODE P 

CONSUMER PRODUCT SAFETY 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: Wednesday, June 23, 

2010; 10 a.m.–12 Noon. 

PLACE: Hearing Room 420, Bethesda 

Towers, 4330 East West Highway, 

Bethesda, Maryland. 

STATUS: Closed to the Public. 

MATTERS TO BE CONSIDERED: 

Compliance Status Report 

The Commission staff will brief the 

Commission on the status of compliance 

matters. 

For a recorded message containing the 

latest agenda information, call (301) 

504–7948. 

CONTACT PERSON FOR MORE INFORMATION: 

Todd A. Stevenson, Office of the 

Secretary, U.S. Consumer Product 

Safety Commission, 4330 East West 

Highway, Bethesda, MD 20814, (301) 

504–7923. 

Dated: June 14, 2010. 

Todd A. Stevenson, 

Secretary. 

[FR Doc. 2010–14816 Filed 6–15–10; 4:15 pm] 

BILLING CODE 6355–01–P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

Defense Science Board Task Force on 

Trends and Implications of Climate 

Change for National and International 

Security 

AGENCY: Department of Defense (DoD). 

ACTION: Notice of advisory committee 

meetings. 

SUMMARY: The Defense Science Board 

Task Force on Trends and Implications 

of Climate Change for National and 

International Security will meet in 

closed session on July 14–15 and on 

July 29–30, 2010, in Arlington, VA. 

DATES: The meetings will be held on 

July 14–15 and on July 29–30, 2010. 

ADDRESSES: Both meetings will be held 

at Strategic Analysis, Inc., 4075 Wilson 

Boulevard, Suite 350, Arlington, VA. 

FOR FURTHER INFORMATION CONTACT: Maj. 

Michael Warner, USAF Military 

Assistant, Defense Science Board, 3140 

Defense Pentagon, Room 3B888A, 

Washington, DC 20301–3140, via e-mail 

at michael.warner@osd.mil, or via 

phone at (703) 571–0081. 

SUPPLEMENTARY INFORMATION: The 

mission of the Defense Science Board is 

to advise the Secretary of Defense and 

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