Submission for OMB Review; Comment Request, 44365-44366 [2016-16037]
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Federal Register / Vol. 81, No. 130 / Thursday, July 7, 2016 / Notices
including but not limited to the
responsibilities to monitor the activities
of such persons, nor would such
proposed amendment affect the rights of
such terminated persons.
The Exchange believes this additional
transparency and clarity removes a
potential impediment to, and would
contribute to perfecting, the mechanism
for a free and open market and a
national market system, and, in general,
would protect investors and the public
interest by harmonizing the time period
for filing the requisite Form U–5 across
multiple SROs, and by imposing the
requirement that such forms be filed
promptly.9
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
these proposed rule changes would
impose any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed changes are not designed to
address any competitive issue but rather
to harmonize Exchange time-filing
requirements to a standard prevalent
among other exchanges and FINRA,
thereby reducing any potential
confusion and making the Exchange’s
rules easier to understand and navigate.
The Exchange believes that the
proposed rule changes would serve to
promote regulatory clarity and
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
srobinson on DSK5SPTVN1PROD with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or up to 90 days (i) as the
Commission may designate if it finds
such longer period to be appropriate
and publishes its reasons for so finding
or (ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
9 This filing is intended to address only the filing
requirements of Forms U–5; it is not intended to
address or affect any other mandatory filing
requirements or procedures.
VerDate Sep<11>2014
17:23 Jul 06, 2016
Jkt 238001
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–
NYSEMKT–2016–52 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–NYSEMKT–2016–52. 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 the
filing also will be available for
inspection and copying at the principal
office 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–NYSEMKT–2016–52 and
should be submitted on or before July
28, 2016.
PO 00000
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–16025 Filed 7–6–16; 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
20549–0213.
Extension:
Rule 17Ad–10; SEC File No. 270–265,
OMB Control No. 3235–0273.
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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 17Ad–10 (17 CFR 240.17Ad–10),
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 17Ad–10 generally requires
registered transfer agents to: (1) Create
and maintain current and accurate
securityholder records; (2) promptly and
accurately record all transfers,
purchases, redemptions, and issuances,
and notify their appropriate regulatory
agency if they are unable to do so; (3)
exercise diligent and continuous
attention in resolving record
inaccuracies; (4) disclose to the issuers
for whom they perform transfer agent
functions and to their appropriate
regulatory agency information regarding
record inaccuracies; (5) buy-in certain
record inaccuracies that result in a
physical over issuance of securities; and
(6) communicate with other transfer
agents related to the same issuer. These
requirements assist in the creation and
maintenance of accurate securityholder
records, enhance the ability to research
errors, and ensure the transfer agent is
aware of the number of securities that
are properly authorized by the issuer,
thereby avoiding over issuance.
The rule also has specific
recordkeeping requirements. It requires
registered transfer agents to retain
certificate detail that has been deleted
for six years and keep current an
accurate record of the number of shares
10 17
Frm 00108
Fmt 4703
Sfmt 4703
44365
E:\FR\FM\07JYN1.SGM
CFR 200.30–3(a)(12).
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srobinson on DSK5SPTVN1PROD with NOTICES
44366
Federal Register / Vol. 81, No. 130 / Thursday, July 7, 2016 / Notices
or principal dollar amount of debt
securities that the issuer has authorized
to be outstanding. These mandatory
requirements ensure accurate
securityholder records and assist the
Commission and other regulatory
agencies with monitoring transfer agents
and ensuring compliance with the rule.
This rule does not involve the collection
of confidential information.
There are approximately 413
registered transfer agents. We estimate
that the average number of hours
necessary for each transfer agent to
comply with Rule 17Ad–10 is
approximately 80 hours per year, which
generates an industry-wide annual
burden of 33,040 hours (413 times 80
hours). This burden is of a
recordkeeping nature but also includes
a small amount of third party disclosure
and SEC reporting burdens. At an
average staff cost of $50 per hour, the
industry-wide internal labor cost of
compliance (a monetization of the
burden hours) is approximately
$1,652,000 per year (33,040 × $50).
In addition, we estimate that each
transfer agent will incur an annual
external cost burden of $18,000
resulting from the collection of
information. Therefore, the total annual
external cost on the entire transfer agent
industry is approximately $7,434,000
($18,000 times 413). This cost primarily
reflects ongoing computer operations
and maintenance associated with
generating, maintaining, and disclosing
or providing certain information
required by the rule.
The amount of time any particular
transfer agent will devote to Rule 17Ad–
10 compliance will vary according to
the size and scope of the transfer agent’s
business activity. We note, however,
that at least some of the records,
processes, and communications
required by Rule 17Ad–10 would likely
be maintained, generated, and used for
transfer agent business purposes even
without the rule.
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.
The public may view 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
VerDate Sep<11>2014
17:23 Jul 06, 2016
Jkt 238001
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington, DC
20549, or by sending an email to: PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: June 30, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–16037 Filed 7–6–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78208; File No. SR–
NASDAQ–2016–092]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Provide a
Process for an Expedited Suspension
Proceeding and Adopt a Rule To
Prohibit Disruptive Quoting and
Trading Activity
June 30, 2016.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 22,
2016, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or ‘‘Exchange’’) 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 by the Exchange.
