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lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices Segregated Customer, the proposed rule change would make typographical corrections. The proposed rule change also would amend the definitions of Transferee and Transferor to clarify that the subject of a transfer or delivery is a Deliverable, as such term is currently defined in the Rules.
The proposed rule change would amend Rule 201av Clearing Membership Criteria to change an erroneous singular phrase Contract is to the plural Contracts are. The proposed rule change would amend Rules 304aiiA, 304aiiB, and 1901e regarding Sponsored Principals to correctly reference the term Nominated Bank Account in place of the current term Nominated Account.
The proposed rule change would amend Rule 401g Formation of Contracts to reflect that under existing practice and as stated and assumed elsewhere in the Rules e.g., Rule 906, Clearing Procedures, Clearing Members can have multiple Proprietary Position Accounts. The proposed rule change would amend Rule 406a Open Contract Positions to remove an erroneous reference to the legacy term Clearing Processing System and replace it with the correct defined term ICE System.
The proposed rule change would amend Rule 904b Transfer of Contracts and Margin on a Clearing Member Default to change an incorrect term Market-to-Market Value to the correct defined term Mark-to-Market Price. Similarly, the proposed rule change would amend Rule 905g Termination and close out of Contracts on a Clearing Member Event of Default to delete a reference to Market-toMarket Value as well as the unused term Reference Price. In Rule 905bix, the proposed rule change would make a grammatical change to reflect that there may be multiple Defaulters rather than just one. The proposed rule change would amend Rule 908i Application of Assets upon an Event of Default to correct existing typographical errors and an incorrect cross-reference. The proposed rule change would amend clause ii of Rule 908i to reflect that the applicable modifications would be set out in the Default Auction Procedures as opposed to a Circular. In the definition of MTM/VM in Rule 913axxxi, the proposed rule change would amend the existing language to reflect that MTM/VM is transferred to, rather than held as a deposit by, the Clearing House. The proposed rule change would delete the definition of Product Termination Amount in Rule 913axxxviii as this term is already defined in existing Rule 916. The
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proposed rule change would amend Rule 913alviii to clarify, for the avoidance of doubt, that amounts payable in respect of transfers are included in the definition of Transfer Cost. The proposed rule change would amend Rule 915e Partial Tear-Up to correctly reference all categories of mark-to-market or variation margin for all product categories. The proposed rule change would amend Rule 916i to clarify that Guaranty Fund and Assessment contributions due pursuant to Rule 916i are subject to the provisions of Rule 917 Cooling-off period and Clearing Member termination rights, including the limitations thereon during a Cooling-off Period. The proposed rule change would amend Rule 918d to refer to any Event of Default rather than multiple Events of Default. The proposed rule change would also incorporate references to Rules 916 Contract Termination following Certain Conditions or Under-priced Auction and 918 Termination of membership into Rule 1102g Clearing Members Contributions to reflect that these Rules could apply in certain cases to determine the return of Guaranty Fund Contributions.
The proposed rule change would delete Rule 1901dvi, because the referenced Council Directive has been repealed. As a result, the proposed rule change would renumber subsequent provisions and update cross-references in other provisions.
The proposed rule change would correct a typographical error in the title of Part 23, Rules for Market Transactions. The proposed rule change would make other typographical and drafting corrections in various provisions of the Rules, including 102q, 202axxi, 203axx and 504cvi.
The proposed rule change would amend Part 3b of the F&O Standard Terms to more clearly state that Customer-CM F&O Transactions would arise in accordance with Part 4 of the Rules. This change would align with the drafting used in the other Standard Terms.
The proposed rule change would amend Rule 1607diii, CDS Standard Terms 7iii, F&O Standard Terms 7iii and FX Standard Terms 7iii to refer to Personal Data rather than Personal Data of its Data Subjects. This change would eliminate unnecessary language.
B. Clearing Procedures The proposed rule change would amend paragraph 1.1a of the Clearing Procedures to remove existing references to the PTMS/ACT systems,
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because they are legacy systems that ICE
Clear Europe represents that it no longer uses.29 ICE Clear Europe proposes to replace them with a reference to ICE
FEC, which is a new defined term in the Delivery Procedures that means the single user interface used by the Clearing House offering functions to view and manage trades, transfers, allocations and claims. The proposed rule change would amend paragraphs 1.1f and 3.1c of the Clearing Procedures to remove the definitions of MFT and ECS, respectively, as these terms would now be defined in the Delivery Procedures.
C. Finance Procedures The proposed rule change would amend the Finance Procedures in Part 4
Assured Payment System: Accounts, paragraphs 4.1ai and iv and 4.4ai and iv, concerning the account requirements for members to reflect that ICE Clear Europe clears both EUR and USD denominated CDS contracts;
accordingly, all CDS Clearing Members are required to have both EUR and USD
accounts and would no longer be required to have a GBP account.
The proposed rule change would amend paragraph 6.1iix of the Finance Procedures to clarify that the additional margin requirement that applies where payment of variation or mark-to-market margin is made in a currency other than the contractual currency would apply on a Currency Holiday. ICE Clear Europe represents that this reflects current practice.30
The proposed rule change would also update and correct the committee references in the Finance Procedures.
Specifically, ICE Clear Europe proposes to change the references in paragraph 142 and 143 from the CDS Risk Committee and FX Risk Committee to CDS Product Risk Committee and FX Product Risk Committee, respectively. The proposed rule change would also make similar changes throughout the CDS Procedures where CDS Risk Committee is currently used.
The proposed rule change would make amendments to paragraphs 3.10, 3.11, 3.21 and 4.5 in the Finance Procedures to remove clarify that the terms MFT and ECS would now be defined in the Delivery Procedures.
The proposed rule change would amend paragraph 15.4b of the Finance Procedures by deleting an outdated reference to the Continuing CDS Rule Provisions, which are no longer in effect.
29 Notice, 30 Notice,
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