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Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices
vii Membership Criteria Rule 17Ad22e18 requires covered clearing agencies to establish criteria for participation which ensures participants have sufficient financial resources and robust operational capacity to meet obligations arising from participation and to monitor compliance.30 Proposed amendments would extend the hours during which staff are available to process and deal with questions in relation to morning margin calls, which strengthen operational capacity to meet obligations arising from participation.
The amendments would also clarify certain requirements as to member Capital, including to reference updated capital standards and to limit the use of certain subordinated debt as capital.
These amendments are intended to be consistent with the requirements of the Basel III capital framework applicable to most Clearing Members. In ICE Clear Europe view, the amendments accordingly set appropriate Capital requirements for Clearing Members, consistent with the requirements of Rule 17Ad22e18.

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viii Default Management Rule 17Ad22e13 31 requires a covered clearing agency to ensure that it has the authority and operational capacity to take timely action to contain losses and liquidity demands in the case of default.
The amendments would, as noted above, clarify certain aspects of the Clearing Houses default management procedures, including the use of postdefault porting notices and the manner of delivering default notices. The amendments would clarify the ability of the Clearing House to use hedging postdefault, and clarify certain aspects of the definition of Event of Default, particularly in connection with defaults of affiliated Clearing Members. A
number of other drafting improvements would be made in the Part 9 of the Rules, as discussed above. In ICE Clear Europes view, these amendments will generally enhance the Clearing Houses default management procedures and facilitate its ability to take timely action in the case of a default to contain losses, consistent with the requirements of Rule 17Ad22e13.32
B Clearing Agencys 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 CFR 240.17Ad22e18.
CFR 240.17Ad22e13.
32 17 CFR 240.17Ad22e13.

appropriate in furtherance of the purpose of the Act. The amendments are generally intended to improve drafting clarity in the Rules and Procedures and update various provisions to refer to current laws and operational and other processes, including with respect to such matters as portability, settlement and delivery procedures, updated system references, anti-money laundering procedures and similar matters. Overall, ICE Clear Europe does not expect the amendments would impose any material new obligations on Clearing Member. Further, ICE Clear Europe does not expect that the proposed changes will adversely affect access to clearing or the ability of Clearing Members, their customers or other market participants to continue to clear contracts. ICE Clear Europe also does not believe the amendments would materially affect the cost of clearing or otherwise limit market participants choices for selecting clearing services.
Accordingly, ICE Clear Europe does not believe the amendments would impose any burden on competition not necessary or appropriate in furtherance of the purpose of the Act.
C Clearing Agencys Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others ICE Clear Europe conducted a consultation with respect to the proposed amendments to the Rules set forth herein.33 No written comments relating to the proposed amendments have been received by ICE Clear Europe.
ICE Clear Europe will notify the Commission of any comments received with respect to the proposed rule change.
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 such proposed rule change, or B institute proceedings to determine whether the proposed rule change should be disapproved.

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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 Commissions internet comment form http www.sec.gov/
rules/sro.shtml or Send an email to rule-comments@
sec.gov. Please include File Number SR
ICEEU2021010 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.
All submissions should refer to File Number SRICEEU2021010. 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 Commissions 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 Commissions 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 Europes 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 SRICEEU2021010
and should be submitted on or before June 23, 2021.

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