Proposed Collection; Comment Request, 42167-42168 [2017-18858]

Download as PDF Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices 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 will also 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 No. SR–BatsEDGX– 2017–35 and should be submitted on or before September 27, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.65 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–18797 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. asabaliauskas on DSKBBXCHB2PROD with NOTICES Extension: Form N–PX, SEC File No. 270–524, OMB Control No. 3235–0582. 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. Rule 30b1–4 (17 CFR 270.30b1–4) under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) requires every registered management investment company, other than a small business investment company registered on Form N–5 (‘‘funds’’), to file a report on Form N–PX not later than August 31 65 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:37 Sep 05, 2017 Jkt 241001 of each year. Funds use Form N–PX to file annual reports with the Commission containing their complete proxy voting record for the most recent twelve-month period ended June 30. The Commission estimates that there are approximately 2,376 funds registered with the Commission, representing approximately 11,818 fund portfolios that are required to file Form N–PX reports. The 11,818 portfolios are comprised of approximately 7,111 portfolios holding equity securities, 3,249 portfolios holding no equity securities, and 1,458 portfolios holding fund securities (i.e., fund of funds).1 The currently approved burden of Form N– PX for portfolios holding equity securities is 7.2 hours per response, the current burden estimate for funds holding no equity securities is 0.17 hours (10 minutes) per response, and the current burden estimate for fund of funds is 1 hour per response. Therefore, the number of aggregate burden hours, when calculated using the current number of portfolios, is approximately 53,210 hours.2 We continue to believe that these estimates for Form N–PX’s current burden are appropriate. Based on the Commission’s estimate of 53,210 burden hours and an estimated wage rate of approximately $345 per hour,3 the total cost to reporting persons of the hour burden for filing Form N–PX is approximately $18.44 million.4 The estimated cost burden of Form N– PX is $1,000 in external costs per portfolio holding equity securities that is paid to third-party service providers. External costs for portfolios holding no equity securities have previously been 1 The estimate of 2,376 funds is based on the number of management investment companies currently registered with the Commission. The Commission staff estimates that there are approximately 6,385 portfolios that invest primarily in equity securities, 726 ‘‘hybrid’’ or bond portfolios that may hold some equity securities, 2,831 bond portfolios that hold no equity securities, and 418 money market fund portfolios, and 1,458 fund of funds, for a total of 11,818 portfolios required to file Form N–PX reports. The staff has based its portfolio estimates on a number of publications. See Investment Company Institute, Trends in Mutual Fund Investing (April 2017); Investment Company Institute, Closed-End Fund Assets and Net Issuance (First Quarter 2017); Investment Company Institute, ETF Assets and Net Issuance (April 2017). 