Document ID: SEC-2022-0493-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: ICE Clear Europe, Ltd.
Posted Date: 2022-04-11T04:00Z

[Federal Register Volume 87, Number 69 (Monday, April 11, 2022)]
[Notices]
[Pages 21223-21224]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07622]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94606; File No. SR-ICEEU-2022-003]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change, as 
Modified by Amendment No. 1, Relating to Amendments to the ICE Clear 
Europe Futures & Options Guaranty Fund Policy

April 5, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on March 28, 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 Commission. On April 4, 2022, ICE Clear 
Europe filed Amendment No. 1 to the proposed rule change to make 
certain changes to Exhibit 1A and the confidential Exhibit 5.\5\ The 
Commission is publishing this notice to solicit comments on the 
proposed rule change, as modified by Amendment No. 1 (hereafter the 
``proposed rule change''), from interested persons.
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    \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).
    \5\ In Amendment No. 1, ICEEU revised Exhibit 1A to include a 
statement on the burden on competition and revised confidential 
Exhibit 5 to include a filing number on page 25 thereof; however, 
the substance of the proposal is unchanged.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    ICE Clear Europe Limited (``ICE Clear Europe'' or the ``Clearing 
House'') submits this partial amendment (``Amendment No. 1'') to its 
previously submitted rule changes (the ``Initial Filing'') to amend its 
Futures & Options Guaranty Fund Policy (``F&O Guaranty Fund Policy'' or 
``Policy'').\6\ Amendment No. 1 is intended to make an update to (i) 
Exhibit 1A of the Initial Filing to include a statement by the Clearing 
House on the burden on competition and (ii) the confidential Exhibit 5 
as set out in the Initial Filing to include a filing number on page 25 
thereof. The proposed rule changes as set out in the Initial Filing are 
otherwise unchanged.
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    \6\ Capitalized terms used but not defined herein have the 
meanings specified in the ICE Clear Europe Clearing Rules and the 
F&O Guaranty Fund Policy.
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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
    The purpose of Amendment No. 1 is to add Section IIB (which is a 
statement of the Clearing House on the burden of competition) to 
Exhibit 1A of the Initial Filing and to add the filing number SR-ICEEU-
2022-003 to the header in page 25 of confidential Exhibit 5 as set out 
in the Initial Filing. The Clearing House's statement on the burden of 
competition was already described in Form 19b-4 of the Initial Filing 
but omitted from Exhibit 1A of the Initial Filing.
(b) Statutory Basis
    The description of the statutory basis for the amendments set forth 
in the Initial Filing, as amended hereby, is unchanged.

[[Page 21224]]

(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed amendments would 
have any impact, or impose any burden, on competition not necessary or 
appropriate in furtherance of the purposes of the Act. The amendments 
are being adopted to update and clarify the Clearing House's F&O 
Guaranty Fund Policy, which relates to the Clearing House's internal 
processes for determining and reviewing the F&O Fund level in 
accordance with the Rules. ICE Clear Europe does not believe the 
amendments will result in any immediate change to the F&O Fund level. 
Further, ICE Clear Europe does not believe the amendments would affect 
the costs of clearing, the ability of market participants to access 
clearing, or the market for clearing services generally. Therefore, ICE 
Clear Europe does not believe the proposed rule change imposes any 
burden on competition that is 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

    The statement on comments on the proposed rule change in the 
Initial Filing, as set forth in the Initial Filing, as amended hereby, 
is unchanged.

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 \7\ and paragraph (f) of Rule 19b-4 \8\ 
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.
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f).
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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 [email protected]. Please include 
File Number SR-ICEEU-2022-003 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-2022-003 Amendment 
No. 1. 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-2022-003 and should be 
submitted on or before May 2, 2022.
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    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-07622 Filed 4-8-22; 8:45 am]
BILLING CODE 8011-01-P