Proposed Collection; Comment Request, 3837-3838 [2017-00469]

Download as PDF Federal Register / Vol. 82, No. 8 / Thursday, January 12, 2017 / Notices crafted to take into account suggestions and issues raised by Participants, including to limit the circumstances in which those tools may be used, to limit the adverse impact of such tools on netting, regulatory capital, and other matters, and to consult with Risk Committee in major decisions.31 In addition, as described above, the proposed rule change clarifies that ICC’s senior management would not be permitted to invoke emergency authority to initiate these recovery tools without consulting the Risk Committee, if practicable, and obtaining the Board’s approval. Based on the extensive ex ante consultation with Participants at the proposal development stage and the enhanced governance provisions surrounding ICC’s invoking tools that impact loss distributions after the exhaustion of funded and unfunded resources, the Commission does not believe that the proposed rule change is inconsistent with the Act because it does not require ICC to consult with all Participants when it invokes loss distribution tools. As discussed above, the Commission finds that the governance provisions and related clarification changes as part of the proposed rule change are reasonably designed to establish governance arrangements that are clear and transparent to fulfill the public interest and support the objectives of owners and participants, and promote the effectiveness of the clearing agency’s risk management procedures, consistent with the requirements in Section 17A of the Act and Exchange Act Rule 17Ad– 22(d)(8). mstockstill on DSK3G9T082PROD with NOTICES V. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as modified by Amendment No. 31 See Notice, 81 FR 83914–15. The Commission also notes that in addition to consulting Participants on the proposed rule change and the governance surrounding the use of recovery tools, ICC also consulted with the customers of Participants. In particular, ICC discussed the proposed rule change individually with members of its buy-side advisory committee, which consists of customers of Participants. ICC also considered the views of industry groups representing customers of Participants, both through discussions with members of such groups and through the public statements and positions of such groups. ICC has taken these views into account and incorporated them into the proposed rule change, including limiting the use of reduced gains distributions to scenarios where all other financial resources of the clearing house have been exhausted, and moving the priority of ICC’s contributions in the waterfall such that they are used prior to the guaranty fund contributions of non-defaulting Participants. See id. at 83915. VerDate Sep<11>2014 18:28 Jan 11, 2017 Jkt 241001 1, is consistent with the Act. Comments may be submitted by any of the following methods: 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– ICC–2016–013 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–ICC–2016–013. 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/ 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 filings will also be available for inspection and copying at the principal office of ICE Clear Credit and on ICE Clear Credit’s Web site at https:// www.theice.com/clear-credit/regulation. 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–ICC–2016–013 and should be submitted on or before February 2, 2017. VI. Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1 The Commission finds good cause, pursuant to section 19(b)(2) of the Act,32 to approve the proposed rule changes, as modified by Amendment No. 1, prior 32 15 PO 00000 U.S.C. 78s(b)(2). Frm 00122 Fmt 4703 Sfmt 4703 3837 to the 30th day after the publication of Amendment No. 1 in the Federal Register. As discussed above, Amendment No.1 clarifies various aspects of ICC’s proposal to utilize reduced gains distributions, as well as its proposal to collect additional initial margin after the cap on replenishments and assessments to the guaranty fund is reached. Amendment No. 1 does not raise any novel regulatory issues, nor does it materially alter the substance of ICC’s proposed rule changes. Accordingly, on its own motion, the Commission finds good cause for approving the proposed rule changes, as modified by Amendment No. 1, on an accelerated basis, pursuant to section 19(b)(2) of the Act. VII. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act 33 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,34 that the proposed rule changes (File No. SR– ICC–2016–013), as modified by Amendment No. 1, be, and hereby is, approved on an accelerated basis.35 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.36 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–00491 Filed 1–11–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; 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 8c–1; SEC File No. 270–455, OMB Control No. 3235–0514. 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’’) is soliciting comments 33 15 U.S.C. 78q–1. U.S.C. 78s(b)(2). 35 In approving the proposed rule changes, the Commission considered the proposal’s impact on efficiency, competition and capital formation. 15 U.S.C. 78s(f). 36 17 CFR 200.30–3(a)(12). 34 15 E:\FR\FM\12JAN1.SGM 12JAN1 3838 Federal Register / Vol. 82, No. 8 / Thursday, January 12, 2017 / Notices on the existing collection of information provided for in Rule 8c–1 (17 CFR 240.8c–1), under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 8c–1 generally prohibits a broker-dealer from using its customers’ securities as collateral to finance its own trading, speculating, or underwriting transactions. More specifically, Rule 8c– 1 states three main principles: (1) A broker-dealer is prohibited from commingling the securities of different customers as collateral for a loan without the consent of each customer; (2) a broker-dealer cannot commingle customers’ securities with its own securities under the same pledge; and (3) a broker-dealer can only pledge its customers’ securities to the extent that customers are in debt to the brokerdealer.1 The information required by Rule 8c– 1 is necessary for the execution of the Commission’s mandate under the Exchange Act to prevent broker-dealers from hypothecating or arranging for the hypothecation of any securities carried for the account of any customer under certain circumstances. In addition, the information required by Rule 8c–1 provides important investor protections. There are approximately 60 respondents as of year-end 2015 (i.e., broker-dealers that conducted business with the public, filed Part II of the FOCUS Report, did not claim an exemption from the Reserve Formula computation, and reported that they had a bank loan during at least one quarter of the current year). Each respondent makes an estimated 45 annual responses, for an aggregate total of 2,700 responses per year.2 Each response takes approximately 0.5 hours to complete. Therefore, the total third-party reporting burden per year is 1,350 burden hours.3 Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (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. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. 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. Please direct your written comments to: Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, DC 20549, or send an email to: PRA_ Mailbox@sec.gov. Dated: January 3, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–00469 Filed 1–11–17; 8:45 am] BILLING CODE 8011–01–P SOCIAL SECURITY ADMINISTRATION [Docket No: SSA–2017–0001] Agency Information Collection Activities: Proposed Request and Comment Request The Social Security Administration (SSA) publishes a list of information collection packages requiring clearance by the Office of Management and Budget (OMB) in compliance with Public Law 104–13, the Paperwork Reduction Act of 1995, effective October 1, 1995. This notice includes revisions of OMB-approved information collections. SSA is soliciting comments on the accuracy of the agency’s burden estimate; the need for the information; its practical utility; ways to enhance its quality, utility, and clarity; and ways to minimize burden on respondents, including the use of automated collection techniques or other forms of information technology. Mail, email, or fax your comments and recommendations on the information collection(s) to the OMB Desk Officer and SSA Reports Clearance Officer at the following addresses or fax numbers. (OMB), Office of Management and Budget, Attn: Desk Officer for SSA, Fax: 202–395–6974, Email address: OIRA_Submission@omb.eop.gov (SSA), Social Security Administration, OLCA, Attn: Reports Clearance Director, 3100 West High Rise, 6401 Security Blvd., Baltimore, MD 21235, Fax: 410–966–2830, Email address: OR.Reports.Clearance@ssa.gov Or you may submit your comments online through www.regulations.gov, referencing Docket ID Number [SSA– 2017–0001]. I. The information collections below are pending at SSA. SSA will submit them to OMB within 60 days from the date of this notice. To be sure we consider your comments, we must receive them no later than March 13, 2017. Individuals can obtain copies of the collection instruments by writing to the above email address. 1. State Mental Institution Policy Review Booklet—20 CFR 404.2035, 404.2065, 416.635, & 416.665—0960– 0110. SSA uses Form SSA–9584–BK: (1) To determine if the policies and practices of a state mental institution acting as a representative payee for SSA beneficiaries conform to SSA’s regulations in the use of benefits; (2) to confirm institutions are performing other duties and responsibilities required of representative payees; and (3) as the basis for conducting onsite reviews of the institutions and preparing subsequent reports of findings. The respondents are state mental institutions serving as representative payees for Social Security beneficiaries and Supplemental Security Income (SSI) recipients. Type of Request: Revision of an OMBapproved information collection. mstockstill on DSK3G9T082PROD with NOTICES Modality of completion Number of respondents Frequency of response Average burden per response (minutes) Estimated total annual burden (hours) SSA–9584–BK ................................................................................................. 69 1 60 69 1 See Exchange Act Release No. 2690 (November 15, 1940); Exchange Act Release No. 9428 (December 29, 1971). VerDate Sep<11>2014 18:28 Jan 11, 2017 Jkt 241001 2 60 respondents × 45 annual responses = 2,700 aggregate total of annual responses. PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 3 2,700 E:\FR\FM\12JAN1.SGM responses × 0.5 hours = 1,350 hours. 12JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 82, Number 8 (Thursday, January 12, 2017)]
[Notices]
[Pages 3837-3838]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-00469]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; 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 8c-1; SEC File No. 270-455, OMB Control No. 3235-0514.

