Federal Register / Vol. 87, No. 70 / Tuesday, April 12, 2022 / Notices 21687 

19NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

20 15 U.S.C. 78s(b)(3)(A)(ii). 

21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’ . . .’’.19

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.20

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

CboeEDGX–2022–022 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–CboeEDGX–2022–022. 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 (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 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 

10:00 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–CboeEDGX–2022–022, and 

should be submitted on or before May 

3, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–07746 Filed 4–11–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94616; File No. SR–ICC– 

2022–003] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change Relating to the 

ICC Governance Playbook 

April 6, 2022. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on April 4, 

2022, ICE Clear Credit LLC (‘‘ICC’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared primarily by ICC. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The principal purpose of the 

proposed rule change is to revise the 

ICC Governance Playbook. These 

revisions do not require any changes to 

the ICC Clearing Rules (the ‘‘Rules’’). 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, ICC 

included statements concerning the 

purpose of and basis for the proposed 

rule change, security-based swap 

submission, or advance notice and 

discussed any comments it received on 

the proposed rule change, securitybased swap submission, or advance 

notice. The text of these statements may 

be examined at the places specified in 

Item IV below. ICC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

ICC proposes revisions to the 

Governance Playbook, which 

consolidates governance arrangements 

set forth in ICC’s Rules, operating 

agreement, and other ICC policies and 

procedures. The Governance Playbook 

contains information regarding the 

governance structure at ICC, which 

includes the Board, committees, and 

management. ICC believes the proposed 

changes will facilitate the prompt and 

accurate clearance and settlement of 

securities transactions and derivative 

agreements, contracts, and transactions 

for which it is responsible. ICC proposes 

to make such changes following 

Commission approval of the proposed 

rule change. The proposed rule change 

is described in detail as follows. 

The proposed changes consist of 

clarifications and updates regarding the 

roles and responsibilities of the ICC 

Legal Department (‘‘Legal’’) and internal 

committees involved in the governance 

process. ICC proposes to amend Section 

I, which describes the purpose of the 


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21688 Federal Register / Vol. 87, No. 70 / Tuesday, April 12, 2022 / Notices 

3 15 U.S.C. 78q–1. 

4 17 CFR 240.17Ad–22. 

5 15 U.S.C. 78q–1(b)(3)(F). 

6 Id. 

7 17 CFR 240.17Ad–22. 

8 17 CFR 240.17Ad–22(e)(2). 

9 15 U.S.C. 78q–1. 

10 Id. 

11 17 CFR 240.17Ad–22(e)(2). 

12 17 CFR 240.17Ad–22(e)(23). 

document. ICC proposes to specify that 

Legal will review and amend the 

Governance Playbook as needed when 

there are circumstances that may impact 

the governance procedures of ICC, such 

as regulatory changes or changes in 

ICC’s structure or practices. 

ICC proposes to amend Section III.H, 

which contains information on 

disclosures that ICC is required to make 

to regulators, Clearing Participants, and 

the public. ICC maintains a public 

Disclosure Framework that describes its 

material rules, policies, and procedures 

regarding its legal, governance, risk 

management, and operating framework. 

ICC proposes additional details on the 

process of updating the Disclosure 

Framework. Under the amendments, 

Legal would determine when changes to 

the Disclosure Framework are 

necessary. ICC proposes to include 

regulations applicable to Disclosure 

Framework updates and a related 

change to spell out an abbreviated term 

for consistency. ICC also proposes to 

define a material change that would 

require a Disclosure Framework update. 

Furthermore, the proposed revisions 

incorporate procedures for reporting 

Disclosure Framework changes pursuant 

to applicable regulations. 

ICC proposes to amend Section IV, 

which contains information regarding 

the roles and responsibilities of the 

various committees at ICC. Specifically, 

ICC proposes to update the membership 

composition of the Steering Committee, 

including amended titles and positions 

in order to be consistent with the 

membership composition set out in the 

Steering Committee’s charter. These 

revisions are intended for consistency 

and transparency and would remove 

outdated information regarding the 

Steering Committee’s membership 

composition from the Governance 

Playbook. They would not change the 

function of the Steering Committee, 

which continues to review, approve and 

oversee the implementation of CDS 

product launches and initiatives. 

