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.