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Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices accept transactions in those situations.
Moreover, the Commission believes that allowing ICE Clear Europe to provide notice of certain modifications to its list of Eligible Single Name Reference Entities via its website rather than by Circular would provide ICE Clear Europe operational efficiency and flexibility in making these changes.
Finally, the Commission believes that correcting references throughout the CDS Procedures to the CDS Product Risk Committee and FX Product Risk Committee would help to decrease the possibility for error in applying the CDS
Procedures by ensuring usage of the current and correct committee names.
The Commission therefore believes that these changes would generally improve the flexibility and efficiency of ICE
Clear Europes operations and the application of the CDS Procedures, thus promoting ICE Clear Europes ability to promptly and accurately clear and settle securities transactions and assure the safeguarding of securities and funds in ICE Clear Europes possession or control.
The Commission further believes that the changes to the Membership Procedures discussed in Part II.F above would, in general, promote the prompt and accurate clearance and settlement of securities transactions and assure the safeguarding of securities and funds in ICE Clear Europes custody or control.
Specifically, the Commission believes that updating the definition of Capital;
lowering to 25% the portion of a Clearing Members Capital requirement that may be covered by subordinated loans; removing irrevocable letters of credit as a potential method that Clearing Members or Sponsored Principals may use to satisfy capital requirements; and giving ICE Clear Europe authority to, at its discretion, require a Clearing Member to post additional cash or collateral in addition to the normal margin requirements would help to align ICE Clear Europes standards for Clearing Member capital with the Basel III standard. The Commission believes this in turn would help to assure consistent and reasonable capital standards for Clearing Members, thereby contributing to the overall financial resiliency of ICE Clear Europe and its ability to promptly and accurately clear and settle transactions and assure the safeguarding of securities and funds in its custody or control.
Moreover, the Commission believes that amending the summary table at paragraph 4.2 to change the deadline for submitting financial statements from 30
to 45 days and to allow ICE Clear Europe to accept different kinds of financial statements from Clearing
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Members as part of their financial reporting obligations, in circumstances where they do not produce quarterly financial statements, consistent with the proposed change to Rule 205aii, would provide additional operational flexibility to ICE Clear Europe and Clearing Members. The Commission also believes that amending the summary table at paragraph 4.2 to be consistent with Rule 209 and updating the email address to which Clearing Members should send certain notifications would help to decrease the possibility for error in submitting such notifications. The Commission therefore believes that these changes would generally improve the flexibility of ICE
Clear Europes operations and the application of the Membership Procedures, thus promoting ICE Clear Europes ability to promptly and accurately clear and settle securities transactions and assure the safeguarding of securities and funds in its custody or control.
As noted above in Part II.G, the proposed rule change would make various changes to the Complaint Resolution Procedures to correct typographical errors and promote consistent use of terminology such as replacing the term Complaints Resolution Procedure with Complaint Resolution Procedures, and using defined terms such as Person, Commissioner, and Eligible Complaint. The Commission believes these changes would help to strengthen ICE Clear Europes Complaint Resolution Procedures by making them easier to reference, which in turn supports ICE Clear Europes ability to carry out the prompt clearance and settlement of transactions while addressing this aspect of its operations.
The Commission similarly believes that the other proposed changes to the Complaint Resolution Procedures described in Part II.G above, such as the referral of complaints to another recognized body and details regarding the handling of Eligible Complaints, support the efficient handling of complaints and thus would help to support its clearance and settlement functions.
Finally, as described in Part II.H
above, the proposed rule change would amend the introduction to the General Contract Terms to remove references to named ICE markets and instead use the more generic term relevant Market.
The proposed rule change would also add the standard term Amendments to the General Contract Terms to clarify that the terms of any Contract may be amended in the same way as ICE Clear Europe may amend the Rules in
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accordance with Rule 109 Alteration of Rules, Procedures, Guidance and Circulars. The Commission believes that these changes to the General Contract Terms will generally help clarify and simplify the Rules and Procedures, and make it easier for ICE
Clear Europe to keep such documents up to date notwithstanding potential future changes in the Markets cleared and similar events, as well as to enhance the usefulness of the Procedures with appropriate crossreferences. Further, the Commission believes that these proposed changes will in turn help make ICE Clear Europes documents more effective and consistent with current operational practices and processes, thereby supporting ICE Clear Europes ability to promptly and accurately clear and settle securities transactions.
Therefore, for these reasons, the Commission finds that the proposed rule change would promote the prompt and accurate clearance and settlement of securities transactions and assure the safeguarding of securities and funds in ICE Clear Europes custody and control, consistent with the Section 17Ab3F
of the Act.40
B. Consistency With Section 17Ab3G of the Act Section 17Ab3G of the Act requires, among other things, that ICE
Clear Europes rules provide that Clearing Members shall be appropriately disciplined for violation of any provision of ICE Clear Europes rules by fine or other fitting sanction.41
As discussed above, the proposed rule change would add a new summary disciplinary process in proposed Rule 1008 to improve and streamline ICE
Clear Europes process for disciplining Clearing Members for specified violations of the Rules and Procedures, including those that ICE Clear Europe considers to be minor in nature. ICE
Clear Europe would be limited to the following sanctions it could impose against Clearing Members for such violations under proposed Rule 1008:
The issuance of a private warning or reprimand naming the Clearing Member or a Clearing Member Customer, client or Representative; a fine of up to 50,000; or any combination of the foregoing. The Commission believes that such limited sanctions under the proposed summary disciplinary process would be appropriate forms of discipline against Clearing Members who commit the applicable types of violations under new Rule 1008.
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