Proposed Collection; Comment Request, 42205-42206 [2017-18857]
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Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices
proper settlement date in connection
with the transition to the T+2 settlement
cycle on September 5, 2017 would help
to avoid the confusion that could arise
if ‘‘regular’’ distributions were to be exdividend on that date and is consistent
with the rules of other self-regulatory
organizations.22 Accordingly, the
Commission hereby waives the 30-day
operative delay requirement and
designates the proposed rule change as
operative upon filing.23
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
Phlx–2017–71 on the subject line.
asabaliauskas on DSKBBXCHB2PROD with NOTICES
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–Phlx–2017–71. 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
22 See Securities Exchange Act Release Nos.
81448 (August 21, 2017), 82 FR 40610 (August 25,
2017) (SR–FINRA–2017–026) and 81446 (August
21, 2017), 82 FR 40604 (August 25, 2017) (SR–
NASDAQ–2017–084).
23 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Sep<11>2014
17:37 Sep 05, 2017
Jkt 241001
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–Phlx–
2017–71, and should be submitted on or
before September 27, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–18795 Filed 9–5–17; 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 17a–7, SEC File No. 270–238, OMB
Control No. 3235–0214.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit the existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 17a–7 (17 CFR 270.17a–7) (the
‘‘rule’’) under the Investment Company
Act of 1940 (15 U.S.C. 80a–1 et seq.)
(the ‘‘Act’’) is entitled ‘‘Exemption of
certain purchase or sale transactions
between an investment company and
24 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00150
Fmt 4703
Sfmt 4703
42205
certain affiliated persons thereof.’’ It
provides an exemption from section
17(a) of the Act for purchases and sales
of securities between registered
investment companies (‘‘funds’’), that
are affiliated persons (‘‘first-tier
affiliates’’) or affiliated persons of
affiliated persons (‘‘second-tier
affiliates’’), or between a fund and a
first- or second-tier affiliate other than
another fund, when the affiliation arises
solely because of a common investment
adviser, director, or officer. Rule 17a–7
requires funds to keep various records
in connection with purchase or sale
transactions effected in reliance on the
rule. The rule requires the fund’s board
of directors to establish procedures
reasonably designed to ensure that the
rule’s conditions have been satisfied.
The board is also required to determine,
at least on a quarterly basis, that all
affiliated transactions effected during
the preceding quarter in reliance on the
rule were made in compliance with
these established procedures. If a fund
enters into a purchase or sale
transaction with an affiliated person, the
rule requires the fund to compile and
maintain written records of the
transaction.1 The Commission’s
examination staff uses these records to
evaluate for compliance with the rule.
While most funds do not commonly
engage in transactions covered by rule
17a–7, the Commission staff estimates
that nearly all funds have adopted
procedures for complying with the
rule.2 Of the approximately 3,243
currently active funds, the staff
estimates that virtually all have already
adopted procedures for compliance with
rule 17a–7. This is a one-time burden,
and the staff therefore does not estimate
an ongoing burden related to the
policies and procedures requirement of
the rule for funds.3 The staff estimates
that there are approximately 97 new
funds that register each year, and that
each of these funds adopts the relevant
policies and procedures. The staff
estimates that it takes approximately 4
hours to develop and adopt these
policies and procedures. Therefore, the
1 The written records are required to set forth a
description of the security purchased or sold, the
identity of the person on the other side of the
transaction, and the information or materials upon
which the board of directors’ determination that the
transaction was in compliance with the procedures
was made.
2 Unless stated otherwise, these estimates are
based on conversations with the examination and
inspections staff of the Commission and fund
representatives.
3 Based on our reviews and conversations with
fund representatives, we understand that funds
rarely, if ever, need to make changes to these
policies and procedures once adopted, and
therefore we do not estimate a paperwork burden
for such updates.
E:\FR\FM\06SEN1.SGM
06SEN1
42206
Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices
asabaliauskas on DSKBBXCHB2PROD with NOTICES
total annual burden related to
developing and adopting these policies
and procedures would be approximately
388 hours.4
Of the 3,243 existing funds, the staff
assumes that approximately 25%, (or
811) enter into transactions affected by
rule 17a–7 each year (either by the fund
directly or through one of the fund’s
series), and that the same percentage
(25%, or 24 funds) of the estimated 97
funds that newly register each year will
also enter into these transactions, for a
total of 835 5 companies that are affected
by the recordkeeping requirements of
rule 17a–7. These funds must keep
records of each of these transactions,
and the board of directors must
quarterly determine that all relevant
transactions were made in compliance
with the company’s policies and
procedures. The rule generally imposes
a minimal burden of collecting and
storing records already generated for
other purposes.6 The staff estimates that
the burden related to making these
records and for the board to review all
transactions would be 3 hours annually
for each respondent, (2 hours spent by
compliance attorneys and 1 hour spent
by the board of directors) 7 or 2,505 total
hours each year.8
Based on these estimates, the staff
estimates the combined total annual
burden hours associated with rule 17a–
7 is 2,893 hours.9 The staff also
estimates that there are approximately
835 respondents and 6,680 total
responses.10
The estimates of burden hours are
made solely for the purposes of the
Paperwork Reduction Act, and are not
derived from a comprehensive or even
4 This estimate is based on the following
calculations: (4 hours × 97 new funds = 388 hours).
