17132 Federal Register / Vol. 80, No. 61 / Tuesday, March 31, 2015 / Notices 

9Applicants will only comply with conditions 7, 

8, 9, and 12 if they rely on the relief that would 

allow them to provide Aggregate Fee Disclosure. 

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

2 17 CFR 240.19b–4. 

investors and the purposes fairly 

intended by the policy and provisions of 

the Act. 

Applicants’ Conditions 

Applicants agree that any order 

granting the requested relief will be 

subject to the following conditions: 9

1. Before a Subadvised Fund may rely 

on the order requested in the 

application, the operation of the 

Subadvised Fund in the manner 

described in the application, including 

the hiring of Wholly-Owned SubAdvisers, will be approved by a majority 

of the Subadvised Fund’s outstanding 

voting securities as defined in the Act, 

which in the case of a Master Fund will 

include voting instructions provided by 

shareholders of the Feeder Funds 

investing in such Master Fund or other 

voting arrangements that comply with 

section 12(d)(1)(E)(iii)(aa) of the Act or, 

in the case of a new Subadvised Fund 

whose public shareholders purchase 

shares on the basis of a prospectus 

containing the disclosure contemplated 

by condition 2 below, by the initial 

shareholder(s) before offering the 

Subadvised Fund’s shares to the public. 

2. The prospectus for each 

Subadvised Fund, and in the case of a 

Master Fund relying on the requested 

relief, the prospectus for each Feeder 

Fund investing in such Master Fund, 

will disclose the existence, substance 

and effect of any order granted pursuant 

to the application. Each Subadvised 

Fund (and any such Feeder Fund) will 

hold itself out to the public as 

employing the multi-manager structure 

described in the application. Each 

prospectus will prominently disclose 

that the Adviser has the ultimate 

responsibility, subject to oversight by 

the Board, to oversee the Sub-Advisers 

and recommend their hiring, 

termination, and replacement. 

3. The Adviser will provide general 

management services to a Subadvised 

Fund, including overall supervisory 

responsibility for the general 

management and investment of the 

Subadvised Fund’s assets. Subject to 

review and approval of the Board, the 

Adviser will (a) set a Subadvised Fund’s 

overall investment strategies, (b) 

evaluate, select, and recommend SubAdvisers to manage all or a portion of 

a Subadvised Fund’s assets, and (c) 

implement procedures reasonably 

designed to ensure that Sub-Advisers 

comply with a Subadvised Fund’s 

investment objective, policies and 

restrictions. Subject to review by the 

Board, the Adviser will (a) when 

appropriate, allocate and reallocate a 

Subadvised Fund’s assets among SubAdvisers; and (b) monitor and evaluate 

the performance of Sub-Advisers. 

4. A Subadvised Fund will not make 

any Ineligible Sub-Adviser Changes 

without such agreement, including the 

compensation to be paid thereunder, 

being approved by the shareholders of 

the applicable Subadvised Fund, which 

in the case of a Master Fund will 

include voting instructions provided by 

shareholders of the Feeder Fund 

investing in such Master Fund or other 

voting arrangements that comply with 

section 12(d)(1)(E)(iii)(aa) of the Act. 

5. Subadvised Funds will inform 

shareholders, and if the Subadvised 

Fund is a Master Fund, shareholders of 

any Feeder Funds, of the hiring of a new 

Sub-Adviser within 90 days after the 

hiring of the new Sub-Adviser pursuant 

to the Modified Notice and Access 

Procedures. 

6. At all times, at least a majority of 

the Board will be Independent Trustees, 

and the selection and nomination of 

new or additional Independent Trustees 

will be placed within the discretion of 

the then-existing Independent Trustees. 

7. Independent Legal Counsel, as 

defined in rule 0–1(a)(16) under the Act, 

will be engaged to represent the 

Independent Trustees. The selection of 

such counsel will be within the 

discretion of the then-existing 

Independent Trustees. 

