20058 Federal Register / Vol. 80, No. 71 / Tuesday, April 14, 2015 / Notices 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 34–73980 

(Jan. 5, 2015), 80 FR 1466 (Jan. 9, 2015) (SR–ICC– 

2014–24). 

4Securities Exchange Act Release No. 34–74341 

(Feb. 20, 2015), 80 FR 10551 (Feb. 26, 2015) (SR– 

ICC–2014–24). 

Factory, Inc. (The) is no longer an 

operating business. Dream Factory, Inc. 

(The) was a Nevada corporation based 

in Texas. The company is quoted on 

OTC Link under the ticker symbol 

DRMF. 

6. It appears to the Securities and 

Exchange Commission that Dynatem, 

Inc. has been taken private. Dynatem, 

Inc. is a California corporation based in 

California. The company is quoted on 

OTC Link under the ticker symbol 

DYTM. 

7. It appears to the Securities and 

Exchange Commission that Employers 

General Insurance Group is no longer an 

operating business. Employers General 

Insurance Group is a Delaware 

corporation based in Texas. The 

company is quoted on OTC Link under 

the ticker symbol EGIG. 

8. It appears to the Securities and 

Exchange Commission that K-tel 

International, Inc. has been taken 

private. K-tel International, Inc. is a 

Minnesota corporation based in Canada. 

The company is quoted on OTC Link 

under the ticker symbol KTLI. 

9. It appears to the Securities and 

Exchange Commission that Maintenance 

Depot, Inc. is no longer an operating 

business. Maintenance Depot, Inc. was a 

Florida corporation based in Florida. 

The company is quoted on OTC Link 

under the ticker symbol MDPO. 

10. It appears to the Securities and 

Exchange Commission that Manifold 

Capital Corp. is no longer an operating 

business. Manifold Capital Corp. was a 

Delaware corporation based in New 

York. The company is quoted on OTC 

Link under the ticker symbol MANF. 

11. It appears to the Securities and 

Exchange Commission that McM Corp. 

has been taken private. McM Corp. is a 

North Carolina corporation based in 

North Carolina. The company is quoted 

on OTC Link under the ticker symbol 

MMOR. 

12. It appears to the Securities and 

Exchange Commission that Mt. Carmel 

Public Utility Co. has been taken 

private. Mt. Carmel Public Utility Co. is 

an Illinois corporation based in Illinois. 

The company is quoted on OTC Link 

under the ticker symbol MCPB. 

13. It appears to the Securities and 

Exchange Commission that Muskoka 

Flooring Corp. is no longer an operating 

business. Muskoka Flooring Corp. was a 

Delaware corporation based in 

Delaware. The company is quoted on 

OTC Link under the ticker symbol 

MSKA. 

14. It appears to the Securities and 

Exchange Commission that National 

Investment Managers, Inc. has been 

taken private. National Investment 

Managers, Inc. is a Florida corporation 

based in Ohio. The company is quoted 

on OTC Link under the ticker symbol 

NIVM. 

15. It appears to the Securities and 

Exchange Commission that Naylor Pipe 

Co. has been taken private. Naylor Pipe 

Co. is an Illinois corporation based in 

Illinois. The company is quoted on OTC 

Link under the ticker symbol NAYP. 

16. It appears to the Securities and 

Exchange Commission that Omega 

Ventures, Inc. is no longer an operating 

business. Omega Ventures, Inc. was a 

Nevada corporation based in Florida. 

The company is quoted on OTC Link 

under the ticker symbol OMVN. 

17. It appears to the Securities and 

Exchange Commission that On Stage 

Entertainment, Inc. has been taken 

private. On Stage Entertainment, Inc. is 

a Nevada corporation based in Nevada. 

The company is quoted on OTC Link 

under the ticker symbol ONST. 

18. It appears to the Securities and 

Exchange Commission that Pachinko 

World, Inc. is no longer an operating 

business. Pachinko World, Inc. was a 

Nevada corporation based in California. 

The company is quoted on OTC Link 

under the ticker symbol PCHW. 

19. It appears to the Securities and 

Exchange Commission that Polyair Inter 

Pack Inc. has been taken private. Polyair 

Inter Pack Inc. is a Canadian entity 

based in Canada. The company is 

quoted on OTC Link under the ticker 

symbol PPKZ. 

20. It appears to the Securities and 

Exchange Commission that Setech, Inc. 

has been taken private. Setech, Inc. is a 

Delaware corporation based in 

Tennessee. The company is quoted on 

OTC Link under the ticker symbol 

SETC. 

21. It appears to the Securities and 

Exchange Commission that Seven J 

Stock Farm, Inc. has been taken private. 

Seven J Stock Farm, Inc. is a Texas 

corporation based in Texas. The 

company is quoted on OTC Link under 

the ticker symbol SVJJ. 

