Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 12223 

18For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 19 17 CFR 200.30–3(a)(12). 

waiver of the operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the operative delay and 

designates the proposal operative upon 

filing.18

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or 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 (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEARCA–2015–11 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–NYSEARCA–2015–11. 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 Web site (http://www.sec.gov/

rules/sro.shtml). 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 Web site 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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NYSEARCA–2015–11 and should be 

submitted on or before March 27, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05163 Filed 3–5–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Form N–4; SEC File No. 270–282, OMB 

Control No. 3235–0318. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission (the 

‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

The collection of information is 

entitled: ‘‘Form N–4 (17 CFR 239.17b) 

under the Securities Act of 1933 and (17 

CFR 274.11c) under the Investment 

Company Act of 1940, registration 

statement of separate accounts 

organized as unit investment trust.’’ 

Form N–4 is the form used by insurance 

company separate accounts organized as 

unit investment trusts that offer variable 

annuity contracts to register as 

investment companies under the 

Investment Company Act of 1940 (15 

U.S.C. 80a–1 et seq.) and/or to register 

their securities under the Securities Act 

of 1933 (15 U.S.C. 77a et seq.). Section 

5 of the Securities Act (15 U.S.C. 77e) 

requires the filing of a registration 

statement prior to the offer of securities 

to the public and that the registration 

statement be effective before any 

securities are sold, and Section 8 of the 

Investment Company Act (15 U.S.C. 

80a–8) provides for the registration of 

investment companies. Pursuant to 

Form N–4, separate accounts organized 

as unit investment trusts that offer 

variable annuity contracts provide 

investors with a prospectus and a 

statement of additional information 

covering essential information about a 

separate account. Section 5(b) of the 

Securities Act requires that investors be 

provided with a prospectus containing 

the information required in a 

registration statement prior to or at the 

time of sale or delivery of securities. 

The purpose of Form N–4 is to meet 

the filing and disclosure requirements of 

the Securities Act and the Investment 

Company Act and to enable filers to 

provide investors with information 

necessary to evaluate an investment in 

a security. The information required to 

be filed with the Commission permits 

verification of compliance with 

securities law requirements and assures 

the public availability and 

dissemination of the information. 

The estimated annual number of 

filings on Form N–4 is 210 initial 

registration statements and 1,443 posteffective amendments. The estimated 

average number of portfolios per filing 

is one, both for initial registration 

statements and post-effective 

amendments on Form N–4. 

Accordingly, the estimated number of 

portfolios referenced in initial Form N– 

4 filings annually is 210 and the 

estimated number of portfolios 

referenced in post-effective amendment 

filings on Form N–4 annually is 1,443. 

The estimate of the annual hour burden 

for Form N–4 is approximately 278.5 

hours per initial registration statement 

and 197.25 hours per post-effective 

amendment, for a total of 343,116.75 

hours ((210 initial registration 

statements x 278.5 hours) + (1,443 posteffective amendments × 197.25 hours)). 

The current estimated annual cost 

burden for preparing an initial Form N– 

4 filing is $23,013 per portfolio and the 

current estimated annual cost burden 

for preparing a post-effective 

amendment filing on Form N–4 is 

$21,813 per portfolio. The Commission 

estimates that, on an annual basis, 210 

portfolios will be referenced in initial 

Form N–4 filings and 1,443 portfolios 

will be referenced in post-effective 

amendment filings on Form N–4. Thus, 

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12224 Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 34–73684 

(Nov. 25, 2014), 79 FR 71495 (Dec. 2, 2014) (SR– 

ICC–2014–19). 

4Securities Exchange Act Release No. 34–74082 

(Jan. 16, 2015), 80 FR 3687 (Jan. 23, 2015) (SR–ICC– 

2014–19). 

5 ‘‘Operational risk’’ is defined in the ICC 

Operational Risk Management Framework as the 

risk that deficiencies in information systems, 

internal processes, personnel, or disruptions from 

external events will result in the reduction, 

deterioration, or breakdown of services. 

the estimated total annual cost burden 

allocated to Form N 4 would be 

$36,308.889 ((210 × $23,013) + (1,443 × 

$21,813)). 

Providing the information required by 

Form N–4 is mandatory. Responses will 

not be kept confidential. Estimates of 

average burden hours are made solely 

for the purposes of the Paperwork 

Reduction Act, and are not derived from 

a comprehensive or even a 

representative survey or study of the 

costs of Commission rules and forms. 

