Federal Register / Vol. 88, No. 177 / Thursday, September 14, 2023 / Notices 63173 

1 15 U.S.C. 78s(a)(3). 

2See Letter from Hester Serafini, President, 

ICEEU, to Vanessa Countryman, Secretary, 

Securities and Exchange Commission (dated August 

10 2023). 

3 15 U.S.C. 78q–1. 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–381, OMB Control No. 

3235–0434] 

Proposed Collection; Comment 

Request; Extension: Rule 15g–2 

Upon Written Request, Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

provided for in Rule 15g–2 (17 CFR 

240.15g–2) under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.) (‘‘Exchange Act’’). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Rule 15g–2 (The ‘‘Penny Stock 

Disclosure Rule’’) requires brokerdealers to provide their customers with 

a risk disclosure document, as set forth 

in Schedule 15G, prior to their first nonexempt transaction in a ‘‘penny stock.’’ 

As amended, the rule requires brokerdealers to obtain written 

acknowledgement from the customer 

that he or she has received the required 

risk disclosure document. The amended 

rule also requires broker-dealers to 

maintain a copy of the customer’s 

written acknowledgement for at least 

three years following the date on which 

the risk disclosure document was 

provided to the customer, the first two 

years in an accessible place. Rule 15g– 

2 also requires a broker-dealer, upon 

request of a customer, to furnish the 

customer with a copy of certain 

information set forth on the 

Commission’s website. 

The risk disclosure documents are for 

the benefit of the customers, to assure 

that they are aware of the risks of 

trading in ‘‘penny stocks’’ before they 

enter into a transaction. The risk 

disclosure documents are maintained by 

the broker-dealers and may be reviewed 

during the course of an examination by 

the Commission. 

The Commission estimates that 

approximately 175 broker-dealers are 

engaged in penny stock transactions and 

that each of these firms processes an 

average of three new customers for 

penny stocks per week. The 

Commission further estimates that half 

of the broker-dealers send the penny 

stock disclosure documents by mail, 

and the other half send them through 

electronic means such as email. Because 

the Commission estimates the copying 

and mailing of the penny stock 

disclosure document takes two minutes, 

this means that there is an annual 

burden of 27,456 minutes, or 457 hours, 

for this third-party disclosure burden of 

mailing documents. Additionally, 

because the Commission estimates that 

sending the penny stock disclosure 

document electronically takes one 

minute, the annual burden is 13,728 

minutes, or 229 hours, for this thirdparty disclosure burden of emailing 

documents. 

Broker-dealers also incur a 

recordkeeping burden of approximately 

two minutes per response when filing 

the completed penny stock disclosure 

documents as required pursuant to the 

Rule 15g–2(c), which means that the 

respondents incur an aggregate 

recordkeeping burden of 54,600 

minutes, or 910 hours. 

Furthermore, Rule 15g–2(d) requires a 

broker-dealer, upon request of a 

customer, to furnish the customer with 

a copy of certain information set forth 

on the Commission’s website, which 

takes a respondent no more than two 

minutes per customer. Because the 

Commission estimates that a quarter of 

customers who are required to receive 

the Rule 15g–2 disclosure document 

will request that their broker-dealer 

provide them with the additional 

microcap and penny stock information 

posted on the Commission’s website, 

the Commission therefore estimates that 

each broker-dealer respondent processes 

approximately 39 requests for paper 

copies of this information per year or an 

aggregate total of 78 minutes per 

respondent, which amounts to an 

annual burden of 13,650 minutes, or 228 

hours. There was an overall decrease in 

the total burden hours because the 

number of registered broker-dealers the 

Commission estimates will be engaged 

in penny stock transactions decreased 

from 182 to 175. 

The Commission does not maintain 

the risk disclosure document. Instead, it 

must be retained by the broker-dealer 

for at least three years following the date 

on which the risk disclosure document 

was provided to the customer, the first 

two years in an accessible place. The 

collection of information required by 

the rule is mandatory. The risk 

disclosure document is otherwise 

governed by the internal policies of the 

broker-dealer regarding confidentiality, 

etc. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

November 13, 2023. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid OMB 

control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: September 8, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19853 Filed 9–13–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98331; File No. 4–809] 

Notice of Filing and Request for 

Comment on ICE Clear Europe 

Limited’s Request To Withdraw From 

Registration as a Clearing Agency 

September 8, 2023. 

