Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Amendments to the ICE Clear Europe CDS Risk Policy, CDS Clearing Back-Testing Policy and CDS Stress-Testing Policy

On November 13, 2018, ICE Clear Europe Limited (“ICE Clear Europe”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act (“Act”) and Rule 19b-4 thereunder, a proposed rule change to modify and update certain provisions of its risk policies related to CDS Contracts (SR-ICEEU-2018-010). The proposed rule change was published for comment in the Federal Register on December 4, 2018. To date, the Commission has not received comments on the proposed rule change.

Section 19(b)(2) of the Act provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day from the publication of notice of filing of this proposed rule change is Janury 18, 2019.

The Commission is extending the 45-day time period for Commission action on the proposed rule change, in which ICE Clear Europe proposes to modify and update certain provisions of its risk policies related to CDS Contracts. The Commission finds it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider ICE Clear Europe's proposed rule change.

Accordingly, pursuant to Section 19(b)(2) of the Act, and for the reasons discussed above, the Commission designates March 4, 2019, as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-ICEEU-2018-010).