8. The Adviser will provide the 

Board, no less frequently than quarterly, 

with information about the profitability 

of the Adviser on a per Subadvised 

Fund basis. The information will reflect 

the impact on profitability of the hiring 

or termination of any sub-adviser during 

the applicable quarter. 

9. Whenever a sub-adviser is hired or 

terminated, the Adviser will provide the 

Board with information showing the 

expected impact on the profitability of 

the Adviser. 

10. Whenever a sub-adviser change is 

proposed for a Subadvised Fund with 

an Affiliated Sub-Adviser or a WhollyOwned Sub-Adviser, the Board, 

including a majority of the Independent 

Trustees, will make a separate finding, 

reflected in the Board minutes, that 

such change is in the best interests of 

the Subadvised Fund and its 

shareholders, and if the Subadvised 

Fund is a Master Fund, the best interests 

of any applicable Feeder Funds and 

their respective shareholders, and does 

not involve a conflict of interest from 

which the Adviser or the Affiliated SubAdviser or Wholly-Owned Sub-Adviser 

derives an inappropriate advantage. 

11. No Trustee or officer of the Trust, 

a Fund or a Feeder Fund, or partner, 

director, manager or officer of the 

Adviser, will own directly or indirectly 

(other than through a pooled investment 

vehicle that is not controlled by such 

person) any interest in a Sub-Adviser 

except for (a) ownership of interests in 

the Adviser or any entity, except a 

Wholly-Owned Sub-Adviser, that 

controls, is controlled by, or is under 

common control with the Adviser, or (b) 

ownership of less than 1% of the 

outstanding securities of any class of 

equity or debt of any publicly traded 

company that is either a Sub-Adviser or 

an entity that controls, is controlled by, 

or under common control with a SubAdviser. 

12. Each Subadvised Fund and any 

Feeder Fund that invests in a 

Subadvised Fund that is a Master Fund 

will disclose the Aggregate Fee 

Disclosure in its registration statement. 

13. Any new Sub-Advisory 

Agreement or any amendment to a 

Subadvised Fund’s existing Investment 

Management Agreement or SubAdvisory Agreement that directly or 

indirectly results in an increase in the 

aggregate advisory fee rate payable by 

the Subadvised Fund will be submitted 

to the Subadvised Fund’s shareholders 

for approval. 

14. In the event the Commission 

adopts a rule under the Act providing 

substantially similar relief to that 

requested in the application, the 

requested order will expire on the 

effective date of that rule. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07252 Filed 3–30–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74579; File No. SR–ICEEU– 

2015–007] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

of Proposed Rule Change Relating to 

Collateral and Haircut Policy 

March 25, 2015. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on March 13, 

2015, ICE Clear Europe Limited (‘‘ICE 

Clear Europe’’ or ‘‘Clearing House’’) 


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Federal Register / Vol. 80, No. 61 / Tuesday, March 31, 2015 / Notices 17133 

3Although the Haircut Policy generally also 

applies to Permitted Cover posted with respect to 

Guaranty Fund requirements, certain additional 

requirements apply to Guaranty Fund contributions 

under the Rules and Finance Procedures. Those 

additional requirements are not proposed to be 

changed in connection with the Haircut Policy. 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared primarily by ICE 

Clear Europe. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The principal purpose of the 

proposed rule change is to implement a 

new collateral and haircut policy (the 

‘‘Haircut Policy’’), which is applicable 

to Permitted Cover posted by Clearing 

Members to meet the Clearing House’s 

Margin and Guaranty Fund 

requirements. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, ICE 

Clear Europe included statements 

concerning the purpose of and basis for 

the proposed rule change. The text of 

these statements may be examined at 

the places specified in Item IV below. 