I. Introduction 

Pursuant to section 19(a)(3) of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’ or ‘‘Act’’),1 on August 

10, 2023, ICE Clear Europe Limited 

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

Securities and Exchange Commission 

(‘‘Commission’’) a written request (the 

‘‘Written Request’’) 2 to withdraw from 

registration as a clearing agency under 

section 17A of the Exchange Act.3 The 

Commission is publishing this notice to 

solicit comments from interested 

persons concerning ICE Clear Europe’s 

Written Request. 


lotter on DSK11XQN23PROD with NOTICES1
63174 Federal Register / Vol. 88, No. 177 / Thursday, September 14, 2023 / Notices 

4 15 U.S.C. 78q–1. 

5See 15 U.S.C. 78s(a)(3). 

6 ‘‘Clearing agency’’ is defined in section 

3(a)(23)(A) of the Act as, in relevant part, ‘‘any 

person who acts as an intermediary in making 

payments or deliveries or both in connection with 

transactions in securities or who provides facilities 

for comparison of data respecting the terms of 

settlement of securities transactions, to reduce the 

number of settlements of securities transactions, or 

for the allocation of securities settlement 

responsibilities.’’ 15 U.S.C. 78c(a)(23)(A). 

7See UK Financial Services and Markets Act of 

2000 c. 8, available at https://

www.legislation.gov.uk/ukpga/2000/8/contents. 

8See Regulation (EU) No 648/2012 of the 

European Parliament and of the Council of 4 July 

2012 on OTC derivatives, central counterparties and 

trade repositories. 

9See 7 U.S.C. 7a–1. 

10See Federal Act on Financial Market 

Infrastructures and Market Conduct in Securities 

and Derivatives Trading of 19 June 2015. 

11See Abu Dhabi Global Market Financial 

Services and Markets Regulations 2015, available at 

https://en.adgm.thomsonreuters.com/rulebook/ 

financial-services-and-markets-regulations-2015-0. 

12See Order Granting Temporary Exemptions 

Under the Securities Exchange Act of 1934 in 

Connection with Request on Behalf of Ice Clear 

Europe Limited Related to Central Clearing of 

Credit Default Swaps, and Request for Comments, 

Securities Exchange Act Release No. 60372 (July, 

23, 2009), 74 FR 37748 (July 29, 2009) (‘‘Original 

Registration Exemption’’). The Original Registration 

Exemption was extended on November 29, 2010. 

Order Extending Temporary Conditional 

Exemptions Under The Securities Exchange Act of 

1934 in Connection with Request on Behalf of Ice 

Clear Europe, Limited Related to Central Clearing 

of Credit Default Swaps and Request for Comment, 

Securities Exchange Act Release No. 63389 (Nov. 

29, 2010), 75 FR 75520 (Dec. 3, 2010). 

13The Dodd-Frank Wall Street Reform and 

Consumer Protection Act, Public Law 111–203, 124 

Stat. 1376 (2010). 

14 15 U.S.C. 78q–1(1). 

15Section 17A(l) of the Act was added by section 

763(b) of the Dodd-Frank Wall Street Reform and 

Consumer Protection Act, Public Law 111–203, 124 

Stat. 1376 (2010). 

16See Amendment to Rule Filing Requirements 

for Dually-Registered Clearing Agencies, Securities 

Exchange Act Release No. 69284, 78 FR 21046, 

21047 & n.20 (Apr. 9, 2013) (File No. S7–29–11). 

ICE Clear Europe does not clear security-based 

swaps other than single-name CDS. 

17See id. 

18See Definition of ‘‘Covered Clearing Agency,’’ 

Securities Exchange Act Release No. 88616, 85 FR 

28853, 28855 n.21 (May 14, 2020) (File No. S7–23– 

16). 

