Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 22273 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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– 

CboeEDGA–2022–007 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–CboeEDGA–2022–007. 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 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. 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– 

CboeEDGA–2022–007, and should be 

submitted on or before May 5, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–07949 Filed 4–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94649; File No. SR–ICEEU– 

2022–008] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

of Proposed Rule Change Relating to 

Amendments to the ICE Clear Europe 

Operational Risk Management Policy 

and Risk Identification Framework 

April 8, 2022. 

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 31, 

2022, ICE Clear Europe Limited (‘‘ICE 

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

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule changes 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. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The principal purpose of the 

proposed amendments is for ICE Clear 

Europe to (i) modify its Operational Risk 

Management Policy (the ‘‘Operational 

Risk Management Policy’’) to update the 

Clearing House’s operational risk 

management practices, and (ii) adding 

to the Clearing House’s rule framework 

the Risk Identification Framework 

(‘‘Risk Identification Framework’’) 

which is a document that provides ICE 

Clear Europe with a structure to explore, 

identify and monitor risks. The updates 

would also make certain other 

amendments to remove outdated 

provisions and to make certain other 

non-substantive amendments. 

II. Clearing Agency’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 and discussed 

any comments it received on 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) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

ICE Clear Europe is proposing to 

amend its Operational Risk Management 

Policy to make certain clarifications and 

enhancements to (i) ICE Clear Europe’s 

approach to remediating identified 

control vulnerabilities and monitoring, 

(ii) transition to dynamic risk 

assessment where each risk would be 

assessed at least annually via a rolling 

review process, and (iii) the operational 

risk review process by linking it with 

the Enterprise Risk Register (described 

further below), as well as descriptive 

updates to the Enterprise Risk Register. 

The appendices to the Operational Risk 

Management Policy would also be 

updated to provide certain additional 

descriptive detail relating to current 

practices, including titles and impact 

guidelines and guidance charts in 

Appendix C. Various other 

typographical, clarificatory and stylistic 

improvements would also be made. 

ICE Clear Europe is also proposing to 

add to the Clearing House’s set of rules 

the Risk Identification Framework 

which would provide the Board with a 

structure to assist it in exploring, 

identifying and monitoring risks, as 

described below. 

I. Operational Risk Management Policy 

The overall description of operational 

risk management contained in Section 3 

would be clarified to include 

management as well as identification, 

management [sic], monitoring and 

reporting of risk. The same section 

would also provide that risks would be 

documented within the Enterprise Risk 

Register. 

Section 3.1 (previously titled ‘‘Risk 

Identification’’) would be deleted in its 

entirety and replaced with a new 

section titled ‘‘Enterprise Risk Register’’. 

The section would describe the 

Enterprise Risk Register (attached to the 

policy as Appendix A, and also referred 

to as the Risk Register Dashboard) 

which would serve as an inventory of 

the material risks faced by the Clearing 

House, incorporating the Risk 

Taxonomy (as discussed below). The 

section would also describe the purpose 

of the Enterprise Risk Register, which 

would be to strengthen the businesses’ 

understanding of their risks and allow 

them to demonstrate to the relevant risk 

committees and the Board that the risks 

are managed. The section would also 

describe the responsibilities with 

respect to the Enterprise Register, 

including that the Risk Owners would 

be responsible for updating and 


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22274 Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 

3The risk level (Level 1, 2 or 3) represents a 

hierarchy of risks with Level 3 being the level at 

which risks are assessed by the relevant Risk 

Owners. Level 1 and 2 risks are aggregated from 

Level 3 risk ratings and are listed in the Enterprise 

Risk Register. 

maintaining their assigned risks in the 

Enterprise Risk Register, as well as 

discuss the responsibilities of the Risk 

Oversight Department (‘‘ROD’’), the 

Executive Risk Committee (‘‘ERC’’) and 

the Board Risk Committee (‘‘BRC’’). The 

section would also describe the register 

(as attached as Appendix A to the 

policy) which would be a dynamically 

updated living statement of the Clearing 

House’s risks that form part of the ERC 

and BRC standing agenda. Each risk 

would be assessed at least annually 

through a rolling review process. 

