ICE Clear Europe Limited submitted a proposed rule change to the Securities and Exchange Commission (SEC) to update its rules related to the CDS Default Committee. On December 31, 2020, they filed a Partial Amendment No. 1 to provide additional flexibility for a Clearing Member to postpone participation in the committee if needed, due to resource constraints or other valid reasons. The SEC is seeking public comments on this amendment until February 2, 2021, before deciding whether to approve or disapprove the changes. All comments will be available on the SEC's website, with personal information made public as submitted.
Simple Explanation
ICE Clear Europe wants to change a rule about who can help decide what to do when there's a problem with special money deals called CDS. They're saying, "Hey, sometimes people are too busy to help right away, and that's okay." People can tell the big boss (the SEC) what they think about this change until February 2, 2021.