Proposed Collection; Comment Request, 17703-17704 [2017-07297]

Download as PDF Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Notices unless it displays a currently valid control number. Please direct your written comment 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: April 6, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–07302 Filed 4–11–17; 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 mstockstill on DSK30JT082PROD with NOTICES Extension: Regulations 14D and 14E (Schedule 14D– 9), OMB Control No. 3235–0102, SEC File No. 270–114 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 (‘‘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 for extension and approval. Regulation 14D (17 CFR 240.14d–1— 240.14d–11) and Regulation 14E (17 CFR 240.14e–1—240.14e–8) and related Schedule 14D–9 (17 CFR 240.14d–101) require information important to security holders in deciding how to respond to tender offers. Schedule 14D– 9 takes approximately 260.56 hours per response to prepare and is filed by approximately 169 companies annually. We estimate that 25% of the 260.56 hours per response (65.14 hours) is prepared by the company for an annual reporting burden of 11,009 hours (65.14 hours per response × 169 responses). 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 will have practical utility; (b) the accuracy of the agency’s estimate of the burden imposed by 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 VerDate Sep<11>2014 18:45 Apr 11, 2017 Jkt 241001 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 unless it displays a currently valid 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: April 6, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–07303 Filed 4–11–17; 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: Rule 15c2–11, SEC File No. 270–196, OMB Control No. 3235–0202 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 Rule 15c2–11, (17 CFR 240.15c2–11), 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. Rule 15c2–11 under the Securities Exchange Act regulates the initiation or resumption of quotations in a quotation medium by a broker-dealer for over-thecounter (‘‘OTC’’) securities. The Rule was designed primarily to prevent certain manipulative and fraudulent trading schemes that had arisen in connection with the distribution and trading of unregistered securities issued by shell companies or other companies having outstanding but infrequently traded securities. Subject to certain PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 17703 exceptions, the Rule prohibits brokerdealers from publishing a quotation for a security, or submitting a quotation for publication, in a quotation medium unless they have reviewed specified information concerning the security and the issuer. Based on information provided by Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’), in the 2016 calendar year, FINRA received approximately 461 applications from broker-dealers to initiate or resume publication of quotations of covered OTC securities on the OTC Bulletin Board and/or OTC Link or other quotation mediums. We estimate that (i) 195 of the covered OTC securities were issued by reporting issuers, while the other 266 were issued by non-reporting issuers, and (ii) it will take a brokerdealer about 4 hours to review, record and retain the information pertaining to a reporting issuer, and about 8 hours to review, record and retain the information pertaining to a nonreporting issuer. We therefore estimate that brokerdealers who initiate or resume publication of quotations for covered OTC securities of reporting issuers will require 780 hours (195 × 4) to review, record and retain the information required by the Rule. We estimate that broker-dealers who initiate or resume publication of quotations for covered OTC securities of non-reporting issuers will require 2128 hours (266 × 8) to review, record and retain the information required by the Rule. Thus, we estimate the total annual burden hours for broker-dealers to initiate or resume publication of quotations of covered OTC securities to be 2908 hours (780 + 2128). The Commission believes that compliance costs for these 2,908 hours would be borne by internal staff working at a rate of $57 per hour.1 Subject to certain exceptions, the Rule prohibits broker-dealers from publishing a quotation for a security, or submitting a quotation for publication, in a quotation medium unless they have reviewed specified information concerning the security and the issuer. The broker-dealer must also make the information reasonably available upon request to any person expressing an interest in a proposed transaction in the security with such broker or dealer. The collection of information that is submitted to FINRA for review and 1 $57 per hour figure for a General Clerk is from SIFMA’s Office Salaries in the Securities Industry 2013, modified by Commission staff to account for an 1800-hourwork-year and inflation, and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. E:\FR\FM\12APN1.SGM 12APN1 17704 Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Notices approval is currently not available to the public from FINRA. 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 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 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: April 6, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–07297 Filed 4–11–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80386; File No. SR–CBOE– 2017–025] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the SPXPM Pilot Program mstockstill on DSK30JT082PROD with NOTICES April 6, 2017. 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 March 28, 2017, Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) 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 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 18:45 Apr 11, 2017 by the Exchange. The Exchange filed the proposal as a ‘‘non-controversial’’ proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder.4 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 extend the operation of its SPXPM pilot program through May 3, 2018. The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * Chicago Board Options Exchange, Incorporated Rules * * * * No change. . . . Interpretations and Policies: .01–.13 No change. .14 The below provisions will remain in effect until a date specified by the Exchange in a Regulatory Circular, which date shall be no later than July 31, 2017: In addition to A.M.-settled Standard & Poor’s 500 Stock Index options approved for trading on the Exchange pursuant to Rule 24.9, the Exchange may also list options on the S&P 500 Index whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (‘‘SPXPM’’). The Exchange may also list options on the Mini-SPX Index (‘‘XSP’’) whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (‘‘P.M.settled’’). SPXPM options and P.M.settled XSP options will be listed for trading for a pilot period ending May 3, 201[7]8. On the date specified by the Exchange in a Regulatory Circular, which date shall be no later than July 31, 2017, the following provisions shall be in effect: In addition to A.M.-settled Standard & Poor’s 500 Stock Index options approved for trading on the Exchange pursuant to Rule 24.9, the Exchange may also list options on the S&P 500 Index whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (P.M.3 15 4 17 Jkt 241001 * Rule 24.9. Terms of Index Option Contracts PO 00000 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). Frm 00080 Fmt 4703 Sfmt 4703 settled third Friday-of-the-month SPX options series). The Exchange may also list options on the Mini-SPX Index (‘‘XSP’’) whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (‘‘P.M.-settled’’). P.M.-settled third Friday-of-the-month SPX options series and P.M.-settled XSP options will be listed for trading for a pilot period ending May 3, 201[7]8. * * * * * The text of the proposed rule change is also available on the Exchange’s Web site (https://www.cboe.com/AboutCBOE/ CBOELegalRegulatoryHome.aspx), at the Exchange’s Office of the Secretary, 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 1. Purpose On February 8, 2013, the Exchange received approval of a rule change that established a Pilot Program that allows the Exchange to list options on the S&P 500 Index whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (‘‘SPXPM’’).5 On July 31, 2013, the Exchange received approval of a rule change that amended the Pilot Program to allow the Exchange to list options on the Mini-SPX Index (‘‘XSP’’) whose exercise settlement value is derived 5 See Securities Exchange Act Release No. 68888 (February 8, 2013), 78 FR 10668 (February 14, 2013) (SR–CBOE–2012–120) (the ‘‘SPXPM Approval Order’’). Pursuant to Securities Exchange Act Release No. 80060 (February 17, 2017), 82 FR 11673 (February 24, 2017) (SR–CBOE–2016–091), the Exchange will move third-Friday P.M.-settled options into the Hybrid 3.0 S&P 500 Index options class and as a result, the trading symbol for P.M.settled S&P 500 Index options that have standard third Friday-of-the-month expirations will change from ‘‘SPXPM’’ to ‘‘SPXW.’’ This change will go into effect on a date no later than July 31, 2017 and will be announced in a Regulatory Circular by the Exchange. E:\FR\FM\12APN1.SGM 12APN1

