84978 Federal Register / Vol. 89, No. 206 / Thursday, October 24, 2024 / Notices 

35 17 CFR 200.30–3(a)(12). 

1The number of closed-end funds that undertake 

repurchases annually under rule 23c–1 is based on 

information provided in response to Item C.7.i of 

Form N–CEN from January 1, 2023 through 

December 31, 2023. We estimate that each of the 48 

funds undertook an average of 4 repurchases 

annually (48 funds × 4 repurchases = 192 

repurchases annually). 

2This estimate is based on the following 

calculation: 192 repurchases × 2.5 hours per 

repurchase = 480 hours. 

3The $440/hour figure for a compliance attorney 

is from SIFMA’s Management & Professional 

Earnings in the Securities Industry 2013, modified 

burdens on competition that are not 

necessary or appropriate in furtherance 

of the purposes of the Act. Specifically, 

the Proposed Rule Change will 

contribute to offer access to clearing 

services to any client of Select Members 

expanding the client clearing activity. 

Under some circumstances, the 

Proposed Rule Change will also remove 

the burden of Select Members from 

having the obligation to bid on products 

they don’t actively trade in default 

management auctions. LCH SA further 

believes the Proposed Rule Change is 

equitable for both General Members and 

Select Members, as clearing members 

will continue to have discretion in 

electing to be either General Members or 

Select Members under the new 

membership model. Furthermore, 

existing General Members will not be 

prevented from switching to become 

Select Members under the Proposed 

Rule Change. The increased access to 

clearing services under the Proposed 

Rule Change may result in increased 

liquidity in the service as membership 

grows. Therefore, LCH SA does not 

believe that the Proposed Rule Change 

would impose burdens on competition 

that are not necessary or appropriate in 

furtherance of the purposes 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 Rule Change have not been 

solicited or received. LCH SA will 

notify the Commission of any written 

comments received by LCH SA. 

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 self-regulatory organization 

consents, the Commission will: 

(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 (https://www.sec.gov/ 

rules-regulations/self-regulatoryorganization-rulemaking); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

LCH SA–2024–002 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–LCH SA–2024–002. 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-regulations/self-regulatoryorganization-rulemaking). 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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of LCH 

SA and on LCH SA’s website at: https:// 

www.lch.com/resources/rulebooks/ 

proposed-rule-changes. 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 SR–LCH SA–2024–002 

and should be submitted on or before 

November 14, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.35

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–24639 Filed 10–23–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–253, OMB Control No. 

3235–0260] 

Submission for OMB Review; 

Comment Request; Extension: Rule 

23c–1 

Upon Written Request, Copies Available 

From: 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. 3501–3520), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Rule 23c–1(a) under the Investment 

Company Act (17 CFR 270.23c–1(a)) 

permits a closed-end fund to repurchase 

its securities for cash if, in addition to 

the other requirements set forth in the 

rule, the following conditions are met: 

(i) payment of the purchase price is 

accompanied or preceded by a written 

confirmation of the purchase (‘‘written 

confirmation’’); (ii) the asset coverage 

per unit of the security to be purchased 

is disclosed to the seller or his agent 

(‘‘asset coverage disclosure’’); and (iii) if 

the security is a stock, the fund has, 

within the preceding six months, 

informed stockholders of its intention to 

purchase stock (‘‘six month notice’’). 

Commission staff estimates that 48 

closed-end funds undertake a total of 

192 repurchases annually under rule 

23c–1.1 Staff estimates further that, with 

respect to each repurchase, each fund 

spends 2.5 hours to comply with the 

rule’s written confirmation, asset 

coverage disclosure and six month 

notice requirements. Thus, Commission 

staff estimates the total annual 

respondent reporting burden is 480 

hours.2 Commission staff further 

estimates that the cost of the hourly 

burden per repurchase is approximately 

$388 (one half hour of a compliance 

attorney’s time at $440 per hour,3 and 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 89, No. 206 / Thursday, October 24, 2024 / Notices 84979 

by Commission staff to account for an 1800-hour 

work-year and inflation, and multiplied by 5.35 to 

account for bonuses, firm size, employee benefits 

and overhead. 

4The $84/hour figure for a compliance clerk is 

from SIFMA’s Office Salaries in the Securities 

Industry 2013, modified by Commission staff to 

account for an 1800-hour work-year and inflation, 

and multiplied by 2.93 to account for bonuses, firm 

size, employee benefits and overhead. 

5This estimate is based on the following 

calculation: 192 repurchases × 2.5 hours per 

repurchase × $388 hourly cost = $186,240. 

6 In addition, Item 9 of Form N–CSR requires 

closed-end funds to disclose information similar to 

the information that was required in Form N–23C– 

1, which was discontinued in 2004. 

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

2 17 CFR 240.19b–4. 

3Capitalized terms used but not defined herein 

have the meanings specified in the Rules, 

Framework, Playbook, and Operating Agreement, as 

applicable. 

4Partial Amendment No. 1 amends the Exhibit 

5A to correct a typographical error. 

