30-Day Notice

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Federal Register / Vol. 89, No. 206 / Thursday, October 24, 2024 / Notices

burdens on competition that are not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Proposed Rule Change will
contribute to offer access to clearing
services to any client of Select Members
expanding the client clearing activity.
Under some circumstances, the
Proposed Rule Change will also remove
the burden of Select Members from
having the obligation to bid on products
they don’t actively trade in default
management auctions. LCH SA further
believes the Proposed Rule Change is
equitable for both General Members and
Select Members, as clearing members
will continue to have discretion in
electing to be either General Members or
Select Members under the new
membership model. Furthermore,
existing General Members will not be
prevented from switching to become
Select Members under the Proposed
Rule Change. The increased access to
clearing services under the Proposed
Rule Change may result in increased
liquidity in the service as membership
grows. Therefore, LCH SA does not
believe that the Proposed Rule Change
would impose burdens on competition
that are 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 Rule Change have not been
solicited or received. LCH SA will
notify the Commission of any written
comments received by LCH SA.

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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) by order approve or disapprove
such proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
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:

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Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules-regulations/self-regulatoryorganization-rulemaking); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
LCH SA–2024–002 on the subject line.
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–LCH SA–2024–002. This
file number should be included on the
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 (https://www.sec.gov/
rules-regulations/self-regulatoryorganization-rulemaking). 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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of LCH
SA and on LCH SA’s website at: https://
www.lch.com/resources/rulebooks/
proposed-rule-changes. Do not include
personal identifiable information in
submissions; you should submit only
information that you wish to make
available publicly. We may redact in
part or withhold entirely from
publication submitted material that is
obscene or subject to copyright
protection. All submissions should refer
to file number SR–LCH SA–2024–002
and should be submitted on or before
November 14, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.35
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–24639 Filed 10–23–24; 8:45 am]
BILLING CODE 8011–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–253, OMB Control No.
3235–0260]

Submission for OMB Review;
Comment Request; Extension: Rule
23c–1
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. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 23c–1(a) under the Investment
Company Act (17 CFR 270.23c–1(a))
permits a closed-end fund to repurchase
its securities for cash if, in addition to
the other requirements set forth in the
rule, the following conditions are met:
(i) payment of the purchase price is
accompanied or preceded by a written
confirmation of the purchase (‘‘written
confirmation’’); (ii) the asset coverage
per unit of the security to be purchased
is disclosed to the seller or his agent
(‘‘asset coverage disclosure’’); and (iii) if
the security is a stock, the fund has,
within the preceding six months,
informed stockholders of its intention to
purchase stock (‘‘six month notice’’).
Commission staff estimates that 48
closed-end funds undertake a total of
192 repurchases annually under rule
23c–1.1 Staff estimates further that, with
respect to each repurchase, each fund
spends 2.5 hours to comply with the
rule’s written confirmation, asset
coverage disclosure and six month
notice requirements. Thus, Commission
staff estimates the total annual
respondent reporting burden is 480
hours.2 Commission staff further
estimates that the cost of the hourly
burden per repurchase is approximately
$388 (one half hour of a compliance
attorney’s time at $440 per hour,3 and
1 The number of closed-end funds that undertake
repurchases annually under rule 23c–1 is based on
information provided in response to Item C.7.i of
Form N–CEN from January 1, 2023 through
December 31, 2023. We estimate that each of the 48
funds undertook an average of 4 repurchases
annually (48 funds × 4 repurchases = 192
repurchases annually).
2 This estimate is based on the following
calculation: 192 repurchases × 2.5 hours per
repurchase = 480 hours.
3 The $440/hour figure for a compliance attorney
is from SIFMA’s Management & Professional
Earnings in the Securities Industry 2013, modified

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Federal Register / Vol. 89, No. 206 / Thursday, October 24, 2024 / Notices
two hours of clerical time at $84 per
hour 4). The total annual cost for all
funds is estimated to be $186,240.5
In addition, the fund must file with
the Commission a copy of any written
solicitation to purchase securities given
by or on behalf of the fund to 10 or more
persons. The copy must be filed as an
exhibit to Form N–CSR (17 CFR 249.331
and 274.128).6 The burden associated
with filing Form N–CSR is addressed in
the submission related to that form.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
Complying with the collection of
information requirements of the rule is
mandatory. The filings that the rule
requires to be made with the
Commission are available to the public.
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 by November 25, 2024 to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov.
Dated: October 21, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–24717 Filed 10–23–24; 8:45 am]

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101382; File No. SR–ICC–
2024–009]

Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving
Proposed Rule Change, as Modified by
Partial Amendment No. 1, Relating to
the Clearing Rules, Risk Management
Framework, Governance Playbook and
Sixth Amended and Restated
Operating Agreement
October 18, 2024.