2 (7,111 portfolios that hold equity securities × 7.2 hours per year) + (3,249 portfolios holding no equity securities × 0.17 hours per year) + (1,458 portfolios holding fund securities x 1 hour per year) = 53,210 hours. 3 The hourly wage figure for a compliance attorney is from the Securities Industry and Financial Markets Association’s Management & Professional Salaries in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour work-year and inflation and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. 4 53,210 hours × $345 per hour = $18,357,288. PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 42167 estimated to be zero because portfolios holding no equity securities generally have no proxy votes to report and therefore do not require third-party service providers to assist with proxy voting and preparing reports on Form N–PX. The estimated cost burden of Form N–PX for fund of funds is estimated to be $100 per portfolio because fund of funds generally either have no proxy votes to report; or if proxy votes are reported, they are generally limited in the number of securities and the number of voting matters relative to portfolios holding equity securities. Therefore, the aggregate cost burden, when calculated using the current number of portfolios, is approximately $7.3 million in external costs.5 We continue to believe that these estimates for Form N–PX’s current cost burden are appropriate. Estimates of average burden hours and costs are made solely for the purposes of the Paperwork Reduction Act and are not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. Compliance with the collection of information requirements of Form N–PX is mandatory. Responses to the collection of information 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 collection of information is 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 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. 5 (7,111 portfolios holding equity securities × $1,000 per year) + (3,249 portfolios holding no equity securities × $0 per year) + (1,458 fund of funds × $100) = $7,256,800. E:\FR\FM\06SEN1.SGM 06SEN1 42168 Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices Dated: August 31, 2017. Eduardo A. Aleman, Assistant Secretary. asabaliauskas on DSKBBXCHB2PROD with NOTICES Regulatory Authority, Inc. (‘‘FINRA’’); International Securities Exchange, LLC (‘‘ISE’’); Investors Exchange LLC (‘‘IEX’’); Miami International Securities [FR Doc. 2017–18858 Filed 9–5–17; 8:45 am] Exchange LLC (‘‘MIAX’’); MIAX PEARL, BILLING CODE 8011–01–P LLC (‘‘PEARL’’); NYSE Arca, Inc. (‘‘NYSE Arca’’); and NYSE MKT LLC SECURITIES AND EXCHANGE (‘‘NYSE MKT’’) (n/k/a NYSE American COMMISSION LLC) 1 filed with the Securities and Exchange Commission (‘‘Commission’’), [Release No. 34–81499; File Nos. SR– BatsBZX–2017–37; SR–BatsEDGX–2017–23; pursuant to Section 19(b)(1) of the SR–BOX–2017–17; SR–C2–2017–018; SR– Securities Exchange Act of 1934 CBOE–2017–041; SR–FINRA–2017–013; (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 SR–ISE–2017–46; SR–IEX–2017–18; SR– proposed rule changes to eliminate or MIAX–2017–20; SR–PEARL–2017–23; SR– NASDAQ–2017–055; SR–BX–2017–027; SR– modify certain rules that require the collection or reporting of information Phlx–2017–43; SR–NYSE–2017–23; SR– NYSEArca–2017–57; SR–NYSEArca–2017– that is duplicative of the information 59; SR–NYSEMKT–2017–29; SR–NYSEMKT– that will be collected by the 2017–30] Consolidated Audit Trail (‘‘CAT’’) established pursuant to the National