Federal Register / Vol. 79, No. 231 / Tuesday, December 2, 2014 / Notices 71495 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 ‘‘Operational risk’’ is defined in the ICC 

Operational Risk Management Framework as the 

risk that deficiencies in information systems, 

internal processes, personnel, or disruptions from 

external events will result in the reduction, 

deterioration, or breakdown of services. 

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. 

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–2014–24 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–ICEEU–2014–24. 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#rule-filings. 

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–ICEEU2014–24 and should 

be submitted on or before December 23, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28322 Filed 12–1–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73684; File No. SR–ICC– 

2014–19] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change to Formalize 

the ICC Operational Risk Management 

Framework 

November 25, 2014. 

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 November 

18, 2014, ICE Clear Credit LLC (‘‘ICC’’) 

filed with the Securities and Exchange 

Commission (‘‘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. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The principal purpose of the 

proposed rule change is to update and 

formalize ICC’s Operational Risk 

Management Framework. These 

revisions do not require any changes to 

the ICC Clearing Rules (‘‘Rules’’). 

II. Self-Regulatory Organization’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 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. ICC has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of these statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

ICC proposes to update and formalize 

the ICC Operational Risk Management 

Framework. 

ICC believes such revisions will 

facilitate the prompt and accurate 

clearance and settlement of securities 

transactions and derivative agreements, 

contracts, and transactions for which it 

is responsible. The proposed revisions 

are described in detail as follows. 

The ICC Operational Risk 

Management Framework is one of 

several documents that establish the ICC 

Risk Management Framework. As a 

central counterparty, ICC occupies an 

important place in the clearing of credit 

default swaps and faces operational 

risks related to the functioning of both 

personnel and systems. The ICC 

Operational Risk Management 

Framework creates a program of risk 

assessment and oversight designed to 

identify, monitor and manage plausible 

sources of operational risk.3 The 

operational risk program established by 

the Operational Risk Management 

Framework includes pro-active risk 

identification and mitigation, along with 

timely management and reporting of 

operational performance measures. The 

program applies to all ICC activities, 

groups, functions and locations and is 

also designed to evaluate and mitigate 

operations risk presented to ICC by its 

partners, related entities, and vendors. 

The Operational Risk Framework 

provides the Operational Risk Manager 

with the full responsibility and 

authority to develop and enforce, in 

consultation with the ICC Board and 

appropriate members of senior 

management, the operational risk 

program. The ICC Board retains 

responsibility for oversight of ICC’s 

operational risk management program. 

The Operational Risk Manager is the 

owner of the Operational Risk 

Management Framework document, and 

the initial document and any material 

amendments require review and 

approval by the appropriate members of 

senior management and the ICC Board. 

The Operational Risk Manager reports to 

the Chief Compliance Officer who 

reports directly to the ICC Board. 


rljohnson on DSK3VPTVN1PROD with NOTICES
71496 Federal Register / Vol. 79, No. 231 / Tuesday, December 2, 2014 / Notices 

4 15 U.S.C. 78q–1(b)(3)(F). 

5 Id. 

6 17 CFR 240.17Ad–22. 

7 17 CFR 240.17Ad–22(d)(4). 

8 15 U.S.C. 78q–1(b)(3)(F). 

There are several components to the 

ICC Operational Risk Management 

Framework. The Operational Risk 

Management Framework establishes 

clearly defined operational performance 

objectives that serve as benchmarks to 

evaluate efficiency and effectiveness, 

promote confidence among management 

and participants, and evaluate 

operational performance against 

expectations. Further, the Operational 

Risk Management Framework sets forth 

goals for risk identification, assessment, 

and mitigation, which include the 

identification, monitoring, and 

management of all plausible sources of 

operational risk and the establishment 

of clear policies and procedures to 

address presented risk scenarios. The 

Operational Risk Management 

Framework also contains information 

regarding how ICC leverages certain 

shared infrastructures within the 

Intercontinental Exchange, Inc. family 

as part of its operational risk 

management program. 

Additionally, the Operational Risk 

Management Framework details the 

Operational Risk Manager’s 

responsibilities in terms of business 

continuity planning, vendor risk 

management, and the release of new 

products, processes, and initiatives. The 

Operational Risk Manager is also 

responsible for operational risk 

reporting, which includes reporting and 

addressing significant operational risk 

weaknesses or failures timely and 

appropriately (including escalation to 

the appropriate members of senior 

management and the ICC Audit 

Committee and the Board when 

necessary), and providing ongoing 

reporting to appropriate members of 

senior management and periodic 

reporting to the ICC Board and the ICC 

Audit Committee on the operational risk 

program and significant control matters. 

The operational risk management 

framework is overseen by the ICC Board, 

ICC department heads and the Chief 

Compliance Officer. Internal audit 

performs reviews of the operational risk 

management processes. 