I. Introduction
On August 19, 2024, ICE Clear Credit
LLC (‘‘ICC’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’) 1 and Rule 19b–4,2
a proposed rule change to revise the ICC
(i) Clearing Rules (the ‘‘Rules’’), (ii) Risk
Management Framework (the
‘‘Framework’’), (iii) Governance
Playbook (the ‘‘Playbook’’), and (iv)
Sixth Amended and Restated Operating
Agreement (the ‘‘Operating
Agreement’’).3 On August 27, 2024, ICC
filed Partial Amendment No. 1 to the
proposed rule change (hereafter,
‘‘proposed rule change’’).4 The proposed
rule change was published for comment
in the Federal Register on September 5,
2024.5 The Commission did not receive
comments regarding the proposed rule
change. For the reasons discussed
below, the Commission is approving the
proposed rule change.
II. Description of the Proposed Rule
Change
A. Background
ICC is registered with the Commission
as a clearing agency for the purpose of
clearing Credit Default Swap (‘‘CDS’’)
contracts.6 The Proposed Rule Change
amends the Rules, the Framework, the

BILLING CODE 8011–01–P
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Capitalized terms used but not defined herein
have the meanings specified in the Rules,
Framework, Playbook, and Operating Agreement, as
applicable.
4 Partial Amendment No. 1 amends the Exhibit
5A to correct a typographical error.
5 Self-Regulatory Organizations; ICE Clear Credit
LLC; Notice of Filing of Proposed Rule Change, as
Modified by Partial Amendment No. 1, Relating to
the Clearing Rules, Risk Management Framework,
Governance Playbook and Sixth Amended and
Restated Operating Agreement; Exchange Act
Release No. 34–100876 (Aug. 29, 2024), 89 FR
72538 (Sep. 5, 2024) (SR–ICC–2024–009)
(‘‘Notice’’).
6 Capitalized terms not otherwise defined herein
have the meanings assigned to them in the Rules,
the Framework, the Playbook, and the Operating
Agreement, as applicable.

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2 17

by Commission staff to account for an 1800-hour
work-year and inflation, and multiplied by 5.35 to
account for bonuses, firm size, employee benefits
and overhead.
4 The $84/hour figure for a compliance clerk is
from SIFMA’s Office Salaries in the Securities
Industry 2013, modified by Commission staff to
account for an 1800-hour work-year and inflation,
and multiplied by 2.93 to account for bonuses, firm
size, employee benefits and overhead.
5 This estimate is based on the following
calculation: 192 repurchases × 2.5 hours per
repurchase × $388 hourly cost = $186,240.
6 In addition, Item 9 of Form N–CSR requires
closed-end funds to disclose information similar to
the information that was required in Form N–23C–
1, which was discontinued in 2004.

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84979

Playbook, and the Operating Agreement.
The amendments primarily eliminate
ICC’s existing Risk Management
Subcommittee; establish a new Risk
Advisory Working Group; and add to
ICC’s Risk Committee representatives of
persons that are not Clearing
Participants but have an interest in the
operations of ICC, such as customers of
Clearing Participants. The amendments
are discussed below according to the
document being amended.
B. Rules
As noted above, ICC proposes to add
representatives of non-Clearing
Participant parties to its existing Risk
Committee, eliminate its Risk
Management Subcommittee, and
establish a Risk Advisory Working
Group. Currently, as described in ICC
Rule 509, the Risk Management
Subcommittee is a subcommittee of the
Risk Committee, and it includes, as a
member, a representative of a NonParticipant Party.7 As with the Risk
Committee, ICC may not take certain
actions, such as determining products
eligible for clearing, without first
consulting the Risk Management
Subcommittee.
Going forward, ICC proposes
including representatives of NonParticipant Parties as members of the
Risk Committee, rather than a
subcommittee of the Risk Committee.
ICC is therefore adding these
representatives directly to the Risk
Committee. Accordingly, amendments
to Rule 501 state that the Risk
Committee will include representatives
of Non-Participant Parties. These
amendments also add a more general
description of the role of the Risk
Committee with respect to ICC’s Board,
to better reflect the inclusion of nonParticipants. The Board will consult
with the Risk Committee on any matters
that may materially affect the risk
profile of ICC, and the Board will
consider and respond to the proposals,
recommendations and other input
provided by the Risk Committee.
Consistent with this more general
description of the role of ICC’s Risk
Committee, ICC is amending Rule 502 to
clarify that the specific actions subject
to Risk Committee consultation, which
are already listed in Rule 502, are not
intended to limit the general provisions
described above in Rule 501.
Moreover, ICC is amending Rule
503(a) to make certain changes to the
composition of the Risk Committee,
7 The term ‘‘Non-Participant Party’’ is defined in
the Rules as a Person that is not ICE Clear Credit,
a Participant or an Affiliate of a Participant,
including, without limitation, a ‘‘cleared swaps
customer’’ as defined in CFTC Rule 22.1.

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