Section 3.2 (Risk Assessment) would 

be updated to describe the following 

five components for facilitating the 

effective management of enterprise risk: 

(1) Risk Identification, (2) Level 3 Risk 

Assessment,3 (3) Risk Management, (4) 

Risk Monitoring and (5) Risk Reporting, 

as described further below. Stylistic and 

formatting updates would be made to 

this section to clarify that the five 

aforementioned components fall under 

the umbrella of risk assessment. 

Firstly, a new subsection 3.2.1 (Risk 

Identification) would be added and 

would describe risk identification as the 

process by which each department 

identifies risks which should be 

documented within the Risk Taxonomy 

and the Enterprise Risk Register. The 

Risk Taxonomy is the list of risks that 

the Clearing House is exposed to which 

is reviewed annually for completeness; 

those risks (and the related control 

assessment of those risks) are reflected 

in the Enterprise Risk Register. The 

amendments would also add that the 

risk identification could be performed 

more frequently than annually as part of 

a dynamic update. 

The substance of previous Section 3.3 

(Risk Response) would be replaced by 

new subsections 3.2.2, 3.2.3 and 3.2.3, 

as described herein. However, the 

ownership and nature of the Clearing 

House’s risk responses would be 

substantively unchanged. New 

subsection 3.2.2. (Control Assessment) 

would provide descriptions of the 

Clearing House’s risk assessment 

policies and processes, including the 

roles of Risk Owners. Risk Owners 

would be required to assess the 

expected level of mitigation that each 

control is expected to provide (High/ 

Medium/Low—more information would 

be provided in Appendix D), as well as 

the effectiveness of each control 

(Satisfactory/Needs Improvement/ 

Unsatisfactory). Key controls would be 

considered for control monitoring to 

further review effectiveness of controls. 

The amendments provide that the 

control assessment process should be 

performed at least once a year or more 

frequently as part of a dynamic control 

assessment. Dynamic control 

assessments would be performed to 

reflect material risk changes. Enterprise 

Risk Management (‘‘ERM’’) would be 

responsible for providing review and 

challenge of the Risk Owners control 

assessment. The ‘Worst-of Principle’ 

would be applied to Level 1 and 2 

ratings, where the parent overall control 

rating would adopt the ‘worst-of’ overall 

control rating of the level below. 

The subsection describing the 

Clearing House’s risk assessment 

processes (now Section 3.2.3) would be 

updated to provide the role of inherent 

and residual risk assessments (attached 

as Appendix C to the policy). In the 

absence of mitigating controls risks 

identified are assessed by Risk Owners 

on an Inherent Risk basis and a Residual 

Risk basis (taking into consideration 

mitigating controls) at Level 3. To 

determine the Residual Risk, Risk 

Owners would take account of key risk 

data points. 

The risk assessment process would be 

performed at least once a year through 

a rolling review process or more 

frequently as part of a dynamic risk 

assessments which are performed to 

reflect material risk changes. ERM 

would be responsible for providing 

review and challenge of the Risk 

Owners risk assessment. The ‘Worst-of 

Principle’ would be applied to Level 1 

and 2 ratings, where the Parent Overall 

Control Rating would adopt the ‘worstof’ rating of the level below across both 

inherent and residual risk. 

New subsection 3.2.4 (Risk 

Management) would describe the 

Clearing House’s risk management 

policies. Residual risks above agreed 

thresholds would require remediation 

actions to address the control 

vulnerability and reduce the level of 

residual risk to an acceptable level. 

Such thresholds refer to the Boardapproved risk appetite metrics which 

are currently set as Medium (see 

Appendix B for Risk Assessment 

Ratings Grid). Any Risks assessed by the 

Risk Owners as High or Very High 

would require remediation actions, 

which will depend on the particular 

circumstances and risks involved. 

