Federal Register / Vol. 87, No. 123 / Tuesday, June 28, 2022 / Notices 38435 

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

2 17 CFR 240.19b–4. 

ATTACHMENT 1—GENERAL TARGET SCHEDULE FOR PROCESSING AND RESOLVING REQUESTS FOR ACCESS TO SENSITIVE

UNCLASSIFIED NON-SAFEGUARDS INFORMATION IN THIS PROCEEDING—Continued 

Day Event/activity 

20 ...................... U.S. Nuclear Regulatory Commission (NRC) staff informs the requestor of the staff’s determination whether the request for 

access provides a reasonable basis to believe standing can be established and shows need for SUNSI. (NRC staff also informs any party to the proceeding whose interest independent of the proceeding would be harmed by the release of the information.) If NRC staff makes the finding of need for SUNSI and likelihood of standing, NRC staff begins document processing (preparation of redactions or review of redacted documents). 

25 ...................... If NRC staff finds no ‘‘need’’ or no likelihood of standing, the deadline for petitioner/requestor to file a motion seeking a ruling 

to reverse the NRC staff’s denial of access; NRC staff files copy of access determination with the presiding officer (or Chief 

Administrative Judge or other designated officer, as appropriate). If NRC staff finds ‘‘need’’ for SUNSI, the deadline for any 

party to the proceeding whose interest independent of the proceeding would be harmed by the release of the information to 

file a motion seeking a ruling to reverse the NRC staff’s grant of access. 

30 ...................... Deadline for NRC staff reply to motions to reverse NRC staff determination(s). 

40 ...................... (Receipt +30) If NRC staff finds standing and need for SUNSI, deadline for NRC staff to complete information processing and 

file motion for Protective Order and draft Non-Disclosure Agreement or Affidavit. Deadline for applicant/licensee to file NonDisclosure Agreement or Affidavit for SUNSI. 

A ....................... If access granted: issuance of presiding officer or other designated officer decision on motion for protective order for access 

to sensitive information (including schedule for providing access and submission of contentions) or decision reversing a 

final adverse determination by the NRC staff. 

A + 3 ................. Deadline for filing executed Non-Disclosure Agreements or Affidavits. Access provided to SUNSI consistent with decision 

issuing the protective order. 

A + 28 ............... Deadline for submission of contentions whose development depends upon access to SUNSI. However, if more than 25 days 

remain between the petitioner’s receipt of (or access to) the information and the deadline for filing all other contentions (as

established in the notice of hearing or notice of opportunity for hearing), the petitioner may file its SUNSI contentions by 

that later deadline. 

A + 53 ............... (Contention receipt +25) Answers to contentions whose development depends upon access to SUNSI. 

A + 60 ............... (Answer receipt +7) Petitioner/Intervenor reply to answers. 

>A + 60 ............. Decision on contention admission. 

[FR Doc. 2022–13738 Filed 6–27–22; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95139; File No. SR–ICC– 

2022–007] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change Relating to the 

Clearance of Additional Credit Default 

Swap Contracts 

June 22, 2022. 

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

Securities Exchange Act of 1934,1 and 

Rule 19b–4,2 notice is hereby given that 

on June 16, 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 Rulebook (the ‘‘Rules’’) to provide 

for the clearance of additional Standard 

Emerging Market Sovereign CDS 

contracts (collectively, the ‘‘EM 

Contracts’’). 

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 

The purpose of the proposed rule 

change is to adopt rules that will 

provide the basis for ICC to clear 

additional credit default swap contracts. 

ICC proposes to make such change 

effective following Commission 

approval of the proposed rule change. 

ICC believes the addition of these 

contracts will benefit the market for 

credit default swaps by providing 

market participants the benefits of 

clearing, including reduction in 

counterparty risk and safeguarding of 

margin assets pursuant to clearing house 

rules. Clearing of the additional EM 

Contracts will not require any changes 

to ICC’s Risk Management Framework 

or other policies and procedures 

constituting rules within the meaning of 

the Securities Exchange Act of 1934 

(‘‘Act’’). 

