Proposed Collection; Comment Request, 2275-2276 [2018-00494]

Download as PDF Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices daltland on DSKBBV9HB2PROD with NOTICES parameters and assumptions, by a qualified person who is free from influence from the persons responsible for the development or operation of the models being validated. As noted above, the proposed Policy provides that OCC’s model validation staff reviews each Risk Model in OCC’s inventory, including margin models, at least annually and such staff is removed from the primary development path of a model to preserve its ability to provide an independent assessment. Finally, Rule 17Ad–22(b)(2) 26 requires, in part, that a registered clearing agency establish, implement, maintain and enforce written policies and procedures reasonably designed to use risk-based models and parameters to set margin requirements. OCC believes that the proposed Policy would provide for clear identification of its risk-based models and thereby promote compliance with the requirement in Rule 17Ad–22(b)(2) 27 that OCC’s policies and procedures be reasonably designed to use risk-based models and parameters to set margin requirements. The proposed rule change is not inconsistent with the existing rules of OCC, including any other rules proposed to be amended. (B) Clearing Agency’s Statement on Burden on Competition Section 17A(b)(3)(I) of the Act 28 requires that the rules of a clearing agency not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. OCC does not believe that the proposed rule change would impact or impose any burden on competition. The proposed rule change addresses OCC’s internal framework surrounding the governance, development, implementation, use, monitoring, and validation of Risk Models. Under this framework, OCC’s controls regarding the design, use, implementation and validation of models, as set forth in the proposed Policy, insofar as they affect margin or Clearing Fund requirements, would have an equal impact on all Clearing Members. Consequently, the proposed Policy does not provide any Clearing Member with a competitive advantage over any other Clearing Member. Further, the proposed rule change would not affect any Clearing Member’s access to OCC’s services or impose any direct burdens on Clearing Members. Accordingly, the proposed rule change would not unfairly inhibit access to 26 17 CFR 240.17Ad–22(b)(2). 27 Id. 28 15 U.S.C. 78q–1(b)(3)(I). VerDate Sep<11>2014 22:48 Jan 12, 2018 Jkt 244001 OCC’s services or disadvantage or favor any particular user in relationship to another user. For the foregoing reasons, OCC believes that the proposed rule change is in the public interest, would be consistent with the requirements of the Act applicable to clearing agencies, and would not impact or impose a burden on competition. (C) Clearing Agency’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments on the proposed rule change were not and are not intended to be solicited with respect to the proposed rule change and none have been received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be 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– OCC–2017–011 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–OCC–2017–011. 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 PO 00000 Frm 00145 Fmt 4703 Sfmt 4703 2275 internet website (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 website 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 such filing also will be available for inspection and copying at the principal office of OCC and on OCC’s website at https://www.theocc.com/components/ docs/legal/rules_and_bylaws/sr_occ_17_ 011.pdf. 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–OCC–2017–011 and should be submitted on or before February 6, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.29 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–00530 Filed 1–12–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–135, OMB Control No. 3235–0176] 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: Rules 8b–1 to 8b–33 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 29 17 E:\FR\FM\16JAN1.SGM CFR 200.30–3(a)(12). 16JAN1 2276 Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 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. Rules 8b–1 to 8b–33 (17 CFR 270.8b– 1 to 8b–33) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘Investment Company Act’’) set forth the procedures for preparing and filing a registration statement under the Investment Company Act. These procedures are intended to facilitate the registration process. These rules generally do not require respondents to report information.1 The Commission believes that it is appropriate to estimate the total respondent burden associated with preparing each registration statement form rather than attempt to isolate the impact of the procedural instructions under Section 8(b) of the Investment Company Act, which impose burdens only in the context of the preparation of the various registration statement forms. Accordingly, the Commission is not submitting a separate burden estimate for rules 8b–1 through 8b–33, but instead will include the burden for these rules in its estimates of burden for each of the registration forms under the Investment Company Act. The Commission is, however, submitting an hourly burden estimate of one hour for administrative purposes. The collection of information under rules 8b–1 to 8b–33 is mandatory. The information provided under rules 8b–1 to 8b–33 is not 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 daltland on DSKBBV9HB2PROD with NOTICES 1 Although the rules under Section 8(b) of the Investment Company Act are generally procedural in nature, two of the rules require respondents to disclose some limited information. Rule 8b–3 (17 CFR 270.8b–3) provides that whenever a registration form requires the title of securities to be stated, the registrant must indicate the type and general character of the securities to be issued. Rule 8b–22 (17 CFR 270.8b–22) provides that if the existence of control is open to reasonable doubt, the registrant may disclaim the existence of control, but it must state the material facts pertinent to the possible existence of control. The information required by both of these rules is necessary to insure that investors have clear and complete information upon which to base an investment decision. VerDate Sep<11>2014 22:48 Jan 12, 2018 Jkt 244001 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: January 9, 2018. Eduardo A. Aleman, Assistant Secretary. 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 I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change 1. Purpose The Exchange proposes to amend a cross-reference in Rule 1017, entitled ‘‘Openings in Options.’’ Specifically, the Exchange proposes to amend 1017(h) which currently states, ‘‘In addition, paragraphs (i)(iii) and (j)(5)–(7) below contain additional provisions related to Potential Opening Price.’’ The first citation is incomplete and contains a non-existent reference. The Exchange proposes to amend the sentence to state, ‘‘In addition, paragraphs (i)(A)(iii) and (j)(5)–(7) below contain additional provisions related to Potential Opening Price.’’ The reference is to the phrase, ‘‘The Exchange will open the option series for trading with a trade on Exchange interest only at the Opening Price, if any of these conditions occur where there is no ABBO, the Potential Opening Price is at or within the PreMarket BBO which is also a Quality Opening Market.’’ The reference was intended to act as a roadmap within the rule to direct the reader to the possible outcomes in the Opening Process. The Exchange believes that this nonsubstantive rule change will bring greater clarity to the rule text by providing the intended guidance concerning the manner in which the Exchange could calculate the Potential Opening Price. The Exchange proposes to amend a cross-reference in Rule 1017, entitled ‘‘Openings in Options.’’ The text of the proposed rule change is available on the Exchange’s website at https://nasdaqphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission’s Public Reference Room. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,3 in general, and furthers the objectives of Section 6(b)(5) of the Act,4 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 [FR Doc. 2018–00494 Filed 1–12–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–82470; File No. SR–Phlx– 2018–05] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend a CrossReference in Rule 1017 (Openings in Options) January 9, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on January 5, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the 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. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00146 Fmt 4703 3 15 4 15 Sfmt 4703 E:\FR\FM\16JAN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 16JAN1

