Submission for OMB Review; Comment Request, 53545-53546 [2017-24752]

Download as PDF Federal Register / Vol. 82, No. 220 / Thursday, November 16, 2017 / Notices reference to Rule 1038, previously deleted from the rulebook.7 asabaliauskas on DSKBBXCHB2PROD with NOTICES 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,8 in general, and furthers the objectives of Section 6(b)(5) of the Act,9 in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by providing detailed procedures for cabinet trades without the participation of specialists. As noted above, specialists are no longer common on the trading floor. By adopting the proposed amendments to the cabinet rules detailed above, the Exchange will maintain the ability for market participants to close out positions in which the value of the contract is less than the value of the contract at the minimum increment. The proposed rule change will conform the description of procedures in Rule 1059 to actual current practice. The proposed rule change permits market participants to continue to execute cabinet trades on the Exchange, even without the participation of specialists. The changes to the priority in which cabinet rules are executed are necessary in view of the new procedures for execution of cabinet trades without the participation of a specialist. The proposed amendments promote just and equitable principles of trade by setting forth priority rules for trade executions, and by requiring use of Exchange designated cabinet transaction forms to record information and the submission of the forms to Nasdaq Market Operations staff for the clearance and reporting of the cabinet trades. The role of the specialist has changed on the Exchange, and specialists are no longer present in all options classes on the Exchange’s trading floor. The proposed rule change would maintain market participants’ ability to execute cabinet transactions on the Exchange’s trading floor, in an open manner and in compliance with new procedures specified in the revised rule. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not 7 No changes are proposed to be made to Rule 1059(b) or to the Commentary. 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(5). VerDate Sep<11>2014 16:52 Nov 15, 2017 Jkt 244001 necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change permits market participants to continue to execute cabinet trades on the Exchange, even without the participation of specialists. The proposed amendments will apply to all Floor Brokers equally and in the same way. Phlx notes that market participants may also execute cabinet transactions on other exchanges. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. 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 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)(iii) of the Act 10 and subparagraph (f)(6) of Rule 19b-4 thereunder.11 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 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 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. The Exchange has satisfied this requirement. 53545 • Send an email to rule-comments@ sec.gov. Please include File Number SR– Phlx–2017–87 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–Phlx–2017–87. 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 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx–2017–87 and should be submitted on or before December 7, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–24779 Filed 11–15–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 10 15 11 17 PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange 12 17 E:\FR\FM\16NON1.SGM CFR 200.30–3(a)(12). 16NON1 53546 Federal Register / Vol. 82, No. 220 / Thursday, November 16, 2017 / Notices Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736 asabaliauskas on DSKBBXCHB2PROD with NOTICES Extension: Rule 17f–2(d); SEC File No. 270–36, OMB Control No. 3235–0028 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 17f–2(d) (17 CFR 240.17f–2(d)), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 17f–2(d) requires that records created pursuant to the fingerprinting requirements of Section 17(f)(2) of the Act be maintained and preserved by every member of a national securities exchange, broker, dealer, registered transfer agent and registered clearing agency (‘‘covered entities’’ or ‘‘respondents’’); permits, under certain circumstances, the records required to be maintained and preserved by a member of a national securities exchange, broker, or dealer to be maintained and preserved by a selfregulatory organization that is also the designated examining authority for that member, broker or dealer; and permits the required records to be preserved on microfilm. The general purpose of Rule 17f–2 is to: (i) Identify security risk personnel; (ii) provide criminal record information so that employers can make fully informed employment decisions; and (iii) deter persons with criminal records from seeking employment or association with covered entities. The rule enables the Commission or other examining authority to ascertain whether all covered persons are being fingerprinted and whether proper procedures regarding fingerprinting are being followed. Retention of these records for a period of not less than three years after termination of a covered person’s employment or relationship with a covered entity ensures that law enforcement officials will have easy access to fingerprint cards on a timely basis. This in turn acts as an effective deterrent to employee misconduct. Approximately 4,200 respondents are subject to the recordkeeping requirements of the rule. Each respondent maintains approximately 68 new records per year, each of which takes approximately 2 minutes per record to maintain, for an annual burden of approximately 2.2666667 hours (68 records times 2 minutes). The VerDate Sep<11>2014 16:52 Nov 15, 2017 Jkt 244001 total annual burden for all respondents is approximately 9,520 (4,200 respondents times 2.2666667 hours). As noted above, all records maintained subject to the rule must be retained for a period of not less than three years after termination of a covered person’s employment or relationship with a covered entity. In addition, we estimate the total cost to respondents is approximately $42,000 in third party storage costs. 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. The public may view background documentation for this information collection at the following Web site: www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or by sending an email to: PRA_ Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: November 9, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–24752 Filed 11–15–17; 8:45 am] BILLING CODE P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; 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 19a–1; SEC File No. 270–240, OMB Control No. 3235–0216 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 Section 19(a) (15 U.S.C. 80a–19(a)) of the Investment Company Act of 1940 (the ‘‘Act’’) 1 makes it unlawful for any registered investment company to pay any dividend or similar distribution from any source other than the company’s net income, unless the payment is accompanied by a written statement to the company’s shareholders which adequately discloses the sources of the payment. Section 19(a) authorizes the Commission to prescribe the form of such statement by rule. Rule 19a–1 (17 CFR 270.19a–1) under the Act, entitled ‘‘Written Statement to Accompany Dividend Payments by Management Companies,’’ sets forth specific requirements for the information that must be included in statements made pursuant to section 19(a) by or on behalf of management companies.2 The rule requires that the statement indicate what portions of distribution payments are made from net income, net profits from the sale of a security or other property (‘‘capital gains’’) and paid-in capital. When any part of the payment is made from capital gains, rule 19a–1 also requires that the statement disclose certain other information relating to the appreciation or depreciation of portfolio securities. If an estimated portion is subsequently determined to be significantly inaccurate, a correction must be made on a statement made pursuant to section 19(a) or in the first report to shareholders following the discovery of the inaccuracy. The purpose of rule 19a–1 is to afford fund shareholders adequate disclosure of the sources from which distribution payments are made. The rule is intended to prevent shareholders from confusing income dividends with distributions made from capital sources. Absent rule 19a–1, shareholders might receive a false impression of fund gains. Based on a review of filings made with the Commission, the staff estimates that approximately 11,818 series of registered investment companies that are management companies may be subject to rule 19a–1 each year,3 and 1 15 U.S.C. 80a. 4(3) of the Act (15 U.S. C. 80a–4(3)) defines ‘‘management company’’ as ‘‘any investment company other than a face amount certificate company or a unit investment trust.’’ 3 This estimate is based on statistics compiled by Commission staff as of April 30, 2017. The number of management investment company portfolios that make distributions for which compliance with rule 19a–1 is required depends on a wide range of factors and can vary greatly across years. Therefore, the calculation of estimated burden hours is based on the total number of management investment company portfolios, each of which may be subject to rule 19a–1. 2 Section E:\FR\FM\16NON1.SGM 16NON1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 82, Number 220 (Thursday, November 16, 2017)]
[Notices]
[Pages 53545-53546]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24752]