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. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden of the 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 

in writing within 60 days of this 

publication. 

Please direct your written comments 

to Pamela Dyson, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Remi 

Pavlik-Simon, 100 F Street NE., 

Washington, DC 20549; or send an email 

to: PRA_Mailbox@sec.gov. 

Dated: March 2, 2015. 

Brent J. Fields. 

Secretary. 

[FR Doc. 2015–05218 Filed 3–5–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74399; File No. SR–ICC– 

2014–19] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Order Granting 

Approval of Proposed Rule Change To 

Formalize the ICC Operational Risk 

Management Framework 

March 2, 2015. 

I. Introduction 

On November 18, 2014, ICE Clear 

Credit LLC (‘‘ICC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change SR–ICC–2014–19 pursuant to 

Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder.2 The proposed rule 

change was published for comment in 

the Federal Register on December 2, 

2014.3 The Commission received no 

comment letters regarding the proposed 

change. On January 16, 2015, the 

Commission extended the time period 

in which to either approve, disapprove, 

or institute proceedings to determine 

whether to disapprove the proposed 

rule change to March 2, 2015.4 For the 

reasons discussed below, the 

Commission is granting approval of the 

proposed rule change. 

II. Description of the Proposed Rule 

Change 

ICC is proposing to update and 

formalize ICC’s Operational Risk 

Management Framework. According to 

ICC, the Operational Risk Management 

Framework is designed to create a 

program of risk assessment and 

oversight to identify, monitor, and 

manage plausible sources of operational 

risk,5 and to timely manage and report 

operational performance measures. ICC 

further states that the operational risk 

program is designed to evaluate and 

mitigate operations risk presented to 

ICC by its partners, related entities, and 

vendors. According to ICC, the 

Operational Risk Management 

Framework is overseen by the ICC 

Board, ICC department heads and the 

Chief Compliance Officer, and internal 

audit performs reviews of the 

operational risk management processes. 

Under the Operational Risk 

Management Framework, the 

Operational Risk Manager has the 

responsibility and authority to develop 

and enforce, in consultation with the 

ICC Board and appropriate members of 

senior management, the operational risk 

program, which applies to all ICC 

activities, groups, functions and 

locations. The Operational Risk 

Management Framework further 

provides that the Operational Risk 

Manager is the owner of the Operational 

Risk Management Framework 

document, that the initial document and 

any material amendments require 

review and approval by the appropriate 

members of senior management and the 

ICC Board, and that the Operational 

Risk Manager reports to the Chief 

Compliance Officer who reports directly 

to the ICC Board. 

There are several components to the 

ICC Operational Risk Management 

Framework. ICC states that the 

Operational Risk Management 

Framework establishes clearly defined 

operational performance objectives that 

serve as benchmarks to evaluate 

efficiency and effectiveness, promote 

confidence among management and 

participants, and evaluate operational 

performance against expectations. The 

Operational Risk Management 

Framework states ICC’s goals of 

identifying, monitoring, and managing 

all plausible sources of operational risk 

and establishing clear policies and 

procedures to address presented risk 

scenarios. For example, the Operational 

Risk Management Framework 

incorporates ICC’s risk assessment 

methodology to identify and evaluate 

potential operational risks in each of its 

major clearing processes, as well as 

procedures for recommending controls 

to mitigate risks identified in the risk 

assessment. The Operational Risk 

Management Framework also contains 

information regarding how ICC 

leverages certain shared infrastructures 

within the Intercontinental Exchange, 

Inc. family as part of its operational risk 

management program. 

Additionally, the Operational Risk 

Management Framework details the 

Operational Risk Manager’s 

responsibilities in terms of business 

continuity planning, vendor risk 

management, and the release of new 

products, processes, and initiatives. 

Under the Operational Risk 

Management Framework, the 

Operational Risk Manager is responsible 

for operational risk reporting, which 

includes reporting and addressing 

significant operational risk weaknesses 

or failures timely and appropriately 

(including escalation to the appropriate 

members of senior management and the 

ICC Audit Committee and the Board 

when necessary), and providing ongoing 

reporting to appropriate members of 

senior management and periodic 

reporting to the ICC Board and the ICC 

Audit Committee on the operational risk 

program and significant control matters. 

mstockstill on DSK4VPTVN1PROD with NOTICES