Submission for OMB Review; Comment Request, 26849-26850 [2016-10365]
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Federal Register / Vol. 81, No. 86 / Wednesday, May 4, 2016 / Notices
over 40 brokers and multilateral trading
facilities.15
In the case of TRFs, the rapid entry of
several exchanges into this space in
2006–2007 following the development
and Commission approval of the TRF
structure demonstrates the
contestability of this aspect of the
market.16 Given the demand for trade
reporting services that is itself a byproduct of the fierce competition for
transaction executions—characterized
notably by a proliferation of ATSs and
BDs offering internalization—any supracompetitive increase in the fees
associated with trade reporting or TRF
data would shift trade report volumes
from one of the existing TRFs to the
other 17 and create incentives for other
TRF operators to enter the space.
Alternatively, because BDs reporting to
TRFs are themselves free to consolidate
the market data that they report, the
market for over-the-counter data itself,
separate and apart from the markets for
execution and trade reporting services—
is fully contestable.
Moreover, consolidated data provides
two additional measures of pricing
discipline for proprietary data products
that are a subset of the consolidated data
stream. First, the consolidated data is
widely available in real-time at $1 per
month for non-professional users.
Second, consolidated data is also
available at no cost with a 15- or 20minute delay. Because consolidated
data contains marketwide information,
it effectively places a cap on the fees
assessed for proprietary data (such as
last sale data) that is simply a subset of
the consolidated data. The mere
availability of low-cost or free
consolidated data provides a powerful
form of pricing discipline for
proprietary data products that contain
data elements that are a subset of the
consolidated data, by highlighting the
optional nature of proprietary products.
In this instance, the proposed rule
change to charge all market participants
that create a Top-of-File product using
Nasdaq OpenView data the fee rate
applicable to Non-Professional
Subscribers or Professional Subscribers,
as appropriate, by eliminating current
rule text in Nasdaq Rule 7023(b)(3)(C),
does not impose a burden on
competition because no firms currently
15 See https://www.cinnober.com/boat-tradereporting.
16 The low cost exit of two TRFs from the market
is also evidence of a contestable market, because
new entrants are reluctant to enter a market where
exit may involve substantial shut-down costs.
17 It should be noted that the FINRA/NYSE TRF
has, in recent weeks, received reports for almost
10% of all over-the-counter volume in NMS stocks.
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are utilizing this data so there will be no
immediate impact on any subscribers.
In sum, if the rule change proposed
herein is unattractive to market
participants, it is likely that the
Exchange will lose market share as a
result. Accordingly, the Exchange does
not believe that the proposed change
will impair the ability of members or
competing order execution venues to
maintain their competitive standing in
the financial markets.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.18 At any time
within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
26849
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2016–058, and should be
submitted on or before May 25, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Robert W. Errett,
Deputy Secretary.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
[FR Doc. 2016–10370 Filed 5–3–16; 8:45 am]
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2016–058 on the subject line.
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2016–058. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
18 15
PO 00000
U.S.C. 78s(b)(3)(A)(ii).
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BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Extension:
Rule 6h–1, SEC File No. 270–497; OMB
Control No. 3235–0555
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 6h–1 (17 CFR 240.6h–1) under the
Securities Exchange Act of 1934, as
amended (‘‘Act’’) (15 U.S.C. 78a et seq.).
Section 6(h) of the Act (15 U.S.C.
78f(h)) requires national securities
19 17
E:\FR\FM\04MYN1.SGM
CFR 200.30–3(a)(12).
04MYN1
asabaliauskas on DSK3SPTVN1PROD with NOTICES
26850
Federal Register / Vol. 81, No. 86 / Wednesday, May 4, 2016 / Notices
exchanges and national securities
associations that trade security futures
products to establish listing standards
that, among other things, require that: (i)
Trading in such products not be readily
susceptible to price manipulation; and
(ii) the market on which the security
futures product trades has in place
procedures to coordinate trading halts
with the listing market for the security
or securities underlying the security
futures product. Rule 6h–1 implements
these statutory requirements and
requires that (1) the final settlement
price for each cash-settled security
futures product fairly reflect the
opening price of the underlying security
or securities, and (2) the exchanges and
associations trading security futures
products halt trading in any security
futures product for as long as trading in
the underlying security, or trading in
50% or more of the underlying
securities, is halted on the listing
market.
It is estimated that approximately 1
respondent, consisting of a designated
contract market not already registered as
a national securities exchange under
Section 6(g) of the Exchange Act that
seeks to list or trade security futures
products, will incur an average burden
of 10 hours per year to comply with this
rule, for a total burden of 10 hours. At
an average cost per hour of
approximately $387, the resultant total
cost of compliance for the respondents
is $3,870 per year (1 respondent × 10
hours/respondent × $387/hour).
Compliance with Rule 6h–1 is
mandatory. Any listing standards
established pursuant to Rule 6h–1
would be filed with the Commission as
proposed rule changes pursuant to
Section 19(b) of the Act and would be
published in the Federal Register.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information
collection at the following Web site:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Pamela
Dyson, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington, DC
20549, or by sending an email to: PRA_
Mailbox@sec.gov. Comments must be
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18:44 May 03, 2016
Jkt 238001
submitted to OMB within 30 days of
this notice.
Dated: April 28, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–10365 Filed 5–3–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736
Extension:
Rule 20a–1, SEC File No. 270–132, OMB
Control No. 3235–0158
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission has
submitted to the Office of Management
and Budget a request for extension of
the previously approved collection of
information discussed below.