ICE Clear Europe has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Haircut Policy codifies and 

consolidates certain existing practices of 

the Clearing House with respect to 

Permitted Cover. Specifically, the policy 

is designed (i) to set out overall 

principles with respect to the assets 

accepted by the Clearing House as 

Permitted Cover; (ii) to establish a 

framework for determining absolute and 

relative limits, as applicable, on the 

value of the collateral that may be 

posted by a Clearing Member as 

Permitted Cover; (iii) to establish a 

value-at-risk (‘‘VaR’’) based 

methodology for determining haircuts 

for all Permitted Cover; (iv) to mitigate 

wrong-way risk from Permitted Cover; 

(v) to address sources for pricing 

Permitted Cover; and (vi) to set out 

certain related monitoring, reviewing 

and reporting procedures. The Haircut 

Policy applies to Permitted Cover 

provided for all product classes (F&O, 

CDS and FX).3 Following 

implementation, the Clearing House 

will from time to time adjust the 

haircuts applicable to Permitted Cover 

under the methodology set forth in the 

policy. 

The general aims of the Haircut Policy 

are to ensure that the Clearing House 

can efficiently liquidate all forms of 

Permitted Cover, that appropriate prices 

are used for valuation of Permitted 

Cover and that appropriate haircuts 

(including, as applicable, cross-currency 

haircuts) are used. The Haircut Policy 

also codifies certain general principles 

considered by the Clearing House in 

accepting assets as Permitted Cover, 

including availability of pricing 

information, the existence of liquid and 

active markets for buyers and sellers of 

those assets, the existence of sufficient 

price history, the ability to liquidate 

Permitted Cover without causing a 

market disruption, compliance with 

legal and regulatory requirements and 

sufficient operational and technological 

framework to handle deposit, 

liquidation and return of such assets as 

Permitted Cover. Cash collateral must be 

in one of several specified currencies 

underlying contracts cleared by the 

Clearing House. Additional general 

requirements apply to financial 

instruments, including prohibitions on 

acceptance of instruments that have 

non-‘‘vanilla’’ features such as 

embedded options, instruments issued 

by a Clearing Member or its affiliate, 

instruments issued by a CCP or by 

entities that provide critical services to 

the Clearing House (other than central 

banks) and certain credit-based limits. 

Such limits require that the issuer is 

rated at least ‘‘BBB¥’’ by S&P (or its 

equivalent), the average yield on the 

asset over the previous three months is 

not greater than 8%, and the 5-year CDS 

spread of the issuer has not exceeded 

500 basis points over the previous three 

months. The Haircut Policy provides 

that where market conditions warrant, 

or where the Clearing House’s sovereign 

risk model indicates deteriorating credit 

below a certain threshold (i.e., ‘‘BBB¥’’ 

by S&P), the Clearing House may 

remove securities from the list of 

Permitted Cover and/or vary applicable 

haircuts. The Clearing House will notify 

Clearing Members and other market 

participants of such actions by Circular. 

The Clearing House maintains the 

current List of Permitted Cover (along 

with haircut rates, limits and 

restrictions) on its Web site, https://

www.theice.com/publicdocs/clear_

europe/list-of-permitted-covers.pdf. 

The Haircut Policy contains a 

methodology for setting absolute limits 

on the value of non-cash Permitted 

Cover that can be posted by a Clearing 

Member. (The Clearing House does not, 

however, impose absolute or relative 

limits on the use of US Treasury 

securities as Permitted Cover.) Absolute 

collateral limits apply across a group of 

affiliated Clearing Members and apply 

across all product categories cleared by 

that group. Collateral provided by 

Sponsored Principals with the same 

sponsoring member will be included in 

all collateral limit calculations as part of 

the sponsoring member’s client account. 

The policy also sets out relative, or 

concentration, limits for Permitted 

Cover provided by a Clearing Member. 

