Federal Register / Vol. 87, No. 80 / Tuesday, April 26, 2022 / Notices 24599 

13 15 U.S.C. 78s(b)(3)(A)(iii). 

14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 

15 17 CFR 240.19b–4(f)(6). 

16 17 CFR 240.19b–4(f)(6)(iii). 

17For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(4)(ii). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The proposal 

would ensure the continued, 

uninterrupted operation of harmonized 

clearly erroneous execution rules across 

the U.S. equities markets while the 

Exchange and other self-regulatory 

organizations consider whether further 

amendments to these rules are 

appropriate. The Exchange understands 

that the other national securities 

exchanges and FINRA will also file 

similar proposals to extend their 

respective clearly erroneous execution 

pilot programs. Thus, the proposed rule 

change will help to ensure consistency 

across market centers without 

implicating any competitive issues. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 13 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.14

A proposed rule change filed under 

Rule 19b–4(f)(6) 15 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),16 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange asked that the 

Commission waive the 30 day operative 

delay so that the proposal may become 

operative immediately upon filing. 

Waiver of the 30-day operative delay 

would extend the protections provided 

by the current pilot program, without 

any changes, while the Exchange and 

other self-regulatory organizations 

consider whether further amendments 

to these rules are appropriate. Therefore, 

the Commission hereby waives the 30- 

day operative delay and designates the 

proposed rule change as operative upon 

filing.17

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 necessary or appropriate in the 

public interest, for the protection of 

investors, or 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– 

NASDAQ–2022–033 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–NASDAQ–2022–033. 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–NASDAQ–2022–033 

and should be submitted on or before 

May 17, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08800 Filed 4–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94762; File No. SR–ICEEU– 

2022–009] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Amendments to the ICE Clear Europe 

Delivery Procedures 

April 20, 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 April 12, 

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. ICE Clear Europe filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) of the Act 3 and Rule 

19b–4(f)(4)(ii) thereunder,4 such that the 

proposed rule change was immediately 

effective upon filing with the 


jspears on DSK121TN23PROD with NOTICES1
24600 Federal Register / Vol. 87, No. 80 / Tuesday, April 26, 2022 / Notices 

5 15 U.S.C. 78q–1. 

6 15 U.S.C. 78q–1(b)(3)(F). 

7 15 U.S.C. 78q–1(b)(3)(F). 

Commission. 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 amend Part N of its Delivery 

Procedures (‘‘Delivery Procedures’’ or 

‘‘Procedures’’) to include delivery 

specifications applicable to a new ICE 

Futures Europe futures contract, the ICE 

Deliverable Carbon Credit Contract, and 

to make certain conforming changes 

elsewhere in the Delivery Procedures. 

Such contracts would be settled by 

delivery of qualifying carbon credits 

through a Registry approved by the 

Clearing House and in the same manner 

as delivery under ICE Deliverable US 

Emissions Contracts. 

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 Part N of its Delivery Procedures 

to include delivery procedures 

applicable to settlement of a new ICE 

Futures Europe futures contract, the ICE 

Futures Europe Carbon Credit Contract, 

which will be cleared by ICE Clear 

Europe. The amendments to Part N 

would detail settlement procedures 

applicable to ICE Futures Europe 

Carbon Credit Contracts (i) for which 

physical delivery is specified as being 

‘‘Applicable’’ in the relevant Contract 

Terms, and (ii) which go to physical 

delivery on the expiry date (such 

contracts ‘‘ICE Deliverable Carbon 

Credit Contracts’’). The amendments 

would make certain other clarifications 

to Part N, which also addresses ICE 

Deliverable US Emissions Contracts, as 

well as conforming changes elsewhere 

in the Delivery Procedures. As a result 

of the amendments, settlement under 

ICE Deliverable Carbon Credit Contracts 

would generally be made under the 

same delivery procedures as settlement 

under ICE Deliverable US Emissions 

Contracts, except as noted in the 

amended procedures. 

The amendments to Part N would 

clarify that the definition of 

‘‘Allowance’’ means any and all 

transferrable or assignable interests (in 

property, equity, contract or otherwise) 

in an instrument, certificate, permit, 

asset, security, right, contract or 

allowance that is designed as a 

deliverable instrument for an ICE 

Deliverable US Emissions Contract in 

the relevant Contract Terms. 

A parallel definition of ‘‘Carbon 

Credit’’ would be added for the ICE 

Deliverable Carbon Credit Contract, 

which would provide that such any and 

all transferrable or assignable interests 

(in property, equity, contract or 

otherwise) in an instrument, certificate, 

permit, asset, security, right, contract or 

allowance that is designed as a 

deliverable instrument for an ICE 

Deliverable Carbon Contract in the 

relevant Contract Terms. 

The definition of ‘‘Registry’’ and the 

details about the procedures relating to 

bilateral delivery (i.e., delivery directly 

between a seller and buyer, rather than 

through a Clearing House account) 

through a Registry approved by the 

Clearing House would be updated to 

apply to the physical delivery of Carbon 

Credits under ICE Deliverable Carbon 

Credit Contracts (as applicable) in 

addition to the physical delivery of 

Allowances under US Emissions 

Contracts (as applicable). 

The discussion about the Clearing 

House’s processes with respect to 

Exchange for Physicals (EFPs) and 

Exchange for Swaps (EFSs) would be 

updated to apply to EFPs and EFSs 

made in accordance with ICE Futures 

Europe Rules and Procedures (to 

address the ICE Deliverable Carbon 

Credit Contracts) in addition to ICE 

Futures US Rules and procedures (as 

applicable). 

