Proposed Collection; Comment Request, 14774-14775 [2017-05712]
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Federal Register / Vol. 82, No. 54 / Wednesday, March 22, 2017 / Notices
consistent with the Act to initiate a
COA-eligible order, even if the rule text
indicates that a COA will be initiated
upon receipt of a COA-eligible order
with two or more legs.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on intramarket or intermarket
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act. The Exchange does
not believe the proposed rule change
will impose any burden on intramarket
competition because all IOC orders will
be treated equally by the Exchange. The
proposed rule change is intended to
reduce risk to Market-Makers that are
quoting in the regular market. CBOE
believes that the proposed rule change
will promote competition by
encouraging Market-Makers to increase
the size of and to more aggressively
price their quotes, which will increase
liquidity on the Exchange. To the extent
that the rule change makes CBOE a more
attractive marketplace, market
participants are free to become Trading
Permit Holders on CBOE and other
exchanges are free to amend their rules
in a similar manner. Furthermore, the
Exchange does not believe the proposed
rule change will impose any burden on
intermarket competition because the
rule change does not materially affect
the outcome or purpose of SR–CBOE–
2014–017, SR–CBOE–2015–081, or SR–
CBOE–2016–014, which was to alleviate
potential risk to Market-Makers using
QRM. The Exchange also does not
believe that the hardcoding of the price
at which a complex order may initiate
a COA, as described in SR–CBOE–2016–
014, will impose a burden on
competition. Finally, the Exchange does
not believe initiating a COA for a COAeligible order pursuant to Rule
6.53C(d)(ii)(A)(1) will impose any
burden on competition as the Exchange
has initiated a COA for such orders
since the inception of COA in 2005.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
VerDate Sep<11>2014
18:14 Mar 21, 2017
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burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 30 and Rule 19b–
4(f)(6) thereunder.31
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: (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
change 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:
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–
2017–021 and should be submitted on
or before April 12, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.32
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–05608 Filed 3–21–17; 8:45 am]
BILLING CODE 8011–01–P
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–
CBOE–2017–021 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–CBOE–2017–021. 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
30 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission.
31 17
PO 00000
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SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213
Extension:
Rule 482; SEC File No. 270–508, OMB
Control No. 3235–0565
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), 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.
Like most issuers of securities, when
an investment company (‘‘fund’’) 1 offers
its shares to the public, its promotional
efforts become subject to the advertising
32 17
CFR 200.30–3(a)(12).
company’’ refers to both
investment companies registered under the
Investment Company Act of 1940 (‘‘Investment
Company Act’’) (15 U.S.C. 80a–1 et seq.) and
business development companies.
1 ‘‘Investment
E:\FR\FM\22MRN1.SGM
22MRN1
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 82, No. 54 / Wednesday, March 22, 2017 / Notices
restrictions of the Securities Act of 1933
(15 U.S.C. 77) (the ‘‘Securities Act’’). In
recognition of the particular problems
faced by funds that continually offer
securities and wish to advertise their
securities, the Commission has
previously adopted advertising safe
harbor rules. The most important of
these is rule 482 (17 CFR 230.482) under
the Securities Act, which, under certain
circumstances, permits funds to
advertise investment performance data,
as well as other information. Rule 482
advertisements are deemed to be
‘‘prospectuses’’ under Section 10(b) of
the Securities Act.2
Rule 482 contains certain
requirements regarding the disclosure
that funds are required to provide in
qualifying advertisements. These
requirements are intended to encourage
the provision to investors of information
that is balanced and informative,
particularly in the area of investment
performance. For example, a fund is
required to include disclosure advising
investors to consider the fund’s
investment objectives, risks, charges and
expenses, and other information
described in the fund’s prospectus, and
highlighting the availability of the
fund’s prospectus and, if applicable, its
summary prospectus. In addition, rule
482 advertisements that include
performance data of open-end funds or
insurance company separate accounts
offering variable annuity contracts are
required to include certain standardized
performance information, information
about any sales loads or other
nonrecurring fees, and a legend warning
that past performance does not
guarantee future results. Such funds
including performance information in
rule 482 advertisements are also
required to make available to investors
month-end performance figures via Web
site disclosure or by a toll-free
telephone number, and to disclose the
availability of the month-end
performance data in the advertisement.
The rule also sets forth requirements
regarding the prominence of certain
disclosures, requirements regarding
advertisements that make tax
representations, requirements regarding
advertisements used prior to the
effectiveness of the fund’s registration
statement, requirements regarding the
timeliness of performance data, and
certain required disclosures by money
market funds.
Rule 482 advertisements must be filed
with the Commission or, in the
alternative, with the Financial Industry
2 15
U.S.C. 77j(b).
VerDate Sep<11>2014
18:14 Mar 21, 2017
Jkt 241001
Regulatory Authority (‘‘FINRA’’).3 This
information collection differs from
many other federal information
collections that are primarily for the use
and benefit of the collecting agency.
Rule 482 contains requirements that
are intended to encourage the provision
to investors of information that is
balanced and informative, particularly
in the area of investment performance.
The Commission is concerned that in
the absence of such provisions fund
investors may be misled by deceptive
rule 482 advertisements and may rely
on less-than-adequate information when
determining in which funds they should
invest money. As a result, the
Commission believes it is beneficial for
funds to provide investors with
balanced information in fund
advertisements in order to allow
investors to make better-informed
decisions.
The Commission estimates that
53,907 4 responses to rule 482 are filed
annually by 3,278 investment
companies offering approximately
15,494 portfolios, or approximately 3.5
responses per portfolio annually.5 The
burden associated with rule 482 is
presently estimated to be 5.16 hours per
response. The annual hourly burden is
therefore approximately 278,161 hours.6
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.