Proposed remediations would be 

escalated to senior management and 

applicable risk committees or Board. In 

certain circumstances, risk acceptance 

may be deemed appropriate dependent 

upon the Clearing House’s risk appetite 

and Board approval. Recommendations 

would be assigned a priority rating and 

remediation timeline as a function of 

the expected level of risk mitigation and 

the control effective rating (attached as 

Appendix E). Remediation 

recommendations would be entered in 

the Issue Problems and Threat workflow 

unless already formally tracked. 

The section describing risk 

monitoring (now subsection 3.2.5) 

would be updated to provide that in 

order to ensure that controls identified 

during the assessment are operating 

effectively and performing in line with 

the assessed control ratings; the Clearing 

House would perform periodic control 

monitoring on controls considered as 

‘‘Key’’ which would be ‘‘High’’ 

mitigating controls mapped against 

‘‘Very High’’ or ‘‘High’’ Inherent Risks. 

ERM would coordinate with the First, 

Second and Third Lines to develop 

control monitoring plans for key 

controls (described further in Appendix 

D). 

Additionally, a new paragraph would 

be added providing that to ensure that 

key controls identified during the 

assessment are operating effectively, the 

Clearing House would perform control 

monitoring, and include a description of 

such processes. Control monitoring 

would be performed by either the First 

Line (Clearing Risk Team), the Second 

Line (Risk Oversight Department), the 

Clearing House’s internal audit team or 

independent third parties. The results 

would be reviewed by the Chief Risk 

Officer and presented to the senior 

management team and other governance 

committees as appropriate. 

The amendments would provide that 

Risk Owners would monitor operational 

risks on an on-going rather than a daily 

basis. They would also clarify that the 

Risk Oversight Department (‘‘ROD’’) 

would monitor risks daily or monthly 

(rather than only daily) and would 

monitor operational incidents raised by 

the Risk Owners. 

The section describing risk reporting 

(now subsection 3.2.6) would be revised 

to include a new paragraph that 

describes the approval process for the 

Enterprise Risk Register as being 

approved monthly at each ERC and 

reported to each BRC and Board 

meeting. Stylistic changes would also be 

made to this section to replace certain 

terms with their acronym in order to aid 

with readability. Additionally, 

information regarding the roles of the 

Board, ERC and other groups that has 

been moved to other sections the 

document would be deleted from this 

section in order to avoid 

superfluousness. 

Section 4.3 (Oversight of the Policy) 

would be updated to provide that the 


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Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 22275 

4 15 U.S.C. 78q–1. 

5 15 U.S.C. 78q–1(b)(3)(F). 

6 15 U.S.C. 78q–1(b)(3)(F). 

7 17 CFR 240.17Ad–22. 

8 17 CFR 240.17Ad–22(e)(3)(i). 

9 17 CFR 240.17Ad–22(e)(3)(i). 

10 17 CFR 240.17Ad–22(e)(2)(i). 

11 17 CFR 240.17Ad–22(e)(2)(v). 

12 17 CFR 240.17Ad–22(e)(2). 

document would be subject to the 

oversight of the ROD (and not also the 

Audit Committee). 

Descriptive titles would be added to 

the appendices in order to aid with 

readability. Additionally, a table would 

be added to Appendix C that would 

describe the meaning of certain impact 

guidelines (severe/major/moderate/ 

minor/incidental), the numerical score 

assigned to such guidelines, and the 

guidance applied with respect to the 

risk posed to such impact. A description 

would be added to Appendix G—Risk 

Mitigation to provide that the 

methodology to determine ICE Clear 

Europe’s residual risk involves assessing 

the impact of ICE Clear Europe’s control 

landscape on its inherent risks as shows 

by the matrix set out in the appendix. 

II. Risk Identification Framework 

The amendments would include the 

formal adoption of the Risk 

Identification Framework that are 

intended to formalize certain practices 

relating to the identification of risks. 

