Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 17537 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 34–74213 

(February 5, 2015), 80 FR 7661 (February 11, 2015) 

(SR–ICEEU–2015–004). 

4See Securities Exchange Act Release No. 34– 

71920 (April 9, 2014), 79 FR 21331 (April 15, 2015) 

(SR–ICEEU–2014–04) (order approving proposed 

rule change to clear Western European sovereign 

CDS contracts referencing Ireland, the Republic of 

Italy, the Portuguese Republic and the Kingdom of 

Spain) and Securities Exchange Act Release No. 34– 

73737 (December 4, 2014), 79 FR 73372 (December 

10, 2014) (SR–ICEEU–2014–18) (order approving 

proposed rule change to clear additional Western 

European sovereign CDS contracts referencing 

Kingdom of Belgium and the Republic of Austria) 

(collectively, the ‘‘Prior WE Sovereigns Orders’’). 

5For a description of previously approved 

changes to ICE Clear Europe’s risk management 

framework to accommodate clearing of Western 

European sovereign CDS contracts, see the Prior WE 

Sovereigns Orders. Id. ICE Clear Europe represents 

that it has performed a variety of empirical analyses 

related to clearing of the Additional WE Sovereign 

Contracts under its margin methodology, including 

back tests and stress tests. 

6 15 U.S.C. 78s(b)(2)(C). 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 15 U.S.C. 78q–1. 

9 15 U.S.C. 78q–1(b)(3)(F). 

10 15 U.S.C. 78q–1. 

11 15 U.S.C. 78s(b)(2). 

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 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal offices 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–Phlx– 

2015–28, and should be submitted on or 

before April 22, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07366 Filed 3–31–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

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[Release No. 34–74588; File No. SR–ICEEU– 

2015–004] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Order Approving 

Proposed Rule Change Relating to 

Additional European Sovereign CDS 

Contracts 

March 26, 2015. 

I. Introduction 

On January 27, 2015, ICE Clear 

Europe Limited (‘‘ICE Clear Europe’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

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

19b–4 thereunder,2 a proposed rule 

change to provide for the clearance of 

additional European sovereign credit 

default swap (‘‘CDS’’) contracts. The 

proposed rule change was published for 

comment in the Federal Register on 

February 11, 2015.3 The Commission 

did not receive comments on the 

proposed rule change. This order 

approves the proposed rule change. 

II. Description of the Proposed Rule 

Change 

The purpose of the proposed rule 

change is to provide for the clearing of 

Western European sovereign CDS 

contracts referencing four additional 

reference entities: The Kingdom of the 

Netherlands, the Republic of Finland, 

the Kingdom of Sweden and the 

Kingdom of Denmark (the ‘‘Additional 

WE Sovereign Contracts’’). ICE Clear 

Europe currently clears CDS contracts 

referencing six other Western European 

sovereigns: Ireland, the Republic of 

Italy, the Portuguese Republic, the 

Kingdom of Spain, the Kingdom of 

Belgium and the Republic of Austria.4

ICE Clear Europe believes clearance of 

the Additional WE Sovereign Contracts 

will benefit the markets for credit 

default swaps on Western European 

sovereigns by offering to market 

participants the benefits of clearing, 

including reduction in counterparty risk 

and safeguarding of margin assets 

pursuant to clearing house rules. 

ICE Clear Europe has stated that the 

Additional WE Sovereign Contracts will 

constitute ‘‘Non-STEC Single Name 

Contracts’’ for purposes of the CDS 

Procedures and, accordingly, will be 

governed by Paragraph 10 of the CDS 

Procedures consistent with the 

treatment of the other Western European 

sovereign CDS contracts currently 

cleared by ICE Clear Europe. ICE Clear 

Europe has represented that clearing of 

the Additional WE Sovereign Contracts 

will not require any changes to ICE 

Clear Europe’s existing Clearing Rules 

and Procedures, risk management 

framework (including relevant policies), 

or margin model.5

III. Discussion and Commission 

Findings 

Section 19(b)(2)(C) of the Act 6 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 7 requires, among 

other things, that the rules of a clearing 

agency are designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions 

and, to the extent applicable, derivative 

agreements, contracts, and transactions, 

to assure the safeguarding of securities 

and funds which are in the custody or 

control of the clearing agency or for 

which it is responsible, and, in general, 

to protect investors and the public 

interest. 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with Section 17A of the Act 8

and the rules thereunder applicable to 

ICE Clear Europe. The proposed rule 

change will provide for clearing of the 

Additional WE Sovereign Contracts, 

which are similar to the other Western 

European sovereign CDS contracts 

currently cleared by ICE Clear Europe, 

in accordance with the existing rules 

and procedures applicable to Western 

European sovereign CDS contracts. 

Specifically, the Commission believes 

that ICE Clear Europe’s proposal to clear 

the Additional WE Sovereign Contracts 

pursuant to its current risk management 

framework (including margin and 

guaranty fund methodology), 

operational procedures, settlement 

procedures and default management 

policies is designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions, to 

assure the safeguarding of securities and 

funds which are in the custody or 

control of ICE Clear Europe or for which 

it is responsible, and in general, to 

protect investors and the public interest, 

consistent with Section 17A(b)(3)(F) of 

the Act.9

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 10 and the rules and regulations 

thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,11 that the 

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17538 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 

12 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). 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 34–74192 

(Feb. 3, 2015), 80 FR 7070 (Feb. 9, 2015) (File No. 

