Proposed Collection; Comment Request, 46978-46979 [2016-17000]

Download as PDF 46978 Federal Register / Vol. 81, No. 138 / Tuesday, July 19, 2016 / Notices The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the pilot programs to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the pilot programs. Therefore, the Commission designates the proposed rule change to be operative on July 18, 2016.19 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– CBOE–2016–056 on the subject line. mstockstill on DSK3G9T082PROD with NOTICES Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–CBOE–2016–056. 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 (http://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 19 For purposes only of waiving the operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). VerDate Sep<11>2014 19:39 Jul 18, 2016 Jkt 238001 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–CBOE– 2016–056 and should be submitted on or before August 9, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Jill M. Peterson, Assistant Secretary. [FR Doc. 2016–16972 Filed 7–18–16; 8:45 am] BILLING CODE 8011–01–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. Extension: Form Custody, SEC File No. 270–643, OMB Control No. 3235–0691. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘PRA’’), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Form Custody (17 CFR 249.639) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Section 17(a)(1) of the Exchange Act provides that broker-dealers registered with the Commission must make and keep records, furnish copies of the records, and make and disseminate reports as the Commission, by rule, prescribes. Pursuant to this authority, PO 00000 20 17 CFR 200.30–3(a)(12). Frm 00093 Fmt 4703 Sfmt 4703 the Commission adopted Rule 17a–5 (17 CFR 240.17a–5), which is one of the primary financial and operational reporting rules for broker-dealers.1 Paragraph (a)(5) of Rule 17–5 requires every broker-dealer registered with the Commission to file Form Custody (17 CFR 249.639) with its designated examining authority (‘‘DEA’’) within 17 business days after the end of each calendar quarter and within 17 business days after the date selected for the broker-dealer’s annual report if that date is not the end of a calendar quarter. Form Custody is designed to elicit information about whether a brokerdealer maintains custody of customer and non-customer assets, and, if so, how such assets are maintained. There are approximately 4,113 brokerdealers registered with the Commission. Based on staff experience, the Commission estimates that, on average, it would take a broker-dealer approximately 12 hours to complete and file Form Custody, for an annual industry-wide reporting burden of approximately 197,424 hours.2 Assuming an average cost per hour of approximately $291for a compliance manager, the total internal cost of compliance for the respondents is approximately $57,450,384 per year.3 Written comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimate of the burden of the 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. 1 Rule 17a–5 is subject to a separate PRA filing (OMB Control Number 3235–0123). 2 4,113 brokers-dealers × 4 times per year × 12 hours = 197,424 hours. 3 197,424 hours times $291 per hour = 57,450,384. $291 per hour for a compliance manager is from SIFMA’s Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff for an 1800hour work-year, multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead, and adjusted for inflation. E:\FR\FM\19JYN1.SGM 19JYN1 Federal Register / Vol. 81, No. 138 / Tuesday, July 19, 2016 / Notices 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 13, 2016. Robert W. Errett, Deputy Secretary. [FR Doc. 2016–17000 Filed 7–18–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–78317; File No. SR–Phlx– 2016–73] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Rules To Implement the Quoting and Trading Provisions of the Plan To Implement a Tick Size Pilot Program July 13, 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 June 29, 2016, NASDAQ PHLX LLC (‘‘Phlx’’ 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 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 to adopt rules under Rule 3317 to implement the quoting and trading provisions of the Plan to Implement a Tick Size Pilot Program submitted to the Commission pursuant to Rule 608 of Regulation NMS 3 under the Act (the ‘‘Plan’’).4 The proposed rule change is substantially similar to proposed rule changes recently approved or published by the Commission by New York Stock Exchange LLC to adopt NYSE Rules mstockstill on DSK3G9T082PROD with NOTICES 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 242.608. 4 See Securities and Exchange Act Release No. 74892 (May 6, 2015), 80 FR 27513 (File No. 4–657) (‘‘Tick Plan Approval Order’’). See also Securities and Exchange Act Release No. 76382 (November 6, 2015) (File No. 4–657), 80 FR 70284 (File No. 4– 657) (November 13, 2015), which extended the pilot period commencement date from May 6, 2015 to October 3, 2016. 2 17 VerDate Sep<11>2014 19:39 Jul 18, 2016 Jkt 238001 67(a) and 67(c)-(e), which also implemented the quoting and trading provisions of the Plan.5 The text of the proposed rule change is available on the Exchange’s Web site at http:// nasdaqomxphlx.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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to establish rules to require its member organizations to comply with the requirements of the Plan, which is designed to study and assess the impact of increment conventions on the liquidity and trading of the common stocks of small capitalization companies. The Exchange proposes changes to its rules for a two-year pilot period that coincides with the pilot period for the Plan, which is currently scheduled as a two year pilot to begin on October 3, 2016. Background On August 25, 2014, NYSE Group, Inc., on behalf of Bats BZX Exchange, Inc. (f/k/a BATS Exchange, Inc.), Bats BYX Exchange, Inc. (f/k/a BATS YExchange, Inc.), Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., the Exchange [sic], Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’), NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, New York Stock Exchange LLC, the Exchange [sic] and NYSE Arca, Inc., and the NYSE MKT LLC, (collectively, 5 See Securities Exchange Act Release No. 76229 (October 22, 2015), 80 FR 66065 (October 28, 2015) (SR–NYSE–2015–46), as amended by Partial Amendments No. 1 and No. 2 to the Quoting & Trading Rules Proposal. See Securities Exchange Act Release No. 77703 (April 25, 2016), 81 FR 25725 (April 29, 2016) (SR–NYSE–2015–46). PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 46979 ‘‘Participants’’), filed with the Commission, pursuant to Section 11A of the Act 6 and Rule 608 of Regulation NMS thereunder, the Plan to Implement a Tick Size Pilot Program.7 The Participants filed the Plan to comply with an order issued by the Commission on June 24, 2014 (the ‘‘June 2014 Order’’).8 The Plan 9 was published for comment in the Federal Register on November 7, 2014,10 and approved by the Commission, as modified, on May 6, 2015.11 The Plan is designed to allow the Commission, market participants, and the public to study and assess the impact of increment conventions on the liquidity and trading of the common stocks of small capitalization companies. The Commission plans to use the Tick Size Pilot Program to assess whether wider tick sizes enhance the market quality of Pilot Securities for the benefit of issuers and investors. Each Participant is required to comply with, and to enforce compliance by its member organizations, as applicable, with the provisions of the Plan. On October 9, 2015, the Operating Committee approved the Exchange’s [sic] proposed rules as model Participant rules that would require compliance by a Participant’s member organizations with the provisions of the Plan, as applicable, and would establish written policies and procedures reasonably designed to comply with applicable quoting and trading requirements specified in the Plan.12 As described more fully below, the proposed rules would require member organizations to comply with the Plan and provide for the widening of quoting 6 15 U.S.C. 78k–1. Letter from Brendon J. Weiss, Vice President, Intercontinental Exchange, Inc., to Secretary, Commission, dated August 25, 2014. 8 See Securities Exchange Act Release No. 72460 (June 24, 2014), 79 FR 36840 (June 30, 2014). 9 Unless otherwise specified, capitalized terms used in this rule filing are based on the defined terms of the Plan. 10 See Securities and Exchange Act Release No. 73511 (November 3, 2014), 79 FR 66423 (File No. 4–657) (Tick Plan Filing). 11 See Tick Plan Approval Order, supra note 4. See also Securities Exchange Act Release No. 77277 (March 3, 2016), 81 FR 12162 (March 8, 2016) (File No. 4–657), which amended the Plan to add National Stock Exchange, Inc. as a Participant. 12 The Operating Committee is required under Section III(C)(2) of the Plan to ‘‘monitor the procedures established pursuant to the Plan and advise Participants with respect to any deficiencies, problems, or recommendations as the Operating Committee may deem appropriate.’’ The Operating Committee is also required to ‘‘establish specifications and procedures for the implementation and operation of the Plan that are consistent with the provisions of the Plan.’’ 7 See E:\FR\FM\19JYN1.SGM 19JYN1

