Submission for OMB Review; Comment Request, 34190-34191 [2018-15374]

Download as PDF 34190 Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices Commission believes that the Rule 17d– 2 Plan, RSA, and Exception reporting requirements, procedures, and internal controls would help protect the independence of the Exchange’s selfregulatory function with respect to ArcaSec. The Commission also believes that the proposed rule is designed to prevent ArcaSec from acting on nonpublic information obtained as a result of its affiliation with the Exchange, and that the proposed changes are consistent with the Exchange Act. 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–CHX–2018–004, and should be submitted on or before August 9, 2018. III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the Amendment Nos. 2 and 3 to the proposed rule change is consistent with the Exchange Act. Comments may be submitted by any of the following methods: The Commission finds good cause to approve the proposed rule change, as modified by Amendment Nos. 1, 2, and 3 prior to the 30th day after the date of publication of notice of Amendments Nos. 2 and 3 in the Federal Register. As noted above, Amendment Nos. 2 and 3 do not change the structure or purpose of the proposed rule change as it was previously published for notice and comment.70 The Commission believes that an additional notice and comment period for Amendment Nos. 2 and 3 before approval of the proposed rule change would not be in furtherance of the public interest or the protection of investors. Accordingly, the Commission finds good cause, pursuant to Section 19(b)(2) of the Exchange Act,71 to approve the proposed rule change, as modified by Amendment Nos. 1, 2, and 3, on an accelerated basis. sradovich on DSK3GMQ082PROD with NOTICES 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– CHX–2018–004 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–CHX–2018–004. 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 VerDate Sep<11>2014 17:34 Jul 18, 2018 Jkt 244001 IV. Accelerated Approval of Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 3 V. Conclusion For the foregoing reasons, the Commission finds that the proposed rule change, as modified by Amendments Nos. 1, 2, and 3 is consistent with the Exchange Act and the rules and regulations thereunder applicable to a national securities exchange. It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act 72 that the proposed rule change (SR– CHX–2018–004), as modified by Amendments Nos. 1, 2, and 3, be, and hereby is, approved on an accelerated basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.73 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–15370 Filed 7–18–18; 8:45 am] BILLING CODE 8011–01–P PO 00000 70 See supra notes 5 and 6. U.S.C. 78s(b)(2). 72 15 U.S.C. 78s(b)(2). 73 17 CFR 200.30–3(a)(12). 71 15 Frm 00093 Fmt 4703 Sfmt 4703 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 17f–6; SEC File No. 270–392, OMB Control No. 3235–0447 Notice is hereby given that, under 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. Rule 17f–6 (17 CFR 270.17f–6) under the Investment Company Act of 1940 (15 U.S.C. 80a) permits registered investment companies (‘‘funds’’) to maintain assets (i.e., margin) with futures commission merchants (‘‘FCMs’’) in connection with commodity transactions effected on both domestic and foreign exchanges. Before the rule was adopted, funds generally were required to maintain such assets in special accounts with a custodian bank. The rule requires a written contract that contains certain provisions designed to ensure important safeguards and other benefits relating to the custody of fund assets by FCMs. To protect fund assets, the contract must require that FCMs comply with the segregation or secured amount requirements of the Commodity Exchange Act (‘‘CEA’’) and the rules under that statute. The contract also must contain a requirement that FCMs obtain an acknowledgment from any clearing organization that the fund’s assets are held on behalf of the FCM’s customers according to CEA provisions. Because rule 17f–6 does not impose any ongoing obligations on funds or FCMs, Commission staff estimates there are no costs related to existing contracts between funds and FCMs. This estimate does not include the time required by an FCM to comply with the rule’s contract requirements because, to the extent that complying with the contract provisions could be considered ‘‘collections of information,’’ the burden hours for compliance are already included in other PRA submissions.1 1 The rule requires a contract with the FCM to contain two provisions requiring the FCM to comply with existing requirements under the CEA E:\FR\FM\19JYN1.SGM 19JYN1 Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices sradovich on DSK3GMQ082PROD with NOTICES Thus, Commission staff estimates that any burden of the rule would be borne by funds and FCMs entering into new contracts pursuant to the