5 This estimate is based on the following
calculation: (811 + 24 = 835).
6 Commission staff believes that rule 17a–7 does
not impose any costs associated with record
preservation in addition to the costs that funds
already incur to comply with the record
preservation requirements of rule 31a–2 under the
Act. Rule 31a–2 requires companies to preserve
certain records for specified periods of time.
7 The staff estimates that funds that rely on rule
17a–7 annually enter into an average of 8 rule 17a–
7 transactions each year. The staff estimates that the
compliance attorneys of the companies spend
approximately 15 minutes per transaction on this
recordkeeping, and the board of directors spends a
total of 1 hour annually in determining that all
transactions made that year were done in
compliance with the company’s policies and
procedures.
8 This estimate is based on the following
calculation: (3 hours × 835 companies = 2,505
hours).
9 This estimate is based on the following
calculation: (388 hours + 2,505 hours = 2,893 total
hours).
10 This estimate is based on the following
calculations: 835 funds that engage in rule 17a–7
transactions × 8 transactions per year = 6,680.
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17:37 Sep 05, 2017
Jkt 241001
a representative survey or study of the
costs of Commission rules. The
collection of information required by
rule 17a–7 is necessary to obtain the
benefits of the rule. Responses 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 collections of information
are necessary for the proper
performance of the functions of the
Commission, including whether the
information has practical utility; (b) the
accuracy of the Commission’s estimate
of the burdens of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burdens of the collections
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: August 31, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–18857 Filed 9–5–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81496; File No. SR–
BatsEDGA–2017–22]
Self-Regulatory Organizations; Bats
EDGA Exchange, Inc.; Notice of Filing
of a Proposed Rule Change, as
Modified by Amendment No. 1, To
Harmonize the Corporate Governance
Framework With That of Chicago
Board Options Exchange, Incorporated
and C2 Options Exchange
Incorporated
August 30, 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 August
23, 2017, Bats EDGA Exchange, Inc.
(‘‘Exchange’’ or ‘‘EDGA’’) filed with the
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00151
Fmt 4703
Sfmt 4703
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. On August 25, 2017,
the Exchange filed Amendment No. 1 to
the proposed rule change. The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as modified by Amendment No.
1, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange filed a proposal to
amend and restate its certificate of
incorporation and bylaws, as well as
amend its Rules.
The text of the proposed rule change
is available at the Exchange’s Web site
at www.bats.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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
EDGA submits this rule filing to the
Securities and Exchange Commission
(the ‘‘Commission’’) in connection with
a corporate transaction (the
‘‘Transaction’’) involving, among other
things, the recent acquisition of EDGA
along with Bats BYX Exchange, Inc.
(‘‘Bats BYX’’), Bats BZX Exchange, Inc.
(‘‘Bats BZX’’) and Bats EDGX Exchange,
Inc. (‘‘Bats EDGX’’ and, together with
Bats BYX, Bats BZX, and Bats EDGA,
the ‘‘Bats Exchanges’’) by CBOE
Holdings, Inc. (‘‘CBOE Holdings’’).
CBOE Holdings is also the parent of
Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’) and C2 Options
Exchange, Incorporated (‘‘C2’’). This
filing proposes to amend and restate the
bylaws (and amend the rules,
accordingly) and the certificate of
incorporation of the Exchange based on
E:\FR\FM\06SEN1.SGM
06SEN1
]]>Agencies
[Federal Register Volume 82, Number 171 (Wednesday, September 6, 2017)]
[Notices]
[Pages 42205-42206]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-18857]
-----------------------------------------------------------------------
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 17a-7, SEC File No. 270-238, OMB Control No. 3235-0214.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collections
of information summarized below. The Commission plans to submit the
existing collection of information to the Office of Management and
Budget for extension and approval.
Rule 17a-7 (17 CFR 270.17a-7) (the ``rule'') under the Investment
Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (the ``Act'') is entitled
``Exemption of certain purchase or sale transactions between an
investment company and certain affiliated persons thereof.'' It
provides an exemption from section 17(a) of the Act for purchases and
sales of securities between registered investment companies
(``funds''), that are affiliated persons (``first-tier affiliates'') or
affiliated persons of affiliated persons (``second-tier affiliates''),
or between a fund and a first- or second-tier affiliate other than
another fund, when the affiliation arises solely because of a common
investment adviser, director, or officer. Rule 17a-7 requires funds to
keep various records in connection with purchase or sale transactions
effected in reliance on the rule. The rule requires the fund's board of
directors to establish procedures reasonably designed to ensure that
the rule's conditions have been satisfied. The board is also required
to determine, at least on a quarterly basis, that all affiliated
transactions effected during the preceding quarter in reliance on the
rule were made in compliance with these established procedures. If a
fund enters into a purchase or sale transaction with an affiliated
person, the rule requires the fund to compile and maintain written
records of the transaction.\1\ The Commission's examination staff uses
these records to evaluate for compliance with the rule.