Rule 20a–1 (17 CFR 270.20a–1) was
adopted under Section 20(a) of the
Investment Company Act of 1940
(‘‘1940 Act’’) (15 U.S.C. 80a–20(a)) and
concerns the solicitation of proxies,
consents, and authorizations with
respect to securities issued by registered
investment companies (‘‘Funds’’). More
specifically, rule 20a–1 under the 1940
Act (15 U.S.C. 80a–1 et seq.) requires
that the solicitation of a proxy, consent,
or authorization with respect to a
security issued by a Fund be in
compliance with Regulation 14A (17
CFR 240.14a–1 et seq.), Schedule 14A
(17 CFR 240.14a–101), and all other
rules and regulations adopted pursuant
to section 14(a) of the Securities
Exchange Act of 1934 (‘‘1934 Act’’) (15
U.S.C. 78n(a)). It also requires, in certain
circumstances, a Fund’s investment
adviser or a prospective adviser, and
certain affiliates of the adviser or
prospective adviser, to transmit to the
person making the solicitation the
information necessary to enable that
person to comply with the rules and
regulations applicable to the
solicitation. In addition, rule 20a–1
instructs Funds that have made a public
offering of securities and that hold
security holder votes for which proxies,
consents, or authorizations are not being
solicited, to refer to section 14(c) of the
1934 Act (15 U.S.C. 78n(c)) and the
information statement requirements set
forth in the rules thereunder.
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
The types of proposals voted upon by
Fund shareholders include not only the
typical matters considered in proxy
solicitations made by operating
companies, such as the election of
directors, but also include issues that
are unique to Funds, such as the
approval of an investment advisory
contract and the approval of changes in
fundamental investment policies of the
Fund. Through rule 20a–1, any person
making a solicitation with respect to a
security issued by a Fund must, similar
to operating company solicitations,
comply with the rules and regulations
adopted pursuant to Section 14(a) of the
1934 Act. Some of those Section 14(a)
rules and regulations, however, include
provisions specifically related to Funds,
including certain particularized
disclosure requirements set forth in Item
22 of Schedule 14A under the 1934 Act.
Rule 20a–1 is intended to ensure that
investors in Fund securities are
provided with appropriate information
upon which to base informed decisions
regarding the actions for which Funds
solicit proxies. Without rule 20a–1,
Fund issuers would not be required to
comply with the rules and regulations
adopted under Section 14(a) of the 1934
Act, which are applicable to non-Fund
issuers, including the provisions
relating to the form of proxy and
disclosure in proxy statements.
The staff currently estimates that
approximately 1,196 proxy statements
are filed by Funds annually. Based on
staff estimates and information from the
industry, the staff estimates that the
average annual burden associated with
the preparation and submission of proxy
statements is 85 hours per response, for
a total annual burden of 101,660 hours
(1,196 responses × 85 hours per
response = 101,660). In addition, the
staff estimates the costs for purchased
services, such as outside legal counsel,
proxy statement mailing, and proxy
tabulation services, to be approximately
$30,000 per proxy solicitation.
Rule 20a–1 does not involve any
recordkeeping requirements. Providing
the information required by the rule is
mandatory and information provided
under the rule will not be kept
confidential.
An agency may not conduct or
sponsor, and a person is not required to
respond to a collection of information
unless it displays a currently valid
control number.
The public may view the background
documentation for this information
collection at the following Web site,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
E:\FR\FM\04MYN1.SGM
04MYN1
]]>Agencies
[Federal Register Volume 81, Number 86 (Wednesday, May 4, 2016)]
[Notices]
[Pages 26849-26850]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-10365]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736
Extension:
Rule 6h-1, SEC File No. 270-497; OMB Control No. 3235-0555
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and
Exchange Commission (``Commission'') has submitted to the Office of
Management and Budget (``OMB'') a request for approval of extension of
the previously approved collection of information provided for in Rule
6h-1 (17 CFR 240.6h-1) under the Securities Exchange Act of 1934, as
amended (``Act'') (15 U.S.C. 78a et seq.).
Section 6(h) of the Act (15 U.S.C. 78f(h)) requires national
securities
[[Page 26850]]
exchanges and national securities associations that trade security
futures products to establish listing standards that, among other
things, require that: (i) Trading in such products not be readily
susceptible to price manipulation; and (ii) the market on which the
security futures product trades has in place procedures to coordinate
trading halts with the listing market for the security or securities
underlying the security futures product. Rule 6h-1 implements these
statutory requirements and requires that (1) the final settlement price
for each cash-settled security futures product fairly reflect the
opening price of the underlying security or securities, and (2) the
exchanges and associations trading security futures products halt
trading in any security futures product for as long as trading in the
underlying security, or trading in 50% or more of the underlying
securities, is halted on the listing market.
It is estimated that approximately 1 respondent, consisting of a
designated contract market not already registered as a national
securities exchange under Section 6(g) of the Exchange Act that seeks
to list or trade security futures products, will incur an average
burden of 10 hours per year to comply with this rule, for a total
burden of 10 hours. At an average cost per hour of approximately $387,
the resultant total cost of compliance for the respondents is $3,870
per year (1 respondent x 10 hours/respondent x $387/hour).
Compliance with Rule 6h-1 is mandatory. Any listing standards
established pursuant to Rule 6h-1 would be filed with the Commission as
proposed rule changes pursuant to Section 19(b) of the Act and would be
published in the Federal Register.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
The public may view background documentation for this information
collection at the following Web site: www.reginfo.gov. Comments should
be directed to: (i) Desk Officer for the Securities and Exchange
Commission, Office of Information and Regulatory Affairs, Office of
Management and Budget, Room 10102, New Executive Office Building,
Washington, DC 20503, or by sending an email to:
Shagufta_Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or by sending an
email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within
30 days of this notice.
Dated: April 28, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-10365 Filed 5-3-16; 8:45 am]
BILLING CODE 8011-01-P