Agencies

[Federal Register Volume 82, Number 69 (Wednesday, April 12, 2017)]
[Notices]
[Pages 17703-17704]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-07297]


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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:
    Rule 15c2-11, SEC File No. 270-196, OMB Control No. 3235-0202

    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 Rule 15c2-11, (17 
CFR 240.15c2-11), 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.
    Rule 15c2-11 under the Securities Exchange Act regulates the 
initiation or resumption of quotations in a quotation medium by a 
broker-dealer for over-the-counter (``OTC'') securities. The Rule was 
designed primarily to prevent certain manipulative and fraudulent 
trading schemes that had arisen in connection with the distribution and 
trading of unregistered securities issued by shell companies or other 
companies having outstanding but infrequently traded securities. 
Subject to certain exceptions, the Rule prohibits broker-dealers from 
publishing a quotation for a security, or submitting a quotation for 
publication, in a quotation medium unless they have reviewed specified 
information concerning the security and the issuer.
    Based on information provided by Financial Industry Regulatory 
Authority, Inc. (``FINRA''), in the 2016 calendar year, FINRA received 
approximately 461 applications from broker-dealers to initiate or 
resume publication of quotations of covered OTC securities on the OTC 
Bulletin Board and/or OTC Link or other quotation mediums. We estimate 
that (i) 195 of the covered OTC securities were issued by reporting 
issuers, while the other 266 were issued by non-reporting issuers, and 
(ii) it will take a broker-dealer about 4 hours to review, record and 
retain the information pertaining to a reporting issuer, and about 8 
hours to review, record and retain the information pertaining to a non-
reporting issuer.
    We therefore estimate that broker-dealers who initiate or resume 
publication of quotations for covered OTC securities of reporting 
issuers will require 780 hours (195 x 4) to review, record and retain 
the information required by the Rule. We estimate that broker-dealers 
who initiate or resume publication of quotations for covered OTC 
securities of non-reporting issuers will require 2128 hours (266 x 8) 
to review, record and retain the information required by the Rule. 
Thus, we estimate the total annual burden hours for broker-dealers to 
initiate or resume publication of quotations of covered OTC securities 
to be 2908 hours (780 + 2128). The Commission believes that compliance 
costs for these 2,908 hours would be borne by internal staff working at 
a rate of $57 per hour.\1\
---------------------------------------------------------------------------

    \1\ $57 per hour figure for a General Clerk is from SIFMA's 
Office Salaries in the Securities Industry 2013, modified by 
Commission staff to account for an 1800-hourwork-year and inflation, 
and multiplied by 2.93 to account for bonuses, firm size, employee 
benefits and overhead.
---------------------------------------------------------------------------

    Subject to certain exceptions, the Rule prohibits broker-dealers 
from publishing a quotation for a security, or submitting a quotation 
for publication, in a quotation medium unless they have reviewed 
specified information concerning the security and the issuer. The 
broker-dealer must also make the information reasonably available upon 
request to any person expressing an interest in a proposed transaction 
in the security with such broker or dealer. The collection of 
information that is submitted to FINRA for review and

[[Page 17704]]

approval is currently not available to the public from FINRA.
    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 
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 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: April 6, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-07297 Filed 4-11-17; 8:45 am]
 BILLING CODE 8011-01-P
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