---------------------------------------------------------------------------
\1\ The written records are required to set forth a description
of the security purchased or sold, the identity of the person on the
other side of the transaction, and the information or materials upon
which the board of directors' determination that the transaction was
in compliance with the procedures was made.
---------------------------------------------------------------------------
While most funds do not commonly engage in transactions covered by
rule 17a-7, the Commission staff estimates that nearly all funds have
adopted procedures for complying with the rule.\2\ Of the approximately
3,243 currently active funds, the staff estimates that virtually all
have already adopted procedures for compliance with rule 17a-7. This is
a one-time burden, and the staff therefore does not estimate an ongoing
burden related to the policies and procedures requirement of the rule
for funds.\3\ The staff estimates that there are approximately 97 new
funds that register each year, and that each of these funds adopts the
relevant policies and procedures. The staff estimates that it takes
approximately 4 hours to develop and adopt these policies and
procedures. Therefore, the
[[Page 42206]]
total annual burden related to developing and adopting these policies
and procedures would be approximately 388 hours.\4\
---------------------------------------------------------------------------
\2\ Unless stated otherwise, these estimates are based on
conversations with the examination and inspections staff of the
Commission and fund representatives.
\3\ Based on our reviews and conversations with fund
representatives, we understand that funds rarely, if ever, need to
make changes to these policies and procedures once adopted, and
therefore we do not estimate a paperwork burden for such updates.
\4\ This estimate is based on the following calculations: (4
hours x 97 new funds = 388 hours).
---------------------------------------------------------------------------
Of the 3,243 existing funds, the staff assumes that approximately
25%, (or 811) enter into transactions affected by rule 17a-7 each year
(either by the fund directly or through one of the fund's series), and
that the same percentage (25%, or 24 funds) of the estimated 97 funds
that newly register each year will also enter into these transactions,
for a total of 835 \5\ companies that are affected by the recordkeeping
requirements of rule 17a-7. These funds must keep records of each of
these transactions, and the board of directors must quarterly determine
that all relevant transactions were made in compliance with the
company's policies and procedures. The rule generally imposes a minimal
burden of collecting and storing records already generated for other
purposes.\6\ The staff estimates that the burden related to making
these records and for the board to review all transactions would be 3
hours annually for each respondent, (2 hours spent by compliance
attorneys and 1 hour spent by the board of directors) \7\ or 2,505
total hours each year.\8\
---------------------------------------------------------------------------
\5\ This estimate is based on the following calculation: (811 +
24 = 835).
\6\ Commission staff believes that rule 17a-7 does not impose
any costs associated with record preservation in addition to the
costs that funds already incur to comply with the record
preservation requirements of rule 31a-2 under the Act. Rule 31a-2
requires companies to preserve certain records for specified periods
of time.
\7\ The staff estimates that funds that rely on rule 17a-7
annually enter into an average of 8 rule 17a-7 transactions each
year. The staff estimates that the compliance attorneys of the
companies spend approximately 15 minutes per transaction on this
recordkeeping, and the board of directors spends a total of 1 hour
annually in determining that all transactions made that year were
done in compliance with the company's policies and procedures.
\8\ This estimate is based on the following calculation: (3
hours x 835 companies = 2,505 hours).
---------------------------------------------------------------------------
Based on these estimates, the staff estimates the combined total
annual burden hours associated with rule 17a-7 is 2,893 hours.\9\ The
staff also estimates that there are approximately 835 respondents and
6,680 total responses.\10\
---------------------------------------------------------------------------
\9\ This estimate is based on the following calculation: (388
hours + 2,505 hours = 2,893 total hours).
\10\ This estimate is based on the following calculations: 835
funds that engage in rule 17a-7 transactions x 8 transactions per
year = 6,680.
---------------------------------------------------------------------------
The estimates of burden hours are made solely for the purposes of
the Paperwork Reduction Act, and are not derived from a comprehensive
or even a representative survey or study of the costs of Commission
rules. The collection of information required by rule 17a-7 is
necessary to obtain the benefits of the rule. Responses 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 collections of
information are necessary for the proper performance of the functions
of the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission's estimate of the burdens
of the collections of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens of the collections 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: August 31, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-18857 Filed 9-5-17; 8:45 am]
BILLING CODE 8011-01-P