22. It appears to the Securities and 

Exchange Commission that TransCor 

Waste Services, Inc. has been taken 

private. TransCor Waste Services, Inc. is 

a Florida corporation based in Florida. 

The company is quoted on OTC Link 

under the ticker symbol TRCW. 

23. It appears to the Securities and 

Exchange Commission that Valley 

Systems, Inc. (VSI Liquidation Corp.) is 

no longer an operating business. Valley 

Systems, Inc. (VSI Liquidation Corp.) 

was a Delaware corporation based in 

Georgia. The company is quoted on OTC 

Link under the ticker symbol VSLC. 

24. It appears to the Securities and 

Exchange Commission that World 

Racing Group, Inc. has been taken 

private. World Racing Group, Inc. is a 

Delaware corporation based in North 

Carolina. The company is quoted on 

OTC Link under the ticker symbol 

WRGP. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

companies. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of the above-listed companies 

is suspended for the period from 9:30 

a.m. EDT on April 10, 2015, through 

11:59 p.m. EDT on April 23, 2015. 

By the Commission. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–08621 Filed 4–10–15; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74685; File No. SR–ICC– 

2014–24] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Order Granting 

Approval of Proposed Rule Change To 

Revise the ICC Risk Management 

Framework 

April 8, 2015. 

I. Introduction 

On December 22, 2014, ICE Clear 

Credit LLC (‘‘ICC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change SR–ICC–2014–24 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 January 9, 

2015.3 On February 20, 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 April 9, 2015.4 The 

Commission received no comment 

letters regarding the proposed change. 

For the reasons discussed below, the 

Commission is granting approval of the 

proposed rule change. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 71 / Tuesday, April 14, 2015 / Notices 20059 

5Commission Delegated Regulation (EU) No. 153/ 

2013 of 19 December 2012 Supplementing 

Regulation (EU) No. 648/2012 of the European 

Parliament and of the Council with regard to 

Regulatory Technical Standards on Requirements 

for Central Counterparties (the ‘‘Regulatory 

Technical Standards’’). 

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

7 15 U.S.C. 78q–1(b)(3)(F). 

II. Description of the Proposed Rule 

Change 

ICC proposes revising the ICC Risk 

Management Framework to incorporate 

risk model enhancements related to 

Recovery Rate Sensitivity Requirements 

(‘‘RRSR’’), anti-procyclicality, and ICC’s 

Guaranty Fund (‘‘GF’’) allocation 

methodology. ICC also proposes 

revisions which are intended to remove 

obsolete references and ensure 

consistency. 

ICC proposes revising its Risk 

Management Framework to incorporate 

risk model parameter estimation 

enhancements related to the RRSR 

computations. ICC states that under its 

current ICC Risk Management 

Framework, recovery rate stress 

scenarios are explicitly incorporated in 

the RRSR computations and for Jumpto-Default (‘‘JTD’’) considerations. The 

quantity RRSR is designed to capture 

fluctuations due to potential changes of 

the market expected recovery rates. In 

calculating the RRSR, all instruments 

belonging to a Risk Factor (‘‘RF’’) or 

Risk Sub-Factor (‘‘RSF’’) are subjected to 

Recovery Rate (‘‘RR’’) stress scenarios to 

obtain resulting Profit/Loss (‘‘P/L’’) 

responses, and the worst scenario 

response is chosen for the estimation of 

the RF/RSF RRSR. The JTD analysis is 

designed to capture the unexpected 

potential losses associated with credit 

events for assumed single-name-specific 

set of RR stress values. The JTD 

responses are determined by using 

minimum and maximum RR levels. 

Currently, the RRSR and JTD 

computations use the same RR stress 

levels. 

ICC proposes separating the RR stress 

levels for these two computations in 

order to introduce more dynamic and 

appropriate estimations of the RR stress 

levels for RRSR purposes. According to 

ICC, the RR levels for RRSR purposes 

will reflect a 5-day 99% Expected 

Shortfall (‘‘ES’’) equivalent risk measure 

associated with RR fluctuations. The 

proposal will also, as stated by ICC, 

eliminate index RRSR, as index RRs are 

not subject to market uncertainty, but 

rather driven by market conventions. 

ICC states that the dynamic feature of 

the RR stress level estimations is 

achieved by analyzing historical time 

series of RRs in order to calibrate a 

statistical model with a time varying 

volatility. Under this approach, ICC 

calculates, the RRSR will capture the 

exposure to RR fluctuations over a 5-day 

risk horizon described by 99% ES 

equivalent risk measure. 

