Proposed Collection; Comment Request, 14152-14153 [2016-05857]
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Federal Register / Vol. 81, No. 51 / Wednesday, March 16, 2016 / Notices
organization-wide set of previously
documented safeguard policies and
procedures created by their affiliates.
We estimate that these affiliated newly
registered covered institutions will
incur a significantly reduced hourly
burden in complying with the
safeguards rule, as they will need only
to review their affiliate’s existing
policies and procedures, and identify
and adopt the relevant policies for their
business. Therefore, we expect that
newly registered covered institutions
with existing affiliates will incur an
hourly burden of approximately 15
hours in identifying and adopting
safeguard policies and procedures for
their business, for a total hourly burden
for all affiliated new institutions of
12,600 hours. We expect that half of this
time would be incurred by inside
counsel at an hourly rate of $380, and
half would be by a compliance officer at
an hourly rate of $334, for a total cost
of $4,498,200.
Finally, we expect that the 360 newly
registered entities that are not affiliated
with an existing institution will incur a
significantly higher hourly burden in
reviewing and documenting their
safeguard policies and procedures. We
expect that virtually all of the newly
registered covered entities that do not
have an affiliate are likely to be small
entities and are likely to have smaller
and less complex operations, with a
correspondingly smaller set of safeguard
policies and procedures to document,
compared to other larger existing
institutions with multiple affiliates. We
estimate that it will take a typical newly
registered unaffiliated institution
approximately 60 hours to review,
identify, and document their safeguard
policies and procedures, for a total of
21,600 hours for all newly registered
unaffiliated entities. We expect that half
of this time would be incurred by inside
counsel at an hourly rate of $380, and
half would be by a compliance officer at
an hourly rate of $334, for a total cost
of $7,711,200.
Therefore, we estimate that the total
annual hourly burden associated with
the safeguards rule is 34,200 hours at a
total hourly cost of $12,209,400. We also
estimate that all covered institutions
will be respondents each year, for a total
of 20,173 respondents.
These estimates of average burden
hours are made solely for the purposes
of the Paperwork Reduction Act. 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 safeguard rule does not
require the reporting of any information
or the filing of any documents with the
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18:11 Mar 15, 2016
Jkt 238001
Commission. The collection of
information required by the safeguard
rule is mandatory.
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 Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Remi
Pavlik-Simon, 100 F St. NE.,
Washington DC, 20549 to: PRA_
Mailbox@sec.gov.
Dated: March 10, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–05858 Filed 3–15–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–292, OMB Control No.
3235–0330]
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.
Extension:
Form N–SAR.
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 (‘‘OMB’’) for
extension and approval.
Form N–SAR (OMB Control No.
3235–0330, 17 CFR 249.330) is the form
used by all registered investment
companies with the exception of face
amount certificate companies, to
comply with the periodic filing and
PO 00000
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disclosure requirements imposed by
Section 30 of the Investment Company
Act of 1940 (15 U.S.C. 80a–1 et seq.)
(‘‘Investment Company Act’’), and of
rules 30a–1 and 30b1–1 thereunder (17
CFR 270.30a–1 and 17 CFR 270.30b1–1).
The information required to be filed
with the Commission assures the public
availability of the information and
permits verification of compliance with
Investment Company Act requirements.
Registered unit investment trusts are
required to provide this information on
an annual report filed with the
Commission on Form N–SAR pursuant
to rule 30a–1 under the Investment
Company Act, and registered
management investment companies
must submit the required information
on a semi-annual report on Form N–
SAR pursuant to rule 30b1–1 under the
Investment Company Act.
The Commission estimates that the
total number of respondents is 3,168
and the total annual number of
responses is 5,564 ((2,396 management
investment company respondents × 2
responses per year) + (772 unit
investment trust respondents × 1
response per year)). The Commission
estimates that each registrant filing a
report on Form N–SAR would spend, on
average, approximately 14.21 hours in
preparing and filing reports on Form N–
SAR and that the total hour burden for
all filings on Form N–SAR would be
79,064 hours.