Self-Regulatory Organizations; Bats Market System Plan contemplated by BZX Exchange, Inc.; Bats EDGX Rule 613 of Regulation NMS.4 On May Exchange, Inc.; BOX Options 22, 2017, the New York Stock Exchange Exchange LLC; C2 Options Exchange, LLC (‘‘NYSE’’) filed with the Incorporated; Chicago Board Options Commission a proposed rule change for Exchange, Incorporated; Financial the same purpose, and each of NYSE Industry Regulatory Authority, Inc.; Arca 5 and NYSE MKT filed an International Securities Exchange, LLC; Investors Exchange LLC; Miami additional proposed rule change for the International Securities Exchange LLC; same purpose. On May 26, 2017, the MIAX PEARL, LLC; The NASDAQ Stock NASDAQ Stock Market LLC Market LLC; NASDAQ BX, Inc.; (‘‘NASDAQ’’) and NASDAQ PHLX LLC NASDAQ PHLX LLC; New York Stock (‘‘Phlx’’) filed with the Commission Exchange LLC; NYSE Arca, Inc.; NYSE proposed rule changes for the same MKT LLC; Notice of Filing of purpose.6 On May 30, 2017, NASDAQ Amendment No. 1 by Bats BZX BX, Inc. (‘‘BX’’) filed with the Exchange, Inc.; Bats EDGX Exchange, Commission a proposed rule change for Inc.; BOX Options Exchange LLC; C2 the same purpose.7 In this notice and Options Exchange, Incorporated; order, all of these proposed rule changes Chicago Board Options Exchange, are referred to collectively as the Incorporated; Financial Industry ‘‘Systems Retirement Proposals.’’ Bats Regulatory Authority, Inc.; Investors BZX, Bats EDGX, BOX, BX, C2, CBOE, Exchange LLC; New York Stock Exchange LLC; NYSE Arca, Inc.; NYSE ISE, IEX, MIAX, PEARL, NASDAQ, NYSE, NYSE Arca, NYSE MKT, and MKT LLC, of Amendment Nos. 1 and 2 Phlx are collectively referred to as the by International Securities Exchange, LLC; The NASDAQ Stock Market LLC; 1 See Securities Exchange Act Release No. 80283 NASDAQ BX, Inc.; and NASDAQ PHLX (March 21, 2017), 82 FR 15244 (March 27, 2017) LLC, of Amendment No. 2 by MIAX (SR–NYSEMKT–2017–14). The name change was PEARL, LLC, and of Amendment No. 3 not yet effective when NYSE MKT filed SR– NYSEMKT–2017–29 and SR–NYSEMKT–2017–30. by Miami International Securities 2 15 U.S.C. 78s(b)(1). Exchange LLC; Order Instituting 3 17 CFR 240.19b–4. Proceedings To Determine Whether To 4 17 CFR 242.613. Approve or Disapprove the Proposed 5 Effective August 17, 2017, NYSE Arca amended, Rule Changes, as Modified by among other things, certain rules of the Exchange Amendments Thereto, To Eliminate to create a single rulebook. See Securities Exchange Requirements That Will Be Duplicative Act Release No. 81419 (August 17, 2017) (SR– NYSEArca–2017–40) (the ‘‘Arca Merger Filing’’). of CAT August 30, 2017. I. Introduction On May 15, 2017, Bats BZX Exchange, Inc. (‘‘Bats BZX’’); Bats EDGX Exchange, Inc. (‘‘Bats EDGX’’); BOX Options Exchange LLC (‘‘BOX’’); C2 Options Exchange, Incorporated (‘‘C2’’); Chicago Board Options Exchange, Incorporated (‘‘CBOE’’); Financial Industry VerDate Sep<11>2014 17:37 Sep 05, 2017 Jkt 241001 NYSE Arca rule text references in this notice and order reflect rule numbering changes as a result of the Arca Merger Filing. 6 Nasdaq and Phlx initially filed proposed rule changes on May 15, 2017 (SR–NASDAQ–2017–050 and SR–PHLX–2017–38). On May 26, 2017, Nasdaq and Phlx withdrew these filings and submitted new proposed rule changes (SR–NASDAQ–2017–055 and SR–PHLX–2017–43). 