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Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices Energy Block Transaction meeting specified criteria.
iii. EFRP Exchange for Related Positions Definition Amendments ICE Clear Europe proposes several changes to the Rules to address more clearly exchange for related position transactions, referred to as EFRPs, under applicable Market rules, including to revise defined terms and clarify that such transactions are available on exchanges for products other than soft commodities.
In Rule 101, the proposed rule change would add a new EFRP definition using a similar drafting structure to that for EFP exchange for physicals and EFS exchange for swaps transactions by including the phrase or any similar transaction under any Market Rules.
Also, the proposed rule change would clarify the current definition of EFS
in Rule 101 to refer only to exchange for swaps or similar transactions under Market Rules and to remove an existing reference to exchange for related positions, which would instead be covered by the proposed EFRP
definition. In the Financials & Softs Block Transaction definition, the proposed rule change would broaden the reference to Soft Commodity EFRPs to include all EFRPs under all Market Rules, as Soft Commodity EFRPs are specific to ICE Futures Europe.
Accordingly, the proposed rule change would delete the Soft Commodity EFRP definition which is not otherwise used.

lotter on DSK11XQN23PROD with NOTICES1

iv. Amendments to Product Termination Rules The proposed rule change would amend Rule 105a to shorten the termination period generally from four months to one month for a service withdrawal for a product in circumstances in which there is no open interest in the relevant Set. ICE Clear Europe represents that a longer termination period is unnecessary in such circumstances, since no action is required by Clearing Members to close out their positions.12 The proposed amendments to Rule 105a would also clarify that where a product termination occurs following actions of the relevant exchange e.g., a de-listing, the notice period required under the exchanges rules would instead apply and the exchange would be responsible for providing such notice.

v. Amendments to the Termination Rules for Clearing Members ICE Clear Europe proposes amendments to Rule 209d to facilitate membership terminations in the context of a corporate group reorganization where a new Clearing Member that is an Affiliate will be receiving the terminating Clearing Members Open Contract Positions. In such context, the proposed amendment would establish an exception to the requirement for terminating Clearing Members to immediately pay to ICE Clear Europe, upon service of a Termination Notice, Assessment Contributions equal to three times the required relevant guaranty fund contribution. ICE Clear Europe represents that such an exception is warranted since all positions would be received by an affiliated Clearing Member in good standing that would remain liable with respect to any obligations arising from or related to the holding of such positions under the Rules including as to future Assessment Contributions.13
The proposed rule change would further amend Rule 209d to clarify that references in the Clearing Rules to Assessment Contributions being called or to Guaranty Fund Contributions being replenished or applied, where the Clearing Member has provided Permitted Cover to ICE Clear Europe whether under Rule 209d or prior to the Clearing Member serving its termination notice or the Termination Date, would be interpreted as a reference to that Permitted Cover being applied. The proposed rule change would also clarify that the Permitted Cover which has been provided by the Clearing Member prior to the serving of a termination notice or a Termination Date could, as is currently intended, also be included as part of, for example, any applications of Guaranty Fund by ICE Clear Europe under Part 9 or Part 11.
The proposed amendments to Rule 209d would further clarify for the avoidance of doubt that the following obligations would apply to a terminating Clearing Member until Open Contract Positions have been closed, the Termination Date has passed, and all Guaranty Fund Contributions have been returned under Rule 1102g: Application of Guaranty Fund Contributions, application of Assessment Contributions to the extent paid under Rule 209d or otherwise prior to the Termination Date, position limits under Part 6, disciplinary actions under Part 10, and the declaration and
consequences of an Event of Default under Part 9 of the Rules.
ICE Clear Europe represents that the foregoing proposed amendments to Rule 209d reflect its experience with both default planning and recent Clearing Member terminations involving group reorganizations.14
vi. Amendments to Notice Provisions ICE Clear Europe represents that the proposed changes regarding the delivery of notices under the Rules have been informed by default simulation planning and, in particular, the requirements around default notices under Rule 901, but are not limited to that context.15 Specifically, the proposed rule change would amend Rules 113a and 113ai to delete the current references to telephone as a valid mode of service of notices since ICE Clear Europe represents that this is not supported operationally and to replace such references with email.16
Accordingly, under the proposed rule change, the email address last notified to ICE Clear Europe by a Clearing Member would become an option for service of notices. The proposed addition of new Rule 113aii would clarify that ICE Clear Europe may also validly deliver notices to a process agent nominated by the Clearing Member to act as its agent. Rule 113e currently refers to such agents for service of process, and would be expanded under the proposed rule change to explicitly refer to service of other contractual notices and communications. The proposed amendments to Rule 113a would further clarify that delivery in accordance with this section would be deemed made to the Clearing Member or Sponsored Principal, as well as to an agent appointed by the Clearing Member or Sponsored Principal.
The proposed rule change would also amend Rules 113c and 113d to clarify the precise time when effective service is deemed to be made for communications by fax, email, and courier, and that effective service and delivery can be achieved outside of opening hours on a business day, consistent with current operational practices.
Similarly, the proposed rule change would amend Rule 1901n to clarify that process agents for Sponsored Principals will act as agents for service of process of any notice, order, or other communication under the Rules and the Sponsored Principal Agreement.
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