62694 Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 

9 17 CFR 240.19b–4(f)(6). 

10 17 CFR 240.19b–4(f)(6)(iii). 

11For 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). 

12 15 U.S.C. 78s(b)(2)(B). 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Regulation (EU) No 648/2012 of the European 

Parliament and of the Council of 4 July 2012 on 

OTC derivatives, central counterparties and trade 

repositories, as well as various implementing 

regulations and technical standards. 

4Securities Exchange Act Release No. 34–72755 

(Aug. 4, 2014), 79 FR 46481 (Aug. 8, 2014) (SR– 

ICEEU–2014–09); Securities Exchange Act Release 

No. 34–72756 (Aug. 4, 2014) 79 FR 46479 (Aug. 8, 

2014) (SR–ICEEU–2014–10); and Securities 

Exchange Act Release No. 34–72754 (Aug. 4, 2014) 

79 FR 46481 (Aug. 8, 2014) (SR–ICEEU–2014–11). 

A proposed rule change filed under 

Rule 19b–4(f)(6) 9 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),10 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. NYSE MKT has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative on filing. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the public interest and investor 

protection, as it removes references to a 

rule that has been deleted by NYSE 

MKT. This change will make NYSE 

MKT’s rules more accurate. Therefore, 

the Commission hereby waives the 30- 

day operative delay and designates the 

proposal effective on filing.11

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 12 of the Act to 

determine whether the proposed rule 

change 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– 

NYSEMKT–2014–88 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEMKT–2014–88. 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 Web site (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 Web site 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 

filing also will be available for 

inspection and copying at the principal 

office of NYSE MKT. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NYSEMKT–2014–88 and should be 

submitted on or before November 10, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24871 Filed 10–17–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73344; File No. SR–ICEEU– 

2014–16] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

EMIR Requirements 

October 14, 2014. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’),1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on October 1, 2014, ICE Clear Europe 

Limited (‘‘ICE Clear Europe’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change 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, and Rules 

19b–4(f)(1) and (f)(4)(i) thereunder, so 

that the proposed rule change was 

effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The principal purpose of the 

proposed changes is to make certain 

further clarifications and amendments 

to the ICE Clear Europe Clearing Rules 

(‘‘Rules’’) and procedures 

(‘‘Procedures’’) in connection with 

requirements under the European 

Market Infrastructure Regulation 

(including regulations and 

implementing technical standards 

thereunder, ‘‘EMIR’’) 3 that will apply to 

ICE Clear Europe. ICE Clear Europe has 

previously filed with the Commission 

proposed changes to its Rules, 

Procedures and certain related policies 

relating to EMIR implementation and 

certain other matters (the ‘‘EMIR Rule 

Submissions’’), which have been 

approved by the Commission.4

II. Self-Regulatory Organization’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 these 

statements. 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 62695 

5Pursuant to a teleconference with ICE Clear 

Europe’s external counsel on October 14, 2014, staff 

in the Division of Trading and Markets has revised 

this sentence to clarify the scope of the Rules and 

Procedures being amended as part of the proposed 

rule change. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

(a) Purpose 

ICE Clear Europe submits additional 

proposed amendments to its Rules and 

Procedures in connection with its 

compliance with requirements under 

EMIR. The proposed amendments 

principally make certain clarifications 

to the Rule and Procedures amendments 

that were adopted pursuant to the EMIR 

Rule Submissions, as well as certain 

other clarifying and conforming changes 

discussed below. As described in more 

detail in the EMIR Rule Submissions, in 

order to comply with EMIR, ICE Clear 

Europe is adopting changes to the 

structure of customer accounts for 

cleared transactions to enhance 

segregation options for customers of 

Clearing Members. This includes the 

adoption of an individual client 

segregation framework for Non-FCM/BD 

Clearing Members as well as certain 

modifications relating to the existing, 

omnibus client segregation model for 

such Clearing Members. Specifically, 

the Rules adopted pursuant to the EMIR 

Rule Submissions establish two new 

types of individually segregated 

accounts, Individually Segregated 

Margin-flow Co-mingled Accounts and 

Individually Segregated Sponsored 

Accounts. The Rules also establish 

multiple new types of omnibus 

accounts, Segregated Customer 

Omnibus Accounts (separately for each 

product: FX, F&O and CDS) and 

Segregated TTFCA Customer Omnibus 

Accounts (separately for each product: 

FX, F&O and CDS) as well as Omnibus 

Margin-flow Co-mingled Accounts. 

