ICE Clear Credit LLC (ICC) has proposed a rule change related to its Default Management Procedures, specifically aiming to formalize the process of convening its CDS Default Committee through teleconferences when in-person meetings are not possible. The proposal includes updates on notification procedures to ensure timely and accurate alerts during the default management process. These changes are designed to enhance ICC's ability to manage defaults effectively, in compliance with regulatory standards, and to ensure continued service delivery while safeguarding securities and investor interests. The Securities and Exchange Commission invites public comments on the proposed changes.
Simple Explanation
ICE Clear Credit is making a new plan so that when someone can't pay what they owe, they can quickly meet over the phone instead of in person to fix things. This helps them keep everything safe and running smoothly.