The provision of information under rule
482 is necessary to obtain the benefits
of the safe harbor offered by the rule.
The information provided under rule
482 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 OMB 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
3 See rule 24b–3 under the Investment Company
Act (17 CFR 270.24b–3), which provides that any
sales material, including rule 482 advertisements,
shall be deemed filed with the Commission for
purposes of Section 24(b) of the Investment
Company Act upon filing with FINRA.
4 This estimated number of responses to rule 482
is composed of 53,746 responses filed with FINRA
and 161 responses filed with the Commission in
2016.
5 53,907 responses ÷ 15,494 portfolios = 3.5
responses per portfolio.
6 53,907 responses × 5.16 hours per response =
278,161 hours.
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
14775
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.,
Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: March 16, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–05712 Filed 3–21–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80258; File No. SR–
NYSEArca–2017–28]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the NYSE Arca
Equities Schedule of Fees and
Charges for Exchange Services
March 16, 2017.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on March
13, 2017, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. 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 amend the
NYSE Arca Equities Schedule of Fees
and Charges for Exchange Services
(‘‘Fee Schedule’’). The proposed rule
change is available on the Exchange’s
Web site at www.nyse.com, at the
principal office of the Exchange, and at
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
E:\FR\FM\22MRN1.SGM
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]]>Agencies
[Federal Register Volume 82, Number 54 (Wednesday, March 22, 2017)]
[Notices]
[Pages 14774-14775]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-05712]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213
Extension:
Rule 482; SEC File No. 270-508, OMB Control No. 3235-0565
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), 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.
Like most issuers of securities, when an investment company
(``fund'') \1\ offers its shares to the public, its promotional efforts
become subject to the advertising
[[Page 14775]]
restrictions of the Securities Act of 1933 (15 U.S.C. 77) (the
``Securities Act''). In recognition of the particular problems faced by
funds that continually offer securities and wish to advertise their
securities, the Commission has previously adopted advertising safe
harbor rules. The most important of these is rule 482 (17 CFR 230.482)
under the Securities Act, which, under certain circumstances, permits
funds to advertise investment performance data, as well as other
information. Rule 482 advertisements are deemed to be ``prospectuses''
under Section 10(b) of the Securities Act.\2\
---------------------------------------------------------------------------
\1\ ``Investment company'' refers to both investment companies
registered under the Investment Company Act of 1940 (``Investment
Company Act'') (15 U.S.C. 80a-1 et seq.) and business development
companies.
\2\ 15 U.S.C. 77j(b).
---------------------------------------------------------------------------
Rule 482 contains certain requirements regarding the disclosure
that funds are required to provide in qualifying advertisements. These
requirements are intended to encourage the provision to investors of
information that is balanced and informative, particularly in the area
of investment performance. For example, a fund is required to include
disclosure advising investors to consider the fund's investment
objectives, risks, charges and expenses, and other information
described in the fund's prospectus, and highlighting the availability
of the fund's prospectus and, if applicable, its summary prospectus. In
addition, rule 482 advertisements that include performance data of
open-end funds or insurance company separate accounts offering variable
annuity contracts are required to include certain standardized
performance information, information about any sales loads or other
nonrecurring fees, and a legend warning that past performance does not
guarantee future results. Such funds including performance information
in rule 482 advertisements are also required to make available to
investors month-end performance figures via Web site disclosure or by a
toll-free telephone number, and to disclose the availability of the
month-end performance data in the advertisement. The rule also sets
forth requirements regarding the prominence of certain disclosures,
requirements regarding advertisements that make tax representations,
requirements regarding advertisements used prior to the effectiveness
of the fund's registration statement, requirements regarding the
timeliness of performance data, and certain required disclosures by
money market funds.
Rule 482 advertisements must be filed with the Commission or, in
the alternative, with the Financial Industry Regulatory Authority
(``FINRA'').\3\ This information collection differs from many other
federal information collections that are primarily for the use and
benefit of the collecting agency.
---------------------------------------------------------------------------
\3\ See rule 24b-3 under the Investment Company Act (17 CFR
270.24b-3), which provides that any sales material, including rule
482 advertisements, shall be deemed filed with the Commission for
purposes of Section 24(b) of the Investment Company Act upon filing
with FINRA.
---------------------------------------------------------------------------
Rule 482 contains requirements that are intended to encourage the
provision to investors of information that is balanced and informative,
particularly in the area of investment performance. The Commission is
concerned that in the absence of such provisions fund investors may be
misled by deceptive rule 482 advertisements and may rely on less-than-
adequate information when determining in which funds they should invest
money. As a result, the Commission believes it is beneficial for funds
to provide investors with balanced information in fund advertisements
in order to allow investors to make better-informed decisions.
The Commission estimates that 53,907 \4\ responses to rule 482 are
filed annually by 3,278 investment companies offering approximately
15,494 portfolios, or approximately 3.5 responses per portfolio
annually.\5\ The burden associated with rule 482 is presently estimated
to be 5.16 hours per response. The annual hourly burden is therefore
approximately 278,161 hours.\6\
---------------------------------------------------------------------------
\4\ This estimated number of responses to rule 482 is composed
of 53,746 responses filed with FINRA and 161 responses filed with
the Commission in 2016.
\5\ 53,907 responses / 15,494 portfolios = 3.5 responses per
portfolio.
\6\ 53,907 responses x 5.16 hours per response = 278,161 hours.
---------------------------------------------------------------------------
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. The provision of information under rule 482
is necessary to obtain the benefits of the safe harbor offered by the
rule. The information provided under rule 482 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 OMB 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., Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: March 16, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-05712 Filed 3-21-17; 8:45 am]
BILLING CODE 8011-01-P