ICC proposes amending Subchapter 

26D of its Rules to provide for the 

clearance of additional EM Contracts, 

specifically the Arab Republic of Egypt, 

Kingdom of Bahrain, and Sultanate of 

Oman. These additional EM Contracts 

have terms consistent with the other EM 

Contracts approved for clearing at ICC 

and governed by Subchapter 26D of the 

Rules. Minor revisions to Subchapter 

26D (Standard Emerging Market 

Sovereign (‘‘SES’’) Single Name) are 

made to provide for clearing the 

additional EM Contracts. Specifically, in 

Rule 26D–102 (Definitions), ‘‘Eligible 

SES Reference Entities’’ is modified to 

include Arab Republic of Egypt, 

Kingdom of Bahrain, and Sultanate of 

Oman in the list of specific Eligible SES 

Reference Entities to be cleared by ICC. 


khammond on DSKJM1Z7X2PROD with NOTICES
38436 Federal Register / Vol. 87, No. 123 / Tuesday, June 28, 2022 / Notices 

3 15 U.S.C. 78q–1(b)(3)(F). 

4 Id. 

5 17 CFR 240.17Ad–22. 

6 17 CFR 240.17Ad–22(e)(6)(i). 

7 Id. 

8 17 CFR 240.17Ad–22(e)(4)(ii). 

9 Id. 

10 17 CFR 240.17Ad–22(e)(17)(i) and (ii). 

11 Id. 

12 17 CFR 240.17Ad–22(e)(8), (9) and (10). 

13 Id. 

14 17 CFR 240.17Ad–22(e)(2)(i) and (v). 

15 Id. 

16 17 CFR 240.17Ad–22(e)(13). 

(b) Statutory Basis 

Section 17A(b)(3)(F) of the Act 3

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; to assure the 

safeguarding of securities and funds 

which are in the custody or control of 

ICC or for which it is responsible; and 

to comply with the provisions of the Act 

and the rules and regulations 

thereunder. The additional EM 

Contracts proposed for clearing are 

similar to the EM Contracts currently 

cleared by ICC, and will be cleared 

pursuant to ICC’s existing clearing 

arrangements and related financial 

safeguards, protections and risk 

management procedures. Clearing of the 

additional EM Contracts will allow 

market participants an increased ability 

to manage risk and ensure the 

safeguarding of margin assets pursuant 

to clearing house rules. ICC believes that 

acceptance of the new EM Contracts, on 

the terms and conditions set out in the 

Rules, is 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, within 

the meaning of Section 17A(b)(3)(F) of 

the Act.4

Clearing of the additional EM 

Contracts will also satisfy the relevant 

requirements of Rule 17Ad–22,5 as set 

forth in the following discussion. 

Rule 17Ad–22(e)(6)(i) 6 requires each 

covered clearing agency to establish, 

implement, maintain, and enforce 

written policies and procedures 

reasonably designed to cover its credit 

exposures to its participants by 

establishing a risk-based margin system 

that, at a minimum, considers, and 

produces margin levels commensurate 

with, the risks and particular attributes 

of each relevant product, portfolio, and 

market. In terms of financial resources, 

ICC will apply its existing margin 

methodology to the new EM Contracts, 

which are similar to the EM Contracts 

currently cleared by ICC. ICC believes 

that this model will provide sufficient 

margin requirements to cover its credit 

exposure to its clearing members from 

clearing such contracts, consistent with 

the requirements of Rule 17Ad– 

22(e)(6)(i).7

Rule 17Ad–22(e)(4)(ii) 8 requires each 

covered clearing agency to establish, 

implement, maintain, and enforce 

written policies and procedures 

reasonably designed to effectively 

identify, measure, monitor, and manage 

its credit exposures to participants and 

those arising from its payment, clearing, 

and settlement processes, including by 

maintaining additional financial 

resources at the minimum to enable it 

to cover a wide range of foreseeable 

stress scenarios that include, but are not 

limited to, the default of the two 

participant families that would 

potentially cause the largest aggregate 

credit exposure for the covered clearing 

agency in extreme but plausible market 

conditions. ICC believes its Guaranty 

Fund, under its existing methodology, 

will, together with the required initial 

margin, provide sufficient financial 

resources to support the clearing of the 

additional EM Contracts, consistent 

with the requirements of Rule 17Ad– 

22(e)(4)(ii).9

Rule 17Ad–22(e)(17) 10 requires, in 

relevant part, each covered clearing 

agency to establish, implement, 

maintain, and enforce written policies 

and procedures reasonably designed to 

manage its operational risks by (i) 

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; and 

(ii) ensuring that systems have a high 

degree of security, resiliency, 

operational reliability, and adequate, 

scalable capacity. ICC believes that its 

existing operational and managerial 

resources will be sufficient for clearing 

of the additional EM Contracts, 

consistent with the requirements of Rule 

17Ad–22(e)(17),11 as the new contracts 

are substantially the same from an 

operational perspective as existing 

contracts. 

