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Public Law 99–571, 100 Stat. 3208 (1986).

The term government securities, as defined at 15

U.S.C. 78c(a)(42), means: (A) Securities which are

direct obligations of, or obligations guaranteed as to

principal or interest by, the United States; (B)

securities which are issued or guaranteed by the

Tennessee Valley Authority or by corporations in

which the United States has a direct or indirect

interest and which are designated by the Secretary

of the Treasury for exemption as necessary or

appropriate in the public interest or for the

protection of investors; (C) securities issued or

guaranteed as to principal or interest by any

corporation the securities of which are designated,

by statute specifically naming such corporation, to

constitute exempt securities within the meaning of

the laws administered by the SEC; and (D) generally

‘‘any put, call, straddle, option, or privilege’’ on a

government security other than one that is traded

on a national securities exchange or for which

quotations are disseminated through an automated

quotation system operated by a registered securities

association. Certain Canadian government

obligations are also included for certain purposes.

A government securities broker generally is ‘‘any

person regularly engaged in the business of

effecting transactions in government securities for

the account of others,’’ with certain exclusions. 15

U.S.C. 78c(a)(43).

A government securities dealer generally is ‘‘any

person engaged in the business of buying and

selling government securities for his own account,

through a broker or otherwise,’’ with certain

exclusions. 15 U.S.C. 78c(a)(44).

15 U.S.C. 78o–5(a)(1)(A).

15 U.S.C. 78o–5(a)(1)(B).

17 CFR part 400 Rules of general application; 17

CFR part 401 Exemptions; 17 CFR part 402

Financial responsibility; 17 CFR part 403 Protection

of customer securities and balances; 17 CFR part

404 Recordkeeping and preservation of records; 17

CFR part 405 Reports and audit; 17 CFR part 420

Large position reporting; and 17 CFR part 449

Forms, section 15C of the Securities Exchange Act

of 1934. The GSA regulations also include

requirements for custodial holdings by depository

institutions at 17 CFR part 450, which were issued

under Title II of the GSA.

The definition of appropriate regulatory agency

with respect to a government securities broker or a

government securities dealer is set out at 15 U.S.C.

78c(a)(34)(G). The definition includes the Board of

Governors of the Federal Reserve System, the

Comptroller of the Currency, the Federal Deposit

Insurance Corporation, and in limited

circumstances the SEC.

A CDS is a bilateral contract between two

parties, known as counterparties. The value of this

DEPARTMENT OF THE TREASURY

Order Granting Temporary Exemptions

From Certain Government Securities

Act Provisions and Regulations in

Connection With a Request From ICE

Clear Credit LLC (Formerly ICE Trust

U.S. LLC) Related to Central Clearing

of Credit Default Swaps, and Request

for Comments

AGENCY

: Department of the Treasury,

Office of the Assistant Secretary for

Financial Markets.

ACTION

: Notice of temporary

exemptions.

SUMMARY

: The Department of the

Treasury (‘‘Treasury’’ or ‘‘We’’) is

granting by order temporary exemptions

from certain Government Securities Act

of 1986 provisions and regulations

regarding transactions in credit default

swaps that reference government

securities. ICE Clear Credit LLC

requested these temporary exemptions

for itself, its Clearing Members, and

certain brokers that are not registered as

government securities brokers. Treasury

will revisit these exemptions when the

Commodity Futures Trading

Commission and the Securities and

Exchange Commission issue final rules

or guidance to implement Title VII of

the Dodd-Frank Wall Street Reform and

Consumer Protection Act. The

temporary exemptions could become

unavailable if the facts and

circumstances, as represented in the

request, change. Treasury is also

soliciting public comment on this order.

DATES

: Effective date: July 16, 2011.

Submit comments on or before

September 19, 2011.

ADDRESSES

: Comments may be

submitted by any of the following

methods:

Electronic Comments

You may download this order from

http:// www.regulations.gov or the

Bureau of the Public Debt’s Web site at

http://www.treasurydirect.gov. You may

also e-mail comments to

[email protected].

Paper Comments

Send paper comments to Department

of the Treasury, Bureau of the Public

Debt, Government Securities

Regulations Staff, 799 9th Street, NW.,

Washington, DC 20239–0001.

Please submit your comments using

only one method and provide your full

name and mailing address. We will post

all comments on the Bureau of the

Public Debt’s Web site at http://

www.treasurydirect.gov. The order and

comments will also be available for

public inspection and copying at the

Treasury Department Library, Main

Treasury Building, 1500 Pennsylvania

Avenue, NW., Washington, DC 20220.

To visit the library, call (202) 622–0990

for an appointment. In general,

comments received, including

attachments and other supporting

materials, are part of the public record

and are available to the public. Do not

submit any information in your

comment or supporting materials that

you consider confidential or

inappropriate for public disclosure.

FOR FURTHER INFORMATION CONTACT

: Lori

Santamorena, Kurt Eidemiller, or Kevin

Hawkins, Department of the Treasury,

Bureau of the Public Debt, at 202–504–

3632.

SUPPLEMENTARY INFORMATION

I. Section 15C of the Securities

Exchange Act of 1934

Section 15C of the Securities

Exchange Act of 1934 (‘‘Exchange Act’’),

as amended by the Government

Securities Act of 1986 (‘‘GSA’’)

governs transactions in government

securities

by government securities

brokers

and government securities

dealers.

Treasury regulations

promulgated under the GSA impose

obligations on government securities

brokers and government securities

dealers concerning financial

responsibility, protection of customer

securities and balances, and

recordkeeping and reporting.

Section 15C(a) of the Exchange Act

(Title I of the GSA) requires government

securities brokers and government

securities dealers that effect transactions

in or induce the purchase or sale of

government securities to be registered

with the Securities and Exchange

Commission (‘‘SEC’’).

This registration

requirement does not apply to financial

institutions or brokers and dealers that

are already registered under the

Exchange Act, as long as written notice

is filed with the appropriate regulatory

agency.

All government securities

brokers and government securities

dealers are required to comply with the

requirements in Treasury’s GSA

regulations that are set out at 17 CFR

parts 400–449.

Treasury’s GSA

regulations, for the most part,

incorporate with some modifications

SEC rules for non-financial institution

government securities brokers and

government securities dealers and the

appropriate regulatory agency

rules for

financial institutions that are required to

file notice as government securities

brokers and government securities

dealers.

Section 15C(a)(5) of the Exchange Act

provides that the Secretary of the

Treasury (‘‘Secretary’’):

By rule or order, upon the Secretary’s own

motion or upon application, may

conditionally or unconditionally exempt any

government securities broker or government

securities dealer, or class of government

securities brokers or government securities

dealers, from any provision of subsection (a),

(b), or (d) of this section, other than

subsection (d)(3), or the rules thereunder, if

the Secretary finds that such exemption is

consistent with the public interest, the

protection of investors, and the purposes of

[the Exchange Act].

Treasury, in coordination with the

SEC, has previously issued several

temporary exemptive orders to ICE

Trust U.S. LLC (‘‘ICE Trust’’) to facilitate

the central clearing of credit default

swaps (‘‘CDS’’)

that reference

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financial contract is based on underlying

obligations of a single entity (reference entity) or on

a particular security or other debt obligation, or an

index of several such entities, securities, or

obligations. Under a CDS contract, the obligation of

a seller to make payments is triggered by a default

or other credit event as to such entity or entities or

such security or securities.

74 FR 10647, March 11, 2009 Order Granting

Temporary Exemptions from Certain Provisions of

the Government Securities Act and Treasury’s

Government Securities Act Regulations in

Connection with a Request on Behalf of ICE US

Trust LLC Related to Central Clearing of Credit

Default Swaps, and Request for Comments,

available at: http://www.treasurydirect.gov/instit/

statreg/gsareg/gsareq_treasexemptiveorder309.pdf.

ECPs are defined in section 1a(18) of the

Commodity Exchange Act, 7 U.S.C. 1 et seq. The

use of the term ECPs in the March 6, 2009 order

refers to the definition of ECPs in effect on March

6, 2009, and excludes persons that are ECPs under

former section 1a(12)(C).

Registered or noticed government securities

brokers and government securities dealers that are

not financial institutions were temporarily

exempted from the regulations in 17 CFR parts 402,

403, 404, and 405 with exceptions.

74 FR 64127, December 7, 2009 Order

Extending Temporary Exemptions from Certain

Government Securities Act Provisions and

Regulations in Connection with a Request from ICE

Trust U.S. LLC Related to Central Clearing of Credit

Default Swaps, available at: http://

www.treasurydirect.gov/instit/statreg/gsareg/FR_

Treasury_Order_ICE_Extension_(12-7-09).pdf.

75 FR 4626, January 28, 2010 Order Granting

a Temporary Exemption from Certain Government

Securities Act Provisions and Regulations in

Connection with a Request from ICE Trust U.S. LLC

Related to Central Clearing of Credit Default Swaps,

and Request for Comments, available at: http://

www.treasurydirect.gov/instit/statreg/gsareg/

TreasuryICEOrderFedRegisterJan282010.pdf.

75 FR 11627, March 11, 2010 Order Granting

Temporary Exemptions from Certain Government

Securities Act Provisions and Regulations in

Connection with a Request From ICE Trust U.S.

LLC Related to Central Clearing of Credit Default

Swaps, and Request for Comments, available at:

http://www.treasurydirect.gov/instit/statreg/gsareg/

TreasuryExemptiveOrderMarch112010

FedRegister.pdf.

75 FR 75722, December 6, 2010 Order

Extending Temporary Exemptions from Certain

Government Securities Act Provisions and

Regulations in Connection with a Request from ICE

Trust U.S. LLC Related to Central Clearing of Credit

Default Swaps, available at: http://

www.treasurydirect.gov/instit/statreg/gsareg/

TreasuryExemptiveOrderFedRegisterDec2010.pdf.

Public Law 111–203, 124 Stat. 1376 (July 21,

2010).

See http://www.sec.gov and http://www.cftc.gov

for a listing of all related proposed rulemakings.

Id.

The statute defines ‘‘security-based swap’’ as an

agreement, contract, or transaction that is a ‘‘swap’’

(without regard to the exclusion from that

definition for security-based swaps) and that also

has certain characteristics specified in the statute.

As of January 11, 1983, the date of enactment

of the Futures Trading Act of 1982, Public Law 97–

44, 96 Stat. 2294, section 3(a)(12) of the Exchange

Act, 15 U.S.C. 78c(a)(12), provided that, among

other securities, ‘‘exempted securities’’ include: (i)

‘‘Securities which are direct obligations of, or

obligations guaranteed as to principal or interest by,

the United States;’’ (ii) certain securities issued or

guaranteed by corporations in which the United

States has a direct or indirect interest as designated

by the Secretary of the Treasury; and (iii) certain

other securities as designated by the SEC in rules

and regulations.

Available at http://cftc.gov/ucm/groups/public/

@lrfederalregister/documents/file/2011-15195a.pdf.

Available at http://www.sec.gov/spotlight/dodd-

frank.shtml.

government securities. On March 6,

2009, Treasury granted a temporary

exemption

from the provisions of

section 15C(a), (b), and (d) (other than

subsection (d)(3)) of the Exchange Act,

and the rules thereunder, to ICE Trust,

certain ICE Trust participants, and

certain eligible contract participants

(‘‘ECPs’’).

In the same order Treasury

also granted a limited temporary

exemption from certain GSA regulatory

requirements to government securities

brokers and government securities

dealers that are not financial

institutions.

On December 7, 2009,

Treasury extended the expiration date of

these temporary exemptions until

March 7, 2010.

On January 28, 2010,

Treasury granted a temporary,

conditional exemption until March 7,

2010, to certain ICE Trust Clearing

Members and certain ECPs to

accommodate using ICE Trust to clear

customer CDS transactions.

On March

7, 2010, Treasury granted a conditional,

temporary exemption from certain GSA

provisions and regulations to certain

ICE Trust participants and certain

ECPs.

In the same order Treasury also

granted a temporary exemption from

certain GSA regulatory requirements for

registered or noticed government

securities brokers and government

securities dealers that are not financial

institutions. On November 30, 2010,

Treasury issued an order extending the

expiration date of these temporary

exemptions until July 16, 2011.

Treasury received no comments on its

previous orders.

II. Legislative Developments

President Obama signed the Dodd-

Frank Wall Street Reform and Consumer

Protection Act (‘‘Dodd-Frank Act’’)

into law effective July 16, 2011, and the

facts and circumstances for Treasury’s

previous exemptive orders changed.

The legislation was enacted, among

other reasons, to reduce risk, increase

transparency, and promote market

integrity within the financial system,

including by: (1) Providing for the

registration and comprehensive

regulation of swap dealers, security-

based swap dealers, major swap

participants and major security-based

swap participants; (2) imposing clearing

and trade execution requirements on

swaps and security-based swaps, subject

to certain exceptions; (3) creating

rigorous recordkeeping and real-time

reporting regimes; and (4) enhancing the

rulemaking and enforcement authorities

of the SEC and the Commodity Futures

Trading Commission (‘‘CFTC’’) with

respect to, among others, all registered

entities and intermediaries subject to

their oversight.

Title VII of the Dodd-Frank Act

established a comprehensive new

regulatory framework for swaps and

security-based swaps, and provided the

SEC and the CFTC with the authority to

regulate over-the-counter derivatives.

The SEC and CFTC, in consultation

with the Board of Governors of the

Federal Reserve System, have issued

proposed rules and proposed

interpretive guidance under the

Commodity Exchange Act (‘‘CEA’’) and

the Exchange Act to implement relevant

changes required by provisions of the

Dodd-Frank Act, including the

regulation of CDS.

Under Title VII of the Dodd-Frank

Act, the CFTC was given regulatory

authority over swaps and the SEC was

given regulatory authority over security-

based swaps.

The definition of the

term ‘‘security-based swap,’’ however,

excludes swaps based on ‘‘exempted

securities.’’

A CDS generally would be

a swap and not a security-based swap if

it is based upon an exempted security

(other than a municipal security).

Because the CFTC has jurisdiction over

swaps and the SEC has jurisdiction over

security-based swaps, and because a

CDS on an exempted security would be

a swap and not a security-based swap,

it is subject to CFTC jurisdiction.

The CFTC and SEC recently took

action to defer many Dodd-Frank

requirements regulating swaps and

security-based swaps that would

otherwise have gone into effect on July

16, 2011. On June 14, 2011, the CFTC

issued a notice of proposed order and

request for comment

with respect to

the effective dates of provisions of the

Dodd-Frank Act relating to the

regulation of the swaps markets.

Similarly, the SEC has released orders

granting temporary exemptions and

other temporary relief, and providing

information on compliance dates,

applicable to the regulation of the

security-based swaps markets. The SEC

noted in certain of its orders that the

temporary exemptions extended neither

to the Exchange Act provisions

applicable to government securities as

set forth in Section 15C and its

underlying rules and regulations, nor to

the related definitions of ‘‘government

securities,’’ ‘‘government securities

broker,’’ and ‘‘government securities

dealer.’’ The SEC further noted that it

does not have authority under Section

36 of the Exchange Act to issue

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15 U.S.C. 78mm(b).

Letter from Kevin R. McClear, General Counsel,

ICE Trust U.S. LLC to the Commissioner of the

Public Debt, Van Zeck, July 6, 2011, available at:

http://www.treasurydirect.gov/instit/statreg/gsareg/

gsareg.htm. As noted in its request, on July 16,

2011, ICE Trust reorganized its corporate structure.

ICE Trust changed from a New York-chartered

limited purpose trust company to a Delaware

limited liability company. ICE Trust also changed

its name from ICE Trust U.S. LLC to ICE Clear

Credit LLC and became a DCO with respect to

swaps.

The ICE Credit rulebook defines a Clearing

Member as ‘‘a person that has been approved by ICE

Credit for the submission of an agreement or

contract and that is party to an agreement with ICE

Credit specifically relating to transactions in

agreement or contract. Under ICE Credit rules, a

Clearing Member must meet substantial eligibility

criteria prior to being permitted to become a

Clearing Member, which criteria include standards

of business integrity, financial capacity,

creditworthiness, operational capability, experience

and competence as may be established by ICE

Credit from time to time.’’ The ICE Credit rulebook

is publicly available online at https://

www.theice.com/publicdocs/clear_us/

ICE_Trust_Rules.pdf.

In its request, ICE Credit refers to unregistered

government securities brokers as ‘‘inter-dealer

brokers.’’ See note 25, supra.

See Dodd-Frank Act section 725(b).

7 U.S.C. 1a(9).

See Section 5b(c)(2) of the CEA.

7 U.S.C. 1a(28).

See note 5, supra.

As used in this order, registered or noticed

government securities brokers or government

securities dealers encompasses all brokers, dealers,

and entities required to register or file notice

pursuant to section 15C(a)(1) of the Exchange Act.

exemptions in connection with these

provisions.

III. ICE Clear Credit LLC (‘‘ICE Credit’’)

Request for Exemption

On July 6, 2011, Treasury received a

letter (‘‘the ICE Credit request’’)

from

ICE Credit requesting that, to avoid legal

uncertainty, Treasury grant an

exemption from the registration

provisions of the GSA and Treasury

regulations thereunder to ICE Credit and

its Clearing Members

and

unregistered government securities

brokers

who enter into transactions

with ICE Credit Clearing Members

involving CDS that reference

government securities and are submitted

to ICE Credit for clearance and

settlement.

In its request, ICE Credit contends

that central clearing has several

important market efficiency and

investor protection benefits over

clearing CDS on a bilateral basis. ICE

Credit asserts that: a highly regulated

central counterparty with significant

financial resources substantially reduces

the risk of counterparty default; the ICE

Credit Rules allow a streamlined

process for a party to a CDS transaction

to move one or more pieces of its CDS

portfolio from one Clearing Member to

another (portability), which will result

in a more efficient CDS marketplace,

greater investor choice, and meaningful

investor protection; central clearing

provides a robust mechanism for the

segregation and protection of margin

provided by market participants; and

the central counterparty model

improves transparency.

ICE Credit’s request also

acknowledges that ICE Credit will be

subject to a new regulatory framework

that includes comprehensive oversight

of aspects of its CDS business including

eligibility requirements, books and

records, systems, and margin

requirements of both ICE Credit and its

Clearing Members. It also acknowledges

that all rule changes must be approved

by the SEC in accordance with

regulations promulgated under Section

19(b) of the Exchange Act, and either

self-certified with or approved by the

CFTC in accordance with the CEA.

Further, upon the effective date of Title

VII of the Dodd-Frank Act, Ice Credit

will be deemed registered

as a

derivatives clearing organization

(‘‘DCO’’)

with the CFTC and will be

subject to regular audit or risk reviews

by the CFTC based on the 18 Core

Principles set forth in the CEA.

ICE Credit’s request notes that it will

be subject to regulation of all aspects of

its clearing activities, including

eligibility requirements, margin

required from Clearing Members, and

the procedures relating to default. ICE

Credit Clearing Members effecting

customer transactions in CDS will be

registered as futures commission

merchants (‘‘FCMs’’)

with the CFTC

and as either broker-dealers or

securities-based swaps dealers with the

SEC.

ICE Credit is also requesting an

exemption for certain unregistered

government securities brokers. ICE

Credit explains that its Clearing

Members may use the facilities of

unregistered government securities

brokers to execute CDS and submit such

transactions for clearance and

settlement to ICE Credit. ICE Credit

notes that the use of unregistered

government securities brokers by CDS

market participants is a means of

promoting an orderly and efficient

market for CDS that reference

government securities.

ICE Credit also contends in its request

that CDS that reference government

securities may not be exempt from the

definition of ‘‘security’’ under the

Exchange Act. As a result, and in the

absence of relief, ICE Credit, its Clearing

Members, and certain unregistered

government securities brokers that are

engaged in the business of effecting

transactions in government securities

may have to register as government

securities brokers or government

securities dealers in accordance with

section 15C of the Exchange Act.

ICE Credit believes that an exemption

is warranted in light of the

comprehensive regulatory scheme

imposed by the Dodd-Frank Act. ICE

Credit argues that the registration of ICE

Credit, its Clearing Members, and

certain unregistered government

securities brokers as government

securities brokers or government

securities dealers could create complex

interpretive issues that result in legal

uncertainty.

The ICE Credit request states that, to

date, the products eligible for clearing at

ICE Credit include CDS transactions

involving certain indices and CDS

contracts based on individual reference

entities or securities (single-name CDS

contracts) that meet ICE Credit’s risk

management and other criteria. The

request also states that as of June 1,

2011, ICE Credit has cleared a notional

amount of $666 billion of CDS on behalf

of its 15 current Clearing Members. To

date, ICE Credit has not cleared any CDS

contracts that reference government

securities.

IV. Temporary Exemption for ICE

Credit, ICE Credit Clearing Members,

and Certain Unregistered Government

Securities Brokers

In light of the comprehensive

regulatory framework established by the

Dodd-Frank Act, the application of the

GSA registration requirements to ICE

Credit, its Clearing Members, and

certain unregistered government

securities brokers in CDS transactions

that are not currently registered or

noticed government securities brokers

or government securities dealers is not

warranted at this time.

Accordingly, the Secretary, by order,

is granting a temporary exemption to

ICE Credit, its Clearing Members, and

certain unregistered government

securities brokers from the provisions of

section 15C(a), (b), and (d) (other than

subsection (d)(3)) of the Exchange Act,

and the rules thereunder.

This

temporary exemption is confined solely

to these entities’ transactions in CDS

that reference government securities and

are cleared by ICE Credit. This

temporary exemption does not apply to

any ICE Credit Clearing Members or

government securities brokers that are

registered or noticed as government

securities brokers or government

securities dealers.

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A financial institution is defined in 15 U.S.C.

78c(a)(46).

This order does not exempt registered or

noticed government securities brokers or

government securities dealers that are not financial

institutions from the regulations regarding capital

requirements, reserves and custody of securities,

records and reports, and quarterly security counts.

See notes 21 and 22, supra.

V. Temporary Exemption for Registered

or Noticed Government Securities

Brokers and Government Securities

Dealers That Are Not Financial

Institutions

The Secretary is also granting a

temporary exemption to registered or

noticed government securities brokers

and government securities dealers that

are not financial institutions

from the

regulations in 17 CFR parts 402, 403,

404, and 405, with exceptions.

This

temporary exemption is confined solely

to these entities’ transactions in CDS

that reference government securities and

are cleared by ICE Credit.

With respect to noticed government

securities brokers and government

securities dealers that are financial

institutions (and also ICE Credit

Clearing Members), the GSA regulations

generally adopt the appropriate

regulatory agency rules for financial

institutions that are comparable to the

CFTC rules to which the temporary

exemption does not extend. The GSA

regulations also incorporate rules of the

appropriate regulatory agencies that are

otherwise applicable to financial

institutions.

Treasury is not extending this

temporary exemption to financial

institution government securities

brokers and government securities

dealers. They should continue to

comply with existing rules.

Treasury believes that continuing to

facilitate the central clearing of CDS

transactions through the granting of the

temporary exemptions in this order is

consistent with the public interest, the

protection of investors, and the

purposes of the Exchange Act. These

temporary exemptions will remain in

effect unless Treasury revokes or

modifies them. As of the effective date

of Treasury’s order, the CFTC and the

SEC have not issued final rules or

interpretive guidance to implement

Title VII of the Dodd-Frank Act.

When

they do, Treasury will revisit these

exemptions.

While providing temporary

exemptions from certain provisions of

section 15C of the Exchange Act,

Treasury is not making a determination,

for purposes of this order, on whether

particular CDS that reference

government securities are ‘‘government

securities’’ as defined by the Exchange

Act. The exemptions being granted in

this order are not intended to limit

regulatory authority of other regulators.

VI. Consultations and Considerations

In granting these temporary

exemptions, Treasury has consulted

with and considered the views of the

staffs of the CFTC, the SEC, and the

appropriate regulatory agencies for

financial institutions.

Treasury bases this order on the facts

and circumstances presented and

representations made by ICE Credit in

its request. These temporary exemptions

could become unavailable if the facts or

circumstances change such that the

representations in the request are no

longer materially accurate. If this were

to happen, the status of existing

positions in cleared CDS that reference

government securities would remain

unchanged, but no new positions could

be established pursuant to the

temporary exemptions unless approved

by Treasury.

ICE Credit must promptly notify

Treasury in writing if any of the relevant

information provided to obtain these

temporary exemptions changes.

VII. Solicitation of Comments

We request comments on the

temporary exemptions we are granting

in this order to accommodate central

clearing of CDS that reference

government securities by ICE Credit. We

are also soliciting public comment on

whether there is a need for broader

exemptive relief from provisions of the

GSA and Treasury regulations in light of

the Dodd-Frank Act amendments to the

Exchange Act. For example, is it

necessary to provide similar exemptive

relief to other entities that engage in

transactions in CDS that reference

government securities and are not

submitted to a central counterparty

(‘‘uncleared’’)?

Treasury will continue to monitor ICE

Credit’s progress and the development

of central counterparties for the CDS

market and determine to what extent, if

any, additional action might be

necessary.

Treasury also will continue to consult

with the staffs of the CFTC, the SEC,

and the appropriate regulatory agencies

for financial institutions on this matter.

VIII. Conclusion

It is hereby ordered, pursuant to

section 15C(a)(5) of the Exchange Act,

that:

(a) Temporary Exemption for ICE

Clear Credit LLC (‘‘ICE Credit’’), ICE

Credit Clearing Members, and Certain

Government Securities Brokers.

(1) Persons eligible. This temporary

exemption is available to a) ICE Credit

and b) ICE Credit Clearing Members and

unregistered government securities

brokers who enter into transactions with

ICE Credit Clearing Members involving

CDS that reference government

securities and are submitted to ICE

Credit for clearance and settlement.

However, this temporary exemption is

not available to ICE Credit Clearing

Members and government securities

brokers that are registered or noticed as

government securities brokers or

government securities dealers under

section 15C(a)(1) of the Exchange Act.

(2) Scope of the temporary exemption.

Subject to the exclusions in paragraph

(a)(1), such entities shall temporarily be

exempt from the provisions of section

15C(a), (b), and (d) (other than

subsection (d)(3)) of the Exchange Act,

and the rules thereunder.

(b) Temporary Exemption for

Registered or Noticed Government

Securities Brokers and Government

Securities Dealers that are not Financial

Institutions.

ICE Credit Clearing Members and

government securities brokers that are

registered or noticed government

securities brokers and government

securities dealers but not financial

institutions are exempt from the

regulations in 17 CFR parts 402, 403,

404, and 405 with respect to their

transactions with ICE Credit Clearing

Members involving CDS that reference

government securities and are submitted

to ICE Credit for clearance and

settlement. However, this order does not

exempt registered or noticed

government securities brokers or

government securities dealers that are

not financial institutions from the

following:

(1) The capital requirements for

registered government securities brokers

and government securities dealers in

part 402 of the GSA regulations (which

are comparable to SEC Rule 15c3–1 on

net capital);

(2) The provisions of part 403 of the

GSA regulations that incorporate and

modify SEC Rule 15c3–3 on reserves

and custody of securities;

(3) The provisions of parts 404 and

405 of the GSA regulations that

incorporate and modify SEC Rules 17a–

3 through 17a–5, 17h–1T and 17h–2T,

on records and reports; and

(4) The provisions of part 404 of the

GSA regulations that incorporate and

modify SEC Rule 17a–13 on quarterly

security counts.

The temporary exemptions contained

in this order are based on the facts and

circumstances presented in the request.

These temporary exemptions could

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43380

Federal Register / Vol. 76, No. 139 / Wednesday, July 20, 2011 / Notices

become unavailable if the facts or

circumstances change such that the

representations in the request are no

longer materially accurate. ICE Credit

must promptly notify Treasury in

writing if any of the information

provided to obtain these temporary

exemptions changes. If an underlying

representation were to no longer be

accurate, the status of existing positions

in cleared CDS that reference

government securities would remain

unchanged, but no new positions could

be established pursuant to the

temporary exemptions unless approved

by Treasury.

IX. Paperwork Reduction Act

There is no new collection of

information contained in this order,

and, therefore, the Paperwork Reduction

Act does not apply.

Mary J. Miller,

Assistant Secretary for Financial Markets.

[FR Doc. 2011–18307 Filed 7–15–11; 4:15 pm]

BILLING CODE 4810–39–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request

AGENCY

: Internal Revenue Service (IRS),

Treasury.

ACTION

: Notice and request for

comments.

SUMMARY

: The Department of the

Treasury, as part of its continuing effort

to reduce paperwork and respondent

burden, invites the general public and

other Federal agencies to take this

opportunity to comment on proposed

and/or continuing information

collections, as required by the

Paperwork Reduction Act of 1995,

Public Law 104–13 (44 U.S.C.

3506(c)(2)(A)). Currently, the IRS is

soliciting comments concerning

Determination of Substitute Agent for a

Consolidated Group.

DATES

: Written comments should be

received on or before September 19,

2011 to be assured of consideration.

ADDRESSES

: Direct all written comments

to Yvette B. Lawrence, Internal Revenue

Service, room 6129, 1111 Constitution

Avenue, NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT

Requests for additional information or

copies of revenue procedure should be

directed to Elaine Christophe, (202)

622–3179, Internal Revenue Service,

Room 6129, 1111 Constitution Avenue,

NW., Washington, DC 20224, or through

the Internet at

[email protected].

SUPPLEMENTARY INFORMATION

Title: Determination of Substitute

Agent for a Consolidated Group.

OMB Number: 1545–1793.

Revenue Procedure Number: 2002–43

(TD 9255).

Abstract: Revenue Procedure 2002–43

provides any instructions that apply to

any designation of a substitute agent,

notification of the existence of a default

substitute agent, a request for the

designation of a substitute agent, and

request for replacement of a previously

designated substitute agent. The

instructions also provide for the

automatic approval of requests by a

terminating common parent to designate

its qualifying successor as a substitute

agent.

Current Actions: There are no changes

being made to the revenue procedure at

this time.

Type of Review: Extension of a

currently approved collection.

Affected Public: Business or other for-

profit organizations.

Estimated Number of Respondents:

200.

Estimated Average Time per

Respondent: 2 hours.

Estimated Total Annual Burden

Hours: 400.

The following paragraph applies to all

of the collections of information covered

by this notice:

An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless the collection of information

displays a valid OMB control number.

Books or records relating to a collection

of information must be retained as long

as their contents may become material

in the administration of any Internal

Revenue law. Generally, tax returns and

tax return information are confidential,

as required by 26 U.S.C. 6103.

Request for Comments: Comments

submitted in response to this notice will

be summarized and/or included in the

request for OMB approval. All

comments will become a matter of

public record.

Comments are invited on: (a) Whether

the collection of information is

necessary for the proper performance of

the functions of the agency, including

whether the information shall have

practical utility; (b) the accuracy of the

agency’s estimate of the burden of the

collection of information; (c) ways to

enhance the quality, utility, and clarity

of the information to be collected; (d)

ways to minimize the burden of the

collection of information on

respondents, including through the use

of automated collection techniques or

other forms of information technology;

and (e) estimates of capital or start-up

costs and costs of operation,

maintenance, and purchase of services

to provide information.

Approved: July 6, 2011.

Yvette B. Lawrence,

IRS Reports Clearance Officer.

[FR Doc. 2011–18255 Filed 7–19–11; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request

AGENCY

: Internal Revenue Service (IRS),

Treasury.

ACTION

: Notice and request for

comments.

SUMMARY

: The Department of the

Treasury, as part of its continuing effort

to reduce paperwork and respondent

burden, invites the general public and

other Federal agencies to take this

opportunity to comment on proposed

and/or continuing information

collections, as required by the

Paperwork Reduction Act of 1995,

Public Law 104–13 (44 U.S.C.

3506(c)(2)(A)). Currently, the IRS is

soliciting comments concerning Form

8804–C, Certificate of Partner-Level

Items to Reduce Section 1446

Withholding, and Special Rules to

Reduce Section 1446 Withholding.

DATES

: Written comments should be

received on or before September 19,

2011 to be assured of consideration.

ADDRESSES

: Direct all written comments

to Yvette B. Lawrence, Internal Revenue

Service, room 6129, 1111 Constitution

Avenue, NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT

Requests for additional information or

copies of the form and instructions

should be directed to Elaine Christophe,

(202) 622–3179, at Internal Revenue

Service, room 6129, 1111 Constitution

Avenue, NW., Washington, DC 20224,

or through the Internet at

[email protected].

SUPPLEMENTARY INFORMATION

Title: Certificate of Partner-Level

Items to Reduce Section 1446

Withholding.

OMB Number: 1545–1934.

Form Number: Form 8804–C.

Abstract: Form 8804–C will be a form

a foreign partner would voluntary

submit to the partnership if it chooses

to provide a certification that could

reduce or eliminate the partnership’s

need to withhold 1446 tax.

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