The collection of information under
Form N–SAR is mandatory. Responses
to the collection of information will not
be 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 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 Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE.,
E:\FR\FM\16MRN1.SGM
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Federal Register / Vol. 81, No. 51 / Wednesday, March 16, 2016 / Notices
Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: March 10, 2016.
Robert W. Errett,
Deputy Secretary.
1. Purpose
[FR Doc. 2016–05857 Filed 3–15–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77336; File No. SR–OCC–
2016–005]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Simplify
the Options Clearing Corporation’s
Schedule of Fees
March 10, 2016.
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 May 2,
2016, The Options Clearing Corporation
(‘‘OCC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been prepared primarily by OCC.
OCC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(ii) 3 of
the Act and Rule 19b–4(f)(2) 4
thereunder so that the proposal was
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the rule change from
interested persons.
mstockstill on DSK4VPTVN1PROD with NOTICES
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The purpose of this proposed rule
change by (‘‘OCC’’) is to amend OCC’s
Schedule of Fees in order to simplify
OCC’s fee structure.
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission,
OCC 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. OCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
2 17
VerDate Sep<11>2014
18:11 Mar 15, 2016
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
Jkt 238001
The purpose of this proposed rule
change is to amend OCC’s Schedule of
Fees in order to simplify OCC’s fee
structure. The proposed changes to
OCC’s Schedule of Fees would be
effective as of May 2, 2016.
OCC is proposing to simply [sic] its
fee structure through: (i) The adoption
of a flat clearing fee per contract with a
fixed dollar cap and (ii) the elimination
of the ‘‘scratch’’ fee.5
Flat Fee Schedule
Currently, OCC utilizes a tiered
pricing model whereby the clearing fee
per contract is reduced as the number of
contracts in a given trade increases
(subject to a $46 cap for trades equal to
or greater than 2,001 contracts). OCC
recently compared its clearing fee
structure to those of its peer institutions
(i.e., other clearinghouses) and found
that OCC’s current fee structure is more
complex than those of its peers. OCC’s
Capital Plan,6 and specifically the Fee
Policy (which governs the process by
which OCC determines its fee structure
and was filed as part of the Capital
Plan), requires OCC to set clearing fees
to cover OCC’s operating expenses plus
a Business Risk Buffer 7 of 25%. OCC
5 The ‘‘scratch’’ fee is charged, per side, when a
market maker buys and sells the same symbol,
series and strike on the same day.
6 In 2015, the Commission approved (‘‘Approval
Order’’) OCC’s plan for raising additional capital
(‘‘Capital Plan’’), which was put in place in light of
proposed regulatory capital requirements applicable
to systemically important financial market utilities,
such as OCC. See Securities Exchange Act Release
No. 74452 (March 6, 2015) 80 FR 13058 (March 12,
2015) (SR–OCC–2015–02). OCC also filed proposals
in the Capital Plan filing as an advance notice
under Section 806(e)(1) of the Payment, Clearing,
and Settlement Supervision Act of 2010. 12 U.S.C.
5465(e)(1). On February 26, 2015, the Commission
issued a notice of no objection to the advance notice
filing. See Securities Exchange Act Release No.
74387 (February 26, 2015), 80 FR 12215 (March 6,
2015) (SR–OCC–2014–813). Following petitions for
review of the approval order of the proposed rule
change filed by BATS Global Markets, Inc., BOX
Options Exchange LLC, KCG Holdings, Inc., Miami
International Securities Exchange, LLC, and
Susquehanna International Group, LLP, the
Commission set aside the approval order of the
proposed rule change, reviewed the record de novo,
and issued another approval of the Capital Plan on
February 11, 2016. See Securities Exchange Act
Release No. 77112 (February 11, 2016), 81 FR 8294
(February 18, 2016) (SR–OCC–2015–02).
7 Business Risk Buffer is equal to net income
before refunds, dividends and taxes/total revenue.
