FR 2025-03811

ICE Clear Credit LLC (ICC) has proposed a rule change to its Liquidity Risk Management Framework by removing an outdated cross-reference in Section 2.4 of its documentation. This adjustment is considered efficient and has been put into effect immediately under the specific provisions of the Securities Exchange Act of 1934. The Securities and Exchange Commission (SEC) has invited public comments on this proposal, with a deadline for submissions by April 1, 2025.

Summary of the Document

In essence, the document announces a procedural adjustment within ICC's regulatory framework aimed at improving the clarity and relevance of its internal guidelines. The change involves the removal of a reference considered outdated, suggesting an effort by ICC to ensure their documentation accurately reflects current practices or regulations.

Significant Issues and Concerns

One notable concern is the lack of specificity regarding the "outdated cross-reference" that is being removed. For readers, a clearer explanation or example of the reference in question would enhance understanding of the change's implications.

Furthermore, the document refers to specific legal statutes like 15 U.S.C. 78s(b)(1) and 17 CFR 240.19b-4 without providing explanations. This can be challenging for individuals not familiar with legal codes, potentially leaving some readers uncertain about the document's technical aspects.

The notice also advises contributors to avoid including personal identifiable information in their comments. However, it does not fully explain how the submissions might be accessed or used, which might raise privacy concerns among potential commenters.

Finally, the document mentions the SEC's authority to suspend the rule change temporarily. However, it lacks specific scenarios or examples where this authority might be exercised, leaving a gap in understanding of how such regulatory oversight functions in practice.

Impact on the Public and Stakeholders

General Public: The document modestly impacts the general public. While the proposed change is specific and technical, the call for public comments opens a channel for citizens to engage with the regulatory process. However, the technical nature might deter some from participating, especially if they are not well-versed in legal or financial terminology.

Specific Stakeholders: For market participants directly involved with ICC or those with knowledge of the clearing and risk management processes, this document might hold more significance. Removing an outdated reference could streamline operations and clarify processes within ICC, potentially impacting those who rely on accurate regulatory frameworks for compliance and operational efficiency.

In summary, while the document updates a specific regulatory aspect of ICC's operations, it also highlights the ongoing need for transparency and clarity in regulatory communications, ensuring stakeholders at all levels have access to comprehensible and relevant information.