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Federal Register / Vol. 86, No. 87 / Friday, May 7, 2021 / Notices
the ICE Deliverable UK Emissions Contracts and the method for calculation of invoices. The amendments would include delivery timetables, which would distinguish between ICE UKA Futures Contracts, the ICE UKA Daily Futures Contracts and the ICE UKA Auction Contracts. The timetables would each include a detailed timeframe for submission of Registry Account Details, submission of delivery intentions, submission of Transfer Requests to the relevant registry, payment and release of delivery Margin if relevant, payment and other matters. Delivery timetables would also be set out for late and failed deliveries.
Proposed Part A1 would also detail limitation of liability for the Clearing House. The Clearing House would not be liable as a result of the performance or non-performance of any Auction Seller, Auction Monitor, Administrator, GG ETS Regulator, Governmental Authority, Registry or UK Transaction Log, the validity of any UKA for purposes of meeting the requirements of the Scheme, any act or omission of any operator the Registry or UK Transaction Log or Authorised Representative of any other party, among other matters.
In addition, Proposed Part A1 would address the posting of EFPs and EFSs in respect of the ICE UKA Futures Contracts. Finally, Proposed Part A1
would also address an alternative delivery procedure in the event of a transfer request failure relating to ICE
Deliverable UK Emissions Contracts other than the ICE UKA Auction Contract, pursuant to which a Clearing Member may seek agreement of the Clearing House to make or take delivery beyond the point of failure on terms other than those required under ICE
Futures Europe Rules.

of Clearing Members and the Clearing House. ICE Clear Europe believes that its financial resources, risk management, systems and operational arrangements are sufficient to support clearing of such contract and to address physical delivery under such contract and to manage the risks associated with such contract. As a result, in ICE Clear Europes view, the amendments would be consistent with the prompt and accurate clearance and settlement of the Contract as set out in the proposed Delivery Procedures amendments, and the protection of investors and the public interest consistent with the requirements of Section 17Ab3F of the Act.7 In ICE Clear Europes view, the amendments would not affect the safeguarding of funds or securities in the custody or control of the clearing agency or for which it is responsible, within the meaning of Section 17Ab3F.8
In addition, Rule 17Ad22e10 9
requires that each covered clearing agency establish and maintain transparent written standards that state its obligations with respect to the delivery of physical instruments, and establish and maintain operational practices that identify, monitor and manage the risks associated with such physical deliveries. As discussed above, the amendments to the Delivery Procedures relating to the delivery and settlement under the ICE Deliverable UK
Emissions Contracts and ICE Futures Europe exchange contract terms would set out the obligations and roles of Clearing Members and the Clearing House. The amendments would also adopt relevant procedures for such deliveries, which would facilitate identifying, monitoring and managing risks associated with delivery.

b Statutory Basis Section 17Ab3F of the Act 6
requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, the safeguarding of securities and funds in the custody or control of the clearing agency or for which it is responsible, and the protection of investors and the public interest. The proposed amendments are designed to facilitate the clearing of a new physically settled UK emissions contracts that are being launched for trading by the ICE Futures Europe exchange. The amendments would set out the obligations and roles
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 purposes of the Act. The changes are being proposed in order to update the Delivery Procedures in connection with the listing of the ICE Deliverable UK
Emissions Contracts on the ICE Futures Europe market. ICE Clear Europe believes that such contracts would provide opportunities for interested market participants to engage in trading activity in the UK emissions market. ICE
Clear Europe does not believe the U.S.C. 78q1b3F.
U.S.C. 78q1b3F.
9 17 CFR 240.17Ad22e10.

U.S.C. 78q1b3F.

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C Clearing Agencys Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed amendments have not been solicited or 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 The foregoing rule change has become effective pursuant to Section 19b3A
of the Act 10 and paragraph f of Rule 19b4 11 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.
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
ICEEU2021011 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 SRICEEU2021011. This file number should be included on the
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amendments would adversely affect competition among Clearing Members, materially affect the cost of clearing, adversely affect access to clearing in Contracts for Clearing Members or their customers, or otherwise adversely affect competition in clearing services.
Accordingly, ICE Clear Europe does not believe that the amendments would impose any impact or burden on competition that is not appropriate in furtherance of the purpose of the Act.

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U.S.C. 78sb3A.
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