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
The Exchange proposes a proposal to
adopt a new NASDAQ Options Market
LLC rule to clearly prohibit disruptive
quoting and trading activity on the
Exchange, as further described below.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://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
PO 00000
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00109
Fmt 4703
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is filing this proposal to
adopt an options rule to clearly prohibit
disruptive quoting and trading activity
on the Exchange and to permit the
Exchange to take prompt action to
suspend Members or their clients that
violate such rule pursuant to Rule 9400.
Background
As a national securities exchange
registered pursuant to Section 6 of the
Act, the Exchange is required to be
organized and to have the capacity to
enforce compliance by its members and
persons associated with its members,
with the Act, the rules and regulations
thereunder, and the Exchange’s Rules.
Further, the Exchange’s Rules are
required to be ‘‘designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade . . . and, in general,
to protect investors and the public
interest.’’ 3 In fulfilling these
requirements, the Exchange has
developed a comprehensive regulatory
program that includes automated
surveillance of trading activity that is
both operated directly by Exchange staff
and by staff of the Financial Industry
Regulatory Authority (‘‘FINRA’’)
pursuant to a Regulatory Services
Agreement (‘‘RSA’’). When disruptive
and potentially manipulative or
improper quoting and trading activity is
identified, the Exchange or FINRA
(acting as an agent of the Exchange)
conducts an investigation into the
activity, requesting additional
information from the Member or
Members involved. To the extent
violations of the Act, the rules and
regulations thereunder, or Exchange
Rules have been identified and
confirmed, the Exchange or FINRA as its
agent will commence the enforcement
process, which might result in, among
other things, a censure, a requirement to
take certain remedial actions, one or
more restrictions on future business
3 15
Sfmt 4703
E:\FR\FM\07JYN1.SGM
U.S.C. 78f(b)(1).
07JYN1
Agencies
[Federal Register Volume 81, Number 130 (Thursday, July 7, 2016)]
[Notices]
[Pages 44365-44366]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-16037]
-----------------------------------------------------------------------
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
20549-0213.
Extension:
Rule 17Ad-10; SEC File No. 270-265, OMB Control No. 3235-0273.
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'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of extension of the
previously approved collection of information provided for in Rule
17Ad-10 (17 CFR 240.17Ad-10), under the Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.).
Rule 17Ad-10 generally requires registered transfer agents to: (1)
Create and maintain current and accurate securityholder records; (2)
promptly and accurately record all transfers, purchases, redemptions,
and issuances, and notify their appropriate regulatory agency if they
are unable to do so; (3) exercise diligent and continuous attention in
resolving record inaccuracies; (4) disclose to the issuers for whom
they perform transfer agent functions and to their appropriate
regulatory agency information regarding record inaccuracies; (5) buy-in
certain record inaccuracies that result in a physical over issuance of
securities; and (6) communicate with other transfer agents related to
the same issuer. These requirements assist in the creation and
maintenance of accurate securityholder records, enhance the ability to
research errors, and ensure the transfer agent is aware of the number
of securities that are properly authorized by the issuer, thereby
avoiding over issuance.
The rule also has specific recordkeeping requirements. It requires
registered transfer agents to retain certificate detail that has been
deleted for six years and keep current an accurate record of the number
of shares
[[Page 44366]]
or principal dollar amount of debt securities that the issuer has
authorized to be outstanding. These mandatory requirements ensure
accurate securityholder records and assist the Commission and other
regulatory agencies with monitoring transfer agents and ensuring
compliance with the rule. This rule does not involve the collection of
confidential information.
There are approximately 413 registered transfer agents. We estimate
that the average number of hours necessary for each transfer agent to
comply with Rule 17Ad-10 is approximately 80 hours per year, which
generates an industry-wide annual burden of 33,040 hours (413 times 80
hours). This burden is of a recordkeeping nature but also includes a
small amount of third party disclosure and SEC reporting burdens. At an
average staff cost of $50 per hour, the industry-wide internal labor
cost of compliance (a monetization of the burden hours) is
approximately $1,652,000 per year (33,040 x $50).
In addition, we estimate that each transfer agent will incur an
annual external cost burden of $18,000 resulting from the collection of
information. Therefore, the total annual external cost on the entire
transfer agent industry is approximately $7,434,000 ($18,000 times
413). This cost primarily reflects ongoing computer operations and
maintenance associated with generating, maintaining, and disclosing or
providing certain information required by the rule.
The amount of time any particular transfer agent will devote to
Rule 17Ad-10 compliance will vary according to the size and scope of
the transfer agent's business activity. We note, however, that at least
some of the records, processes, and communications required by Rule
17Ad-10 would likely be maintained, generated, and used for transfer
agent business purposes even without the rule.
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.
The public may view 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 by sending an
email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within
30 days of this notice.
Dated: June 30, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-16037 Filed 7-6-16; 8:45 am]
BILLING CODE 8011-01-P