The Clearing House publishes on its 

Web site the current absolute and 

relative limits on government bonds 

provided as Permitted Cover. For 

government bonds, the absolute limit 

generally is calculated pursuant to a 

formula based on data from the repo 

market for the relevant government 

bond, taking into account both the 

overall size of that market and the 

percentage of that market consisting of 

repos with a one day maturity. The 

policy also specifies relevant sources of 

repo market data for particular types of 

government securities (including most 

European government bonds and 

Japanese government bonds accepted by 

the Clearing House) and gold market 

data for gold Permitted Cover. The 

policy also sets out alternative 

approaches for determining the limit for 

certain government bonds, including for 

UK, Swiss and Canadian government 

bonds. The policy sets out procedures 

for monitoring of limits on a daily basis 

and for remediation of breach of a limit 

by a Clearing Member. The risk 

management department monitors all 

collateral limits on a daily basis using 

a collateral breakdown report which 

flags limit breaches. Breaches will be 

reviewed internally and the relevant 

Clearing Member will be contacted. 

Breaches can be remediated by posting 

additional collateral, removal of 

collateral that is in breach of a limit, or 

both of the above. 

The policy also provides for a riskbased reduction in absolute limits for 

government bonds based on the credit 

default swap (CDS) spread for the 

relevant issuer. Once the spread exceeds 

a specified level for a particular issuer, 

the absolute limit for Permitted 

Collateral of that issuer is reduced 

pursuant to a defined formula. If the 

spread exceeds a second level, the 

absolute limit is reduced to 5% of the 


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17134 Federal Register / Vol. 80, No. 61 / Tuesday, March 31, 2015 / Notices 

4 15 U.S.C. 78q–1. 

5 17 CFR 240.17Ad–22. 

6 15 U.S.C. 78q–1(b)(3)(F). 

otherwise applicable original limit. 

Spread levels are determined using a 

five-day average to avoid excessive 

volatility. This reduction is intended to 

mitigate wrong-way risk from 

government bond Permitted Cover. The 

specified parameters will be reviewed 

on a quarterly basis. 

Specific wrong-way risk arising in 

connection with clearing of Western 

European sovereign CDS is addressed 

through a requirement that US dollar 

denominated collateral be provided for 

initial margin and that a portion of the 

CDS Guaranty Fund be US dollar-based 

(determined based on the ratio between 

the dollar-denominated and Eurodenominated initial margin 

requirements for CDS). In addition, 

where the member’s aggregate short 

position in sovereign CDS with respect 

to a sovereign exceeds a specified 

threshold, the Clearing House may 

decline to accept government bonds of 

that sovereign or any other sovereign 

bonds that exhibit certain correlations 

with such government bonds. 

The Haircut Policy also addresses 

potential wrong-way risk arising from 

Permitted Cover more generally. The 

Clearing House monitors collateral on a 

daily basis. Where the Clearing House 

considers there to be strong general 

wrong-way risk between a Clearing 

Member and the asset it is posting, the 

Clearing House will ask the member to 

change the composition of collateral to 

mitigate that risk. 

The Haircut Policy establishes a VaRbased methodology for determining 

haircuts for Permitted Cover. The 

Clearing House calculates six different 

estimations of VaR for each applicable 

risk factor. Two estimations are based 

on a historical simulation approach 

(using a 1,000-business day 

(approximately 4 year) lookback period), 

and a one-day or two-day liquidation 

period assumption. Four estimations are 

based on a parametric methodology: 

Two using a 1,000-business day 

lookback period and a one-day or twoday liquidation period assumption, and 

two using a 60-business day 

(approximately 3 month) lookback 

period and a one-day or two-day 

liquidation period assumption. Each 

estimation is calculated using a 99.9% 

confidence interval (applicable to 

Permitted Cover posted with respect to 

all product categories). The proposed 

haircut will be based on the largest VaR 

of the 6 estimations. Fixed income 

assets are divided into separate maturity 

buckets for each issuer, with a separate 

haircut established for each bucket. The 

policy specifies relevant price sources 

that will be used for the calculation of 

haircuts for each type of Permitted 

Cover. Haircuts are determined using 

the bid prices of Permitted Cover assets, 

in order to account for higher 

liquidation costs in stressed markets. 