In accordance with its Fee Policy, OCC monitors
cleared contract volume and operating expenses to
determine if revisions to OCC’s Schedule of Fees
are required so that monies received from clearing
fees cover OCC’s operating expenses [sic] this
Business Risk Buffer. Any subsequent changes to
OCC’s Schedule of Fees would be the subject of a
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14153
believes that it can adopt a clearing fee
structure that is less complex while
continuing to meet the requirements of
the Capital Plan. Therefore, OCC is
proposing to adopt a flat, per contract,
clearing fee subjected to a fixed dollar
cap. OCC believes all users of its
services and the public would benefit by
the simplicity and transparency that a
flat fee structure with a fixed dollar cap
would provide. Additionally, OCC
believes that a flat fee with a fixed
dollar cap would allow users of OCC’s
services to execute trades without
regard to the size of such trades, which
would, in turn, promote more open and
equal access to clearance and settlement
services provided by OCC.
Elimination of Scratch Fee
Further, and in order to provide
additional simplicity, OCC would
eliminate the ‘‘scratch’’ fee. The
‘‘scratch’’ fee applies to a limited subset
of trades cleared by OCC 8 and OCC
believes that the operational processing
associated with the ‘‘scratch’’ fee is
unnecessarily complex for both OCC
and its clearing members. Therefore,
OCC is proposing to eliminate the
‘‘scratch’’ fee so that OCC and its
members’ operations, as they relate to
processing of clearing fees, would be
more streamlined and efficient.
OCC’S REVISED SCHEDULE OF FEES
IS SET FORTH BELOW 9
Trades with contracts
of:
0–1370 ..........................
>1370 ...........................
Proposed fee
$0.041/contract.
$55 per trade.
The new fee structure is designed to be
revenue neutral when compared to its
existing fee structure.10
OCC will publish an Information
Memo on its public Web site to inform
clearing members, exchanges and the
public of the changes to OCC’s Schedule
of Fees that would become effective
May 2, 2016. OCC is not aware of any
clearing member concerns or issues
with the proposed changes to OCC’s
subsequent proposed rule change filed with the
Commission.
8 Approximately 2.6% of trades cleared by OCC
are market maker scratch trades.
9 These changes are also reflected in Exhibit 5.
10 In accordance with its Fee Policy, OCC
monitors projected revenue (based on anticipated
cleared contract volume) and operating expenses to
determine if revisions to OCC’s Schedule of Fees
are required so that monies received from clearing
fees cover OCC’s operating expenses plus the
Business Risk Buffer. Assuming the same
anticipated cleared contract volume, OCC would
accumulate the same amount of revenue under the
proposed fee structure when compared to the
existing fee structure.
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]]>Agencies
[Federal Register Volume 81, Number 51 (Wednesday, March 16, 2016)]
[Notices]
[Pages 14152-14153]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-05857]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-292, OMB Control No. 3235-0330]
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.
Extension:
Form N-SAR.
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 (``OMB'') for extension and approval.
Form N-SAR (OMB Control No. 3235-0330, 17 CFR 249.330) is the form
used by all registered investment companies with the exception of face
amount certificate companies, to comply with the periodic filing and
disclosure requirements imposed by Section 30 of the Investment Company
Act of 1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act''), and
of rules 30a-1 and 30b1-1 thereunder (17 CFR 270.30a-1 and 17 CFR
270.30b1-1). The information required to be filed with the Commission
assures the public availability of the information and permits
verification of compliance with Investment Company Act requirements.
Registered unit investment trusts are required to provide this
information on an annual report filed with the Commission on Form N-SAR
pursuant to rule 30a-1 under the Investment Company Act, and registered
management investment companies must submit the required information on
a semi-annual report on Form N-SAR pursuant to rule 30b1-1 under the
Investment Company Act.
The Commission estimates that the total number of respondents is
3,168 and the total annual number of responses is 5,564 ((2,396
management investment company respondents x 2 responses per year) +
(772 unit investment trust respondents x 1 response per year)). The
Commission estimates that each registrant filing a report on Form N-SAR
would spend, on average, approximately 14.21 hours in preparing and
filing reports on Form N-SAR and that the total hour burden for all
filings on Form N-SAR would be 79,064 hours.
The collection of information under Form N-SAR is mandatory.
Responses to the collection of information will not be 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 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 Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE.,
[[Page 14153]]
Washington, DC 20549; or send an email to: PRA_Mailbox@sec.gov.
Dated: March 10, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05857 Filed 3-15-16; 8:45 am]
BILLING CODE 8011-01-P