These new individually segregated and 

omnibus accounts will be available only 

to Non-FCM/BD Clearing Members and 

their customers. For FCM/BD Clearing 

Members and their customers, 

individual client segregation is not 

being offered at this time, and the 

existing account types and segregation 

framework (which are required under 

applicable law) would be maintained. 

The proposed additional amendments 

described herein are intended to further 

implement these requirements, as well 

as make various other consolidating, 

conforming and clarifying changes and 

drafting improvements to the Rules and 

Procedures. 

ICE Clear Europe proposes to make 

amendments to Parts 1, 2, 3, 4, 5, 7, 8, 

9, 11, 16, 17 and 19 and the Standard 

Terms of the Rules and to the CDS 

Procedures, Clearing Procedures, 

Finance Procedures, Delivery 

Procedures, FX Procedures, FX Auction 

Procedures, F&O Auction Procedures, 

and OTC FX Product Guide.5 The 

proposed Rule and Procedure 

amendments are described in detail as 

follows. 

In Rules, the definition of ‘‘Applicable 

Law’’ has been revised to refer explicitly 

to certain U.S. laws and regulations, 

including the Commodity Exchange Act, 

the Exchange Act, CFTC and 

Commission regulations, and relevant 

insolvency laws. A new defined term for 

‘‘Affected Customers’’ has also been 

added, in connection with the 

amendments to Rule 102(g) discussed 

below. Certain defined terms relating to 

customer accounts of FCM/BD Clearing 

Members with respect to futures and 

options business on non-U.S. markets, 

specifically ‘‘General Customer 

Account,’’ ‘‘Non-DCM/Swap’’ and 

‘‘Non-DCM/Swap Customer’’ have been 

revised to clarify the appropriate use of 

such accounts for relevant transactions 

in accordance with the CEA and CFTC 

regulations. 

The defined term ‘‘Repository’’ has 

been revised to remove an incorrect 

requirement that the trade repository for 

EMIR reporting purposes be specified by 

the Clearing House. Corresponding 

changes have also been made in Rules 

201(a)(v) and 1901(b)(ii), as well as a 

change reflecting that a Clearing 

Member or Sponsored Principal may 

have access to a Repository through 

means other than being a direct user of 

the Repository. 

Rule 102(g) has been revised, in light 

of requirements of the Bank of England 

and other regulators, to clarify the 

manner in which certain Clearing 

Members are required to offer the 

individual and omnibus client 

segregation models under EMIR to their 

customers. Under the revised rule, and 

consistent with EMIR, Clearing 

Members must offer a choice of 

individual or omnibus client segregation 

to those customers for which Applicable 

Laws (in the jurisdiction of 

establishment of the customer or that 

apply in the context of activity on a 

relevant trading platform) do not 

prevent or prohibit such an account 

being provided to the customer (such 

customers are referred to as ‘‘Affected 

Customers’’). For Clearing Members that 

are not able under Applicable Laws to 

offer such accounts to affected 

customers, the Clearing Member must 

offer, to the extent possible and 

practicable under Applicable Laws, to 

procure such an account for such 

customer from another Clearing Member 

(which may be an affiliate). 

Certain typographical corrections are 

made in Rules 102(o) and (v). Rule 

102(r) has been revised to refer 

explicitly to ICE Clear Europe’s status 

under U.S. law as a registered clearing 

agency and derivatives clearing 

organization and to add references to 

other Applicable Laws in addition to 

certain specified EU and UK 

requirements. In addition, the final 

sentence of Rule 102(r), relating to 

certain potential conflicts of applicable 

laws, has been removed in connection 

with discussions with relevant 

regulators. A typographical correction is 

also made in Rule 104(d). In Rule 

106(a)(ii), an incorrect reference to ‘‘U.S. 