19See Order Pursuant to section 17A of the 

Securities Exchange Act of 1934 Granting 

Exemption from the Clearing Agency Registration 

Requirement Under section 17A(b) of the Exchange 

Act for ICE Clear Europe Limited in Connection 

with its Proposal to Clear Contracts Traded on the 

LIFFE Administration and Management Market, 

Exchange Act Release No. 69872 (June 27, 2013), 78 

FR 40220 (July 3, 2013). 

20 Id. 

21Cessation of Clearing of CDS Contracts, 

Circular C22/076 (June 30, 2022), available at 

https://www.theice.com/publicdocs/clear_europe/ 

circulars/C22076.pdf. 

22See, e.g., ICE Clear Europe Rule 105. 

Capitalized terms used but not defined herein have 

the meanings specified in the ICE Clear Europe 

Clearing Rules (the ‘‘ICE Clear Europe Rules’’). In 

its rules, ICE Clear Europe defines the term 

‘‘Circular’’ to mean a publication issued by ICE 

Clear Europe for the attention of all Clearing 

Members and posted on ICE Clear Europe’s website 

in accordance with ICE Clear Europe’s Rule 109(g). 

II. Description 

The statements in this Item II 

concerning the background of ICE Clear 

Europe’s request for withdrawal from 

registration as a clearing agency and its 

reasons for making the request have 

been submitted by ICE Clear Europe in 

its Written Request. ICE Clear Europe is 

registered with the Commission as a 

clearing agency under section 17A of 

the Exchange Act.4 In its Written 

Request, ICE Clear Europe represents 

that it intends to terminate its credit 

default swap clearing business as of 

October 27, 2023 and, on that basis, 

seeks to withdraw its registration as a 

clearing agency pursuant to section 

19(a)(3) of the Act on that date or as 

soon thereafter as is practicable.5

A. Background 

ICE Clear Europe states in the Written 

Request that it is a clearing agency 

registered with the Commission that is 

based in London, United Kingdom 

(‘‘UK’’) and incorporated as a private 

limited company under English law.6

ICE Clear Europe is an indirect wholly 

owned subsidiary of Intercontinental 

Exchange, Inc (‘‘ICE’’). ICE Clear Europe 

provides clearing and settlement 

services for two primary categories of 

derivative contracts: (1) exchange-traded 

futures and options contracts traded on 

the ICE Futures Europe, ICE Futures 

U.S., ICE Endex, and ICE Futures Abu 

Dhabi markets (the ‘‘F&O Business’’); 

and (2) over-the-counter index and 

single-name credit default swap 

(‘‘CDS’’) contracts (the ‘‘CDS Business’’). 

In addition to its registration as a 

clearing agency under the Act, ICE Clear 

Europe further states in the Written 

Request that it is: authorized as a 

recognized clearing house under UK 

law; 7 recognized as a third-country 

central counterparty under the 

European Market Infrastructure 

Regulation; 8 registered as a derivatives 

clearing organization (‘‘DCO’’) under the 

Commodity Exchange Act; 9 recognized 

as a foreign central counterparty under 

the Swiss Financial Market 

Infrastructure Act; 10 and recognized as 

a remote clearing house in the Abu 

Dhabi Global Market.11

In addition, on July 23, 2009, the 

Commission granted ICE Clear Europe a 

temporary conditional exemption from 

the requirement to register as a clearing 

agency under section 17A of the Act 

solely to perform the functions of a 

clearing agency for ‘‘Cleared CDS.’’ 12

Section 763(b) of the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act of 2010 (‘‘Dodd-Frank 

Act’’) 13 added section 17A(l) to the 

Exchange Act,14 which provides, in 

relevant part, that a DCO registered with 

the CFTC that is required to register 

under section 17A is deemed to be 

registered under section 17A solely for 

the purpose of clearing SBS to the 

extent that, before the date of enactment 

of section 17A(l), the DCO cleared 

swaps pursuant to an exemption from 

registration as a clearing agency. 

