Proposed Collection; Comment Request, 44410-44411 [2015-18325]

Download as PDF 44410 Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices tkelley on DSK3SPTVN1PROD with NOTICES reported intraday in real time by the Exchange to the Consolidated Tape and separately disseminated to member firms and market data services through the Exchange data feeds. Once a Fund’s daily NAV has been calculated and disseminated, Nasdaq will price each Share trade entered into during the day at the Fund’s NAV plus/minus the trade’s executed premium/discount. Using the final trade price, each executed Share trade will then be disseminated to member firms and market data services via an FTP file 21 to be created for exchange-traded managed funds and confirmed to the member firms participating in the trade to supplement the previously provided information to include final pricing. Prior to the commencement of market trading in Shares, each Fund will be required to establish and maintain a public Web site through which its current prospectus may be downloaded. The Web site will include the prior business day’s NAV, and the following trading information for such business day expressed as premiums/discounts to NAV: (a) Intraday high, low, average and closing prices of Shares in Exchange trading; (b) the midpoint of the highest bid and lowest offer prices as of the close of Exchange trading, expressed as a premium/discount to NAV (the ‘‘Closing Bid/Ask Midpoint’’); and (c) the spread between highest bid and lowest offer prices as of the close of Exchange trading (the ‘‘Closing Bid/Ask Spread.’’). The Web site will also contain charts showing the frequency distribution and range of values of trading prices, Closing Bid/Ask Midpoints and Closing Bid/Ask Spreads over time. This approval order is based on all of the Exchange’s representations, including those set forth above and in the Notice,22 and the Exchange’s description of the Funds. The Commission notes that the Funds and the Shares must comply with the requirements of Nasdaq Rule 5745 to be listed and traded on the Exchange. For the foregoing reasons, the Commission finds that the proposed rule change, as modified by Amendments Nos. 1 and 2 thereto, is consistent with Section 6(b)(5) of the Act 23 and the rules and regulations 21 According to Nasdaq, File Transfer Protocol (‘‘FTP’’) is a standard network protocol used to transfer computer files on the Internet. Nasdaq will arrange for the daily dissemination of an FTP file with executed Share trades to member firms and market data services. 22 See supra note 4. 23 15 U.S.C. 78f(b)(5). VerDate Sep<11>2014 18:58 Jul 24, 2015 Jkt 235001 thereunder applicable to a national securities exchange. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,24 that the proposed rule change (SR–NASDAQ– 2015–036), as modified by Amendments Nos. 1 and 2 thereto, be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.25 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–18275 Filed 7–24–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–616, OMB Control No. 3235–0671] Proposed Collection; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736 Extension: Rule 613 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 613 (17 CFR 242.613). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 613 of Regulation NMS (17 CFR part 242) requires national securities exchanges and national securities associations (‘‘self-regulatory organizations’’ or ‘‘SROs’’) to jointly submit to the Commission a national market system (‘‘NMS’’) plan to govern the creation, implementation, and maintenance of a consolidated audit trail and central repository for the collection of information for NMS securities. The NMS plan must require each SRO and its respective members to provide certain data to the central repository in compliance with Rule 613. When it adopted Rule 613, the Commission discussed the burden hours associated with the development and PO 00000 24 15 25 17 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). Frm 00088 Fmt 4703 Sfmt 4703 submission of the NMS plan.1 In doing so, the Commission noted that the development and submission of the NMS plan is part of a multi-step process for developing the consolidated audit trail and that the Commission deferred its discussion of the burden hours associated with the other paperwork requirements required by Rule 613— such as the requirements to provide certain data to the central repository— until after the SROs submit an NMS plan and there has been an opportunity for public comment.2 The SROs submitted to the Commission the NMS plan on September 30, 2014 3 and an amended and restated NMS Plan on February 27, 2015.4 Although the existing collection of information pertains to the development and submission of an NMS plan, and such NMS plan has been developed and submitted, the Commission believes it is prudent to extend this collection of information during the pendency of the Commission’s review of the NMS plan. The Commission estimates that each of the 19 SROs would spend a total of 2,760 burden hours of internal legal, compliance, information technology, and business operations time to comply with the existing collection of information, calculated as follows: (880 programmer analyst hours) + (880 business analyst hours) + (700 attorney hours) + (300 compliance manager hours) = 2,760 burden hours to prepare and file an NMS plan, or approximately 52,440 burden hours in the aggregate, calculated as follows: (2,760 burden hours per SRO) × (19 SROs) = 52,440 burden hours. Amortized over three years, the annualized burden hours would be 920 hours per SRO, or a total of 17,480 for all 19 SROs. The Commission further estimates that the aggregate one-time reporting burden for preparing and filing an NMS plan would be approximately $20,000 in external legal costs per SRO, calculated as follows: 50 legal hours × $400 per hour = $20,000, for an aggregate burden of $380,000, calculated as follows: ($20,000 in external legal costs per SRO) × (19 SROs) = $380,000. Amortized over three years, the annualized capital external cost would be $6,667 per SRO, or a total of $126,667 for all 19 SROs. 1 See Securities Exchange Act Release No. 67457 (July 18, 2012), 77 FR 45722 (August 1, 2012) (‘‘Adopting Release’’), at 45804–45807. 