Additionally, ICC proposes to 

incorporate the CDS Service Review, 

including its description, membership 

composition, meeting frequency, and 

relevant documents. This committee 

discusses and reviews the status of 

active ICC initiatives to report on the 

delivery process and technology 

delivery related activities (e.g., 

development, testing). This addition is 

proposed for transparency and 

completeness, as the CDS Service 

Review is not new to ICC, in order to 

ensure that the Governance Playbook 

includes all groups relevant to ICC’s 

governance process. 

(b) Statutory Basis 

ICC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act 3

and the regulations thereunder 

applicable to it, including the applicable 

standards under Rule 17Ad–22.4 In 

particular, Section 17A(b)(3)(F) of the 

Act 5 requires that the rule change be 

consistent with the prompt and accurate 

clearance and settlement of securities 

transactions and derivative agreements, 

contracts and transactions cleared by 

ICC, the safeguarding of securities and 

funds in the custody or control of ICC 

or for which it is responsible, and the 

protection of investors and the public 

interest. The proposed amendments 

consist of clarifications and updates 

regarding the roles and responsibilities 

of Legal and internal committees 

involved in the governance process. 

Additional procedures are assigned to 

Legal to ensure that the Governance 

Playbook and the Disclosure Framework 

remain up-to-date and that ICC remain 

in compliance with applicable 

regulatory requirements. Moreover, the 

proposed changes update the 

membership composition of the Steering 

Committee, including amended titles 

and positions as necessary to reflect the 

membership composition in the 

Steering Committee’s charter. The 

proposed changes also add the CDS 

Service Review, which is not a new 

committee, to promote completeness 

and ensure that the Governance 

Playbook includes all groups relevant to 

ICC’s governance process. In ICC’s view, 

the proposed amendments would 

ensure that the Governance Playbooks 

clearly and accurately sets out the 

functions and responsibilities of all 

relevant individuals and groups to 

remain effective and to ensure such 

individuals and groups carry out their 

required functions. ICC believes that the 

proposed changes promote an up-todate, transparent, and comprehensive 

Governance Playbook, thereby 

promoting governance of ICC that is 

effective and efficient and ensuring that 

ICC has clear and transparent 

governance arrangements that promote 

its safety and efficiency. As such, the 

proposed rule change is designed to 

promote the prompt and accurate 

clearance and settlement of securities 

transactions, derivatives agreements, 

contracts, and transactions; to 

contribute to the safeguarding of 

securities and funds associated with 

security-based swap transactions in 

ICC’s custody or control, or for which 

ICC is responsible; and, in general, to 

protect investors and the public interest 

within the meaning of Section 

17A(b)(3)(F) of the Act.6

The amendments would also satisfy 

relevant requirements of Rule 17Ad– 

22.7 Rule 17Ad–22(e)(2) 8 requires ICC 

to establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to provide for 

governance arrangements that, among 

other matters, are (i) clear and 

transparent; (iii) support the public 

interest requirements in Section 17A of 

the Act 9 applicable to clearing agencies, 

and the objectives of owners and 

participants; and (v) specify clear and 

direct lines of responsibility. The 

Governance Playbook documents the 

role of the Board, relevant committees, 

and management in the governance 

process to provide for clear and 

transparent governance arrangements 

that specify clear and direct lines of 

responsibility. As described above, the 

proposed changes more clearly set out 

the responsibilities of Legal and include 

updates with respect to relevant internal 

individuals and committees involved in 

the governance process, which ensures 

that these individuals and groups carry 

out their required functions. Moreover, 

these governance arrangements set out 

in the document continue to promote 

the safety and efficiency of ICC and 

support the public interest requirements 

in Section 17A of the Act 10 applicable 

to clearing agencies, and the objectives 

of owners and participants, by 

describing the roles, responsibilities, 

and required skills of relevant 

individuals and groups, thereby 

ensuring that they have the appropriate 

knowledge and skills to discharge their 

responsibilities and that ICC continues 

to provide safe and sound central 

counterparty services. As such, ICC 

believes that the proposed rule change 

is consistent with the requirements of 

Rule 17Ad–22(e)(2).11

Rule 17Ad–22(e)(23) 12 requires ICC to 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to provide for, 

among other matters, (i) publicly 

disclosing all relevant rules and 

material procedures, including key 

aspects of its default rules and 

procedures; (iv) a comprehensive public 

disclosure that describes its material 


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Federal Register / Vol. 87, No. 70 / Tuesday, April 12, 2022 / Notices 21689 

