Proposed Collection; Comment Request, 60565-60566 [2011-25076]

Download as PDF Federal Register / Vol. 76, No. 189 / Thursday, September 29, 2011 / Notices and Director, Office of Science and Technology Policy, Executive Office of the President, The White House; and Dr. Eric S. Lander, President, Broad Institute of the Massachusetts Institute of Technology and Harvard. Meeting Accomodations: Individuals requiring special accommodation to access this public meeting should e-mail amp@ostp.gov at least ten business days prior to the meeting so that appropriate arrangements can be made. Ted Wackler, Deputy Chief of Staff. [FR Doc. 2011–25000 Filed 9–28–11; 8:45 am] BILLING CODE P SECURITIES AND EXCHANGE COMMISSION tkelley on DSKG8SOYB1PROD with NOTICES Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 15c2–1; SEC File No. 270–418; OMB Control No. 3235–0485. 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’’) is soliciting comments on the existing collection of information provided for in Rule 15c2–1, (17 CFR 240.15c2–1), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Rule 15c2–1 prohibits the commingling under the same lien of securities of margin customers (a) with other customers without their written consent and (b) with the broker or dealer. The rule also prohibits the rehypothecation of customers’ margin securities for a sum in excess of the customer’s aggregate indebtedness. Pursuant to Rule 15c2–1, respondents must collect information necessary to prevent the rehypothecation of customer securities in contravention of the rule, issue and retain copies of notices of hypothecation of customer securities in accordance with the rule, and collect written consents from customers in accordance with the rule. The information is necessary to ensure compliance with the rule, and to advise customers of the rule’s protections. There are approximately 102 respondents (i.e., broker-dealers that VerDate Mar<15>2010 15:29 Sep 28, 2011 Jkt 223001 carry or clear customer accounts that also have bank loans) that require an aggregate total of 2,295 hours to comply with the rule. Each of these approximately 102 registered brokerdealers makes an estimated 45 annual responses. Each response takes approximately 0.5 hours to complete. Thus, the total compliance burden per year is 2,295 burden 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 on respondents; 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. The Commission may not conduct or sponsor a collection of information unless it displays a currently valid control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid Office of Management and Budget (OMB) control number. Please direct your written comments to: Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, Virginia 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Dated: September 23, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–25077 Filed 9–28–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copy Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Form N–PX, SEC File No. 270–524, OMB Control No. 3235–0582. PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 60565 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 (the ‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. The title for the collection of information is ‘‘Form N–PX (17 CFR 274.129) under the Investment Company Act of 1940, Annual Report of Proxy Voting Record.’’ Rule 30b1–4 (17 CFR 270.30b1–4) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) requires every registered management investment company, other than a small business investment company registered on Form N–5 (‘‘Funds’’), to file Form N–PX not later than August 31 of each year. Funds use Form N–PX to file annual reports with the Commission containing their complete proxy voting record for the most recent twelve-month period ended June 30. The Commission estimates that there are approximately 2,500 Funds registered with the Commission, representing approximately 10,000 Fund portfolios, which are required to file Form N–PX.1 The 10,000 portfolios are comprised of 6,200 portfolios holding equity securities and 3,800 portfolios holding no equity securities. The staff estimates that portfolios holding no equity securities require approximately a 0.17 hour burden per response and those holding equity securities require 7.2 hours per response. The overall estimated annual burden is therefore approximately 45,300 hours ((6,200 responses × 7.2 hours per response for equity holding portfolios) + (3,800 responses × 0.17 hours per response for non-equity holding portfolios)). Based on the estimated wage rate, the total cost to the industry of the hour burden for complying with Form N–PX would be approximately $14.5 million. The Commission also estimates that portfolios holding equity securities will bear an external cost burden of $1,000 per portfolio to prepare and update Form N–PX. Based on this estimate, the 1 The estimate of 2,500 Funds is based on the number of management investment companies currently registered with the Commission. We estimate, based on data from the Investment Company Institute and other sources, that there are approximately 5,700 Fund portfolios that invest primarily in equity securities, 500 ‘‘hybrid’’ or bond portfolios that may hold some equity securities, 3,200 bond Funds that hold no equity securities, and 600 money market Funds, for a total of 10,000 portfolios required to file Form N–PX. E:\FR\FM\29SEN1.SGM 29SEN1 60566 Federal Register / Vol. 76, No. 189 / Thursday, September 29, 2011 / Notices Commission estimates that the total annualized cost burden for Form N–PX is $6.2 million (6,200 responses × $1,000 per response = $6,200,000). The collection of information under Form N–PX is mandatory. The information provided under the form is not 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 OMB control number. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will 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 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. Please direct your written comments to Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Dated: September 23, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–25076 Filed 9–28–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65389; File No. SR–Phlx– 2011–101] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Approving Proposed Rule Change Regarding Streaming Quote Traders and Remote Streaming Quote Traders Entering Certain Option Day Limit Orders tkelley on DSKG8SOYB1PROD with NOTICES September 23, 2011. I. Introduction On July 17, 2011, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 1 15 U.S.C. 78s(b)(1). VerDate Mar<15>2010 15:29 Sep 28, 2011 Jkt 223001 19b–4 thereunder,2 a proposed rule change to allow Streaming Quote Traders (‘‘SQTs’’) and Remote Streaming Quote Traders (‘‘RSQTs’’) to enter day limit orders. The proposed rule change was published for comment in the Federal Register on August 11, 2011.3 The Commission received no comments on the proposal. This order approves the proposal. II. Description of the Proposal The purpose of the proposal is to amend two subsections of Exchange Rule 1080 to allow entry of day limit orders for the proprietary accounts of SQTs and RSQTs. Current Rule 1080 (Phlx XL and XL II) discusses the Exchange’s enhanced electronic order, trading, and execution system (the ‘‘electronic interface’’). The current iteration of the Exchange’s electronic interface is known as Phlx XL II.4 Rule 1080 states that it governs the orders, execution reports and administrative order messages transmitted between the offices of member organizations and the trading floors of the Exchange. Rule 1080 also discusses what agency and proprietary orders are eligible for entry into the Exchange’s electronic interface. Subsection (b)(i)(B)(2) states that the following types of orders for the proprietary account(s) of SQTs and RSQTs are eligible for entry via electronic interface: limit on opening, IOC, and ISO. Currently, there is no ability for SQTs and RSQTs to enter day limit orders in their proprietary accounts. The proposal allows day limit orders for the proprietary account(s) of SQTs and RSQTs to be entered pursuant to subsection (b)(i)(B)(2). The proposed change will promote consistency among ROTs by allowing SQTs and RSQTs to do what Rule 1080 and Commentary .04 now allow non-SQT ROTs to do: enter certain day limit orders (10 or more contracts) in their proprietary accounts.5 Commentary .04 of Rule 1080 states that orders for the proprietary accounts of SQTs, RSQTs and non-SQT ROTs may be entered for delivery via electronic interface through the use of 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 65050 (August 5, 2011), 76 FR 49816. 4 See Securities Exchange Act Release No. 59995 (May 28, 2009), 74 FR 26750 (June 3, 2009) (SR– Phlx–2009–32) (order approving Phlx XL II). Phlx XL II is the Exchange’s electronic order delivery and reporting system, which provides for the automatic entry and routing of Exchange-listed equity options, index options and U.S. dollarsettled foreign currency options orders to the Exchange trading floor. Rule 1080(a). 5 For example, subsection (b)(i)(B)(1) allows nonSQTs and specialists to enter certain day limit orders (10 or more contracts) in their proprietary accounts. PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 Exchange approved proprietary systems of members that interface with the Exchange’s electronic interface.6 Currently, proprietary non-SQT ROT orders with a size of less than 10 contracts have to be submitted as IOC and larger orders may be submitted as day limit and other order types; while proprietary SQT and RSQT orders may only be submitted as IOC. The Exchange is proposing to put all the ROTs (SQTs, RSQTs and non-SQT ROTs) on an equal footing. Specifically, the Exchange proposes to state in Commentary .04 that orders for the proprietary account(s) of SQTs, RSQTs, and non-SQT ROTs with a size of less than 10 contracts shall be submitted as IOC only. Thus, where SQT and RSQT orders under the current rule could only be submitted as IOC, the proposed change to Commentary .04 would allow these SQTs and RSQTs to enter non IOC orders (e.g. day orders) in proprietary accounts if they are for 10 or more contracts. III. Discussion After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange 7 and, in particular, the requirements of Section 6 of the Act.8 Specifically, the Commission finds that the proposal is consistent with Section 6(b)(5) of the Act,9 in that the proposal has been designed to promote just and equitable principles of trade, and to protect investors and the public interest. The Commission believes that it is consistent with the Act for SQTs and RSQTs to enter non IOC orders (e.g. day orders) in proprietary accounts if they are for 10 or more contracts. The Commission believes that allowing these order types should help to enhance liquidity on the Exchange. The Commission notes that SQTs and RSQTs would still be required to comply with their electronic quoting obligations. IV. Conclusion It Is Therefore Ordered, pursuant to Section 19(b)(2) of the Act,10 that the proposed rule change (SR–PHLX– 20011–101) is approved. 6 Such orders have to be for a minimum of one (1) contract. 7 The Commission has considered the proposed rule change’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 8 15 U.S.C. 78f. 9 15 U.S.C. 78f(b)(5). 10 15 U.S.C. 78s(b)(2). E:\FR\FM\29SEN1.SGM 29SEN1