2 Id. at 45804. 3 See Letter from the SROs, to Brent J. Fields, Secretary, Commission, dated September 30, 2014 (‘‘CAT NMS Plan’’). 4 See Letter from the SROs, to Brent J. Fields, Secretary, Commission, dated February 27, 2015 (‘‘Amended and Restated CAT NMS Plan’’). E:\FR\FM\27JYN1.SGM 27JYN1 Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices 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 to be 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: July 22, 2015. Robert W. Errett, Deputy Secretary. [FR Doc. 2015–18325 Filed 7–24–15; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75498; File No. SR– NASDAQ–2015–079] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to NOM Order Routing tkelley on DSK3SPTVN1PROD with NOTICES July 21, 2015. 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 July 13, 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 and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 18:58 Jul 24, 2015 Jkt 235001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Chapter VI (Trading Systems) at Section 11 (Order Routing), of the rules governing the NASDAQ Options Market (‘‘NOM’’ or ‘‘Exchange’’), to clarify the manner in which a SEEK Order will route again after an initial routing attempt to another market center. The text of the proposed rule change is available on the Exchange’s Web site at http://nasdaq.cchwallstreet.com, 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 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P 1 15 solicit comments on the proposed rule change from interested persons. 1. Purpose The Exchange’s rules at Chapter VI, Section 11 provide for the manner in which orders submitted to the System 3 will route to other market centers.4 The System provides two routing options pursuant to which orders are sent to other available market centers for potential execution, per the entering firm’s instructions. The routing options are SEEK and SRCH. Routing options may be combined with all available order types and times-in-force, with the exception of order types and times-inforce whose terms are inconsistent with the terms of a particular routing option. The Exchange is seeking to clarify the manner in which a SEEK order will route again, after it is initially routed (‘‘re-route’’).5 term ‘‘System’’ is defined in NOM Rules at Chapter VI, Section 1(a). 4 Participants can designate orders as either available for routing or not available for routing. See Chapter VI, Sec. 11(a). 5 If an order is only partially routed the portion that was not routed will be posted to the book. PO 00000 3 The Frm 00089 Fmt 4703 Sfmt 4703 44411 SEEK is a routing option pursuant to which an order will first check the System for available contracts for execution. After checking the System for available contracts, orders are sent to other available market centers for potential execution, per the entering firm’s instructions. When checking the book, the System will seek to execute at the price at which it would send the order to a destination market center. SRCH is a routing option pursuant to which an order will first check the System for available contracts for execution. After checking the System for available contracts, orders are sent to other available market centers for potential execution, per the entering firm’s instructions. When checking the book, the System will seek to execute at the price at which it would send the order to a destination market center. Both SEEK and SRCH eligible unexecuted orders will continue to be routed utilizing a route timer. The SEEK or SRCH order will post to the book and will be routed after a time period (‘‘Route Timer’’) not to exceed one second as specified by the Exchange on its Web site provided that the order’s limit price would lock or cross other market center(s).6 If, during the Route Timer, any new interest arrives opposite the order that is equal to or better than the ABBO 7 price, the order will trade against such new interest at the ABBO price. Eligible unexecuted orders will be routed at the end of the Route Timer provided the order was not filled and the order’s limit price would continue to lock or cross the ABBO. If an order was routed with either the SEEK or SRCH routing option, and has size after such routing, it will execute against contra side interest in the book, post in the book, and route again pursuant to the process described above, if applicable, if the order’s limit price would lock or cross another market center(s). With respect to SRCH Orders, if contracts remain un-executed after routing, they are posted on the book. Once on the book, should the order subsequently be locked or crossed by another market center, it will re-route. With SEEK orders, the rule currently states, if contracts remain un-executed after routing, they are posted on the book. Once on the book at the limit 6 Pursuant to Section 11(c) of Chapter VI, orders sent by the System pursuant to the SEEK and SRCH routing options to other markets would not retain time priority with respect to other orders in the System. If an order routed pursuant to SEEK or SRCH is subsequently returned, in whole or in part, that order, or its remainder, will receive a new time stamp reflecting the time of its return to the System. 7 ABBO is the away market’s best bid or offer. E:\FR\FM\27JYN1.SGM 27JYN1