rule. Commission staff estimates that approximately 214 fund complexes and 2,825 funds currently effect commodities transactions and could deposit margin with FCMs in connection with those transactions pursuant to rule 17f–6.2 Staff further estimates that of this number, 21 fund complexes and 283 funds enter into new contracts with FCMs each year.3 Based on conversations with fund representatives, Commission staff understands that fund complexes typically enter into contracts with FCMs on behalf of all funds in the fund complex that engage in commodities transactions. Funds covered by the contract are typically listed in an attachment, which may be amended to encompass new funds. Commission staff estimates that the burden for a fund complex to enter into a contract with an FCM that contains the contract requirements of rule 17f–6 is one hour, and further estimates that the burden to add a fund to an existing contract between a fund complex and an FCM is 6 minutes. Accordingly, Commission staff estimates that funds and FCMs spend 49 burden hours annually complying with the information collection requirements of rule 17f–6.4 These estimates are made solely for the purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even a representative survey or study of the costs of Commission rules and forms. Compliance with the collection of information requirements of the rule is necessary to obtain the benefit of relying on the rule. 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. and rules adopted thereunder. Thus, to the extent these provisions could be considered collections of information, the hours required for compliance would be included in the collection of information burden hours submitted by the CFTC for its rules. 2 This estimate is based on the number of funds that reported on Form N–SAR from June 1, 2017– November 30, 2017, in response to sub-items E through I of item 70, that they engaged in futures and commodity options transactions. 3 These estimates are based on the assumption that 10% of fund complexes and funds enter into new FCM contracts each year. This assumption encompasses fund complexes and funds that enter into FCM contracts for the first time, as well as fund complexes and fund that change the FCM with whom they maintain margin accounts for commodities transactions. 4 This estimate is based upon the following calculation: (21 fund complexes × 1 hour) + (283 funds × 0.1 hours) = 49 hours. VerDate Sep<11>2014 17:34 Jul 18, 2018 Jkt 244001 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 Candace Kenner, 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. Dated: July 13, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–15374 Filed 7–18–18; 8:45 am] BILLING CODE 8011–01–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 17a–6, SEC File No. 270–433, OMB Control No. 3235–0489 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 extension of the previously approved collection of information provided for in Rule 17a–6 (17 CFR 240.17a–6) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 17a–6 permits national securities exchanges, national securities associations, registered clearing agencies, and the Municipal Securities Rulemaking Board (‘‘MSRB’’) (collectively, ‘‘SROs’’) to destroy or convert to microfilm or other recording media records maintained under Rule 17a–1, if they have filed a record destruction plan with the Commission and the Commission has declared such plan effective. There are currently 32 SROs: 21 national securities exchanges, 1 national securities association, the MSRB, and 9 registered clearing agencies. Of the 32 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 34191 SROs, only 2 SRO respondents have filed a record destruction plan with the Commission. The staff calculates that the preparation and filing of a new record destruction plan should take 160 hours. Further, any existing SRO record destruction plans may require revision, over time, in response to, for example, changes in document retention technology, which the Commission estimates will take much less than the 160 hours estimated for a new plan. The Commission estimates that each SRO that has filed a destruction plan will spend approximately 30 hours per year making required revisions. Thus, the total annual compliance burden is estimated to be 60 hours per year based on two respondents. The approximate compliance cost per hour is $422, resulting in a total internal cost of compliance for these respondents of $25,320 per year (60 hours @ $422 per hour). 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: Shagufta_ Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Candace Kenner, 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: July 13, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–15378 Filed 7–18–18; 8:45 am] BILLING CODE 8011–01–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 17a–5(c); SEC File No. 270–199, OMB Control No. 3235–0199. E:\FR\FM\19JYN1.SGM 19JYN1