Agencies

[Federal Register Volume 76, Number 189 (Thursday, September 29, 2011)]
[Notices]
[Pages 60565-60566]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-25076]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

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

Extension:
    Form N-PX, SEC File No. 270-524, OMB Control No. 3235-0582.

    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 (the ``Commission'') is soliciting comments on the 
collection of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    The title for the collection of information is ``Form N-PX (17 CFR 
274.129) under the Investment Company Act of 1940, Annual Report of 
Proxy Voting Record.'' Rule 30b1-4 (17 CFR 270.30b1-4) under the 
Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) requires every 
registered management investment company, other than a small business 
investment company registered on Form N-5 (``Funds''), to file Form N-
PX not later than August 31 of each year. Funds use Form N-PX to file 
annual reports with the Commission containing their complete proxy 
voting record for the most recent twelve-month period ended June 30.
    The Commission estimates that there are approximately 2,500 Funds 
registered with the Commission, representing approximately 10,000 Fund 
portfolios, which are required to file Form N-PX.\1\ The 10,000 
portfolios are comprised of 6,200 portfolios holding equity securities 
and 3,800 portfolios holding no equity securities. The staff estimates 
that portfolios holding no equity securities require approximately a 
0.17 hour burden per response and those holding equity securities 
require 7.2 hours per response. The overall estimated annual burden is 
therefore approximately 45,300 hours ((6,200 responses x 7.2 hours per 
response for equity holding portfolios) + (3,800 responses x 0.17 hours 
per response for non-equity holding portfolios)). Based on the 
estimated wage rate, the total cost to the industry of the hour burden 
for complying with Form N-PX would be approximately $14.5 million.
---------------------------------------------------------------------------

    \1\ The estimate of 2,500 Funds is based on the number of 
management investment companies currently registered with the 
Commission. We estimate, based on data from the Investment Company 
Institute and other sources, that there are approximately 5,700 Fund 
portfolios that invest primarily in equity securities, 500 
``hybrid'' or bond portfolios that may hold some equity securities, 
3,200 bond Funds that hold no equity securities, and 600 money 
market Funds, for a total of 10,000 portfolios required to file Form 
N-PX.
---------------------------------------------------------------------------

    The Commission also estimates that portfolios holding equity 
securities will bear an external cost burden of $1,000 per portfolio to 
prepare and update Form N-PX. Based on this estimate, the

[[Page 60566]]

Commission estimates that the total annualized cost burden for Form N-
PX is $6.2 million (6,200 responses x $1,000 per response = 
$6,200,000).
    The collection of information under Form N-PX is mandatory. The 
information provided under the form is not 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 OMB 
control number.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
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 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.
    Please direct your written comments to Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an 
e-mail to: PRA_Mailbox@sec.gov.

    Dated: September 23, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-25076 Filed 9-28-11; 8:45 am]
BILLING CODE 8011-01-P
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