Pursuant to section 17A(l) of the Act,15

ICE Clear Europe was deemed registered 

as a clearing agency for the purpose of 

clearing security-based swaps, 

specifically single-name CDS.16

Effective July 16, 2011, ICE Clear Europe 

became a registered clearing agency for 

purposes of clearing single-name CDS.17

ICE Clear Europe constitutes a ‘‘covered 

clearing agency’’ for purposes of 

Commission Rule 17Ad–22.18

Subsequently, in connection with the 

proposed merger of ICE Clear Europe’s 

indirect parent company, 

Intercontinental Exchange, Inc., and 

NYSE Euronext, ICE Clear Europe 

requested from the Commission an 

exemption from clearing agency 

registration under section 17A(b) of the 

Act and Rule 17Ab2–1 thereunder in 

connection with ICE Clear Europe’s 

clearing of certain futures and options 

contracts on underlying U.S. equity 

securities, which contracts were traded 

on the LIFFE Administration and 

Management Market (and subsequently 

have been traded on the ICE Futures 

Europe market), as part of ICE Clear 

Europe’s F&O Business.19 By order 

dated June 27, 2013, the Commission 

granted ICE Clear Europe’s request (the 

‘‘Securities Product Exemption’’).20 ICE 

Clear Europe states that activity is 

unrelated to ICE Clear Europe’s CDS 

Business. 

B. Planned Termination of the CDS 

Business 

As it has publicly announced, ICE 

Clear Europe has determined to cease 

acting as a clearing agency for all classes 

of CDS contracts, thus terminating its 

CDS Business in its entirety.21 ICE Clear 

Europe Clearing Rules provide a 

procedure for the termination of 

clearing services in this product 

category and set out the rights and 

obligations of Clearing Members and 

ICE Clear Europe in connection with the 

termination, including ICE Clear 

Europe’s obligation to provide advance 

notice of the termination by Circular.22

By Circular, ICE Clear Europe has 

designated October 27, 2023 as the date 

on which it will terminate all services 


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Federal Register / Vol. 88, No. 177 / Thursday, September 14, 2023 / Notices 63175 

23See ICE Clear Europe, Circular C22/109, 

Cessations of clearing of CDS Contracts: 

Postponement of Withdrawal Date (dated Sep. 26, 

2022), available at https://www.theice.com/ 

publicdocs/clear_europe/circulars/C22109.pdf. 

24Under ICE Clear Europe Rule 105(c), the 

Withdrawal Date, or October 27, 2023, will also be 

the ‘‘Termination Close-Out Deadline Date’’ and the 

‘‘Termination Date’’ (i.e., the date on which a CDS 

Clearing Member’s membership as such terminates) 

as those terms are defined in ICE Clear Europe Rule 

101 and used in ICE Clear Europe Rule 918. 

25See ICE Clear Europe Rules 105(c), 209(b), and 

918(a)(i). As discussed in Circular C22/076, ICE 

Clear Europe will, upon request of a CDS Clearing 

Member, facilitate the termination and 

reestablishment of positions at another clearing 

house. 

26See ICE Clear Europe Rules 105(c), 209(b), and 

918(a)(iii). 

27The occurrence of the Termination Date for a 

CDS Clearing Member has a number of 

consequences under the Rules, including that the 

CDS Clearing Member is not responsible for 

replenishment of the CDS Guaranty Fund in respect 

of Events of Default with respect to other CDS 

Clearing Members occurring after such date. See 

ICE Clear Europe Rule 918(d). 

28See ICE Clear Europe Rule 105(b). 

29 ICE Clear Europe states in its request letter that, 

if there were to be an Event of Default with respect 

to a CDS Clearing Member at or prior to the 

Withdrawal Date, other CDS Clearing Members 

would remain liable with respect to losses arising 

therefrom, to the extent provided in ICE Clear 

Europe’s Rules, through application of their CDS 

Guaranty Fund Contributions and obligations to pay 

assessments as necessary. Under ICE Clear Europe 

Rule 105(a), ICE Clear Europe could also elect to 

further delay the Withdrawal Date until the 

completion of the CDS default management process. 