13 Id. 14 17 CFR 200.30–3(a)(12). 

rules, policies, and procedures 

regarding its legal, governance, risk 

management, and operating framework, 

accurate in all material respects at the 

time of publication; and (v) updating the 

public disclosure every two years, or 

more frequently following changes to its 

system or the environment in which it 

operates to the extent necessary to 

ensure statements previously provided 

remain accurate in all material respects. 

The Governance Playbook contains 

procedures regarding required 

disclosures to ensure that ICC publicly 

discloses relevant rules and material 

procedures. The proposed changes 

assign responsibility, reference 

applicable regulations, and include 

additional information and procedures 

regarding maintaining and updating the 

Disclosure Framework in accordance 

with relevant regulations. Such changes 

would ensure that the Disclosure 

Framework is updated accordingly and 

remains accurate in all material respects 

in compliance with applicable 

regulatory requirements. Therefore, ICC 

believes the proposed rule change is 

consistent with the requirements of Rule 

17ad–22(e)(23).13

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICC does not believe the proposed 

rule change would have any impact, or 

impose any burden, on competition. 

The proposed changes to the 

Governance Playbook will apply 

uniformly across all market participants. 

The changes consist of clarifications and 

updates regarding the roles and 

responsibilities of Legal and internal 

committees involved in the governance 

process to promote clarity, consistency, 

and completeness in respect of the 

information provided in the Governance 

Playbook. Moreover, ICC does not 

believe these amendments would affect 

the costs of clearing or the ability of 

market participants to access clearing. 

Therefore, ICC does not believe the 

proposed rule change would impose any 

burden on competition that is 

inappropriate in furtherance of the 

purposes of the Act. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change, From Members, Participants or 

Others 

Written comments relating to the 

proposed rule change have not been 

solicited or received. ICC will notify the 

Commission of any written comments 

received by ICC. 

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

ICC–2022–003 on the subject line. 

Paper Comments 

Send paper comments in triplicate to 

Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–ICC–2022–003. 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 (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 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 

10:00 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 Credit and on ICE 

Clear Credit’s website at https://

www.theice.com/clear-credit/regulation. 

All comments received will be posted 

without change. Persons submitting 

comments are cautioned that we do not 

redact or edit personal identifying 

information from comment submissions. 

You should submit only information 

that you wish to make available 

publicly. All submissions should refer 

to File Number SR–ICC–2022–003 and 

should be submitted on or before May 

3, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–07747 Filed 4–11–22; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 11712] 

Notice of Public Meeting 

SUMMARY: As required by the Federal 

Advisory Committee Act, the 

Department of State gives notice of a 

meeting of the Advisory Committee on 

International Postal and Delivery 

Services. This Committee will meet 

virtually on Wednesday, April 27, 2022, 

from 1:00 p.m. to 5:00 p.m. Eastern 

Time, hosted on a Zoom platform, as 

follows: 

Meeting 

https://statedept.zoomgov.com/j/ 

1617289259?pwd=VnA1Q1ZIS0Ir

NlZFN0FHV2FGT0l5QT09 

Meeting ID: 161 728 9259 

Passcode: 123456 

One tap mobile 

+16692545252, 1617289259# US (San 

Jose) 

+16468287666, 1617289259# US (New 

York) 

Dial by your location 

+1 669 254 5252 US (San Jose) 

+1 646 828 7666 US (New York) 

+1 669 216 1590 US (San Jose) 

+1 551 285 1373 US 

Members of the public interested in 

providing input to the meeting should 

contact Mr. Tom Moore, whose contact 

information is listed below (see the FOR

FURTHER INFORMATION section of this 

notice). Individuals providing oral input 

are requested to limit their comments to 

five minutes. Requests to be added to 

the speakers list must be received in 

writing (by email) prior to the close of 


khammond on DSKJM1Z7X2PROD with NOTICES