Section 1 (Introduction) of the Risk 

Identification Framework would 

provide an overarching description of 

the document and its purpose. The 

purpose of the Risk Identification 

Framework is to provide the Board with 

a structure to explore, identify and 

monitor risks as well as ensure that risk 

tolerance is articulated and 

documented, with responsibilities and 

accountabilities clearly assigned, as 

described further below. This 

framework would also support the 

Board in risk avoidance, mitigation or 

acceptance. 

Section 2 (Components of the Risk 

Identification Framework) would 

describe the four components of the 

Risk Identification Framework: Risk 

Taxonomy, which provides a single 

universal risk structure, terminology 

and hierarchy; Enterprise Risk Register, 

which serves as an inventory of the 

material risks faced by the Clearing 

House; Risk Assessment, which requires 

risk owners to rate inherent risk, overall 

control rating and residual risk for each 

level 3 risk; and Emerging Risk 

Assessment, which facilitates ongoing 

identification, discussion and mitigation 

of emerging risks as Board and 

executive level. The subsections that 

follow would provide further 

descriptions of each component and the 

responsibilities and frequency relating 

to review of each. 

Section 3 (Review and Governance) 

would describe the documentation 

ownership and governance processes in 

respect of the Risk Identification 

Framework. The document would be 

owned by the Chief Risk Officer, any 

material changes to the document 

would require Executive Risk 

Committee and Board Approval. The 

Executive Risk Committee and Board 

would review the Risk Identification 

Framework annually. 

The appendices referenced 

throughout the document would follow 

and would include appendices 

providing for a risk register dashboard, 

rating guidance impact and likelihood 

and emerging business risks. 

(b) Statutory Basis 

ICE Clear Europe believes that the 

proposed amendments to the 

Operational Risk Management Policy 

and the adoption of the Risk 

Identification Framework are consistent 

with the requirements of Section 17A of 

the Act 4 and the regulations thereunder 

applicable to it. In particular, Section 

17A(b)(3)(F) of the Act 5 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 or for which it is responsible, 

and the protection of investors and the 

public interest. 

The proposed changes to the 

Operational Risk Management Policy 

and the adoption of the Risk 

Identification Framework are designed 

to strengthen ICE Clear Europe’s tools to 

manage the risk of losses resulting from 

operational errors or failures. The 

amendments and adoption would 

update and clarify the processes, 

controls and escalations with respect to 

the testing and reviewing of the Clearing 

House’s operations as well as outline 

the responsibilities of the Clearing 

House’s committees, management and 

the Board in relation to each document. 

Through better managing risks in 

operational failure scenarios providing 

the policies and framework to identify, 

manage and monitor such risks, the 

proposed amendments to the 

Operational Risk Management Policy 

and the adoption of the Risk 

Identification Framework would 

promote the stability of the Clearing 

House and the prompt and accurate 

clearance and settlement of cleared 

contracts. The enhanced risk 

management is therefore also generally 

consistent with the protection of 

investors and the public interest in the 

safe operation of the Clearing House. 