7 BX initially filed a proposed rule change on May 15, 2017 (SR–BX–2017–025). On May 30, 2017, BX withdrew that initial filing and submitted a new proposed rule change (SR–BX–2017–027). PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 ‘‘Exchanges,’’ and, together with FINRA, are referred to as the ‘‘SROs.’’ On June 1, 2017, the proposed rule changes submitted by Bats BZX, Bats EDGX, BOX, C2, CBOE, FINRA, IEX, ISE, MIAX, and PEARL; both proposed rule changes submitted by NYSE MKT; and one of the proposed rule changes submitted by NYSE Arca were published for comment in the Federal Register.8 On June 2, 2017, the proposed rule change submitted by NYSE and the other proposed rule change submitted by NYSE Arca were published for comment in the Federal Register.9 On June 5, 2017, the proposed rule changes submitted by NASDAQ, BX, and Phlx were published for comment in the Federal Register.10 Four comments were submitted to File Number SR–FINRA–2017–013.11 On June 22, 2017, each of NASDAQ, BX, ISE, and Phlx filed an amendment 8 See Securities Exchange Act Release No. 80796 (May 26, 2017), 82 FR 25374 (SR–BatsBZX–2017– 37) (‘‘Bats BZX Notice’’); Securities Exchange Act Release No. 80795 (May 26, 2017), 82 FR 25358 (SR–BatsEDGX–2017–23) (‘‘Bats EDGX Notice’’); Securities Exchange Act Release No. 80789 (May 26, 2017), 82 FR 25492 (SR–BOX–2017–17) (‘‘BOX Notice’’); Securities Exchange Act Release No. 80798 (May 26, 2017), 82 FR 25385 (SR–C2–2017– 018) (‘‘C2 Notice’’); Securities Exchange Act Release No. 80797 (May 26, 2017), 82 FR 25429 (SR–CBOE– 2017–041) (‘‘CBOE Notice’’); Securities Exchange Act Release No. 80783 (May 26, 2017), 82 FR 25423 (SR–FINRA–2017–013) (‘‘FINRA Notice’’); Securities Exchange Act Release No. 80788 (May 26, 2017), 82 FR 25400 (SR–IEX–2017–18) (‘‘IEX Notice’’); Securities Exchange Act Release No. 80787 (May 26, 2017), 82 FR 25469 (SR–ISE–2017– 46) (‘‘ISE Notice’’); Securities Exchange Act Release No. 80790 (May 26, 2017), 82 FR 25366 (SR–MIAX– 2017–20) (‘‘MIAX Notice’’); Securities Exchange Act Release No. 80792 (May 26, 2017), 82 FR 25436 (SR–PEARL–2017–23) (‘‘PEARL Notice’’); Securities Exchange Act Release No. 80791 (May 26, 2017), 82 FR 25362 (SR–NYSEArca–2017–59) (‘‘NYSE Arca Notice 1’’); Securities Exchange Act Release No. 80793 (May 26, 2017), 82 FR 25443 (SR– NYSEMKT–2017–29) (‘‘NYSE MKT Notice 1’’); Securities Exchange Act Release No. 80794 (May 26, 2017), 82 FR 25439 (SR–NYSEMKT–2017–30) (‘‘NYSE MKT Notice 2’’). 9 See Securities Exchange Act Release No. 80799 (May 26, 2017), 82 FR 25635 (SR–NYSE–2017–23) (‘‘NYSE Notice’’); Securities Exchange Act Release No. 80800 (May 26, 2017), 82 FR 25639 (SR– NYSEArca–2017–57) (‘‘NYSE Arca Notice 2’’). 10 See Securities Exchange Act Release No. 80813 (May 30, 2017), 82 FR 25820 (SR–NASDAQ–2017– 055) (‘‘NASDAQ Notice’’); Securities Exchange Act Release No. 80814 (May 30, 2017), 82 FR 25872 (SR–BX–2017–027) (‘‘BX Notice’’); Securities Exchange Act Release No. 80811 (May 30, 2017), 82 FR 25863 (SR–Phlx–2017–43) (‘‘Phlx Notice’’). 11 See letters from William H. Herbert, Managing Director, Financial Information Forum, dated June 22, 2017 (‘‘FIF Letter’’); Manisha Kimmel, Chief Regulatory Officer, Wealth Management, Thomson Reuters, dated June 22, 2017 (‘‘Thomson Reuters Letter’’); Marc R. Bryant, Senior Vice President, Deputy General Counsel, Fidelity Investments, dated June 22, 2017 (‘‘Fidelity Letter’’); and Ellen Greene, Managing Director and Theodore R. Lazo, Managing Director and Associate General Counsel, SIFMA, dated June 23, 2017 (‘‘SIFMA Letter’’). E:\FR\FM\06SEN1.SGM 06SEN1