Sponsored Principal’’ is changed to 

‘‘Sponsored Principal’’. A drafting 

correction is also made in Rule 111(c). 

A new Rule 110(g) is added that 

clarifies that ICE Clear Europe may not, 

pursuant to its authority under existing 

Rule 110, extend the payment timing in 

respect of variation margin owed to any 

Clearing Member beyond the time 

immediately prior to the 

commencement of the daily payment 

cycle for the relevant currency for the 

next following business day. The 

amendment is intended to clarify that 

any extension of time for the Clearing 

House to make payments of variation 

margin under Rule 110 is subject to the 

requirements of CFTC Rule 39.14(b), 

which requires that a clearing 

organization must effect a settlement 

with each clearing member at least once 

each business day. 

Cross-references in Rule 202(b) and 

208(a) have been corrected. A 

typographical correction is also made in 

Rule 202(c)(ii). 

The introductory language in Rule 

302, which addresses mechanics for 

margin calls and payments, is revised to 

reflect that margin is to be settled on a 

net or gross basis depending on the 

particular type of account, as set forth 

in more detail in the subsections of Rule 

302. 

In Rule 401(a)(ix), an unnecessary 

parenthetical is removed for clarity. A 

drafting clarification is also made in 

Rule 406(d)(v). Typographical errors are 

corrected in Rules 502(h) and 503(k). 

Certain clarifications are made in Rules 

504(f) and 506(a)(v) to reflect the fact 

that under Rule 506(a)(iv), Rule 504(f) 

does not apply to the Sponsored 

Principal model. A cross-reference is 

also corrected in Rule 506(a)(i). 

In the introductory language to Part 9 

of the Rules, and in Rule 906(a), a 

clarification is made that the relevant 

default rules and provision are intended 


tkelley on DSK3SPTVN1PROD with NOTICES
62696 Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 

to comply with all relevant Applicable 

Laws in addition to certain specified EU 

and UK requirements and to reference 

certain provisions of US law in addition 

to EU and UK laws. Rule 906(d) has 

been revised to clarify that new 

provisions that contemplate payment of 

a net sum directly to a Customer under 

certain circumstances do not apply to 

Customers of FCM/BD Clearing 

Members and in any event are subject to 

requirements of Applicable Law. The 

provisions of Rule 907(m) have been 

revised to be consistent with a parallel 

provision in Rule 904(r)(v). A 

typographical correction is made in 

Rule 908(i). In Rule 916, the text of the 

heading is corrected. 

Rule 1101(c) and 1102(b) are revised 

to clarify certain requirements with 

respect to the Guaranty Funds, in line 

with the description provided in the 

EMIR Rule Submissions. Rule 1101(c) is 

revised to provide that the applicable 

Guaranty Fund must satisfy, in addition 

to the specified requirement, such 

higher default parameters, if any, as may 

be required by Applicable Laws with 

respect to financial resource 

requirements. Amendments to Rule 

1102(b) similarly clarify that Guaranty 

Fund contributions must be calculated 

in accordance with the requirements of 

other Applicable Laws in addition to 

EMIR. In addition, Rule 1103(a) is 

amended to correct a cross-reference. 

In Part 19 of the Rules relating to 

Sponsored Principals, Rule 1901(o) is 

revised to correct a reference to Rule 

1901(b) and (d). A drafting clarification 

is also made in Rule 1903(d). 

As discussed in the EMIR Rule 

Submissions, ICE Clear Europe has not 

made its new individual and omnibus 

segregation models, including the 

Sponsored Principal model, available to 

FCM/BD Clearing Members or their 

customers. As a result, certain Rules and 

Procedures submitted with the EMIR 

Rule Submissions that referred to a 

potential U.S. Sponsored Principal 

model are by their terms not in effect, 

and could not have been put into effect 

absent a future rule change. ICE Clear 

Europe has nonetheless determined to 

remove such provisions from the Rules 

and Procedures as a matter of clarity 

and to avoid any potential confusion as 

to the availability of such a model. 