Agencies

[Federal Register Volume 83, Number 10 (Tuesday, January 16, 2018)]
[Notices]
[Pages 2275-2276]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-00494]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-135, OMB Control No. 3235-0176]


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:
    Rules 8b-1 to 8b-33

    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

[[Page 2276]]

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.
    Rules 8b-1 to 8b-33 (17 CFR 270.8b-1 to 8b-33) under the Investment 
Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company 
Act'') set forth the procedures for preparing and filing a registration 
statement under the Investment Company Act. These procedures are 
intended to facilitate the registration process. These rules generally 
do not require respondents to report information.\1\
---------------------------------------------------------------------------

    \1\ Although the rules under Section 8(b) of the Investment 
Company Act are generally procedural in nature, two of the rules 
require respondents to disclose some limited information. Rule 8b-3 
(17 CFR 270.8b-3) provides that whenever a registration form 
requires the title of securities to be stated, the registrant must 
indicate the type and general character of the securities to be 
issued. Rule 8b-22 (17 CFR 270.8b-22) provides that if the existence 
of control is open to reasonable doubt, the registrant may disclaim 
the existence of control, but it must state the material facts 
pertinent to the possible existence of control. The information 
required by both of these rules is necessary to insure that 
investors have clear and complete information upon which to base an 
investment decision.
---------------------------------------------------------------------------

    The Commission believes that it is appropriate to estimate the 
total respondent burden associated with preparing each registration 
statement form rather than attempt to isolate the impact of the 
procedural instructions under Section 8(b) of the Investment Company 
Act, which impose burdens only in the context of the preparation of the 
various registration statement forms. Accordingly, the Commission is 
not submitting a separate burden estimate for rules 8b-1 through 8b-33, 
but instead will include the burden for these rules in its estimates of 
burden for each of the registration forms under the Investment Company 
Act. The Commission is, however, submitting an hourly burden estimate 
of one hour for administrative purposes.
    The collection of information under rules 8b-1 to 8b-33 is 
mandatory. The information provided under rules 8b-1 to 8b-33 is not 
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: [email protected].

    Dated: January 9, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00494 Filed 1-12-18; 8:45 am]
 BILLING CODE 8011-01-P
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