The Securities and Exchange Commission has announced a proposed rule change filed by ICE Clear Europe Limited, aiming to revise its Price Submission Disciplinary Framework. The changes include renaming it to "Price Submission Disciplinary Procedure" and altering how missed price submissions are handled. Clearing Members could get one waiver per calendar year for technical issues, rather than one during the entire membership, and the review process has been extended, providing more time for responses and evaluations. The amendments also update governance procedures and make various clarifications to improve understanding and consistency with other Clearing House policies.
Simple Explanation
The people who make rules for a big money-moving business, ICE Clear Europe, want to change how they handle mistakes when someone doesn't send in some important numbers on time. Now, if someone has a tech issue and misses sending those numbers, they get one free pass every year instead of just once ever.