Specifically, ICE Clear Europe has 

removed Rule 1905 and replaced it with 

an express provision that FCM/BD 

Clearing Members will not be permitted 

to act as Sponsors of Individually 

Segregated Sponsored Accounts. 

Accordingly, customers of FCM/BD 

Clearing Members will not have access 

to such accounts. In light of the 

limitations under applicable law on the 

ability of Non-FCM/BD Clearing 

Members to have customers that are 

U.S. persons, and as further set forth in 

a Circular to be published by ICE Clear 

Europe in connection with these 

amendments, the revised provision will 

also continue to restrict U.S. persons 

from becoming Sponsored Principals. In 

addition, ICE Clear Europe has removed 

various other references in the Rules 

and Procedures to U.S. Sponsored 

Principals and to FCM/BD Clearing 

Members acting as Sponsors of 

Individually Segregated Sponsored 

Accounts (and similar references), 

including in the definitions of ‘‘Buying 

Counterparty,’’ ‘‘Capital,’’ ‘‘Customer,’’ 

‘‘Customer Account,’’ ‘‘FCM/BD 

Customer,’’ ‘‘General Customer,’’ 

‘‘Individually Segregated Sponsored 

Account,’’ ‘‘Mark-to-Market Margin,’’ 

‘‘Nominated Customer Bank Account,’’ 

‘‘Nominated Proprietary Bank 

Account,’’ ‘‘Proprietary Margin 

Account,’’ ‘‘Proprietary Position 

Account,’’ ‘‘Representative,’’ ‘‘Selling 

Counterparty,’’ ‘‘U.S. Sponsored 

Principal’’ and in Rules 207(d), 401(o), 

904(o) and (r), 906(d), 1601, 1603 and 

1608. In light of these changes, certain 

distinctions between Non-FCM/BD 

Clearing Members and FCM/BD 

Clearing Members in the context of 

Sponsor activities are no longer relevant 

(as FCM/BD Clearing Members cannot 

act as Sponsors), and as a result various 

references throughout the Rules to a 

‘‘Sponsor that is a Non-FCM/BD 

Clearing Member’’ have been changed to 

a ‘‘Sponsor’’, including in various 

definitions in Rule 101 as well as Rules 

304, 506, 702, 705, 803, 810, 901, 904, 

1704 and 1902. Corresponding changes 

are also made in the Clearing 

Procedures, Finance Procedures, CDS 

Procedures, FX Procedures, F&O 

Auction Procedures, FX Auction 

Procedures, OTC FX Product Guide, and 

Delivery Procedures. 

In the Standard Terms for the 

applicable product categories in 

Exhibits 1–3, the timing for delivery of 

a Porting Notice under paragraph 6(f) 

has been extended from 2 hours to 4 

hours of the relevant Default Notice 

being published, as a result of further 

consultations with the Bank of England. 

In addition, the use of the defined term 

Rules is clarified in such exhibits. 

References to defined terms for variation 

margin, mark-to-market margin and FX 

mark-to-market margin have also been 

corrected for the relevant product 

categories. 

Certain additional conforming and 

other changes are also made to the CDS 

Procedures. The definition of 

Acceptance Time is amended to remove 

an incorrect reference to Sponsored 

Principals in connection with CDS 

Contracts arising under Rule 401(a)(x). 

Consistent with changes to Paragraph 

8.2(e) described in the EMIR Rule 

Submissions, a missing reference to 

‘‘Merger Without Assumption’’ is added 

to conform to changes previously made. 