Additionally, ICC proposes revising 

its Risk Management Framework to 

incorporate a portfolio level antiprocyclicality analysis that features 

price changes observed during and 

immediately after the Lehman Brothers 

(‘‘LB’’) default. In order to achieve an 

anti-procyclicality of Spread Response 

requirements, ICC proposes 

consideration of explicit price scenarios 

derived from the greatest price decrease 

and increase during and immediately 

after the LB default. According to ICC, 

these scenarios capture the default of a 

major participant in the credit market 

and the market response to the event. 

The introduced scenarios are defined in 

price space to maintain the stress 

severity during periods of low credit 

spread levels and high price when the 

Spread Response requirements 

computed under the current framework 

are expected to be lower. 

Further, as explained by ICC, the 

price scenarios derived from the greatest 

price decrease and increase during and 

immediately after the LB default are 

explicitly incorporated into the GF 

sizing to ensure an anti-procyclical GF 

size behavior. ICC states that this 

enhancement also addresses a 

regulatory requirement as described in 

Article 30 of the Regulatory Technical 

Standards,5 European Market 

Infrastructure Regulations. 

Furthermore, ICC proposes 

enhancements to its GF allocation 

methodology. Currently, ICC states that 

the GF allocations reflect a risk ‘‘silo’’ 

approach, which separates each GF risk 

component. Under the current 

methodology, the allocation of GF 

reflects the Clearing Participants’ 

(‘‘CPs’’) own riskiness in proportion to 

each GF risk component size and the 

increase or decrease of the ‘‘silo’’ size. 

Therefore, GF allocations can 

significantly fluctuate in response to 

position changes in the portfolios of the 

CPs that drive the GF size. ICC proposes 

modifying its methodology so that the 

GF allocations reflect the CPs’ total 

uncollateralized losses across all GF risk 

components. According to ICC, under 

the proposed approach, the GF 

allocations are independent of the 

distribution of the uncollateralized 

losses across various GF risk 

components or ‘‘silos’’ and the 

fluctuation of each CP’s uncollateralized 

losses within various GF risk 

components or ‘‘silos.’’ Additionally, 

ICC added clarifying language regarding 

how the GF computations are performed 

with explicit currency dependent 

expressions. 

ICC also proposes certain nonsubstantive changes to the Risk 

Management Framework to address 

CFTC recommendations. Specifically, 

ICC proposes amending the Risk 

Management Framework to reflect ICC’s 

current approach towards portfolio 

diversification, by unifying 

diversification and hedge thresholds 

and explicitly setting both to be equal to 

the lowest estimated sector Kendall Tau 

correlation coefficient. ICC also 

proposes clarifying language regarding 

how ICC meets its liquidity 

requirements. 

Additionally, ICC proposes nonsubstantive changes throughout the 

framework to correct obsolete 

references. Specifically, ICC is removing 

language stating that the Chief Risk 

Officer is a dual employee of both ICC 

and its sister company, The Clearing 

Corporation. ICC is also removing 

language stating that The Clearing 

Corporation is the provider of risk 

management services to ICC. 

Furthermore, ICC is removing references 

to the ‘‘U.K. Financial Services 

Authority’’ and replacing with 

references to the ‘‘U.K. Prudential 

Regulatory Authority.’’ Finally, ICC is 

adding ‘‘The European Securities and 

Markets Authority’’ to the sample list of 

competent authorities for capital 

adequacy regulation listed in the 

framework. 

ICC also proposes non-substantive 

changes throughout the Risk 

Management Framework to ensure 

consistency. ICC is updating the mission 

statement contained within the 

document to be consistent with ICC’s 

Board-approved mission statement. 

Also, ICC is modifying the frequency by 

which the Risk Department monitors 

various risk metrics from a quarterly 

basis to a monthly basis to reflect actual 

business practices. 

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 the Commission finds 

that such proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to such selfregulatory 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 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
20060 Federal Register / Vol. 80, No. 71 / Tuesday, April 14, 2015 / Notices 

8 15 U.S.C. 78q–1. 

9 17 CFR 240.17Ad–22. 

10 15 U.S.C. 78q–1(b)(3)(F). 

11 17 CFR 240.17Ad–22(b)(1), (2) and (3). 

12 15 U.S.C. 78q–1. 

13 15 U.S.C. 78s(b)(2). 

14 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). 

15 17 CFR 200.30–3(a)(12). 

settlement of securities transactions 

and, to the extent applicable, derivative 

agreements, contracts, and transactions 

and, in general, to protect investors and 

the public interest. 

