Proposed Collection; Comment Request, 13170-13171 [2018-06122]

Download as PDF 13170 Federal Register / Vol. 83, No. 59 / Tuesday, March 27, 2018 / Notices of the purposes of the Act. The proposed rule change is not intended to address competitive issues but rather to reduce the paperwork received by the Commission, ease the burden of submitting the Quarterly and Annual Reports, and provide greater clarity in the Exchange’s rules, without changing the information available to the Commission. 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. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 10 15 U.S.C. 78s(b)(3)(A)(iii). 11 17 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. 12 15 U.S.C. 78s(b)(2)(B). amozie on DSK30RV082PROD with NOTICES 9 17 VerDate Sep<11>2014 18:07 Mar 26, 2018 Jkt 244001 SECURITIES AND EXCHANGE COMMISSION Electronic Comments Proposed Collection; Comment Request • 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– BX–2018–010 on the subject line. Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Paper Comments III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 8 and Rule 19b–4(f)(6) thereunder.9 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 such 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 under Section 19(b)(2)(B) 12 of the Act to determine whether the proposed rule change should be approved or disapproved. 8 15 change is consistent with the Act. Comments may be submitted by any of the following methods: • 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–BX–2018–010. 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 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 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–BX–2018–010 and should be submitted on or before April 17, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–06098 Filed 3–26–18; 8:45 am] BILLING CODE 8011–01–P 13 17 PO 00000 CFR 200.30–3(a)(12). Frm 00052 Fmt 4703 Sfmt 4703 Extension: Rule 10A–1, SEC File No. 270–425, OMB Control No. 3235–0468 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. Rule 10A–1 (17 CFR 240.10A–1) implements the reporting requirements in Section 10A of the Exchange Act (15 U.S.C. 78j–1) which was enacted by Congress on December 22, 1995 as part of the Private Securities Litigation Reform Act of 1995, Public Law 104–67, 109 Stat 737. Under section 10A and Rule 10A–1 reporting occurs only if a registrant’s board of directors receives a report from its auditor that (1) there is an illegal act material to the registrant’s financial statements, (2) senior management and the board have not taken timely and appropriate remedial action, and (3) the failure to take such action is reasonably expected to warrant the auditor’s modification of the audit report or resignation from the audit engagement. The board of directors must notify the Commission within one business day of receiving such a report. If the board fails to provide that notice, then the auditor, within the next business day, must provide the Commission with a copy of the report that it gave to the board. Likely respondents are those registrants filing audited financial statements under the Securities Exchange Act of 1934 (15 U.S.C. 78a, et seq.) and the Investment Company Act of 1940 (15 U.S.C. 80a–1, et seq.). It is estimated that Rule 10A–1 results in an aggregate additional reporting burden of 5 hours per year. The estimated average burden hours are solely for purposes of the Paperwork Reduction Act and are not derived from a comprehensive or even a representative survey or study of the costs of SEC rules or forms. Written comments are invited on: (a) Whether the proposed collection of E:\FR\FM\27MRN1.SGM 27MRN1 Federal Register / Vol. 83, No. 59 / Tuesday, March 27, 2018 / Notices 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 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, 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. January 25, 2018, the Comission designated a longer period within which to approve the Proposed Rule Change, disapprove the Proposed Rule Change, or institute proceedings to determine whether to approve or disapprove the Proposed Rule Change.4 To date,5 the Commission has received one comment letter to the Proposed Rule Change.6 The Commission is publishing this order pursuant to Section 19(b)(2)(B) of the Act 7 to institute proceedings to determine whether to approve or disapprove the Proposed Rule Change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to the Proposed Rule Change, nor does it mean that the Commission will ultimately disapprove the Proposed Rule Change. Rather, as discussed below, the Commission seeks additional input on the Proposed Rule Change and issues presented by the proposal. Dated: March 22, 2018. Eduardo A. Aleman, Assistant Secretary. II. Description of the Proposed Rule Change 8 [FR Doc. 2018–06122 Filed 3–26–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–82926; File No. SR–OCC– 2017–020] Self-Regulatory Organizations; The Options Clearing Corporation; Order Instituting Proceedings To Determine Whether To Approve or Disapprove the Proposed Rule Concerning Enhanced and New Tools for Recovery Scenarios March 22, 2018. I. Introduction On December 18, 2017, The Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–OCC–2017– 020 (‘‘Proposed Rule Change’’), pursuant to Section 19(b) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder.2 The Proposed Rule Change was published for comment in the Federal Register on December 26, 2017.3 On 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 82351 (Dec. 19, 2017), 82 FR 61107 (Dec. 26, 2017) (SR–OCC– 2017–020) (‘‘Notice’’). On December 8, 2017, OCC also filed a related advance notice (SR–OCC–2017– 809) with the Commission pursuant to Section 806(e)(1) of Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, entitled the Payment, Clearing, and Settlement Supervision Act of 2010 and Rule 19b–4(n)(1)(i) under the Act amozie on DSK30RV082PROD with NOTICES 2 17 VerDate Sep<11>2014 18:47 Mar 26, 2018 Jkt 244001 The Proposed Rule Change would make certain revisions to OCC’s Rules and By-Laws 9 to enhance OCC’s existing tools to address the risks of liquidity shortfalls and credit losses and to establish new tools by which OCC could re-establish a matched book following a default.10 Each of the proposed tools is contemplated to be deployed by OCC in an extreme stress event that has placed OCC into a (‘‘Advance Notice’’). 12 U.S.C. 5465(e)(1) and 17 CFR 240.19b–4(n)(1)(i), respectively. The Advance Notice was published in the Federal Register on January 23, 2018. Securities Exchange Act Release No. 82513 (Jan. 17, 2018), 83 FR 3244 (Jan. 23, 2018) (SR–OCC–2017–809). The Financial Stability Oversight Council designated OCC a systemically important financial market utility on July 18, 2012. See Financial Stability Oversight Council 2012 Annual Report, Appendix A, available at https://www.treasury.gov/ initiatives/fsoc/Documents/2012%20Annual%20 Report.pdf. Therefore, OCC is required to comply with the Payment, Clearing and Settlement Supervision Act and file advance notices with the Commission. See 12 U.S.C. 5465(e). 4 Securities Exchange Act Release No. 82585 (Jan. 25, 2018), 83 FR 4526 (Jan. 31, 2018) (File No. SR– OCC–2017–020). 5 The comment period closed on January 16, 2018. See Notice, supra note 3, 28 FR at 61116. 6 See letter from Jacqueline H. Mesa, Senior Vice President of Global Policy, Futures Industry Association, dated January 16, 2018, to Brent J. Fields, Secretary, Commission (‘‘FIA Letter’’), available at https://www.sec.gov/comments/sr-occ2017-020/occ2017020.htm. 7 15 U.S.C. 78s(b)(2)(B). 8 The description of the Proposed Rule Change is substantially excerpted from the Notice. See Notice, supra note 3, 82 FR at 61107–61109. 9 OCC’s By-Laws and Rules can be found on OCC’s public website: https://optionsclearing.com/ about/publications/bylaws.jsp. 10 Notice, supra note 3, 82 FR at 61107. PO 00000 Frm 00053 Fmt 4703 Sfmt 4703 13171 recovery or orderly wind-down scenario.11 OCC proposed to make four revisions to its Rules and By-Laws. First, OCC proposed to revise the existing assessment powers in Section 6 of Article VIII of OCC’s By-Laws, specifically to: (a) Establish a rolling cooling-off period that would be triggered by the payment of a proportionate charge against the Clearing Fund (i.e., a triggering proportionate charge), during which period the aggregate liability of a Clearing Member to replenish the Clearing Fund (inclusive of assessments) would be 200 percent of the Clearing Member’s required contribution as of the time immediately preceding the triggering proportionate charge; 12 (b) Clarify that a Clearing Member that chooses to terminate its membership status during a cooling-off period will not be liable for replenishment of the Clearing Fund immediately following the expiration of such cooling-off period, provided that the withdrawing Clearing Member satisfies enumerated criteria, including providing notice of such termination by no later than the end of the cooling-off period and by closing-out or transferring all its open positions with OCC by no later than the last day of the cooling-off period; 13 and (c) Delineate between the obligation of a Clearing Member to replenish its contributions to the Clearing Fund and its obligations to meet additional assessments that may be levied following a proportionate charge to the Clearing Fund.14 Second, OCC proposed to adopt a new rule that would provide OCC with discretionary authority to call for voluntary payments from non-defaulting Clearing Members in a circumstance where one or more Clearing Members has already defaulted and OCC has determined that it may not have sufficient resources to satisfy its obligations and liabilities resulting from such default (‘‘Rule 1009’’).15 Rule 1009 also would establish that OCC would prioritize compensation of Clearing Members that made voluntary payments from any amounts recovered from the defaulted Clearing Members.16 Third, OCC proposed to adopt a new rule that would provide the following authority (‘‘Rule 1111’’): 11 Id. 12 Id. at 61108, 61109. at 61108, 61109–10. 14 Id. at 61109, 6110. 15 Id. 16 Id. 13 Id. E:\FR\FM\27MRN1.SGM 27MRN1