Agencies

[Federal Register Volume 80, Number 143 (Monday, July 27, 2015)]
[Notices]
[Pages 44410-44411]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-18325]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-616, OMB Control No. 3235-0671]


Proposed Collection; Comment Request

    Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission Office of FOIA Services, 100 F Street NE., 
Washington, DC 20549-2736

Extension:
    Rule 613

    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 613 (17 CFR 242.613). 
The Commission plans to submit this existing collection of information 
to the Office of Management and Budget (``OMB'') for extension and 
approval.
    Rule 613 of Regulation NMS (17 CFR part 242) requires national 
securities exchanges and national securities associations (``self-
regulatory organizations'' or ``SROs'') to jointly submit to the 
Commission a national market system (``NMS'') plan to govern the 
creation, implementation, and maintenance of a consolidated audit trail 
and central repository for the collection of information for NMS 
securities. The NMS plan must require each SRO and its respective 
members to provide certain data to the central repository in compliance 
with Rule 613. When it adopted Rule 613, the Commission discussed the 
burden hours associated with the development and submission of the NMS 
plan.\1\ In doing so, the Commission noted that the development and 
submission of the NMS plan is part of a multi-step process for 
developing the consolidated audit trail and that the Commission 
deferred its discussion of the burden hours associated with the other 
paperwork requirements required by Rule 613--such as the requirements 
to provide certain data to the central repository--until after the SROs 
submit an NMS plan and there has been an opportunity for public 
comment.\2\
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    \1\ See Securities Exchange Act Release No. 67457 (July 18, 
2012), 77 FR 45722 (August 1, 2012) (``Adopting Release''), at 
45804-45807.
    \2\ Id. at 45804.
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    The SROs submitted to the Commission the NMS plan on September 30, 
2014 \3\  and an amended and restated NMS Plan on February 27, 2015.\4\ 
Although the existing collection of information pertains to the 
development and submission of an NMS plan, and such NMS plan has been 
developed and submitted, the Commission believes it is prudent to 
extend this collection of information during the pendency of the 
Commission's review of the NMS plan.
---------------------------------------------------------------------------

    \3\ See Letter from the SROs, to Brent J. Fields, Secretary, 
Commission, dated September 30, 2014 (``CAT NMS Plan'').
    \4\ See Letter from the SROs, to Brent J. Fields, Secretary, 
Commission, dated February 27, 2015 (``Amended and Restated CAT NMS 
Plan'').
---------------------------------------------------------------------------

    The Commission estimates that each of the 19 SROs would spend a 
total of 2,760 burden hours of internal legal, compliance, information 
technology, and business operations time to comply with the existing 
collection of information, calculated as follows: (880 programmer 
analyst hours) + (880 business analyst hours) + (700 attorney hours) + 
(300 compliance manager hours) = 2,760 burden hours to prepare and file 
an NMS plan, or approximately 52,440 burden hours in the aggregate, 
calculated as follows: (2,760 burden hours per SRO) x (19 SROs) = 
52,440 burden hours. Amortized over three years, the annualized burden 
hours would be 920 hours per SRO, or a total of 17,480 for all 19 SROs.
    The Commission further estimates that the aggregate one-time 
reporting burden for preparing and filing an NMS plan would be 
approximately $20,000 in external legal costs per SRO, calculated as 
follows: 50 legal hours x $400 per hour = $20,000, for an aggregate 
burden of $380,000, calculated as follows: ($20,000 in external legal 
costs per SRO) x (19 SROs) = $380,000. Amortized over three years, the 
annualized capital external cost would be $6,667 per SRO, or a total of 
$126,667 for all 19 SROs.

[[Page 44411]]

    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 to 
be 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: July 22, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18325 Filed 7-24-15; 8:45 am]
BILLING CODE 8011-01-P