Agencies

[Federal Register Volume 81, Number 138 (Tuesday, July 19, 2016)]
[Notices]
[Pages 46978-46979]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17000]


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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.

Extension:
    Form Custody, SEC File No. 270-643, OMB Control No. 3235-0691.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the existing 
collection of information provided for in Form Custody (17 CFR 249.639) 
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
(``Exchange Act''). The Commission plans to submit this existing 
collection of information to the Office of Management and Budget 
(``OMB'') for extension and approval.
    Section 17(a)(1) of the Exchange Act provides that broker-dealers 
registered with the Commission must make and keep records, furnish 
copies of the records, and make and disseminate reports as the 
Commission, by rule, prescribes. Pursuant to this authority, the 
Commission adopted Rule 17a-5 (17 CFR 240.17a-5), which is one of the 
primary financial and operational reporting rules for broker-
dealers.\1\ Paragraph (a)(5) of Rule 17-5 requires every broker-dealer 
registered with the Commission to file Form Custody (17 CFR 249.639) 
with its designated examining authority (``DEA'') within 17 business 
days after the end of each calendar quarter and within 17 business days 
after the date selected for the broker-dealer's annual report if that 
date is not the end of a calendar quarter. Form Custody is designed to 
elicit information about whether a broker-dealer maintains custody of 
customer and non-customer assets, and, if so, how such assets are 
maintained.
---------------------------------------------------------------------------

    \1\ Rule 17a-5 is subject to a separate PRA filing (OMB Control 
Number 3235-0123).
---------------------------------------------------------------------------

    There are approximately 4,113 broker-dealers registered with the 
Commission. Based on staff experience, the Commission estimates that, 
on average, it would take a broker-dealer approximately 12 hours to 
complete and file Form Custody, for an annual industry-wide reporting 
burden of approximately 197,424 hours.\2\ Assuming an average cost per 
hour of approximately $291for a compliance manager, the total internal 
cost of compliance for the respondents is approximately $57,450,384 per 
year.\3\
---------------------------------------------------------------------------

    \2\ 4,113 brokers-dealers x 4 times per year x 12 hours = 
197,424 hours.
    \3\ 197,424 hours times $291 per hour = 57,450,384. $291 per 
hour for a compliance manager is from SIFMA's Management & 
Professional Earnings in the Securities Industry 2013, modified by 
Commission staff for an 1800-hour work-year, multiplied by 5.35 to 
account for bonuses, firm size, employee benefits, and overhead, and 
adjusted for inflation.
---------------------------------------------------------------------------

    Written comments are invited on: (a) Whether the collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information shall have practical 
utility; (b) the accuracy of the Commission's estimate of the burden of 
the 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.

[[Page 46979]]

    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 13, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-17000 Filed 7-18-16; 8:45 am]
 BILLING CODE 8011-01-P