Rule 17Ad–22(e)(8), (9) and (10) 12

requires each covered clearing agency to 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to define the point 

at which settlement is final to be no 

later than the end of the day on which 

payment or obligation is due and, where 

necessary or appropriate, intraday or in 

real time; conduct its money settlements 

in central bank money, where available 

and determined to be practical by the 

Board, and minimize and manage credit 

and liquidity risk arising from 

conducting its money settlements in 

commercial bank money if central bank 

money is not used; and 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. ICC will use its 

existing rules, settlement procedures 

and account structures for the new EM 

Contracts, which are similar to the EM 

Contracts currently cleared by ICC, 

consistent with the requirements of Rule 

17Ad–22(e)(8), (9) and (10) 13 as to the 

finality and accuracy of its daily 

settlement process and addressing the 

risks associated with physical 

deliveries. 

Rule 17Ad–22(e)(2)(i) and (v) 14

requires each covered clearing agency to 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to provide for 

governance arrangements that are clear 

and transparent and specify clear and 

direct lines of responsibility. ICC 

determined to accept the additional EM 

Contracts for clearing in accordance 

with its governance process, which 

included review of the contract and 

related risk management considerations 

by the ICC Risk Committee and approval 

by its Board. These governance 

arrangements continue to be clear and 

transparent, such that information 

relating to the assignment of 

responsibilities and the requisite 

involvement of the ICC Board and 

committees is clearly detailed in the ICC 

Rules and policies and procedures, 

consistent with the requirements of Rule 

17Ad–22(e)(2)(i) and (v).15

Rule 17Ad–22(e)(13) 16 requires each 

covered clearing agency to establish, 

implement, maintain, and enforce 

written policies and procedures 

reasonably designed to ensure it has the 

authority and operational capacity to 

take timely action to contain losses and 

liquidity demands and continue to meet 

its obligations by, at a minimum, 

requiring its participants and, when 

practicable, other stakeholders to 

participate in the testing and review of 

its default procedures, including any 

close-out procedures, at least annually 

and following material changes thereto. 

ICC will apply its existing default 

management policies and procedures for 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 123 / Tuesday, June 28, 2022 / Notices 38437 

17 Id. 18 17 CFR 200.30–3(a)(12). 

the additional EM Contracts. ICC 

believes that these procedures allow for 

it to take timely action to contain losses 

and liquidity demands and to continue 

meeting its obligations in the event of 

clearing member insolvencies or 

defaults in respect of the additional 

single name, in accordance with Rule 

17Ad–22(e)(13).17

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICC does not believe the proposed 

amendments will have any impact, or 

impose any burden, on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. As discussed 

above, the purpose of the proposed rule 

change is to adopt rules that will 

provide the basis for ICC to clear 

additional credit default swap contracts. 

The additional EM Contracts will be 

available to all ICC participants for 

clearing. The clearing of the additional 

EM Contracts by ICC does not preclude 

the offering of the additional EM 

Contracts for clearing by other market 

participants. Accordingly, ICC does not 

believe that clearance of the additional 

EM Contracts will impose any burden 

on competition not necessary or 

appropriate 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 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–2022–007 on the subject line. 

Paper Comments 

Send paper comments in triplicate to 

Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–ICC–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 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–2022–007 and 

should be submitted on or before July 

19, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Secretary. 

[FR Doc. 2022–13707 Filed 6–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–652, OMB Control No. 

3235–0699] 

Proposed Collection; Comment 

Request; Extension: Rule 18a–2 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 18a–2 (17 CFR 

240.18a–2), under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.) (‘‘Exchange Act’’). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Rule 18a–2 establishes capital 

requirements for nonbank major 

security-based swap participants that 

are also not registered as broker-dealers 

(‘‘nonbank MSBSPs’’). In particular, a 

nonbank MSBSP is required at all times 

to have and maintain positive tangible 

net worth. 

Under Rule 18a–2, nonbank MSBSPs 

also need to comply with Exchange Act 

Rule 15c3–4 (17 CFR 240.15c3–4), 

which requires OTC derivatives dealers 

and other firms subject to its provisions 

to establish, document, and maintain a 

system of internal risk management 

controls to assist the firm in managing 

the risk associated with its business 

activities, including market, credit, 

leverage, liquidity, legal, and 

operational risks. 

The staff previously estimated that 5 

or fewer nonbank entities would register 

with the Commission as MSBSPs. The 

staff continues to estimate that 5 or 

fewer nonbank entities will register with 

the Commission as MSBSPs, although 

currently no such entities have 

registered. These nonbank MSBSPs will 

be required to establish, document, and 

regularly review and update risk 

management control systems with 


khammond on DSKJM1Z7X2PROD with NOTICES