Submission for OMB Review; Comment Request, 19370-19371 [2018-09271]

Download as PDF 19370 Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Notices change was published for comment in the Federal Register on March 14, 2018.3 On April 23, 2018, the Exchange submitted Amendment No. 1 to the proposed rule change.4 The Commission received no comments on the proposed rule change. Section 19(b)(2) of the Act 5 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether these proposed rule changes should be disapproved. The 45th day for this filing is April 28, 2018. The Commission is extending the 45day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider and take action on the Exchange’s proposed rule change. Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act 6 and for the reasons stated above, the Commission designates June 12, 2018 as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–GEMX–2018–09). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–09263 Filed 5–1–18; 8:45 am] daltland on DSKBBV9HB2PROD with NOTICES BILLING CODE 8011–01–P 3 See Securities Exchange Act Release No. 82847 (March 9, 2018), 83 FR 11259 (‘‘Notice’’). 4 See Letter to Brent J. Fields, Secretary, Commission, from Adrian Griffiths, Senior Associate General Counsel, Nasdaq, Inc., dated April 23, 2018. Amendment No. 1 revises the proposed rule change to: (i) Provide further discussion of the current application of the ATR to orders routed away; (ii) modify the proposed rule text regarding the recalculation of the ATR for orders routed away pursuant to Supplementary Material to Exchange Rule 1901, if the applicable National Best Bid or the National Best Offer price is improved at the time of routing; (iii) expand the discussion and justification for recalculating the ATR for such orders; and (iv) make other amendments to the proposed rule text to improve the understandability of the current ATR calculation. Amendment No. 1 is available at: https://www.sec.gov/comments/sr-gemx-2018-09/ gemx201809-3490578-162256.pdf. 5 15 U.S.C. 78s(b)(2). 6 15 U.S.C. 78s(b)(2)(A)(ii)(I). 7 17 CFR 200.30–3(a)(31). VerDate Sep<11>2014 22:14 May 01, 2018 Jkt 244001 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request [FR Doc. 2018–09272 Filed 5–1–18; 8:45 am] BILLING CODE 8011–01–P Upon Written Request Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736. Extension: Form 4; SEC File No. 270–126, OMB Control No. 3235–0287 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’’) has submitted to the Office of Management and Budget this request for extension of the previously approved collection of information discussed below. Under the Exchange Act of 1934 (15 U.S.C. 78a et seq.) every person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security (other than an exempted security) which registered under Section 12 of the Exchange Act (15 U.S.C. 78l), or who is a director or any officer of the issuer of such security (collectively ‘‘insider’’), must file a statement with the Commission reporting their ownership. Form 4 is a statement to disclose changes in an insider’s ownership of securities. The information is used for the purpose of disclosing the equity holdings of insiders of reporting companies. Approximately 338,207 insiders file Form 4 annually and it takes approximately 0.5 hours to prepare for a total of 169,104 annual burden hours. 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. The public may view the background documentation for this information collection at the following website, 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 send an email to: PRA_Mailbox@ sec.gov. Comments must be submitted to OMB within 30 days of this notice. PO 00000 Frm 00160 Fmt 4703 Sfmt 4703 Dated: April 26, 2018. Eduardo A. Aleman, Assistant Secretary. SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 17g–7; SEC File No. 270–600, OMB Control No. 3235–0656 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 17g–7, (17 CFR 240.17g–7), under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). Rule 17g–7 requires nationally recognized statistical rating organizations (‘‘NRSROs’’) to include in any report accompanying a credit