Agencies

[Federal Register Volume 83, Number 59 (Tuesday, March 27, 2018)]
[Notices]
[Pages 13170-13171]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06122]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission, Office of FOIA Services, 100 F Street NE, 
Washington, DC 20549-2736

Extension:
    Rule 10A-1, SEC File No. 270-425, OMB Control No. 3235-0468

    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.
    Rule 10A-1 (17 CFR 240.10A-1) implements the reporting requirements 
in Section 10A of the Exchange Act (15 U.S.C. 78j-1) which was enacted 
by Congress on December 22, 1995 as part of the Private Securities 
Litigation Reform Act of 1995, Public Law 104-67, 109 Stat 737. Under 
section 10A and Rule 10A-1 reporting occurs only if a registrant's 
board of directors receives a report from its auditor that (1) there is 
an illegal act material to the registrant's financial statements, (2) 
senior management and the board have not taken timely and appropriate 
remedial action, and (3) the failure to take such action is reasonably 
expected to warrant the auditor's modification of the audit report or 
resignation from the audit engagement. The board of directors must 
notify the Commission within one business day of receiving such a 
report. If the board fails to provide that notice, then the auditor, 
within the next business day, must provide the Commission with a copy 
of the report that it gave to the board.
    Likely respondents are those registrants filing audited financial 
statements under the Securities Exchange Act of 1934 (15 U.S.C. 78a, et 
seq.) and the Investment Company Act of 1940 (15 U.S.C. 80a-1, et 
seq.).
    It is estimated that Rule 10A-1 results in an aggregate additional 
reporting burden of 5 hours per year. The estimated average burden 
hours are solely for purposes of the Paperwork Reduction Act and are 
not derived from a comprehensive or even a representative survey or 
study of the costs of SEC rules or forms.
    Written comments are invited on: (a) Whether the proposed 
collection of

[[Page 13171]]

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 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, 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: March 22, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-06122 Filed 3-26-18; 8:45 am]
 BILLING CODE 8011-01-P
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