The amendments would add a new 

paragraph 2.6 to the Delivery 

Specifications section which specifies 

that, for the avoidance of doubt, (i) the 

Registry would be a Delivery Facility; 

and (ii) Allowances and Carbon Credits 

shall be Deliverables (both changes tie 

the delivery specifications to relevant 

defined terms used in the Rules). 

The amendments would update the 

discussion of limitations of liability for 

the Clearing House and ICE Futures US 

to also apply to ICE Futures Europe (as 

the exchange for the ICE Deliverable 

Carbon Credit Contracts). 

Finally, the section describing and 

providing a Delivery Timetable detailing 

processes and timing related to the 

delivery of Allowances under ICE 

Deliverable US Emissions Contracts 

would be updated to apply to delivery 

of Carbon Credits under the ICE 

Deliverable Carbon Credit Contracts as 

well (as applicable). 

(b) Statutory Basis 

ICE Clear Europe believes that the 

proposed amendments to the Delivery 

Procedures are consistent with the 

requirements of Section 17A of the Act 5

and the regulations thereunder 

applicable to it. In particular, 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 or for which it is responsible, 

and the protection of investors and the 

public interest. The proposed changes to 

the Delivery Procedures are designed to 

establish delivery procedures relating to 

new ICE Delivery Carbon Credit 

Contracts to be traded on ICE Futures 

Europe and cleared at ICE Clear Europe, 

under which physical delivery will be 

made through the Registry approved by 

the Clearing House. The amendments 

would also set out the role, 

responsibilities and liabilities of the 

Clearing House, Clearing Members and 

designated transferors and transferees in 

the physical delivery process, in line 

with Delivery Procedures for other types 

of ICE Futures US Emissions Contracts, 

particularly the ICE Deliverable US 

Emissions Contracts. ICE Deliverable 

Carbon Credit Contracts will be 

supported by ICE Clear Europe’s 

existing F&O financial resources, risk 

management, systems and operational 

arrangements. Accordingly, ICE Clear 

Europe believes that its financial 

resources, risk management, systems 

and operational arrangements are 

sufficient to support clearing of such 

contracts and to manage the risks 

associated with such contracts. As a 

result, in ICE Clear Europe’s view, the 

amendments would be consistent with 

the prompt and accurate clearance and 

settlement of the contracts, and the 

protection of investors and the public 

interest consistent with the 

requirements of Section 17A(b)(3)(F) of 

the Act.7 (In ICE Clear Europe’s view, 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 80 / Tuesday, April 26, 2022 / Notices 24601 

8 15 U.S.C. 78q–1(b)(3)(F). 

9 17 CFR 240.17Ad–22(e)(10). 

10 17 CFR 240.17Ad–22(e)(10). 

11 15 U.S.C. 78s(b)(3)(A). 12 17 CFR 240.19b–4(f). 13 17 CFR 200.30–3(a)(12). 

the amendments would not affect the 

safeguarding of funds or securities in 

the custody or control of the clearing 

agency or for which it is responsible, 

within the meaning of Section 

17A(b)(3)(F).8) 

In addition, Rule 17Ad–22(e)(10) 9

provides that ‘‘[e]ach covered clearing 

agency shall establish, implement, 

maintain and enforce written policies 

and procedures reasonable designed to, 

as applicable [. . .] establish and 

maintain transparent written standards 

that state its obligations with respect to 

the delivery of physical instruments, 

and establish and maintain operational 

practices that identify, monitor and 

manage the risks associated with such 

physical deliveries.’’ As discussed 

above, the amendments would include 

in Part N procedures applicable to the 

settlement of ICE Deliverable Carbon 

Credit Contracts that are to be settled by 

delivery through a Registry approved by 

the Clearing House. The procedures 

would address, among other matters and 

in line with the procedures applicable 

to ICE Deliverable US Emissions 

Contracts, bilateral delivery 

specifications for ICE Deliverable 

Carbon Credit Contracts, limitation of 

liability for the Clearing House and ICE 

Futures Europe in respect of the 

delivery of such contracts, and certain 

other documentation and timing 

matters, consistent with the 

requirements of the Clearing House. 

Clearance of the ICE Deliverable Carbon 

Credit Contracts would be supported by 

ICE Clear Europe’s existing financial 

resources, risk management, systems 

and operational arrangements. The 

amendments thus appropriately clarify 

the role and responsibilities of the 

Clearing House and Clearing Members 

with respect to physical delivery. As a 

result, ICE Clear Europe believes the 

amendments are consistent with the 

requirements of Rule 17Ad–22(e)(10).10

(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 proposed 

amendments to the Delivery Procedures 

are intended to establish delivery 

procedures for a new contract to be 

traded on ICE Futures Europe and 

cleared at ICE Clear Europe, the ICE 

Deliverable Carbon Credit Contracts. 

Delivery of ICE Deliverable Carbon 

Credit Contracts will be made through a 

Registry approved by the Clearing 

House. ICE Clear Europe does not 

believe the amendments would 

adversely affect competition among 

Clearing Members, materially affect the 

cost of clearing, adversely affect access 

to clearing in the new contracts for 

Clearing Members or their customers, or 

otherwise adversely affect competition 

in clearing services. Accordingly, ICE 

Clear Europe does not believe that the 

amendments would impose any impact 

or burden on competition that is not 

appropriate in furtherance of the 

purpose 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 comments received 

with respect to 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) 

of the Act 11 and paragraph (f) of Rule 

19b–4 12 thereunder. 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 necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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–2022–009 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–2022–009. 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–2022–009 

and should be submitted on or before 

May 17, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08799 Filed 4–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–019, OMB Control No. 

3235–0012] 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 


jspears on DSK121TN23PROD with NOTICES1