In the Clearing Procedures, in 

paragraph 2.3, clarifications are made to 

the categories of position-keeping 

accounts to implement from an 

operational perspective the new account 

categories provided for under the 

revised Rules. In subparagraph(b)(1), the 

use of the ‘‘N’’ account category is 

clarified as applying to grossmaintained sub-accounts with no 

automatic contractual netting that are 

part of the Proprietary Account, which 

includes positions of affiliates of FCM/ 

BD Clearing Members (which are not 

part of the segregated customer account 

under the CEA). Revised subparagraph 

(b)(2) specifies the position-keeping 

accounts for the customer accounts 

applicable to FCM/BD Clearing 

Members. Subparagraph (b)(3) specifies 

the position-keeping accounts for the 

customer accounts of Non-FCM/BD 

Clearing Members regulated by the FCA 

and to which the FCA client money 

rules apply. Subparagraph (b)(4) 

specifies the position-keeping accounts 

for the customer accounts of other NonFCM/BD Clearing Members. New 

subparagraph (e) specifies the positionkeeping accounts applicable to 

Individually Segregated Sponsored 

Accounts. Conforming changes are also 

made in paragraphs 2.2 and 2.4. Parallel 

changes to Paragraphs 3.1 are made to 

reflect margining for the different 

categories of customer accounts and 

related position-keeping accounts. A 

drafting clarification is made in 

Paragraph 3.2. Conforming changes to 

the references to the position-keeping 

account categories are also made in 

Table A following Paragraph 3.2. 

Paragraph 4.2(a) is revised to clarify that 

account classes (other than those 

mentioned in Paragraph 4.2(a) as being 

margined on a net basis) are margined 

on a gross basis. A typographical 

correction is made in paragraph 5.1. 

In the Finance Procedures, a defined 

term is clarified in paragraph 3.11. An 

incorrect reference to ‘‘Clearing 

Members’’ in paragraph 4.4(a)(iv) is 

removed and a typographical correction 

is made in paragraph 13.6. In paragraph 

15.2, cross-references to subparagraph 

(g) thereof are corrected. Paragraph 15.4 

is revised to make appropriate crossreferences to Rule 209 of the Continuing 

CDS Rule Provisions. 

In addition, consistent with EMIR 

requirements that do not permit ICE 

Clear Europe to accept letters of credit 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 62697 

6 15 U.S.C. 78q–1. 

7 17 CFR 240.17Ad–22. 

8 15 U.S.C. 78q–1(b)(3)(F). 

9As discussed herein, certain additional 

amendments are in the nature of clarifications and 

drafting improvements to various provisions of the 

Rules and Procedures, and as such ICE Clear Europe 

believes that they also promote the prompt and 

accurate clearance and settlement of securities and 

derivatives transactions cleared by the Clearing 

House. 10 15 U.S.C. 78q–1(b)(3)(F). 11 17 CFR 340.19b–4(f)(4)(i)–(ii). 

as margin, paragraph 12 of the Finance 

Procedures has been deleted. (This 

change is also consistent with ICE Clear 

Europe’s current list of Permitted Cover, 

under which letters of credit are not 

eligible.) Paragraph 9 of the Finance 

Procedures, which addressed the use of 

emissions allowances as Permitted 

Cover, has also been removed to give 

effect to EMIR restrictions on the use of 

such assets for margin. (In this regard, 

ICE Clear Europe notes that its current 

list of Permitted Cover imposes a 100% 

haircut on the value of any emissions 

allowances used as Permitted Cover. As 

a result, use of such assets for margin is 

already effectively precluded under 

current rules.) In paragraph 8.2 of the 

Finance Procedures, a reference to 

certificates of deposit, which are not 

currently accepted as permitted cover, 

has also been removed. 

(b) Statutory Basis 

ICE Clear Europe believes that the 

proposed amendments to the Rules and 

Procedures are consistent with the 

requirements of Section 17A of the Act 6

and the regulations thereunder 

applicable to it.7 Section 17A(b)(3)(F) of 

the Act 8 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 

proposed amendments are principally 

intended to further implement the Rule 

and Procedure amendments described 

in the EMIR Rule Submissions, which in 

turn are intended to ensure compliance 

by the Clearing House with the 

requirements of EMIR and implement 

new, strengthened options for the 

segregation and safeguarding of 

customer funds and property for 

customers of Non-FCM/BD Clearing 

Members.9 Specifically, the 

amendments facilitate the adoption of 

individual client segregation and new 

forms of omnibus client segregation for 

customers of Non-FCM/BD Clearing 

Members, consistent with the 

requirements of EMIR. As such, the 

proposed amendments are part of a set 

of Rule and Procedure changes that will 

enhance, and not reduce, the level of 

customer protection available under the 

current ICE Clear Europe rules for those 

Clearing Members and their customers. 

