Voglio sapere a riguardo di…

49368

Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices
Exchange Act of 1934 the Act,1 and Rule 19b4 thereunder,2 a proposed rule change to amend its Clearing Rules the Rules,3 Clearing Procedures, Finance Procedures, Delivery Procedures, CDS
Procedures, Membership Procedures, Complaint Resolution Procedures, and General Contract Terms collectively, the Amended Documents to make various updates and enhancements. The proposed rule change was published for comment in the Federal Register on June 2, 2021.4 The Commission did not receive comments regarding the proposed rule change. On June 16, 2021, ICE Clear Europe filed Partial Amendment No. 1 to the proposed rule change.5 Partial Amendment No. 1 to the proposed rule change was published for comment in the Federal Register on July 21, 2021.6 The Commission did not receive comments regarding Partial Amendment No. 1 to the proposed rule change. For the reasons discussed below, the Commission is approving the proposed rule change, as modified by Partial Amendment No. 1 hereinafter the proposed rule change.
II. Description of the Proposed Rule Change ICE Clear Europe proposes specific changes to the Amended Documents that would generally make various drafting improvements, clarifications, and updates, in each case as described below.7 These changes are organized below according to each Amended Document.
1 15

U.S.C. 78sb1.
CFR 240.19b4.
3 Capitalized terms used but not defined herein have the meanings specified in the Rules.
4 Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change Relating to the Clearing Rules, Clearing Procedures, Finance Procedures, Delivery Procedures, CDS
Procedures, Membership Procedures, Complaint Resolution Procedures and General Contract Terms, Exchange Act Release No. 92020 May 26, 2021, 86
FR 29612 June 2, 2021 SRICEEU2021010
Notice.
5 ICE Clear Europe filed Partial Amendment No.
1 to update Exhibit 5D, the Delivery Procedures, to correct a formatting error that resulted in the omission of several proposed definitions to update references to ICE Clear Europe systems.
6 Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Partial Amendment No. 1 and Designation of Longer Period for Commission Action on Proposed Rule Change Relating to the Clearing Rules, Clearing Procedures, Finance Procedures, Delivery Procedures, CDS Procedures, Membership Procedures, Complaint Resolution Procedures, and General Contract Terms, Exchange Act Release No. 92418 July 15, 2021, 86 FR 38521
July 21, 2021 SRICEEU2021010.
7 The following description of the proposed rule change is substantially excerpted from the Notice.

lotter on DSK11XQN23PROD with NOTICES1

2 17

VerDate Sep<11>2014

17:33 Sep 01, 2021

Jkt 253001

A. The Rules i. Removal of Default Portability Preference in the Rules ICE Clear Europe proposes to remove the process by which Non-FCM/BD
Clearing Members may deliver a Default Portability Preference, with advance, pre-default, porting information to ICE Clear Europe.
Currently, the Default Portability Preference allows a Customer or Specified Principal i.e., a principalclient for an Individually Segregated Sponsored Account to specify, in advance of a default, one of more preferred Transferee Clearing Members to receive its Customer-CM Transactions under ICE Clear Europes Default Portability Rules. ICE Clear Europe represents that it developed this process and preference mechanism as part of its default planning processes prior to postfinancial crisis legislation coming into effect, such as the European Market Infrastructure Regulation EMIR.8
Given that EMIR requires post-default porting notices to be served as a precondition to porting, ICE Clear Europe proposes to replace its current predefault portability preference structure with a post-default portability preference structure using Porting Notices, as discussed below.
To implement this change, ICE Clear Europe proposes to delete the existing definitions of Default Portability Preference and Non-Transfer Positions in Rule 101 Definitions, and to add a new definition of Porting Notice in Rule 101, which would cross-reference the existing definition of the term in the relevant Standard Terms of the Rules. The existing definition of Porting Notice would not change, and is generally defined in the Standard Terms as a post-default notification to ICE Clear Europe from a Customer or Sponsored Principal of a porting preference to a designated Transferee Clearing Member.
In Rule 904 Transfer of Contracts and Margin on a Clearing Member Event of Default, the proposed rule change would amend Rules 904g and 904j to remove the existing references to Default Portability Preference and replace them with references to Porting Notices. In addition, the proposed rule change also would amend Rule 904g to provide that a Transferee Clearing Members consent can only be evidenced in a Porting Notice that is countersigned by such Clearing Member or otherwise agreed in writing. ICE Clear Europe represents that this change would clarify that simply being named 8 Notice,
PO 00000

86 FR 29612.

Frm 00082

Fmt 4703

Sfmt 4703

by a customer as a potential Transferee Clearing Member is not sufficient to evidence a Clearing Members consent to being named a Transferee Clearing Member by the Clearing Members customer.9 ICE Clear Europe proposes additional changes in Rules 904m, 904p, 904u and 904w to reflect the proposed deletion of Default Portability Preference.
In Rule 907d, the proposed rule change would delete existing references to Default Portability Preference and Non-Transfer Positions, and would instead provide that in connection with porting, ICE Clear Europe will be entitled to rely on any information provided to it by a Defaulter prior to declaration of default in respect of Contracts, Customer-CM Transactions, Margin, and the Accounts in which Contracts and Margin were recorded or which relate to particular Customers or particular groups of Customers. ICE
Clear Europe represents that this proposed change would allow it to continue to be able to act efficiently in default scenarios, and rely on more of the relevant information available to it in relation to the Defaulter.10 The proposed rule change to Rule 907b would also clarify that ICE Clear Europe has no obligation to inquire of any person as to any Porting Notice.
The proposed rule change would also remove references to Default Portability Preferences and include reference to Porting Notices in the CDS Standard Terms paragraph 6, F&O Standard Terms paragraph 6 and FX Standard Terms paragraph 6 annexed to the Rules.
ii. Amendments to the Definitions Relating to Energy Transactions The proposed rule change would amend certain definitions relating to Energy transactions to simplify and make such terms consistent with previous amendments to definitions for other F&O Products.11 Specifically, in Rule 101, the proposed rule change would shorten the existing definition of the term Energy to refer to the term Market rather than naming all specific ICE markets. The proposed rule change would also introduce new definitions of the terms Energy Matched Transaction referencing an energy transaction conducted on a Market and Energy Transaction covering an Energy Matched Transaction or an 9 Notice,
86 FR 29613.
86 FR 29613.
11 See Exchange Act Release No. 3487275 File No. SRICEEU2019020 Oct. 10, 2019, 84 FR
55649 Oct. 17, 2019 changes to definitions using the term Market.
10 Notice,
E:FRFM02SEN1.SGM

02SEN1