Submission for OMB Review; Comment Request, 67002-67003 [E9-29968]

Download as PDF 67002 Federal Register / Vol. 74, No. 241 / Thursday, December 17, 2009 / Notices (‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Rule 30b1–6T (17 CFR 270.30b1–6T) under the Investment Company Act of 1940 (the ‘‘Act’’) is entitled: ‘‘Weekly Portfolio Report for Certain Money Market Funds.’’ The rule requires that if the market-based net asset value (‘‘market-based NAV’’) of a registered investment company, or series thereof, that is regulated as a money market fund under rule 2a–7 (17 CFR 270.2a–7) on any business day is less than $.9975 1 that money market fund must promptly notify the Securities and Exchange Commission (‘‘Commission’’) by electronic mail and provide a portfolio schedule to the Commission within one business day. Subsequently, the money market fund must submit a portfolio schedule within two business days after the end of each week until the fund’s market-based NAV at the end of the Percent week equals or exceeds $.9975. The portfolio schedule must be sent For Physical Damage electronically in Microsoft Excel format. Non-Profit Organizations with Credit Available Elsewhere 3.625 The purpose of the rule is to facilitate the Commission’s oversight of money Non-Profit Organizations market funds and ensure that the without Credit Available Elsewhere .......................... 3.000 Commission receives substantially similar information to that which it For Economic Injury Non-Profit Organizations received from money market funds without Credit Available participating in the Treasury Elsewhere .......................... 3.000 Department’s Temporary Guarantee Program for Money Market Funds The number assigned to this disaster (‘‘Guarantee Program’’), which had for physical damage is 119626 and for guaranteed the $1.00 share value of economic injury is 119636. accounts held by investors as of September 19, 2008 in participating (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) money market funds.2 The Guarantee Program was established to help James E. Rivera, stabilize money market funds following Associate Administrator for Disaster a period of substantial redemptions that Assistance. threatened the ability of some money [FR Doc. E9–30004 Filed 12–16–09; 8:45 am] market funds to maintain the $1.00 BILLING CODE 8025–01–P share value.3 The program expired on September 18, 2009. Commission staff estimates estimate, SECURITIES AND EXCHANGE based on past experience under the COMMISSION Guarantee Program, that 10 money market funds are required by rule 30b1– Submission for OMB Review; 6T to provide weekly reports disclosing Comment Request wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 12/09/2009, Private Non-Profit organizations that provide essential services of governmental nature may file disaster loan applications at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties and Independent Cities: Chesapeake City, Halifax, Hampton City, Isle of Wight, King and Queen, Newport News City, Norfolk City, Northampton, Poquoson City, Portsmouth City, Surry, Virginia Beach City. The Interest Rates are: Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 30b1–6T; SEC File No. 270–599; OMB Control No. 3235–0652. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission VerDate Nov<24>2008 13:19 Dec 16, 2009 Jkt 220001 1 Most money market funds seek to maintain a stable net asset value per share of $1.00, but a few seek to maintain a stable net asset value per share of a different amount, e.g., $10.00. For convenience, we generally refer to the stable net asset value of $1.00 per share. 2 Our staff estimates that approximately 79 percent of money market funds participated in the Guarantee Program, and that the money market funds that did not participate in the program were mostly funds that invest predominately in U.S. Treasury and U.S. Government securities. 3 See Press Release, U.S. Department of the Treasury, Treasury Announces Guaranty Program for Money Market Funds (Sept. 19, 2008), available at https://www.treas.gov/press/releases/hp1147.htm. PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 certain information regarding the fund’s portfolio holdings. Staff estimates that money market funds require an average of approximately 6 burden hours to compile and electronically submit the initial required portfolio holdings information, and an average of approximately 4 burden hours in subsequent reports.4 Based on these estimates, we estimate that the annual burden will be 210 hours per money market fund that is required to provide the information and an aggregate annual burden of 2100 hours for all of the money market funds required to submit portfolio schedules.5 The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. 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. Compliance with rule 30b1–6T is mandatory for any money market fund whose market-based NAV is less than $.9975. Responses to the disclosure requirements will be kept confidential. Please direct general comments regarding the above information to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or e-mail to: or Shagufta Ahmed at Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, Director/CIO, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. 4 We understand that the required information is currently maintained by money market funds pursuant to other regulatory requirements or in the ordinary course of business. Accordingly, for the purposes of our analysis, we do not ascribe any time to gathering the required information. 5 Because one report is required each week, a fund would submit 52 reports in one year. The first report would require 6 hours and subsequent reports would require 4 hours each. The difference between the hours is due to the fact that funds generally would not incur the additional start-up time applicable to the first report. The annual burden of the reporting requirement would be 210 hours (1 report × 6 hours = 6 hours, 51 reports × 4 hours = 204 hours, and 6 hours + 204 hours = 210 hours). 