Submission for OMB Review; Comment Request, 18449-18450 [2015-07753]

Download as PDF Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange believes the proposal is consistent with Section 6(b)(8) of the Act 6 in that it does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any aspect of competition, but would provide authority for the Exchange to directly share risk settings with Clearing Members regarding the Members with whom the Clearing Member has executed a letter of guarantee so the Clearing Member can better monitor and manage the potential risks assumed by the Members, thereby providing them with greater control and flexibility over setting their own risk tolerance and exposure. The proposed rule change does not pose an undue burden on non-Clearing Members because, unlike Clearing Members, nonClearing Members do not guarantee the execution of the Member transactions on the Exchange. The proposed rule change is structured to offer the same enhancement to all Clearing Members, regardless of size, and would not impose a competitive burden on any participant. tkelley on DSK4VPTVN1PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange believes that the foregoing proposed rule change may take effect upon filing with the Commission pursuant to Section19(b)(3)(A) 7 of the Act and Rule 19b–4(f)(6) thereunder 8 because the foregoing proposed rule change does not (i) significantly affect the protection of investors or the public interest, (ii) impose any significant burden on competition, and (iii) become operative for 30 days after its filing date, or such shorter time as the Commission may designate. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if 15 U.S.C. 78f(b)(8). 15 U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f)(6). 6 7 VerDate Sep<11>2014 18:14 Apr 03, 2015 Jkt 235001 it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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: 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– ISE–2015–12 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–ISE–2015–12. 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 filing also will be available for inspection and copying at the principal offices 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–ISE– PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 18449 2015–12, and should be submitted on or before April 27, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Brent J. Fields, Secretary. [FR Doc. 2015–07850 Filed 4–3–15; 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 23c–1. (SEC File No. 270–253, OMB Control No. 3235–0260). Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350l–3520), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Rule 23c–1(a) under the Investment Company Act (17 CFR 270.23c–1(a)) permits a closed-end fund to repurchase its securities for cash if, in addition to the other requirements set forth in the rule, the following conditions are met: (i) Payment of the purchase price is accompanied or preceded by a written confirmation of the purchase (‘‘written confirmation’’); (ii) the asset coverage per unit of the security to be purchased is disclosed to the seller or his agent (‘‘asset coverage disclosure’’); and (iii) if the security is a stock, the fund has, within the preceding six months, informed stockholders of its intention to purchase stock (‘‘six month notice’’). Commission staff estimates that 78 closed-end funds undertake a total of 702 repurchases annually under Rule 23c–1.1 Staff estimates further that, with 9 17 CFR 200.30–3(a)(12). number of closed-end funds that undertake repurchases annually under Rule 23c–1 is based on information provided in response to Item 9 of Form N–CSR from December 30, 2013 through December 30, 2014. Although 112 closed-end funds made disclosures regarding ‘‘publicly announced’’ repurchase plans in response to Item 9, not all repurchases are made pursuant to Rule 23c–1. We estimate that approximately 30% of such closedend funds have not made repurchases pursuant to Rule 23c–1. Therefore, our estimate does not include all 112 funds that made disclosures of publicly announced repurchases under Item 9, but only a subset thereof. 1 The E:\FR\FM\06APN1.SGM 06APN1 18450 Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices tkelley on DSK4VPTVN1PROD with NOTICES respect to each repurchase, each fund spends 2.5 hours to comply with the rule’s written confirmation, asset coverage disclosure and six month notice requirements. Thus, Commission staff estimates the total annual respondent reporting burden is 1755 hours.2 Commission staff further estimates that the cost of the hourly burden per repurchase is $295 (one half hour of a compliance attorney’s time at $334 per hour,3 and two hours of clerical time at $64 per hour 4). The total annual cost for all funds is estimated to be $207,090.5 In addition, the fund must file with the Commission a copy of any written solicitation to purchase securities given by or on behalf of the fund to 10 or more persons. The copy must be filed as an exhibit to Form N–CSR (17 CFR 249.331 and 274.128).6 The burden associated with filing Form N–CSR is addressed in the submission related to that form. 