5Self-Regulatory Organizations; ICE Clear Credit 

LLC; Notice of Filing of Proposed Rule Change, as 

Modified by Partial Amendment No. 1, Relating to 

the Clearing Rules, Risk Management Framework, 

Governance Playbook and Sixth Amended and 

Restated Operating Agreement; Exchange Act 

Release No. 34–100876 (Aug. 29, 2024), 89 FR 

72538 (Sep. 5, 2024) (SR–ICC–2024–009) 

(‘‘Notice’’). 

6Capitalized terms not otherwise defined herein 

have the meanings assigned to them in the Rules, 

the Framework, the Playbook, and the Operating 

Agreement, as applicable. 

7The term ‘‘Non-Participant Party’’ is defined in 

the Rules as a Person that is not ICE Clear Credit, 

a Participant or an Affiliate of a Participant, 

including, without limitation, a ‘‘cleared swaps 

customer’’ as defined in CFTC Rule 22.1. 

two hours of clerical time at $84 per 

hour 4). The total annual cost for all 

funds is estimated to be $186,240.5

In addition, the fund must file with 

the Commission a copy of any written 

solicitation to purchase securities given 

by or on behalf of the fund to 10 or more 

persons. The copy must be filed as an 

exhibit to Form N–CSR (17 CFR 249.331 

and 274.128).6 The burden associated 

with filing Form N–CSR is addressed in 

the submission related to that form. 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act, and is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules and forms. 

Complying with the collection of 

information requirements of the rule is 

mandatory. The filings that the rule 

requires to be made with the 

Commission are available to the public. 

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 control 

number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by November 25, 2024 to 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov. 

Dated: October 21, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–24717 Filed 10–23–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101382; File No. SR–ICC– 

2024–009] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Order Approving 

Proposed Rule Change, as Modified by 

Partial Amendment No. 1, Relating to 

the Clearing Rules, Risk Management 

Framework, Governance Playbook and 

Sixth Amended and Restated 

Operating Agreement 

October 18, 2024. 

I. Introduction 

On August 19, 2024, ICE Clear Credit 

LLC (‘‘ICC’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (the ‘‘Act’’) 1 and Rule 19b–4,2

a proposed rule change to revise the ICC 

(i) Clearing Rules (the ‘‘Rules’’), (ii) Risk 

Management Framework (the 

‘‘Framework’’), (iii) Governance 

Playbook (the ‘‘Playbook’’), and (iv) 

Sixth Amended and Restated Operating 

Agreement (the ‘‘Operating 

Agreement’’).3 On August 27, 2024, ICC 

filed Partial Amendment No. 1 to the 

proposed rule change (hereafter, 

‘‘proposed rule change’’).4 The proposed 

rule change was published for comment 

in the Federal Register on September 5, 

2024.5 The Commission did not receive 

comments regarding the proposed rule 

change. For the reasons discussed 

below, the Commission is approving the 

proposed rule change. 

II. Description of the Proposed Rule 

Change 

A. Background 

ICC is registered with the Commission 

as a clearing agency for the purpose of 

clearing Credit Default Swap (‘‘CDS’’) 

contracts.6 The Proposed Rule Change 

amends the Rules, the Framework, the 

Playbook, and the Operating Agreement. 

The amendments primarily eliminate 

ICC’s existing Risk Management 

Subcommittee; establish a new Risk 

Advisory Working Group; and add to 

ICC’s Risk Committee representatives of 

persons that are not Clearing 

Participants but have an interest in the 

operations of ICC, such as customers of 

Clearing Participants. The amendments 

are discussed below according to the 

document being amended. 

B. Rules 

As noted above, ICC proposes to add 

representatives of non-Clearing 

Participant parties to its existing Risk 

Committee, eliminate its Risk 

Management Subcommittee, and 

establish a Risk Advisory Working 

Group. Currently, as described in ICC 

Rule 509, the Risk Management 

Subcommittee is a subcommittee of the 

Risk Committee, and it includes, as a 

member, a representative of a NonParticipant Party.7 As with the Risk 

Committee, ICC may not take certain 

actions, such as determining products 

eligible for clearing, without first 

consulting the Risk Management 

Subcommittee. 

Going forward, ICC proposes 

including representatives of NonParticipant Parties as members of the 

Risk Committee, rather than a 

subcommittee of the Risk Committee. 

ICC is therefore adding these 

representatives directly to the Risk 

Committee. Accordingly, amendments 

to Rule 501 state that the Risk 

Committee will include representatives 

of Non-Participant Parties. These 

amendments also add a more general 

description of the role of the Risk 

Committee with respect to ICC’s Board, 

to better reflect the inclusion of nonParticipants. The Board will consult 

with the Risk Committee on any matters 

that may materially affect the risk 

profile of ICC, and the Board will 

consider and respond to the proposals, 

recommendations and other input 

provided by the Risk Committee. 

Consistent with this more general 

description of the role of ICC’s Risk 

Committee, ICC is amending Rule 502 to 

clarify that the specific actions subject 

to Risk Committee consultation, which 

are already listed in Rule 502, are not 

intended to limit the general provisions 

described above in Rule 501. 

Moreover, ICC is amending Rule 

503(a) to make certain changes to the 

composition of the Risk Committee, 


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