The Securities and Exchange Commission (SEC) approved a rule change proposed by ICE Clear Credit LLC (ICC) to revise its Operational Risk Management Framework (ORMF). This change enhances how ICC manages risks from partnerships with core service providers, including requiring evaluations of these relationships by senior management and ICC's Board. The updates align ICC with regulatory requirements, helping ensure clear responsibilities and improving the governance and risk management of operations associated with clearing securities transactions. The approval was granted on an accelerated basis to meet the compliance date of December 5, 2024.
Simple Explanation
The SEC said it's okay for a company called ICE Clear Credit to change how it keeps things safe and well-organized with their work partners. They want to make sure people in charge check on these relationships to keep everything fair and square.