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Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices
thereunder,2 a proposed rule change to list and trade shares of the WisdomTree Bitcoin Trust under BZX Rule 14.11e4, Commodity-Based Trust Shares. The proposed rule change was published for comment in the Federal Register on April 15, 2021.3 The Commission has received comments on the proposed rule change.4
Section 19b2 of the Act 5 provides that within 45 days of the publication of notice of the filing of a proposed rule change, 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 shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is May 30, 2021.
The Commission is extending this 45day time period.
The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.
Accordingly, pursuant to Section 19b2 of the Act,6 the Commission designates July 14, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change File No. SRCboeBZX2021024.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202111532 Filed 6121; 8:45 am BILLING CODE 801101P

2 17

CFR 240.19b4.
Securities Exchange Act Release No. 91521
April 9, 2021, 86 FR 19917 April 15, 2021.
4 Comments received on the proposed rule change are available at: https www.sec.gov/comments/srcboebzx-2021-024/srcboebzx2021024.htm.
5 15 U.S.C. 78sb2.
6 Id.
7 17 CFR 200.303a31.

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SECURITIES AND EXCHANGE
COMMISSION

A Clearing Agencys Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
Release No. 3492020; File No. SRICEEU
2021010

a Purpose
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing of Proposed Rule Change Relating to the Clearing Rules, Clearing Procedures, Finance Procedures, Delivery Procedures, CDS Procedures, Membership Procedures, Complaint Resolution Procedures and General Contract Terms May 26, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on May 13, 2021, 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. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
I. Clearing Agencys Statement of the Terms of Substance of the Proposed Rule Change ICE Clear Europe Limited proposes to amend its Clearing Rules the Rules 3
including to the CDS Standard Terms, F&O Standard Terms and FX Standard Terms annexed thereto, Clearing Procedures, Finance Procedures, Delivery Procedures, CDS Procedures, Membership Procedures, Complaint Resolution Procedures and General Contract Terms collectively, the Amended Documents to make various updates and enhancements.
II. Clearing Agencys 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.
1 15

U.S.C. 78sb1.
CFR 240.19b4.
3 Capitalized terms used but not defined herein have the meanings specified in the Rules.
2 17

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ICE Clear Europe is submitting proposed amendments to the Amended Documents that are intended to make a variety of improvements and changes, including to 1 update various Rules and procedures to reflect current laws and regulations such as those relating to post-default porting, capital requirements, and anti-money laundering requirements, 2 update various defined terms, 3 update certain product and Clearing Member termination rules, 4 update certain notice provisions, 5 clarify membership criteria and obligations for Clearing Members, 6 clarify how open contract positions are aggregated and netted, 7 update certain systems references to reflect current systems and delete obsolete references, 8 amend and clarify the Complaint Resolution Procedures, 9 update various provisions of the Delivery Procedures, 10 introduce a summary disciplinary process and clarify disciplinary processes and 11 make various other drafting improvements, clarifications and updates, in each case as described in further detail herein.
a. Removal of Default Portability Preference Various amendments are proposed to remove the process whereby Non-FCM/
BD Clearing Members are able to deliver a Default Portability Preference, with advance, pre-default, porting information to the Clearing House. This process and mechanism had been developed by ICE Clear Europe as part of its default planning processes prior to post-crisis legislation such as EMIR
coming into force. EMIR requires postdefault porting notices to be served as a pre-condition to porting, rendering the default portability preference structure to be of limited assistance. In addition, and in practice, ICE Clear Europe did not receive many notices of Default Portability Preferences. After EMIR, other clearing houses did not use or ceased to use such notices and potential transferee clearing members are often unwilling to commit to receive porting in advance. As part of default management planning and following default drills with industry participation, it was determined to remove this structure from the Rules.
Various changes will be made to the Rules to remove references to predefault Porting Notice and, where appropriate, replace these references
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