Search Results for keywords:"CDS Default Committee"

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Search Results: keywords:"CDS Default Committee"

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  • 2021-03493 — Self-Regulatory Organizations; ICE Clear Europe Limited; Order Approving Proposed Rule Change as Modified by Partial Amendment No. 1 Relating to Amendments to the ICE Clear Europe CDS Procedures and CDS Default Management Policy.
    Type:Notice
    Citation:86 FR 10610
    Reading Time:about 16 minutes

    The Securities and Exchange Commission approved changes proposed by ICE Clear Europe Limited regarding their Credit Default Swap (CDS) Procedures and CDS Default Management Policy. These changes clarify how Clearing Members join the CDS Default Committee and allow for certain members to postpone their participation if necessary. Additionally, updates were made to the confidentiality requirements, the limits on liability for committee participants, and the procedures for testing and reviewing default management processes. These amendments aim to enhance the effectiveness of managing defaults and ensure the prompt and accurate settlement of transactions.

    Simple Explanation

    ICE Clear Europe made some changes to how they handle special insurance against companies not paying their debts. The changes say who can join their team to fix problems, let some people delay helping if they need to, and make sure everything stays secret and fair.

  • 2021-02868 — Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the ICC Clearing Participant Default Management Procedures
    Type:Notice
    Citation:86 FR 9404
    Reading Time:about 10 minutes

    The document discusses the approval by the Securities and Exchange Commission (SEC) of proposed changes by ICE Clear Credit LLC (ICC) to its Clearing Participant Default Management Procedures. The changes aim to enhance the management of risks during a participant's default. They include provisions for convening remote meetings of the CDS Default Committee via teleconference if in-person meetings are not possible, updating default notification procedures to involve regulators, and clarifying the roles and responsibilities of key officers like the Chief Risk Officer (CRO) and Chief Compliance Officer (CCO). These updates are intended to improve the clarity, efficiency, and resilience of ICC's processes in handling defaults.

    Simple Explanation

    ICE Clear Credit LLC, a company that helps manage money swaps, is making new rules to handle problems when one of their partners messes up. The changes, approved by the Securities and Exchange Commission (SEC), include having online meetings when they can't meet in person and making sure important people know what to do during these times.

  • 2021-00096 — Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the ICC Clearing Participant Default Management Procedures
    Type:Notice
    Citation:86 FR 1555
    Reading Time:about 12 minutes

    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.