Rule 239 30 Day Federal Register Notice

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Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices

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In addition, ICE Clear Europe believes
the amendments satisfy Rule 17Ad–
22(e)(13),15 which provides that ‘‘[e]ach
covered clearing agency shall establish,
implement, maintain and enforce
written policies and procedures
reasonable designed to, as applicable [
. . . ] ensure that the covered clearing
agency has the authority and
operational capacity to take timely
action to contain losses and liquidity
demands and continue to meet its
obligations by, at a minimum, requiring
the covered clearing agency’s
participants and, when practicable,
other stakeholders to participate in the
testing and review of its default
procedures, including any close-out
procedures, at least annually.’’ As
discussed above, the proposed
amendments would enhance ICE Clear
Europe’s overall default management
processes, including those relating to
hedging and liquidation of the
defaulter’s positions. In addition, the
amendments would enhance default
testing practices, including to provide
explicitly for annual compulsory
participation by Clearing Members and
further describe the purposes of such
testing. Other amendments would
ensure the Policy remains consistent
with the F&O Auction Terms. Overall,
the amendments will thus ensure that
the Clearing House has clear processes
in place to manage Clearing Member
defaults and be able to continue to meet
the Clearing House’s obligations in
default scenarios. The amendments
overall strengthen ICE Clear Europe’s
ability to contain losses in a manner
consistent with the requirements of Rule
17Ad–22(e)(13).16
(B) Clearing Agency’s Statement on
Burden on Competition
ICE Clear Europe does not believe the
proposed amendments would have any
impact, or impose any burden, on
competition not necessary or
appropriate in furtherance of the
purposes of the Act. The amendments
are being adopted to update and clarify
the Clearing House’s F&O Default
Management Policy, which relates to the
Clearing House’s internal processes for
addressing risks posed by F&O Clearing
Member defaults. The amendments do
not change the obligations of Clearing
Members under the Rules or Procedures.
Accordingly, ICE Clear Europe does not
believe the amendments would affect
the costs of clearing, the ability of
market participants to access clearing,
or the market for clearing services
generally. Although the Policy does
15 17
16 17

CFR 240.17Ad–22(e)(13).
CFR 240.17Ad–22(e)(13).

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state certain obligations of Clearing
Members to participate in annual
default testing, ICE Clear Europe
believes this is appropriate in light of
regulatory requirements and the
importance of such testing to the default
management process. Therefore, ICE
Clear Europe does not believe the
proposed rule change imposes any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
(C) Clearing Agency’s 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 written 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 19(b)(3)(A)
of the Act 17 and paragraph (f) of Rule
19b–4 18 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:

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
J. Matthew DeLesDernier,
Assistant Secretary.

Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml) or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
ICEEU–2021–026 on the subject line.

SECURITIES AND EXCHANGE
COMMISSION

Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–ICEEU–2021–026. This file
number should be included on the

Upon Written Request Copies Available
From:, Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission

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subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filings will also be available for
inspection and copying at the principal
office of ICE Clear Europe and on ICE
Clear Europe’s website at https://
www.theice.com/clear-europe/
regulation. All comments received will
be posted without change. Persons
submitting comments are cautioned that
we do not redact or edit personal
identifying information from comment
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–ICEEU–
2021–026 and should be submitted on
or before February 1, 2022.

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U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).

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Submission Collection; Comment
Request; Extension: Rule 239