    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'') is soliciting comments

[[Page 3838]]

on the existing collection of information provided for in Rule 8c-1 (17 
CFR 240.8c-1), under the Securities Exchange Act of 1934 (``Exchange 
Act'') (15 U.S.C. 78a et seq.). The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    Rule 8c-1 generally prohibits a broker-dealer from using its 
customers' securities as collateral to finance its own trading, 
speculating, or underwriting transactions. More specifically, Rule 8c-1 
states three main principles: (1) A broker-dealer is prohibited from 
commingling the securities of different customers as collateral for a 
loan without the consent of each customer; (2) a broker-dealer cannot 
commingle customers' securities with its own securities under the same 
pledge; and (3) a broker-dealer can only pledge its customers' 
securities to the extent that customers are in debt to the broker-
dealer.\1\
---------------------------------------------------------------------------

    \1\ See Exchange Act Release No. 2690 (November 15, 1940); 
Exchange Act Release No. 9428 (December 29, 1971).
---------------------------------------------------------------------------

    The information required by Rule 8c-1 is necessary for the 
execution of the Commission's mandate under the Exchange Act to prevent 
broker-dealers from hypothecating or arranging for the hypothecation of 
any securities carried for the account of any customer under certain 
circumstances. In addition, the information required by Rule 8c-1 
provides important investor protections.
    There are approximately 60 respondents as of year-end 2015 (i.e., 
broker-dealers that conducted business with the public, filed Part II 
of the FOCUS Report, did not claim an exemption from the Reserve 
Formula computation, and reported that they had a bank loan during at 
least one quarter of the current year). Each respondent makes an 
estimated 45 annual responses, for an aggregate total of 2,700 
responses per year.\2\ Each response takes approximately 0.5 hours to 
complete. Therefore, the total third-party reporting burden per year is 
1,350 burden hours.\3\
---------------------------------------------------------------------------

    \2\ 60 respondents x 45 annual responses = 2,700 aggregate total 
of annual responses.
    \3\ 2,700 responses x 0.5 hours = 1,350 hours.
---------------------------------------------------------------------------

    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information 
collected; and (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. 
Consideration will be given to comments and suggestions submitted in 
writing within 60 days of this publication.
    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.
    Please direct your written comments to: Pamela Dyson, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email 
to: PRA_Mailbox@sec.gov.

    Dated: January 3, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-00469 Filed 1-11-17; 8:45 am]
BILLING CODE 8011-01-P

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