Agencies

[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Pages 34190-34191]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15374]


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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 FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Rule 17f-6; SEC File No. 270-392, OMB Control No. 3235-0447

    Notice is hereby given that, under 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.
    Rule 17f-6 (17 CFR 270.17f-6) under the Investment Company Act of 
1940 (15 U.S.C. 80a) permits registered investment companies 
(``funds'') to maintain assets (i.e., margin) with futures commission 
merchants (``FCMs'') in connection with commodity transactions effected 
on both domestic and foreign exchanges. Before the rule was adopted, 
funds generally were required to maintain such assets in special 
accounts with a custodian bank.
    The rule requires a written contract that contains certain 
provisions designed to ensure important safeguards and other benefits 
relating to the custody of fund assets by FCMs. To protect fund assets, 
the contract must require that FCMs comply with the segregation or 
secured amount requirements of the Commodity Exchange Act (``CEA'') and 
the rules under that statute. The contract also must contain a 
requirement that FCMs obtain an acknowledgment from any clearing 
organization that the fund's assets are held on behalf of the FCM's 
customers according to CEA provisions.
    Because rule 17f-6 does not impose any ongoing obligations on funds 
or FCMs, Commission staff estimates there are no costs related to 
existing contracts between funds and FCMs. This estimate does not 
include the time required by an FCM to comply with the rule's contract 
requirements because, to the extent that complying with the contract 
provisions could be considered ``collections of information,'' the 
burden hours for compliance are already included in other PRA 
submissions.\1\
---------------------------------------------------------------------------

    \1\ The rule requires a contract with the FCM to contain two 
provisions requiring the FCM to comply with existing requirements 
under the CEA and rules adopted thereunder. Thus, to the extent 
these provisions could be considered collections of information, the 
hours required for compliance would be included in the collection of 
information burden hours submitted by the CFTC for its rules.

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[[Page 34191]]

    Thus, Commission staff estimates that any burden of the rule would 
be borne by funds and FCMs entering into new contracts pursuant to the 
rule. Commission staff estimates that approximately 214 fund complexes 
and 2,825 funds currently effect commodities transactions and could 
deposit margin with FCMs in connection with those transactions pursuant 
to rule 17f-6.\2\ Staff further estimates that of this number, 21 fund 
complexes and 283 funds enter into new contracts with FCMs each 
year.\3\
---------------------------------------------------------------------------

    \2\ This estimate is based on the number of funds that reported 
on Form N-SAR from June 1, 2017-November 30, 2017, in response to 
sub-items E through I of item 70, that they engaged in futures and 
commodity options transactions.
    \3\ These estimates are based on the assumption that 10% of fund 
complexes and funds enter into new FCM contracts each year. This 
assumption encompasses fund complexes and funds that enter into FCM 
contracts for the first time, as well as fund complexes and fund 
that change the FCM with whom they maintain margin accounts for 
commodities transactions.
---------------------------------------------------------------------------

    Based on conversations with fund representatives, Commission staff 
understands that fund complexes typically enter into contracts with 
FCMs on behalf of all funds in the fund complex that engage in 
commodities transactions. Funds covered by the contract are typically 
listed in an attachment, which may be amended to encompass new funds. 
Commission staff estimates that the burden for a fund complex to enter 
into a contract with an FCM that contains the contract requirements of 
rule 17f-6 is one hour, and further estimates that the burden to add a 
fund to an existing contract between a fund complex and an FCM is 6 
minutes.
    Accordingly, Commission staff estimates that funds and FCMs spend 
49 burden hours annually complying with the information collection 
requirements of rule 17f-6.\4\ These estimates are made solely for the 
purposes of the Paperwork Reduction Act, and are not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules and forms.
---------------------------------------------------------------------------

    \4\ This estimate is based upon the following calculation: (21 
fund complexes x 1 hour) + (283 funds x 0.1 hours) = 49 hours.
---------------------------------------------------------------------------

    Compliance with the collection of information requirements of the 
rule is necessary to obtain the benefit of relying on the rule. 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: 
[email protected]; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Candace 
Kenner, 100 F Street NE, Washington, DC 20549 or send an email to: 
[email protected]. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: July 13, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15374 Filed 7-18-18; 8:45 am]
 BILLING CODE 8011-01-P
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