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

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange

[[Page 53546]]

Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736

Extension:
    Rule 17f-2(d); SEC File No. 270-36, OMB Control No. 3235-0028

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rule 17f-
2(d) (17 CFR 240.17f-2(d)), under the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.).
    Rule 17f-2(d) requires that records created pursuant to the 
fingerprinting requirements of Section 17(f)(2) of the Act be 
maintained and preserved by every member of a national securities 
exchange, broker, dealer, registered transfer agent and registered 
clearing agency (``covered entities'' or ``respondents''); permits, 
under certain circumstances, the records required to be maintained and 
preserved by a member of a national securities exchange, broker, or 
dealer to be maintained and preserved by a self-regulatory organization 
that is also the designated examining authority for that member, broker 
or dealer; and permits the required records to be preserved on 
microfilm. The general purpose of Rule 17f-2 is to: (i) Identify 
security risk personnel; (ii) provide criminal record information so 
that employers can make fully informed employment decisions; and (iii) 
deter persons with criminal records from seeking employment or 
association with covered entities. The rule enables the Commission or 
other examining authority to ascertain whether all covered persons are 
being fingerprinted and whether proper procedures regarding 
fingerprinting are being followed. Retention of these records for a 
period of not less than three years after termination of a covered 
person's employment or relationship with a covered entity ensures that 
law enforcement officials will have easy access to fingerprint cards on 
a timely basis. This in turn acts as an effective deterrent to employee 
misconduct.
    Approximately 4,200 respondents are subject to the recordkeeping 
requirements of the rule. Each respondent maintains approximately 68 
new records per year, each of which takes approximately 2 minutes per 
record to maintain, for an annual burden of approximately 2.2666667 
hours (68 records times 2 minutes). The total annual burden for all 
respondents is approximately 9,520 (4,200 respondents times 2.2666667 
hours). As noted above, all records maintained subject to the rule must 
be retained for a period of not less than three years after termination 
of a covered person's employment or relationship with a covered entity. 
In addition, we estimate the total cost to respondents is approximately 
$42,000 in third party storage costs.
    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.
    The public may view background documentation for this information 
collection at the following Web site: www.reginfo.gov. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
Shagufta_Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or by sending an 
email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: November 9, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24752 Filed 11-15-17; 8:45 am]
 BILLING CODE P

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