Agencies

[Federal Register Volume 82, Number 171 (Wednesday, September 6, 2017)]
[Notices]
[Pages 42167-42168]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-18858]


-----------------------------------------------------------------------

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 N-PX, SEC File No. 270-524, OMB Control No. 3235-0582.

    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.
    Rule 30b1-4 (17 CFR 270.30b1-4) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) requires every registered management 
investment company, other than a small business investment company 
registered on Form N-5 (``funds''), to file a report on Form N-PX not 
later than August 31 of each year. Funds use Form N-PX to file annual 
reports with the Commission containing their complete proxy voting 
record for the most recent twelve-month period ended June 30.
    The Commission estimates that there are approximately 2,376 funds 
registered with the Commission, representing approximately 11,818 fund 
portfolios that are required to file Form N-PX reports. The 11,818 
portfolios are comprised of approximately 7,111 portfolios holding 
equity securities, 3,249 portfolios holding no equity securities, and 
1,458 portfolios holding fund securities (i.e., fund of funds).\1\ The 
currently approved burden of Form N-PX for portfolios holding equity 
securities is 7.2 hours per response, the current burden estimate for 
funds holding no equity securities is 0.17 hours (10 minutes) per 
response, and the current burden estimate for fund of funds is 1 hour 
per response. Therefore, the number of aggregate burden hours, when 
calculated using the current number of portfolios, is approximately 
53,210 hours.\2\ We continue to believe that these estimates for Form 
N-PX's current burden are appropriate. Based on the Commission's 
estimate of 53,210 burden hours and an estimated wage rate of 
approximately $345 per hour,\3\ the total cost to reporting persons of 
the hour burden for filing Form N-PX is approximately $18.44 
million.\4\
---------------------------------------------------------------------------

    \1\ The estimate of 2,376 funds is based on the number of 
management investment companies currently registered with the 
Commission. The Commission staff estimates that there are 
approximately 6,385 portfolios that invest primarily in equity 
securities, 726 ``hybrid'' or bond portfolios that may hold some 
equity securities, 2,831 bond portfolios that hold no equity 
securities, and 418 money market fund portfolios, and 1,458 fund of 
funds, for a total of 11,818 portfolios required to file Form N-PX 
reports. The staff has based its portfolio estimates on a number of 
publications. See Investment Company Institute, Trends in Mutual 
Fund Investing (April 2017); Investment Company Institute, Closed-
End Fund Assets and Net Issuance (First Quarter 2017); Investment 
Company Institute, ETF Assets and Net Issuance (April 2017).
    \2\ (7,111 portfolios that hold equity securities x 7.2 hours 
per year) + (3,249 portfolios holding no equity securities x 0.17 
hours per year) + (1,458 portfolios holding fund securities x 1 hour 
per year) = 53,210 hours.
    \3\ The hourly wage figure for a compliance attorney is from the 
Securities Industry and Financial Markets Association's Management & 
Professional Salaries in the Securities Industry 2013, modified by 
Commission staff to account for an 1800-hour work-year and inflation 
and multiplied by 5.35 to account for bonuses, firm size, employee 
benefits and overhead.
    \4\ 53,210 hours x $345 per hour = $18,357,288.
---------------------------------------------------------------------------

    The estimated cost burden of Form N-PX is $1,000 in external costs 
per portfolio holding equity securities that is paid to third-party 
service providers. External costs for portfolios holding no equity 
securities have previously been estimated to be zero because portfolios 
holding no equity securities generally have no proxy votes to report 
and therefore do not require third-party service providers to assist 
with proxy voting and preparing reports on Form N-PX. The estimated 
cost burden of Form N-PX for fund of funds is estimated to be $100 per 
portfolio because fund of funds generally either have no proxy votes to 
report; or if proxy votes are reported, they are generally limited in 
the number of securities and the number of voting matters relative to 
portfolios holding equity securities. Therefore, the aggregate cost 
burden, when calculated using the current number of portfolios, is 
approximately $7.3 million in external costs.\5\ We continue to believe 
that these estimates for Form N-PX's current cost burden are 
appropriate.
---------------------------------------------------------------------------

    \5\ (7,111 portfolios holding equity securities x $1,000 per 
year) + (3,249 portfolios holding no equity securities x $0 per 
year) + (1,458 fund of funds x $100) = $7,256,800.
---------------------------------------------------------------------------

    Estimates of average burden hours and costs are made solely for the 
purposes of the Paperwork Reduction Act and are not derived from a 
comprehensive or even representative survey or study of the costs of 
Commission rules and forms. Compliance with the collection of 
information requirements of Form N-PX is mandatory. Responses to the 
collection of information 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 collection of 
information is 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 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.


[[Page 42168]]


    Dated: August 31, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-18858 Filed 9-5-17; 8:45 am]
 BILLING CODE 8011-01-P
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