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Federal Register / Vol. 86, No. 39 / Tuesday, March 2, 2021 / Notices
the meaning of Section 17Ab3F of the Act. ICE Clear Europe does not believe the amendments would affect the safeguarding of securities and funds in the custody or control of the clearing agency or for which it is responsible, within the meaning of that section.
Moreover, the amendments are consistent with Rule 17Ad22e9,14
which requires that each covered clearing agency conduct its money settlements in central bank money, where available and determined to be practical by the board of directors of the covered clearing agency. The amendments will facilitate ICE Clear Europes opening accounts in TARGET2, and thereby permit it to conduct money settlements in Euro in central bank funds and to reduce the potential for conflicts between the rules governing ICE Clear Europes settlement system and those governing the TARGET2 System where ICE Clear Europe holds and uses accounts in the TARGET2 System. As a result, the amendments would be consistent with the requirements of Rule 17Ad22e9.
Rule 17Ad22e8 15 requires the covered clearing agency to define the point at which settlement is final to be no later than the end of the day on which the payment or obligation is due and, where necessary or appropriate, intraday or in real time. The amendments to Part 12 of the Rules will establish the time at which Payment Transfer Orders are effective and irrevocable for Euro payments made through the TARGET2 System. In accordance with the TARGET2 Terms and Conditions, such payments will be effected, and become final, on a realtime basis. The amendments are thus consistent with the requirements of Rule 17Ad22e8.
Rule 17Ad22e1 requires that the covered clearing agency provide for a well-founded, clear, transparent and enforceable legal basis for each aspects of its activities in all relevant jurisdictions. As discussed above, the amendments are being made to permit ICE Clear Europe to have a central bank account for Euro payments in accordance with Article 252b of EMIR, as applicable to ICE Clear Europe as a tier 2 TCCCP. The amendments are, therefore, necessary and desirable to maintain ICE Clear Europes status as a recognized TCCCP under EMIR. The amendments also reduce the potential for conflicts between the settlement finality rules governing ICE Clear Europes settlement system and those governing relevant TARGET2
14 17

CFR 240.17Ad22e9.
15 17 CFR 270.17Ad22e8.

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components. The amendments will therefore further compliance with article 54 of EU Regulation 153/2013, as on-shored in the United Kingdom and as applicable in the EU, which requires a CCP to identify and analyse potential conflicts of law issues and develop rules and procedures to mitigate legal risk resulting from such issues. As a result, the amendments enhance the legal framework of the Clearing House in the UK and EU, and as such are consistent with the requirements of Rule 17Ad22e1.
B Clearing Agencys Statement on Burden on Competition ICE Clear Europe does not believe the proposed rule changes would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purpose of the Act. The amendments will not affect the rights or obligations of Clearing Members or the terms of cleared Contracts. The amendments are designed to facilitate establishment and use by the Clearing House of a TARGET2ECB payment account to permit real-time settlement of Eurobased payments as between the Clearing Houses own accounts, and would not affect significantly the rights of Clearing Members. As a result, 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.
As a result, ICE Clear Europe does not believe the proposed rule changes impose any burden on competition that is inappropriate in furtherance of the purposes of the Act.
C Clearing Agencys Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed rule changes have not been solicited or received by ICE Clear Europe. ICE Clear Europe will notify the Commission of any written comments received with respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not:
i Significantly affect the protection of investors or the public interest;

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ii impose any significant burden on competition; and iii become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19b3A of the Act 16 and Rule 19b4f6 17
thereunder.
ICE Clear Europe has requested that the Commission waive both the five-day pre-filing requirement and the 30-day delayed operative date under Rule 19b 4f6iii 18 so that the proposed rule change may become effective and operative upon filing with the Commission. ICE Clear Europe has satisfied the five-day pre-filing requirement already, so the Commission only considers whether to waive the 30day delayed operative date.
ICE Clear Europe believes that waiver of the 30-day delayed operative date is warranted because the proposed rule change would not i significantly affect the protection of investors or the public interest and ii impose any significant burden on competition.
With respect to i, ICE Clear Europe maintains that the proposed rule change would in practice affect transfers between different bank accounts of ICE
Clear Europe including TARGET2 PM
Accounts, which are not transfers involving payments to or from Clearing Members. Accordingly, ICE Clear Europe states that the proposed rule change would have no effect on the safeguarding of funds or securities in the custody or control of ICE Clear Europe, nor significantly affect any other rights or obligations of ICE Clear Europe, Clearing Members, Sponsored Principals or other persons using the clearing service. ICE Clear Europe further maintains that the proposed rule change would not affect the terms of contracts it clears or ICE Clear Europes financial resources or risk models. As a result, ICE Clear Europe does not believe the proposed rule change would significantly affect the protection of investors or the public interest.
With respect to ii, ICE Clear Europe maintains that the proposed rule change would not impose any new obligations on Clearing Members, affect significantly the rights of Clearing Members, or affect the cost of clearing or access to clearing for market participants. As a result, in ICE Clear Europes view, the proposed rule change would not impose any significant burden on competition.
16 15

U.S.C. 78sb3A.
CFR 240.19b4f6.
18 17 CFR 240.19b4f6iii.
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