rating with respect to an asset-backed security (‘‘ABS’’) (as that term is defined in Section 3(a)(77) of the Exchange Act) a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. Rule 17g–7 potentially applies to each of the 10 NRSROs currently registered with the Commission.1 1 When the Commission first adopted rules under the Credit Rating Agency Reform Act of 2006, it estimated that approximately 30 credit rating agencies ultimately would be registered as NRSROs. See Oversight of Credit Rating Agencies Registered as Nationally Recognized Statistical Rating Organizations, Release No. 34–55857 (Jun. 5, 2007), 72 FR 33564, 33607 (Jun. 18, 2007). Accordingly, the Commission used 30 respondents for purposes of calculating its PRA burden estimates when it adopted Rule 17g–7. See Disclosure for AssetBacked Securities Required by Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Release No. 33–9175; 34–63741 (Jan. 20, 2011), 76 FR 4489, 4506 (Jan. 26, 2011) (‘‘Rule 17g–7 Adopting Release’’). Since that time, 10 credit rating agencies have registered with the Commission as NRSROs. This number has remained constant for several years. Consequently, when the Commission last proposed rules regarding the oversight of NRSROs, it stated that it believed it to be more appropriate to use the actual number E:\FR\FM\02MYN1.SGM 02MYN1 Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Notices daltland on DSKBBV9HB2PROD with NOTICES Commission staff estimates that the 10 currently-registered NRSROs would each spend an average of approximately 100 hours per year reviewing and updating benchmarks for various types of securities for purposes of comparing representations, warranties, and enforcement mechanisms, resulting in an annual industry-wide reporting burden of 1,000 hours (10 respondents × 100 hours/respondent). On a deal-bydeal basis, Commission staff estimates that it would take each NRSRO an average of approximately: (i) One hour to review each ABS transaction to review the relevant disclosures prepared by an issuer, which an NRSRO would review as part of the rating process, and convert those disclosures into a format suitable for inclusion in any report to be issued by an NRSRO, and (ii) 10 hours per ABS transaction to compare the terms of the current deal to those of similar securities. When the Commission adopted Rule 17g–7, it estimated the average annual number of ABS offerings to be 2,067 and the average number of credit ratings per issuance of ABS to be four, resulting in 8,268 annual responses.2 Commission staff believes that these estimates continue to be valid and, accordingly, estimates that the total industry-wide annual reporting burden of complying with the disclosure requirements under Rule 17g–7 is 90,948 hours (8,268 responses × 11 hours/response). As a result, Commission staff estimates a total aggregate burden of 91,948 hours per year for complying with the rule (1,000 hours for reviewing and updating benchmarks + 90,948 hours for complying with disclosure requirements). Compliance with Rule 17g–7 is mandatory. Responses to the information collection will not be kept confidential and there is no mandatory retention period for the collection of information. 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 website: www.reginfo.gov. Comments should be of NRSROs for purposes of the PRA. See Proposed Rules for Nationally Recognized Statistical Rating Organizations, Release No. 34–64514 (May 18, 2011), 76 FR 33420, 33499 (Jun. 8, 2011) (stating that ‘‘while the Commission expects several more credit rating agencies may become registered as NRSROs over the next few years, the Commission preliminarily believes that the actual number of NRSROs should be used for purposes of the PRA.’’). 2 See Rule 17g–7 Adopting Release, 76 FR at 4508. VerDate Sep<11>2014 22:14 May 01, 2018 Jkt 244001 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: April 26, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–09271 Filed 5–1–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–83120; File No. SR– NYSEArca–2018–04] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Adopt New NYSE Arca Rule 8.900–E and To List and Trade Shares of the Royce Pennsylvania ETF; Royce Premier ETF; and Royce Total Return ETF Under Proposed NYSE Arca Rule 8.900–E April 26, 2018. On January 8, 2018, NYSE Arca, Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to: (1) Adopt NYSE Arca Rule 8.900–E (Managed Portfolio Shares); and (2) list and trade shares (‘‘Shares’’) of the Royce Pennsylvania ETF, Royce Premier ETF, and Royce Total Return ETF under proposed NYSE Arca Rule 8.900–E. The proposed rule change was published for comment in the Federal Register on January 26, 2018.3 On March 7, 2018, pursuant to Section 19(b)(2) of the Exchange Act,4 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 82549 (January 19, 2018), 83 FR 3846 (‘‘Notice’’). 4 15 U.S.C. 78s(b)(2). 2 17 PO 00000 Frm 00161 Fmt 4703 Sfmt 4703 19371 whether to disapprove the proposed rule change.5 The Commission has received five comments on the proposed rule change.6 This order institutes proceedings under Section 19(b)(2)(B) of the Exchange Act 7 to determine whether to approve or disapprove the proposed rule change. I. Summary of the Exchange’s Description of the Proposed Rule Change 8 The Exchange proposes to adopt new NYSE Arca Rule 8.900–E, which would govern the listing and trading of Managed Portfolio Shares.9 The Exchange also proposes to list and trade the Shares of the Royce Pennsylvania ETF, Royce Premier ETF, and Royce Total Return ETF under proposed NYSE Arca Rule 8.900–E (each the ‘‘Fund,’’ and collectively the ‘‘Funds’’). A. Description of the Funds The portfolio for each Fund will consist of long and/or short positions in U.S.-listed securities and shares issued 5 See Securities Exchange Act Release No. 82824, 83 FR 10934 (March 13, 2018). The Commission designated April 26, 2018, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change. 6 See letters from: (1) Terence W. Norman, Founder, Blue Tractor Group, LLC, dated February 6, 2018 (‘‘Blue Tractor Letter I’’); (2) Simon P. Goulet, Co-Founder, Blue Tractor Group, LLC, dated February 13, 2018 (‘‘Blue Tractor Letter II’’); (3) Todd J. Broms, Chief Executive Officer, Broms & Company LLC, dated February 16, 2018 (‘‘Broms Letter’’); (4) Kevin S. Haeberle, Associate Professor of Law, William & Mary Law School, dated February 16, 2018 (‘‘Haeberle Letter’’); and (5) Gary L. Gastineau, President, ETF Consultants.com, Inc., dated March 6, 2018 (‘‘Gastineau Letter’’). The comment letters are available at https:// www.sec.gov/comments/sr-nysearca-2018-04/ nysearca201804.htm. 7 15 U.S.C. 78s(b)(2)(B). 8 For a complete description of the Exchange’s proposal, including a description of the Precidian ETF Trust II (‘‘Trust’’), see the Notice, supra note 3. 9 Proposed NYSE Arca Rule 8.900–E(c)(1) defines the term ‘‘Managed Portfolio Share’’ as a security that (a) represents an interest in a registered investment company (‘‘Investment Company’’) organized as an open-end management investment company or similar entity, that invests in a portfolio of securities selected by the Investment Company’s investment adviser consistent with the Investment Company’s investment objectives and policies; (b) is issued in a specified aggregate minimum number of shares equal to a Creation Unit (as defined in proposed Rule 8.900–E(c)(3)), or multiples thereof, in return for a designated portfolio of securities (and/or an amount of cash) with a value equal to the next determined net asset value (‘‘NAV’’); and (c) when aggregated in the same specified aggregate number of shares equal to a Redemption Unit (as defined in proposed Rule 8.900–E(c)(4)), or multiples thereof, may be redeemed at the request of an authorized participant, which authorized participant will be paid through a confidential account established for its benefit (‘‘Confidential Account’’) a portfolio of securities and/or cash with a value equal to the next determined NAV. E:\FR\FM\02MYN1.SGM 02MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 83, Number 85 (Wednesday, May 2, 2018)]
[Notices]
[Pages 19370-19371]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09271]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 17g-7; SEC File No. 270-600, OMB Control No. 3235-0656

    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 17g-
7, (17 CFR 240.17g-7), under the Securities Exchange Act of 1934 
(``Exchange Act'') (15 U.S.C. 78a et seq.).
    Rule 17g-7 requires nationally recognized statistical rating 
organizations (``NRSROs'') to include in any report accompanying a 
credit rating with respect to an asset-backed security (``ABS'') (as 
that term is defined in Section 3(a)(77) of the Exchange Act) a 
description of the representations, warranties and enforcement 
mechanisms available to investors and a description of how they differ 
from the representations, warranties and enforcement mechanisms in 
issuances of similar securities. Rule 17g-7 potentially applies to each 
of the 10 NRSROs currently registered with the Commission.\1\
---------------------------------------------------------------------------

    \1\ When the Commission first adopted rules under the Credit 
Rating Agency Reform Act of 2006, it estimated that approximately 30 
credit rating agencies ultimately would be registered as NRSROs. See 
Oversight of Credit Rating Agencies Registered as Nationally 
Recognized Statistical Rating Organizations, Release No. 34-55857 
(Jun. 5, 2007), 72 FR 33564, 33607 (Jun. 18, 2007). Accordingly, the 
Commission used 30 respondents for purposes of calculating its PRA 
burden estimates when it adopted Rule 17g-7. See Disclosure for 
Asset-Backed Securities Required by Section 943 of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, Release No. 33-9175; 
34-63741 (Jan. 20, 2011), 76 FR 4489, 4506 (Jan. 26, 2011) (``Rule 
17g-7 Adopting Release''). Since that time, 10 credit rating 
agencies have registered with the Commission as NRSROs. This number 
has remained constant for several years. Consequently, when the 
Commission last proposed rules regarding the oversight of NRSROs, it 
stated that it believed it to be more appropriate to use the actual 
number of NRSROs for purposes of the PRA. See Proposed Rules for 
Nationally Recognized Statistical Rating Organizations, Release No. 
34-64514 (May 18, 2011), 76 FR 33420, 33499 (Jun. 8, 2011) (stating 
that ``while the Commission expects several more credit rating 
agencies may become registered as NRSROs over the next few years, 
the Commission preliminarily believes that the actual number of 
NRSROs should be used for purposes of the PRA.'').

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

[[Page 19371]]

    Commission staff estimates that the 10 currently-registered NRSROs 
would each spend an average of approximately 100 hours per year 
reviewing and updating benchmarks for various types of securities for 
purposes of comparing representations, warranties, and enforcement 
mechanisms, resulting in an annual industry-wide reporting burden of 
1,000 hours (10 respondents x 100 hours/respondent). On a deal-by-deal 
basis, Commission staff estimates that it would take each NRSRO an 
average of approximately: (i) One hour to review each ABS transaction 
to review the relevant disclosures prepared by an issuer, which an 
NRSRO would review as part of the rating process, and convert those 
disclosures into a format suitable for inclusion in any report to be 
issued by an NRSRO, and (ii) 10 hours per ABS transaction to compare 
the terms of the current deal to those of similar securities. When the 
Commission adopted Rule 17g-7, it estimated the average annual number 
of ABS offerings to be 2,067 and the average number of credit ratings 
per issuance of ABS to be four, resulting in 8,268 annual responses.\2\ 
Commission staff believes that these estimates continue to be valid 
and, accordingly, estimates that the total industry-wide annual 
reporting burden of complying with the disclosure requirements under 
Rule 17g-7 is 90,948 hours (8,268 responses x 11 hours/response). As a 
result, Commission staff estimates a total aggregate burden of 91,948 
hours per year for complying with the rule (1,000 hours for reviewing 
and updating benchmarks + 90,948 hours for complying with disclosure 
requirements).
---------------------------------------------------------------------------

    \2\ See Rule 17g-7 Adopting Release, 76 FR at 4508.
---------------------------------------------------------------------------

    Compliance with Rule 17g-7 is mandatory. Responses to the 
information collection will not be kept confidential and there is no 
mandatory retention period for the collection of information.
    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 website: 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: 
[email protected]; 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: [email protected]. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: April 26, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-09271 Filed 5-1-18; 8:45 am]
 BILLING CODE 8011-01-P

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