Section 17A(b)(3)(F) of the Act 4

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 and to 

comply with the provisions of the Act 

and the rules and regulations 

thereunder. ICC believes that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to ICC, in particular, to 

Section 17(A)(b)(3)(F),5 because ICC 

believes that the proposed rule change 

will promote the prompt and accurate 

clearance and settlement of securities 

transactions, derivatives agreements, 

contracts, and transactions, as the ICC 

Operational Risk Management 

Framework is designed to identify and 

minimize operational risk presented to 

the clearing house by identifying all 

plausible sources of operational risk 

presented to ICC and developing 

appropriate controls and procedures to 

effectively monitor and manage 

operational risk. As such, the ICC 

Operational Risk Management 

Framework facilitates ICC’s ability to 

promptly and accurately clear and settle 

its cleared CDS contracts. In addition, 

the proposed revisions are consistent 

with the relevant requirements of Rule 

17Ad–22.6 The ICC Operational Risk 

Management Framework is designed to 

identify and minimize sources of 

operational risk through the 

development and implementation of 

appropriate systems, controls, and 

procedures, as the Operational Risk 

Management Framework provides for 

the creation and maintenance of a 

comprehensive operational risk 

management program and is therefore 

reasonably designed to meet the 

operational risk requirements of Rule 

17Ad–22(d)(4).7 As such, the proposed 

rule change is designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions, 

derivatives agreements, contracts, and 

transactions within the meaning of 

Section 17A(b)(3)(F) 8 of the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

ICC does not believe the proposed 

rule change would have any impact, or 

impose any burden, on competition. 

The ICC Operational Risk Management 

Framework applies uniformly across all 

market participants. Therefore, ICC does 

not believe the proposed rule change 

imposes any burden on competition that 

is inappropriate 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 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 

the 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–2014–19 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–ICC–2014–19. 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 


rljohnson on DSK3VPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 231 / Tuesday, December 2, 2014 / Notices 71497 

9 17 CFR 200.30–3(a)(12). 

10:00 a.m. and 3:00 p.m. Copies of such 

filings also will be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s Web site at https://

www.theice.com/clear-credit/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–ICC–2014–19 and should 

be submitted on or before December 23, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28317 Filed 12–1–14; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration # 14188 and # 14189] 

Utah Disaster # UT–00034 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of UTAH dated 11/18/2014. 

Incident: Severe storms & flooding. 

Incident Period: 09/27/2014. 

Effective Date: 11/18/2014. 

Physical Loan Application Deadline 

Date: 01/20/2015. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 08/18/2015. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing And 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Carbon. 

Contiguous Counties: Utah, Duchesne, 

Emery, Sanpete, Uintah, Utah. 

The Interest Rates are: 

For Physical Damage: 

Homeowners With Credit Available Elsewhere ...................... 4.125 

Homeowners Without Credit 

Available Elsewhere .............. 2.063 

Businesses With Credit Available Elsewhere ...................... 6.000 

Businesses Without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations With 

Credit Available Elsewhere ... 2.625 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

For Economic Injury: 

Businesses & Small Agricultural 

Cooperatives Without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

The number assigned to this disaster 

for physical damage is 14188 B and for 

economic injury is 14189 0. 

The States which received an EIDL 

Declaration # are Utah 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Dated: November 18, 2014. 

Maria Contreras-Sweet, 

Administrator. 

[FR Doc. 2014–28334 Filed 12–1–14; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #14138 and #14139] 

California Disaster # CA–00225 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Administrative disaster declaration for 

the State of CALIFORNIA dated 10/01/ 

2014. 

Incident: Boles Fire, 

Incident Period: 09/15/2014 and 

continuing through 10/09/2014, 

Effective Date: 11/13/2014, 

Physical Loan Application Deadline 

Date: 12/01/2014, 

Economic Injury (EIDL) Loan 

Application Deadline Date: 07/01/2015, 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: The notice 

of the Administrative disaster 

declaration for the State of California, 

dated 10/01/2014 is hereby amended to 

establish the incident period for this 

disaster as beginning 09/15/2014 and 

continuing through 10/09/2014. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Dated: November 13, 2014. 

Maria Contreras-Sweet, 

Administrator. 

[FR Doc. 2014–28332 Filed 12–1–14; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #14190 and #14191] 

Louisiana Disaster #LA–00053 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of Louisiana dated 11/18/ 

2014. 

Incident: Severe Weather and 

Tornadoes. 

Incident Period: 10/13/2014. 

Effective Date: 11/18/2014. 

Physical Loan Application Deadline 

Date: 01/20/2015. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 08/18/2015. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Ouachita. 

Contiguous Counties: 

Louisiana: Caldwell; Jackson; Lincoln; 

Morehouse; Richland; Union. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners With Credit Available Elsewhere ...................... 4.125 


rljohnson on DSK3VPTVN1PROD with NOTICES