In such case, ICE Clear Europe would similarly 

expect to delay its withdrawal from clearing agency 

registration until the completion of the default 

management process. 

related to its CDS Business.23 This date 

is defined in ICE Clear Europe’s Rule 

101 as the ‘‘Withdrawal Date.’’ 24 CDS 

Clearing Members are required under 

ICE Clear Europe’s Rules to use 

reasonable endeavors to close out all of 

their open cleared CDS positions by that 

date.25 Furthermore, until the 

Withdrawal Date, CDS Clearing 

Members are only permitted to submit 

for clearing new CDS transactions for 

risk reducing purposes.26 If a CDS 

Clearing Member has complied with its 

obligations to close out all of its cleared 

CDS positions at ICE Clear Europe by 

the Withdrawal Date, the ‘‘Termination 

Date’’ for that member’s CDS clearing 

membership under ICE Clear Europe’s 

Rules will occur as soon as practicable 

thereafter.27 To the extent any CDS 

Clearing Member has not closed out all 

of its own cleared CDS positions by the 

Withdrawal Date, ICE Clear Europe has 

the authority under ICE Clear Europe’s 

Rules to terminate and cash settle those 

contracts 28 and represents in the 

Written Request that it would expect to 

do so at that time. Following 

termination of all CDS positions, ICE 

Clear Europe’s Rules require ICE Clear 

Europe to calculate a final settlement 

amount for each CDS Clearing Member 

reflecting any net amount due to or from 

the CDS Clearing Member. 

ICE Clear Europe states that, as a 

result of these provisions, effective as of 

the Withdrawal Date, it will cease to 

clear any CDS contracts, no additional 

CDS contracts will be accepted for 

clearing, and all outstanding CDS 

transactions will be terminated. Thus, as 

of the Withdrawal Date, ICE Clear 

Europe’s CDS Business will be 

terminated. Both ICE Clear Europe and 

CDS Clearing Members will be obligated 

to satisfy any respective final settlement 

amount arising from such termination, 

including with respect to any final fees 

and interest payments (for the October 

2023 period). ICE Clear Europe 

represents in the Written Request that 

the termination of the CDS Business 

will have no effect on the F&O Business, 

and that Clearing Members that are both 

F&O Clearing Members and CDS 

Clearing Members will continue in their 

capacities as F&O Clearing Members 

after the Withdrawal Date. 

C. Request for Withdrawal of Clearing 

Agency Registration 

ICE Clear Europe represents in the 

Written Request that, upon termination 

of the CDS Business on the Withdrawal 

Date as described above, ICE Clear 

Europe would no longer be engaged in 

any clearing agency activity relating to 

security-based swaps. As a result, ICE 

Clear Europe would no longer be 

required to be registered as a clearing 

agency under section 17A of the Act. 

Accordingly, ICE Clear Europe requests 

withdrawal of its registration as of the 

Withdrawal Date, or as soon as 

practicable thereafter. 

In support of this request, ICE Clear 

Europe represents as follows: 

1. ICE Clear Europe has notified its 

CDS Clearing Members, by Circular, that 

under ICE Clear Europe Rule 105 they 

are obligated to use reasonable 

endeavors to close out all open 

positions in CDS Contracts by the 

Withdrawal Date of October 27, 2023. 

2. At end-of-day (18:00 London time) 

on October 26, 2023, ICE Clear Europe 

will be permanently closed for CDS 

trade submission. Accordingly, effective 

as of the Withdrawal Date, ICE Clear 

Europe will no longer accept any CDS 

Contracts for clearing, and all open 

positions in CDS Contracts will have 

been closed out by the CDS Clearing 

Members holding the positions. To the 

extent any CDS Clearing Member has 

not completed the closing out of any 

open CDS positions as of the 

Withdrawal Date, ICE Clear Europe will 

be entitled and expects, pursuant to ICE 

Clear Europe Rule 105(b), to terminate 

and cash settle such positions. As a 

result, all liabilities in respect of the 

close out and/or termination of any 

open positions in CDS Contracts will be 

finally determined by end-of-day (18:00 

London time) on the Withdrawal Date.29

3. Accordingly, effective as of the 

Withdrawal Date, ICE Clear Europe will 

no longer be performing any activities of 

a clearing agency with respect to 

security-based swaps that would require 

registration under the Act. 