The Commission finds that the 

proposed rule change is consistent with 

Section 17A of the Act 8 and the rules 

thereunder applicable to ICC, including 

the requirements of Rule 17Ad–22.9 The 

Commission believes that the part of the 

proposal separating the RR stress levels 

for the JTD and RRSR computations 

would use a more robust and 

quantitative driven approach for 

establishing the RR stress scenarios, 

resulting in more dynamic and 

appropriate estimations of the RR stress 

levels for RRSR purposes. The 

Commission finds that the incorporation 

of the Lehman Brothers default price 

scenarios into the computation of the 

Spread Response requirements 

enhances the anti-procyclical feature of 

ICC’s risk methodology. The 

Commission further finds that the 

proposed rule change that modifies the 

current GF allocation methodology to 

reflect the CPs’ total uncollateralized 

losses across all GF components 

regardless of the fluctuation of the CPs’ 

uncollateralized losses with respect to 

each GF component would result in 

more stable attributions of GF 

contributions to individual CP/client 

portfolios. Finally, the Commission 

finds that the proposed non-substantive 

and clarification changes are each 

designed to more accurately reflect 

ICC’s current practices. 

Therefore, the Commission believes 

that the proposal is designed to promote 

the prompt and accurate clearance and 

settlement of securities transactions and 

derivative agreements, contracts and 

transactions cleared by ICC and, in 

general, to protect investors and the 

public interest, consistent with Section 

17A(b)(3)(F) of the Act 10 and Rules 

17Ad–22(b)(1), (2) and (3).11

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 12 and the rules and regulations 

thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,13 that the 

proposed rule change (File No. SR–ICC– 

2014–24) be, and hereby is, approved.14

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08455 Filed 4–13–15; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Surrender of License of Small 

Business Investment Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration under the Small 

Business Investment Act of 1958, as 

amended, under Section 309 of the Act 

and Section 107.1900 of the Small 

Business Administration Rules and 

Regulations (13 CFR 107.1900) to 

function as a small business investment 

company under the Small Business 

Investment Company License No. 03/

03–0252 issued to MidCap Financial 

SBIC, L.P., said license is hereby 

declared null and void. 

United States Small Business 

Administration. 

Dated: April 8, 2015. 

Javier E. Saade, 

Associate Administrator for Investment and 

Innovation. 

[FR Doc. 2015–08504 Filed 4–13–15; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF STATE 

[Public Notice: 9097] 

30-Day Notice of Proposed Information 

Collection: Evacuee Manifest and 

Promissory Note 

ACTION: Notice of request for public 

comment and submission to OMB of 

proposed collection of information. 

SUMMARY: The Department of State has 

submitted the information collection 

described below to the Office of 

Management and Budget (OMB) for 

approval. In accordance with the 

Paperwork Reduction Act of 1995 we 

are requesting comments on this 

collection from all interested 

individuals and organizations. The 

purpose of this Notice is to allow 30 

days for public comment. 

DATE(S): Submit comments directly to 

the Office of Management and Budget 

(OMB) up to May 14, 2015. 

ADDRESSES: Direct comments to the 

Department of State Desk Officer in the 

Office of Information and Regulatory 

Affairs at the Office of Management and 

Budget (OMB). You may submit 

comments by the following methods: 

• Email: oira_submission@

omb.eop.gov. You must include the DS 

form number, information collection 

title, and the OMB control number in 

the subject line of your message. 

• Fax: 202–395–5806. Attention: Desk 

Officer for Department of State. 

FOR FURTHER INFORMATION CONTACT: 

Direct requests for additional 

information regarding the collection 

listed in this notice, including requests 

for copies of the proposed collection 

instrument and supporting documents, 

to Derek Rivers, Bureau of Consular 

Affairs, Overseas Citizens Services (CA/ 

OCS/PMO), U.S. Department of State, 

SA–17, 10th Floor, Washington, DC 

20036 or at RiversDA@state.gov. 

SUPPLEMENTARY INFORMATION: 

• Title of Information Collection: 

Evacuee Manifest and Promissory Note. 

• OMB Control Number: 1405–0211. 

• Type of Request: Extension of a 

currently approved collection. 

• Originating Office: Bureau of 

Consular Affairs, Overseas Citizens 

Services (CA/OCS). 

• Form Number: DS–5528. 

• Respondents: U.S. citizens, U.S. 

non-citizen nationals, lawful permanent 

residents, and third country nationals 

applying for emergency loan assistance 

during an evacuation. 

• Estimated Number of Respondents: 

525. 

• Estimated Number of Responses: 

525. 

• Average Hours per Response: 20 

minutes. 

• Total Estimated Burden: 175 hours. 

• Frequency: On Occasion. 

• Obligation to Respond: Required to 

Obtain Benefits. 

We are soliciting public comments to 

permit the Department to: 

• Evaluate whether the proposed 

information collection is necessary for 

the proper functions of the Department. 

• Evaluate the accuracy of our 

estimate of the time and cost burden for 

this proposed collection, including the 

validity of the methodology and 

assumptions used. 

• Enhance the quality, utility, and 

clarity of the information to be 

collected. 

• Minimize the reporting burden on 

those who are to respond, including the 

use of automated collection techniques 


asabaliauskas on DSK5VPTVN1PROD with NOTICES