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 and forms. Complying with the collection of information requirements of the rule is mandatory. The filings that the rule requires to be made with the Commission are available to the public. 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 Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, 2 This estimate is based on the following calculation: 702 repurchases × 2.5 hours per repurchase = 1755 hours. 3 The $334/hour figure for a compliance attorney is from SIFMA’s Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. 4 The $64/hour figure for a compliance 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. 5 This estimate is based on the following calculation: 702 repurchases × $295 per repurchase = $207,090. 6 In addition, Item 9 of Form N–CSR requires closed-end funds to disclose information similar to the information that was required in Form N–23C– 1, which was discontinued in 2004. VerDate Sep<11>2014 18:14 Apr 03, 2015 Jkt 235001 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 send an email to: PRA_Mailbox@ sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: March 31, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–07753 Filed 4–3–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74616; File No. SR– NASDAQ–2015–027] 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. 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NASDAQ Options Market Fees and Rebates The Exchange proposes to increase Port Fees for the following ports from $600.00 to $650.00 per port, per month, per mnemonic: Order Entry Port,3 CTI Port,4 ITTO Port,5 BONO Port,6 Order March 31, 2015. 3 The Order Entry Port Fee is a connectivity fee in connection with routing orders to the Exchange via an external order entry port. NOM Participants access the Exchange’s network through order entry ports. A NOM Participant may have more than one order entry port. 4 CTI offers real-time clearing trade updates. A real-time clearing trade update is a message that is sent to a member after an execution has occurred and contains trade details. The message containing the trade details is also simultaneously sent to The Options Clearing Corporation. The trade messages are routed to a member’s connection containing certain information. The administrative and market event messages include, but are not limited to: System event messages to communicate operational-related events; options directory messages to relay basic option symbol and contract information for options traded on the Exchange; complex strategy messages to relay information for those strategies traded on the Exchange; trading action messages to inform market participants when a specific option or strategy is halted or released for trading on the Exchange; and an indicator which distinguishes electronic and non-electronically delivered orders. 5 ITTO is a data feed that provides quotation information for individual orders on the NOM book, last sale information for trades executed on NOM, and Order Imbalance Information as set forth in NOM Rules Chapter VI, Section 8. ITTO is the options equivalent of the NASDAQ TotalView/ ITCH data feed that NASDAQ offers under NASDAQ Rule 7023 with respect to equities traded on NASDAQ. As with TotalView, members use ITTO to ‘‘build’’ their view of the NOM book by adding individual orders that appear on the feed, and subtracting individual orders that are executed. See Chapter VI, Section 1 at subsection (a)(3)(A). 6 BONOSM is a data feed that provides the NOM Best Bid and Offer (‘‘NOM NBBO’’) and last sale information for trades executed on NOM. The NOM NBBO and last sale information are identical to the information that NOM sends to the Options Price Regulatory Authority (‘‘OPRA’’) and which OPRA disseminates via the consolidated data feed for options. BONO is the options equivalent of the NASDAQ Basic data feed offered for equities under NASDAQ Rule 7047. See Chapter VI, Section 1 at subsection (a)(3)(B). Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on March 25, 2015, The NASDAQ Stock Market LLC (‘‘NASDAQ’’ 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 NASDAQ. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change NASDAQ proposes to amend the manner in which the Exchange assesses Port Fees which are located in Chapter XV, entitled ‘‘Options Pricing,’’ which governs pricing for NASDAQ members using the NASDAQ Options Market (‘‘NOM’’), NASDAQ’s facility for executing and routing standardized equity and index options. While the changes proposed herein are effective upon filing, the Exchange has designated the amendments become operative on April 1, 2015. The text of the proposed rule change is available on the Exchange’s Web site at https://www.nasdaq. cchwallstreet.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00099 Fmt 4703 Sfmt 4703 E:\FR\FM\06APN1.SGM 06APN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 80, Number 65 (Monday, April 6, 2015)]
[Notices]
[Pages 18449-18450]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-07753]


-----------------------------------------------------------------------

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 23c-1. (SEC File No. 270-253, OMB Control No. 3235-0260).