4. On the next business day following 

the Withdrawal Date (i.e., October 30, 

2023), any remaining Margin or 

Permitted Cover held by ICE Clear 

Europe in respect of CDS Contracts will 

be available to CDS Clearing Members 

for withdrawal in accordance with 

standard ICE Clear Europe procedures, 

either through ‘‘auto-release’’ under ICE 

Clear Europe’s banking system or as 

instructed by the relevant CDS Clearing 

Member. On that same day (i.e., October 

30, 2023), a new Guaranty Fund Period 

for the CDS Guaranty Fund will start. 

ICE Clear Europe will set the required 

CDS Guaranty Fund Contribution to 

‘‘zero’’ and notify CDS Clearing 

Members in accordance with ICE Clear 

Europe Rule 1102 by end-of-day that 

same day (i.e., 18:00 London Time on 

October 30, 2023). The next day, on 

October 31, 2023, the CDS Guaranty 

Fund Contributions of CDS Clearing 

Members will be available for 

withdrawal in accordance with standard 

ICE Clear Europe procedures, either 

through ‘‘auto-release’’ under ICE Clear 

Europe’s banking system or as 

instructed by the relevant CDS Clearing 

Member. 

5. On the following Monday, 

November 6, 2023, ICE Clear Europe 

will follow its business-as-usual 

established processes for clearing 

membership terminations to calculate a 

final settlement amount reflecting any 

remaining net amount owed to or by 

each CDS Clearing Member, including 

with respect to any final fees and 

interest payments for the October 2023 

period. Any such final amounts will be 

settled by 09:00 London time on 

November 7, 2023. 

6. ICE Clear Europe, based on the 

above, believes that all known claims of 

ICE Clear Europe and CDS Clearing 

Members relating to the CDS Business 

will have been determined and settled 

as of the Withdrawal Date or, if any 

claims are not yet settled as of the 

Withdrawal Date, they will be settled on 

November 7, 2023 pursuant to its 

business-as-usual established processes 

described above. Based on ICE Clear 


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63176 Federal Register / Vol. 88, No. 177 / Thursday, September 14, 2023 / Notices 

30See, e.g., ICE Clear Europe Rule 111(f). 

31 17 CFR 240.17a–1(a) and (b). 

32See also 17 CFR 240.17a–1(c). 

33 17 CFR 240.17Ab2–1. 34 15 U.S.C. 78s(a)(3). 35 15 U.S.C. 78q–1. 36 In the Written Request, ICE Clear Europe 

represents that it does not currently clear any equity 

options on U.S. securities or single stock futures on 

U.S. securities. ICE Clear Europe further represents 

that ICE Clear Europe Rule 207(g) is intended to 

comprehensively exclude U.S. person Clearing 

Members for the purpose of clearing contracts that 

are futures or options on underlying U.S. securities. 

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

2 17 CFR 240.19b–4. 

Europe’s Rules, ICE Clear Europe 

expects that claims against it in respect 

of the CDS clearing business would be 

limited to those of CDS Clearing 

Members arising in connection with 

cleared CDS contracts. Accordingly, 

once such contracts are terminated and 

finally settled in accordance with ICE 

Clear Europe’s Rules as described above, 

and the Margin, Permitted Cover, and 

CDS Guaranty Fund Contributions of 

CDS Clearing Members are made 

available for withdrawal as described 

above, ICE Clear Europe does not 

anticipate that there would be any 

further claims of CDS Clearing Members 

in respect of the CDS clearing business. 

