Form 5 60 Day Federal Register Notice

Federal Register / Vol. 88, No. 77 / Friday, April 21, 2023 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–323, OMB Control No.
3235–0362]

lotter on DSK11XQN23PROD with NOTICES1

Proposed Collection; Comment
Request; Extension: Form 5—Annual
Statement of Beneficial Ownership
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
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Under Section 16(a) of the Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
(15 U.S.C. 78a et seq.) every person who
is directly or indirectly the beneficial
owner of more than 10 percent of any
class of any equity security (other than
an exempted security) which registered
pursuant to Section 12 of the Exchange
Act, or who is a director or an officer of
the issuer of such security (collectively
‘‘reporting persons’’), must file
statements setting forth their security
holdings in the issuer with the
Commission. Form 5 (17 CFR 249.105)
is an annual statement of beneficial
ownership of securities. Approximately
5,939 reporting persons file Form 5
annually and we estimate that it takes
approximately one hour to prepare the
form for a total of 5,939 annual burden
hours.
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication by June 20, 2023.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information

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unless it displays a currently valid
control number.
Please direct your written comment to
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: April 17, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–08424 Filed 4–20–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97318; File No. SR–ICC–
2023–004]

Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing of
Proposed Rule Change Relating to
Clearance of Additional Credit Default
Swap Contracts
April 17, 2023.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934,1 15
U.S.C. 78s(b)(1) 2 and Rule 19b–4,3 17
CFR 240.19b–4, notice is hereby given
that on April 3, 2023, ICE Clear Credit
LLC (‘‘ICC’’) filed with the Securities
and Exchange Commission the proposed
rule change as described in Items I, II
and III below, which Items have been
primarily prepared by ICC. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The principal purpose of the
proposed change is for ICC to provide
for the clearance of Standard
Subordinated European Insurance
Corporate Single Name CDS contracts
(‘‘STSEIC Contracts’’).
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, ICC
included statements concerning the
purpose of and basis for the proposed
rule change, security-based swap
submission, or advance notice and
discussed any comments it received on
the proposed rule change, securitybased swap submission, or advance
notice. The text of these statements may
be examined at the places specified in
1 15

U.S.C. 78s(b)(1).

2 Id.
3 Id.

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Item IV below. ICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
(a) Purpose
The purpose of the proposed rule
change is to adopt rules that will
provide the basis for ICC to clear
additional credit default swap contracts
(‘‘CDS’’). Specifically, ICC proposes
amending Chapter 26 4 of the ICC Rules
to add Subchapter 26S to provide for the
clearance of STSEIC Contracts. ICC
believes the addition of these contracts
will benefit the market for CDS by
providing market participants the
benefits of clearing, including the
reduction in counterparty risk, and
safeguarding of margin assets pursuant
to clearing house rules. The clearing of
STSEIC Contracts will not require any
changes to ICC’s Risk Management
Framework or other policies and
procedures constituting rules within the
meaning of the Securities Exchange Act
of 1934 (‘‘Act’’).5
Rule Amendments
STSEIC Contracts have similar terms
to Standard European Corporate Single
Name CDS contracts (‘‘STEC Contracts’’)
currently cleared by ICC and governed
by Subchapter 26G of the ICC Rules.
Accordingly, the proposed rules found
in Subchapter 26S largely mirror the
ICC Rules for STEC Contracts in
Subchapter 26G, with certain
modifications that reflect differences in
terms and market conventions between
STEC Contracts and STSEIC Contracts.
STSEIC contracts will be denominated
in Euro.
In new Subchapter 26S, Rule 26S–102
(Definitions) sets forth the definitions
used for STSEIC Contracts. Except as
noted below, the definitions are
substantially the same as the definitions
found in Subchapter 26G, other than the
category of contract to be cleared. The
definitions section in Subchapter 26S
does not contain a definition analogous
to ‘‘Eligible STEC Sector’’ that appears
in Subchapter 26G as, unlike STEC
Contracts, there are no further
subsectors for STSEIC Contracts as these
contracts are essentially already at a
sub-sector level and therefore a
4 Chapter 26 of the ICC Rules covers the CDS
products cleared by ICC, with each subchapter of
Chapter 26 defining the characteristics and
additional Rules applicable to the various specific
categories of CDS contracts cleared by ICC (e.g.,
Standard European Corporate Single Names and
Standard North American Corporate Single Names).
5 15 U.S.C. 78q–1.

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