210 hours × 10 (the estimated number of money market funds that will be required to submit portfolio schedules under the rule each year) = 2100 hours. E:\FR\FM\17DEN1.SGM 17DEN1 Federal Register / Vol. 74, No. 241 / Thursday, December 17, 2009 / Notices Dated: December 10, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–29968 Filed 12–16–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61141; File No. SR–Phlx– 2009–101] Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing of Proposed Rule Change Relating to Collection of Exchange Fees Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1, and Rule 19b–4 2 thereunder, notice is hereby given that on December 8, 2009, NASDAQ OMX PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Exchange Rule 909, Security for Exchange Fees and Other Claims, to require member organizations to provide a clearing account number at the National Securities Clearing Corporation (‘‘NSCC’’) for purposes of permitting the Exchange to debit any undisputed or final fees, fines, charges and/or other monetary sanctions or monies due and owing to the Exchange. The text of the proposed rule change is available on the Exchange’s Web site at https:// nasdaqomxphlx.cchwallstreet.com/ NASDAQOMXPHLX/Filings/, on the Commission’s Web site at https:// www.sec.gov, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Nov<24>2008 13:19 Dec 16, 2009 Jkt 220001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose December 10, 2009. 1 15 any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. The purpose of the proposed rule change is to create an efficient method of collecting undisputed or final fees, fines, charges and/or other monetary sanctions or monies due and owing to the Exchange.3 This proposal will provide a cost savings to the Exchange in that it will alleviate administrative processes related to the collection of monies owed to the Exchange. Collection matters divert staff resources away from the Exchange’s regulatory and business purposes. In addition, the debiting process will prevent member accounts from becoming overdue. The Exchange proposes to eliminate the requirement to provide and maintain a security deposit. Currently, Rule 909 requires member organizations and applicants for registration to provide and maintain a security deposit in an amount not to exceed $50,000, unless the member organization maintains excess net capital of at least the amount established by the Exchange in which case a deposit is not required. The Exchange proposes to amend Rule 909 to eliminate all references to the security deposit and the excess net capital requirements. The security deposit was meant to require adequate financial security for the debts of member corporations and for ensuring that member corporations are generally financially solvent. The Exchange would instead propose to require member organizations and applicants to provide a clearing account number for an account at NSCC in order to permit the Exchange to debit undisputed or final fees, fines, charges and/or other monetary sanctions or monies due and owing to the Exchange or other charges related to Rule 924.4 The Exchange will 3 The Exchange will not debit accounts for fees that are unusually large or for special circumstances, unless such debiting is requested by the member. 4 Exchange Rule 924 entitled, Obligations of Members and Member Organizations to the Exchange, states, among other things, that members and member organizations shall be liable for such fees, fines, dues, penalties and other amounts imposed by the Exchange. PO 00000 Frm 00053 Fmt 4703 Sfmt 4703 67003 send a monthly invoice 5 to each member organization on approximately the 4th–6th business day of the following month.6 The Exchange will also send a file to NSCC each month on approximately the 23rd of the following month to initiate the debit of the appropriate amount stated on the member’s invoice for the prior month. Because the members will receive an invoice well before any monies are debited (normally within two weeks), the members will have adequate time to contact the staff with any questions concerning their invoice. If a member disputes an invoice, the Exchange will not include the disputed amount in the debit if the member has disputed the amount in writing to the Exchange’s designated staff by the 15th of the month, or the following business day if the 15th is not a business day, and the amount in dispute is at least $10,000 or greater. Once NSCC receives the file from the Exchange, NSCC would proceed to debit the amounts indicated from the clearing members’ account. In the instance where the member clears through an Exchange clearing member, the estimated transactions fees owed to the Exchange are typically debited by the clearing member on a daily basis using daily transaction detail reports provided by the Exchange to the clearing member7 in order to ensure adequate funds have been escrowed. The Exchange would debit any monies owed including undisputed or final fees8, fines, charges and/or other monetary sanctions or monies due and owing to the Exchange.9 The Exchange believes 5 The monthly invoice will indicate that the amount on the invoice will be debited from the designated NSCC account. Each month, the Exchange will send a file to the member’s clearing firm which will indicate the amounts to be debited from each member. If a member is ‘‘self-clearing’’, no such file would be sent as the member would receive the invoice, as noted above, which would indicate the amount to be debited. 6 By way of example, October invoices were sent on November 5th. 7 The Exchange provides a Daily Transaction Detail Report to Clearing Members on a daily basis. 8 Exchange fees are noted on the Exchange Fee Schedule. 9 This includes, among other things, fines which result from: violation of Rule 60, Order and Decorum; violations of the Minor Rule Plan pursuant to Rule 970; monetary sanctions imposed by the Business Conduct Committee relating to a Letter of Caution; and monetary sanctions imposed by a Hearing Panel in connection with Disciplinary Violations. With respect to disciplinary sanctions that are imposed by either the Business Conduct Committee or a Hearing Panel, the Exchange would not debit any monies until such action is final. The Exchange would not consider an action final until all appeal periods have run and/or all appeal timeframes are exhausted. With respect to nondisciplinary actions, the Exchange would similarly E:\FR\FM\17DEN1.SGM Continued 17DEN1