SR–ICC–2015–003) (hereinafter referred to as the 

‘‘Initial Rule Filing’’). 

4 ICC filed Amendment No. 1 to remove Ukraine 

from the list of proposed additional Standard 

Emerging Market Sovereign single-name 

constituents of the CDX Emerging Markets Index set 

forth in the Initial Rule Filing, as further described 

below. 

5See Securities Exchange Act Release No. 34– 

65588 (Oct. 18, 2011), 76 FR 65763 (Oct. 24, 2011) 

(File No. SR–ICC–2011–01) (order approving rule 

change to clear SES Contracts referencing the 

Federative Republic of Brazil, the United Mexican 

States, the Bolivian Republic of Venezuela, and the 

Argentine Republic); Securities Exchange Act 

Release No. 34–70849 (Nov. 12, 2013), 78 FR 69167 

(Nov. 18, 2013) (File No. SR–ICC–2013–07) (order 

approving rule change to clear SES Contracts 

referencing the Republic of Turkey and the Russian 

Federation); and Securities Exchange Act Release 

No. 34–73220 (Sep. 25, 2014), 79 FR 59340 (Oct. 1, 

2014) (File No. SR–ICC–2014–13) (order approving 

rule change to clear SES Contracts referencing the 

Republic of Hungary and the Republic of South 

Africa). 

proposed rule change (SR–ICEEU–2015– 

004) be, and hereby is, approved.12

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07362 Filed 3–31–15; 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 SE; SEC File No. 270–289, OMB 

Control No. 3235–0327. 

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 

(‘‘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. 

Form SE (17 CFR 239.64) is used by 

registrants to file paper copies of 

exhibits, reports or other documents 

that would be difficult or impossible to 

submit electronically, as provided in 

Rule 311 of Regulation S–T (17 CFR 

232.311). The information contained in 

Form SE is used by the Commission to 

identify paper copies of exhibits. Form 

SE is filed by individuals, companies or 

other entities that are required to file 

documents electronically. 

Approximately 31 registrants file Form 

SE and it takes an estimated 0.10 hours 

per response for a total annual burden 

of 3 hours. 

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 imposed by 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. 

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. 

Please direct your written comment to 

Pamela Dyson, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: March 27, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07463 Filed 3–31–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74593; File No. SR–ICC– 

2015–003] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Amendment No. 1 and Order Granting 

Accelerated Approval of a Proposed 

Rule Change, as Modified by 

Amendment No. 1, to Provide for the 

Clearance of Additional Standard 

Emerging Market Sovereign Single 

Names 

March 26, 2015. 

I. Introduction 

On January 23, 2015 ICE Clear Credit 

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

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change SR–ICC–2015–003 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 February 9, 

2015.3 The Commission did not receive 

any comments. On March 25, 2015, ICC 

filed Amendment No. 1 to the proposed 

rule change.4 The Commission is 

publishing this notice to solicit 

comments on Amendment No. 1 from 

interested persons and is approving the 

proposed rule change, as modified by 

Amendment No. 1, on an accelerated 

basis. 

II. Description of the Proposed Rule 

Change 

A. Description of the Initial Rule Filing 

ICC proposes to adopt rules that will 

provide the basis for ICC to clear 

additional credit default swap contracts. 

Specifically, ICC is proposing to amend 

Subchapter 26D–102 of its rules to 

provide for the clearance of additional 

Standard Emerging Market Sovereign 

single-name constituents of the CDX 

Emerging Markets Index (collectively, 

‘‘SES Contracts’’). Currently, ICC is 

approved to clear eight SES Contracts: 

the Federative Republic of Brazil, the 

United Mexican States, the Bolivarian 

Republic of Venezuela, the Argentine 

Republic, the Republic of Turkey, the 

Russian Federation, the Republic of 

Hungary, and the Republic of South 

Africa.5 The proposed change to the ICC 

Rules would provide for the clearance of 

five additional SES Contracts: the 

Republic of Chile, the Republic of Peru, 

the Republic of Colombia, Ukraine, and 

the Republic of Poland (‘‘Additional 

SES Contracts’’). 

ICC believes that the addition of these 

SES Contracts will benefit the market 

for emerging market credit default 

swaps by providing market participants 

the benefits of clearing, including 

reduction in counterparty risk and 

safeguarding of margin assets pursuant 

to clearing house rules. ICC states that 

the Additional SES Contracts will be 

offered on the 2014 ISDA Credit 

Derivatives Definitions and have terms 

consistent with the other SES Contracts 

approved for clearing at ICC and 

governed by Subchapter 26D of the ICC 

rules. According to ICC, the clearing of 

the Additional SES Contracts will not 

require any changes to ICC’s Risk 

Management Framework or other 

mstockstill on DSK4VPTVN1PROD with NOTICES