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Federal Register / Vol. 86, No. 28 / Friday, February 12, 2021 / Notices
estimates that it would take approximately 15 minutes to create and submit each fingerprint card. The total time burden is therefore estimated to be approximately 70,451 hours, or approximately 18 hours per respondent, annually.
In addition, the SROs charge an estimated $26 fee for processing fingerprint cards submitted electronically, resulting in a total annual cost to all 3,900 respondents of approximately $6,596,746, or approximately $1,691 per respondent per year. The SROs charge an estimated $41 fee for processing fingerprint cards submitted in hard copy, resulting in a total annual cost to all 3,900
respondents of approximately $1,151,403, or approximately $295 per respondent per year. The combined annual cost to all respondents is thus approximately $7,748,149.
Because the FBI will not accept fingerprint cards directly from submitting organizations, Commission approval of fingerprint plans from certain SROs is essential to carry out the Congressional goal to fingerprint securities industry personnel. Filing these plans for review assures users and their personnel that fingerprint cards will be handled responsibly and with due care for confidentiality.
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number.
The public may view background documentation for this information collection at the following website:
www.reginfo.gov. Find this particular information collection by selecting Currently under 30-day ReviewOpen for Public Comments or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to i www.reginfo.gov/public/do/
PRAMain and ii David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/
o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov.
Dated: February 9, 2021.
J. Matthew DeLesDernier, Assistant Secretary.
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SECURITIES AND EXCHANGE
COMMISSION
Release No. 3491075; File No. SRICC
2020014

Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving Proposed Rule Change Relating to the ICC Clearing Participant Default Management Procedures February 8, 2021.

Introduction On December 22, 2020, ICE Clear Credit LLC ICC filed with the Securities and Exchange Commission Commission, pursuant to Section 19b1 of the Securities Exchange Act of 1934 Act 1 and Rule 19b4
thereunder,2 a proposed rule change to revise its Clearing Participant CP
Default Management Procedures the Default Management Procedures.3
The proposed rule change was published for comment in the Federal Register on January 8, 2020.4 The Commission did not receive comments on the proposed rule change. For the reasons discussed below, the Commission is approving the proposed rule change.
II. Description of the Proposed Rule Change ICCs proposed rule change would make clarifying changes to the Default Management Procedures to formalize the process for convening remote meetings of ICCs CDS Default Committee, and to update certain procedures for notifications by designated ICC officers as part of its CP
default management process.5 This process includes the actions that ICC
takes to determine that a CP is in default and to close-out the defaulting CPs portfolio.6
Specifically, ICC proposes revisions to Subsection 4.4 Secure Trading Facility of the Default Management Procedures related to convening the ICC CDS
Default Committee, which consists of designated employees of eligible CPs that have CDS trading experience and are deemed seconded to ICC to assist 1 15

U.S.C. 78sb1.
CFR 240.19b4.
3 Capitalized terms used but not defined herein have the meanings specified in the ICC Clearing Rules the Rules.
4 Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the ICC Clearing Participant Default Management Procedures, Exchange Act Release No.
90841 January 4, 2021, 86 FR 1555 January 8, 2021 SRICC2020014 Notice.
5 The description herein is substantially excerpted from the Notice.
6 See Notice, 86 FR at 1555.
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with default management and the closeout process. Currently, Subsection 4.4
provides only for an in-person meeting of the CDS Default Committee in a private room at ICCs New York offices Secure Trading Facility. The proposed changes specify that ICC may convene its CDS Default Committee at the Secure Trading Facility or remotely by teleconference Remote Trader Consultation in the event the Committee is unable to meet in person.
The proposed changes also specify that the ICC Chief Risk Officer CRO will decide whether to convene the CDS
Default Committee in person or remotely, and that such decision will depend on the circumstances at the time of the declaration of the default.
ICC also proposes updates to Section 6 Default Declaration. Currently, Subsection 6.1.5 CCO Pre-Declaration Initiated Actions requires the ICC Chief Compliance Officer CCO to inform default contacts at the Commission and the Commodity Futures Trading Commission CFTC by telephone of a potential CP default. The proposed changes to Subsection 6.1.5 would allow the CCO to inform the default contacts at Commission and the CFTC
by telephone or email of a potential default, and further direct the CCO to inform other regulators of the potential default as may be required. Amended Subsection 6.4 Default Declaration Notification similarly directs the CCO
to notify other regulators in addition to the Commission and the CFTC of a default if applicable, and replaces the word all with above in the phrase Upon the CCO confirming all notifications have been completed, in the last paragraph of this subsection.
The proposed updates to Subsection 6.5.3 CRO Post-Declaration Preparation relate to the CROs actions to convene the CDS Default Committee after a declaration of default and to determine whether this Committee will meet in person or remotely at such postdeclaration phase. If the CRO convenes an in-person CDS Default Committee meeting at the Secure Trading Facility, the proposed updates to Subsection 6.5.3 clarify that the CRO will work with ICCs Risk Committee and other ICC staff as required to perform certain specified actions. The proposed revisions to Subsection 6.5.4 CCO PostDeclaration Actions make clarifications in respect of the notice that the CCO
provides to the compliance personnel of a CDS Default Committee member following a declaration of a default, including the prospect that the CDS
Default Committee may meet by teleconference.

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