Agencies

[Federal Register Volume 74, Number 241 (Thursday, December 17, 2009)]
[Notices]
[Pages 67002-67003]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-29968]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 30b1-6T; SEC File No. 270-599; OMB Control No. 3235-0652.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    Rule 30b1-6T (17 CFR 270.30b1-6T) under the Investment Company Act 
of 1940 (the ``Act'') is entitled: ``Weekly Portfolio Report for 
Certain Money Market Funds.'' The rule requires that if the market-
based net asset value (``market-based NAV'') of a registered investment 
company, or series thereof, that is regulated as a money market fund 
under rule 2a-7 (17 CFR 270.2a-7) on any business day is less than 
$.9975 \1\ that money market fund must promptly notify the Securities 
and Exchange Commission (``Commission'') by electronic mail and provide 
a portfolio schedule to the Commission within one business day. 
Subsequently, the money market fund must submit a portfolio schedule 
within two business days after the end of each week until the fund's 
market-based NAV at the end of the week equals or exceeds $.9975. The 
portfolio schedule must be sent electronically in Microsoft Excel 
format. The purpose of the rule is to facilitate the Commission's 
oversight of money market funds and ensure that the Commission receives 
substantially similar information to that which it received from money 
market funds participating in the Treasury Department's Temporary 
Guarantee Program for Money Market Funds (``Guarantee Program''), which 
had guaranteed the $1.00 share value of accounts held by investors as 
of September 19, 2008 in participating money market funds.\2\ The 
Guarantee Program was established to help stabilize money market funds 
following a period of substantial redemptions that threatened the 
ability of some money market funds to maintain the $1.00 share 
value.\3\ The program expired on September 18, 2009.
---------------------------------------------------------------------------

    \1\ Most money market funds seek to maintain a stable net asset 
value per share of $1.00, but a few seek to maintain a stable net 
asset value per share of a different amount, e.g., $10.00. For 
convenience, we generally refer to the stable net asset value of 
$1.00 per share.
    \2\ Our staff estimates that approximately 79 percent of money 
market funds participated in the Guarantee Program, and that the 
money market funds that did not participate in the program were 
mostly funds that invest predominately in U.S. Treasury and U.S. 
Government securities.
    \3\ See Press Release, U.S. Department of the Treasury, Treasury 
Announces Guaranty Program for Money Market Funds (Sept. 19, 2008), 
available at https://www.treas.gov/press/releases/hp1147.htm.
---------------------------------------------------------------------------

    Commission staff estimates estimate, based on past experience under 
the Guarantee Program, that 10 money market funds are required by rule 
30b1-6T to provide weekly reports disclosing certain information 
regarding the fund's portfolio holdings. Staff estimates that money 
market funds require an average of approximately 6 burden hours to 
compile and electronically submit the initial required portfolio 
holdings information, and an average of approximately 4 burden hours in 
subsequent reports.\4\ Based on these estimates, we estimate that the 
annual burden will be 210 hours per money market fund that is required 
to provide the information and an aggregate annual burden of 2100 hours 
for all of the money market funds required to submit portfolio 
schedules.\5\
---------------------------------------------------------------------------

    \4\ We understand that the required information is currently 
maintained by money market funds pursuant to other regulatory 
requirements or in the ordinary course of business. Accordingly, for 
the purposes of our analysis, we do not ascribe any time to 
gathering the required information.
    \5\ Because one report is required each week, a fund would 
submit 52 reports in one year. The first report would require 6 
hours and subsequent reports would require 4 hours each. The 
difference between the hours is due to the fact that funds generally 
would not incur the additional start-up time applicable to the first 
report. The annual burden of the reporting requirement would be 210 
hours (1 report x 6 hours = 6 hours, 51 reports x 4 hours = 204 
hours, and 6 hours + 204 hours = 210 hours). 210 hours x 10 (the 
estimated number of money market funds that will be required to 
submit portfolio schedules under the rule each year) = 2100 hours.
---------------------------------------------------------------------------

    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules. 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. Compliance with rule 30b1-6T 
is mandatory for any money market fund whose market-based NAV is less 
than $.9975. Responses to the disclosure requirements will be kept 
confidential.
    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Management and Budget, Room 10102, New Executive 
Office Building, Washington, DC 20503 or e-mail to: or Shagufta Ahmed 
at Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, Director/CIO, 
Securities and Exchange Commission, C/O Shirley Martinson, 6432 General 
Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of 
this notice.


[[Page 67003]]


    Dated: December 10, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-29968 Filed 12-16-09; 8:45 am]
BILLING CODE 8011-01-P
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