Proposed Collection; Comment Request, 65435-65436 [2014-26129]

Download as PDF Federal Register / Vol. 79, No. 213 / Tuesday, November 4, 2014 / Notices By the Commission. Shoshana M. Grove, Secretary. [FR Doc. 2014–26118 Filed 11–3–14; 8:45 am] BILLING CODE 7710–FW–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. rmajette on DSK3VPTVN1PROD with NOTICES Extension: Rule 9b–1; SEC File No. 270–429, OMB Control No. 3235–0480. 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 on the existing collection of information provided for in Rule 9b–1, Options Disclosure Document (17 CFR 240.9b– 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 (‘‘OMB’’) for extension and approval. Rule 9b–1 (17 CFR 240.9b–1) sets forth the categories of information required to be disclosed in an options disclosure document (‘‘ODD’’) and requires the options markets to file an ODD with the Commission 60 days prior to the date it is distributed to investors. In addition, Rule 9b–1 provides that the ODD must be amended if the information in the document becomes materially inaccurate or incomplete and that amendments must be filed with the Commission 30 days prior to the distribution to customers. Finally, Rule 9b–1 requires a broker-dealer to furnish to each customer an ODD and any amendments, prior to accepting an order to purchase or sell an option on behalf of that customer. There are 12 options markets that must comply with Rule 9b–1. These respondents work together to prepare a single ODD covering options traded on each market, as well as amendments to the ODD. These respondents file approximately 3 amendments per year. The staff calculates that the preparation and filing of amendments should take no more than eight hours per options market. Thus, the total time burden for options markets per year is 288 hours (12 options markets × 8 hours per amendment × 3 amendments). The VerDate Sep<11>2014 15:39 Nov 03, 2014 Jkt 235001 estimated cost for an in-house attorney is $380 per hour,1 resulting in a total internal cost of compliance for these respondents of $109,440 per year (288 hours at $380 per hour). In addition, approximately 1,500 broker-dealers must comply with Rule 9b–1. Each of these respondents will process an average of 3 new customers for options each week and, therefore, will have to furnish approximately 156 ODDs per year. The postal mailing or electronic delivery of the ODD takes respondents no more than 30 seconds to complete for an annual time burden for each of these respondents of 78 minutes or 1.3 hours. Thus, the total time burden per year for broker-dealers is 1,950 hours (1,500 broker-dealers × 1.3 hours). The estimated cost for a general clerk of a broker-dealer is $57 per hour,2 resulting in a total internal cost of compliance for these respondents of $111,150 per year (1,950 hours at $57 per hour). The total time burden for all respondents under this rule (both options markets and broker-dealers) is 2,238 hours per year (288 + 1,950), and the total internal cost of compliance is $220,590 ($109,440 + $111,150). 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. 1 The $380 per hour figure for an Attorney is from SIFMA’s Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour workyear and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. 2 The $57 per hour figure for a General Clerk is from SIFMA’s Office Salaries in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. The staff believes that the ODD would be mailed or electronically delivered to customers by a general clerk of the broker-dealer or some other equivalent position. PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 65435 Please direct your written comments to: Thomas Bayer, 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: October 29, 2014. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–26128 Filed 11–3–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. 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 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 E:\FR\FM\04NON1.SGM Continued 04NON1 rmajette on DSK3VPTVN1PROD with NOTICES 65436 Federal Register / Vol. 79, No. 213 / Tuesday, November 4, 2014 / Notices 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 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, 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. 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. VerDate Sep<11>2014 15:39 Nov 03, 2014 Jkt 235001 Dated: October 29, 2014. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–26129 Filed 11–3–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73457; File No. SR–CTA/ CQ–2014–02] Consolidated Tape Association; Order Approving the Twentieth Substantive Amendment to the Second Restatement of the Consolidated Tape Association Plan and Fourteenth Substantive Amendment to the Restated Consolidated Quotation Plan October 29, 2014. I. Introduction On August 6, 2014, the Chicago Board Options Exchange, Incorporated, on behalf of Participants in the Second Restatement of the Consolidated Tape Association (‘‘CTA’’) Plan and the Restated Consolidated Quotation (‘‘CQ’’) Plan (collectively the ‘‘Participants’’) 1 filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’),2 and Rule 608 thereunder,3 a proposal to amend the Second Restatement of the CTA Plan and Restated CQ Plan (collectively, the ‘‘Plans’’).4 The proposal represents the twentieth substantive amendment to the CTA Plan (‘‘Twentieth Amendment to the CTA Plan’’) and the fourteenth substantive amendment to the CQ Plan 1 Each participant executed the proposed amendment. The Participants are: BATS Exchange, Inc., BATS–Y Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange, LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, Inc., Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE Arca, Inc. and NYSE MKT LLC. 2 15 U.S.C. 78k–1. 3 17 CFR 242.608. 4 See Securities Exchange Act Release Nos. 10787 (May 10, 1974), 39 FR 17799 (May 20, 1974) (declaring the CTA Plan effective); 15009 (July 28, 1978), 43 FR 34851 (August 7, 1978) (temporarily authorizing the CQ Plan); and 16518 (January 22, 1980), 45 FR 6521 (January 28, 1980) (permanently authorizing the CQ Plan). The most recent restatement of both Plans was in 1995. The CTA Plan, pursuant to which markets collect and disseminate last sale price information for nonNASDAQ listed securities, is a ‘‘transaction reporting plan’’ under Rule 601 under the Act, 17 CFR 242.601, and a ‘‘national market system plan’’ under Rule 608 under the Act, 17 CFR 242.608. The CQ Plan, pursuant to which markets collect and disseminate bid/ask quotation information for listed securities, is a ‘‘national market system plan’’ under Rule 608 under the Act, 17 PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 (‘‘Fourteenth Amendment to the CQ Plan’’), and reflects changes unanimously adopted by the Participants. The Twentieth Amendment to the CTA Plan and the Fourteenth Amendment to the CQ Plan (collectively ‘‘the Amendments’’) would amend the Plans to change certain voting requirements under the CTA Plan and the CQ Plan. The proposed Amendments were published for comment in the Federal Register on October 7, 2014.5 No comment letters were received in response to the Notice. This order approves the proposed Amendments to the Plans. II. Description of the Proposal The Amendments propose (a) to change the voting requirement for amending the capacity planning process under both the CTA Plan and the CQ Plan from a unanimous vote to the affirmative vote of a majority of all Participants entitled to vote, (b) to change the voting requirement for reducing a fee under both the CTA Plan and the CQ Plan from unanimity to the affirmative vote of two-thirds of all Participants entitled to vote, and (c) to change the voting requirement for establishing a new fee or to delete an existing fee under the CQ Plan from unanimity to the affirmative vote of twothirds of all Participants entitled to vote. III. Discussion After careful review, the Commission finds that the Amendments to the Plans are consistent with the requirements of the Act and the rules and regulations thereunder,6 and, in particular, Section 11A(a)(1) of the Act 7 and Rule 608 thereunder 8 in that they are necessary or appropriate in the public interest, for the protection of investors and the maintenance of fair and orderly markets, to remove impediments to, and perfect the mechanisms of, a national market system. The Commission believes a majority vote, rather than a unanimous vote, will provide the CTA and the CQ Plan’s Operating Committee greater flexibility to revise the capacity planning process when they find it beneficial to do so. The Commission notes that the Nasdaq/UTP Plan requires a majority vote to effect changes to the capacity planning process. Similarly, the Commission believes that a two-thirds majority vote to reduce or eliminate an existing fee or establish 5 See Securities Exchange Act Release No. 73285 (October 1, 2014), 79 FR 60555 (‘‘Notice’’). 6 The Commission has considered the proposed amendments’ impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 7 15 U.S.C. 78k–1(a)(1). 8 17 CFR 240.608. E:\FR\FM\04NON1.SGM 04NON1

Agencies

[Federal Register Volume 79, Number 213 (Tuesday, November 4, 2014)]
[Notices]
[Pages 65435-65436]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-26129]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Securities and Exchange Commission, Office of FOIA Services, 100 F 
Street NE., Washington, DC 20549-2736.

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

[[Page 65436]]

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.
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    \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.
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    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 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, 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: October 29, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-26129 Filed 11-3-14; 8:45 am]
BILLING CODE 8011-01-P