ICE Clear Europe further does not 

believe other persons would have 

claims against it in respect of cleared 

CDS contracts 30 and that it has no other 

known or anticipated claims by or 

against it that are associated with its 

CDS Business or clearing agency 

registration. However, to the extent any 

valid claims relating to the CDS 

business may nonetheless be brought 

against it in the five years following 

withdrawal from registration (or such 

longer period as may be required by 

law), ICE Clear Europe—which will 

remain a going concern—would expect 

to pay such claims in the ordinary 

course of its operations. Finally, ICE 

Clear Europe will maintain records 

necessary to evaluate and address any 

contingent or other claims that be 

brought against it after withdrawal of its 

registration, for the period and in the 

manner discussed in point 7 below. 

7. ICE Clear Europe will retain and 

maintain all documents, books, and 

records, including correspondence, 

memoranda, papers, notices, accounts, 

and other records made or received by 

it in the ordinary course of its CDS 

Business and its activities as a registered 

clearing agency, in accordance with the 

requirements of Exchange Act Rule 17a– 

1(a) and (b),31 for a period of at least five 

years from the effective date of the 

withdrawal of registration. ICE Clear 

Europe further will produce such 

records and furnish such information at 

the request of any representative of the 

Commission, in accordance with 

Exchange Act Rule 17a–1(c).32

8. Following the effectiveness of its 

withdrawal from registration hereunder, 

ICE Clear Europe will not seek to engage 

in securities clearing activity relating to 

security-based swaps in reliance on any 

deemed registered status pursuant to 

section 17A(l) of the Act. ICE Clear 

Europe notes that its affiliate, ICE Clear 

Credit LLC, will continue to clear 

security-based swaps as a registered 

clearing agency. If other affiliates of ICE 

Clear Europe seek to clear securitybased swaps or other securities products 

in a manner that requires registration 

with the Commission under the Act, 

such affiliate would do so after 

registration with the Commission 

pursuant to the process set forth in 

Exchange Act Rule 17Ab2–1.33

ICE Clear Europe therefore requests 

that the Commission issue an order, 

pursuant to section 19(a)(3) of the Act,34

that its registration as a clearing agency 

under section 17A of the Act 35 with 

respect to security-based swaps be 

withdrawn as of the Withdrawal Date of 

October 27, 2023, or as soon as 

practicable thereafter. 

In the Written Request, ICE Clear 

Europe also requests that, effective as of 

the withdrawal of its registration 

hereunder, the Securities Product 

Exemption be withdrawn. As noted 

above, ICE Clear Europe requested, and 

the Commission granted, the Securities 

Product Exemption in light of the 

combination of security-based swap 

clearing activity and securities option 

clearing activity contemplated by ICE 

Clear Europe at the time. ICE Clear 

Europe represents in the Written 

Request that, upon cessation of securitybased swap clearing activity and 

withdrawal of its clearing agency 

registration, ICE Clear Europe will fall 

within the category of foreign clearing 

agencies for which registration (or an 

exemption) is not required due to its 

lack of contact with the U.S.36

Accordingly, in ICE Clear Europe’s 

view, the Securities Product Exemption 

will not be necessary for ICE Clear 

Europe’s continued operation of the 

F&O clearing service following 

withdrawal of its clearing agency 

registration. As a result, ICE Clear 

Europe requests that the Commission 

terminate the Securities Product 

Exemption at the same time it approves 

ICE Clear Europe’s request to withdraw 

from registration as a clearing agency. 

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the requested 

withdrawal is consistent with the 

Exchange 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/other.shtml), or 

• Send an email to rule-comments@

sec.gov. Please include File No. 4–809 

on the subject line. 

Paper Comments 

• Send paper comments to Secretary, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC, 

20549–1090. 

All submissions should refer to File 

Number 4–809. 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 (https://www.sec.gov/rules/ 

sro.shtml). Comments are also 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 a.m. and 3 p.m. Operating 

conditions may limit access to the 

Commission’s Public Reference Room. 

Do not include personal identifiable 

information in submissions; you should 

submit only information that you wish 

to make available publicly. We may 

redact in part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to File Number 4–809 and should be 

submitted on or before October 5, 2023. 

By the Commission. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19847 Filed 9–13–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98339; File No. SR–MEMX– 

2023–18] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Rule 19.5 

September 8, 2023. 

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

Securities Exchange Act of 1934 (the 

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


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