(ICE Clear Europe would not expect the 

amendments to affect the safeguarding 

of securities and funds in ICE Clear 

Europe’s custody or control or for which 

it is responsible.) Accordingly, the 

amendments satisfy the requirements of 

Section 17A(b)(3)(F).6

The amendments to the Operational 

Risk Management Policy and the 

adoption of the Risk Identification 

Framework are also consistent with 

relevant provisions of Rule 17Ad–22.7

Rule 17Ad–22(e)(3)(i) provides that 

‘‘[e]ach covered clearing agency shall 

establish, implement, maintain and 

enforce written policies and procedures 

reasonable designed to, as applicable 

[. . .] identify, measure, monitor and 

manage the range of risks that arise in 

or are borne by the covered clearing 

agency’’.8 As set forth above, the 

amendments to the Operational Risk 

Management Policy are intended to 

clarify and enhance the Clearing 

House’s policies and practices that 

address operational and other risks, 

including with respect to the ongoing 

review, categorization and assessment of 

risks faced by the Clearing House. The 

adoption of the Risk Identification 

Framework would assist the Board in 

evaluation of risks and consequently 

facilitate risk avoidance, mitigation or 

acceptance by the Clearing House. The 

amendments would thus strengthen the 

management of operational risks and 

risk management more generally. In ICE 

Clear Europe’s view, the amendments 

are therefore consistent with the 

requirements of Rule 17Ad–22(e)(3)(i).9

Rule 17Ad–22(e)(2) provides that 

‘‘[e]ach covered clearing agency shall 

establish, implement, maintain and 

enforce written policies and procedures 

reasonable designed to, as applicable 

[. . .] provide for governance 

arrangements that are clear and 

transparent’’ 10 and ‘‘[s]pecify clear and 

direct lines of responsibility’’.11 The 

amendments to the Operational Risk 

Management Policy and the adoption of 

the Risk Identification Framework each 

would clarify or provide the 

responsibilities of the Clearing House’s 

committees, management and the Board 

in relation to each such document. In 

ICE Clear Europe’s view, the 

amendments are therefore consistent 

with the requirements of Rule 17Ad– 

22(e)(2).12

The proposed amendments are also 

consistent with Rule 17Ad–22(e)(17)(i), 


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22276 Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 

13 17 CFR 240.17Ad–22(e)(17)(i). 

14 17 CFR 240.17Ad–22(e)(17)(i). 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

which provides that ‘‘[e]ach covered 

clearing agency shall establish, 

implement, maintain and enforce 

written policies and procedures 

reasonable designed to, as applicable 

[. . .] manage the clearing agency’s 

operational risks by identifying the 

plausible sources of operational risk, 

both internal and external, and 

mitigating their impact through the use 

of appropriate systems, policies, 

procedures, and controls’’.13 The 

amendments to the Operational Risk 

Management Policy facilitate ongoing 

identification of operational risks and 

better mitigate their impact through 

improved procedures and controls 

resulting from more detailed governance 

and review processes with respect to 

risk identification, assessment, 

management, monitoring and reporting. 

In ICE Clear Europe’s view, the 

amendments are therefore consistent 

with the requirements of Rule 17Ad– 

22(e)(17)(i).14

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICE Clear Europe does not believe the 

proposed amendments would have any 

impact, or impose any burden, on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The amendments 

are being adopted to update and clarify 

the Clearing House’s Operational Risk 

Management Policy and to adopt the 

Risk Identification Framework, all of 

which relate to the Clearing House’s 

internal processes for operational risk 

management. ICE Clear Europe does not 

believe the amendments and adoption 

would affect the costs of clearing, the 

ability of market participants to access 

clearing, or the market for clearing 

services generally. Therefore, ICE Clear 

Europe does not believe the proposed 

rule change imposes 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 Received From Members, 

Participants or Others 

Written comments relating to the 

proposed amendments have not been 

solicited or received by ICE Clear 

Europe. ICE Clear Europe will notify the 

Commission of any written comments 

received with respect to the proposed 

rule change and adoption. 

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– 

ICEEU–2022–008 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–2022–008. 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 Europe and on ICE 

Clear Europe’s website at https://

www.theice.com/clear-europe/ 

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–ICEEU– 

2022–008 and should be submitted on 

or before May 5, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–07950 Filed 4–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94650; File No. SR–ICC– 

2022–004] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change Relating to the 

ICC Recovery Plan and the ICC WindDown Plan 

April 8, 2022. 

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

Securities Exchange Act of 1934 (the 

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

hereby given that on April 1, 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 Recovery Plan and the ICC WindDown Plan (collectively, the ‘‘Plans’’). 

These revisions do not require any 

changes to the ICC Clearing Rules (the 

‘‘Rules’’). 


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