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Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Rule 239 (17 CFR 230.239) provides
exemptions under the Securities Act of
1933 (15 U.S.C. 77a et seq.), the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) and the Trust
Indenture Act of 1939 (U.S.C. 77aaa et
seq.) for security-based swaps issued by
certain clearing agencies satisfying
certain conditions. The purpose of the
information required by Rule 239 is to
make certain information about
security-based swaps that may be
cleared by the registered or the exempt
clearing agencies available to eligible
contract participants and other market
participants. We estimate that each
registered or exempt clearing agency
issuing security-based swaps in its
function as a central counterparty will
spend approximately 2 hours each time
it provides or update the information in
its agreements relating to security-based
swaps or on its website. We estimate
that each registered or exempt clearing
agency will provide or update the
information approximately 20 times per
year. In addition, we estimate that 75%
of the 2 hours per response (1.5 hours)
is prepared internally by the clearing
agency for a total annual reporting
burden of 180 hours (1.5 hours per
response × 20 times × 6 respondents).
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) www.reginfo.gov/public/do/
PRAMain and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].
Dated: January 5, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93902; File No. SR–
NYSEAMER–2021–47]

Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Amend the NYSE American
Equities Price List With Respect to a
Regulatory Fee Related to the Central
Registration Depository
January 5, 2022.

Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on December
22, 2021, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
NYSE American Equities Price List (the
‘‘Price List’’) with respect to a regulatory
fee related to the Central Registration
Depository (‘‘CRD system’’), which is
collected by the Financial Industry
Regulatory Authority, Inc. (‘‘FINRA’’).
The Exchange proposes to implement
the fee change on January 2, 2022. The
proposed change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1 15

U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15

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A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
Price List with respect to a regulatory
fee collected by FINRA for use of the
CRD system.4 The Exchange proposes to
implement the fee change on January 2,
2022.
FINRA collects and retains certain
regulatory fees via the CRD system for
the registration of associated persons of
ATP Holders that are not FINRA
members (‘‘Non-FINRA ATP Holders’’).5
The CRD system fees are user-based,
and there is no distinction in the cost
incurred by FINRA if the user is a
FINRA member or a Non-FINRA ATP
Holder.
FINRA recently amended one of the
fees assessed for use of the CRD
system.6 Accordingly, the Exchange
proposes to amend the Price List to
mirror the fee assessed by FINRA,
which will be implemented
concurrently with the amended FINRA
fee on January 2, 2022.7 Specifically, the
Exchange proposes to amend the Price
List to modify the fee charged to NonFINRA ATP Holders for each initial
Form U4 filed for the registration of a
representative or principal from $100 to
$125.8
4 The CRD system is the central licensing and
registration system for the U.S. securities industry.
The CRD system enables individuals and firms
seeking registration with multiple states and selfregulatory organizations to do so by submitting a
single form, fingerprint card, and a combined
payment of fees to FINRA. Through the CRD
system, FINRA maintains the qualification,
employment, and disciplinary histories of
registered associated persons of broker-dealers.
5 The Exchange originally adopted fees for use of
the CRD system in 2003 and amended those fees in
2013. See Securities Exchange Act Release Nos.
48066 (June 19, 2003), 68 FR 38409 (June 27, 2003)
(SR-Amex-2003–49); 68630 (January 11, 2013), 78
FR 6152 (January 29, 2013) (SR–NYSEMKT–2013–
01). While the Exchange lists these fees in its Price
List, it does not collect or retain these fees.
6 See Securities Exchange Act Release No. 90176
(October 14, 2020), 85 FR 66592 (October 20, 2020)
(SR–FINRA–2020–032).
7 The Exchange notes that it has only adopted the
CRD system fees charged by FINRA to Non-FINRA
ATP Holders when such fees are applicable. In this
regard, certain FINRA CRD system fees and
requirements are specific to FINRA members, but
do not apply to NYSE American-only ATP Holders.
Non-FINRA ATP Holders have been charged CRD
system fees since 2003. See note 5, supra. ATP
Holders that are also FINRA members are charged
CRD system fees according to Section 4 of Schedule
A to the FINRA By-Laws.
8 See Section 4(b)(1) of Schedule A to the FINRA
By-Laws effective on January 2, 2022. This fee is
assessed when a Non-FINRA ATP Holder submits
an initial Uniform Application for Securities
Industry Regulation or Transfer (known as a ‘‘Form
U4’’) filed by a member in the CRD system to
register an individual.

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