The model output is rounded up to the 

nearest 0.25%, in order to limit 

unnecessary variation in haircut levels. 

The applicable haircuts will be 

reviewed on a monthly basis, or more 

frequently where the risk management 

department deems it necessary. 

The risk management department may 

further adjust the haircut determined 

under the model as it determines 

prudent in light of additional qualitative 

and quantitative factors. These include 

the Clearing House’s credit assessment 

of the issuer, current market conditions 

and volatility, expected future volatility, 

the liquidity of the underlying market 

for the asset, including bid/ask spread, 

wrong way risk considerations, VaR 

estimates determined for a period of 

stressed market conditions, and other 

factors that might affect the liquidity or 

value of an asset in stressed market 

conditions. The Clearing House 

anticipates that such adjustments to the 

value calculated under the model would 

be used only in exceptional 

circumstances and would expect to use 

such adjustments to increase haircuts in 

stressed market circumstances. The 

Clearing House will make judicious use 

of current market information to 

override the model but anticipates 

exercising this ability in less than 5% of 

haircut rates. 

The Haircut Policy also sets a 

minimum haircut level of 3%, in order 

to avoid pro-cyclical variation in 

haircuts. (The minimum level will be 

reviewed annually under the Haircut 

Policy.) In addition, a haircut add-on of 

up to 1% will be applied during the 

period until the next monthly review to 

issuers presenting increased credit risk. 

The add-on is applied once the issuer’s 

CDS spread exceeds a specified level, 

and increases in steps of 0.25% up to a 

maximum of 1% where the CDS spread 

exceeds higher thresholds. The add-on 

is generally designed to anticipate 

potential haircut increases as part of the 

next monthly review cycle. 

The Clearing House also imposes 

cross-currency haircuts, which address 

the exchange rate risk faced by the 

Clearing House where the Permitted 

Cover is denominated in a different 

currency from the currency of the 

applicable margin requirement. Under 

the Haircut Policy, cross-currency 

haircuts are determined using the same 

methodology described above for other 

haircuts, but are subject to a minimum 

haircut of 4.5%. Cross-currency haircuts 

are applied in addition to any 

applicable haircut for the relevant form 

of Permitted Cover. 

Haircuts are reviewed under the 

policy on at least a monthly basis, 

although the risk department may do so 

more frequently in exceptional 

circumstances. The Clearing House 

monitors Permitted Cover on a daily and 

intraday basis. The Clearing House may, 

under its existing Rules and the Haircut 

Policy, take action to mitigate any 

change in risk, including by increasing 

haircuts, calling for additional 

collateral, reducing concentration limits 

and removing an asset from eligibility as 

Permitted Cover. The Clearing House 

monitors the value of Permitted Cover 

deposited with it on a real time basis. 

Any change in a member’s intra-day 

cover value that is greater than 3% is 

flagged immediately by the Risk 

Management intraday monitoring 

system that is monitored by the Risk 

Management team throughout the 

business day. Any breach is investigated 

and appropriate action taken where 

necessary. The Clearing House also will 

backtest haircuts based on price moves 

observed in the markets on a daily basis, 

and review haircut levels if a price 

move breaches an existing haircut. The 

Clearing House prepares daily reports 

with respect to Permitted Cover for 

purposes of internal monitoring and 

provides monthly reports to the relevant 

Risk Committees and Board Risk 

Committee. The Clearing House will 

review the Haircut Policy on an annual 

basis (which will include review by the 

Board Risk Committee) or where there is 

a material change to the risk exposure 

of the Clearing House. The Haircut 

Policy will also be independently 

reviewed annually under the Clearing 

House’s model governance framework. 