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l-3520), the Securities and Exchange 
Commission (the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Rule 23c-1(a) under the Investment Company Act (17 CFR 270.23c-
1(a)) permits a closed-end fund to repurchase its securities for cash 
if, in addition to the other requirements set forth in the rule, the 
following conditions are met: (i) Payment of the purchase price is 
accompanied or preceded by a written confirmation of the purchase 
(``written confirmation''); (ii) the asset coverage per unit of the 
security to be purchased is disclosed to the seller or his agent 
(``asset coverage disclosure''); and (iii) if the security is a stock, 
the fund has, within the preceding six months, informed stockholders of 
its intention to purchase stock (``six month notice''). Commission 
staff estimates that 78 closed-end funds undertake a total of 702 
repurchases annually under Rule 23c-1.\1\ Staff estimates further that, 
with

[[Page 18450]]

respect to each repurchase, each fund spends 2.5 hours to comply with 
the rule's written confirmation, asset coverage disclosure and six 
month notice requirements. Thus, Commission staff estimates the total 
annual respondent reporting burden is 1755 hours.\2\ Commission staff 
further estimates that the cost of the hourly burden per repurchase is 
$295 (one half hour of a compliance attorney's time at $334 per 
hour,\3\ and two hours of clerical time at $64 per hour \4\). The total 
annual cost for all funds is estimated to be $207,090.\5\
---------------------------------------------------------------------------

    \1\ The number of closed-end funds that undertake repurchases 
annually under Rule 23c-1 is based on information provided in 
response to Item 9 of Form N-CSR from December 30, 2013 through 
December 30, 2014. Although 112 closed-end funds made disclosures 
regarding ``publicly announced'' repurchase plans in response to 
Item 9, not all repurchases are made pursuant to Rule 23c-1. We 
estimate that approximately 30% of such closed-end funds have not 
made repurchases pursuant to Rule 23c-1. Therefore, our estimate 
does not include all 112 funds that made disclosures of publicly 
announced repurchases under Item 9, but only a subset thereof.
    \2\ This estimate is based on the following calculation: 702 
repurchases x 2.5 hours per repurchase = 1755 hours.
    \3\ The $334/hour figure for a compliance attorney is from 
SIFMA's Management & Professional Earnings in the Securities 
Industry 2013, modified by Commission staff to account for an 1800-
hour work-year and multiplied by 5.35 to account for bonuses, firm 
size, employee benefits and overhead.
    \4\ The $64/hour figure for a compliance 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.
    \5\ This estimate is based on the following calculation: 702 
repurchases x $295 per repurchase = $207,090.
---------------------------------------------------------------------------

    In addition, the fund must file with the Commission a copy of any 
written solicitation to purchase securities given by or on behalf of 
the fund to 10 or more persons. The copy must be filed as an exhibit to 
Form N-CSR (17 CFR 249.331 and 274.128).\6\ The burden associated with 
filing Form N-CSR is addressed in the submission related to that form.
---------------------------------------------------------------------------

    \6\ In addition, Item 9 of Form N-CSR requires closed-end funds 
to disclose information similar to the information that was required 
in Form N-23C-1, which was discontinued in 2004.
---------------------------------------------------------------------------

    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 and forms.
    Complying with the collection of information requirements of the 
rule is mandatory. The filings that the rule requires to be made with 
the Commission are available to the public. 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 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 send an email 
to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: March 31, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-07753 Filed 4-3-15; 8:45 am]
BILLING CODE 8011-01-P

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