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Federal Register / Vol. 86, No. 117 / Tuesday, June 22, 2021 / Notices
positions that are recorded in the SDR
continue to be maintained in accordance with Rule 13n5b7,144
including procedures for transferring the transaction data and positions to the Commission or its designee.145
The Commission received no comments applicable to these requirements. As described above, the ITV Application provides for the recordkeeping of SBS transaction data for at least five years following the termination of the transaction,146 and will be readily accessible throughout the life of a security-based swap in an electronic format that is non-rewriteable and non-erasable.147 In addition, ICE
Trade Vault provides for the transferring of transaction data and positions to the Commission via reports designed to provide visibility into positions and the status of submitted trades and also provides for direct electronic access to data reported to ICE Trade Vault in satisfaction of the Commissions regulatory requirements both for the Commission and, where such access is permitted by applicable law and any relevant Memorandum of Understanding or other arrangement, the Commissions designee.
F. Disclosure
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1. Summary of ICE Trade Vaults Application ICE Trade Vault publishes a disclosure document to provide a summary of information regarding its service offerings and the SBS data it maintains.148 Specifically, the disclosure document sets forth a description of the following: i Criteria for access to the ICE Trade Vault service and SBS data; ii criteria for connection and linking to ICE Trade Vault; iii policies and procedures to safeguard SBS data and operational reliability; iv policies and procedures to protect the privacy of SBS data; v policies and procedures on ICE Trade Vault commercial and non-commercial use of SBS data; vi ICE Trade Vault data accuracy and dispute resolution procedures; vii ICE Trade Vault 144 Rule 13n5b7 states that, if an SDR ceases doing business or ceases to be registered pursuant to Section 13n of the Exchange Act, the SDR must continue to preserve, maintain, and make accessible the transaction data and historical positions required to be collected, maintained, and preserved by this section in the manner required by the Exchange Act and the rules and regulations thereunder and for the remainder of the period required by this section. 17 CFR 240.13n5b7.
145 17 CFR 240.13n8.
146 See Security-Based SDR Service Disclosure Document, Ex. V.2, sec. 3.
147 See id.
148 See Security-Based SDR Service Disclosure Document, Ex. V.2.

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services; viii ICE Trade Vault pricing;
and ix ICE Trade Vault governance arrangements.149
2. Discussion Rule 13n10 under the Exchange Act requires that, before accepting any SBS
data from a market participant or upon a market participants request, an SDR
shall furnish to the market participant a disclosure document that contains certain written information, which must reasonably enable the market participant to identify and evaluate accurately the risks and costs associated with using the SDRs services.150 This written information must contain the following: i The SDRs criteria for providing others with access to the services offered and data it maintains;
ii its criteria for those seeking to connect to or link with the SDR; iii a description of its policies and procedures regarding its safeguarding of data and operational reliability, as described in Rule 13n6; iv a description of its policies and procedures reasonably designed to protect the privacy of SBS transaction information that it receives, as described in Rule 13n9b1; v a description of its policies and procedures regarding its noncommercial and commercial use of SBS transaction information that it receives, as described in Rule 13n 5b6; vi a description of its dispute resolution procedures, as described in Rule 13n5b6; vii a description of all the SDRs services, including any ancillary services; and viii the SDRs updated schedule of any dues;
unbundled prices, rates or other fees for all of its services, including ancillary services; any discounts or rebates offered; and the criteria to benefit from such discounts or rebates; and ix a description of its governance arrangements.151
The Commission received no comments applicable to these requirements. As described throughout this order, the ITV Application includes extensive discussion of ICE Trade Vaults policies and procedures with respect to access,152 the use of SBS
transaction information,153 service offerings, including ancillary services,154 and governance 149 See
id.
CFR 240.13n10.
151 See id.
152 See supra Part III.B describing policies and procedures with respect to access and information security.
153 See supra Part III.C describing policies and procedures with respect to acceptance and use of SBS data.
154 See supra Part III.D describing policies and procedures with respect to fees.
150 17

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arrangements.155 The Commission believes that ICE Trade Vaults Disclosure Document presents a reasonably comprehensive view of the applicants overall service offering, from which a potential user could identify and evaluate accurately the risks and costs associated with using the SDRs services.156 In addition, regarding the requirement to furnish the document to market participants, the Commission understands that ICE Trade Vault publishes similar disclosure documents on its website,157 and anticipates the same for ICE Trade Vaults Disclosure Document relevant to this application.
G. Regulatory Reporting and Public Dissemination As a registered SDR, ICE Trade Vault would carry out an important role in the regulatory reporting and public dissemination of SBS transactions. As noted above, ICE Trade Vault has stated that it intends to rely on the no-action statement included in the ANE
Adopting Release for the period set forth in the ANE Adopting Release with respect to the credit derivatives asset class.158 Therefore, ICE Trade Vault does not need to include materials in its application explaining how it would comply with the provisions of the SBS
Reporting Rules noted in the no-action statement.159 Instead, ICE Trade Vault may rely on its discussion about how it complies with comparable CFTC
requirements pertaining to regulatory reporting and public dissemination of swap transactions.
In the no-action statement, the Commission stated that an applicant will not need to include materials in its application explaining how it would comply with the provisions specifically noted as not providing a basis for a Commission enforcement action during 155 See supra Part III.A describing policies and procedures with respect to governance arrangements, the duties of the CCO, and conflicts of interest.
156 See Security-Based SDR Service Disclosure Document, Ex. V.2.
157 See, e.g., https www.theice.com/publicdocs/
ICE_Trade_Vault_Disclosure_Document.pdf publishing a disclosure document pursuant to CFTC requirements.
158 See supra note 30 and accompanying text.
159 However, the ITV Application includes provisions explaining how it would require users to identify SBS, as required by Rule 901c1 of Regulation SBSR. See Security-Based SDR Service Disclosure Document, Ex. N.5 fields 146148. The ITV Application also includes a provision explaining how it would comply with a condition to the no-action statement included in the ANE
Adopting Release. See Security-Based SDR Service Disclosure Document, Ex. N.4, sec. 3.5 providing, in the case of a credit security-based swap, for dissemination of a capped notional size of $5
million if the true notional size of the transaction is $5 million or greater.

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