2. Statutory Basis 

ICE Clear Europe believes that the 

proposed rule change is consistent with 

the requirements of section 17A of the 

Act 4 and the regulations thereunder 

applicable to it.5 Section 17A(b)(3)(F) of 

the Act 6 requires, among other things, 

that the rules of a clearing agency be 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions and, to the extent 

applicable, derivative agreements, 

contracts, and transactions, the 

safeguarding of securities and funds in 

the custody or control of the clearing 

agency, and the protection of investors 

and the public interest. ICE Clear 

Europe is adopting the Haircut Policy to 

codify and consolidate its procedures 


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Federal Register / Vol. 80, No. 61 / Tuesday, March 31, 2015 / Notices 17135 

7 15 U.S.C. 78q–1(b)(3)(F). 8 17 CFR 200.30–3(a)(12). 

and practices concerning the 

determination of haircuts and certain 

other limitations applicable to Permitted 

Cover provided in respect of initial and 

original margin requirements. These 

limitations include establishment of 

general principles for the assets 

accepted as Permitted Cover, valuation 

of Permitted Cover, absolute and 

relative concentration limits on the 

amount of a particular bond a Clearing 

Member (including any affiliated 

Clearing Members) may provide as 

Permitted Cover as well as further 

measures designed to mitigate wrongway-risk. ICE Clear Europe believes that 

the policy provides a conservative set of 

haircuts intended to protect the Clearing 

House from a decline in collateral value 

or a change in exchange rates in 

circumstances where it is required to 

liquidate Permitted Cover following a 

Clearing Member default. In addition, 

the policy permits the Clearing House to 

respond promptly and appropriately to 

changes in market conditions by 

modifying haircuts or other limits on 

Permitted Cover. ICE Clear Europe thus 

believes that the Haircut Policy will 

enhance the stability of the clearing 

system and the Clearing House’s ability 

to manage a Clearing Member default 

and to continue to fulfill its obligations 

in a Clearing Member default scenario. 

As a result, in ICE Clear Europe’s view, 

the proposed changes will facilitate the 

prompt and accurate settlement of such 

transactions, 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 

promote the public interest and the 

protection of investors, within the 

meaning of section 17A(b)(3)(F).7

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

ICE Clear Europe does not believe the 

amendments would have any impact, or 

impose any burden, on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The Haircut 

Policy will be applicable to all Clearing 

Members with respect to assets 

provided by those members as 

Permitted Cover. ICE Clear Europe does 

not believe the adoption of the policy 

will adversely affect competition among 

Clearing Members. Furthermore, ICE 

Clear Europe does not anticipate that 

the changes will adversely affect the 

ability of market participants to clear 

contracts generally, reduce access to 

clearing generally, or limit market 

participants’ choices for clearing such 

contracts. Although it is possible that 

the application of the Haircut Policy 

will result in higher haircuts or lower 

limitations for certain categories of 

Permitted Cover, ICE Clear Europe 

believes that the policy appropriately 

tailors the haircuts and limitations to 

the particular market, liquidity and 

credit risks presented by particular 

assets as Permitted Cover. As a result, in 

ICE Clear Europe’s view, any 

incremental increase in cost of using 

certain types of Permitted Cover is 

warranted in light of the risks presented 

to the Clearing House. ICE Clear Europe 

thus believes that any impact on 

competition from the new model is 

appropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’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. ICE Clear Europe 

will notify the Commission of any 

written comments received by ICE Clear 

Europe. 

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 

the 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 (http://www.sec.gov/

rules/sro.shtml) or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

ICEEU–2015–007 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–ICEEU–2015–007. 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 such 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Europe and on ICE 

Clear Europe’s Web site at https://

www.theice.com/clear-europe/

regulation. 

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–ICEEU–2015–007 and 

should be submitted on or before April 

21, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07259 Filed 3–30–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

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: 

Regulation G.; SEC File No. 270–518; OMB 

Control No. 3235–0576. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES