SEC Exempts ICE Clear Europe from Registration Requirement Under Exchange Act Section 17A(b)(1) with Respect to Clearance and Settlement for LIFFE Securities Products

The SEC granted an exemption to ICE Clear Europe from the registration requirement under Exchange Act Section 17A(b)(1) ("National system for clearance and settlement of securities and transactions"), solely with respect to ICE Clear Europe's provision of clearance and settlement services for LIFFE Securities Products. The SEC based the decision on the fact that the proposed clearing of the LIFFE Securities Products would exceed the scope of activities permitted by ICE Clear Europe's registration as a SBS clearing agency, therefore ICE Clear Europe may not clear the LIFFE Securities Products pursuant to existing CFTC registration. The exemption, which prohibits U.S. members of the clearing corporation from clearing U.S. securities, is subject to the following additional conditions:

• The SEC must immediately be notified of incidents of non-compliance;
• ICE Clear Europe shall clear LIFFE Contracts in a manner consistent with the requirements of Section 17A of the Exchange Act and Rule 17Ad-22 ("Standards for clearing agencies"); and
• ICE Clear Europe shall continue to be subject to the applicable provisions of the Exchange Act.

See: SEC Exemption Letter.