As such, ICE Clear Europe believes that 

the proposed changes, together with the 

related amendments described in the 

EMIR Rule Submissions, will enhance 

the safeguarding of securities and funds 

associated with securities and derivative 

transactions that are in the custody or 

control of ICE Clear Europe or for which 

it is responsible. ICE Clear Europe also 

believes that the proposed rule changes 

will enhance the stability of the clearing 

system, by reducing the risk to market 

participants of a default by a Clearing 

Member or other customer. As a result, 

the proposed changes are, in the 

Clearing House’s view, consistent with 

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

of the Act.10

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

ICE Clear Europe does not believe the 

proposed changes to the Rules and 

Procedures discussed herein would 

have any adverse impact, or impose any 

burden, on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The proposed 

amendments are principally intended to 

further implement the new segregation 

models and account classes adopted 

pursuant to the EMIR Rule Submissions 

and make certain other conforming 

changes and clarifications. 

For the reasons set forth in more 

detail in the EMIR Rule Submissions, 

ICE Clear Europe does not believe the 

proposed amendments set out herein 

would materially affect access to 

clearing by Clearing Members or their 

customers, adversely affect competition 

among Clearing Members or adversely 

affect the market for clearing services or 

limit market participants’ choices for 

clearing transactions. Although the new 

segregation models set out in the EMIR 

Rule Submissions may entail certain 

additional costs for Clearing Members 

and their customers, ICE Clear Europe 

believes that this is the result of the 

requirement under EMIR to offer such 

models and in any event is justified by 

the benefits provided by such models 

for those who use them. As a result, and 

as discussed in the EMIR Rule 

Submissions, ICE Clear Europe does not 

believe that the proposed amendments 

to the Procedures will impose any 

burden on competition not appropriate 

in furtherance of the purposes of the 

Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments have not been 

specifically solicited with respect to the 

Rule and Procedure changes set out 

herein. ICE Clear Europe will notify the 

Commission of any additional written 

comments received by ICE Clear Europe. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A) of the Act and Rule 19b– 

4(f)(1) and (f)(4)(i) 11 thereunder because 

the changes either constitute a stated 

policy, practice or interpretation with 

respect to the meaning, administration 

or enforcement of an existing rule, 

within the meaning of Rule 19b–4(f)(1), 

and/or effect a change in an existing 

service of a registered clearing agency 

that does not adversely affect the 

safeguarding of securities or funds in 

the custody or control of the clearing 

agency or for which it is responsible and 

does not significantly affect the 

respective rights or obligations of the 

clearing agency or persons using the 

service, within the meaning of Rule 

19b–4(f)(4)(i). 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. 

Except as identified below, the 

changes to the Rules and Procedures set 

forth herein represent technical 

corrections and clarifications to the 

Rules and Procedures submitted to the 

Commission pursuant to the EMIR Rule 

Submissions and previously approved 

by the Commission. In ICE Clear 

Europe’s view, these fall within rule 

19b–4(f)(1) as stated policies, practices 

or interpretations with respect to the 

meaning, administration or enforcement 

of an existing rule. 

Certain other Rule changes set forth 

herein fall within Rule 19b–4(f)(4)(i), as 

they constitute amendments that do not 

adversely affect the safeguarding of 

funds or securities or the rights or 

obligations of the Clearing House and its 

Clearing Members. In particular, Rule 

102(g) has been revised to reflect more 

clearly the limitations on the 

segregation options that can be offered 

by certain Clearing Members under 


tkelley on DSK3SPTVN1PROD with NOTICES
62698 Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 

12 17 CFR 200.30–3(a)(12). 

applicable law, and does not change the 

position under the existing rules that 

the new segregation models are not 

being offered to FCM/BD Clearing 

Members or their customers. The 

revisions to Rule 110(g), which are 

intended to confirm and make explicit 

certain existing obligations of the 

Clearing House under applicable U.S. 

laws, as such would not adversely affect 

the rights or obligations of the Clearing 

House or Clearing Members. The 

extension of the timing for the Porting 

Notices is similarly intended to be 

consistent with the obligations of the 

Clearing House under EMIR and will 

not adversely affect the rights or 

obligations of Clearing Members. 

With respect to the additional changes 

to the Finance Procedures discussed 

above, the removal of the provisions 

relating to the use of letters of credit and 

emissions allowances as Permitted 

Cover is intended to comply with 

requirements under EMIR and in any 

event reflects the Clearing House’s 

current practice. As a result, such 

changes should not adversely affect the 

safeguarding of funds or securities or 

the rights or obligations of Clearing 

Members. With respect to the removal of 

references to the potential U.S. 

Sponsored Principal model, such model 

was not in effect under the Rules and 

Procedures, and accordingly such 

removal will not affect the rights or 

obligations of the Clearing House or 

Clearing Members. In ICE Clear Europe’s 

view, these changes will thus not 

significantly affect the safeguarding of 

funds or securities in the custody or 

control of ICE Clear Europe, or 

otherwise significantly affect the rights 

or obligations of the Clearing House and 

its Clearing Members. 

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–2014–16 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–2014–16. 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 Web site (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 Web site 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 Web site at https://

www.theice.com/clear-europe/

regulation. 

All comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–ICEEU–2014–16 and 

should be submitted on or before 

November 10, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24775 Filed 10–17–14; 8:45 am] 

BILLING CODE 8011–01–P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA 2014–0033] 

Privacy Act of 1974, as Amended; 

Computer Matching Program (SSA/

Department of Labor (DOL))—Match 

Number 1015 

AGENCY: Social Security Administration 

(SSA). 

ACTION: Notice of a renewal of an 

existing computer matching program 

that will expire on November 24, 2014. 

SUMMARY: In accordance with the 

provisions of the Privacy Act, as 

amended, this notice announces a 

renewal of an existing computer 

matching program that we are currently 

conducting with DOL. 

DATES: We will file a report of the 

subject matching program with the 

Committee on Homeland Security and 

Governmental Affairs of the Senate; the 

Committee on Oversight and 

Government Reform of the House of 

Representatives; and the Office of 

Information and Regulatory Affairs, 

Office of Management and Budget 

(OMB). The matching program will be 

effective as indicated below. 

ADDRESSES: Interested parties may 

comment on this notice by either 

telefaxing to (410) 966–0869 or writing 

to the Executive Director, Office of 

Privacy and Disclosure, Office of the 

General Counsel, Social Security 

Administration, 617 Altmeyer Building, 

6401 Security Boulevard, Baltimore, MD 

21235–6401. All comments received 

will be available for public inspection at 

this address. 

FOR FURTHER INFORMATION CONTACT: The 

Executive Director, Office of Privacy 

and Disclosure, Office of the General 

Counsel, as shown above. 

SUPPLEMENTARY INFORMATION: 

A. General 

The Computer Matching and Privacy 

Protection Act of 1988 (Pub. L. 100– 

503), amended the Privacy Act (5 U.S.C. 

552a) by describing the conditions 

under which computer matching 

involving the Federal government could 

be performed and adding certain 

protections for persons applying for, 

and receiving, Federal benefits. Section 

7201 of the Omnibus Budget 

Reconciliation Act of 1990 (Pub. L. 101– 

508) further amended the Privacy Act 

regarding protections for such persons. 

The Privacy Act, as amended, 

regulates the use of computer matching 

by Federal agencies when records in a 

system of records are matched with 

other Federal, State, or local government 

records. It requires Federal agencies 

involved in computer matching 

programs to: 

(1) Negotiate written agreements with 

the other agency or agencies 

participating in the matching programs; 

(2) Obtain approval of the matching 

agreement by the Data Integrity Boards 

of the participating Federal agencies; 

(3) Publish notice of the computer 

matching program in the Federal 

Register; 

(4) Furnish detailed reports about 

matching programs to Congress and 

OMB; 


tkelley on DSK3SPTVN1PROD with NOTICES